Archive December 2020

Bitcoin Looks to Gain Traction in Payments

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Vegas Auto Gallery, a luxury car dealership in Las Vegas, has become a playground for bitcoin-rich investors looking to make money.

The dealership recently sold two high-end sports cars - a Pagani Huayra Roadster 2017 and a Bugatti Chiron 2019 - to a customer who paid more than $ 6 million in bitcoin, according to owner Nick Dossa, who says about 3 % to 5% of the dealership's revenues come from bitcoin transactions.

Bitcoin prices more than tripled in 2020 and are around $ 26,600, making millionaires out of accumulators from investors who have piled up to build the popular market. Professional investors like Stanley Druckenmiller and companies like Massachusetts Mutual Life Insurance Co. started investing this year. Companies like Robinhood Markets Inc. and PayPal Holdings Inc. have allowed their customers to buy and sell bitcoin.

Continue reading at wsj.com

After recent price spike, the energy to produce bitcoin could power a country of more than 200 million people

As bitcoin advances to new records, it is also devouring the energy of a country with more than 200 million people.

The Center for Alternative Finance at the University of Cambridge tries to track energy consumption with bitcoin. While the exact consumption can never be known, a hunch can be produced by tracking the total number of hashes produced by the miners and looking at the efficiency of bitcoin mining equipment. The hash rate is the unit of measurement of the bitcoin network's processing power.

The recent price hike - bitcoin BTCUSD, 0.84% rose 276% this year, trading around $27,000 on Tuesday - made using less efficient equipment more profitable.

Continue reading at marketwatch.com

1inch Funded Pantera Capital Launches Ethereum-Based DeFi Token

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The DeFi market is one of the fastest growing areas in the crypto market. At the time of going to press, there are over $ 13.43 billion Ethereum DeFi Applications. The all-time high could be reached on December 20, 2020, with a value of $ 14.06 billion. Analysts repeatedly point out that the DeFi market will be the future of the new financial system.

1inch publishes a governance and utility token

A new project or token that could cause a stir is 1INCH. The token will be used for the platform’s automated market maker protocol. The governance module “Aggregation Protocol” will allow stakers to vote on the distribution of distributed surplus coins. In addition, a liquidity extraction program will be launched for 6 new pools. The token supply will be 1.5 billion 1INCH. 30% are reserved for community incentives over the next 4 years. 14.5% is reserved for the development fund, which will also be gradually released over the next few years.

Continue reading at explica.co

Digital Currencies May Make SWIFT Redundant, Says Russian Central Bank Report

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Digital currencies may challenge and someday could make redundant the SWIFT global banking payment system, according to a Central Bank of Russia official, Russia Today reported.

Given the pace of development of central bank currencies, several countries may launch one in the next five to seven years, according to First Deputy Governor Olga Skorobogatova, RT said.

“Then we can deal with direct integration issues. In this case SWIFT it may not be necessary, because it will be a different kind of technological interaction”

Skorobogatova said at a meeting last week, RT reported.

SWIFT is a messaging network that banks and other financial institutions use to securely transmit information and instructions via codes. It enables cross-border payments along with other services between more than 10,000 financial institutions in countries around the world.

Continue reading at nasdaq.com

Bitcoin can ‘easily’ be ten percent of gold in 2021, says Mike Novogratz

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On the price front, the crypto-market, backed by an exponential hike in Bitcoin’s price, is outperforming its projections this week. On the regulatory front, however, the industry has found a lot to contend with. With the industry gaining more maturity as the months roll by and institutions finally recognizing, accepting, and adopting the market, regulators, particularly the ones in the United States, are gunning to expand their control on the still-nascent sector.

The FinCEN’s recently-proposed rules that would mandate stricter KYC processes for fund transfers from a centralized exchange to a personal wallet are an effort at doing the same. Understandably, these proposals drew a vehement response from many in the community, especially since they came on the back of the regulatory efforts to regulate the stablecoin market.

However, while most believe these proposals are last-ditch efforts taken by an outgoing administration, there might be more than what meets the eye. This was the view held by Galaxy Digital’s Mike Novogratz during a recent interview. According to the exec,

Continue reading at ambcrypto.com

Bitcoin hits $500bn market cap for the first time in history

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The combined value of all Bitcoin (BTC-USD) tokens in circulation has reached half a trillion dollars for the first time ever as the cryptocurrency continues its stellar rally.

According to Asset Dash, the digital currency now it takes 11th place among the biggest global assets, behind such giants as Facebook (FB), Apple (AAPL), and Tesla (TSLA) and ahead of Samsung (005930.KS), Walmart (WMT) and Coca Cola (KO).

It is also ahead of Visa making it the world’s largest financial service.

In just the last day alone, Bitcoin has climbed around 15% to $28,000 (£20,925), passing the psychological $25,000 benchmark.

It is currently up 7% on Sunday, and has risen around 50% since the week before Christmas.

Continue reading at news.yahoo.com

Digital Yuan and e-Krona: the revolutions of China and Sweden

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Both were two of the most talked about topics of this decidedly surprising 2020 for the cryptocurrency industry. They have a common feature: they have not yet seen the light of day, although they are in advanced testing phases. 2021 could be the year of its launch and, in any case, it will be something that can change the financial and cryptocurrency sector.

Let’s start by saying that what we call Digital Yuan should actually be called DC / EP, an acronym for Digital Currency Electronic Payment. It is a “cryptocurrency” that will be issued directly by the Chinese central bank (PBoC, People’s Bank of China), it will serve mainly as a means of payment. It is not a real cryptocurrency, but a digital currency. Cryptocurrencies, in fact, by definition, are pseudo-anonymous and decentralized, that is, without an entity that controls them. The digital yuan, in contrast, is issued by a central entity that can track movements and transactions, presenting a serious problem: user privacy.

Anyway, China is testing it in order to digitize the payment system, in addition to reaching the so-called no bank account.

Continue reading at blocksats.com

Ankara Should Be Built As A Cryptocurrency Base As A Moment

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Becoming the Blockcha Turkey's and the current parameters of the development of the technology of the priority and urgency to pass mandatory subject of financial literacy in schools I İNOSA (Innovative Strategic Research Center) were negotiated by online activity panel.

In terms of saving, attitude and investment habits, Turkish people are inadequate and unsuccessful in managing their money and, in this respect, their life; In this context, in addition to the pandemic effect, it has become necessary to teach financial literacy in schools during this period when the world has entered a digital age, and the transformative power of blockchain technology in the economic / public services of the new world and Ankara's neighboring geography, especially the Turkish and Islamic world. Issues have been negotiated as the encrypted virtual) currency base should be.

About the relevant topics and results evaluated in the panel, the President of İNOSAM, Gürkan Avcı, stated the following in summary.

Continue reading at raillynews.com

Bitcoin Wave This Time Sees Mature Investor Participation

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Ashish Nitin Patel made his first bet on bitcoin in late 2017 amidst the brouhaha around cryptocurrencies. He jumped in to make a quick buck, like most investors back in the day. But, as he learned more about the value proposition of the digital tokens, Patel stuck around.

“Initially the intention was a short-term investment, but now I firmly believe that some good projects (hedge funds, ETFs) can deliver good gains of about 5-10X over a long period of 1-3 years,” says the 28-year-old tech professional.

After its first run-up three years ago, bitcoin, the most popular cryptocurrency, is making headlines again on gaining nearly 242 per cent year to date, to trade at all time high levels of about USD 24,000. In the last four months alone, bitcoin’s price has surged by nearly 104 per cent.

Continue reading at entrepreneur.com

Despite Bitcoin’s $1B shorts liquidations, why does the narrative of a price rally stick?

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After recovering from the aftermath of the $1 billion shorts liquidation in Bitcoin, traders have now been hit with increased activity on the Bitcoin network. The supply shortage narrative may still be at play; however, there is more stability than one would expect above $23,000. It may come as a shock to many, but network activity hasn’t dropped. In fact, it is climbing steadily to its 2017-levels, and that opens up the possibility of a newer ATH.

The previous week will possibly go down in history as the one with the most activity. There was a run-up of 22% in 1 week, the first such event since April 2019. Bitcoin’s price went from $20,000 to new ATH and despite corrections, it is back to trading above the $22,300-level. In fact, the price crossed its previous ATH, hit a few new highs, and then, a new ATH.

However, amidst the chaos, it is almost poetic that leveraged traders and whales have upped their risk profiles lately. Though $1 billion worth of positions got liquidated in two days, the price was still rallying towards a new ATH, with further price discovery on the shoulders of whales and institutions looking very likely. 

Continue reading at ambcrypto.com