Coinbase to Pay $6.5 Million to Settle CFTC Investigation Over Trading

Cryptocurrency-exchange operator Coinbase Inc. agreed Friday to pay $6.5 million to settle regulatory claims that it reported misleading information about its trading volumes.

Coinbase, which last year filed plans to go public, resolved the Commodity Futures Trading Commission’s investigation without admitting or denying the regulator’s claims. The outcome clears one cloud hanging over Coinbase as it prepares to become a public company through a direct listing on the Nasdaq Stock Market.

Coinbase issued a statement saying the investigation didn’t allege any harm to customers. “We proactively engaged with the CFTC throughout their investigation, and we believe that our conversations were constructive and contributed to an outcome that is satisfactory for both parties,” the company said.

The enforcement action shows how Wall Street regulators such as the CFTC, which oversees derivatives markets, have moved to police conduct in the new world of cryptocurrencies and digital assets.

Continue reading at wsj.com

The Gaming Industry – the helping hand in Bitcoin trading

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Gaming is one of the most popular hobbies of the 21st century. The gaming industry has seen to it that lots of games are produced that just add up on the pile of already existing games. In other words, gamers all over the world have plenty of games to choose from.

The industry keeps track of trends and makes sure to use technological advancements to advance itself. That’s how PCs and other gaming devices have become better. Even mobile phones evolved into smartphones and eventually into gaming phones which prompted the rise of the mobile gaming industry. Better systems means developers can take games to the next level as these systems can take them.

When it comes to trends, Bitcoin is the current trend that has already made a place for itself in the industry. The many benefits of its use have prompted several companies to accept it as a payment method. But Bitcoin has inspired developers to develop several kinds of games as well.

Continue reading at nairametrics.com

Why Bitcoin is now too important to ignore

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Earlier this week, the price of Bitcoin surged over $61,000, gaining more market dominance at the same time. While questions around its volatile price and potential to hedge inflation remain, experts like French economist, Marion Laboure concluded that Bitcoin is now “too important to ignore. Other than BTC’s trillion-dollar market cap, its “scope for a continued rise in prices,” play key roles in its growth. 

Even central banks and governments understand that “Bitcoin and other cryptocurrencies are here to stay,” Laboure argued. She stated governments will “start regulating” crypto-assets “late this year or early next year.”

The economist suggested Bitcoin fell short in some areas; she said that when it came to “transactions and tradability,” the crypto is “still limited.” More importantly, the researcher raised the question: 

…The real debate is whether rising valuations alone can be reason enough for bitcoin to evolve into an asset class, or whether its illiquidity is an obstacle.

Continue reading at ambcrypto.com

Treasury Yields, Interest Rates, $1.9T Stimulus–What Does It Mean for BTC?

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As changes in US monetary policy continue, more institutional investors appear to be stacking BTC.

Bitcoin (BTC) reached another new all-time high last Saturday, March 13th, with its passage over $61,680. However, BTC was unable to maintain levels over $60K for the rest of the week. It slid briefly below $54K on Tuesday and has since recovered to nearly $58K at press time.

A number of analysts attribute the short spike above $60K to the passage of the so-called ‘American Rescue Plan’ on March 10th. The bill included plans to distribute roughly $1.9 trillion in stimulus payments across the United States economy. Officials at the US Federal Reserve have expressed that they expect to keep interest rates close to zero until at least 2024. Both factors have caused concern that USD inflation is in the relatively near future.

According to Coindesk, concerns about inflation were ignited by a marked increase in the 10-year Treasury note yield. The figure surpassed 1.75% for the first time since January 2020, two months before the pandemic began. While higher yields on long-term U.S. Treasuries can signal an increase in investor confidence, they can also be a signal of concern over rising inflation.

Continue reading at financemagnates.com

Point Bitcoin by Rakuten Point Club launched

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Rakuten Inc Thursday announced the launch of Point Bitcoin by Rakuten Point Club, a service that enables users to experience trading Bitcoin, a type of crypto asset (virtual currency), using Rakuten Points, Rakuten’s loyalty program. The new service is easily accessible to all Rakuten members in Japan with a Rakuten ID and Rakuten Points.

Point Bitcoin by Rakuten Point Club provides two points of entry to users: Through the Rakuten Point Club app or through the dedicated Point Bitcoin by Rakuten Point Club webpage on the Rakuten Point Club official site. Users simply access the service through the app or webpage, set the number of points they wish to invest, and start using the service. The selected number of Rakuten Points automatically fluctuates in tandem with the trading price of Bitcoin, which is regularly updated on a chart on the service webpage.

Trading is possible with a quantity of 100 or more Rakuten Points and withdrawals can be made in amounts as small as one point. In addition to the online shopping mall Rakuten Ichiba and other online services provided by the Rakuten Group, Rakuten Points can also be used at brick-and-mortar Rakuten Point Card-affiliated businesses across Japan, including convenience stores, pharmacies, and restaurants.

Continue reading at japantoday.com

Spanish Ministry of Economy Proposes to Create a Financial Customer Ombudsman for Crypto-Related Matters

Crypto regulation in Spain remains on the political talks amid the current bull-run seen in the bitcoin prices. Now, the country’s Ministry of the Economy is about to create a new Financial Customer Ombudsman for crypto-related matters.

Independent Financial Customer Body Will Abide by the MiCA Ruling

Per La Información, Minister Nadia Calviño seeks to extend its guardianship to the financial body to cover topics such as protecting consumers in cryptocurrency services. To make it a reality, the minister will submit the initial proposal to a public consultancy “as soon as possible.”

Overall, Calviño also wants to canalize all conflicts between banks and their customers through the Financial Customer Ombudsman, including all businesses in the fintech sector.

Continue reading at news.bitcoin.com

Cardano losing steam amid profit taking

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Over the past week, the bears took a grip on the crypto as its value plunged by  13.16%.

he fifth most valuable crypto is currently witnessing some sell-offs amid high profit-taking and a rising U.S dollar.

At press time, Cardano’s price was $1.06  with a daily trading volume of $5.3 billion. Cardano is down 4.68% for the day. It was the biggest one-day percentage loss since February 23.

It’s now the 5th most valuable crypto asset with a market value of about $34 billion.  At its highest, the popular crypto designed to help African farmers ease their payment challenges had a valuation of $41.6 billion.

Continue reading at nairametrics.com

Goldman Sachs – Crypto Adoption is Going to Boom

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With the cryptocurrency market capitalization hitting $1.75 trillion, Wall Street investment banking giant Goldman Sachs states that the cryptocurrency adoption has just begun.

“The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and (use of) digital money.”

John Waldron, President and COO of Goldman Sachs, in a Reuter’s report on Bitcoin and cryptocurrencies, has stated that the growth of e-commerce against the backdrop of Covid-19 pandemic will pave way for an “explosion” in the use of cryptocurrencies.

Continue reading at cointrust.com

American Residential Warranty (ARW) Invests in Bitcoin (BTC)

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American Residential Warranty (ARW) has announced that it’s now adding bitcoin (BTC) to its balance sheet and will accept the world’s flagship crypto as a legitimate payment option for its services.

ARW Joins the Bitcoin Movement 

American Residential Warranty (ARW), a Florida-based home warranty plan company established in 2009, has revealed via a recent statement that it’s now looking to add bitcoin (BTC) to its balance sheet.

To make its bitcoin investment move as seamless as possible, ARW has joined forces with the Gemini crypto exchange. Gemini will help ARW to purchase the crypto and provide custodial services to the latter. 

ARW says its decision to start playing an active role in the cryptocurrency ecosystem stems from the fact that large firms such as MicroStrategy, Microsoft, Square and Tesla, among others have invested in and integrated bitcoin into their processes in recent times and those forward-thinking moves have been yielding great results.

Continue reading at btcmanager.com

Bitcoin Spikes to New Record High Over $60K

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After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo again and soared to new all-time highs.

  • In a sudden move starting just after 10:00 UTC Saturday, the top cryptocurrency by market cap rose to $60,065.15, according to the CoinDesk 20.
  • “Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, ” according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.
  • “Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.

Continue reading at finance.yahoo.com