Tag: crypto news

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Crypto Videos

Galaxy Digital Earnings Skyrocketing!

https://youtu.be/67Vy_H8uRkg

https://youtu.be/67Vy_H8uRkg


Galaxy Digital’s Q3 Earnings Skyrocketing

Galaxy Digital, a financial firm specializing in digital assets and blockchain technology, has reported that its over-the-counter trading desk reached record volumes in the third quarter. As they stated, this new report signaling that institutional uptake of cryptocurrencies is on the rise. 

The company’s Q3 earnings report showed an astonishing 75% year-over-year increase in trading volumes, as it reached approximately $1.4 billion. The increase was mostly attributed to an expanding counterparty base, the rollout of Galaxy Digital’s electronic trading platform as well as the continued growth of the company’s crypto derivatives business.

Assets under Galaxy Digital’s management totaled $407.4 million at the end of the third quarter, and the assets included $82.4 million in passive Bitcoin and index funds, as well as $325 million in the Galaxy EOS (read it as one word, eos, rather than spelling it) VC Fund. The latter represents a partnership with Block.one, a blockchain merchant bank and EOS founder.

Galaxy’s Bitcoin funds under management increased by 17.3% in the third quarter. While its large-cap Crypto Index Fund made a 32.3% return, the company still wasn’t able to turn a profit. Its Q3 net loss amounted to $44.6 million for the quarter ending Sept 30.

Galaxy Digital was founded in 2018 by a well-known billionaire and crypto evangelist Mike Novogratz. The company was founded in an effort to bring more institutional investors to cryptocurrencies. Novogratz said in an official press release that Galaxy Digital is in the process of preparing itself for the “incoming wave of institutional adoption ahead of digital assets as well as blockchain solutions by investors, corporates, and governments.”

When comparing the 2017 bull market to the current one, we can clearly see that the earlier bull run was largely driven by retail fear of missing out, while the euphoria surrounding Bitcoin in 2020 is quite different, as it is largely tied to institutional uptake.

All the evidence shows that institutional investors are flocking to Bitcoin in far greater numbers in the fourth quarter. Grayscale’s Bitcoin Trust experienced record inflows at the start of Nov, putting it on track to reach an astonishing 500,000 BTC by the end of 2020. That number would amount to roughly 2.7% of Bitcoin’s current circulating supply.


On top of that, institutional investors such as Paul Tudor Jones and Stanley Druckenmiller also not only own Bitcoin but openly talk about its potential benefits. They have both touted the cryptocurrency’s growth potential in the current environment.

Bitcoin’s price peaked at $16,500 in the past week, while it is currently fighting for $16,000, according to TradingView data. Whether the fight for this psychological level is won or lost, Bitcoin’s long-term potential is extremely bullish.

 

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Crypto Videos

Ex Goldman Sachs VP Seeking SEC’s Approval to get into Crypto With His Company Skybridge!

https://youtu.be/JbnlqNJk5gc

https://youtu.be/JbnlqNJk5gc


Another Mainstream Company Seeking SEC’s Approval to get into Crypto

Investment firm SkyBridge, founded by Anthony Scaramucci, a former Goldman Sachs” vice president, is one of the latest companies trying to step into the world of cryptocurrencies.

The company is trying to put together a hedge fund that would include Bitcoin investment, according to a United States SEC filing from Oct 14. The prospectus states: “The Company may seek to gain exposure to Investment Funds or Investment Managers that may enter into derivative transactions. These can include total return swaps, futures, and options. Investments by the Company may also be made in companies that are providing technologies related to digital assets and cryptocurrencies, or other emerging technologies.”

After more than 10 years of progress, the cryptocurrency sector is starting to gain traction on an institutional level. Several mainstream companies as well as individuals have kicked off a notable trend of entering and promoting cryptocurrencies, and most notably Bitcoin.

Billionaire investor Paul Tudor Jones stepped into Bitcoin heavily earlier this year. He also recently stated how early he feels that the investment opportunity still is.

Despite SkyBridge’s interest in investing in Bitcoin, the company still requires approval from the Securities and Exchange Commission before moving forward with the investment. The prospectus includes: “Neither the Securities and Exchange Commission, Commodity Futures Trading Commission nor any other US federal or state governmental agency or regulatory body has approved or disapproved the merits of investing in these securities.”

The prospectus included a section that described” “digital assets” in which it touched on and explained their uses, risks, as well as other points of consideration. The document stated that “Digital assets have no intrinsic value other than being a method of exchange. They are not based on tangible security, commodity, contractual right, or legal obligation” The values of digital assets shouldn’t be expected to be connected or correlated to other traditional economic or market forces, as the value of the investments in digital assets could decline rapidly, and even reach zero” the prospectus says after pointing out the crypto sector’s “tremendous price volatility” seen since its inception. They also added that this kind of volatility goes against the norms shown in other mainstream investments.

Bitcoin has, on the other hand, risen to significant heights in recent weeks and is currently inches away from its all-time high of $20,000.

 

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Crypto Videos

Bitcoin Is Digital Gold & Not Currency: Mike Novagratz!

https://youtu.be/ihjH1IZzU-Y

https://youtu.be/ihjH1IZzU-Y

 

Bitcoin is Digital Gold, Not a Currency – Mike Novogratz

Billionaire investor Mike Novogratz has recently doubled down on a call that Bitcoin serves as digital gold rather than as currency, at least at the moment.
“I don’t think that Bitcoin is going to be used as a currency anytime in the next five years,” said Novogratz, Galaxy Investment Partners’ founder and chief executive officer, in an interview with Bloomberg TV. He added that Bitcoin is currently being used as a store of value, similar to gold, and that it will most likely remain that way for some time.

Crypto fans have argued that Bitcoin can serve as currency as they raised concerns about central banks worldwide printing money during the pandemic and about the potential for inflation to shoot much higher. They point out that central banks are looking into creating CBDC’s, their own digital assets, while China is at the forefront of development as it is already testing its digital yuan.
“And Bitcoin as a gold-like asset, as digital gold is going to keep going higher and higher,” said Novogratz. “As time passes, more and more people are going to want Bitcoin as some portion of their portfolio very soon, if they don’t want it already.”


Bitcoin has rallied more than 93% in 2020, climbing beyond $13,000 and even reaching past $14,000 at one point, just a week after PayPal Holdings Inc. announced that it would allow its customers to buy, sell, hold, and eventually use cryptocurrencies. Bitcoin is currently preparing for a big move as it has recently failed to break the $13,900 resistance and stay above it with confidence.

Novogratz, as well as many other crypto fans, heralded the PayPal news as game-changing, mostly citing PayPal’s large user base that can be used to gain mass adoption. Customers on the platform will have the option to buy, sell and hold several cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as well as use these cryptocurrencies to shop at the 26 million merchants on its network, including its popular payment app Venmo.

Novogratz forecast that companies including Visa, E*Trade Financial, Mastercard, as well as American Express will follow PayPal’s initiative “within a year” and that they will offer platforms where their merchants will have the option to transact in stablecoins as well as non-stable cryptocurrencies.
“It’s no longer a debate of whether crypto is a thing, if Bitcoin is an asset, or if the blockchain is going to be a part of the financial infrastructure,” said Novogratz. “It’s no longer a matter of if, it’s when, and every single company has to have a plan very soon.”

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Crypto Videos

OneCoin Scam Getting It’s Own Movie & TV Show!

https://youtu.be/RqYqCgVNu8M

https://youtu.be/RqYqCgVNu8M

 

Kate Winslet Starring in a Movie About OneCoin

HOLLYWOOD, CA/USA – JULY 9, 2016: Kate Winslet star on the Hollywood walk of fame.

Even though the well-known OneCoin Ponzi scheme is still being processed through the courts, a movie on how this project came to be is in development. Not only that, but its lead star is the lead from the movie Titanic.
As reported by Deadline, a famous Hollywood actress Kate Winslet has signed on to both star and produce Fake!, a movie based on the unpublished book written by Jen McAdam and Douglas Thompson. McAdam, as a writer of this book and a victim of the OneCoin scheme, will produce the film.

Fake! will be written as well as directed by Scott Z. Burns, the man who helmed The Report, a political drama that was based on the CIA’s report on torture after the 9/11 event. He is also known for writing the 2011 pandemic movie Contagion, also starred by Kate Winslet.

OneCoin was founded in 2014 during the expansion of the crypto industry. It was created by Ruja Ignatova in Bulgaria. The project followed the typical structure of a multilevel Ponzi marketing scheme but had a cryptocurrency twist. It was promised OneCoin is the next Bitcoin, even though it wasn’t backed by a blockchain or a decentralized network. Despite several warnings coming from the crypto industry insiders and government agencies, OneCoin became one of the most popular projects, fostering an ‘us vs. them’ mentality. Even after OneCoin failed, it left the market with several “clones” which did pretty much the same thing it did, but with a twist here or there.


McAdam, who started a support group for numerous OneCoin victims, said that both she and her friends and family invested and lost over 250,000 euros, equating to around $300,000, before she learned its server was not even a blockchain and that it was all a scam.
Ignatova was charged with multiple charges, including wire fraud, securities fraud, as well as money laundering, on May 7 of this year, but she has not been seen ever since 2017. Her brother Konstantin Ignatova, an ex-executive in OneCoin, was also charged with the same in March of this year. He has since agreed to testify against his sister on the matter. Defrauded investors have sued OneCoin, alleging losses of up to $5 billion.

The movie Fake! is not the first artwork inspired by the OneCoin Ponzi scheme. A TV show coming from the British Broadcasting Corporation (BBC) about Ignatova and OneCoin is also in development.

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Crypto Videos

BitMEX Lost Over 45k Bitcoin – Is BitMEX Going Down?

https://youtu.be/L0QuYTGMJIg

https://youtu.be/L0QuYTGMJIg

 

BitMEX Lost Over 45k Bitcoin Since US Government Charges; Other Exchanges Are Taking Over

More than 45,000 Bitcoin has been withdrawn so far from the crypto trading platform BitMEX since the US government levied charges against the exchange as well as its leadership. October 1 brought two crushing blows to BitMEX. First, the Commodity Futures Trading Commission and the Department of Justice brought charges against the exchange and its practices. Shortly thereafter, its founders (including the CEO Arthur Hayes) were indicted by the US government. As expected, the market reacted to the breaking news with a sharp decline across many cryptocurrencies in the sector.

This isn’t even the first time in recent months that the trading platform giant has contributed to a downward turn in crypto sector prices. The exchange first began losing its users’ trust following a blackout on Black Thursday, which, for a short period, prevented users from trading or retrieving their own assets. While users slowly moved away from the platform and withdrew over 100,000 Bitcoin in the six months between that event and these most recent charges, the exodus that happened after October 1 appears to be unprecedented in scale.

The data coming from Crystal Blockchain shows that, in less than 48 hours, the net outflows from the BitMEX platform have exceeded 45,000 Bitcoin, by no means a small amount. However, traders are traders, and the Bitcoin withdrawn from BitMEX didn’t just vanish, but simply moved platforms. Gemini and Binance appear to be the most prominent beneficiaries of these outflows, closely trailed by OKEx and Huobi. More than 20,000 BTC has been transferred out of the BitMEX platform and into the latter four exchanges.

It is yet unclear whether BitMEX will just disappear into the abyss of time like many failed crypto exchanges before it, or if the company will manage to find a way to comply with the government body and survive to trade another day and. Lance Morginn, CEO of Blockchain Intelligence Group and an ex-supervisory special agent at the Department of Homeland Security, said that the most likely outcome would be that BitMEX will receive monetary penalties. On top of that, BitMEX will most likely have to make a promise on the part of its executives that it will not engage in unlawful activities in the future. However, he thinks that BitMEX is too big to fall at the moment and that it is less likely that the company will just vanish.

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Crypto Videos

Ethereum Is Still Not Ready For DeFi! – What Does This Mean For Investors?

https://youtu.be/WqVKy_UnhIQ

https://youtu.be/WqVKy_UnhIQ

 

“Ethereum Still Not Ready For DeFi” – Critics Claim

As almost every single DeFi project flocked to Ethereum, experts warn that the network is not yet ready to support the frenzy that is DeFi.
Martin Froehler, a former hedge fund manager, mathematician, and founder of Austrian crypto trading platform Morpher, said that although Ethereum is surely the “best thing the blockchain industry can offer” to DeFi, its current network capabilities are still not enough:
“Ethereum can, at the moment, only handle about 15 transactions per second, and has a block time of 15 seconds, which is an eternity in finance. As people go into DeFi, they have to interact with Ethereum, meaning that everyone interacting with it needs Ether on their wallets. That is a huge barrier to entry, which may slow down mass adoption.”

Froehler considers Ethereum to be the most decentralized smart contract platform. However, because the network still has issues, many developers have had to look for solutions to counter them.  Froehler then added:
“There is cryptographic proof for everything happening on the sidechain on Ethereum, meaning that people are able to trade without actually needing Ether. They don’t pay any fees while enjoying a settlement time of one second, and being completely independent of the many congestions that the Ethereum network may cause.”

Many industry players feel like Ethereum did not anticipate the DeFi hype properly and that even with the much-discussed upcoming network upgrade, Ethereum 2.0, it will still not be ready to service DeFi and its appetites.

Ethereum 2.0 is implemented in order to improve performance, but its high gas prices may just scare off new users. Sergej Kunz, CEO of decentralized exchange 1inch, spoke about the issue and said that the Ethereum infrastructure currently lacks the capacity to host the DeFi environment:

“You will have to rethink everything. It’s true that you can migrate smart contracts to the code, but that’s not scalable. To be able to scale, you would have to create standards and bring new protocols that are based on the new sharded architecture, something like NEAR, which is similar to Ethereum 2.0.”

Mounir Benchemled, founder and CEO of ParaSwap, pointed out that the sheer complexity of explaining how a layer-2 works to end-users “and the risk of not being able to actually pay the funds immediately to these users” cause a lot of concern. Benchemled added that it is not practical for all DeFi projects to instantly swap to Ethereum 2.0:

“For it to work, all applications would almost be required to move towards one single platform. While major projects might have consensus, there are other projects who have their own agendas, and it might be hard for them. New bridges will have to be built to allow interoperability.” Despite all the challenges ahead for the Ethereum blockchain, everyone agreed that “DeFi is here to stay.”

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Crypto Videos

John McAfee Arrested For Tax Evasion! Promoting S**t Coins!

https://youtu.be/QHkIxX_J-wI

https://youtu.be/QHkIxX_J-wI

 

 

John McAfee Arrested For Tax Evasion

The US Securities and Exchange Commission has filed suit against the creator of McAfee antivirus and a long-term player in the crypto field, John McAfee. McAfee was charged with allegedly promoting initial coin offerings without ever disclosing that the ICO issuers were paying him. As this is a direct violation of the US securities law, the SEC has filed suit against this eccentric investor on Monday.

When taking a look at what the suit claims, McAfee allegedly leveraged his fame to make over $23.1 million in undisclosed compensation from November 2017 to February 2018. He earned the aforementioned amount by recommending at least seven “initial coin offerings” to his Twitter followers, claiming he was the Chief Technical Officer or Technical Advisor of the projects, or that he at least performed a thorough inspection of how well-built these projects actually were.
The SEC mentions seven unidentified ICOs and their issuers who privately communicated with McAfee’s crypto team to get him to publicly endorse their ICO projects in exchange for payment. The payments were denominated both in the native ICO coins as well as Bitcoin.

This is highly illegal and has previously provoked the authorities to go after celebrities that acted as ICO promoters, such as DJ Khaled and Floyd Mayweather, who both promoted ICOs without ever disclosing their financial interests.
In this case, the SEC’s complaint refers to a time period where McAfee was predicting not only the price of Bitcoin but also which ICO will “pump,” which turned out to be a self-fulfilling prophecy simply due to the following he had.

While the market soon discovered what’s behind McAfee’s ICO promotion scheme, the outlandish Bitcoin prediction stayed. He ultimately walked back on the prediction that Bitcoin will reach $1 million by the end of 2020, claiming he had only been trying to draw the public’s attention to BTC.


Authorities have been quick on their feet for this one, as the Justice Department reported that John McAfee has been arrested in Spain for the tax evasion charges and is awaiting extradition to the US. His arrest came only a day after the suit was filed.

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Crypto Videos

Ethereum Developers Discuss Transaction Fees! The Death Of Ethereum?

https://youtu.be/KRHzUhnEd7U

https://youtu.be/KRHzUhnEd7U

Ethereum Developers Discuss Transaction Fees – Is It Too Late?

An Ethereum All-Core-Developer call was held on Sept 4 to discuss a variety of proposals that could improve the Ethereum network. However, this call was mostly prompted by gas fees on the network remaining historically high.
The call agenda included several discussion points, most notably about high gas prices as well as ways to mitigate the problem. Alexey Akhunov, an independent Ethereum researcher, opened the conversation with a comment on the existence of gas tokens and how they are pushing the prices higher than predicted.

He highlighted how the mempool is often full of transactions bidding a certain amount of gas to mint these tokens. He also compared this approach to order book exchanges where the traders fish for dips with low price orders. However, according to Akhunov, the fact that gas bidding orders cannot be simply and easily canceled could mean that the prices remain artificially high as any possible dip is bought by default.
While there was mention of elimination of the refund mechanism that underpins the gas tokens, Akhunov acknowledged that the magnitude of gas minting only accounts for around 2% of current gas usage. This would, in turn, suggest that any negative contribution that this problem may cause is limited in size. However, he noted that he would need to find more data before discussion options to eliminate this mechanism formally.
The remaining topics were less important in terms of gas price discussion. One of the topics brought to the conversation was a recently introduced EIP supported by Ethereum co-founder Vitalik Buterin as well as core developer Martin Swende.

Main Proposals

Filed under the name EIP-2929, the proposal substantially increases gas costs for a couple of storage operations. On the other hand, this is being done as a protection against Denial of Service attacks. This change will also mean that some operations could actually be cheaper than before.
While raising gas costs appears counterintuitive at the moment, doing so could help Ethereum devs feel more confident about the gas limit increases in the future.

A further EIP that could have the biggest impact on the general user experience is the one named EIP-2711. This proposal could let one account pay for someone else’s transaction fee, as well as create batched transactions that have a guarantee to be executed in the exact order they were submitted.
The latter change could also result in savings in gas costs, as we have seen on platforms like Uniswap, where this system was already implemented.

Conclusion

Overall, the changes brought up during a developer call are being discussed primarily for inclusion in the Berlin hard fork, that was originally expected to come this summer. However, as many proposals still need to be tested and approved, the hard fork is most likely still some time away.
For the time being, the Ethereum fee market will remain without changes and entirely at the mercy of surging demand, which drives the gas prices up.

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Crypto Videos

Big Hit To The US – Digital Yuan vs the US Dollar!

https://youtu.be/XJdEdZiduJA

https://youtu.be/XJdEdZiduJA

 

Digital Yuan vs. the US Dollar – Will the Takeover Happen?

Eswar Prasad, a senior fellow at the Brookings Institution and a professor of Trade Policy at Cornell University, believes that, while China’s digital yuan will enhance the role of the renminbi as an international payment currency, it will most likely not impact the dollar’s status as the dominant currency.
Parsad stated his opinions in a piece published in Project Syndicate, where he said that the Chinese government should keep reforming its financial markets and remove restrictions on the capital flow, all in order to put both China’s national cross-border payments system and CBDC in the global sphere.

According to the professor, China’s national currency has made significant progress in recent years, both as a reserve currency and as a means of payment. He says that this can mostly be attributed at the expense of currencies such as the British Pound and the Euro:
Even when the IMF added renminbi to the four existing currencies in the SDR basket, and then gave it a 10.9% weighting, it was most likely the euro, the pound, as well as the Japanese yen that gave way, not the US dollar.
The People’s Bank of China still influences the renminbi exchange rate, said Prasad, who added that such policy most likely won’t change “significantly anytime soon.”

On the other hand, the professor clarified that as other developing countries are making solid trade and financial links with China, they “could start to invoice and settle their transactions directly” in their national currency, which could easily lead to the adoption of the digital yuan when it’s officially launched.
China’s Commerce Ministry made an announcement on Aug 14 that it will expand the trials of the nation’s CBDS to include Beijing, as well as Tianjin and Hebei provinces.

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Crypto Videos

Brazil’s Central Bank Joins the CBDC Race! Crypto!

 

 

 

Brazil’s Central Bank Joins the CBDC Race

The Central bank of Brazil has begun laying the groundwork for its own Central Bank Digital Currency with an official statement revealing that it has already formed a dedicated group who’s job is to study the crypto industry and potential benefits of Brazil having its own CBDC.
According to the central bank officials, the team consists of 12 members that form an intergovernmental group that will assess how the CBDC could fit the national payments ecosystem, as well as what its impact could be on Brazil’s economy and the society as a whole.

Previous reports showed that Brazil spends around 90 billion reals or $16 billion annually to ensure a functional supply of cash in circulation. This amount of money represents between 1% and 2% of Brazil’s GDP.
The central bank said that the new group would examine and state how much money will be saved by issuing Brazil’s own CBDC, as well as if it will be net beneficial for the national economy.

Information Technology Department of the Brazilian central bank’s official Rafael Sarres de Almeida made a public statement, saying:
“The subject of digital currencies that are addressed by central banks has been on the research agenda of many central banks across the globe for some time. However, in 2020, there was a greater focus on an approach that was more practical.”

He added that China has already led the way by entering the final testing phase of its CBDC, but that many other monetary authorities have announced new projects as well.

In May, Ripple had a closed-door meeting with the Brazilian central bank, where officials from both sides discussed “institutional matters.” According to the bank, this meeting included its president Roberto Campos Neto, Ripple’s CEO Brad Garlinghouse, as well as three other representatives of the crypto firm. However, but no other details have been provided on the specific topics of the meeting.

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Forex Videos

Donald Trump Ramps up the heat with China! Forex Traders Beware!

https://youtu.be/ERLyOp3y6RE

https://youtu.be/ERLyOp3y6RE

 

Donald Trump Ramps up the heat with China

 

Thank you for joining this Forex Academy educational video. In this session, we will be looking at for little events surrounding the ratcheting up of tensions between the United States and China.


In the ratcheting up of the tensions between the United States and China, Donald Trump sites the risk of companies such as Huawei and now TiK ToK and we-chat, which are viewed as major security risks, because the American government believes that Chinese tech firms will have back door access to United States data, including access to the American population’s personal data where they use such technology.
Donald Trump has now signed an executive order banning the use of TikTok, a sort video platform owned by Bytedance Ltd., and WeChat, which is a messenger app owned by Tencent Holdings. The order will come into effect within 6-weeks of the time of writing this article. This is almost unprecedented where such apps could be banned from use to millions of us citizens. United States citizens and American companies will be banned from doing business with either of these two firms.

In a twist, TikTok, which has global downloads predicted at 2 billion + with a valuation of 100 billion US dollars, may find a reprieve in the United States if Microsoft can secure a license to run the application in the United States, Canada, Australia, and New Zealand and where such a license may cost Microsoft between 20 and 50 billion US dollars. The idea being that Microsoft would be the only company to collate user information, stating that this would be safe Microsoft and not passed onto the Chinese government.

Tiktok, which was seen until fairly recently as a harmless video for children, has been embraced by celebrities and influencers, which has helped it attain exponential growth within the United States. However, US national security concerns that its parent company will share valuable information with the Chinese government, and the same can be said for WeChat.
While the digital market remains open in most western countries, including the United States, where are companies such as Facebook and Amazon and Google operate with few restrictions, China has blocked several US internet companies, including Google, from operating in its country.

And while Tencent lost billions as the WeChat ban hit Chinese stocks and caused the Chinese Yuan to depreciate, the fallouts could hit United States tech stocks as markets try to calculate how American tech companies and other firms in the United States are affected because some of them rely on these apps for their businesses.
The Chinese foreign ministry reacted to Donald trump’s ban by saying that America is using national security as an excuse and using state power to oppress non-American businesses.


One thing is for sure, the escalation between these two Nations can only get worse before it gets better. Traders should be looking for dips in US tech stocks and tech indices, and perhaps broad-based volatility with the United States dollar and related major currency pairs as further sanctions, bans, and potential tariffs are introduced by both sides as matters worsen.

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Crypto Videos

Restaurant Owner Converts All Spare Cash To 𝐁𝐢𝐭𝐜𝐨𝐢𝐧 During Covid19!

 

 

 

Middle Eastern Restaurant Goes All-in Into Bitcoin

 

A Canada-based Middle Eastern restaurant chain announced that it had converted its entire fiat reserves into Bitcoin.
According to an Aug 19 tweet that came from a Canada-based Middle Eastern restaurant Tahini’s, the decision to switch its fiat reserves to crypto was fueled by the March’s crash, as well as by the Canadian government starting to provide assistance programs for businesses that were unable to stay open due to the pandemic, causing further inflation of the national currency.


With the United States and Canada constantly printing money to prop up their injured economies, Tahini’s owner Omar Hamam decided to look at the financial system as, as he said, “a game of musical chairs being played where the music will stop at some point and some people will get left out.”

Hamam then said he was concerned that the handouts that were made possible only by money printing would severely devalue fiat currency. “It was apparent that cash didn’t have the same appeal, and that eventually, with all the excess cash circulating, the currency would be worth less.”
Hamam heard people in the Bitcoin community talking about bitcoin and then looked into it. He decided to convert his company’s entire savings into Bitcoin because it “offers a better alternative to saving cash.”

Bitcoin accepted here

Tahini’s is following roughly the same financial planning strategy as MicroStrategy, which announced that it had adopted Bitcoin as its primary reserve asset. MicroStrategy has purchased 21,454 BTC for roughly $250 million last week.
The restaurant’s decision to switch to crypto received enthusiastic support from the community. Podcaster Anthony Pompliano tweeted his support, while Peter McCormack, host of the What Bitcoin Did podcast tweeted he is also considering a conversion of all his non-working capital into Bitcoin.

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Crypto Videos

BitMEX Are Now Mandating Users to Perform ID Check!

https://youtu.be/GhdWHl12MGk

https://youtu.be/GhdWHl12MGk

 

BitMEX Mandating Users to Perform ID Check

Cryptocurrency derivatives exchange giant BitMEX will be launching a user verification program starting Aug 28, requiring all its customers to complete an ID verification within the next six months.
In order to sweeten the pot and make this verification worthwhile for its customers, BitMEX is offering a trading competition that would be available to verified customers only.
BitMEX was founded in 2014 and has become one of the largest derivatives exchanges in the whole world, with one of its main features being that the platform doesn’t require user verification.

Ben Radclyffe, the Commercial Director of BitMEX, announced that all of BitMEX’s customers have to complete the new verification process by Feb 12, 2021:
“User verification has been on our checklist of things to do. We’ve been getting ready for this, as ID verification was becoming necessary in order to run a scalable, responsible, as well as a compliant platform moving forward. This is a building blockchain for BitMEX to grow and do business in the future.”
With numerous jurisdictions across the globe coming out with explicit regulations for the cryptocurrency industry, Radclyffe noted that having a user verification process will help exchanges meet new operating requirements. User verification will, as he said, allow BitMEX to better understand its diverse user base, allowing the platform to develop tailor-made products for customers.
Details regarding the large-scale trading tournament that would be available only to verified customers will be announced in the coming weeks.

It won’t take more than 5 minutes

Young woman putting off a mask of herself

According to Radclyffe, BitMEX’s verification program should take customers no longer than five minutes to complete.
Users will go through a four-step process similar to ID checks that many other crypto exchanges conduct. Customers will be required to provide a photo of an ID and a proof of address. In addition to that, a number of multiple-choice questions relating to their funds and trading experience will be asked.

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Crypto Daily Topic

12 Most Popular Telegram Channels for Crypto Trends, Investing, and Trading 

Crypto subjects are not for the faint of heart. They’re sometimes highly technical by nature, and with the unpredictable prices of the crypto market, it can be harder to keep up with what’s going on. Of course, when it comes to crypto trading, every latest piece of news of your favorite crypto is important. This is true for the traditional stock market, but even more so for the crypto market, which is affected by the smallest events.

Crypto subjects are not for the faint of heart. They’re sometimes highly technical by nature, and with the unpredictable prices of the crypto market, it can be harder to keep up with what’s going on. Of course, when it comes to crypto trading, every latest piece of news of your favorite crypto is important. This is true for the traditional stock market, but even more so for the crypto market, which is affected by the smallest events.

Crypto subjects are not for the faint of heart. They’re sometimes highly technical by nature, and with the unpredictable prices of the crypto market, it can be harder to keep up with what’s going on. Of course, when it comes to crypto trading, every latest piece of news of your favorite crypto is important. This is true for the traditional stock market, but even more so for the crypto market, which is affected by the smallest events.

One of the best places to keep on top of things is Telegram. The Durov brothers’ end-to-end encrypted platform has 400 million+ active monthly users and has become a crypto community favorite, with discussions on any and everything, from trading and investment tips to market behavior, to industry news, to memes and everything in between.

It would be ideal if all Telegram crypto channels were worth their salt. Unfortunately, you’re more bound to come across a Telegram channel full of inane content and even spam. That doesn’t mean all Telegram channels are like that.

We combed the internet to bring you the top telegram channels that are worth your time and attention.

1. UK Crypto 

Though it currently only has 1632 members, UK crypto focuses on quality over quantity, with a regular mix of educational content, trading insights, and the latest trends.

If you would like to learn how to expertly employ technical and fundamental analysis in your crypto trading, then UK crypto is your go-to telegram channel.

2. Cointrendz

If swing trading is more your jam, then you’ll be at home with Cointrendz. In the channel, you will receive a regular stream of updates on which cryptos are going bullish. If you are one for monitoring volume trends and taking what’s on the top, then Cointrendz has you covered.

Cointrendz currently has 5,951 members.

3. Trading Signals for Free

A trading signal is an indicator to buy or sell. A signal could indicate that a resistance or support level has been broken, that the volume for a cryptocurrency is on an uptrend, a new pattern is emerging, and so on.

With 578 members, Trading Signals for Free is a Telegram channel that provides reliable crypto trading signals, unlike other channels that claim to do so but, in actuality, are pump-and-dump schemes.

4. CoinMarketCap

CoinMarketCap has established itself as one of the best platforms for checking crypto prices, circulating volume, market position, chart history, and so on.

And Telegram users can find the website’s channel, providing them with a supply of the current statistics of the top 10 cryptocurrencies, including price changes, market cap, 24-hour volume, price history of the last seven days and so on.

5. Whale Club Bitcoin Traders 

Wait, a group for whales?! Not so fast. If that were the case, everybody would troop there to get the insider whale strategy. Whale Club Bitcoin Traders is a regular crypto channel with occasional tips on trading and analysis of what’s going to happen in the crypto market. 1, 714 people have subscribed to the channel currently.

6. ETH Trader

Unlike other crypto telegram channel groups, ETH Trader is a channel where Ethereum traders can receive regular updates on what’s happening with their fave crypto. Both novice and experienced traders can learn something every day from this channel. The channel has 4, 765 subscribers.

7. AirDropAlert

A cryptocurrency airdrop is an event where developers of a new currency distribute free coins to existing wallet addresses to promote its awareness and inspire/reward loyalty.

As people receive the tokens, they talk about it on social media and other forums, helping it gain traction. You can find info on upcoming airdrops in many places, including websites, Twitter, Facebook, and crypto forums.

However, if you like to stay updated on upcoming airdrops (who doesn’t?) and prefer Telegram, you need to join the AirDropAlert channel. Presently, the channel has 4, 560 members.

8. Crypto News

Crypto News may have only 335 members, but that small number has no bearing on the quality of the content that you will find on the channel. In fact, fewer members on a Telegram channel makes the platform more organized and manageable, improving the overall experience. On the other hand, a massive Telegram channel can feel cluttered and confusing just for the sheer amount of messages.

Crypto News is a telegram channel that provides a steady stream of news on the most relevant happenings in the crypto space. Members can share their insights and perspectives on these events.

9. ICO Countdown

Initial coin offerings (ICOs) are the cryptocurrency industry’s equivalent of IPOs. Through ICOs, upcoming crypto projects can raise money in order to fund their vision.

ICOs are another way through which to secure new tokens, and they are massively popular in the community. In the first half of 2019 alone, ICOs had raised a total of $1.97 billion. If you want to be in the know about upcoming ICOs, ICO Countdown is a great platform to join. The group has 5, 628 members.

10. Venture Coinist 

Venture Coinist is run by crypto Twitter influencer Luke Martin, who is one of the leading voices in crypto trading technical analysis. If you find thrill in technical analysis charts and spotting potential market entry points through them, then Venture Coinist is your go-to channel.

Martin breaks down the most popular altcoins but dedicates much of his time and effort to the top 10 cryptos by market cap. There is also a decent amount of educational content, including old charts. Through this, you can identify price patterns and see what triggered what event.

The channel currently has 3, 366 members.

11. Cointelegraph

Cointelegraph is the official Telegram channel by the crypto website Cointelegraph. The channel currently has 66, 127 members.

While the numbers seem daunting to keep up with, there are a few advantages to huge telegram channels. First, you are guaranteed to always find people online to chat with. Second, every single piece of information will always be taken apart and analyzed to the bone. It’s also hard for such an enormous number of people to fall victim to fake news, which is uber-common in crypto.

On the Cointelegraph channel, you will find the latest and most relevant crypto news, research on the newest and hottest trends, and market data and analysis.

12. The Crypto Room

The Crypto Room is a Telegram channel where you can interact with other members and interpret the goings-on in the crypto space. What you get is focused on discussions that are backed with evidence and are easy to follow.

The channel currently has 2, 057members.

Categories
Crypto Market Analysis

Daily Crypto Review, Jan 06 – Qatar against crypto, Ripple skyrocketing

The cryptocurrency market had another good weekend, as the price seems to recover from the downturn it was in before 2020. The price of most cryptos increased when compared to when we last reported. If we talk about daily changes, Bitcoin’s price went up 1.62%. It is currently trading for $7,565. Meanwhile, Ethereum gained 2.97%, while XRP gained an astounding 7.04% on the day.

The cryptocurrency market had another good weekend, as the price seems to recover from the downturn it was in before 2020. The price of most cryptos increased when compared to when we last reported. If we talk about daily changes, Bitcoin’s price went up 1.62%. It is currently trading for $7,565. Meanwhile, Ethereum gained 2.97%, while XRP gained an astounding 7.04% on the day.

The cryptocurrency market had another good weekend, as the price seems to recover from the downturn it was in before 2020. The price of most cryptos increased when compared to when we last reported. If we talk about daily changes, Bitcoin’s price went up 1.62%. It is currently trading for $7,565. Meanwhile, Ethereum gained 2.97%, while XRP gained an astounding 7.04% on the day.

Dash gained 15.43% on the day, making it the most prominent daily gainer. On the other side, Bytecoin lost 12.74% of its value when compared to yesterday, making it the biggest daily loser.

Bitcoin’s dominance decreased by over half a percent over the weekend. Its dominance is now at 67.69, which represents a decrease of 0.62% from Friday’s value.

The cryptocurrency market capitalization increased by over $10 billion over the weekend. It is currently valued at $202.68 billion. This value represents an increase of $10.98 billion when compared to the value it had when we last reported.

What happened in the past 24 hours

The Qatar Financial Centre Regulatory Authority (or QFCRA for short) announced a flat-out ban on cryptocurrency businesses. They forbid any form of conducting virtual asset services in or from the Qatar Financial Centre (QFC).

The regulator announced this news in a tweet, where it stated that authorized firms are not allowed to provide or facilitate the provision or exchange of cryptocurrencies as well as any related services until further notice.

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Technical analysis

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Bitcoin

Bitcoin bulls gathered over the weekend and brought its price from $7,000 all the way to $7,570. Its price moved explosively to the upside and gained a couple of hundred dollars before consolidating. Successful consolidation at the top of the move led to another spike which brought the price to its current levels. During the price increase, Bitcoin broke the $7,260, 7,415 and 7,525 resistances. It is now consolidating right above 7,525 and testing its strength.


Bitcoin’s RSI is very close to the overbought territory, while its volume is above average.

Key levels to the upside                    Key levels to the downside

1: $7,780                                           1: $7,525

2: $7,990                                           2: $7,415

3: $7,165                                           3: $7,260

Ethereum

Ethereum also moved up along with Bitcoin. It quickly broke the descending trend line and spiked to the upside. Its price went from $126 all the way to $141, where it is currently. Ethereum is currently right below the $141.15 resistance line, which it is attempting to break. However, RSI, which already reached overbought, as well as descending volume, are not promising indicators when it comes to price rises.


Key levels to the upside                    Key levels to the downside

1: $141.15                                           1: $130

2: $148.5                                            2: $128.1

3: $154.2                                            3: 122.15

Ripple

XRP’s move to the upside reminds us of the 2017 spike. Its price skyrocketed and went from $0.185 to $0.21. However, the $0.211 resistance line stopped the move. XRP is now trying to recover from hitting a resistance it can’t pass. It is still unknown at which price XRP will consolidate.


XRP’s RSI is deep in overbought territory, while its volume is extremely high.

Key levels to the upside                    Key levels to the downside

1: $0.211                                            1: $0.205

2: $0.221                                            2: $0.1978

3: $0.227                                            3: 0.19