BTC

BTC

Traditional Banks Provide Digital Currency Custody Amid Compliance Legislation

For banks and conventional organizations that provide services for web platforms, enforcement and laws have become much more relevant than it has ever been. As the value of Bitcoin proceeds to highlight record-breaking all-time peaks, more conventional banks have begun confirming funding for crypto currencies. And big banks such as JPMorgan Chase have taken significant attention in the crypto currency, which had formerly despised Bitcoins. Directly opposed to what Goldman Sachs lately said, the tacticians of JPMorgan recently observed that due to Bitcoin’s rise, the value of gold will be suffering from systemic flows crosswind over the upcoming months.

Reports from some known Faces Regarding the Matter

Although JPMorgan Chase is obviously taking a lighter approach on Bitcoin, by providing consumers storage facilities for crypto properties, several pioneering banks are moving a step farther. FV Bank CEO Miles Paschini announced that in early 2021, the bank would begin providing possession facilities embedded into its network connection.

It would then be necessary for both retail and corporate clients to set up an account for fiat and virtual resource holdings. This is what Paschini has to say – Banks are very well placed to have safe custody and to have a streamlined experience with online banking. Puerto Rico is clearly a developed market for international trade that is well placed to encourage its approved entities to offer the foreign customers with these facilities whilst staying true to the appropriate Bank Secrecy Act and Anti Money Laundering criteria.

For each and every digital resource they choose to keep in their accounts, FV Bank account owners would be granted crypto deposits addresses, as per Paschini. In a safe and protected statutory account connected to the customer’s electronic bank account, the electronic or digital properties would be handled. Via digital banking apps, facilities can be accessible.

Via the Swiss Stock Exchange, Swiss banks are planning to deliver digital properties. It is known as SIX. It is a brand new programme that has recently been developed that helps banks around Switzerland to offer consumers with access to facilities linked to digital properties. It is all set to be launched in 2021.

Banks betting big on crypto?

Wayne Trench who is the CEO of OSL (It is one of the major outlets for digital assets in Asia) and who is also a member of the BC Technology Group, mentioned in a report that in addition to the cases of Fidelity Digital Assets and Standard Chartered, key figures like DBS are among the famous players who have launched digital asset ownership strategies. As per Trench, because of the demand from conventional custodial customers, banks would give support for digital properties.

As per Trench, because of the demand from conventional custodial customers, banks would continue to provide support for digital properties. Production is approaching its all-time peak in 2020, and comparatively cautious financial firms have started to distribute virtual currency deposits. One such instance is the latest acquisition of a hundred million USD of Bitcoins by MassMutual. As per Paschini, in accordance with the transaction and transfer process, virtual currencies and bitcoins are a higher investment asset class. He indicated that this would be better served for banks to experiment with crypto currencies, with the financial markets already surpassing Bitcoin.

It’s also necessary to point out the rising importance of fund managers in digital properties. This has not only recently attracted the interest of large banks, but global hedge funds are starting to take notice.

Compliance has been more essential than it has ever been

While the inclusion of funding for virtual currencies by banks and conventional investment firms is innovative, ever-changing enforcement and regulatory requirements still need to be kept in mind. John Jefferies, senior financial analyst at the cryptocurrency analysis company CipherTrace, stated in a report that these new regulations may have an effect on digital asset-supporting banks, adding that enforcement should really be a primary concern.

Jefferies noted that federal authorities have also recommended more huge consequences for those who failed to obey with laws, involving penalties and prison time. That being said, instead of laws, Paschini claims that implementing the right technological infrastructure and standards would be the biggest obstacle for banks going ahead.

BTC

Why Bitcoin Price And Volume Rising Together Is Bad News For Ethereum, Alt Season?

Bitcoin is a volume sucker working to grab all from the cryptocurrency market since the rally continues ahead. It is a reason leading the alternative market for cryptocurrency or alt-coin to face a pullback. As a result, the alt-coin market is experiencing a low demand from the buyers too. In the future, traders hold a belief that there is no return point for alt-season. 

When is the time for alt-coins to recover?

As per the historical records, Bitcoin experienced a significant uptrend in the beginning in the crypto market. After that, it was followed by the alt-coins. Among the traders, such a pattern is foreseen in the current cycle of price. The alt-coins market may stand in the recovery phase in 2021. Until the stabilization and rally completion of BTC, no trader sees an uptrend in the alt-coins market.  

From 13 September, the Bitcoin index of dominance is high to 63.4% from 56%, with a 7.4% rise in just two months.

In the alt-coins market, a significant problem is the dynamic nature of the crypto scenario. With the high rise of Bitcoin, a fall occurs for alt-coins. It is because the capital cycle starts turning backward to bitcoin. If there is a drop in BTC prices, a tandem fall will happen with alt-coins. As a result, alt-coins might come to a precarious stage.

“Don Alt,” recognized as a pseudonymous trader, said that a broad pullback for the alt-coin market is coming if the ETH price doesn’t cope-up with the Bitcoin price.

A CryptoCapo recognized trader interfered in the matter. He said that the alt-coins technical structure doesn’t seem to be a compelling one. He further added:

 “Honestly, Alts exist that don’t sound positive, even the decent Alts, and good-looking Alts too. At present, one can’t state any alt-coin as a good one. So, the wise selection is important.” 

Bitcoin rally key is cooling down:

Since the BTC price will surge quickly and Ether’s slow time is behind, it is unlikely to see an alt-season within the near time. As a strong indicator of alt-season, the ongoing rally consolidation with the ETH price breakout can signal. Seeing the broke-out of BTC/USD involving $13,000, alt-coin and Ether markets can be in the uptrends.

The alt-coin market capital seems to transfer into Bitcoin. In October, a lot of volumes are captured by the decentralized form of exchanges. As a result, it indicates that DeFI tokens demand is going down because of Bitcoin momentum prevailing in the market.

BTC

Bitcoin Is A Better Gold Than Gold Itself, Tyler Winklevoss Says

All these days everybody has been hearing about liquid gold, that’s oil but Winklevoss Says something amazing and different, he says, “Bitcoin is better Gold Than Gold itself!”.  Tyler Winklevoss says bitcoin has the potential to make gold go on its knees. Cryptocurrency has been beating Gold in its “own game” and that is also with a better magnitude of 10x performance. This was a tweet by “Tyler Winklevoss” on 21st September.

In 2008, Bitcoin was introduced in the market by a group or a person whose name has never emerged on the papers yet. For 11 years, bitcoin has been playing its vital role in the market and that is one of the main reasons why one needs to understand the usefulness of digital currency. According to various financial experts, bitcoin is the new age of currency, and that everyone should be prepared to welcome the new change in no time.

The fate of bitcoin

It’s not very clear when, but the fate of bitcoin has drastically transformed around the last decade. Bitcoin has been and is setting new records of surpassing its value compared with other valuable products and elements found in the market. Bitcoin has always been in the place of an asset but never a transactional currency. The financial researches have been comparing valuables like gold with the value of bitcoins. Surprisingly, the new research and information data show that gold has been outshined by bitcoin. It is more valuable than gold. Comparing gold with any other transactional currency is a time-tested method of judging the economic value of the item.

While some say, it is best to compare gold and bitcoin with each other, others say it’s not necessary to compare both valuables with each other because they both proved their own value which is not similar to each other. Like warren buffet says, bitcoin has no intrinsic value, the value of an item depends on the necessity of an individual. Necessity is taught the value of everything.  Similarly, when it will be necessary the more worthy will surface gradually.

How is Bitcoin a better store?

The recent pandemic has transformed the world into a lot of chaos and many of the countries have realized that technology is helping them survive. Without technology, humans would have survived with a huge loss like any other pandemic eras in history. This situation has made people realize the necessity of cashless transactions where bitcoin is one most promising contenders that has gained momentum. Many investors, businessmen, and industrialists are willingly putting their money in bitcoin rather than in gold. The spike in the bitcoin currency has been noticed in this pandemic, hence, the spike and the crazy deterioration of the position of gold to many investors.

The future value of bitcoins is quite high and that is the pull factor for many investors. The estimated recovery on every investment of Bitcoin when purchased at the launch time (or at the earliest price) was approximately 7,615.27%.

BTC

What Top Us Politicians And Potus Election Candidates Think Of Bitcoin

Cryptocurrencies or virtual currencies are always a point of debate since their inception. Many people favor them, while many people have points that devalue the currency. It is interesting to find the opinion of top politicians in this regard. Many politicians in the US do not have a positive opinion about cryptocurrencies in general, as the decentralized nature of such currencies will pose a threat to their way of working with the central banks. However, as elections near, they are not in a position to reject donations made through cryptocurrencies. In this regard, let us look at what some top politicians in the US feel about Bitcoin.

Donald Trump has always been open about his dislike for Bitcoin, and he had even tried to accuse such currencies as not valuable. He has said that he is not a fan of Bitcoin. Many experts in the market blame Trump for the slow growth of the crypto industry in the US. However, Brain Brooks of Bitcoin was appointed as COO of the Office of the Comptroller of the Currency in March by the Trump administration.

Even though he has not openly supported Bitcoin, Joe Biden is said to be a supporter of Bitcoin. He is seen as a strong supporter of technology and innovation. He had even commented on the Internet as being neutral. The political action committee even accepted donations in Bitcoins since 2016.

Bernie Sanders has not taken a harsh stand on cryptocurrencies so far. But media reports indicate that he has taken a large amount of donations from tech giants Microsoft and Facebook.

Joanne Jorgensen has always been vocal about free markets, and she has supported unrestricted competition between banks and other financial institutions. She is also in favor of enacting Ron Paul’s Free Competition in Currency Act.

Kanye West has said that he wanted to use Bitcoin and many experts believe that it will be good for the crypto community if he wins the election.

Elizabeth Warren, on the other hand, has criticized the volatile nature of cryptocurrencies, and she said that it is difficult for the government to protect consumers and yet derive benefits out of crypto technology.

Mike Bloomberg has said that there is a need for a clear regulatory framework around cryptocurrencies. He said that Bitcoin has become a high net worth investment asset, and there is a need for a regulatory framework in this regard.

BTC

Greyscale Brings Altcoins to Over-the-Counter Trading

Greyscale is an investment company, it has announced on 17th August 2020 that their firm’s bitcoin cash trust will be accessible on, over the counter system, or generally known as the OTC market under the BCHG ticketer.

What is over the counter trading?

Over the counter or OTC is a way of trading securities for companies that aren’t listed on any formal exchanges. Over the top means, the securities are traded via a dealer network, which is the opposite of the centralized exchange system. This helps to maintain the current market place while you can have transparency and liquidity of the stock exchange. OTC is very thin traded and that is known as “penny stocks”. It can be traded at low as $1, which makes it more preferable for investors. Grayscale has achieved a state where they have robust security to provide optimum protection to the investors so that they can trade easily and risk-free.

What’s the news?

Grayscale investment offers digital-currency investment stock, which can be traded by individual investors on their Demat accounts. The company debuted in the financial field on 25th September 2013 as a bitcoin investment trust. Storing cryptocurrency is very problematic and greyscale is doing it in a very mature way. They announced that they have a robust system for securing the cryptocurrencies that actually uses the leading techniques of security standards for protecting digital currency. 

Grayscale Investments is an asset management company that is the world’s largest bitcoin trust also, it has announced that bitcoin cash trust, and bitcoin trust, both are eligible for deposits at the “Depository Trust Company”(DTC). This company is based in NY(New York) and is commonly known as DTC, it was founded in 1973.

DTC holds $54.2 trillion in securities. Grayscale also happens to meet the requirement of being eligible to be listed as a major stock exchange like the very well known “New York Stock Exchange”. The most amazing news would be knowing Grayscale has already cleared the Nasdaq NYSE requirement list for becoming eligible. They have successfully entered the stock exchange market and will hopefully rule it very soon.

What are Altcoins?

These are basically the alternative of bitcoins. They came into the market after bitcoins were a huge success. Altcoins specifically denote all the cryptocurrencies that accept bitcoins. Some of the altcoins are, Ethereum (ETH), Chainlink (LINK), Basic attention token (BAT), Komodo (KMD), Bitpanda Eco System Token (BEST), etc.

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