Day: May 28, 2021

Bitcoin likely won’t entirely replace current financial system, Coin Center director says

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Bitcoin may not mean an end to traditional currency and banking, according to Peter Van Valkenburgh, research director at Coin Center.  “I think there’s folks in the Bitcoin community who probably make too many noises about how Bitcoin is going to dominate all economic systems and nobody will be using dollars anymore, and nobody will be using banks anymore, and I think that’s actually a little foolhardy,” Van Valkenburgh said in a Friday interview with the Washington Journal on C-Span. “The fact of the matter is that there’s going to…

Indian Bank HDFC Predicts “Legal Access” to Crypto

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Key Takeaways HDFC’s chief economist feels that cryptocurrency regulation in India will be favorable to investors. The report reiterated the plans of a central bank digital currency launch. The RBI has recently been pulling strings on the country’s banks to stop servicing crypto businesses. Share this article Major Indian bank HDFC has published a report on cryptocurrencies, weighing the pros and cons they could bring to India. The report comes after the country’s central bank introduced new roadblocks for the industry.  HDFC Reports on Cryptocurrencies  HDFC, one of India’s top…

DEX Aggregator OpenOcean Expands to Solana

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Key Takeaways OpenOcean, a DEX aggregator that captures liquidity across DEXs and CEXs, has integrated Solana. The protocol will compete against other Solana-based DEX aggregators such as Frontier Finance. Solana’s DeFi ecosystem has grown at a rapid rate recently. It’s one of Ethereum’s strongest competitors. Share this article OpenOcean, an aggregation protocol for CeFi and DeFi, has added Solana to its list of supported blockchains.  OpenOcean Adds Support for Solana  OpenOcean has expanded to Solana.  The popular aggregator announced the update Friday, saying it now includes Solana-based decentralized exchanges (DEXs)…

For the long haul? When Bitcoin nosedived, institutions held fast

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Mid-May’s price plunge was one of crypto’s wildest pullbacks in recent years, a tumble that eliminated nearly $1 trillion from crypto’s market value.  The industry had soared to new heights a month earlier, with Bitcoin (BTC) reaching almost $64,000, driven in good part by institutional investors. Now that some calm has returned to the market, bears are asking: How did institutions behave during the recent collapse? Did they jump ship or hold firm with their investments? And what impact might the pullback have in future institutional participation in the cryptocurrency…

Sweden moving forward in e-krona CBDC trials

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Sweden has made a number of strides toward its own central bank digital currency, or CBDC, called the e-krona. The Sveriges Riksbank, the country’s central bank, now looks to experiment with the asset using a non-simulated party.  As reported by Reuters, Riksbank detailed on Friday via a statement: “The e-krona pilot is therefore moving on from only having simulated participants to cooperation with external participants in the test environment.” The experimentation will involve participation between Riksbank and Handelsbanken, a retail bank chain based in Sweden. In January, Riksbank elaborated that…

Bitcoin can still drop to $20K but holding remains winning strategy, data shows

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Unloading Bitcoin (BTC) spot positions when it starts crashing violently upon forming its all-time highs is a bad investment call, at least according to its historical price action. The flagship cryptocurrency’s eleven-year lifetime has seen it undergoing many bullish and bearish cycles. The BTC/USD exchange rate typically rises parabolically. It later trims more than half of those gains down as profitable traders sell the top. But, at the same time, traders who buy bitcoin around its local top suffer longer periods of losses. Got Bitcoin? Chances are you’re in profit…

Crypto firms not meeting AML standards, says UK minister

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Cryptocurrency businesses in the United Kingdom have been struggling to meet Anti-Money Laundering standards set by the Financial Conduct Authority, according to a senior official. John Glen, a member of U.K. Parliament and the economic secretary to the Treasury, pointed out major difficulties in the process of registering crypto firms under the FCA’s AML regulations in official comments on Friday. According to the official, only five crypto businesses have received registration from the FCA as of May 24 after the authority became the official AML supervisor of the crypto industry…

Report crypto profits or else

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The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets. The ATO’s assistant commissioner, Tim Loh, told News.com.au that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back…

Bank of Japan governor slams Bitcoin, calls BTC a speculative asset

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Haruhiko Kuroda, governor of the Bank of Japan, has joined the roll call of central bankers taking aim at Bitcoin (BTC) amid the current volatility. According to a report by Bloomberg on Friday, Kuroda argued against the value proposition of the largest cryptocurrency by market capitalization, stating: “Most of the trading is speculative and volatility is extraordinarily high. It’s barely used as a means of settlement.” The BOJ governor’s criticism comes as Bitcoin experienced an over 50% drawdown from its $64,000 all-time-high price milestone achieved back in mid-April. Indeed, several…

Crypto derivatives market down but not out as $3B expiry sours the mood

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Bitcoin (BTC) led the entire cryptocurrency market through a tumultuous period after the majority of the cryptoverse was painted red on May 19, a day now also referred to as “Black Wednesday.”  BTC’s price fell below $40,000 for the first time since it blew past the resistance level on Feb. 9 on the back of the news of Tesla purchasing $1.5 billion worth of BTC while also announcing that it would begin accepting Bitcoin as a payment method. At the time of writing, BTC’s price has slightly rebounded to the…