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Why Institutions Suddenly Give A Damn About Bitcoin?

In recent years, institutional investors have started accumulating BTC in a big way. According to a survey done by Fidelity, it was evident that more than 36% of crypto assets were owned by 800 institutional investors. Apart from that, another survey done by Prnews wire, which specializes in crypto-asset insurance, hedge funds are likely to increase their holdings in cryptocurrencies in a big way. As per market experts, institutional investors are likely to invest in Bitcoins in the next few months.

Bitcoins as a hedge against inflation

Many institutional investors like JPMorgan, Goldman Sachs and Grayscale, have started using Bitcoins as a hedge against inflation. Not only that, they also believe that this can protect their assets that are held in fiat currencies as there is a risk of devaluation with various governments offering stimulus packages to deal with a slow economy. Other than that, there are many technical factors at play when it comes to institutional investors choosing Bitcoins. Some analysts predict that the price may hit $1 million by 2025.

Less risk and more reward potential

Even though the future growth of Bitcoin is debatable, it is widely accepted that there is less risk in having Bitcoins at this stage. On the other hand, the reward potential is huge, and it can easily hit $100,000 in the next one year if demand spikes up from all corners. Analysts believe that there is more risk in not having any exposure to Bitcoins and other digital investments.

The borderless network of Bitcoin

One of the primary aspects of Bitcoin that attracts every investor is the borderless network of the currency and the blockchain technology. This is not related with any other asset class, and it serves as a good tool for diversification in the long run. It is also secure when it comes to cross-border transactions, and it can be done quickly without any hassles.

The innovative features of Bitcoin that include smart contracts and low payment fees, and secure transactions make it an attractive option for many international traders. This can take us to a stage where all the transactions can be done in digital format, and we can move away from the regular paper-based economy.

As inflation is becoming a big risk globally due to various economic factors, institutional investors find comfort in crypto assets like BTC. This is a good hedging tool that can offer good growth in the long run.

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Europe-Focused Crypto Exchange Vows to Offer Favorable Terms for Users

Cryptocurrency has been lauded as the new emperor of the economy with its ingenious trading facilities and machine benefits. Its stringent supporters have long proclaimed crypto-currency as the next fundamental commodity around which the market will circulate. But it seems like it still has a long way to go and a lot to do before the US dollar loosens its grip on the global economy and moves aside for the Bitcoin revolution. The green fiat emperor has been experiencing lower valuations, which has been exploited by the Cryptocurrency community. However, the fact remains that the dollar still holds massive power, which is not going to give up any time soon.

History and Beginnings

The economy of the whole world has been dictated by this green currency for a long time now. It all probably started after the Second World War as the United States of America spread its massive wings, and the Eagle become the gatekeeper of the treasury. The country gained considerable operative authority over the globe as its currency became the mandated currency of exchange for most international transactions and the economic capability to handle debts effectively.

Current weakening

The country’s previous incumbency had operated cautiously to maintain its global domination of the economy by being responsibly loose on financial barriers raised against other nations. But the current president has been more aggressive with curtailments on foreign countries that have turned many other influential players against the US dollar. Such an angry government has been developing their own economies free of the dollar’s grasp. But since the green currency has been winning the game for decades, it is not very easy to altogether remove it from the picture, especially since such a move would mean losing millions for many. The best to topple the dollar entirely rests with China, whose burgeoning economy coupled with advanced cryptocurrency capabilities, can do the job.

The dollar still enjoys the advantages that come with being the default currency of exchange when any two counties or financial holders engage in trading. Such an arrangement means the United States of America will experience freer trades with cheaper transaction costs and an ability to come out on top despite a large number of outstanding dues. But all things that begin must come to an end, and so will the predominance of the dollar.

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Ebang to Establish Crypto Exchange and Mining Farms After Going Public

Hangzhou-based crypto mining company Ebang International Holdings Inc. is all set to launch its crypto exchange platform. The mining giant has decided to expand its business into the digital asset exchange because of the consistent loss in their business.

A regular drop in the bitcoin prices becomes a headache for crypto mining companies like Ebang. According to the resources, the China-based mining company generated a revenue of $109 million. That was a clear loss for the company.

Reports even mentioned that it has been the least number of sales since the year 2018. The sales kept decreasing after the year 2018. Ebang has provided data of its net losses during the year 2018-2019.

Ebang is about to increase its revenue up to 40% in the year 2020 with a cryptocurrency exchange that works overseas. Ebang is a china-based company where cryptocurrency trading is outlawed. The company is incorporated in the Cayman Islands.

China-based mining expert has seen a constant growth in the cryptocurrency exchanges. The CFO of the company, Chen Lei admitted the revenue can be increased to $200 million in the present year.

This new launch of the crypto exchange has doubled up the revenue remark of Ebang in just a few months after the launch. According to the CFO, it would have been impossible to achieve the target until 2022 without the newly launched crypto exchange.

The company was able to expand its business because of the IPO raise of $100 million. However, the goal of the China-based crypto mining firm was to raise $125 million. If it happens the market value of the firm will become $800

It gave new hope to the crypto giant to take the business to new heights. Ebang is also willing to expand its exchange platform overseas and also investing in new machines and technologies.

One of the parts of the plan is to set up a crypto exchange outside of the country, Chen said. Whenever the new exchange tends to work without a flaw, it will help to combat the volatility in the market. World’s largest cryptocurrency is being traded in the range between $5000 and $10,000.

Once a new platform will be available to the traders, it will be easier for them to trade at other amounts as well. This new regulatory-compliant crypto exchange will be available to everyone. The company has also decided to imply a transaction fee to earn its income from the platform.

Its rivals, on the other hand, are constantly involved in creating coins for the digital currency irrespective of the fluctuating prices of Bitcoin. Ebang is also setting out to branch its services in the advisory section. The share price of the company has also increased up to 4%.

Despite being the first mining company to go public in the USA, Canaan’s market price of a share is $2. Ebang, on the other hand, has been able to put itself at a better place with per share trade at $4.

Ebang is also willing to explore the blockchain services in other sectors such as healthcare, education, and financial services. In short, the goal of the company is to become a complete blockchain solution provider.

The company has also made it to the Nasdaq Global Market under the ticker EBON. Ebang will be the second crypto mining company to launch its crypto exchange in the United States. The first mining company called Canaan is also based in China.

It has become one of the crucial steps to help reach Ebang to its financial goal. The Nasdaq listing will not only increase its profits but also give the brand recognition in the field. It has also increased the share price of the company.

Nasdaq also offers regulatory compliance to companies that are listed under it. This credit will take Ebang a long way to operate as a cryptocurrency trading platform. Every transaction will be secure and compliant to the US Securities and Exchange Commission.

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Few Words In Binance Becoming Limited Partner In Multicoin Capital Crypto Fund

Binance has decided to stand along with Ribbit Capital, Union Square Ventures and Marc Andreessen to be part of Multicoin Capital investment Company nestling in Austin, Texas. Binance has earlier done ample projects with Multicoin Capital firm, thus no wonder they are ready to be a partner to make the cryptocurrency company reach the pinnacle of prosperity in leaps and bounds.

Multicoin Capital public spokesperson has stated that the investment firm feels immense satisfaction in footing in the world of cryptocurrency investment hand in hand with one of the largest cryptocurrency trading company.

Multicoin Capital firm:

It is basically an investment firm more into high growth of the capital market globally. Their motto is to provide profits to their investors irrespective of trading condition in the global market. Currently, they are leading in the digital currency investing arena among other kinds of investments fields.

The Company is believed to apply safe trading tools to invest and to provide intelligent portfolios for their all-time investors. The Company is well known for its secure investments in digital currency and for providing a base to earn highly in the international trading arena. The returns are high compared to their competitors. Thus, it acts as a jackpot for many skilled investors. The Company feels proud to be associated with thirteen countries investing spectrum.

They pool-in invested money in high profile trading field to bring in high returns for their clients, the investors. Their traditional investment way of handling diversification in the market value of the cryptocurrency, adapting perfect way to do asset allocation and rewarding investing skill has made them a prospering investing firm ready to mingle with big shot cryptocurrency ruling firms like Binance.

Why Binance joined hands with Multicoin Capital firm?

Binance joining venture with Multicoin Capital firm is beneficial for both as they will seek new ways to achieve more prosperity for blockchain, to develop more and to expand their market. Multicoin Capital is always known to be superbly striving forward to achieve its goal in crypto. They have never let down their investors even when the global financial crisis played hindrance to grab profit.  They are expert in their range of investment as they never shy to do a lot of research and analysis.

The firm has a distinct quality to identify new potential markets for its investors to earn good profit. They have maintained their track record never letting down their clients and partners anytime. They are never to let down attitude and always seek potential markets to invest and to develop more assets that has provoked Binance to become their limited partner. Hence, no wonder Binance is sure to gain a lot by linking with Multicoin Capital firm. Tushar Jain, the managing partner of Multicoin Capital feels they have now a broader set up to conquer as they have strong infrastructure providers to venture deep into the blockchain ecosystem. It will be a major breakthrough for the Company to be backed by leaders in the Crypto exchange global spectrum.

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What Type Of Situation, If Any, Could Crash Bitcoin? Vc Firm Partner Speculates

Before the pandemic, bitcoin has seen a dip in the price. This was the case in 2020. With the start of the pandemic, the bitcoin price has dipped even more to 50% of its actual value in just two days of time. The conventional financial markets have also seen the dip in March. There is a standout recovery that is posted by bitcoin by smashing all time records and hit the highest price. There is a prediction that the price of the bitcoin is going to drop. Bitcoin is considered to be the largest cryptocurrency. Based on the thoughts that are put forth by Dermot O’Riordan who is a venture capitalist, it is clear that bitcoin value would be considered as the non-sovereign censorship resistant hedge. When compared to the dollar, the price of bitcoin is growing day by day higher as per the thoughts of O’Riordan.

However, the volatility of bitcoin would remain the same in the coming times. There would be a rise in the volatility of bitcoin in the upcoming times. The price milestone will unlock the bigger class of institutional investor who made it a mandatory to buy the asset. There are many financial bigwigs over which bitcoin has attained a victory, especially MassMutual, Paul Tudor Jones, Micro strategy and so on. The players have given enough cash to the digital store of value in 2020. The buying trend would heat up the later portion of the year. With the rise in bitcoin, breaching USD 40000, there would be liabilities.

O’Riordan stated that the bitcoin would see two larger risks. The first thing is how it is going to handle the questions that arise about its security. If there is no rise in the fee, how bitcoin is going to supplement the bitcoin issuance. The risk of the bitcoin would be related to the institutionalization of bitcoins. There is a great change that bitcoin is seeing over time. Every time even if the price of the coin is falling, it is seeing a rise again after a certain time period. Due to this, many are still adopting bitcoins. There are many investors who are showing interest in investing in the bitcoins. Many people are investing in bitcoins as the price of it is growing at a brisk pace. When there is a rise in the price, you can sell the bitcoins to make huge profits. Today, bitcoins are accepted in many countries and places.

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Bitcoin Companies To Flourish With Remote Work

One of the leading Bitcoin payment service providers, BitPay, has decided to function permanently on a remote basis. BitPay’s CMO, Bill Zielke, recently said to the press that the company’s entire team is working remotely and would continue to do so until further notice. The decision to shift towards remote work was taken by the company’s management due to the ongoing Covid-19 pandemic situation. Bill Zielke further added that the company’s employees would have the option to continue working from home or use the company’s offices once the pandemic situation gets better. The office spaces would be dominantly used for company events, meetings, customer events, meet-ups, training, and other such activities.

The co-founder and chief executive officer of BitPay, Stephen Pair, said that the company has been following the Covid-19 pandemic from the very beginning. Due to the seriousness of the situation during the pandemic, the executive team of BitPay decided to continue business as a visual from home. It would help the employees stay safe and ensure the business activities don’t get negatively impacted. The work from the home policy adopted by BitPay turned out to be fruitful, and it is for this very reason, the company has decided to switch to cyber-platforms going ahead.

Cryptocurrency is an internet-based industry, and thus, it seemed only natural that the firms in the cryptocurrency sector would flourish through remote work. Other major firms, including Binance, have announced that it would be operating under a remote work mechanism until the situation gets better. As per an internal release of BitPay, the majority of the employees amounting to over 85 percent, would prefer working from home. It is primarily because the employees feel they are more productive when working from home. It is what helped BitPay’s executive team to shift to work-from-home on a permanent basis.

Andrew Kelin, BitPay’s marketing director, stated with regards to this shift that it took a bit of time-management and adjustment as he and many of the company’s employees are social and have outgoing personalities. However, the shift to work-from-home has been immaculately well-integrated and collaborative. The virtual platforms available today have helped the teamwork efficiently as we were working side-by-side. The fact that no negativity is reported from the company’s staff during the shift to remote work has clearly proved that it is meant to stay. The company’s Argentina team preferred working from home, whereas 86 percent of the US team and 75 percent of the Amsterdam team also opted for work from home going forward.

In Russia, too, the work from home culture has been flourishing rapidly. It is partly evident from the fact that there has been a massive surge in demand for graphic cards. However, the demand for graphic cards and high-end PC accessories also stem from the increasing trend of digital mining activities. Due to the Covid-19 pandemic, not only the company in the crypto world but just about every firm in the different sectors has made the shift to work from home, partially or completely.

There are many advantages that have come into the limelight of working from home, one of which is the amount of time saved from the daily commute to and from the office. It lowers the company’s operating costs drastically while ensuring that the team’s productivity remains high at all times. The employees are found to be more engaged and productive as they get the flexibility they are looking for. Like in any work culture, there are pros and cons of working from home, but overall this shift has proven a key to ensuring fluidity in business during crisis situations the world is facing today.

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Bitcoin Firm Teraexchange Loses Its Cftc Registration

The U.S. derivatives regulators have canceled the registration of the swap execution facility or SEF of TeraExchange, a US-based Bitcoin company. The company, which is based out of New Jersey, received the licensing back in 2016. It was among the first companies in the U.S. to receive the license to offer crypto derivatives services. In a largely publicized event, the world woke up to the news of the first Bitcoin derivative transaction being taken place on a regulated and licensed platform. It was a huge success for the Bitcoin community and was considered the first step towards the Bitcoin revolution.

Derivative trading is considered to be one of the best ways to hedge Bitcoin holding while reducing their risks. It led to the beginning of a new era where the Bitcoin derivative market could grow. It also led to large banks and financial institutions to invest capital into Bitcoin. But, the platform has not facilitated any transaction in the past three years continually. The U.S. Commodity Futures Trading Commission released a statement stating that TeraExchange, LLC, has been provided with an Order of Reinstatement. The order, which was affected immediately, was issued based on Section 5 of the Commodity Exchange Act and also the CFTC Regulations 37.3(b) along with 37.3(d).

TeraExchange was one of the first companies to be offered a Bitcoin swap agreement in 2015. It laid out the legal framework that allowed any two parties to exchange their cryptocurrencies based on certain standard terms. The regulatory body found that the decision was taken after the company failed to stop wash trading and also prearranged trading on its platform. The CFTC came to know about two suspicious offsetting transactions but was told that it was just to test their systems. But, the very next day, the company released a press release informing that the first Bitcoin derivative transaction took place on the exchange. Since CFTC sees such transactions and its publicity as a violation of their rules, TeraExchange was asked to clarify its stand. The company did not admit or deny any wrongdoing and settled those charges with CFTC without paying any fines.

SEFs work under CFTC’s regulations if they want to clear any OTC products such as OTC interest rates or credit swaps. The new services were included in the draft as part of the Frank Act and Consumer Protection Act (2010). According to this, the NDFs are financial establishments that needed clearing from the regulatory body. It helped the government in providing pre-trade and also post-trade transparency. In the past, the U.S. regulatory body has issued licensing to many blockchain start-ups and companies. But it was not just the crypto market where the facility did not take off. Only a few of the big companies are now operating in the market, such as CME Group, ICE, Tullet Prebon, and Bloomberg. Here, Bloomberg has about 50 percent of the total swap trade market.

There are other companies such as LedgerX that are not careless as TeraExchange. The company is already taking multiple steps and going beyond what is expected from them to ensure compliance with the regulation. Apart from registering themselves with the SEF, they have also registered themselves with the derivatives clearing institution. Even though the company already has the SEF registration, it is not yet ready to launch its services. Once they have both the licenses, they would launch themselves in the market. Thus, even with the setback of TeraExchange, the future of bitcoin derivates looks good.

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How Is Cryptocurrency Going To Be Regulated In The Eu?

The European Union, even in the very recent past, did not have any regulations on cryptocurrencies. However, the European Commission, the EU’sEU’s executive arm, has come up with regulations to overlook the cryptocurrency world, which is believed to be a significant step for monitoring digital assets.

What kind of regulations are expected?

The leaked European Commission draft suggests that every cryptocurrency should be treated as any other regulated monetary instrument. As per Markets in Crypto Assets (MiCA), new rules on digital assets custody and the capital requirement will be provided. The regulations would also define the relationship between the token issuer and the token holder with proper guidelines to file complaints against projects.

The idea of a regulatory sandbox initiative for companies developing infrastructure for trading and settlement of digital assets has also been highlighted in the proposal. The new regulations aim to give legal certainty to the issuer of the digital assets simultaneously, reducing the risk of the investors.  

As per the proposal laid down by the commission, the cryptocurrency developers should issue “white paper” providing detailed information about the issuer, the token, and the trading platform so that it becomes easy for the potential purchaser to make an informed decision and also understand the risk related to his investment.

These documents are to be vetted by the EU regulators before the issuer commences the operation. The draft also highlights that the European Banking Authority (EBA) shall be empowered with rights to carry on site investigation and impose fines up to 5 percent of the total annual revenue of the crypto firm or double the amount of the profits gained by these cryptocurrencies because of the violation of the guidelines.

One of the main aims of regulating cryptocurrency is to reduce market fragmentation. The new regulation suggests that the cryptocurrency companies authorized by any of the 27 countries under the European Union will be able to operate across all other member states.

How would the Cryptocurrency world react?

Experts think that the regulations will bring hindrances in the growth of the cryptocurrency world. With a community of 2.7 billion people, Facebook’sFacebook’s Libra is a concern for the regulators. Backed by Central Bank issued currency like U.S. Dollars and government debt, the stablecoin could enable money laundering and destabilize monetary policy while jeopardizing user privacy.

The final word

The regulation update is based on the leaked 167 page draft by the European Commission. It is, however, going to see the light of the day by this year. If passed, MiCA would turn the European Union into the largest and most regulated space for cryptocurrency across the world.

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China Plans To Use Its Digital Yuan At The 2022 Winter Olympic Games

In another fantastic news coming from the crypto world, it is being said that China is ready to use its digital version of Yuan in the Winter Olympics in the year 2022. If the news is real, the blockchain technology and the development of digital currency has increased its pace, especially in a regressive country like China. Although the details of the launch and the way it will be managed is still not exact, it can be seen that China is moving towards the use of digital currencies and blockchain technology.

What’s the buzz?

As per the news, the People’s Bank of China is trying to introduce its digital currency in the Chinese market by the end of 2022, and it is almost confirmed that the new digital currency will get its introduction in the Winter Olympics in 2022.

A Reuters report said that the head of the monetary policy in China has still not decided about the timeline of the roll-out of the digital currency. But, the report claimed that it is sure that the money will be rolled before the Winter Olympics game begins so that the cash can be easily used during the Winter Olympics.

The news is spreading like fire all around the world as the most regressive country of the world has decided to roll out the digital version of Yuan. When this article is written, the Central Bank of China is conducting different types of trials for the roll-out of the digital Yuan. As confirmed by the central bank, the digital version of Yuan is put to practice in the regions of Beijing, Tianjin, Hebei, and Hong Kong’s more significant Bay areas.

What’s the detailed statement?

As per the statement made by the Central Bank of China, it has been said that they are presently testing the digital Yuan for only small transactions and not for biggest transactions. As different rumours spread in the market, the Bank official also clarified that the digital Yuan would be a legal tender and it can be easily converted into banknotes at the ratio of 1:1.

Although not much has been explained about this plan and roll-out of digital Yuan by the Chinese government, the crypto world is welcoming this step by China. The launch date and the use case of the digital Yuan are still not clear, and we can just wait and watch the effectiveness of this step taken by China.

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Romania Is on the Way to Blockchain and Crypto Regulation

Romania had set up its first Bitcoin ATM in 2014, and yet it has been years since the Blockchain and the Cryptocurrency market have been brought under a legal framework. Even though it looked like that the country had shown an early interest in cryptocurrencies, the lack of regulatory framework even after so many years proved otherwise. But, it is expected to change soon as Romania now has a blockchain and crypto regulation framework in place. 

Cryptocurrencies are highly encrypted and allow people to transact with anonymity. It has led to the crypto sector to become a breeding ground for criminals. Many of them have continuously been using the platform for tax evasion, money laundering, and other illegal activities. To prevent the use of cryptocurrencies for cyber crimes or money laundering, the Romanian Government has carried out an Emergency Ordinance. According to the new rule, all crypto exchange service providers and digital wallet providers will be required to register themselves and seek prior approval from the Government to be able to continue offering their services. 

There is no uniform regulation for Blockchain and crypto currently in the European Union, and all its members are free to set up their own framework. There is a Fifth Anti-Money Laundering and Terrorism Financing Directive, in short, 5AMLD, that applies to entire Europe, but Romania would want to take it a step further. The 5AMLD was created to help bring transparency in crypto transactions to combat the misuse of cryptocurrency. In addition to the current 5AMLD regulation, the Emergency Ordinance introduced by the Romanian Government is set to progress the already set 5AMLD agenda. 

The Emergency Ordinance will need all of the crypto exchange providers that handle purchases and selling of different digital currency to have the authorization to be able to function in Romania. Even the providers currently operating in the European Economic Area will not be allowed to operate in Romania till they get a proper registration process as decided in the new directive.

The service provider will need to apply to the authority and verify that they are complying with all the policies in the country where they are based out of. Besides, it also needs a permanent agent to be present in Romania that can get in contracts with foreign companies and are also able to represent them in the court of law. Anyone who does not follow the given guidelines will not have radio, TV, and internet access in Romania. 

Even though 5AMLD and GEO were introduced to combat its use for any illegal activities, the new framework might also work as a hindrance for many start-ups to continue their operations. They feel that the new system will make it difficult for them to operate in the country as they are unable to meet all the requirements that are set up by the new rule. Thus, there is a need to look at the rules again and ensure that they do not become a hindrance to the growth of crypto firms and instead help the crypt industry to grow and flourish in the country. 

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Trump’s Former Sanctions Chief Joins Major Crypto Firm Chainalysis

A former key executive at the United States Department of Treasury, Sigal Mandelker has joined Chainalysis. She will be working as an advisor in the firm. Chainalysis is a major cryptocurrency investigation firm.

The official announcement was made on July 7. Mandelker has joined the board of advisors in Chainalysis. This participation has also increased the Series B funding round of the firm to $49 million.

Mandelker’s Blockchain Experience

Mandelker left Trump’s White House in October 2019. Chainalysis will be her first public sector work since she has left her position as a treasury executive in the States. She will meet Chainalysis team to give insights on crypto crimes and its investigation.

Chainalysis works on cryptoanalysis and provides transaction data to major federal agencies like FBI and Internal Revenue Service. According to Mandelker, law enforcement will play a crucial role in the future of the industry.

Mandelker’s Achievements

She has been a part of some major investigations in the United States including three hacker groups of North Korea. These groups were involved to rob billions of dollars in cryptocurrency. Mandelker was also a part of the investigation on an illicit digital currency platform “E-Gold” in 2008.

The CEO and co-founder of Chainalysis, Michael Gronagar said that Mandelker’s contribution to the cryptocurrency sector will help it evolve further. Sigal has a wealth of knowledge and it will be leveraged by the firm.

Chainalysis Is Expanding To $49 Million After Raising $36 Million In The Beginning

After joining hands with Mandelker, Chainalysis has entered into the Series B of $49 million after hitting the first investment of $36 million in February 2019. Major capital giants including Accel have invested in the startup.

Chainalysis also raised $13 million from a venture capital firm Ribbit Capital. This venture capital has also invested in major crypto startups including Robinhood, Coinbase and more.

According to a report, Sigal also joined Ribbit Capital in early 2020 as a general partner. Apart from the other fundraising, Chainalysis is also able to raise an additional fund from Sound Ventures.

This venture capital firm is founded by actor Guy Oseary and Ashton Kutcher. Sound Ventures has also invested in a Bitcoin rewards company called Lolli in May 2020.

This is not the first time when a regulator has joined a private cryptocurrency firm. Along with Mandelker, there are some examples of this trend. For example, Juan Zarate joined Coinbase as an advisory board member, Ben Lawsky joined Stone Ridge Asset Management LLC, and Chris Giancarlo joined Ripple.