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  • FinCEN Proposes New Regulations for Cryptocurrency Wallets

    FinCEN Proposes New Regulations for Cryptocurrency Wallets

    Key highlights:

    • FinCEN has suggested new rules for private cryptocurrency wallets
    • According to the proposed rules, cryptocurrency businesses would have to provide personal information about of wallets where withdrawals are sent to
    • FinCEN believes the rules are useful against illegal activities

    FinCEN, a part of the U.S. Treasury, proposed new rules that could substantially impact cryptocurrency users in the United States if they come into effect. According to the proposed rules, cryptocurrency businesses would have to report transactions from their platforms to private cryptocurrency wallets, and keep a record of the recipient’s identity.

    Digital assets and virtual money are considered monetary instruments according to the rules, and they have to be covered by the Bank Secrecy Act. The new regulations say transactions that total more than $10,000 in 24 hours have to be reported to FinCEN.

    FinCEN believes the new rules will reduce illegal activities 

    Just like with cash, cryptocurrency is sometimes used in illegal activities like money laundering or terrorism financing. FinCEN believes the new rules will help put a stop to unlawful financial activities facilitated through cryptocurrency. In FinCEN’s view, these kinds of reporting and report keeping are essential. 

    FinCEN believes rulemaking by using notice and comment is not practical in this case, and the issue has some dangerous aspects which are against the interests of the United States.  

    There were some rumors around these new proposed rules in advance. Coinbase CEO Brian Armstrong discussed the rumors previously, and he said the Treasury Department should reconsider the rumored rules.

    Armstrong believes the new rules will create a hostile environment for cryptocurrency financial services, and result fewer transactions to decentralized crypto wallets. In his opinion, this means the US will be lagging behind the innovations of the other countries regarding decentralized wallets and services. 

    Even U.S. Senator Cynthia Lummis discussed the proposed FinCEN rules on crypto wallets. According to Lummis, the authorities are tackling the issue in the wrong way. Lummis thinks the rules have the potential for new kinds of transactions against the intent of Congress. In her opinion, transparency is required in lawmaking, and the new rules did not take the public’s feedback into account. 

  • Coinbase is Getting Ready to go Public, but the Structure of its IPO Remains Unknown

    Coinbase is Getting Ready to go Public, but the Structure of its IPO Remains Unknown

    Cryptocurrency exchange Coinbase announced on December 17 that it has filed for a public offering with the U.S. Securities and Exchange Commission (SEC). The announcement of the filing, which has been rumoured to be on the table for quite some time, came just one day after Bitcoin broke the $20,000 barrier, which caused trading volumes to surge. Needless to say, such market circumstances are especially beneficial for exchange platform owners, who make most of their income from trading commissions.

    Open Coinbase Account

    Everyone is asking the same question – Will Coinbase offer Tokenized Shares?

    The company’s PR department was very brief in their IPO announcement and omitted any details about how Coinbase would structure its offering. However, it is very unlikely, that a traditional IPO, whereby institutions get first access to the stock at a fixed price, would appeal to Coinbase employees, let alone crypto enthusiasts. In addition, Coinbase co-founder Fred Ehrsam told Fortune in one of the recent interviews, that the San Francisco-based exchange is “spiritually built” to go public via an offering involving digital tokens on a distributed ledger, also called a blockchain – the very same technology that underpins Bitcoin and most of other cryptocurrencies. While this might seem as the only logical choice for Coinbase, it is somehow unlikely that the U.S. Securities and Exchange Commission would approve such an IPO structure (if the SEC does end up approving it, this would set a precedent and potentially open doors for tokenized shares offerings). In the end, Coinbase might have to settle for a direct public offering (DPO), a model in which shares are sold directly to the public. Several large tech companies such as Spotify and Slack have recently pursued a direct public listing. Coinbase representatives refrained from responding to queries about the nature of listing the company plans to pursue.

    Coinbase became the standard-bearer of the Crypto Industry

    Coinbase emerged in 2012 and quickly became popular among Americans, because it offered the simplest way to acquire Bitcoin. It must be noted, that at that time most investors still considered Bitcoin a fraud, while government officials and regulators saw the cryptocurrency primarily as a vehicle for crime and money laundering. As the attitude towards Bitcoin and crypto gradually changed for the better, volumes and prices increased, and Coinbase grew too. Along the ways Coinbase made a few acquisitions, aiming to diversify its revenue sources to not rely on trading fees alone. The company, for example, dived into crypto custody business, which involves charging clients to safely store large amounts of cryptocurrency. Today Coinbase Inc. is a conglomerate of several crypto-related business and the standard-setter in the crypto industry.

    The company is valued at more than $8 billion while its profits remain undisclosed

    Following the competition of its last funding round in October 2018, which saw $300 million of fresh capital raised, the Coinbase exchange has been valued at around $8 billion. However, because of the bullish conditions on the crypto market and a large interest for their public debut, Coinbase will likely seek a much higher valuation. On the other hand, early shareholders, including CEO Brian Armstrong and venture firm Andreessen Horowitz, will have an option to cash out because of the IPO. The exchange’s revenue and profits, however, remain a mystery for now. Nevertheless, sources close to Coinbase say it has regularly turned a profit in recent years. Furthermore, the exchange’s yearly revenue reportedly exceeded $1 billion already in 2017, so this year’s numbers are likely even higher.

  • Coinbase Plans To Go Public, Files S-1 Form With SEC

    Coinbase Plans To Go Public, Files S-1 Form With SEC

    Key highlights:

    • IPOs and cryptocurrencies are both hot markets these days, and Coinbase is preparing to go public at the right time
    • Coinbase’s move could help legizimize the cryptocurrency industry
    • Coinbase was valued at $8 billion in 2018, and is likely much more valuable now

    The IPO markets are red hot at the moment, and we will be seeing a contender from the cryptocurrency sector throw its hat into the ring very soon. Coinbase announced on Thursday that it submitted a confidential filing with the SEC as it prepares to go public. Coinbase was founded in 2012 as a simple way to buy BTC, but it has since expanded to a massive startup that’s active in practically all aspects of the cryptocurrency and blockchain industry. 

    Bitcoin‘s price is now above the previous peak of $20,000, and this is a major boost for a company like Coinbase because most of its revenue is from the commissions charged on crypto trades. And with the Bitcoin price higher than ever, Coinbase users are trading at almost unprecedented volumes.

    Coinbase disclosed its filing in a blog post

    Coinbase disclosed its filing with the SEC in a blog post, but didn’t provide any details on how exactly it plans to go public. Some have speculated that Coinbase wants to leverage blockchain technology or even tokens at some point in the process of its IPO. This was even hinted at in an interview by Fred Ehrsam, a co-founder of Coinbase. However, it’s unclear if the SEC would let the company go ahead with such a plan. 

    Reportedly, Coinbase has been profitable in the last three years. Company last raised capital in 2018, when it raised $300 million in a Series E round that valued the company at $8 billion. Thanks to the massive growth in the cryptocurrency market and the demand for IPOs, Coinbase’s valuation could be much higher now.

    If Coinbase does eventually go ahead with an IPO, the cryptocurrency space could enjoy more legitimacy in the eyes of regulators. When Coinbase started in 2012, most people thought of Bitcoin as a transient trend. Some governments considered BTC as a tool for money laundering and fraud. But the situation is different right now, and Bitcoin’s mass adoption is on the horizon. 

    Coinbase has acquired many companies in these years to expand its operations. Custody is just one of the services offered by Coinbase, and the company stores a large amount of crypto for its clients. Coinbase does not want to rely solely on commissions, so it is expanding itself constantly. 

    Coinbase has recently announced some changes in its board of directors, bringing on Cisco’s CFO Kelly Kramer and prominent venture capitalist Marc Andreessen.

  • 8 Smart Ways to Analyze a Crypto Token Before Investing in It

    8 Smart Ways to Analyze a Crypto Token Before Investing in It

    In this article, you’re going to discover 8 smart ways on how to analyze crypto token before investing so you can make a sound decision.

    Cryptocurrency is by far the most lucrative business with a ton of investment opportunities with China controlling over 75% of the mining network. What people don’t know is that when it comes to cryptocurrencies, there is more than Bitcoin or Blockchain.

    Currently, there are more than 10k cryptocurrencies on the market- and new ones are being introduced to the market each day.

    As you can guess, with mountains of cryptocurrencies out there, it’s not easy for new investors to decide which ones to invest in. Besides, not all of the cryptocurrencies are real. Worse, scammers have invaded the cryptocurrency ecosystem and are launching unauthentic crypto tokens to scam people.

    To trade safely in this market that’s full of risks, you need to exercise as much caution as possible. This involves finding authentic crypto assets to invest in.

    Unfortunately, scammers are getting smarter each day. Even with the advancement in technology, they are always finding ways of scamming people.

    Practically, there are no smart ways of analyzing crypto tokens. However, the following methods will guide you before investing.

    Understanding Crypto Tokens

    Also known as crypto assets, crypto tokens are a form of virtual currency tokens that are often used to fundraise for crowd sales as well as a substitute for other assets.

    With that, let’s take a look at how to analyze crypto tokens before on-boarding the bandwagon.

    1. Study the Token’s White Paper Carefully

    As stated above, there are arguably more scammers in the crypto field than the investors. If you’re not careful enough, then the shock is on you.

    Generally, the token’s white paper is the legal documentation created by the project owners to help build trust with potential investors. In this paper, you can get to know about the project plan, concerns, goals, etc. Typically, the token’s white paper helps investors to see whether thorough research was conducted on the project.

    As a rule, the white paper needs to be as detailed as possible outlining the financial models, legal concerns, roadmap for implementation, SWOT analysis, etc.

    While analyzing the token’s white paper, you should make sure it addresses the following:

    • The unique selling proposition of the project. Of course, there are competitors and the project needs to stand out from the crowd.
    • What the project leaders aim to achieve and the exact approach they are planning to use to be successful.
    • The processes the company aims to follow to realize its goals.
    • Where and when the tokens can be used.

    As a rule, you should be suspicious when you come across a company that doesn’t have a white paper. And even if a company has it, you shouldn’t be convinced easily as companies can create a resounding white paper. PlexCoin fundraised more than $15 million using a convincing white paper before their account was frozen by the U.S. Securities and Exchange Commission.

    You should make sure all the checkboxes are ticked before investing in crypto tokens.

    2. Do Thorough Background Checks on the Project Team

    After scrutinizing the crypto token’s white paper, the next step is to find out more about the team leaders of the project and or the owners.

    Remember that these are the people who are backing the project. You should know their reputation in the Blockchain world, their qualifications, etc.

    As a rule, you should ensure the team leaders have accomplished or tackled a reputable project before. They also ought to be experienced in the blockchain landscape as well. In a nutshell, they should be people who know the industry well. Some companies are in the business to make profits but are unethical. 

    As mentioned earlier, scammers have gotten smarter and are finding opportunities to navigate around this. Many have created fake founders of their projects with dubious biographies. Some even use other people’s identities without the consent of the owners.

    To stay safe in this area, you need to do thorough research.

    If you can’t find detailed information about the team leaders of a certain project, just don’t invest in their tokens.

    3. Understand the Laws Governing the Tokens

    Finding a great token to invest in is one thing, and participating is another.

    See, the cryptocurrency landscape is full of challenges. Some countries have tough laws that govern participation. The last mistake you want to make is to find a token only to find that you’re not allowed to participate by the laws of your land.

    As a rule, you need to find tokens without legality issues in the region you reside in.

    4. Find out more about the Token’s Community On Social Media

    Today, almost everyone is on social media. When analyzing crypto tokens, check to see whether people are backing the project. You could start by checking on Facebook, Twitter, and other popular social media platforms.

    If there are any suspicious dealings with the project, you’ll get to find people complaining about it on social media.

    Remember that companies can buy people to leave positive reviews about their projects so you need to exercise caution while reading the reviews.

    5. Take a Look at the System and Token Sales Progress 

    Typically, crowdfunding with all ICOs is done through a token or currency system.

    As a rule, you need to observe the token’s sales progress over time.

    The best thing is that many companies have made it easy for investors to observe their sale progress by allowing you to look at their system. This also helps them build trust with potential investors.

    Besides, cloud-based business models are becoming popular hence Blockchain-as-a-service is also growing in popularity. This is helping to increase transparency in the cryptocurrency landscape.

    If a company doesn’t allow you to observe the sales progress of their ICO, treat that as a red flag. Conduct thorough research on this as well before making any move.

    6. Find Out The Specific Problem a Token’s Project is Solving 

    Generally, the token you wish to invest in should be able to solve a specific and unique problem. This ensures that your investment is worthwhile in the long-term.

    So before investing in any crypto token, you need to find out whether the token is solving a specific major problem.

    7. Security

    Since the inception of cryptocurrency, security has been of great concern for everyone looking to invest in any cryptocurrency.

    Crypto tokens were brought about by Bitcoin, however, currently, there are a ton of crypto tokens that are founded on optimized Blockchain networks.

    You want to do a thorough background check on the crypto token you want to invest in as well as the technology it is based around.

    8. Determine the Token’s Utilization

    As stated earlier, there are more than 5,000 cryptocurrencies that serve different purposes.

    You want to know the exact utilization of the token you’re planning to invest in before you make any move.

    The last mistake you want to make is investing in a token that won’t help you achieve your goals.

    Bonus points

    Determine Whether It’s The Right Timing

    Like any other business, before investing in crypto tokens, you need to know whether it’s the right time to do it.

    You want to invest in your chosen crypto tokens when there are higher chances of getting a good ROI.

    As a rule, you need to invest when the market is on the boom.

    Find Trusted People to Work With

    Practically, if you’re a beginner in the cryptocurrency landscape, it might be tricky for you to do everything we’ve shared above.

    And given how risky investing in this field is, the last mistake you want to do is going it alone when you know nothing about it.

    Besides, you don’t want to make the mistake of taking anyone who purports to be knowledgeable about cryptocurrency space.

    The internet has mountains of information on how to find trusted people you can work with who can scrutinize projects for you and give you sound advice concerning the Blockchain ecosystem.

    Final Thoughts 

    How to analyze crypto token is a tough task that requires more of your time, effort, and sober mind.

    While the cryptocurrency and ICO ecosystem can give you a ton of investment opportunities, not conducting in-depth research could make you take an uninformed investment decision that could lead you to huge losses in the long run.

    As stated earlier, these landscapes are full of risks and it’s easy to land in the hands of scammers and fraudsters if you don’t exercise great caution.

    In summary, to analyze crypto token and make a smart investment, follow these techniques:

    1. Study the token’s white paper carefully
    2. Do thorough background checks on the project team
    3. Understand the laws of your region around cryptocurrency and ICO
    4. Find out more about the token’s community on social media
    5. Take a look at the system and token sale progress
    6. Find out the specific problem a token’s project is solving
    7. Security
    8. Determine the token’s utilization
    9. Determine whether it’s the right timing to invest
    10. Find trusted people to work with

  • Overview of IQN token meant to regulate the gaming industry

    Overview of IQN token meant to regulate the gaming industry

    More than 10 years have passed since the launch of the first cryptocurrency. But for the world of digital assets, this period of time is nothing: there are already more than 7 thousand tokens on the market, and their number is constantly growing. Many of them quickly lose their chances of success, while others make a real breakthrough in the crypto industry. Today we’ll talk about one of those which set the bar high and continues to fulfil its potential – IQN token, meant to solve the problem of the megabuck gaming industry.

    Token mission

    IQN is ERC-20 standard token that was designed to provide users with an additional opportunity to monetize their achievements, competing in games of various genres.

    Today there is much concern about monetization, because the majority of platforms offer a pop-up window with a congratulation and an image of a coin as a prize for achieving excellent results in games. Developers are not concerned with how much time and effort the user spent on the game progress. Moreover, the entire gaming industry is focused on the developers’ profit, when the income of players doesn’t grow at all.

    IQN drastically turns the things round, providing the ability to quickly and easily get assets for good gaming skills, putting players’ efforts at the forefront.The first ecosystem supporting transactions with IQN was the gaming PvP platform IQeon.com. Its developers allowed players to monetize their success in games directly with a crypto token. So, players can get IQN for participating in PvP matches, as well as for free in various competitions and activities conducted by the team of the platform, for winning weekly competitions and as a bonus or a gift from another player.

    IQN token guarantees

    1. IQN is released on Ethereum platform

    Ethereum ranks among top 3 blockchains, which indicates the reliability of the platform and the demand for tokens issued on its basis. Crypto asset holders have open access to the transaction history on Ethereum, which shows the transparency of the system.

    1. Token is listed on BitForex, HitBTC, EXMO, Exrates, Yobit.net crypto exchanges

    Listing a token on trading platforms significantly increases its liquidity. In addition, it opens up new marketing opportunities: thanks to the listing, a huge number of traders will find out more about the token, so adding digital asset to the list of the well-known cryptocurrency exchanges, like BitForex, HitBTC, and EXMO, is a true reason to buy it.

    Moreover, the ability to buy, sell or exchange a token on trading platforms increases its competitiveness. Liquidity on exchanges is a vivid sign that players really get assets for their in-game achievements, and crypto traders readily purchase tokens. As demand for IQN is constantly growing, its price will also go up.

    1. IQN is supported by 7 e-wallets

    Today, IQN token storage is supported by several e-wallets. Among them are the popular web wallet Metamask, mobile multi-currency wallet TrustWallet launched by the well-known Binance exchange, Eidoo, which supports all digital assets of ERC-20, the leader in terms of security – hardware wallet Trezor, and some cross-platform wallets, such as Freewallet, imToken, AtomicWallet.

    1. IQN token received FCAS rating

    IQN was analyzed by the international company Flipside Crypto, which explores cryptocurrency market and provides a fundamental business analysis of digital assets. Its analysts conducted a study after which IQN received FCAS rating that is publicly available on CoinMarketCap.

    In addition, in the fourth quarter of 2019, IQN smart contract was tested by the well-known company KnownSec. According to the report, no serious code vulnerabilities were found in token smart contract.

    Summary

    At the moment, many crypto traders underestimate the potential of IQN, which happens due to the not large popularity of the token and the overall tough situation in the digital asset market. However, the long-term forecast for IQN has many positive factors.

    Firstly, the modern gaming industry is hundreds of millions of players around the world and huge turnovers of eleven-figure sums of money. While non-gamers consider games a mediocre useless distraction, the gaming market is growing with such a tempo that it surpasses the biggest Hollywood movies’ revenue.

    In 2019, the capitalization of video game industry exceeded $120 bln. Analysts say that it will continue to grow: each year it’s going to increase by 11%. Moreover, players have become more demanding, the ability to convert time and effort invested in games is more relevant than ever. This means that IQN occupies a promising niche and has excellent growth prospects.

    Secondly, there are real experts in their field with innovative ideas standing behind the token. The team took an excellent development course: it establishes partnerships with gaming platforms, which allows the project to strengthen its influence and increase demand for its asset.

    Thirdly, token rate is growing steadily: in just six months, the price of IQN has increased by 132%. At the time of writing, IQN is traded at $2.22, according to CoinMarketCap.

    It is worth understanding that if the project continues to expand the list of games, applications and services that support IQN operations, the token rate will skyrocket. Therefore, experienced investors have all eyes on the project.

    Our verdict: IQN is definitely worth paying attention to. The potential of the token is huge, however, in order to estimate it, you need to be patient: we advise you to diverse your portfolio and take a wait-and-see approach, because with the development of the coin, investors can only win!

  • 17th December: BTC/USD Surges above 23,500, ETH/USD Edges above 650

    17th December: BTC/USD Surges above 23,500, ETH/USD Edges above 650

    Konstantin Anisimov, Executive Director at CEX.IO

    BTC/USD

    BTC/USD opened the trading session of 17th December at 21,376. Having breached the historical resistance at around 19,800, the pair could rise higher freely, without being restrained by any price barriers whatsoever. Therefore, right from the day’s start the pair began trending up, going in a steadily rising pattern.

    Between 09:00 and 10:00 UTC, it was an hour of increased volatility, during which the pair took a wild up-and-down swing between 22,260 and 23,744. Then there were two hours of modest volatility between 10:00 and 12:00 UTC, while the pair moved relatively little up or down, and bullish price action continued from 12:00 to 17:00 UTC. In that time, the BTC/USD climbed above 23,600. From 17:00 to 19:00 UTC, a corrective downswing briefly took the pair under 23,000.

    The BTC price action on 17th December clearly showed the dominance of buying sentiment in BTC/USD. Apparently, the new liquidity that was acquired in the rising triangle from 26th November to 15th December, is now being used to pump Bitcoin to new historical highs. The quick breach of the 19,800 resistance level without a substantial price correction is also indicative of the strong motive force behind Bitcoin’s ongoing uptrend.

    Presently, it is hard to predict near-term target price levels for Bitcoin since we are in a historically new price area. But it will be reasonable to expect local corrective moves along the new wave of upside price action in BTC/USD.

    ETH/USD

    ETH/USD opened the trading session of 17th December at 636.9 and, having added 8.8 price points in the first hour, continued sideways until 10:00 UTC. From 10:00 to 11:00 UTC, the ETH/USD pair added 26.5 price points, closing the hourly candle at 667.

    From 11:00 to 16:00 UTC, the ETH/USD pair continued sideways, and took another jump between 16:00 and 17:00 UTC, rising from 665 to 674. The hourly candlestick of 17:00 UTC subsequently retraced much of Ether’s daily gains, closing at 651.2, but in the next hour the pair sank much lower to 625, however, only briefly. As a result the hourly candlestick between 18:00 and 19:00 UTC closed above the open at 655 with a very long lower wick.

    As of 19:00 UTC, the pair was securely above the 0.382 Fibonacci retracement level, with the retracement stretched across the sharp corrective downswing of 2018. If the pair capitalizes above the level, the 0.5 Fibo level at 816.5 may become the pair’s next upside target.

    We can presently state that Ether is substantially lagging behind Bitcoin in terms of relative price gains and has not even reached half the price level of its historical high at 1,533.8. The current goal for ETH/USD bulls is a capitalisation above 642. As for more distant perspectives, much may depend on the implementation of the Ethereum 2.0 roadmap, namely the introduction of sharding technologies into Ethereum’s network.

  • 1xBit Casino Adds BNB To Supported Cryptocurrencies

    1xBit Casino Adds BNB To Supported Cryptocurrencies

    Bitcoin Press Release: 1xBit casino announces support for the use of the Binance Coin (BNB) cryptocurrency on its betting platform. 

    17th December 2020, Limassol, Cyprus – Top crypto casino 1xBit has added Binance Coin (BNB) to its long list of supported cryptocurrencies. Henceforth, users of the platform can utilize the cryptocurrency to bet and earn many rewards and bonuses available for them.

    What Is BNB?

    BNB was created in 2017 as an ERC20 token on the Ethereum blockchain. In 2019, the ERC20 BNB tokens were swapped with BEP2 BNB during which the Binance Chain was launched, and now it hosts the coin. Since then, BNB has become the native currency used to run the Binance Chain blockchain.

    BNB coins are pre-mined, which means there is no need for a system to mine new coins like the case of Bitcoin (BTC). It is worth noting that Binance Chain uses an algorithm known as Byzantine Fault Tolerance (BFT) for consensus. In this mechanism, validators earn coins by helping to validate transactions.

    How Is BNB Used?

    Currently, BNB is the 7th largest cryptocurrency by market capitalization. Its growth to this level can be easily traced to the several things it is used for. It can be used to make payments for goods and services to online merchants. In 2018, it was reported that BNB was available at 2.3 million merchants worldwide. This number is likely to have amplified significantly by now. This is a major way to increase the adoption and value of a cryptocurrency.

    Because of its cheap transaction fees, BNB is used to pay for transactions on the Binance exchange. According to the 2019 year review, Binance processed nearly $3 billion in transactions daily. As the number one exchange in the industry, this will significantly boost the value of cryptocurrency.

    BNB is also used for ICOs on Binance Launchpad. When launching new projects, they conduct an initial coin offering that allows investors to buy the tokens launched. On Binance Launchpad, this can be done using only BNB.

    Binance Coin has become very popular in the world of gambling, another fast-growing use case for cryptocurrencies. As a result, 1xBit now has this crypto available, and users can enjoy all the advantages of using BNB when they sign up on the casino. This is in line with efforts to increase the number of available cryptocurrencies for betting on the platform.

    About 1xBit

    1xBit is one of the oldest and most trusted crypto casinos in the gambling industry. It offers several bonuses, such as the welcome bonus of up to 7 BTC, for its new users after making their first 4 deposits. It has a large number of available cryptocurrencies for gambling, currently over 25. Betting is done completely anonymously, as the registration is simple and does not require a lot of personal details. Users can withdraw their earnings easily and for free because 1xBit does not charge withdrawal fees. 

    Conclusion 

    Now that you have learned about the benefits of using BNB, go ahead and sign up on 1xBit to take advantage of the many benefits, bonuses, and incentives available on the platform. It’s the perfect time to use the BNB token on 1xBit and enjoy the best gambling experience. 

    For more information about 1xBit, please visit – https://1xbit.com/

    Check out the official 1xBit blog for the latest articles – https://1xbit.com/blog/

    Media Contact Details
    Contact name: Anastasia Semenova
    Email: marketing@1x-bit.com

    1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

  • Bitcoin Surges past the $20,000 mark towards its new ATH price

    Bitcoin Surges past the $20,000 mark towards its new ATH price

    After posting a new ATH market capitalization exceeding the one from 2017 already on November 24, the Bitcoin price has finally surged past the $20,000 mark to reach the cryptocurrency’s long-awaited new all-time high price, which now sits at $22,268. The market conditions are still looking bullish. Even the famous whistle-blower Edvard Snowden praised the important milestone of the world’s greatest decentralized currency on Twitter:

    Buy/Sell BTC

    Bitcoin’s Previous Price ATHs

    Bitcoin surging past $20,000 is a great milestone to look back into the history and reminisce on how Satoshi Nakamoto’s creation came so far.  The first higher peak of Bitcoin’s price could be seen more than 4 years after the blockchain’s genesis in April of 2013, when the BTC reached a price of $230. While this first major ATH was followed by a big correction, which found a bottom at below $70, the price gradually recovered towards the end of 2013 and then rallied in November. On November 28, the BTC price surged past $1000 for the first time in the history and the 2013 bull run peaked at $1,135 on December 1. After that, it took Bitcoin more than three years to reach this price and post a new ATH in March 2017. But this was only the very beginning of the great bull market of 2017, which reached its peak on December 17, 2017 at a price just below $20,000 (exact value of the ATH varies depending on exchange platform). The 2017’s price peak claimed the title of the Bitcoin price ATH until November 30, 2020, when Bitcoin briefly surpassed the 2017’s highest valuation on several exchanges. However, on December 16, 2020, just one day shy of 3 years after the peak of 2017’s bull run, Bitcoin confidently broke above $20,000 and exceeded its previous ATH by more than $1,000.

    While the World was falling apart due to COVID-19, Bitcoin Thrived in 2020 So Far

    The year 2020 will likely go down in the history as the year of the COVID-19 pandemic, caused by a tiny novel coronavirus named SARS-CoV-2 managed to flip our lives upside down and devastate global economies in mere 1 year of its existence. While the effect of the pandemic is horrendous on most industries and the economy in general, the inflation safe-haven assets, such as precious metals and cryptocurrencies have thrived this year.  Especially Bitcoin, which has a capped maximum supply (21 million BTC) and a predetermined issuance schedule emerged as an attractive for the allocation of one’s liquid assets, as continues money printing by governments sowed fear of inflation. In addition, this year has brought several very positive developments that have done a great deal to legitimize Bitcoin and to a lesser extent, the crypto asset class as a whole. However, there is one more important factor that makes the 2020’s bull run so much different from the ones seen before – the involvement of institutional money.

    How the COVID-19 pandemic affected Bitcoin

    Institutional Investors are Major Drivers of This Rally

    Institutions have been slowly opening to cryptocurrency and Bitcoin for quite some time now, but the volumes of institutional investments made in 2020 are far higher than ever seen before. Perhaps the statement made by a well-known macro investor Paul Tudor Jones in May, when he disclosed that he has allocated almost 2% of his portfolio to Bitcoin, citing the risk of inflation as a primary reason for this decision, has further opened the eyes of asset managers from the corporate world. Two of the largest stories of this year were definitely the MicroStrategy’s massive investment in Bitcoin worth over $450 million in total and a smaller $50 million BTC allocation made by a financial services company Square. As their investments are paying off plenty smaller corporate investments started to pour in. Charles Hayter, Co-Founder and CEO of CryptoCompare summarized the 2020 market conditions in a statement:

    “The corporate investments in Bitcoin from the likes of Square, Microstrategy and more recently Ruffer and MassMutual have caught the attention of the investing world. This growing demand is simply outstripping Bitcoin’s low and fixed supply. I expect more corporations to follow suit in 2021. With the macroeconomic backdrop of unprecedented monetary expansion and negative real interest rates spurred on by COVID-19, it is no wonder that investors of all types are looking at hard assets like Bitcoin as an alternative to gold. Unlike the retail-driven bull run in 2017, institutional investors can allocate capital effectively and with considerably lower risk as the markets are more mature, efficient and regulated.”

    The influx of big money is best illustrated by the growth of Grayscale Bitcoin Trust (GBTC), which posted record inflows in 2020.  Being the only way to trade BTC via the traditional financial market in U.S., Grayscale attracts mainly institutional investors. Data from Q3 2020, shows that 84% of the $1.05 billion invested in Grayscale’s crypto products came from institutional investors.

    Last but not least, the online payments giant PayPal has finally taken a dive into the cryptocurrency world by announcing a cryptocurrency buying and selling feature on October 21, 2020. The feature, which is already live for PayPal’s U.S. customers has a potential to expose the platform’s massive (290 million strong) userbase to crypto assets, when the service is gradually expanded to other jurisdictions. The payment processor aims to do this in early 2021. Nevertheless, the news about this integration alone triggered a smaller bull run at the end of October.

    The chart illustrates how institutional interest, announcements and even just statements impacted the Bitcoin market in 2020. Although co-occurrence does not necessarily mean causation, prominent players surely have the power to influence the market. (Image source: Coin Metrics)

    How high can Bitcoin Go?

    While nobody knows the answer to this question, many Bitcoin bulls believe that Bitcoin is still very undervalued. Famous Bitcoin educator and Morgan Creek Digital partner Anthony Pompliano, for example, believes that Bitcoin will change hands at a price around $100,000 by the end of 2021. As we said at the beginning, the market is still bullish, and Bitcoin could have another yet higher price up the sleeve.

    Why is Bitcoin outperforming stocks, bonds and commodities?

  • The city of Suzhou will host the second major test of the digital yuan

    The city of Suzhou will host the second major test of the digital yuan

    Key highlights:

    • The second major test of the digital yuan is taking place in Suzhou and is much bigger than the previous test in Shenzhen
    • Technologically, the second test is also more advanced than the first one
    • Two new big Chinese banks are participating in the second test

    Is China’s digital yuan a step towards a society without cash?

    Suzhou, a city in eastern China, is the host for the second major test of the digital yuan. The first big test program was conducted in October in the city of Shenzhen. Suzhou is dispensing virtual red parcels to its residents in this test. According to reports, the government will give out 20 million yuan to Suzhou’s citizens through a lottery. Virtual red packets will be given to the residents, and each virtual parcel contains 200 digital yuan. The eve of the famous festival called Double Twelve is the time of the distribution. Red packets represent good luck and fortune for the people of China. 

    Every resident of the city can participate in this lottery by using the public apps of the region. Winners will get the packets through an official digital application. 

    The digital yuan, often referred to as DCEP, is a CBDC (central bank digital currency). CBDCs are digital currencies, but unlike cryptocurrencies, they are fully controlled by central banks. In contrast, cryptocurrencies such as Bitcoin and Ethereum are decentralized, and aren’t maintained by a central entity. CBDCs are currently being tested by many governments across the world. 

    Two more big banks are entering the second trial 

    Four Chinese banks participated in the first trial, and they are all also participating in the second test. In addition, two more banks are coming to the stage this time – the Bank of Communication and the Postal Savings Bank of China. In the first phase, the four banks were the Bank of China, China Construction Bank, Agricultural Bank of China, and the industrial and Commercial Bank of China.. 

    According to the central bank of China, there is no timetable for the launch of the digital yuan. A lot of other trial projects are going on for the digital yuan. Many companies and platforms support the digital yuan, and they are designing digital wallets for the nascent digital currency. China has ambitions of internationalizing its currency, and the idea has inspired many other countries as well. 

    The second test is more complex than the first one

    The second test is much broader than the first one in many different aspects. The amount of money that will be distributed among the residents is double the amount of the previous trial. One other substantial development of the Suzhou test is the presence of JD.com, which is an e-commerce giant. Winners can spend their money via the giant’s mobile app, and it is an impressive action that will surely bolster adoptions. 

    Technologically, the second phase is more advanced than the first trial. An offline payment feature is available in the second phase – some participants in the trial will have the option of sending transactions even without the internet. This innovation is uses Near Field Communications or Bluetooth to start transactions in offline mode. When one of the transaction parties is connected to the internet, the synchronization with the central bank’s ledger will occur. 

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