CITIC Bank has issued a statement prohibiting their clients to use their accounts for Bitcoin transactions. Per a Wu Blockchain report, the state-owned bank seeks to “maintain the legal currency status” of their national currency the Yuan (RMB).

In addition, the bank is allegedly trying to prevent money laundering risks. Therefore, clients will be unable to buy Bitcoin and other cryptocurrencies, use their accounts to trade with crypto, or make any commercial activities related to this asset class. The statement claims the following:

According to Wu, crypto bans amongst banking institutions are mixed. While the country doesn’t forbid its citizens from trading with cryptocurrencies, some institutions have restricted Bitcoin transactions with the same goal as CITIC Bank.

China Could Crackdown on Bitcoin Min ... Read more »

Category: News | Views: 183 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

Bitcoin price faces a stiff resistance wall that has prevented weak bullish momentum from passing through. As a result, a short-lived retracement has caused a majority of the market to follow suit despite BTC’s raging adoption and interest from institutions over the past week.

Slowly, then all at once
Perhaps the most significant development surrounding Bitcoin over the past week was the introduction of Bitcoin, Ether and Cryptocurrency MegaCap indexes by S&P Dow Jones Indices.

While Bitcoin and Ethereum may be the first cryptocurrencies to get their indexes listed in the traditional form, the firm’s global head of innovation, Peter Roffman, mentioned that other digital assets meeting their criteria would follow.

“We want to pick the coins that have the largest institutional following.”

... Read more »
Category: News | Views: 147 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

A short while ago, analytics data emerged showing that, in just one hour, a staggering 12,354 Bitcoins have been bought on Coinbase and withdrawn to cold storage vaults.

According to similar data covered by U.Today in early May and April, this was likely financial institutions buying the dip again.

$688.3 million in Bitcoin leaves Coinbase
The CIO of Moskovski Capital has shared a Glassnode chart showing that, within an hour, a massive amount of BTC—12,345 coins—have been moved from the leading U.S.-based crypto exchange, Coinbase, which has recently become a public company via a direct listing on the Nasdaq.

The USD equivalent of withdrawn BTC is $688,345,113. The author of the post believes that t ... Read more »

Category: News | Views: 120 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

The Bitcoin SV community has never been stronger, with global interest in BSV and the Bitcoin SV protocol continuing to scale unbounded. Developers, entrepreneurs and stakeholders in the Americas are invited to attend the next big event in the Bitcoin SV calendar with Bitcoin Association’s Bitcoin SV Virtual Meetup, taking place on May 10.

The online-only event kicks off at 6 p.m. (EDT), a free event open to anyone via the online registration form at Bitcoin Association. Focused on the Americas region, the event brings together some of the industry’s leading speakers to look at the latest hot topics in the world of Bitcoin SV.

The webinar event is hosted by Connor Murray, co-founder and CEO of Britevue. Murray also works as a content specialist at the Bitcoin SV Academy. Connor will kickstart the event with opening rem ... Read more »

Category: News | Views: 150 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious when conducting financial services business with FX Trade Bitcoin.

Whilst it is uncertain what business the company is conducting, the FSCA points out that FX Trade Bitcoin is not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).

The FSCA received information that FX Trade Bitcoin is soliciting investments from the public. The FSCA received complaints from investors who seems to be unable to recover their funds from FX Trade Bitcoin. The warning is made against the background of an ever-increasing number of fraudulent activities in the crypt ... Read more »

Category: News | Views: 171 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

Bitcoin had a stellar comeback and traded close to USD 65,000 per unit at its peak last month. There are stories of early transactions involving pizzas that were sold for a five-digit amount of the cryptocurrency around 2010. Regardless of being fact or fiction, the magnificent price increase in Bitcoin is unprecedented. An investment of just USD 100 in 2011 would have resulted in a three million dollar fortune in 2021. Apart from single stocks, no other asset in documented economic history had a similar price increase over a decade.

Economics behind cryptocurrencies

Cryptocurrencies are neither a storage of value nor an income-generating asset. Their only rationale is to speculate on price appreciation. Cryptocurrency enthusiasts bank on the idea that bitcoin is limited in supply. Therefore, digital currencies are allegedly far ... Read more »

Category: News | Views: 147 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

Bitcoin (BTC) hasn’t participated much in the recent market as it has been an altcoin-driven rally off lately led by Ethereum (ETH) and Dogecoin (DOGE). The BTC price has been consolidating for a long time around $55,000 and holding its market cap just above $1 trillion.

However, if we look at the steep increase in the Bitcoin (BTC) realized cap, the picture is very much clear suggesting that the Bitcoin bull run will continue here onwards. While the market cap considers total BTCs that have been minted, the realized cap takes a more nuanced approach.

The realized cap eliminates the impact of lost or dormant coins that haven’t been moved for long. As opposed to the current Bitcoin value, it measures each unspent ... Read more »

Category: News | Views: 131 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)

Among other things, Bitcoin has been criticized for price volatility, use in illegal transactions and thefts from exchanges. It has also proven highly controversial for the sheer amount of energy it requires.

The University of Cambridge maintains an online tool that estimates the level of electricity the crypto-currency network uses and compares it with other entities. It estimates that Bitcoin uses 143 terawatt-hours (TWh) of electricity per year, more than many countries and around 0.65 percent of worldwide electricity consumption. A comparison by Visual Capitalist also shows that it also consumes far more power than the world's largest technology companies.

Norway consumes an estimated 124 TWh of electricity while Switzerland consumes 56 TWh annually by comparison. In fact, if Bitcoin was a country, it would be the 27th mos ... Read more »

Category: News | Views: 187 | Added by: danyagames2007 | Date: 07.05.2021 | Comments (0)