Bitcoin News and Finance: What You Need to Know

Banks in Germany are reportedly turning customer deposits away due to the negative interest rate imposed on them by the European Central Bank (ECB). Some banks are even offering online tools to help customers take their deposits elsewhere. Negative Interest Rates Imposed by ECB Force Banks to Turn Away Customer Deposits Banks in Germany have been telling customers to take their deposits elsewhere as they can no longer sustain the cost of parking money at the ECB, the Wall Street Journal reported Tuesday. The central bank has been imposing negative interest rates since 2014. The rate is currently -0.5%, which is unlikely to change any time soon, according to the central bank. After years of exhausting ways to pass on the costs of negative interest rates to customers, such as charging higher fees, banks in Germany are now turning away clients’ deposits, the publication noted, elaborating: Banks are even providing new online tools to help customers take their deposits elsewhere.

The first bitcoin exchange-traded fund (ETF) in North America now holds over 11,000 bitcoins. Purpose Bitcoin ETF saw strong interest at launch. An ETF researcher explained that the surge in interest was evidence of some combination of pent-up demand, the price of bitcoin, and investors switching from other means of getting cryptocurrency exposure. First North American Bitcoin ETF Holding More Than 11K Bitcoins The first approved bitcoin exchange-traded fund (ETF) in North America, Purpose Bitcoin ETF, is holding 11,141.2363 bitcoins as of March 2. According to Purpose Investments, which manages the fund, the bitcoin ETF currently has CA$669 million ($530 million) in assets under management. Purpose Bitcoin ETF gained widespread attention when it launched on Feb. 18 on the Toronto Stock Exchange (TSX). The fund saw more than $165 million in trading volume on the first day . The ETF trades under the symbols BTCC.B (Canadian dollar-denominated ETF non-currency hedged units) and BTCC.

The creator of the notorious stock-to-flow model (S2F), Plan B has recently detailed that the price of bitcoin has surpassed the S2F model price by 26%. The strong momentum has a number of crypto enthusiasts thinking that bitcoin prices reaching the $100k to $288k range by the year’s end is possible. Price of Bitcoin 26% Higher Than S2F Trajectory Plan B’s stock-to-flow model otherwise known as (S2F or S2FX) is a popular chart that measures the existing number of BTC in circulation (stock) and pairs it against the number of issued coins minted during mining (flow). To many crypto enthusiasts, the S2F model so far has been fairly consistent and following along the mapped trajectory Plan B and others have estimated. In November 2020, the S2F creator doubled down and told the public that there was “no doubt whatsoever” in his mind that his S2F model was “correct.” Plan B shared a chart on Wednesday that shows his S2F model has been “spot on” since he created the S2F model back i

Ripple is piloting a private version of the public, open-source XRP Ledger that provides Central Banks a secure, controlled and flexible solution for the issuance and management of digital currencies. With over 80% of Central Banks actively exploring some form of sovereign-backed cryptocurrency, the arrival of the world’s first Central Bank Digital Currency (CBDC) is … Continued The post Ripple Pilots a Private Ledger for Central Banks Launching CBDCs appeared first on Ripple. http://dlvr.it/RtvSxq

Citigroup says bitcoin is at a tipping point and the cryptocurrency could become “the currency of choice for international trade.” The firm wrote in a report that “we could be at the start of massive transformation of cryptocurrency into the mainstream.” Bitcoin Is at the Tipping Point, Citi Says Citigroup’s Global Perspectives & Solutions (GPS) team released a 108-page report Monday entitled “Bitcoin At the Tipping Point.” The Citi GPS report explains that “the biggest change with bitcoin is the shift from it being primarily a retail-focused endeavor to something that looks attractive for institutional investors.” The firm attributes the change to “Specific enhancements to exchanges, trading, data, and custody services” that are “increasing and being revamped to accommodate the requirements of institutional investors.” Highlighting “the advantage of bitcoin in global payments, including its decentralized design, lack of foreign exchange exposure, fast (and potentially cheape

Gary Gensler, President Joe Biden’s pick to lead the U.S. Securities and Exchange Commission (SEC), has revealed his policies on bitcoin and other cryptocurrencies if confirmed as the SEC chairman. Gensler is a professor at MIT who teaches cryptocurrencies. He previously served as the chairman of the Commodity Futures Trading Commission (CFTC). SEC Chair Nominee Gary Gensler Talks About Bitcoin Regulation Professor Gary Gensler has spoken about what his focus will be regarding bitcoin and other cryptocurrencies if he is confirmed as chairman of the SEC. His statements were made during his confirmation hearing before the Senate Banking Committee on Tuesday. Gensler is a professor at the MIT Sloan School of Management, where he is also co-director of Fintech@CSAIL and senior advisor to the MIT Media Lab Digital Currency Initiative. He teaches blockchain technology, digital currencies, financial technology, and public policy. Gensler is also a former Goldman Sachs partner who served a

According to the findings of a joint Arcane Research and Bistamp study, bitcoin’s unique characteristics, which include it being “the most portable asset”, are the likely contributing factors behind the increasing use of the crypto as a collateral asset. Bitcoin Unmatched This is evidenced by the study’s data which shows that approximately “420,000 bitcoins were used as collateral in various loans in the lending markets in Q4 of 2020.” This figure is nearly double the 213,000 bitcoins that were used as collateral in Q4 of 2019. In another boost to the case as the best collateral asset, the study findings suggest when compared to traditional assets like “government bonds and cash-based securities,” the leading crypto asset is unrivaled. For instance, the findings assert that only bitcoin ( BTC ) “is an asset without both counterparty risk and credit risk.” Additionally, BTC is “available for trading 24/7, 365 days a year, all over the world.” In touting the superiority of some of

PRESS RELEASE. BitMax.io (BTMX.com), an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of OMI Tokens (OMI) under the trading pair of OMI/USDT on March 2nd at 9:00 a.m. EST. ECOMI is leading the way in the mass market digital collectible space. Its app, VeVe, offers the most comprehensive digital collectible experience, with premium format 3D digital collectibles from the world’s leading brands. The OMI token underpins the economy of ECOMI Collect and is needed for the sale and purchase of digital collectibles and other digital goods within the VeVe App. Digital streaming, gaming, in-app purchasing are all multibillion-dollar markets, and the next one to join this digital trend is the pop culture and collectibles industry. VeVe brings the physical world of collecting into the digital realm and offers collectibles in premium digital format as limited- edition 3D models, which users can place in virtual showroo

A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year in direct revenue from cryptocurrencies.” Employment Opportunities Meanwhile, as reported by one local media outlet, the authors of the report say Iran can increase employment opportunities across its economy if it enables the creation of more bitcoin mining farms. In their report , the authors assert that: If large mining farms are established, the need to employ manpower for monitoring and repair, security, electrical engineers and technical staff related to hardware and software equipment will increase, which leads to more job opportunities in other sectors. The authors then go on to suggest that “for every megawatt of electricity consumption about nine people are directly employed.” H

The publicly listed Canadian bitcoin mining operation Bitfarms has announced the firm is purchasing 48,000 Microbt Whatsminer mining rigs in order to expand capacity. Bitfarms highlights the acquisition of new miners will up the company’s hashpower by approximately 5 exahash per second (EH/s). Bitfarms to Acquire 48,000 High-Powered Bitcoin Miners from Microbt The Canadian bitcoin (BTC) mining company Bitfarms (TSXV:BITF, OTC:BFARF) announced on Tuesday the company has entered an agreement where it plans to purchase 48,000 mining rigs manufactured by Microbt. The China-based firm Microbt is the manufacturer of Whatsminer devices, which are some of the most powerful application-specific integrated circuit (ASIC) machines in the world. For instance, the company’s Whatsminer M30S++ is the most-profitable SHA256 ASIC miner on the market today according to current data. Bitfarm’s announcement on Tuesday explains that Microbt has become the firm’s “supplier of choice.” During the las

Wolfram Blockchain Labs (WBL) and Tezos are forging a full integration of Tezos into Wolfram Language and Wolframalpha. The integration gives easy access to developers that want to interact with the Tezos blockchain and their smart contracts. WBL-Designed Oracle Expands Tezos Developers’ Computational and Analytical Capabilities Amid the accelerating race to simplify smart contract deployment, Tezos continues to build on its latest momentum after integrating Wolframalpha and the Wolfram Language via Wolfram’s blockchain. Wolfram, a renowned computational technology provider, supplies computational languages and answer engines via its own distributed ledger technology. The two-way integration orchestrated by Wolfram Blockchain Labs (WBL) and the TQ Tezos is intended to allow both blockchains to pull and push data from each other. This integration is made possible by a Wolfram-designed blockchain oracle that allows Tezos developers to tap into Wolframalpha data and computation

PRESS RELEASE. xSigma, a decentralized exchange for stablecoin swaps, has successfully launched on the Ethereum network on February 24, 2021. The integrated DEX and liquidity mining platform xSigma, which is backed by a NASDAQ-listed company, has seen great interest in its stablecoin liquidity pools which enable assets to be swapped seamlessly and with minimal slippage. Within the xSigma ecosystem, liquidity providers (LPs) earn SIG tokens, with a 2x bonus to bootstrap liquidity in place for the next fortnight. SIG is the platform’s native utility token with built-in voting and value accrual mechanisms. $150 million of liquidity has been pooled in xSigma DEX (as of February 28) and almost $10m of SIG has been allocated to LPs. Pool 1 and 2 continue to offer some of the highest yields in the defi space, at 125% and 2700% respectively. DEX volume has surpassed $700k per day. $20m worth of SIG tokens were traded on launch day and there is over $100 million of stablecoins pooled, compr

On March 2, 2021, the average fee on the Ethereum network costs around 0.0083 ETH in gas or around $12.89 per transaction. Transaction fees of this caliber have dampened Ethereum-based decentralized finance (defi) applications and Web3 platforms. On February 23, however, crypto proponents were introduced to an alternative solution called Moeing chain. The Moeing chain project aims to provide the same benefits as Ethereum 2.0 scaling solutions but with help from the Bitcoin Cash network. Moeing chain to Introduce an EVM and Web3-Compatible Sidechain for Bitcoin Cash Decentralized finance (defi) has been a hot topic in 2020 and into 2021. Defi has also been dominant on the Ethereum ( ETH ) network, but during the last year, defi has leaked over to a number of other blockchains. The Moeing chain project introduced itself on February 23, 2021, on Twitter. For instance, Bitcoin Cash ( BCH ) proponents have recently welcomed the noncustodial exchange Detoken and the Anyhedge protoco

Inner Mongolia, an autonomous region in northern China, is planning to shut down all cryptocurrency mining activities in the area by April 2021, as part of efforts to improve energy efficiency. Regulating the Electrical Consumption in Inner Mongolia The government of Inner Mongolia will also stop approving new projects in energy-intensive industries such as steel and coke production, Reuters reported on Mar. 1, citing a draft policy to regulate energy consumption in the region. Chinese journalist “Wu Blockchain” tweeted that the decision might be due to China’s need to meet its carbon emissions commitments under the U.N. climate change treaty. Much of the energy produced in Inner Mongolia is coal-based, a major source of climate-changing greenhouse gas emissions. China, the world’s second-largest polluter after the U.S., aims to achieve carbon-neutrality by 2060. Together with the likes of Sichuan and Xinjiang provinces, Inner Mongolia is a favorite destination for miners lookin

The Chicago Board Options Exchange (Cboe) has applied to list the Vaneck Bitcoin Trust, as an exchange-traded fund (ETF) if the fund is approved by the U.S. Securities and Exchange Commission (SEC). The filing Form 19b-4, if approved by financial regulators, would allow Cboe to “list and trade shares of the Vaneck Bitcoin Trust.” Cboe Aims to List the Vaneck Bitcoin Trust BZX On March 1, 2021, the largest U.S. options exchange, Cboe filed a registration with the U.S. SEC in order to list shares of the Vaneck Bitcoin Trust under the ticker “BZX.” The filing written by Cboe’s associate general counsel notes that the shares may be redeemable for bitcoin (BTC) . The Cboe registration is based on the Vaneck proposal the company applied for on December 30, 2020. Cboe filed to list the Vaneck Bitcoin Trust on March 1, 2021. New York-based investment management firm Vaneck applied with the SEC at the end of 2020, following the successful listing of a crypto ETF in Europe. The announce

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Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin . New Physical Crypto Bank Branch Opens in New Delhi Physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between crypto banking platform Cashaa and United Multistate Credit Cooperative Society. Noting that this will be the first of many branches in the city, the announcement details: Unicas – the world’s first crypto financial institution with physical branches today opened in India’s capital, New Delhi. Unicas is banking on the Indian government introducing a bill to approve the legitimate use of cryptocurrency. “We are proud to bring Unicas to the nation’s capital,” Unicas CEO Dinesh Kukreja commented. “Del

Global investment bank Goldman Sachs has brought back its bitcoin trading desk and will start handling bitcoin futures next week. The firm is also reportedly exploring the potential for a bitcoin exchange-traded fund (ETF) and plans to provide a crypto custody service. Goldman Sachs Group Inc. has restarted its cryptocurrency trading desk, Reuters reported Monday, citing a person familiar with the matter. Goldman first set up a cryptocurrency desk in 2018, after a bull run as the price of bitcoin was falling from record highs, muting investor interest in the cryptocurrency. The desk will “begin dealing bitcoin futures and non-deliverable forwards for clients from next week,” the publication conveyed. It will also take on projects involving blockchain technology and central bank digital currencies (CBDCs). The crypto desk will be within Goldman Sachs’ global markets division and will serve as a market-maker, buying and selling on behalf of clients but not actively managing cryp