Bitcoin News and Finance: What You Need to Know

The Financial Sector Conduct Authority (FSCA) has issued what it terms crypto health warning after receiving many complaints from South African victims of crypto scams. In the warning, the FSCA reminds prospective investors that crypto-related investments are currently not regulated. Therefore, investors have no recourse against anyone should they get duped. Cryptocurrencies Are High-Risk Assets The FSCA’s warning comes a few weeks after an executive with the regulatory body bemoaned the challenges of regulating cryptocurrencies and how scammers are taking advantage of this. The official singled out the now collapsed Mirror Trading International (MTI) as an example of how scammers now use cryptocurrencies to evade regulation. Meanwhile, in the latest warning , the FSCA reminds South African investors to be on the lookout for crypto companies that “overstate potential pay-outs or understate the risks.” The South African regulator, just like its peers in the U.K. and New Zealand ,

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Ripple publishes the quarterly XRP Markets Report to voluntarily provide transparency and regular updates on the company’s views on the state of the XRP market, including quarterly sales updates, relevant XRP-related announcements and commentary on previous quarter market developments.  As an XRP holder, Ripple believes proactive communication and transparency are part of being a responsible … Continued The post Q4 2020 XRP Markets Report appeared first on Ripple. http://dlvr.it/Rs5g6Z

Just recently, the crypto asset dogecoin has seen some significant price gains and on Wednesday, Tesla’s founder Elon Musk tweeted about the digital currency incessantly. While people have been discussing the dogecoin pumps and Elon’s suggestive tweets, crypto supporters have been discussing a single dogecoin address that holds 36 billion tokens or more than 27% of the entire supply. Dogecoin and the ‘Thickest Wallet’ Dogecoin (DOGE) , the meme token that came to life on December 6, 2013, has seen its fair share of market action this year. The token is currently trading for $0.0455 per unit and is down over 8% during the last 24 hours. Dogecoin also touched an all-time high (ATH) seven days ago reaching an ATH of around $0.0791 per unit. Since then, DOGE has lost 42.15% in value and has a market valuation of around $5.7 billion today. Just recently, the cryptocurrency community has been discussing Elon Musk’s tweets in regard to the meme token. In the midst of all the discussion,

Forty-six Tifon gas stations across Croatia have reportedly started accepting cryptocurrency payments. Using payment processor Paycek, customers can pay with a number of cryptocurrencies, including bitcoin and ether. Tifon gas stations in Croatia started accepting cryptocurrency payments at the beginning of February. There are currently 46 Tifon gas stations in the country. Paycek, a service by Croatian fintech startup Electrocoin, will process crypto payments for Tifon. According to its website, Paycek supports bitcoin ( BTC ), ether ( ETH ), XRP , stellar ( XLM ), and EOS . Cryptocurrency payments are converted into fiat currency at the time of purchase. For example, if a customer buys gas for HRK 400 ($64) and pays with a cryptocurrency, Paycek processes the payment and pays Tifon in the Croatian kuna. Tifon says that at no point is it at risk by accepting crypto payments. Ana Lokas, Tifon’s chief finance officer, commented: “Although payments in cryptocurrencies

Popular Nigerian hip hop artist Davido has sparked off a buzz about crypto assets after tweeting about his intention to start a bitcoin trading company. With the short tweet, Davido becomes the latest African celebrity to express interest in starting a crypto business. Senegalese singer Akon is another prominent African personality to embrace crypto assets. Before the tweet, Davido revealed in October 2020 that he had entered into a partnership with Bitsika, a Ghana-based crypto payment firm. As part of the agreement with Bitsika, Davido, who has more than 8 million followers on Twitter and Instagram, would promote the crypto firm’s app. After the start of this arrangement, reports soon emerged that the Nigerian singer’s influence had caused a massive surge of traffic to the Bitsika platform. Similarly, crypto players in Nigeria expect Davido’s tweet to have a similar effect towards that country’s digital asset space. This is a viewpoint that is also shared by Chiagozie Iwu, the

Indian crypto exchanges have pooled their resources together and launched a campaign to gain support from as many parliament members as possible about cryptocurrency regulation. The crypto bill is listed to soon be introduced in parliament. It seeks to prohibit cryptocurrencies while creating a framework for the digital rupee to be issued by the Reserve Bank of India (RBI). Indian Crypto Industry’s Campaign to Bring About Positive Crypto Regulation The Indian government plans to introduce the cryptocurrency bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” during the current session of parliament. The bill seeks to create a regulatory framework for the digital rupee to be issued by the central bank while prohibiting “private” cryptocurrencies. Responding to the government’s plan, the Indian crypto industry launched an online campaign Thursday in order to convince as many representatives as possible about the crypto bill. A website has been c

Crypto-friendly travel website Travala has announced the integration of a brand-new payment application, Binance Pay. With such a move, the travel booking company becomes the first merchant to implement Binance Pay as a payment form after its launch on Feb. 3. Five Cryptos and One Fiat Currency Will Be Offered in the First Stage of Binance Pay Per the announcement , Travala allows its customers to use the new payment application, still in beta mode, to book travel products. They include hotels, homes, flights, among others. With Binance Pay, Travala’s users will have the option to pay straight from their Binance accounts with five cryptos and one fiat currency supported initially: bitcoin ( BTC ), ether ( ETH ), binance coin ( BNB ), binance USD (BUSD), swipe (SXP), and EUR. Changpeng Zhao, founder and CEO of Binance, confirmed via Twitter the integration of the payment application with Travala. The crypto-friendly travel company seeks to expand its portfolio of accepted payment

A social media giant that significantly impacted South Korea’s internet influence in the early 2000s is set to take a second breath. The company plans to regain its popularity by launching a new cryptocurrency. New Ownership Reportedly Got Over $7 Million From Investors to Rebrand Cyworld According to Hanguk Kyungjae , Cyworld is paving the ground to relaunch its business under new ownership. The consortium of five domestic companies includes SKY E&M, a local entertainment company. The negotiation wasn’t a million-dollar transaction. In fact, the consortium bought Cyworld from its troubled former owner for $897,000 — the same amount owed to Cyworld’s employees at the time of the acquisition. The consortium has now revealed its plans to rebrand the firm as “Cyworld Z,” including the issuance of an Ethereum-based token, Dotori (Acorn). The new management expects the crypto can be listed on “one of the country’s (South Korea) top three crypto exchanges.” Moreover, Hanguk Kyungja

Guggenheim Global Chief Investment Officer Scott Minerd has increased his bitcoin fair value estimate. He now says that the price of the cryptocurrency could reach $600K based on his firm’s fundamental research. Guggenheim’s SEC filing to invest half a billion dollars in bitcoin became effective early this week. Guggenheim’s Scott Minerd Says Bitcoin’s Price Could Reach $600K The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, talked about his new bitcoin price prediction in an interview with CNN Tuesday. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. As of Dec. 31, 2020, Guggenheim Investments had more than $246 billion in total assets across fixed income, equity, and alternative strategies. Minerd began by discussing the current monetary policy against the backdrop of more stimulus, bubbles in the stock market and other speculative assets, as well as the Gamestop saga

The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. The document is part of the general program of the so-called Annual Tax and Customs Control Plan. Spanish Tax Authorities Could Ask Local Exchanges for Customers Data According to the paper, the Spanish Treasury’s entity seeks to apply three measures, as the crypto markets’ hype generates “tax risks.” That’s why the agency expects to gather information as countermeasures against tax-related crimes. The watchdog is looking with the first measure to ask for information from the local crypto exchanges about digital asset holders. The document clarifies they’re pursuing such measures to incentivize the voluntary tax payments on crypto transactions. The second input made by the Treasury’s entity reads as follows: Systematization and analysis of the information obtained, in order to facilitate the actions to control the correct taxation of the operations c

This week the former Digital Currency Group (DCG) Vice President of Investments, Travis Scher, announced a $72 million crypto-focused venture capital fund backed by the billionaire investor Paul Tudor Jones and hip-hop star LL Cool J. The crypto VC fund was invoked by Scher, the private equity veteran Glenn Hutchins, and his son James Hutchins as well. On Thursday, February 4, 2021, a former DCG executive, Travis Scher tweeted about the new crypto-centric venture capital fund he started with two other partners. The crypto VC fund is managed by North Island Ventures partners Scher, Glenn Hutchins, and James Hutchins. The fund announcement explains that the new venture capital crypto fund initiated by North Island Ventures is backed by well known individuals. Investors in the fund include the rapper and hip hop star LL Cool J and also billionaire investor Paul Tudor Jones. Additionally, the announcement also mentions Twitter COO Anthony Noto and Pepsico CEO Indra Nooyi as investors.

While a number of digital currencies have seen price gains the two leading crypto assets, bitcoin and ethereum have seen transaction fees skyrocket. For instance, data shows that the median fee for a bitcoin transaction is $8.58, while the median fee is $9.35 when spending ether. Meanwhile, the average transaction fee for both networks has been much higher between $14 to over $20 per transfer. During the course of 2021, crypto assets have increased a great deal in value but alongside this, the fees to transact on these networks have risen as well. Bitcoin ( BTC ) and Ethereum ( ETH ) are the two largest blockchains, in terms of market capitalization. The two networks also take the cake when it comes to expensive transactions and this has been a complaint on social media and crypto-focused forums. At the time of writing, according to bitinfocharts.com data, the average transaction fee for bitcoin ( BTC ) is 0.00038 BTC or $14.25 USD per transfer . Of course, the median sized transac

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Argo Blockchain said Wednesday that it bought 172.5 bitcoins in the second half of January as part of its asset management strategy. ● In a trading update , the London Stock Exchange-listed bitcoin miner also reported strong revenue growth during the review month, climbing 52% to £2.48 million ($3.37 million) from £1.63 million ($2.21 million) in December. ● Argo did not reveal how much it spent buying the reserve BTC , but bitcoin prices during the last half of January oscillated between $30,000 and $38,500. The company said it now holds the equivalent of 501 in bitcoin, as of the end of January. ● For the month in review, Argo Blockchain mined 93 bitcoins, down from 96 BTC in December. Mining output appears to have progressively declined at the London firm over the last few months. In November, Argo extracted 115 BTC , falling from 126 BTC mined in October. ● Peter Wall, chief executive officer of Argo, said: “I am thrilled that Argo has delivered our best month in the company