Bitcoin News and Finance: What You Need to Know

The most recent Bank of America Fund Manager Survey finds that the most crowded trade is “long bitcoin.” Nonetheless, 75% of fund managers say the cryptocurrency is in a bubble zone. Fund Managers Say Long Bitcoin Is Most Crowded Trade but Most See Bubble The Bank of America (BoA) Fund Manager Survey for May, published Tuesday, shows that “long bitcoin” is currently the most crowded trade in the world. Last month, long bitcoin was the second-most crowded trade, with the most crowded trade being “long tech.” Bank of America surveyed 216 fund managers with $625 billion in total assets under management (AUM) between May 7 and May 13. According to the results, fund managers say “long bitcoin” is the most crowded trade at 43%. The survey notes that being identified as crowded has historically been associated with tops. This was not the first time bitcoin topped the list as the most crowded trade in a Bank of America Fund Manager Survey. It was also the most crowded trade in Ja

The blockchain company Tether has announced it will make available its stablecoin token as a native asset in Avalanche, a smart contract platform that has picked steam in the last year. Avalanche has a growing decentralized finance (defi) ecosystem, so this launch will most likely improve its state, providing users an official and safe way of parking and staking their assets on Avalanche. Tether to Launch on Avalanche Tether, the company behind the issuance of USDT , one of the most popular stablecoin tokens in the cryptocurrency market, has announced it is in the early stages of launching USDT on Avalanche, a smart contracts platform. While still being a young blockchain that launched last year, Avalanche has grown pretty fast. It is now a top 50 cryptocurrency, with a bustling defi environment that already moves large financial figures. Avalanche is also compatible with Solidity, so blockchain developers can easily port their apps quickly to the ETH ecosystem. Paolo Ardoino,

PRESS RELEASE. Cryptocurrency exchange Quidax officially announced a partnership with JulSwap. JulSwap is one of the biggest decentralized exchanges (DEX) on the Binance Smart Chain Ecosystem. Quidax also announced that it will be launching its ecosystem token, QDX, on JulSwap’s launchpad Julpad on May 19, 2021, at 10 am (UTC) QDX will be the first exchange token to launch on Julpad. On Twitter, the company revealed that the QDX private sale had sold out within 10 minutes. According to Quidax CEO Buchi Okoro, the speed of the private sale showed how enthusiastic the community is towards QDX. ‘’The record sale of the private allocation shows the enthusiasm towards QDX and our transition towards becoming the home of BEP20 tokens,’’’ he added. The private sale was the first phase of the token launch, with 3% of the total QDX supply made available to strategic partners and early community members. To keep everyone updated on the token launch, Quidax will be hosting two AMA session on T

The crypto regulation crisis is on fire in South Korea, as politicians have struggled to reach agreements with top government officials to ease rulings. A local media outlet reveals that South Korean ministries “do not want” to take charge of the country’s digital assets’ regulation, after several meetings held in the last few days. Prime Minister Took Part of the ‘Crypto Summit’ According to SBS , lawmakers held some meetings over the weekend at Prime Minister Kim Bu-gyeom’s office as part of “crypto summits” to address regulatory issues. An unnamed government official quoted by the media outlet said that the talks with the Leader of the ruling Democratic Party, Song Young-gil, Yoo Young-min, the Secretary of the Office of the Blue House, and Prime Minister Kim didn’t have an optimistic conclusion: Most ministries do not want to take charge of the problem. A solution will emerge only after the ministries’ responsibilities have been spelled out. Participants in the meeting addr

On Tuesday, the publicly-listed business intelligence company, Microstrategy, announced the purchase of 229 bitcoins adding to the firm’s current stash of crypto. The company’s CEO Michael Saylor told his Twitter followers that Microstrategy now holds 92,079 bitcoins. Microstrategy Stocks Up on More Bitcoin, Buys $10 Million Worth to the Balance Sheet Microstrategy (Nasdaq: MSTR ) has stepped in and bought the dip once again. On Tuesday morning (ET), the firm’s chief executive officer Michael Saylor shared the announcement on Twitter as he usually does. Alongside the CEO’s statements, he also shared the Form 8-K filing that was registered with the U.S. Securities and Exchange Commission. On Twitter, Michael Saylor wrote : Microstrategy has purchased an additional 229 bitcoins for $10.0 million in cash at an average price of ~$43,663 per bitcoin. As of 5/18/2021, we hodl ~92,079 bitcoins acquired for ~$2.251 billion at an average price of ~24,450 per bitcoin. The announcement co

The price of bitcoin has dropped to a new low for the month of May, sliding to $42,100 per unit during Monday evening’s trading sessions. While a few analysts see bitcoin rebounding and gathering new highs in the coming weeks, a few crypto market strategists believe bitcoin prices could sink much lower than today’s current values. CNBC’s ‘Chartmaster’ Carter Worth Envisions Bitcoin Hitting a $29K Low The other day, Bitcoin.com News reported on Plan B’s stock-to-flow bitcoin ( BTC ) price model and how the model’s creator is still positive about the bull run moving forward. A number of other crypto proponents believe that BTC will climb back again and think that a correction was in the cards even before Tesla’s recent announcement . However, a few analysts are talking about much lower BTC prices coming in the weeks ahead as Cornerstone Macro’s Carter Worth believes bitcoin could hit $29k. BTC / USDT price on May 18, 2021, via the Bitcoin.com Exchange. Cornerstone Macro’s Car

Fox Broadcasting Company, the American commercial broadcast television network is launching a non-fungible token (NFT) business called Blockchain Creative Labs, according to a recent report. Moreover, Fox is also planning to release a new blockchain-based animated series crafted by Dan Harmon called “Krapopolis.” Fox to Enter the NFT Fray, Aims to Launch an Animated Series Crafted by Blockchain Technology The New York-based television network Fox is a popular company that’s been in business for over 34 years. The corporate broadcasting company operates a variety of entertainment channels including popular shows like “The Simpsons,” “Undeclared,” “Beverly Hills 90210,” “Melrose Place,” “Glee,” “Nip/Tuck,” “Party of Five,” and more. This week, Fox Entertainment’s CEO Charlie Collier spoke to the Hollywood Reporter and explained that the firm is in the midst of constructing a subsidiary called Blockchain Creative Labs. The new company aims to provide a class of entertainment where “a

Coinbase shares have dropped in value during the last month after opening at $342 per share. The company’s shares have dropped over 27% to $248 per share since the Nasdaq listing in mid-April. On Monday, the firm further announced intentions to sell $1.25 billion of convertible debt. Coinbase Shares Drop Below Reference Rate Coinbase Global, Inc. (Nasdaq: COIN ) announced on Monday that it intends to sell $1.25 billion of convertible debt depending on market conditions. The company’s first shareholder letter published four days ago explains the firm has noticed strong competition in the digital currency industry. “Despite our strong Q1 results,” the Coinbase shareholder letter details. “The rapid expansion of the crypto economy also creates challenges for Coinbase. Competition is increasing as new market entrants join the crypto economy every month.” The announcement took place while the company’s shares have been dropping and closed below its $250 reference price at $248 per sha

PRESS RELEASE. After announcing two major partnerships with Master Ventures and GD10 Ventures, the famous investment firm DFG now takes its turn in supporting the Ternoa project. Digital Finance Group (DFG) The international investment firm , created in 2015, now manages over $1 billion in assets. Always on the lookout for promising projects, the company was able to detect and invest early on in initiatives such as LedgerX, Brave and Circle . Their influence within the ecosystem is well known. They are among the main contributors in the creation of the stablecoin USDC and part of the select group that leads investments in the Polkadot ecosystem. They have also launched the Matrix Exchange, an international virtual assets exchange supported by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi International Market (ADGM). The DFG team includes industry experts such as James Wo, Terry Culver and Joanna Liang, whose skills will accelerate Ternoa ‘s devel

The U.S. Federal Trade Commission (FTC) says reports of cryptocurrency scams have skyrocketed. In particular, people have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators within the past six months. Elon Musk Impersonators and Other Cryptocurrency Scams The FTC published “Consumer Protection Data Spotlight” Monday. FTC analyst Emma Fletcher wrote, “Reports to the FTC’s Consumer Sentinel suggest scammers are cashing in on the buzz around cryptocurrency and luring people into bogus investment opportunities in record numbers.” She elaborated: Since October 2020, reports have skyrocketed, with nearly 7,000 people reporting losses of more than $80 million on these scams. Their reported median loss? $1,900. Compared to the same period a year earlier, that’s about twelve times the number of reports and nearly 1,000% more in reported losses. Fletcher explained that as the price of cryptocurrencies soared, scammers “blend into the scene with claims that

Authorities in Germany launched a massive operation that cracked down on a sophisticated crypto scam, resulting in the arrest of six people in different European countries. Initial reports state that such a fraudulent scheme stole over $36.2 million worth in virtual currencies from individuals across Europe. Raids Conducted in Poland, North Macedonia, and Sweden According to The National News , the investigation from the German police was initiated after locals accused a gang of stealing over 7 million euros ($8.5 million) in the country through bogus online trading platforms, which promoted high yield returns from investing in cryptocurrencies. Five of the six people were taken into custody by the authorities in Bulgaria, and one in Israel, stated the media outlet, in collaboration with Europol. Raids were also done in Poland, North Macedonia, and Sweden as part of the investigation. Europol issued a statement about how the millionaire digital asset scam operated: The criminal

The popular collector car auction company Mecum Auctions has announced the company is now accepting crypto assets for payments. The company says that the new payment acceptance allows the auction firm to “attract new customers and sales.” Collector Car Auctions Giant Plans to Start Accepting Crypto Assets at Dana Mecum’s Original Spring Classic The Wisconsin-based Mecum Collector Car Auctions, the largest collector car auction company globally, has revealed the firm will now accept cryptocurrency payments through Bitpay. Mecum Auctions was invoked by a father and son duo Dana and Frank Mecum, alongside a number of Mecum family members. In 2014, Dana Mecum and his son Frank also starred in a reality program that aired on NBCSN called “Mecum Dealmakers.” In the announcement sent to Bitcoin.com News, Mecum explains the firm is “welcoming in a whole new dimension to the live auction events” with its digital currency acceptance. According to the announcement, registered Mecum bidders

Despite gold’s longstanding status as an alternative store of value, the commodity continues to experience unusual price variations in countries like South Africa and Zimbabwe. In turn, such price variances, as well as the rampant smuggling of the commodity, are distorting the precious metal’s actual production figures. Recycled Gold vs Non-Recycled Gold According to a new report that outlines the extent of the problem, such price discrepancies (which seem to be more prevalent in Southern Africa) stem from South Africa’s gold tax policies. Explaining how South Africa’s distinction between recycled and non-recycled gold is creating opportunities for illicit traders, the report states: In South Africa, the sale of second-hand gold products, such as jewellery, are tax exempt. Gold that is either illegally produced or smuggled into the country is often disguised as recycled gold. Therefore, South African gold merchants seeking to benefit from this tax exemption rule will simply “fa

Startups have spoken out against government attempts to curb the operations of crypto exchanges in Iran. Cryptocurrency trading is not illegal, Iranian fintechs insist, calling on lawmakers and regulators to develop rules that would allow the sanctioned country to continue to take advantage of decentralized money transfers. Iranian Fintechs Insist There Is No Ban on Cryptocurrency Trade Recent statements by various authorities in Teheran have prompted a response from the Iran Fintech Association (IFA) which represents companies working in the sector. In a letter to the speaker of parliament, Mohammad Baqer Qalibaf, and the head of the central bank, Abdolnasser Hemmati, the independent industry body stated: Resorting to restrictive measures is the simplest, but not the best response to the issue. Doing so would deprive the nation of potential opportunities and create grounds for underground business. Amid growing interest in cryptocurrencies, the Central Bank of Iran ( CBI ) issu

The Spanish financial regulator is easing the entity’s tough stance towards cryptocurrencies by announcing an unprecedented measure that green lights institutional investors to enter into such business decisions. The National Securities Market Commission (CNMV) unveiled guidelines that approve institutional crypto investment under certain conditions. Fund Managers Should Specify ‘High Risks’ of Cryptos in Marketing Resources According to El Economista , the set of guidelines allow Spain-based investment funds and collective investment schemes (sicavs) to trade virtual assets on a daily basis, but just the ones “in which the market price is determined from sales operations carried out by third parties.” The so-called collective investment institutions (IIC) won’t be permitted to allocate money into derivatives and securities such as crypto-powered exchange-traded commodities or exchange-traded notes. Furthermore, guidelines specify that fund managers under the regulation should alw

A Wells Fargo analyst has predicted the largest “reduction in U.S. bank headcount in history.” Banks are expected to cut 200,000 jobs as they strive to improve productivity and efficiency amid rising competition from fintech and non-bank financial institutions. US Banking Sector to Experience Biggest Headcount Reduction An analyst with Wells Fargo, Mike Mayo, has predicted that U.S. banks would cut 200,000 jobs, or 10% of employees, over the next decade, the Financial Times reported Monday. He explained: This will be the biggest reduction in U.S. bank headcount in history. Mayo said that low-paying jobs are most at risk, such as those in branches and call centers as banks adapt to the new realities following the coronavirus pandemic. He added that job cuts have been necessary as technology companies and non-bank lenders increasingly gained market share in the payment and lending business over the past years. The analyst further commented, “If I was giving advice to my kids, I’