Bitcoin News and Finance: What You Need to Know

Cryptocurrency adoption among the traditional banking industry keeps spreading across the board, and it has arrived at a bank based in Hamburg, Germany. Donner & Reuschel is set to make its inception into the crypto business by offering related custody services. Bank Will Also Explore Further Blockchain Projects According to the local magazine Asscompact , the Hamburg-based private bank will offer crypto buying and custodial services. Although Donner & Reuschel didn’t provide an exact date of the launch, they are expecting to deliver the products “as soon as possible.” Marcus Vitt, a spokesman of the bank, argued that the decision to enter the crypto business is tied to the surge of interest towards the digital assets: We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions. Donner & Reuschel is a subsidiary of Signal Iduna, a group that offers in...

A U.S. multinational semiconductor company could be preparing the ground to release its own series of cryptocurrency mining processors. AMD is reportedly looking to introduce a GPU for mining Ethereum. AMD Navi 12 Won’t Have Video Outputs According to PC Gamer , the AMD Navi 12, a graphic processing unit (GPU) first introduced exclusively for Apple Macbook Pro devices, could be the first crypto mining-related specific processor launched by the company. In fact, the new version of the card lacks video outputs. It implies that the Navi 12 GPU won’t support VCN (video core next), a requirement for PC gaming purposes, and making it the proper candidate for crypto mining. Per the report, the card is expected to have the capability to mine Ethereum ( ETH ). If the maneuver becomes a reality, PC Gamer suggests that AMD could be seeking to keep gaming GPUs “in the hands of gamers” and not being used for crypto mining purposes. The possible release of an exclusive crypto mining AMD GPU co...

Portuguese authorities are reportedly planning to take action against social media influencers who provide advice on crypto-related investments. The plans are being discussed in the wake of an online petition signed by thousands of Portuguese. A Crypto Youtuber Already in the Authorities Loop According to Expresso , Portugal’s judicial police, Policía Judiciária, is “analyzing” whether domestic crypto Youtubers commit some illegal activity with their content. In fact, authorities are looking to target the ones who promote crypto scams indirectly, such as fake giveaways. However, a source told the local media outlet that still there is no investigation underway, as they’re trying first to assess the magnitude of the matter: I am not sure what kind of illegality is there. We are trying to understand the case better. But I remember that buying bitcoins is not considered a crime in itself. But Expresso says the police already looked at some allegations against one Youtuber who conf...

While central banks are focusing on creating more stimulus and economists expect inflation in the U.S. to rise, a number of other countries are suffering from considerable inflation right now. On Monday, the chief strategy officer for the Human Rights Foundation, Alex Gladstein, explained that 1.2 billion global citizens are living under inflation rates as high as two to three-digits. Inflation: The Silent Killer of an Individual’s Purchasing Power During the last week, a number of analysts and economists have been discussing the possible inflation rise coming to the U.S., mostly because of the massive amounts of stimulus created in 2020 and 2021. It has led economists to believe that inflation is coming to the U.S. soon, as the Federal Reserve is backed into a corner with plans to keep the easy-money schemes going strong. Inflation is the depletion of a currency’s purchasing power paired against goods and services over time. Inflation can be measured by observing the currency’s ...

Bitcoin prices have regained momentum during the last two days as the price per coin touched a March 2021 high at $54,822 on Tuesday morning (ET). Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange balances continue to plummet. A whopping 189,000 bitcoin was withdrawn from the top five leading cryptocurrency exchanges since October 2020. Bitcoin Exchange Balances Plunge on a Myriad of Popular Crypto Trading Platforms The price of bitcoin (BTC) is doing well this week and at the time of writing, the leading crypto asset is currently exchanging hands for $53,820 per coin . Last week, the price was much lower hitting a low of $43,171 per unit on Bitstamp on February 28. Meanwhile, onchain data shows that bitcoin exchange balances held on popular trading platforms are continuing to deplete. On March 7, the sophomore finance major, William Clemente III tweeted about bitcoin balances on exchanges taking another dive....

Billionaire Kjell Inge Rokke’s company, Aker, has established a new business dedicated to bitcoin. Rokke believes that bitcoin could “become the core of a new monetary architecture” and each coin could be “worth millions of dollars.” His new company “will keep all its liquid investable assets in bitcoin.” Norwegian Public Company Gets Into Bitcoin Norwegian oil billionaire Kjell Inge Rokke has spoken in favor of bitcoin. His company, Aker ASA, which controls oil and oil service companies, announced Monday that it has established a new business, Seetee AS, to tap into the potential of the cryptocurrency. Listed on the Oslo Stock Exchange, Aker is a Norwegian holding company engaged in offshore fishing, construction, and engineering. Established in 2004, the company is controlled by Rokke with 67% ownership through TRG Holding. In its announcement, Aker described Seetee as “a new company dedicated to investing in projects and companies throughout the bitcoin ecosystem and which will...

Soros Fund Management, New York Life, and Morgan Stanley have joined Stone Ridge Holdings, Massmutual, FS Investments, and Bessemer Venture Partners to invest in bitcoin-focused investment company NYDIG. They will collaborate on a range of bitcoin-related strategic initiatives, and expect to launch “an explosion of innovation in bitcoin products and services.” Major Companies Want Bitcoin Exposure Major corporations and investment heavyweights have invested in the New York Digital Investment Group (NYDIG), a provider of technology and investment solutions for bitcoin, the group announced Monday. According to the announcement: A $200 million growth capital round [was] led by strategic partners Stone Ridge Holdings Group, Morgan Stanley, New York Life, Massmutual, Soros Fund Management, and FS Investments. In addition, Bessemer Venture Partners and Fintech Collective, which led the two prior funding rounds for NYDIG, were also significant participants. Soros Fund Management is ch...

The Central Bank of Nigeria (CBN) has announced a scheme that seeks to boost international remittances as well as to encourage the use of official corridors when retrieving funds. The CBN’s move to incentivise recipients follows the plummeting of the country’s official remittances inflows as recipients opt for non-traditional corridors such as cryptocurrencies. Declining Remittances Under the CBN’s so-called “naira for dollar scheme,” recipients of international remittances will be entitled to an extra payment equivalent to 1.2 cents (5 naira) for every one U.S. dollar received. However, according to the CBN, this incentive scheme is set to run for just 60 days. In announcing these new measures, the CBN says its objective is to “increase the inflows of diaspora remittances into the country.” In a letter that explains how the incentive system works, the central bank said: In light of this, the CBN shall, commercial banks, pay to remittances recipients the incentive of 5 Naira for...

Blockchain operations are increasingly embracing more traditional financing from big-name venture funds to leverage these strategic stakeholders’ benefits instead of crowdfunding avenues popularized during the last blockchain hype wave. Funding Roundup: Concordium, StakeWise, and Automata Reveal Private Capital from Leading Funds In a significant departure from the last crypto startup wave focused on raised public capital in the form of initial coin offerings (ICO), token sales, and exchange launches, today’s advancing blockchain initiatives are increasingly tapping private capital from venture funds. Though the sums awarded aren’t eclipsing the billions raised by projects in previous years, the latest developments are positive for companies, funds, and users at large. A blockchain VC investment leverages the expertise and due diligence of the fund itself, lending greater credibility to the underlying project. Accordingly, companies turn to these more traditional funding outlets t...

An investigation unveiled a growing fever among crypto traders in South Korea, who actively transact cryptocurrencies every day. Local media outlets are returning to adopt the term “crypto fever” as the recent billion-dollar figures confirm such a trend. Figures Are Now Higher Than 2018 According to the report made by Dong-A , a major South Korean newspaper, domestic crypto investors transacted around $7 billion per day in the period ranging from January 1 to February 25, 2021. Kim Byeong-wook, a parliamentary member of the Democratic Party, compiled the numbers by extracting data from Bithumb, Upbit, Korbit, and Coinone, the most prominent local crypto exchanges. Per the study, 42% of the average volume was traded on the KOSPI stock exchange. The newspaper pointed out that this is the first time that investors’ statistics of the four major South Korean crypto exchanges see the light. In the same period, the study showed that users of the four exchanges transacted approximately $...

One of China’s top internet app makers, Meitu Inc., is adding up to $100 million worth of cryptocurrencies to its treasury, joining a growing list of companies worldwide to do so. The company has already purchased $40 million worth of bitcoin and ether for its balance sheet. Chinese Public Company Adds Bitcoin and Ethereum to Treasury Reserves Chinese public company Meitu Inc. announced Sunday: The group has purchased 15,000 units of ether and 379.1214267 units of bitcoin ( BTC ), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021. Founded in 2008, Meitu is one of China’s top internet enterprises utilizing AI-driven image-and-video processing technologies for editing user-generated mobile content. According to its website, Meitu’s flagship app has accumulated more than 1 billion users worldwide. As of June 2020, there are 2.08 billion unique devices with Meitu’s pro...

On Saturday, politicians in the U.S. approved the massive $1.9 trillion Covid-19 relief package dubbed President Biden’s “American Rescue Plan.” The stimulus plan will see American citizens earning $75k or less eligible to receive $1,400. Moreover, households will get an additional $1,400 for every dependent child claimed. Despite the direct cash payments, Biden’s American Rescue Plan is also filled with pork-barrel items that have nothing to do with coronavirus relief. The So-Called ‘American Rescue Plan’ Americans are expecting a third stimulus check in the near future, after members of the U.S. Congress approved the $1.9 trillion relief package called the “American Rescue Plan.” The 628 page bill worth nearly two trillion U.S. dollars will see American citizens get the largest cash payments to-date. The bill’s pages outline that individual Americans who earn $75,000 per year or less will get a payment for $1,400. American couples will get a check worth $2,800 if they make $150k...

PRESS RELEASE. PokerTON – a Telegram-based platform for playing poker. PokerTON is one of the most successful projects of the Free TON blockchain affiliate program for companies that are implementing a TON Crystal in their business processes as payment methods. Since its release in May 2020, the PokerTON community has grown to 85,000 people worldwide and continues to grow rapidly. In May 2021 PokerTON had 120,000 players on the platform. Free TON blockchain platform successfully launched in May 2020. At the end of the year, the Free TON community included about 10,000 companies and individuals, including developers, validators and representatives of the cryptocurrency industry. Today, the Free TON Network is a community-driven decentralized blockchain platform with a unique partnership model and one of the most advanced technology stacks on the market. One of the most significant elements of the free TON development models has become a large-scale program for partners. In 2020 mor...

The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking. Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a Federal Bar Association presentation on combating fraud, Forbes reported . The long-time veteran of the IRS Criminal Investigation division explained that the office has put together a dedicated team of IRS criminal investigation professionals to work on this operation. A partnership between the civil office of fraud enforcement and the criminal investigation unit, Operation Hidden Treasure aims to “root out tax evasion from cryptocurrency owners,” the publication conveyed. The team working on Operation Hidden Treasure comprised agents who are trained in the area of cryptocurrency and crypto transaction tracking. They ...