Bitcoin News and Finance: What You Need to Know

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’...

Following concerns raised by Tesla CEO Elon Musk about Bitcoin’s energy consumption, global asset manager Ark Investment Management explained that the concerns are “misguided.” Referring to its research using real-world data, the investment firm emphasized that “the impact of bitcoin mining could become a net positive to the environment.” Bitcoin Mining Could Help the Environment Investment Management (Ark Invest) published a note Monday responding to the comments made by Tesla and its CEO, Elon Musk, regarding Bitcoin’s energy consumption. The electric car company has suspended accepting bitcoin for payments citing environmental issues. “We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Tesla wrote. Ark Invest’s analyst Yassine Elmandjra wrote: In our view, the concerns around Bitcoin’s energy consumption are misguided. Contrary to consensus thinking, we believe the imp...

During the first three months of 2021, the cryptocurrency ethereum has shined as 90-day statistics highlight the digital asset has climbed close to 80% in value. On Monday, former Ark Invest analyst James Wang published a detailed summary highlighting the Ethereum project’s first-quarter financial results. Wang’s comprehensive Ethereum analysis showcases a myriad of data points that accentuate the blockchain’s 2021 achievements. Analyst Publishes Ethereum Stats for the Blockchain’s Q1 Financial Results Ethereum has been a force to be reckoned with this year and during the last few weeks, the crypto asset has been siphoning away BTC ’s market dominance. There are many reasons ETH has been moving up the ranks and organizations like Fundstrat Global Advisors believe ether can reach $10k per unit. The crypto asset proponent and investor, Spencer Noon, has tweeted his reasons as to why he thinks ETH can make it to the five-digit territory. Market performance is one thing, but the Et...

Myspace founder Tom Anderson has joined the heated chatter surrounding the recent crypto market drop. The now-retired entrepreneur expressed his feelings about the situation, posting a laser eyes photo of himself accompanied with a short caption, “Buying The Dip.” Myspace Tom Tweets in Support of Bitcoin Tech entrepreneur and Myspace cofounder Tom Anderson took to social media to share his reaction on the latest crypto market correction which pushed the price of bitcoin ( BTC ) below $43,000 on Monday. Cheering up worried and agitated crypto enthusiasts, Anderson tweeted “Buying The Dip” and attached a laser eye meme of himself. Buying The Dip pic.twitter.com/dnJL3l087T — Tom Anderson (@myspacetom) May 17, 2021 Anderson hasn’t been particularly active on Twitter in the past few years and his post was met with comments in the tone of “Ur aliveeeeeeee omg,” “Go go go!,” and “investing at 23 likes.” And when he is posting, you are more likely to see him sharing pictures from ...

PRESS RELEASE. 17 May 2021 – The adoption of crypto payments by one of the world’s biggest payment solution providers can mean only one thing. Cryptocurrency payments are now on the verge of going mainstream. GoCrypto , a payment solution that enables merchants to accept cryptocurrencies, was just integrated into one of the latest Global Payments s.r.o. products – the GP tom mobile application. In addition to diverse card payments, GP tom now enables merchants to accept payments with various cryptocurrencies and crypto wallets. The launching of GP tom with GoCrypto is taking place in Central European countries, where Global Payments s.r.o. is present. And what does it all mean? Instan t crypto payments will soon be available to thousands of merchants. Crypto: faster, contactless and more secure than ever Today, there are about 5,000 cryptocurrencies in the world, with bitcoin being the most well-known. The number of crypto wallets currently is a staggering 150 million. The po...

The crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018. Bitcoin Dominance Drops to the Lowest Point Since 2018 At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s ( BTC ) market valuation captures 40% of the entire crypto market capitalization. At press time, bitcoin ( BTC ) dominance levels or the percentage of its total market valuation in comparison to the entire crypto economy is 40% on Monday. Ethereum’s overall market valuation captures 19.15% on May 17, 2021. This measurement is much lower than it has been in a while, as the first week of January saw BTC dominance at 69.7%. Bitcoin’...

After the dogecoin hype invoked a new ERC20 token project called Shiba Inu, the crypto asset has been making waves throughout the crypto industry. On Wednesday, the cofounder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India’s Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $6 billion using today’s exchange rates. Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens A new token called Shiba Inu (SHIB) has been a topical discussion within the digital currency community, aside from the recent focus on Tesla’s Elon Musk. The coin first started making headlines because of dogecoin (DOGE), as the ERC20 token is considered the “dogecoin killer” and the coin has turned people into multi-millionaires almost overnight. Additionally, five days ago, the cofounder of Ethereum, Vitalik Buterin, decided to donate around $1 billion worth of SHIB to India’s Crypto Covid Relief Fund. Today, S...

The leading cryptocurrency bitcoin has dropped 20% in value after Tesla announced on May 12, the electric car firm would not be accepting bitcoin for purchases. Two days later, the creator of the notorious stock-to-flow cross-asset (S2FX) price model, Plan B, shared his model and said the S2FX was still “intact.” Plan B still shows confidence in the bitcoin bull run and expects another 5x in the next six months. S2FX Price Model Still ‘Intact’ Despite the recent crypto market downturn , Plan B still seems positive that the bitcoin bull run is not quite over. “Plan B,” is a pseudonym leveraged by the Twitter account @100trillionusd and also the creator of the popular stock-to-flow (S2F) price model . This particular model leverages a ratio of bitcoin’s scarcity ( BTC in circulation) to BTC issuance. At the time of writing, the Bitcoin network’s inflation rate per annum is approximately 1.77% and will continue to drop lower as time passes. Plan B first published his paper called ...

In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021. However, by close of business the naira had recovered and was trading around 411.25. Before the latest adjustment, the naira had fluctuated between 380 and 381 to the dollar since July last year. Unifying Multiple Exchange Rates Meanwhile, a report in the Nigerian media has speculated that the seeming devaluation of the naira indicates that the CBN is now working towards “unifying multiple exchange rates.” According to the report, Nigeria operates multiple currency regimes and this often frustrates businesses. Consequently, some institutions including the World Bank have called for the unification of rates in order to attract investment into the West African state. In the meantime, the Nigerian apex had (in addition to allowing markets to determine the exchange rate) already stopped availing data on the nai...