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Cryptocurrency

Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations

Crypto service providers are kicking against FinCEN’s newly proposed regulation, saying it could create obstacles for regulators.

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Leading crypto service providers are kicking against FinCEN’s proposed regulations that would force businesses operating within the crypto-verse in America to gather more details about non-customer counterparties.

Such reports didn’t go well with many traders and investors, as Bitcoin lost about 8% in value, while Ethereum, Litecoin, Polkadot, Bitcoin Cash, Cardano, Chainlink dropped more than 9% in value at the time this report was drafted.

READ: Bitcoin could hit above $100,000 by August 2021

A January 4 letter from Jack Dorsey, CEO of financial services firm, Square warned against the proposal that imposed on such obligations “far beyond what is required for cash transactions,” and that Square would be expected to collect “unreliable data about people who have not opted into our service or signed up as our customers.”

  • “Counterparty name and address collection/reporting should not be required for [virtual currency] CTRs or recordkeeping, as it’s not required for cash today,” Dorsey added.

READ: Only 2.43 million Bitcoins left for mining

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Square also warned such a law would push crypto users toward unregulated and non-custodial crypto services outside America — thereby weakening America’s global competitiveness and creating further obstacles  for regulators:

  • “By adding hurdles that push more transactions away from regulated entities like Square into non-custodial wallets and foreign jurisdictions, FinCEN will actually have less visibility into the universe of cryptocurrency transactions than it has today.”

READ: List of Cryptos rich individuals are investing in

Another leading crypto exchange, Kraken warned of the deficiencies in a proposed U.S. government rulemaking. The press release said, in part,

  • “Kraken believes the proposed rule would be bad for America and for the world. It would be a substantial departure from existing law. It would require the enormous ongoing expenditure of resources by exchanges.”

READ: Ethereum market value of $83.8 billion is now bigger than Nigerian Stock Exchange

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

$70 billion lost in Crypto market amid rising U.S dollar

Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.

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The crypto market just lost about $70 billion, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid the rising U.S dollar and some profit-taking.

  • The global crypto market value is $930.47 billion, a 5.61% decrease over the last day.
  • The U.S dollar was fired up as it recorded impressive gains at the Tuesday trading session in London taking into account some investors are fast becoming jittery on rising COVID-19 caseloads globally.
  • At press time, the U.S. Dollar Index that tracks the greenback against a basket of major currencies ticked up by 0.20% to 90.555

READ: Currency traders flock to U.S dollars amid COVID-19 drama

At the time of drafting this report, about $70 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $2,000, according to data retrieved from Coin360.

  • The total crypto market volume over the last 24 hours is $131.42 billion, which amounts to a 2.07% increase.
  • The total volume in DeFi is currently $15.68 billion, 11.93% of the total crypto market 24-hour volume.
  • The volume of all stable coins is now $105.17 Billion, which is 80.03% of the total crypto market 24-hour volume.
    Bitcoin’s price is currently $31,398.04.
  • Bitcoin’s dominance is currently 62.74%, a decrease of 0.01% over the day.

READ: Why intelligent investors are secretly buying Bitcoin

Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.

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Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move.

READ: Google threatens to remove its search engine from Australia due to media code

The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, coupled with the strong rebound in the U.S dollar

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Cryptocurrency

Present day cryptos won’t last long – Bank of England

The most powerful British monetary policymaker, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival

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The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.

Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:

Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”

In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.

What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.

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  • The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
  • The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
  • The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $32,164.91.
  • Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.

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Cryptocurrency

List of Cryptos expected to outperform many financial assets in 2021

A list of cryptos expected to do very well in 2021 has been unveiled by a renowned crypto expert.

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4 cryptos gain over 400% in a month, far outperforming Bitcoin

Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.

He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.

“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.

READ: Crypto experts reveal their favourite Cryptos 

Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,

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Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.

In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).

READ: DeFi crypto market value gains over 1000% from June

Cardano is a type of blockchain that permits people to receive and send funds.

  • ADA coin is the name of the cryptocurrency.
  • It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.

Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.

Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.

Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.

READ: Ethereum miners earning more than their Bitcoin rivals

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Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.

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Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;

“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.

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READ: ChainLink, now most valuable DeFi Crypto by market value

Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.

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