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Bitcoin Nears $60,000 on 90 Million Checks

Bitcoin crypto prices, March 2021

Bitcoin rose to $59,500 overnight, jumping from $53,000 to now trade at around $58,000. That’s on somewhat increased volumes of $60 billion, with one reason for this rise probably being…

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Bitcoin rose to $59,500 overnight, jumping from $53,000 to now trade at around $58,000.

That’s on somewhat increased volumes of $60 billion, with one reason for this rise probably being the 90 million Biden checks that have made their way to American bank accounts.

Surveys suggest some $40 billion of this will go to bitcoin, with Fed’s chair Jerome Powell expecting any bump in inflation this year to be short-lived.

Interest rates therefore are expected to stay at zero until 2023, with Fed changing its policy to allow for higher than 2% inflation for some time.

That has increased bond yields to 1.7% for ten year treasuries because no one wants to buy government debt anymore, except the Fed which says it’s “not yet” time to talk about reducing their bonds and mortgage-securities purchases.

People therefore are getting out of bonds and presumably they’ll end up in stocks and cryptos, but during that transition they may park in fiat which perhaps explains the turbulences when yields first began rising.

Another big factor is the progress on tackling the pandemic. Bitcoin re-adjusted when there were suggestions this was all going very well, with Israel apparently all vaccinated now somehow.

However, things have become a bit of a mess. Biden has been accused of reckless hoarding of life saving vaccines that has left Canadians a bit wimpy with no one understanding why America is stockpiling AstraZeneca when they have not even approved it. Vaccines that could be put to good use in Canada or Europe or even elsewhere.

In Europe, things are becoming a bit explosive on two main fronts. The once heiled Germany for its handling of the pandemic now finds itself in a bit of a mess as it relies on a British invented vaccine which Germany and Europe was slow to approve.

Byzantine contractual arrangements based on nationalist borders has somehow meant nine million vaccines produced in Europe have gone to UK, while zero vaccines produced in UK have gone to Europe or anywhere.

Striking a fine line, Europe says their problem is not with the British government, but with AstraZeneca, threatening to ban vaccine exports from EU. Something met with a British response of hold up hold up.

Nationalism and vaccines finds no better match than in Serbia where they’re keen to brag of numba one in vaccinating 10% of their population with both shots of the vaccine.

Those same slavs kicked out by the mongols now kneel to China in gratitude on one front, while on the other beat their chest about subduing Kosovo which Germany has again left in the cold.

That’s bringing some political earthquakes in Germany where the greens may rise to chancellorship. Apparently, unlike the British greens these are very center, and some say even center-right, but mostly center-left.

The other potential shift is that Washington has an opening in Europe once again, especially in the Balkans which arguably have been the worst hit by EU’s mismanagement of the vaccines debacle.

The scale of it has now rang alarm bells following both Italy and Poland returning to lockdown.

Thus what a week ago was a speedy advance of the mobilized healthcare army, now looks like a chaotic front stalled by nationalism and by a lack of manufacturing capacity.

Something that may well mean nationalism is dead because at the end of it, it is nationalism that is currently killing people as it did in the last century and as it has always done.

Both stocks and bitcoin however seem to be enjoying all this, and the puzzling question is why?

The answer is presumably because both have risen due to print baby print, and if that temporary communism comes to an end, the suggestion is presumably there won’t be any fresh print to higher and higher.

However, if that printing is increasing inflation expectations, then both finite bitcoin and the somewhat finite stocks should benefit. Thus our theory is that the reason may well be just a temporary transition to cash while the funds make their way from what were safe bonds to bitcoin and stocks.

Bitcoin therefore should benefit from a reopening especially in a climate where interest rates are expected to stay at zero for the next two years.

So one hopes these manufacturers get a grip and that in this matter Europe and Americas see no border because the measure really should be the percentage vaccinated in the whole of Europe and Americas.

Otherwise voters will harshly judge petty nationalistic politics which is better left to dictatorships than the civilized world.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.trustnodes.com/2021/03/18/bitcoin-nears-60000-on-90-million-checks

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Chinese Police Confiscated $3.8 Million in Crypto After Arresting EOS Gambling dApp Team

$3.8 million in bitcoin and EOS seized in China from a team of developers operating a decentralized gambling platform built on the EOS blockchain.

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Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.

$3.8 Million in Crypto Seized

After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.

During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.

According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.

The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.


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The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.

It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.

”Internet Cleansing Movement”

The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.

The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”

Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/chinese-police-confiscated-3-8-million-in-crypto-after-arresting-eos-gambling-dapp-team/

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$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

Record-setting liquidations worth $10 billion in the past 24 hours as the entire crypto market plummeted by double-digit percentages. 

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The enhanced volatility in the past day caused nearly $10 billion in liquidations in less than a day as bitcoin, and all altcoins fell hard. Naturally, over 90% of the liquidated amount came from long positions. 

  • CryptoPotato reported earlier today the adverse price developments in the cryptocurrency market. Bitcoin fell by more than $9,000 in hours, Ethereum lost $400, and so on. With most digital assets plummeting by double-digits, the cumulative market cap lost $360 billion at one point. 
  • As it generally happens, the community speculated for possible reasons. One theory outlined rumors indicating that the US Treasury Department plans to charge numerous financial institutions for laundering money using cryptocurrencies. 
  • While the reason is still debated, the severe price drops caused pain for traders. Data from Bybt shows a whopping amount of $9.98 billion liquidated in the past 24 hours alone. Somewhat expectedly, over $9 billion were from long positions – meaning 91%.  
  • Most of the liquidations took place on Binance, which is somewhat expected as it’s the leading exchange by volume. Following were Huobi and Bybit.
  • More interestingly, the largest single liquidation order happened on Binance and it had a face value of a whopping $68.73 million.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/10-billion-in-liquidations-as-the-crypto-market-cap-evaporated-360b-in-hours/

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