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What Info Will Come Out in the Binance Lawsuit?

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Plus, 9 reasons Bitcoin is near its ATH

Binance is taking on the media with a defamation lawsuit against Forbes filed in the U.S. District Court in New Jersey over Forbes’ October story reporting on the leaked “Tai Chi” document. Bitcoin has seen one of its most bullish weeks in years, with the price continuing to hover close to all-time highs. And another billionaire has revealed that he is invested significantly in Bitcoin.

There’s a lot of regulatory news this week, some of it bullish, some of it a bit more cloudy. The ETH 2.0 team hosted its latest AMA, there’s been another wave of DeFi attacks, and one of the early ICOs is facing strong pushback from one of its first investors. 

On Unchained, Jake Chervinsky and Kristin Smith discuss the looming battle around privacy in the crypto world — one that threatens the whole premise of transactions peer-to-peer from self-hosted wallets. And on Unconfirmed, Nic Carter dives into nine metrics that show the Bitcoin rally this time has come during a more mature market than we saw the last time the Bitcoin price was this high.


This Week’s Crypto News…

Binance Is Suing Forbes for Defamation

Binance Holdings Limited has filed suit against Forbes and two reporters for defamation. The lawsuit comes after Forbes published an article last month detailing alleged regulatory evasion by the crypto exchange. Binance is claiming harm at the hands of Forbes reporters Michael del Castillo and Jason Brett over a story they say “contains numerous false, misleading and defamatory statements.” Binance is demanding the story be taken down and is also asking for punitive damages. 

Stephen Palley, partner at Anderson Kill, tweeted a screenshot of the lawsuit, in which Binance claimed, “Importantly, Binance does not violate, and fully complies with, all applicable laws, rules and regulations in its operations,” and commented, “Given the fact that truth is an absolute defense to a defamation claim the discovery on this particular claim is going to be interesting.”   

Tensions have been rising for some time between Binance and the news media. Ironically, this lawsuit comes the same week that a group of crypto journalists (disclosure: including me) formed The Association of Cryptocurrency Journalists and Researchers, which aims to “provide education, mentorship, and training to ensure practitioners aspire to the highest ethical and journalistic standards.” 


Bullish Bitcoin Signals Roundup

  • Grayscale Investments’ net assets under management have surpassed $10 billion.
  • Bulk orders for the latest and most powerful ASIC miners are sold out until spring, and there’s greater demand from institutions outside China.
  • Skyrocketing Bitcoin prices have led to new highs in Bitcoin derivatives markets, with CME open interest in its Bitcoin futures crossing $1 billion, an all-time high.
  • Mexican billionaire Ricardo Salinas Pliego, the founder of Grupo Salinas, revealed in a tweet on Wednesday that 10% of his assets are in Bitcoin. He said, “Bitcoin protects the citizen from government expropriation.”

Regulatory roundup

  • SEC chairman Jay Clayton is stepping down from his post at the end of this year, months ahead of his planned June 2021 departure. This news was mostly welcomed by those in the crypto space, with Larry Cermak of The Block tweeting that this boded well for a long-awaited Bitcoin ETF. Surprisingly, on CNBC, Clayton also said the inefficiencies of existing payment systems have driven the rise of Bitcoin. 
  • Acting Comptroller of the Currency Brian Brooks has been nominated to a full 5-year term leading the national bank regulator. While the nomination itself is positive for crypto, CoinDesk’s Nikhilesh De tweeted why “Brooks’ path forward is murky,” citing an upcoming shakeup in the Senate Banking Committee.
  • Sian Jones, who has been a major player in crypto anti-money laundering regulations, speaking at the second annual V20 Virtual Asset Service Providers Summit, said the Financial Action Task Force needs to take a wholly new approach to how it polices crypto. She said that the FATF is trying to graft existing AML regulations onto crypto intermediaries when the core of crypto is to transact without intermediaries. She suggested the regulators look more closely at DeFi. If you missed Sian on Unchained in August discussing why the travel rule is one of the most significant crypto regulations, check out the episode here.

The Latest AMA on Ethereum 2.0

The Ethereum Foundation’s Ethereum 2.0 research team hosted its fifth Reddit AMA on Wednesday, answering a bevy of technical questions, and of course, questions about the imminent launch of the new protocol. Hot topics included options for backup plans to launch in 2020 if the 16,384 validators needed for launch aren’t reached by November 24th. Vitalik said, “from a technical perspective (which is the only thing the devs can control) eth2 did launch in 2020; what happens from here is entirely up to the community.”

After the AMA, Vitalik tweeted one of his replies to the question, “What is the max supply of ETH?” Vitalik responded, “Realistically, for the next ~3 years, Ethereum will be an ecosystem under rapid transformation.” He then named a number of the technical shifts, such as transition from POW to POS, and said people should not be in Ethereum today because they believe in protecting and stabilizing the current rules, but because they believe in the roadmap and that, after the upgrade, “we actually will get to a place where the network is efficient and stable and powerful and capable of being the base of significant parts of the global economy.” Then he said over the next two years, the issuance will be 4.7M, and then after that up to 2 million a year minus fees, noting that that could be greater than issuance. 


DeFi Hack Roundup

  • On Tuesday, Origin Protocol lost $7 million in funds in a reentrancy attack using a flash loan that initiated a rebase, artificially inflating the supply of OUSD protocols, which were then swapped for Tether. 
  • An attacker drained $6 million from the Value DeFi Protocol — again using a series of complex tricks including a flash loan.

Arca Says Gnosis Should Pay Back Investors

Cryptocurrency investment company Arca, one of the first investors in decentralized prediction market Gnosis, which held an ICO in 2017, has called for investors’ money to be returned and for the project to be overhauled. Arca CIO Jeff Dorman tweeted:

Arca points to changes in Gnosis’ product roadmap and mismanagement of its treasury, arguing that as a result, the project’s products have failed to gain traction. Additionally, the letter claims that the Gnosis team has deviated from the white paper and irresponsibly managed project finances. Arca has outlined a number of recommendations for Gnosis, including buying back tokens from holders which, “would allow Gnosis to run as a lean startup, rework the token’s use cases and redistribute the remaining tokens in order to create network effects on existing products.” Gnosis cofounder Martin Koppelman said in a statement to The Block, “we had already been working on an alternative path for the GNO token, which we think is much more appealing. Our own proposal includes a Gnosis DAO and gives much more ownership to GNO holders. It will be presented to the community very soon.”


Crypto Twitter had fun with the “this claim is disputed” flag on Twitter this week, applying it to all sorts of tweets, such as this one by CZ:

 

Source: https://unchainedpodcast.com/what-info-will-come-out-in-the-binance-lawsuit/

Blockchain

Marathon invests $150 million in Bitcoin

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Bitcoin mining firm Marathon has purchased 4,812.66 BTC for a total of $150 million, according to a press release shared with Coin Rivet.

The Nasdaq-listed company executed the trade in collaboration with financial services provider NYDIG.

“By purchasing $150 million worth of Bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class.

“We also believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy,” said Merrick Okamoto, Marathon’s chairman & CEO.

Okamoto goes on to state that Marathon is contracted to purchase 103,060 miners that will be fully operational by the end of the first quarter of 2022.

Robby Gutmann, co-founder and CEO of NYDIG, added: “We deeply admire Marathon’s commitment to the Bitcoin ecosystem, and we are very pleased to add them to the list of companies who utilise NYDIG as the institutional choice for Corporate Treasury Solutions.

“NYDIG is uniquely positioned to help corporations navigate the challenges they face around executing and structuring the holding of large Bitcoin positions, and our ability to deliver Marathon a tailored and custom solution, with a quick turnaround, and no market impact, is why corporations and insurance companies choose NYDIG.”

Marathon is the latest in a long list of companies to put respective balance sheets into Bitcoin, with MicroStrategy holding more than $1 billion while Square purchased $50 million late last year.

For more news, guides and cryptocurrency analysis, click here.

Source: https://coinrivet.com/marathon-invests-150-million-in-bitcoin/

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PayPal allows Bitcoin and cryptocurrency transactions

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Just a few years ago, Paypal used to categorically oppose Bitcoin as a payment method. For those who used to buy Bitcoin during the prior bull run, in 2017, you might remember the large interest of Paypal users in finding ways to obtain cryptocurrency. Paypal did not only take an opposing stance but they even closed accounts associated with cryptocurrency purchases.

 

Fast forward to 2020, and we are seeing an incredible development taking place – Paypal finally supports cryptocurrency transactions. While the new feature of the payment system is only a few weeks old, many people are not yet aware of the specifics. And that’s exactly why we wrote this article.

 

Over the next few paragraphs we will break down the new offer of Paypal, and how it affects the industry as a whole. Let’s get started.

Paypal enables cryptocurrency storage

As of November 2020, users are now able to purchase Bitcoin, Ethereum, Litecoin and Bitcoin Cash directly through Paypal.

 

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Now you can buy, hold and sell <a href=”https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw”>#Crypto</a> with PayPal. Start with as little as $1 in the PayPal app today. Terms apply. <a href=”https://t.co/ydl63Q5kGB”>https://t.co/ydl63Q5kGB</a> <a href=”https://t.co/ArZP2FgrSk”>pic.twitter.com/ArZP2FgrSk</a></p>&mdash; PayPal (@PayPal) <a href=”https://twitter.com/PayPal/status/1330919854724026373?ref_src=twsrc%5Etfw”>November 23, 2020</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

 

The offer initially rolled out for users who reside in the United States, and was later enabled to more than 380 active Paypal users around the globe.

 

Here’s how the process works:

  • Users can select to either buy or sell the cryptocurrency they want from the dashboard of Paypal.
  • After making a purchase, the coins remain in their account and cannot be transferred elsewhere. Paypal thus offers “paper crypto”, also known as a representation of cryptocurrency backed by the real asset.
  • Due to being unable to transfer the funds. Users are eventually prompted to sell their coins back to the platform.
  • While this limits the use of cryptocurrency obtained through the platform there is some great news as well. Until 2021, users do not need to pay any fees when buying or selling coins through the platform.

 

So is this a good thing for the growth of the industry?

Many claims that the somewhat “centralized” approach that Paypal adopts when it comes to cryptocurrency transactions gives the wrong message towards the public. Several authoritative cryptocurrency investors believe that new users should be able to use their coins as they please, and not be forced to hold onto them within the platform of Paypal.

 

However, there are some very good news for the industry as well. These are the developments you need to keep in mind as we are entering 2021 with a nearly fully recovered Bitcoin:

1.   Paypal now buys ±70% of all new BTC

Since their recent announcement, more than 20% of Paypal’s users have already bought some form of cryptocurrency. To support this extremely large user demand, Paypal is now forced to purchase nearly 70% of the daily minted supply, which equals roughly to 630 BTC. This move sharply increases the difficulty of obtaining new Bitcoin, which in turn increases its scarcity and price.

2.   Paypal improves accessibility to crypto

New technologies always take time to develop, especially when the majority of people are not very accustomed to decentralized technology. Paypal’s decision to support cryptocurrencies massively expedites this process, making the UX/UI issues disappear. Every Paypal user has now full access to cryptocurrency and can purchase however much they like.

3.   Cryptocurrency will soon be used when paying all Paypal-supported merchants

Starting from early 2021, Paypal users will be able to use their cryptocurrency to make payments to all 26 million merchants that support the payment system on a global scale. This brings cryptocurrency one step closer to being adopted as a fully capable and globally adopted payment system.

Wrapping up

Paypal’s move towards cryptocurrency support and mainstream adoption makes perfect sense when looking at the recent economic and geopolitical developments. With Bitcoin making a full recovery over the past two years, there is now concrete proof that cryptocurrency is here to stay. Those who welcome new technologies will be the ones that benefit most from it, and Paypal seems to have a low time-preference when it comes to their enhanced business model.

For now, we will need to patiently wait until more payment systems and institutions decide to join the BTC revolution. Who knows what the future may hold? We may soon see Bitcoin climbing to new highs, satisfying even the most demanding Paypal users.

Source:

Santa

Cryptocurrency Journalist

Santa is a Latvia-based cryptocurrency journalist with a passion for covering the latest happenings in the cryptocurrency and tech world. In addition to being the analytics specialist of Paybis, Santa is also into consulting, reading,

 

 

 

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Blockchain

Bitcoin: Has the bull market faded?

2021 has proven itself to be quite a promising year for Bitcoin, with its price action on the charts enabling it to register new ATHs. However, over the past 7 days, the bullish momentum has faded, wi

The post Bitcoin: Has the bull market faded? appeared first on AMBCrypto.

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2021 has proven itself to be quite a promising year for Bitcoin, with its price action on the charts enabling it to register new ATHs. However, over the past 7 days, the bullish momentum has faded, with Bitcoin retracing all way from around $41k to where it stood at press time ($32,600).

However, does the reversal signal the end of the bull run or the start of a wider scale correction akin to what happened in January 2018? Or, as most traders would have it, is Bitcoin’s price finally stabilizing above its previous ATH and maintaining much of the gains it raked up since December 2020?

Source: Santiment

Interestingly, Bitcoin’s social volume metric can help elaborate on what happened, with the world’s largest cryptocurrency enduring a price correction amounting to close to 10 percent.

Santiment’s data showed that as Bitcoin fell to $31.1k, its social volume – a metric that helps traders determine the market sentiment and where the price will head in the short-term – increased and registered a 6-day high. Given the increased demand for Bitcoin over the past few months, from both retail and institutions, it wasn’t much of a surprise that many saw the dip in price as an interesting buying opportunity.

Source: Santiment

On the other hand, there have been certain caveats to Bitcoin’s positive sentiment. What was noticed according to the data provider was that there was a sudden surge in negative commentary around Bitcoin. While a major share of the market seemed to have its faith in Bitcoin unshaken, Santiment’s data also hinted at the fact that a bigger price correction cannot be overlooked for the king coin. While it is unlikely that a drop to its November 2020 valuation is going to happen, a further dip that takes Bitcoin’s price below $30k cannot be discounted.

However, there are still strong bullish signs that one needs to consider before coming to any substantial conclusions regarding Bitcoin’s fortunes in the coming weeks and months.

Hodlers have traditionally played a key role when it comes to Bitcoin maintaining its price and securing significant returns for its investors. According to Glassnode’s Liquid Supply Change charts for Bitcoin, the crypto’s price continues to be fairly secure, with the same revealing that a large-scale dip on the charts looked quite unlikely.

Source: Glassnode

According to the data provided, Bitcoin is seeing the largest depletion of liquidity in a few years, with a majority of the Bitcoin being moved from exchanges into non-exchange entities that are to be hodled for long periods of time. This is a very important aspect of Bitcoin’s 2021 price action and can back up the argument that Bitcoin’s price is going to hold its ground without losing much to the bears in the coming weeks.

In the past month alone, a whopping 270,000 Bitcoins have moved to entities considered HODLers. With the backing of large accounts that continue to hodl, Bitcoin may see occasional dips and corrections, but the bullish market momentum is likely to remain and help stabilize the coin’s price.

Source: https://ambcrypto.com/bitcoin-has-the-bull-market-faded

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BTC Price Will Replace S&P 500: Michael Saylor

Michael Saylor, Bitcoin bull and MicroStrategy CEO, spoke on CNBC’s Power Lunch about the future of bitcoin. MicroStrategy just bought $10 million worth of the digital currency, and he was asked about the future of bitcoin. After BTC Replaces Gold As a ‘technically superior asset’, Michael Saylor noted, BTC is the ideal institutional safe haven … Continued

The post BTC Price Will Replace S&P 500: Michael Saylor appeared first on BeInCrypto.

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Michael Saylor sees bitcoin, the ideal institutional safe haven asset, replacing stock indices.

Michael Saylor, Bitcoin bull and MicroStrategy CEO, spoke on CNBC’s Power Lunch about the future of bitcoin. MicroStrategy just bought $10 million worth of the digital currency, and he was asked about the future of bitcoin.

After BTC Replaces Gold

As a ‘technically superior asset’, Michael Saylor noted, BTC is the ideal institutional safe haven asset. He sees it as replacing gold.

Besides Saylor, Deutsche Bank, JPMorgan, Blackrock, and others see BTC as affecting the gold price or replacing gold as an asset. However, Saylor took his prognosis a step further and said that BTC could replace stock indices such as the S&P 500 or the Dow. Cash-rich corporations are “saying that cash is a liability; they have to find an asset that’s going to appreciate faster than the rate of monetary expansion.”

After that occurs, bitcoin will find itself even further integrated into the business world. It will become the monetary index that replaces stock and bond indices such as the S&P 500 and the Dow. “People that want a safe haven store of value…for the next 10 to 30 years are going to be attracted to a digital asset that has no inflation in it.”

People that want a safe haven store of value…for the next 10 to 30 years are going to be attracted to a digital asset that has no inflation in it.

70,784 BTC, +/-

Saylor’s CNBC interview came as MicroStrategy announced that it had bought another 10,000. This takes the company’s total bitcoin holdings in its reserves to about 70,784 BTC. MicroStrategy bought this latest round of 314 bitcoin at an average of $31,808 per coin. 

An IT company with a twist

MicroStrategy is still a business intelligence and professional services company. However, Saylor and his team use bitcoin as a store of value for an increasing portion of the corporation’s treasury. As CNBC notes, this results in the company’s stock price tracking bitcoin’s. “It’s almost become a stock market proxy for crypto,” said host Morgan L Brennan.

When Brennan asked Saylor about this, he noted that because companies want to convert the liability of cash into an asset, they will do one of two things. Many will do what MicroStrategy has done. They will directly purchase bitcoin. Others will go the route of Square and Paypal, and will build bitcoin into their product offerings.

Moreover, Saylor noted that the company’s employees are “pretty delighted” with the company’s moves, as they are “pioneers” in terms of utilizing this technology.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/__trashed-4/

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