Monthly Archives: August 2020

Mike Novogratz’s Galaxy Digital Holdings Reports $38.5 Million Income for Q2: “We’ve Crossed the Rubicon’ 

Galaxy Digital Holdings reported on Friday, August 14 that its comprehensive income for Q2 grew to $38.5 million. The figure reflects both net realized and unrealized gains from digital assets, as well as investing activities of $28.3 million. In an earnings call, Galaxy Digital President, Chris Ferraro, said operating revenue growth is just over 24% for the first half of 2020 versus the same period last year. Ferraro explained that “this is across all of our operating business lines, including asset management and advisory service fees, financing […]

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Record Ethereum Network Use and Gas Fees Pose Risk to DeFi Expansion

Ethereum network use and transaction fees are rising to record highs, will this interfere with DeFi’s current expansion? The number of Ethereum network transactions more than doubled in 2020 and is now virtually identical to the January 2018 all-time high.  As shown on the chart below, the number of transactions doubled in the past six months to stand at 1.23 million per day.  Ethereum 7-day average daily transactions. Source: CoinMetrics This situation might seem very bullish at first, but one must remember both EOS and Tron (TRX) […]

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Former Prudential Securities Chief Executive Ball Bats for Bitcoin

Bitcoin is both a long-term safe haven and short-term speculative asset, Ball said. Former Prudential Securities chief executive and current chairman of Sanders Morris Harris George Ball sees Bitcoin as a safe haven for those looking for different investments.  In an interview with Reuters on August 14, Ball admitted he was previously a “Bitcoin opponentâ€� but, with the government participating in the financial markets, he’s seen the value of Bitcoin and other cryptocurrencies.  “I’ve never said it before, but I’ve always been a blockchain and Bitcoin opponent […]

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Major South Korean Chat App Bets Big on NFT-Based Stock Trading

The race for blockchain adoption is on in South Korea. South Korea’s well-known chat application, Kakao, bolsters its presence in blockchain and crypto with its partnership with a non-fungible token-powered trading platform and its new crypto wallet Klip. According to Hanguk Kyungjae, the trading company Angel League will receive support from Kakao’s Klip platform for its digital certificates based on NFTs. Angel League allows groups of investors to jointly purchase the stocks of startups in the “pre-IPOâ€� stage. The members, known as “lead angels,â€� are selected through […]

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Hong Kong Authorities Apprehend Bitcoin ATM Thieves Who Stole $30,000

Showing up in person to steal cash from a digital asset machine? Authorities recently took three men into custody following their alleged swindling of $226,000 in Hong Kong dollars from Bitcoin (BTC) ATMs in the territory.  The apprehended male trio, ranging from age 26 to age 55, allegedly exploited six different Bitcoin ATM machines, manipulating them to cough up the Hong Kong dollar equivalent of roughly $30,000 U.S. dollars, an article from the South China Morning Post detailed on Aug. 15. The alleged robbers took the cash […]

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Law Firm Sees Crypto Investors Flocking to St. Kitts & Nevis for Dual Citizenship

This week news.Bitcoin.com spoke with Jennifer Harding Marlin from the St. Kitts & Nevis islands law firm JH Marlin. The business specializes in all types of law practice and citizenship by Investment (immigration) is very popular. Marlin explained that recently, the company is getting “a lot of clients in the crypto space that are looking to obtain second passports.” During the last few months, the whole world has been shaken by the Covid-19 outbreak and this has caused citizens to seek alternatives in certain careers, education, and […]

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Why Cryptocurrency Is More Than a Hedge Against US Dollar Inflation

Precious metals used to be the best way to protect your portfolio from natural value deterioration, but Bitcoin is changing the game. During times of international economic crisis, governments print money. This leads to inflation and investors subsequently stashing their investment capital in long-term, stable investments. Historically, that has meant gold, but in the current economic crisis, gold has been joined by another long-term store of value: Bitcoin (BTC). There are several good reasons for this. The United States Federal Reserve is handling the crisis terribly, and […]

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Novogratz Says Biden and Harris Good for Country, Bad for Markets

The upcoming election is a big deal for financial markets. Galaxy Digital CEO and known Bitcoin (BTC) proponent, Mike Novogratz, said he sees upcoming financial market difficulties if Democrats take the U.S. presidential bid in November.  “Electing Biden and Harris, as much as it’s going to be great for the country, it’s not going to be great for the market,” Novogratz told Bloomberg in an Aug. 14 interview.  Following his comments on Biden’s vice president, Kamala Harris, being “fair” to Wall Street if elected, Novogratz mentioned heightened […]

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California Moves Forward With Digital Asset Bill

Originally seeking to define digital assets, the bill now orders for a study to look at the impact of digital assets if these were securities. California’s Senate Banking and Financial Institutions committee has passed a bill seeking to define digital assets and measure its impact on the state and consumer protections.  Assembly Bill 2150, which can potentially influence how federal regulators approach digital assets, unanimously passed the Senate’s Banking and Financial Institutions committee. It will be discussed in the Committee on Appropriations as early as August 17.  […]

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Decentralized Exchanges Maturing, but High Demand Reveals Limitations

The growth of decentralized exchanges in 2020 has been phenomenal, but there is a hard ceiling with current technology. Decentralized exchanges, also known as DEXs, have risen significantly in popularity since the start of 2020, with both their user bases and volumes growing at an accelerating pace. The sector is currently being driven by so-called “automated market makers,â€� or AMMs.  In a nutshell, these exchanges do away with the traditional order book and custom price orders. Instead, an asset’s price is determined by a mathematical formula that […]

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