Monthly Archives: November 2020

Before Congress, federal regulators dispute US pace on national digital currency

Speaking before Congress, OCC head Brian Brooks describes the importance of digital asset innovation and the private sector. Amid a global race toward central bank digital currencies, or CBDCs, the United States needs to focus on the private sector, says Acting Comptroller of the Currency Brian Brooks.  “We have built private stablecoins in this country that already have a market cap in the tens of billions of dollars,” Brooks said in a U.S. House Committee on Financial Services hearing on Thursday. Formerly head of Coinbase’s legal department, […]

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Bitcoin whale sell-off could capsize BTC’s voyage above $16,200

Bitcoin price is holding the $16K level but on-chain data suggest BTC could face a major roadblock in the short term. Bitcoin (BTC) price is proving to be relatively stable at around the $16,000 level, heavily outperforming both safe-haven and risk-on assets, including gold and stocks. But in the near term, the digital asset faces a major roadblock in the form of whales. On Nov. 12, the price of Bitcoin reached $16,199, a level not seen since the famed 2017 rally. Although BTC dropped to $15,600 within a […]

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EU will decide on digital euro in January 2021: ECB president

“At that point in time we will make the decision as to whether or not we go forward with the digital euro.” The president of the European Central Bank, Christine Lagarde, has said that the bank should reach a decision on releasing a digital euro early next year. In an online policy panel held on Nov. 12, Lagarde stated that the European Central Bank, or ECB, was not “racing to be first” in its efforts to release a central bank digital currency, or CBDC. However, she said […]

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As Governments Seek Encryption Backdoors, Bitcoin Becomes Critical

On November 6, 2020, the Council of the European Union released a “Draft Council Resolution on Encryption.” The document is supposed to serve as a precursor to a final text to be presented to the Council, on November 19 for potential legal adoption. It emphasizes support for data encryption in general, but also notes the challenges that encryption technologies pose for investigators who want to access criminals’ communications.  “The European Union fully supports the development, implementation and use of strong encryption,” the report notes. “However, there are […]

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Bitcoin price surge to $16.2K accompanied by record volume — Data shows

Data shows Bitcoin spot volume reached a 2020 high as retail and institutional interest surged. Bitcoin (BTC) has had a great November so far and many analysts believe the future remains bright for the top-ranked cryptocurrency. Currently sitting at $16,000 the price has surged by 23% since the start of the month, rallying mostly after the completion of the U.S presidential election. Now, Bitcoin spot volume has passed all previous records in 2020, showcasing the growing demand for acquiring BTC. The strong rally to $16,200 led Bitcoin […]

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Digital Currency Group IPO could easily fetch $4 billion, says Messari

Could Digital Currency Group be the first major crypto company to go public? What would an initial public offering for Digital Currency Group, or DCG, look like? Analysts at digital analytics firm Messari believe they have the answer.  In a newly published report, researcher Jack Purdy lays out a theoretical initial public offering for DCG. Using data from quarterly updates, along with other publicly available information and the average price-to-sales ratio for comparable fintech companies, Purdy concludes that DCG would be valued at more than $4 billion […]

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Macro factors could bring Bitcoin to $1 trillion market cap, strategic investor says

Strategic investor Lyn Alden says the 2020 macroeconomic environment is extremely favorable to Bitcoin. Strategic investor Lyn Alden believes Bitcoin’s growing network effect coupled with favorable macroeconomic factors may bring its market capitalization to $1 trillion in the next few years.  Back in 2017, Alden was skeptical toward Bitcoin (BTC), as the network effect of the main cryptocurrency was still relatively weak: “I was concerned with dilution. […] So, if there isn’t one network effect that retains control, you could see that kind of market cap distributed […]

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Paypal Opens Crypto Services to Millions of Eligible Account Holders in the US

Payment processing giant Paypal announced on Thursday that “all eligible Paypal account holders in the U.S. can now buy, hold, and sell cryptocurrency directly with Paypal.” The news follows the company’s announcement to support crypto assets at the end of October. Paypal’s New Relationship With Crypto Assets On October 21, 2020, the payment firm Paypal announced that it would soon support bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC). The company said the Paypal customers would be able to buy, sell, and hold the virtual […]

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The ‘Undo Button’ Wallet Tool Gives Users the Ability to Reverse Ethereum Transactions

On Thursday, November 12, 2020, the blockchain firm Kirobo launched a tool that allows users to reverse ethereum transactions. Similarly to the replace-by-fee (RBF) protocol leveraged by bitcoin users, ethereum transactions can be reversed as well with Kirobo’s “Undo Button” supported by Metamask or any wallet that supports walletconnect. The two top blockchain assets, in terms of market capitalization, have features that allow users to reverse transactions they sent if the fee was too low or for other reasons. For years now crypto proponents using the Bitcoin […]

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PayPal’s crypto trading and payments go live in the US

Customers will be able to trade up to $20,000 a week, rather than the originally announced $10,000. On Thursday, PayPal’s crypto trading and payments went live for all eligible customers in the United States. Per its updated announcement, PayPal ended its waitlist for customers looking to use cryptocurrency in the U.S. Trading features a limit of $20,000 per week, which is double the originally announced $10,000. PayPal ultimately plans to make crypto payments available at 26 million merchants globally.   A representative told Cointelegraph that PayPal will notify U.S. […]

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