Elon Musk Reveals His True Opinion on Bitcoin and Crypto

Elon Musk finally revealed his nuanced stance on cryptocurrencies, saying that they could be a valid replacement to cash and its usage in illegal transactions. After a long and cryptic series of tweets on Bitcoin (BTC), SpaceX and Tesla CEO Elon Musk elaborated his stance on cryptocurrencies in a Jan. 20 podcast. Noting that he’s “neither here nor there on Bitcoin,” Musk focused on its use for illegal transactions. The billionaire has recently been in the spotlight for several short and cryptic tweets related to cryptocurrency. On Jan. 10 he…

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WEF Unveils Global Governance Consortium for Digital Currencies

The World Economic Forum has created what it claims is the first ever global consortium dedicated to designing a framework for the global governance of digital currencies. The World Economic Forum (WEF) has created what it claims is the first ever global consortium dedicated to designing a framework for the transnational governance of digital currencies, including stablecoins. A press release shared with Cointelegraph on Jan. 24 reveals that the newly-formed Global Consortium for Digital Currency Governance will focus on the development of interoperable, transparent and inclusive policy approaches to regulating…

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Crypto Exchange Liquidity, Explained

Exchange liquidity is affecting every trade you make. From slippage to technical analysis accuracy, understanding a trade’s liquidity environment is key to a successful strategy. What are risks and possible benefits associated with low liquidity? We’ve discussed at length the benefits of higher liquidity and some of the risks of low liquidity, but it’s worth making those risks explicit, as well as mentioning some of the potential benefits of low liquidity for a trader. Fundamentally, lower liquidity leads to less stable prices for an asset, meaning that slippage and price…

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Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC

Coinbase is by far the biggest exchange hoarder of Bitcoin, with second place Binance having holdings totaling only around 250,000 coins. United States cryptocurrency exchange Coinbase will soon hold a million Bitcoins (BTC) in its cold wallets in a controversial first for the industry. According to data from news and information resource Longhash released on Jan. 23, Coinbase’s cold wallets contained around 970,000 BTC ($8 billion) as of Jan. 1. Coinbase weeks away from 1 million BTC If current growth continues, the company will reach the 1,000,000 BTC mark by…

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Hawaii Introduces Bill Authorizing Banks to Offer Crypto Custody

Hawaii senators have introduced a bill authorizing banks to offer custody services to digital asset classes. The Hawaii State Senate has passed the first reading of a bill authorizing banks to hold digital assets in their custody. The bill was introduced on Jan. 17 by five state senators, including the only Republican member of the Senate, Kurt Fevella. It passed the first reading on Jan. 21 and was then referred to the committees on Judiciary and Commerce, and Consumer Protection and Health on Jan. 23. The bill specifies the set…

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Celsius to Begin Offering Compounding Interest on Crypto Deposits

Crypto lending company Celsius will add compounding interest on deposited tokens starting on February 1. Cryptocurrency lending and borrowing platform Celsius announced that it would be implementing compounding interest on cryptocurrencies deposited in its wallet, starting Feb. 1. The announcement came with a number of other updates in a Twitter AMA (ask me anything) with founder Alex Mashinsky on Jan. 22. Compounding interest was a feature requested by the Celsius community, and brings the community-driven app in line with venture capital-backed competitors like BlockFi, and traditional financial services. In announcement…

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Ripple’s XRP Sales Saw a Historic Low in Fourth Quarter of 2019

Ripple’s quarterly sales dropped from $251.51 million in Q2 2019 to just $13.08 million in Q4 2019 due to removal of programmatic sales. Ripple’s XRP sales continued to drop in the second half of 2019, with sales of the token reaching a historic low in Q4. According to a Jan. 22 blog post by Ripple — the firm behind the third largest crypto asset by market cap — total XRP sales in Q4 2019 accounted for $13.08 million, down more than 80% from the $66.24 million reported in Q3 2019.…

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Tether Launches Gold-Backed Stablecoin and Begins Trading on Bitfinex

Tether is now offering a gold-backed stablecoin, XAUT, which represents ownership of one troy ounce of gold held in a Swiss vault controlled by the company. Tether is now supporting a gold-backed stablecoin, Tether Gold (XAU₮), according to a Jan. 23 press release. One token represents ownership of one troy fine ounce of physical gold, currently worth approximately $1,550. The new product is available as an ERC-20 token on the Ethereum blockchain, as well as a TRC20 token on Tron (TRX). The funds are said to be backed by physical…

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Week Two of RBI Vs. Crypto at the Supreme Court of India

The Supreme Court of India has this listened to further hearings in the landmark case against the central bank’s ban on banks’ dealings with crypto-related businesses. The Supreme Court of India has this week listened to further hearings in the landmark case against the Reserve Bank of India’s ban on banks’ dealings with crypto-related businesses. On Jan. 22 and Jan. 23, proceedings continued with arguments presented by Ashim Sood, the legal counsel for the Internet & Mobile Association of India (IAMAI).  In the wake of both public and industry-led petitions,…

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Japanese Officials Are Working on a Digital Currency

Japan appears to have reversed its earlier stance on CBDCs as Facebook’s Libra and China’s digital yuan pressure decision makers to release a digital yen. Ruling party lawmakers in Japan are reportedly working on a proposal to issue a national digital currency, Reuters reports on Jan. 24. This appears to be a response to fears of a Chinese digital yuan. The planned digital yen would be jointly developed by the government and private companies, and would follow many similar initiatives around the globe. The proposal is worked on by a…

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