Social trading platform eToro ended 2020 with $600M in revenue

The exchange platform’s foray into cryptocurrency has been highly lucrative thus far. Exchange platform eToro is coming off a stellar year of growth, as novice traders seek new pathways into the financial markets, including cryptocurrency.  The online brokerage firm ended 2020 with gross revenue of $600 million, with total trading volume surging 40% to $1.5 trillion. Describing his firm as a technology company and multi-regulated broker, CEO Yoni Assia said: “The last few years have seen a rapid growth in eToro’s headcount reflecting both our global expansion and the growth of…

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DeFi revival pushes Celo, Venus (XVS) and Fantom (FTM) price higher

Strong fundamentals, increasing daily active users and successful layer 2 trials are pushing DeFi tokens to outperform the broader crypto market. A new report by CoinShares suggests Bitcoin (BTC) has garnered 97% of the total crypto inflows in 2021. The recent correction in Bitcoin price does not seem to have deterred crypto investors as CoinShares data shows a record $1.3 billion in crypto product inflows over the past week. This suggests that investors are accumulating on the dips rather than attempting to chase higher prices. Crypto market data daily view.…

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Update: “Coin Signals” trader also faces charges from the CFTC

Arrested by the FBI earlier today, the 24-year-old Spence also faces civil charges of fraud that look to bar him from future trading. For Jeremy Spence, also known as “Coin Signals,” the news just gets worse. The Commodity Futures Trading Commission has unveiled civil fraud charges against Spence for his investment scheme, which allegedly suckered investors out of over $5 million worth of Bitcoin based on false or misleading statements. As Cointelegraph reported, the Department of Justice arrested Spence earlier today on charges of wire fraud and commodities fraud that…

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Human Rights Foundation CSO urges Time readers not to ‘demonize’ Bitcoin

“Bitcoin is neutral like cash, and can’t discriminate between good and bad,” said Gladstein. Alex Gladstein, chief strategy officer at the Human Rights Foundation, is warning Americans about the narrative coming from media outlets reporting on crypto and other privacy tools. In an article for Time Magazine published today, Gladstein said that many news outlets covering stories about privacy-focused messaging app Signal or Bitcoin (BTC) tended to associate them with terrorists or criminal organizations. The Human Rights Foundation exec pushed back on narratives which paint privacy and self-sovereignty in a…

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A ‘token’ gift: The US SEC giveth and taketh away

While we would be remiss not to laud the SEC’s statement as a step in the right direction, the shortcomings are inescapable. On Dec. 23, 2020, the SEC published a statement proposing a framework for broker-dealers to custody digital asset securities in a manner consistent with Rule 15c3-3 under the Securities Exchange Act of 1934. Among other things, the statement, which will expire after a period of five years from publication, provides that a broker-dealer may custody digital asset securities so long as it operates consistent with the enumerated conditions…

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Injecting Apple-like ‘quality-control’ into DeFi is what we need

Implementing regular, consistent security checks and auditing mechanisms, as Apple does, will increase trust in the DeFi system as a whole. If you’re an Apple App Store user, then you’re probably aware of the recent legal drama surrounding the updates to the App Store guidelines. It’s a reasonably open secret that the App Store is designed to be at its core, more difficult for app developers to deploy their apps on than competitors’ offerings, pushing for a “quality over quantity” environment to protect its user base. With this push by…

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Here are the best and worst times of the day to use Ethereum

Avoiding U.S. trading hours could save you a gwei or two. Anyone who has used Ethereum in 2020 knows the frustration of paying for gas, the measure that represents a transaction’s computational weight. With gas prices sometimes rising up to 100 to 200 gwei, a unit equal to one billionth of an Ether (ETH), many users are finding themselves priced out of the action. While only a wide adoption of layer-two scaling solutions and the arrival of sharding can truly fix the situation, a few tricks can still help save…

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Bitmain CEO announces departure in the most crypto way

“I have resigned from the CEO and Chairman of Bitmain as of today,” said Jihan Wu. The power struggle between Bitmain co-founders Micree Zhan and Jihan Wu appears to be at an end. In a tweet on January 26, Wu announced his decision to step down from the company. The now former CEO and Chairman of Bitmain sent out an encrypted farewell message to his followers, announcing that the long-standing disagreement between ousted co-founder Zhan and himself had been settled in an “amicable” and “constructive” manner. “I have resigned from…

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FBI arrests 24-year-old crypto trader for commodities and wire fraud

The trader was both lying to investors and using an unregistered derivatives strategy on BitMEX. United States authorities have brought criminal charges against a crypto trader whom they say defrauded investors out of over $5 million.  The Department of Justice announced on Tuesday that it had arrested Jeremy Spence. Between 2017 and 2019, 24-year-old Spence operated a crypto investment scheme under the name “Coin Signals,” primarily via Twitter and Discord. The announcement quoted Federal Bureau of Investigation Assistant Director-in-Charge William Sweeney as saying: “As alleged, Jeremy Spence misrepresented the success of his…

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Bitcoin made up 97% of total crypto inflows in 2021

Bitcoin trading volumes surged significantly this year, jumping from an average of $2 billion in 2020 to $12 billion. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, remains the most preferred digital currency for investors, according to a new report. Bitcoin inflows accounted for 97% of total crypto inflows so far in 2021, according to a Jan. 25 report by digital asset investing company CoinShares. Bitcoin comprises 83% of digital asset investment products under management, while BTC investment products represent just 6.5% of total Bitcoin trading turnover. Amid a…

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