Commentary On FinCEN’s KYC Proposal – Bitcoin Magazine

Policy Division Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 FinCEN Docket No. FINCEN-2020-0020, RIN 1506-AB47 January 4, 2020 Dear Sir or Madam, The proposed regulations on currency transaction reports and record-keeping seem to require that banks and money services businesses (MSBs) be able to prove that an identified counterparty to a transaction indeed owns one or more particular cryptocurrency addresses, when that counterparty uses an unhosted wallet and the transaction is over $3,000 in value. (The $3,000 mark would invoke the record-keeping requirement, while the $10,000 mark…

Read More

Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up 3,900% Year-on-Year

Bitsika Africa, a crypto startup operating out of Ghana and Nigeria, said Monday that it processed almost $40 million in remittances in 2020, up from just under $1 million the previous year. Founder and chief executive officer Atsu Davoh said that deposits accounted for $18.87 million of the total volume, with payouts making up $17.89 million. Internal peer-to-peer transfers made up $3.19 million of total volume, he added. Davoh did not reveal how much of the total volume constituted bitcoin (BTC)-denominated remittances. The CEO had not responded to questions sent…

Read More

Litecoin briefly flips XRP as 4th largest crypto amid Ripple–SEC spat

Litecoin (LTC) and XRP briefly traded places in market capitalization rankings over the weekend, highlighting the impact of the recent lawsuit against Ripple filed by the United States Securities and Exchange Commission. The so-called “flippening” happened early Sunday when Litecoin’s market cap hit $9.95 billion following a more than 12% surge in price. XRP, meanwhile, had declined in excess of 25% over a 24-hour trading period.  LITECOIN JUST FLIPPED XRP pic.twitter.com/yjBq15JtpV — HODLGeorge (@BitfuryGeorge) January 3, 2021 At press time, XRP was back in the fourth position with a market…

Read More

Why 2021 Will Be A Big Year For Bitcoin – Bitcoin Magazine

2020 was unforgettable, especially for Bitcoin. To help memorialize this year for our readers, we asked our network of contributors to reflect on Bitcoin’s price action, technological development, community growth and more in 2020, and to reflect on what all of this might mean for 2021. These writers responded with a collection of thoughtful and thought-provoking articles. Click here to read all of the stories from our End Of Year 2020 Series. Leaving 2020 This year has been a wild ride. We have seen a blitzkrieg on civil liberties across…

Read More

Ukraine taps Stellar to develop digital asset infrastructure, including CBDC framework

The Stellar Development Foundation has signed an agreement with the Ukrainian government to facilitate the creation of a digital asset ecosystem, including a framework for a central bank digital currency, or CBDC.  Ukraine’s Ministry of Digital Transformation announced Monday that it has entered into a Memorandum of Understanding with the Stellar Development Foundation. The MOU outlines Ukraine’s strategy for developing virtual assets and CBDC infrastructure. This includes providing support to projects specializing in digital assets, implementing and regulating stablecoin circulation and promoting the development of a CBDC.  A press release…

Read More

Bitcoin Price Drops 17%, Large CME Futures Gap Filled, BTC Spot Markets Rebound

On January 4, 2020, the price of bitcoin slid to the lowest point of the year dropping from Sunday’s high of $33,800 per unit to $27,734 a few minutes after 5 a.m. (EST). In fact, the price dip filled CME Group’s large futures gap after the regulated exchange has seen six consecutive gaps since the run-up. Meanwhile, a number of other cryptocurrencies have seen significant gains and they did not drop as much as the leading crypto asset. Bitcoin (BTC) prices took a hit on Monday morning losing a total…

Read More

Ethereum price spikes to $1,161 for the first time in three years: What’s next?

The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain, achieved $1,161 for the first time since January 2018. Immediately after it hit a new three-year high, ETH corrected to below $900. Ether rallied due to the momentum of Bitcoin. Historically, following a strong BTC rally, altcoins have seen a swift uptrend. Traders usually call this “alt season” because many altcoins tend to increase in tandem. Why did Ether correct, and what happens next? Ether rose following Bitcoin’s rally, but on-chain data also showed that there was a…

Read More

A Critical Test For Bitcoin – Bitcoin Magazine

Proof of Keys day was initially created as a test for exchanges and other third-party custodians — a way for individuals to ensure that third parties holding bitcoin weren’t operating as a fractional reserve. Let’s face it: It’s likely that many third-party bitcoin custodians are doing just that, and Proof of Keys day is unlikely to change anything. It’s time for this Bitcoin holiday to grow beyond an adversarial test for exchanges. It’s time to evolve this day into an educational celebration of private keys, where we help Bitcoiners both…

Read More

5 things to watch in Bitcoin this week

Bitcoin (BTC) is almost unrecognizable as it starts the first working week of 2021, retaining $30,000 support and hitting astronomical new highs. Hard to believe for hodlers, price action continues to wow as Monday gets underway, and attention is turning to what might be next. Cointelegraph takes a look at five factors that investors might wish to monitor in the coming days in what is one of the most volatile Bitcoin trading markets in history. Stocks hit highs as Bitcoin “flips” the Dow It’s another curious week for stocks as…

Read More