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Gold vs. Cryptocurrency Investments: What’s the Difference?

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Gold

If you’re new to investing and can’t decide between gold and cryptocurrency, here are some key distinctions to consider:

Ownership Structure

There are various types of gold and every type is dependent on its weight. Customers on a limited budget can purchase a little over a 1-gram bar, whereas wealthy customers can purchase 1-kilogram weights.

Crypto is a digital asset. If a person wants to invest in crypto, he will need a digital wallet to store it or keep it on a payment service for safety.

Supply

Although gold is a unique precious metal with a finite supply, it does not have a finite quantity because new gold mines are continually being discovered globally.

Whereas each cryptocurrency has a limited supply. Whether it’s pre-mined or mined, once the full supply has been mined and given to its users, the value will be solely determined by the market cap and customer needs.

Volatility

Gold is not as dangerous as cryptocurrency. Investors see the history of gold before investing. Gold provides less profit as compared to cryptocurrency, but they are safe for many.

While cryptocurrency shows volatility. New cryptocurrencies are brought to the market while existing ones compete to retain or increase their market value. There are some cryptos whose price will rise shortly after their launch date but will then drop in value hours later.

Taxes

If a person has a gold bar or coin collection in his possession, he may be subject to taxes on his investment.

In most countries, cryptocurrency does not have any taxes, but in future, it may have taxes because few countries are discussing taxing cryptocurrency just like they tax other investment and property assets.

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Crypto retakes $2 trillion market cap amid Bitcoin gains

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Digital dollar

NEW YORK: The total market value of cryptocurrencies rose above $2 trillion again, as Bitcoin continued to climb and the likes of Cardano, XRP and Dogecoin advanced, as well, Gulf News reported. The crypto’s market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins. Bitcoin reached as high as $48,152, … Read more

Binance get order to identify and freeze hackers accounts

by
Binance

Binance has been ordered by the high court of the UK to investigate the hackers who robbed $2.6 million from Fetch.ai and freeze their accounts.

The amount of money is lesser than the amount compared to the recent hack of Poly Network, it is one of the first public cases involving Binance and will be a litmus test for English courts and their abilities to combat fraud on cryptocurrency platforms

A spokesperson from Binance confirmed that the company was helping Fetch.ai to recover its assets. They went on to say:

“Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform.”

Binance warned Fetch.ai that it had seen strange activity on their account. Binance already freezes some of the money for safety, the hacker was able to sell some of the assets, but only for a third of the original amount.

The result of the hack on the Poly network and this case shows that it is becoming extremely hard for hackers to hack into accounts, rob cash, and keep it.

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Titan introduces portfolio of crytocurrency for U.S. clients

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Titan

Titan, a U.S. investment adviser introduce a modern crypto offering for U.S. investors, providing market members to access digital currencies such as ETH and BTC.

The modern Titan crypto portfolio pursues the investors to invest in cryptocurrencies that have the potential to outperform in the long run. The portfolio is overlooked by titan’s crypto team and is also available for U.S. citizens who live outside the state of New York.

Earlier, Titan has raised $75 million in total capital, including a $58 million Series B round headed by Andreessen Horowitz. Despite the fact that the funds obtained were not primarily towards Titan’s crypto firms, Cointelegraph told by a representative at the company that these funds will assist titan’s cryptocurrency offering  “well beyond the flagship coins and behaviors,” mentioning to BTC and ETH. For upcoming growth DeFi coins is one avenue, the representative recognized.

For the most successful cryptocurrency campaigns, Andreessen Horowitz has been a part of. A company that is based in California newly launched a fund that worth $2.2 billion devoted to cryptocurrency plays and blockchain, Cointelegraph reported.

Among the largest funding phases have targeted crypto exchanges and other service providers that are giving old onramps on the investments of digital currency. There is mounting evidence on the institutional front that many of the investors have been rising their experience on digital assets.

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Poly network gets hacked and faces a loss of $600 million

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Poly network

Poly Network is decentralized finance (DeFi) firm, which publicized that hackers were able to steal much more than $600 million costs of several cryptocurrencies managed on the Binance Smart Chain, Ethereum, and Polygon blockchains.

This could be one of the biggest cryptocurrency-related heists.

If the total of that $600 million in assets managed on those chains was in fact cooperated. Poly Network didn’t share data about how much was stolen, but it did share the types of cryptocurrency taken by the hackers, CoinDesk reported.

Among those on the list are, Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), RenBTC, Dai, Uniswap (UNI), Shiba Inu (SHIB), FEI, and USD Coin (USDC).

Poly Network public a list of wallets related to the theft and advised “miners of affected blockchain and crypto exchanges” and also “token issuers” to “blacklist assets coming from” those addresses to avoid the stolen coins from being spent. At least some of those groups, such as Tether, have fulfilled that demand.

According to a study conducted by CipherTrace, Poly Network’s statement came just after Reuters informed that “losses from theft, hacks, and fraud” in the DeFi industry touched “a record $474 million from January to July”. Over the course of a single morning, this hack might have more than doubled those figures.

“HsakaTrades” stated that the hacker is tipping individuals who offer them beneficial info, and showed that many individuals are texting the hacker to toast them on the theft. But then some of those celebrations might have been sudden. Much of the reaction to this hack has played out on Twitter.

Blockchain Security Company called SlowMist claimed to have “tracked down the attacker’s ID” also “their email address, IP information, and device fingerprint”. It didn’t take much time before the hacker pressured them to return what they stole and then were pressed criminal charges for the theft.

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Libya is the first Arab country to mine bitcoin

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Libya

The CBECI (Cambridge Bitcoin Electricity Consumption Index) data shows that in the Arab world, Libya ranked first with 0.13% of global mining. This followed the uproar over Bitcoin mining in Libya and its link to the country’s electrical situation.

Following is the ranking of the Arab countries:

Libya is in 1st place, with a 0.13 percent share.

UAE and Kuwait are in 2nd place with a 0.08% share for each nation.

Egypt and Jordan are in 3rd place with a 0.04% share for each nation.

Lebanon ranked 4th with a 0.01% share.

In particular, the price of Bitcoin in Libyan dinars is 192,912.13.

Bitcoin mining is the method by which new bitcoins are entered into the flow. It is also a critical factor in the maintenance and development of the blockchain ledger. It is executed using very sophisticated computers that resolve enormously complex computational math glitches.

Cryptocurrency mining is difficult, expensive, and only intermittently rewarding. However, mining has an attractive appeal for many investors involved in cryptocurrency because miners are satisfied with their work with crypto tokens. This may be for the reason that entrepreneurs see mining as “pennies from heaven”.

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JPMorgan (JPM) Starts In-House Btc Fund for High-Net-Worth Clients

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JPMorgan

JPMorgan JPM offers an in-house passively managed bitcoin fund to its Private Bank wealth management clients. CoinDesk reported that the sale is being conducted in collaboration with bitcoin powerhouse New York Digital Investment Group (“NYDIG”), citing two sources familiar with the subject.

Stone Ridge’s alternative asset manager, NYDIG, is a business. It offers stable custody, execution, asset management, and other institutional-grade infrastructure.

CoinDesk first reported on the new fund in late April. According to sources, the fund has still to receive any customer investments, and JPMorgan only recently held a launch call with advisers.

According to sources aware of the situation, advisers will pitch the fund to clients as the safest and lowest bitcoin investment instrument available on the private markets. The fund “would also act as an easy port over to a bitcoin exchange-traded fund (ETF).”

JPMorgan’s decision to delve deeper into the world of cryptocurrency is notable because its CEO, Jamie Dimon, has always been anti-crypto.

Dimon has expressed his reservations about digital assets and the cryptocurrency industry. He claimed in May that, “I am not a Bitcoin supporter, I don’t really care about Bitcoin. On the other hand, clients are interested and I don’t tell clients what to do.”

Despite Dimon’s persistent criticism of the cryptocurrency sector, JPMorgan is becoming more open to the cryptocurrency world.

According to Business Insider, the bank provided its wealth management clients access to bitcoin and other cryptocurrency money last month. Through advisors, it has offered its clients access to buy and sell five cryptocurrency products.

JPMorgan’s stock has gained 19% this year, compared to the industry’s 24.5 percent gain.

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Binance XRP docs have been given to Ripple’s CEO

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Binance

Binance has allowed Ripple CEO Brad Garlinghouse to request data on XRP transactions.

Access to Binance papers of XRP transactions has been granted to Ripple’s CEO.

Brad Garlinghouse’s application to collect records from Binance was approved by Sarah Netburn, the presiding judge in Ripple’s continuing case with the Securities and Exchange Commission.

The Securities and Exchange Commission has filed a complaint against Garlinghouse for allegedly violating the Securities Act of 1933.

Last Monday, Garlinghouse’s legal team filed a motion with Binance, the largest cryptocurrency exchange by trading volume, asking for details on XRP sales.

Ripple filed the move as part of its international discovery procedure, which collects data on every XRP sale conducted on the exchange.

The motion was just approved, which comes as no surprise given the SEC’s lack of objections. The permission is seen as a minor victory for Ripple in the court fight.

On behalf of Garlinghouse, the court will send a Letter of Request to the Cayman Islands-based exchange. Binance will give papers that can be used as evidence in the case if it heeds the request.

The SEC claimed in a lawsuit filed in December 2020 that Ripple and its officers, CEO Brad Garlinghouse and executive chairman Chris Larsen, gained $1.3 billion in unregistered security sales over an eight-year period.

Ripple’s legal team has denied the accusation. They also recently invoked the “Lack of Clarity” Defense, claiming that the Securities and Exchange Commission (SEC) did not make its securities regulations more clear. They’ve devised a new defense strategy.

By displaying XRP sales that took place outside of the United States, the Ripple team hopes to demonstrate that the SEC may not have power over such transactions.

Binance is a key source of XRP sales statistics in this regard. Bitfinex, Bithumb, Bitstamp, HitBTC, Huobi Global, and OKEx were previously authorized to collect similar information from other exchanges where XRP sales were performed.

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Google Reintroduces Crypto Ads in the US, Blacklists DeFi and ICOs

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Google

The financial products and services of Google’s advertising policy have been changed, allowing advertisers to run bitcoin ads again as of  Tuesday.

However, the search engine giant has placed severe restrictions on cryptocurrency marketing.

Ads targeting US customers must be from regulated crypto firms, which must be registered with FinCEN as a Money Services Business and at least one state as a money transmitter, or a federal or state-chartered bank entity.

“The cryptocurrency products and services may only be advertised if the advertiser is a licensed provider, the products and ads comply with local laws and industry standards, and the account is certified by Google,” the policy page states.

In June 2018, Google banned advertising for initial coin offerings (ICOs) and other crypto products and services. Despite the company’s recent policy change, ICO advertising, as well as “DeFi trading protocols, or otherwise promoting the buying, sell, or trade of cryptocurrencies or related products,” are still prohibited.

It will also prohibit ad destinations from aggregating or comparing cryptocurrency or related product issuers.

Google’s financial ad policy was updated for the first time in June.

Google has the world’s largest advertising network, with advertisements showing on its search page, websites that use Google Adsense, and all of the company’s other platforms.

Due to the severe limitations, the partial lifting of the advertising ban is viewed as a positive indication by Bitcoin social media users.

Other social media companies, on the other hand, have outlawed paid marketing of bitcoin and other unsafe financial items.

Last month, Tiktok, a mobile-based video-sharing network with over a billion users worldwide, changed its branded content policy, preventing users from posting any promotional content related to cryptocurrencies and forex trading goods.

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Bitcoin Prices Fall, Tesla and Square are Counting their Losses

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bitcoin

Some businesses that invested in bitcoin have reported losses as the cryptocurrency’s price has fallen, yet many others have profited.

During the BTC 2021 conference in Miami, Jack Dorsey, co-founder, and CEO of Twitter Inc. and Square Inc. participated.

Square announced late Sunday that its bitcoin-related investments cost the company $45 million in operating profits in the second quarter. That’s more than double the amount of money it lost in the first quarter.

In February, the digital payments firm said that it has purchased $170 million in BTC, doubling its previous buy from October 2020. As of the end of 2020, that accounted for roughly 5% of the company’s total assets. Square made the statement in its earnings report on Sunday, which was disclosed earlier than expected to coincide with the company’s $29 billion acquisition of Australian financial tech business Afterpay.

As bitcoin becomes more mainstream, businesses are increasingly embracing it. The world’s largest digital coin, however, had a difficult second quarter. BTC reached a high of $63,000 in April before plummeting to around $30,000 in early July. On Monday, Bitcoin was trading slightly around $39,000.

In its most recent quarter, Tesla, for example, reported a $23 million bitcoin-related impairment, according to the company’s second-quarter financial report released late last month.

This quarter, Square said it observed “significant year-over-year growth in bitcoin revenue.” BTC revenue reached $2.72 billion, a threefold increase year over year. Bitcoin’s gross profit was $55 million at the same time. This amounts to about 2% of bitcoin revenue.

The firm’s gross profit grew by 91 percent year over year, setting a new quarterly high. For the quarter, net sales excluding bitcoin were $1.96 billion, up 87 percent year over year.

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Crypto Team is Being Built by PayPal in Ireland as Bitcoin Acceptance Grows

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crypto

At the time when Bitcoin and Ether are gaining popularity, the new hires are required to help PayPal expand its crypto-focused business offering.

PayPal, the global payments company, is hiring for many cryptocurrency-related posts at its Ireland headquarters, highlighting the business’s ambitions in the fast-rising digital asset sector.

PayPal is looking to fill several crypto-focused posts in compliance, anti-money laundering, and business development for its Dublin and Dundalk offices, according to the Dublin-based Irish Independent, one of the country’s most popular news outlets.

PayPal established a specialized crypto and blockchain business unit earlier this year to assist its entrance into cryptocurrencies, which took place in October 2020 with the purchase of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) by clients in the United States.

The company expanded its offering in March of this year, allowing US clients to pay for products and services with their digital asset holdings.

PayPal said two months later that clients would be able to withdraw their cryptocurrency to third-party wallets.

PayPal’s CEO, Dan Schulman, stated in April that the company’s crypto business has exceeded all expectations in its first six months of existence.

The fast adoption of digital assets like Bitcoin and Ether was accompanied by a tremendous price increase that brought the whole cryptocurrency market to a worth of about $2.6 trillion.

Crypto markets seem to have hit a bottom and are now hiking upwards again, after a significant correction between May and July.

Schulman stated on PayPal’s quarterly earnings call last week that the company’s crypto trading business would be arriving in the UK in the near future. Upgrades to allow for faster payment processing are also in the works, according to him.

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India Is Still In Cryptocurrency Denial Mode

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India

Cryptocurrencies are completely ignored by the government of India. Finance Minister Nirmala Sitharaman told Parliament on July 27 that the Indian government collects no data on the cryptocurrency market in response to a query from a member of parliament (MP).

She stated that the government is unaware of the precise number of cryptocurrency exchanges or investors in the country. She also stated that her ministry has received no information regarding the use of these exchanges for money laundering or drug trafficking.

In the Upper House (Rajya Sabha), an MP from her party, the BJP, had inquired if the government was aware of the number of crypto exchanges in the country. The finance minister responded by saying, “This information is not collected by the Government.”

In response to another query from the same BJP MP, Sushil Kumar Modi, she stated that cryptocurrency investors who purchased coins outside of India would not be subject to the Equalization Levy. According to Sitharaman, “Equalization levy is imposed on e-commerce operators, not on the investor.”

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Bangladesh Bank advises against using cryptocurrencies

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Bangladesh

The public was asked by Bangladesh Bank to desist from trading or assisting in any sort of cryptocurrency or virtual money, including Bitcoin, Ethereum, Ripple, and others.

The Bangladesh Bank (BB) continues to believe that cryptocurrency poses financial and legal hazards to its users, and has advised individuals to avoid transacting or trading with it.

The central bank clarified its stance on the use of cryptocurrency in a BB circular issued on Thursday after multiple media reports in this respect drew its notice.

BB claims that, contrary to previously published reports, cryptocurrency trading and transactions are not unlawful unless they are linked to money laundering, terrorist financing, or other violations of existing laws; the central bank continues to be antagonistic to this fin-tech.

“A confidential letter sent to an investigating officer of a particular case entailing an opinion has been upheld partially in the media,” stated the BB circular.

It further added, referring to its previous notice from December 24, 2017, that: “The notification is still being displayed on the BB website and the stance in this regard remains unchanged.”

“In this context, it is being reiterated to the public that no virtual currency/cryptocurrency is approved by Bangladesh Bank,” the circular added.

BB stated in its December 24, 2017 notice: “As these are not legal tenders issued by any legal authorities of the country, no one can make any financial claim against these.”

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Ethereum co-founder, Musk should not see the crypto industry as a joke

by
Ethereum

During a recent interview with BNN Bloomberg, Ethereum co-founder Anthony Di Iorio expressed his dissatisfaction with Tesla CEO Elon Musk.

According to Di Iorio, people like Musk have the ability to bring about significant change.

However, he feels that they should concentrate on real issues rather than frivolous ones:

He said, “I’m just really wishing that their energy is going to be focused around educating people, and not having fun with something that’s so important”.

Musk, who owns Ether, has garnered the ire of many in the cryptocurrency community for pushing the joke cryptocurrency Dogecoin and helping to propel its market valuation to a staggering $90 billion in early May.

The billionaire continues to promote the cryptocurrency with regular tweets and memes, but his social media clout hasn’t helped the cryptocurrency climb out of the enormous hole it dug during the latest market correction.

From its high on May 8, the meme coin has dropped more than 72%.

Ethereum co-founder Di Iorio also chastised individuals who use technology to inflate their own tokens.

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Mastercard Strives to Take the Lead in Crypto Markets

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Mastercard

Mastercard (MA), the world’s largest payments company, wants to make it easier for people to acquire, spend, and hold cryptocurrencies.

Mastercard also wants to be a major player in the Decentralized Finance (DeFi) with cryptocurrencies developer ecosystem.

Mastercard’s Start Path program is now open to startups and entrepreneurs who are focused on crypto and digital assets. The program allows new businesses to use the credit card network’s technology.

Mastercard established a Start Path global engagement program to support fast-growing digital assets, blockchain, and cryptocurrency startups, in order to make crypto holders’ transactional lives easier.

“As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry and provide consumer protection and security,” Mastercard’s executive vice president of new digital infrastructure and fintech, Jess Turner, said.

The Start Path program will provide cryptocurrency companies access to Mastercard’s most up-to-date tools and solutions, allowing them to scale their innovations and cutting-edge technology.

“These startups use the program to connect with our ecosystem of banks, merchants, partners, and digital players across the globe to deliver new solutions,” Mastercard explained.

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Cryptocurrency is gaining popularity among Kenyan farmers

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Cryptocurrency

KILIFI, KENYA – Cryptocurrency is making headlines because it is shaking up the financial world, but it’s also gaining momentum in less developing nations. An American economist who introduced blockchain technology for low-income urban customers has now expanded the cashless system to the countryside in Kenya.

Emmanuel Kahindi, a 26-year-old farmer from Kilifi on Kenya’s tropical Indian Ocean coast, is collecting tomatoes and other crops on a lush green farm. He uses Sarafu, Kenya’s cryptocurrency, to sell his crops and get supplies without having to invest cash.

Sarafu has been quite beneficial to him, he says, particularly because it encourages him to save his money, which is in Kenyan currency. He stated he uses Sarafu to buy garden supplies like seeds and fertilizer.

Sarafu coins function as vouchers that may be redeemed for goods or services from other Sarafu users. Enrolment is open to anyone having a Kenyan mobile phone line. Free Sarafu are offered to users. They earn coins after that by selling a product or service to another user.

Sarafu is a community inclusion currency (CIC) that allows people to give and receive credit without having to deposit Kenyan shillings or other currencies in a bank.

Will Ruddick, an American economist, founded the organization through his Kenyan NGO, Grassroots Economics. It was only recently introduced to remote regions like Kilifi by him.

“I think that’s where there is the most chronic lack of national currency. So, I think what’s happening, we’re filling a gap. People say look, the national ledger system, the national currency it is not available for us. We can’t measure our trade in this thing,” said Ruddick.

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Amazon: New job opening hints at crypto payments acceptance

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Amazon

Amazon is trying to hire a digital currency and blockchain expert who can help them develop a plan to allow users to pay using cryptocurrencies.

According to Amazon’s job posting, they’re looking for “an experienced product leader” to help develop the company’s “digital currency and blockchain strategy and roadmap” Amazon is searching for a product leader that is knowledgeable about blockchain, distributed ledger, central bank digital currencies, and cryptocurrency.

Bitcoin and other cryptocurrencies increased in value as a result of the news. According to CoinMarketCap, Bitcoin and Dogecoin were up approximately 12% late Monday morning, while Ether was up 10%.

The company now has more than 70 opportunities for blockchain professionals, indicating that the company may be developing a blockchain supply business for Amazon Web Services customers.

Amazon, in a statement, said ““We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

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Bitcoin miners in China donated generators to flood relief in Henan

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Bitcoin

Bitcoin miners in China have joined together to aid families in Henan, which was hit by a devastating flood.

Bitcoin miners have been seen in China’s Henan region providing generators and food. Despite the Chinese crypto crackdown, companies that had to relocate their operations due to the massive mining migration have turned to the Chinese crypto community for help.

Colin Wu, a Chinese journalist, posted a photo of a truck stocked with generators and food donated by BTC miners for Henan citizens. Posters on the truck expressed minor disappointment with the Chinese government as well as sympathy for Henan.

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Binance may go public in the US, according to its CEO

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binance

Binance CEO Changpeng Zhao claimed Binance U.S. was “looking at the IPO route” at an online event on Friday.

Soon, Binance U.S. may list shares on a U.S. exchange through an initial public offering.

Despite the exchange’s ongoing regulatory issues, Changpeng “CZ” Zhao, indicated that an IPO for its US-based division is in the process.

Zhao revealed the intentions while speaking at Siam Commercial Bank of Thailand’s online event REDeFiNE Tomorrow.

Zhao said the company was working with US regulators and instituting “structures” to make the IPO aspirations a reality.

“Binance U.S. is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen” he said.

It’s important to understand that it is not the same as Binance, the world’s largest cryptocurrency exchange. Because Binance U.S. operates within the confines of the United States’ regulatory environment, it offers a different set of trading pairs and a lesser trading volume than its global version.

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Dogecoin 10% up after Elon Musk changed his Twitter profile picture

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dogecoin

After Tesla CEO Elon Musk updated his Twitter profile picture to indicate his support for the meme cryptocurrency, Dogecoin price jumped 9.7% overnight to $0.19.

Musk’s new profile photo is a headshot of him wearing mirrored aviators with a reflection of the Shiba Inu meme, which is the inspiration for Dogecoin.

Musk’s use of “Doge eyes” to show his support for Dogecoin is most likely a reference to Bitcoin’s #LaserRayUntil100k meme, in which users add laser eyes to their social media profile images to show their support. Musk was a part of the excitement for a short time, along with Michael Saylor of MicroStrategy, who has kept the laser eyeballs alive to this day.

According to crypto data aggregator CoinMarketCap, Dogecoin’s overnight price rise ultimately leaves the currency 11 percent less valuable than it was seven days ago.

Elon Musk pumping the price of Doge by 40% in half an hour with one tweet.

Co-creator of Dogecoin Jackson Palmer also launched a broadside beside his former project earlier this week, taking to Twitter to state his opinion that all crypto is “an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”

https://twitter.com/ummjackson/status/1415353985406406658?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1415353985406406658%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F76258%2Fdogecoin-spikes-10-after-elon-musk-updates-twitter-picture-to-doge-eyes

Still, in spite of the roasting vote of no-confidence from one of the most effective software programmers in crypto’s new history, Dogecoin is the only top 20 currency to have experienced a major price movement overnight.

In related news, Musk also updated his followers about his son’s Dogecoin holdings, which he first told the world about back in February.

Apparently, “Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!”

 

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Robinhood: Retail trade in cryptocurrency has slowed

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Robinhood

The boom in retail investment had begun to slow, stock trading app Robinhood, which is set to go public next week, has warned of a potential slowdown in trading revenue and new consumers.

“We expect our revenue for the three months ending September 30, 2021, to be lower, as compared to the three months ended June 30, 2021, as a result of decreased levels of trading activity relative to the record highs in trading activity, particularly in cryptocurrencies, during the three months ended June 30, 2021, and expected seasonality,” Robinhood said in an amended prospectus released Monday.

The decline is occurring after a period of rapid expansion. The Menlo Park, California-based free-trading pioneer expects sales of $546 million to $574 million in the second quarter of 2021.

This increased from $244 million in the second quarter of 2020, with a 129 percent increase. In the second quarter of 2021, however, the business expects a net loss of $537 million to $487 million, compared to a profitable first quarter in 2020.

Robinhood, which provides equities, cryptocurrency, and options trading as well as cash management accounts, benefits from its customers’ more speculative trading habits. Options trading generates around 38% of revenue, while crypto generates 17% of revenue. In addition, margin and stock lending trading levels have risen in 2021.

Stagnation in options, margin trading, and crypto — with the price of bitcoin around $30,000 — might stifle Robinhood’s development as it prepares for one of the year’s most anticipated public debuts.

Robinhood also said it anticipates the growth rate of new customers “will be lower” in the third quarter of 2021, compared to the second quarter, “due to the exceptionally strong interest in trading, particularly in cryptocurrencies, we experienced in the three months ended June 30, 2021, and seasonality in overall trading activities,” the S1 said (S-1 is an SEC registration required for U.S. companies that want to be listed on a national exchange)

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Major Korean Bank offers Cryptocurrency Custody Services

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Cryptocurrency

Woori Bank, a banking institution based in South Korea, has entered the DACS (cryptocurrency custody services) sector.

Woori Financial Group will begin offering cryptocurrency custody services to its clients. It is one of the largest financial institutions in South Korea.

Woori Bank, the financial institution’s banking unit, will begin this initiative in collaboration with a fintech solution provider. Coinplug Inc. is the company that provides fintech solutions.

According to the Korean Economic Daily, Woori Bank is the second South Korean bank to join the DACS market. Coinplug Inc, a Bitcoin-focused financial firm, partnered with the institution to form a joint venture (JV).

D-Custody is the name of the project, and it will be implemented by early next week. According to the ownership contract, Woori Bank will contribute less and Coinplug will become the majority shareholder.

According to a Woori Bank executive, digital asset custody has been one of the most successful recent services provided by banks in the international market.

Digital asset custody,  allows its providers to store cryptocurrencies for organizations and people while they are away.

In South Korea, there is a growing need for digital asset custody services. This is because the majority of local businesses now store and trade various types of virtual currency.

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XRP TO PKR: Today Ripple Price in Pakistan on, 17th July 2021

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Ripple rate in Pakistan

Today XRP TO PKR  Exchange Rate –  The exchange of different cryptocurrencies such as Ripple to PKR is a common practice in these countries. Ripple Price Rate In Pakistani Rupee Check the updated list of  XRP TO PKR  Exchange Rate  (Updated 17th July 2021) Amount convert into Results 1 Ripple  XRP  PKR 95.98 Pakistani rupees 2 Ripple … Read more

Bank of America jumped into the Bitcoin trend

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Bank of America

Bitcoin futures trading is now available for a limited set of Bank of America clients, according to sources.

According to the reports, the financial institution is yet to make this service available to all of its customers.

Jerome Powell, the chairman of the Federal Reserve, spoke out about the importance of cryptocurrency and stablecoins in the US economy.

Investment banks intend to allow customers to invest in bitcoin products. After a three-year break, Goldman Sachs has confirmed the return of its crypto trading department.

The investment banking powerhouse had already offered cryptocurrency trading in partnership with the CME Group, and Bank of America is set to do so again for its clients.

Bitcoin trading began in 2017 at the CME Group. Since then, the platform has seen an improvement in investment and involvement.

Other banks and investment banks that sell crypto products to clients across the US are likely to follow Bank of America’s lead.

It’s interesting to note that in 2018, the American multinational investment bank banned its clients from trading in crypto-related goods, however, it has changed its stance since then.

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Dogecoin co-creator Jackson Palmer condemns Cryptocurrency

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Jackson Palmer

Jackson Palmer, the co-creator of Dogecoin, has criticized the cryptocurrency sector, calling it ‘inherently right-wing’, ‘hyper-capitalistic’ technology.

He slammed Bitcoin in a series of tweets. The Dogecoin co-founder wrote, “After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity”.

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He says that the Bitcoin industry profits from a network of unethical business relationships “new money from the financially desperate and naive”.

https://twitter.com/ummjackson/status/1415353987503583236?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1415353987503583236%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.livemint.com%2Fnews%2Findia%2Fdogecoin-co-creator-jackson-palmer-slams-cryptocurrency-calls-it-right-wing-hypercapitalistic-11626445925037.html

Palmer responded by saying that the cryptocurrency sector is dominated by a powerful cartel of wealthy individuals who, over time, have evolved to include many of the same institutions as the centralized banking system they were supposed to supplant.

https://twitter.com/ummjackson/status/1415353986392072196?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1415353986392072196%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.livemint.com%2Fnews%2Findia%2Fdogecoin-co-creator-jackson-palmer-slams-cryptocurrency-calls-it-right-wing-hypercapitalistic-11626445925037.html

“Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person,” the co-creator of Dogecoin stated.

https://twitter.com/ummjackson/status/1415353989323841537?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1415353989323841537%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.livemint.com%2Fnews%2Findia%2Fdogecoin-co-creator-jackson-palmer-slams-cryptocurrency-calls-it-right-wing-hypercapitalistic-11626445925037.html

Palmer, the co-founder of Dogecoin, also stated that he would never return to the cryptocurrency market. Palmer said, “I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no'”.

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FBI Issues Warning to Crypto Users

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FBI

The FBI has issued a nationwide alert to users about suspected cyber-attacks on cryptocurrency exchanges and holders. The US Federal Bureau of Investigation announced this week that active threats to the business exist.

According to the FBI, certain people are carefully tracking weak holes in major crypto firms. Attackers have evolved a variety of specialized tactics to accomplish this. Sim swapping, tech support fraud, and account theft are examples of these.

The FBI made instructions for businesses on how to keep their assets protected.

The warning was distributed via the TLP protocol (a system for classifying sensitive information), which was created particularly for information distribution. The announcement also included a green designation, indicating that peers and organizations can exchange this information.

The FBI recommended cryptocurrency users to always use two-factor authentication and be cautious about the information they provide online.

Even though they’re simple to conduct, sim swap attacks are most difficult to defend.

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UAE to launch digital currency over the next five years

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UAE

The Central Bank of the oil-rich Gulf state, which serves as the region’s financial hub, announced on Monday that the UAE will launch its first digital currency by 2026.

Several Central Banks around the world have recently revealed similar plans and criticized the bitcoin.

The Central Bank of the United Arab Emirates has announced its goals, which include “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions”.

The announcement is part of its “2023-2026 strategy” which aims to “position it among the world’s top 10 central banks”, stated the Central Bank to state media.

Saudi Arabia and the United Arab Emirates have established a program for a common cryptocurrency for cross-border transactions in 2019.

The UAE has great tech goals, investing in AI, creating a space program, and having the regional headquarters of massive international digital companies.

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