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With BTC briefly breaching $50K as the industry’s market cap passes $1.5T, CoinDesk’s Market Daily is back with the latest news roundup.
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This episode is sponsored by Nexo.io.
Break of psychological threshold pushes largest cryptocurrency’s year-to-date return to 70%, as a new breed of upstart tokens pushes industry market cap past $1.5T.
Global money transfer service MoneyGram says it has officially suspended its partnership with blockchain payments firm Ripple amid the latter’s litigation with the SEC.
According to MoneyGram’s quarterly outlook, the company is “not planning for any benefit from Ripple market development fees” for Q1 2021. MoneyGram said it had a more than $12 million net expense benefit from Ripple in the same quarter last year.
“Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple’s platform,” said MoneyGram.
The collaboration between the two firms largely began three years ago, when MoneyGram integrated XRP into its payment system. The following year, Ripple and MoneyGram entered into a partnership for cross-border payments and foreign exchange settlements with digital assets.
Ripple followed through with a $50 million investment in November 2019 in exchange for a 10% stake in the company. As of December, the firm…
Shares of Long Bitcoin Corp (LBCC), a beverage turned cryptocurrency mining company, have been officially delisted by the United States Securities and Exchange Commission, or SEC.
The company was ordered to delist its stock after failing for years to produce any financial reports. Long Bitcoin Corp’s last earnings report was for the quarter ending September 30, 2018, according to Bloomberg.
Long Bitcoin Corp is registered in the state of Delaware, according to SEC filing information.
Originally known as Long Island Ice Tea, Long Bitcoin rebranded during the height of crypto euphoria in January 2018. That was shortly after Bitcoin (BTC) peaked in price and right around the time that altcoins hit new all-time highs. At the time, Long Blockchain said there “can be no assurance” that it will be successful in developing distributed ledger technology.
According to…
Cointelegraph Markets Pro, a data platform designed to level the playing field for cryptocurrency market participants, is now available to the public following a successful live testing period.
The platform, which has been in development for a year, is the result of exhaustive analysis of the crypto markets and the key drivers of asset price movements. It was developed jointly by Cointelegraph and The TIE, a leading provider of crypto data, analytics and software that counts major hedge funds, market makers and over-the-counter desks among its clients.
At the heart of the platform is the VORTECS Score, which compares current market conditions for over 130 crypto assets to historically similar marketscapes. A proprietary algorithm analyzes those historic conditions, seeking consistent patterns in market behavior in the following days.
“Even if crypto markets may seem volatile, the volatility often demonstrates remarkable consistency,” said Cointelegraph CEO Jay Cassano. “While we’re…
Bitcoin’s (BTC) sudden $11,500 drop liquidated more than $1.64 billion worth of BTC futures contracts. This massive figure represents 8.5% of the total $19.5 billion in open interest, which coincidentally had just reached its all-time high.
Although these are significant figures, they are proportionally lower than the $1-billion futures liquidation on Nov. 26, 2020. At that time, the 16% correction that followed Bitcoin price testing a $16,300 low reduced the open interest by 17%.
In light of today’s big price move, investors’ positive expectations regarding Bitcoin remain unfazed, as both the futures contracts funding rate and the options 25% delta skew are not flashing any red flags.
As the chart above shows, negative price swings and reductions in BTC futures open interest do not impact Bitcoin’s long-term growth. Between Jan. 19 and 23, the indicator fell by…
On Feb. 10, Mastercard announced that it would start supporting a select few cryptocurrencies on its payment network. According to the payments giant, the inclusion of cryptocurrencies will allow customers to “save, store and send money in new ways” while opening up new opportunities for merchants as well.
The announcement followed a presentation on Jan. 30 in which Visa reaffirmed its plans to continue to push for cryptocurrency payments and on-ramps, showing that the company has long-term plans for the sector. With both credit card giants on board, it’s safe to say that Bitcoin (BTC) is no longer just an experimental form of “internet money” but rather a new asset class of its own — one that is here to stay.
Mastercard’s and Visa’s foray into crypto is just one example of the ever-growing barrage of mainstream technology and payment companies delving into Bitcoin as an investment, form…
Janet Yellen may be open to having U.S. regulators consider a digital currency, but still seems to have strong concerns about Bitcoin.
In an interview on the New York Times’ DealBook DC Policy Project held today, Yellen said it makes sense for the Federal Reserve to look into a digital dollar. Speaking to Andrew Ross Sorkin, the Treasury Secretary said a digital dollar maintained by the Fed could result in “faster, safer and cheaper payments,” but added there were “a lot of things to consider” before a possible rollout. She questioned how regulators would “manage money laundering and illicit finance issues” as well as the impact on the banks and Fed.
In addition, the Treasury Secretary criticized Bitcoin (BTC) as a medium of exchange, not mentioning its use as a store of value:
“I don’t think that Bitcoin is widely used as a transaction mechanism […] It’s…
