Bitcoin Blockchain Business Tech
ByAuthor J.D. SmithPosted on
15
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Chinese Lottery Firm 500.com Acquires Crypto Mining Pool BTC.com

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U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) said Tuesday it’s inked a share-swap deal to acquire the cryptocurrency mining pool business of Bitdeer Technologies, including BTC.com.

According to an announcement, the agreement will see 500.com purchase all the shares of Bitdeer-owned Blockchain Alliance, which is based in the Cayman Islands, with 10% of its own shares. 

A cryptocurrency cloud mining firm, Bitdeer Technologies is majority owned by its charman, Jihan Wu, who recently resigned as the CEO and chairman of mining giant Bitmain following a lengthy dispute with a co-founder. BTC.com’s pool mines various cryptocurrencies including bitcoin, bitcoin cash, ether and litecoin. 

The stock swap announced by 500.com will include the transfer of the entire mining pool business of Bitdeer Technologies, including the domain name BTC.com and the cryptocurrency wallet of BTC.com and is expected to occur around April.

This year, 500.com has been busy making moves to acquire batches of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January. 

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Bitcoin Business
ByAuthor J.D. SmithPosted on
12
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Swiss crypto ETP issuer passes $1B assets under management

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21Shares, a Switzerland-based provider of cryptocurrency exchange-traded products, or ETPs, has recorded a 100% growth in assets under management over the past two weeks.

The company announced Monday that 21Shares has passed the $1 billion mark in AUM across its diversified 12 crypto asset ETPs. 21Shares CEO Hany Rashwan said that the company has seen a meteoric rise in its crypto ETP products recently, doubling AUM in less than two weeks. The company previously announced that 21Shares broke $500 million in AUM on Feb. 8.

According to the announcement, the massive surge in 21Shares’ crypto ETP business is mainly attributed to the rapid adoption of crypto by institutional investors as well as the products’ availability on regulated European exchanges.

Rashwan said that institutional investors are able to invest in 21Shares’ crypto ETPs by using the International Securities Identification Number, or

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Bitcoin Blockchain Policy & Regulation
ByAuthor J.D. SmithPosted on
16
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Crypto market too big to ignore, says Nigeria SEC

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Having recently suspended its planned crypto regulations in the wake of the central bank ban, Nigeria’s Securities and Exchange Commission has clarified its position on cryptocurrencies in the country.

According to a report by Premium Times, both the SEC and the Central Bank of Nigeria will work collaboratively on devising a concrete regulatory framework for cryptos in Nigeria.

For Timi Agama, the commission’s registration, exchanges, market infrastructure, and innovation head, regulators in Nigeria cannot afford to ignore the $1.74 trillion crypto market.

Speaking at a virtual conference organized by the Association of Capital Market Academics of Nigeria in the capital, Abuja on Sunday, Agama remarked:

“Part of the desire of the SEC even in the future is to provide a regulatory framework that will take care of all these challenges that we have seen internationally and the entire world is grappling with in terms of…

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Bitcoin Investment Policy & Regulation
ByAuthor J.D. SmithPosted on
26
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South Korea fast tracks 20% tax on Bitcoin and crypto profits to 2022

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South Korea will implement a 20% tax on Bitcoin (BTC) and cryptocurrency profits starting Jan. 1, 2022. The nation’s Ministry of Economy and Finance announced that profits made from both trading and holding cryptocurrencies will be subject to the tax, reported the Korean Herald on Monday.

The tax will be triggered when profits made from cryptocurrencies exceed 2.5 million won, or roughly $2,300. Gains made up to this point will be tax-exempt.

South Korea previously aimed to levy the tax starting in 2020, but pushback from cryptocurrency enthusiasts and lobbyists saw the government delay the implementation of the tax several times. A 2022 start date was previously floated by the South Korean regime, however, that date was then delayed until 2023, as previously reported by Cointelegraph.

Now, it appears that 2022 is back in the cards once again. Following South Korea’s…

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Bitcoin Investment Latest Markets
ByAuthor J.D. SmithPosted on
30
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Did $50K ‘trigger’ Peter Schiff to buy BTC? 5 Things to watch in Bitcoin this week

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Bitcoin (BTC) hit a new high over the weekend in the latest episode of its spectacular 2021 bull run — what’s next for hodlers?

As the largest cryptocurrency approaches $60,000, Cointelegraph takes a look at the factors to consider when forecasting this week’s price action.

BTC price vs. DXY (orange). Source: Tradingview

Investor eyes stock market “reset”

Equities showed no signs of flipping their endless upside on Monday, as buyers continued to pour in to the market.

Despite warnings that a bubble may already be about to burst, markets built on all-time highs as anticipation of an economic recovery worldwide stoked enthusiasm.

In the United States, it was hope surrounding President Joe Biden’s $1.9 trillion coronavirus stimulus package that was still providing the basis for growth. Last week, Treasury Secretary Janet Yellen suggested that the mechanism for the money, which would include a third round of stimulus checks worth $1,400, would be…

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Bitcoin Business
ByAuthor J.D. SmithPosted on
35
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Tesla made $1B profit on its Bitcoin buy, says analyst

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American electric car giant Tesla has seen some massive gains from its Bitcoin (BTC) investment, reportedly having made up to $1 billion in profit, according to a new report.

An analyst at Wedbush Securities, a private investment firm in the United States, has calculated that Tesla has made “roughly $1 billion” in the aftermath of its $1.5 billion Bitcoin investment. Daniel Ives estimated Tesla’s Bitcoin profits in an investor note on Saturday, CNBC reports.

Amid Bitcoin’s parabolic surge to become a $1 trillion asset, Ives said, “Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its electric vehicle cars in all of 2020.” 

Ives noted that Tesla’s move is likely to affect other public companies. “While the Bitcoin investment is a side show for Tesla, it’s clearly been a good initial investment and a…

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Investment Opinion
ByAuthor J.D. SmithPosted on
37
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DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs

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Uniswap and SushiSwap have emerged as two of the top decentralized exchanges (DEXs) that are leading the current DeFi bull run higher.

Despite a controversial start for SushiSwap, the last few months have seen it catching up to Uniswap in terms of activity on the platform, total value locked, and the price of its SUSHI governance token.

A recent report from Delphi Digital took a closer look at the two projects and broke down the fundamental differences in the way that each has diverged in their development since SushiSwap’s vampire attack on Uniswap.

SUSHI vs. UNI price. Source: TheTIE

SushiSwap originally emerged as a fork of Uniswap v2 with the inclusion of the SUSHI governance token which was distributed to participants of the community.

At the time, Uniswap had yet to launch the UNI token which would subsequently be airdropped to users who had interacted with the…

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