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Numerous fake accounts, groups, and pages operated by fraudsters have swamped Facebook and Instagram to mispresent themselves as the official hubs for the social media giant’s upcoming Libra crypto, the Washington Post reported today. Fake Libra accounts with hundreds of followers Despite Libra’s expected launch in 2020, a part of the scammers are already selling […]
The post Fake Libra Peddlers LOL-Swarm Facebook for Discount Crypto Scam appeared first on CCN Markets
The ongoing Bitcoin rally brought investor interest back to altcoins in a big way, but as soon as the top-ranked cryptocurrency made it above $19,000, it has been nothing but carnage for Ethereum and the rest of the <a class="wpg-linkify wpg-tooltip" title="
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin space.
Here’s why these assets faced carnage as soon as Bitcoin hit $19,500, and why it might signal a short-term top is near the crypto market.
Ethereum And Other Top Altcoins Suffer Carnage As BTC Nears ATH
Today could be the day when Bitcoin breaks its all-time high, and just about anyone in the crypto spaces knows it.
And that’s the primary reason in a nutshell that altcoins like Ethereum, XRP, and dozens more suffered a strong pullback once the most dominant cryptocurrency touched $19,500.
At just a couple hundred dollars away depending on the exchange, Bitcoin price is now the closest its ever been to its former all-time high, and each attempt from bulls gets closer and closer.
With a new record so close crypto bulls are so confident and salivating at the milestone, that they’re dumping their altcoins – now in profit – back into BTC for what they believe to be the eventual push higher.
ETHBTC and altcoins slide as Bitcoin nears all-time high against the dollar | Source: BTCUSD on TradingView.com
Bitcoin Ended Alt Season As It Passed $19,000, Peak Is Possible
The divergence is clear. Bitcoin passed $17,700, causing altcoins to soar. But as soon as $19,000 was cleared, things have turned for altcoins as evident by the ETHBTC trading pair. Ethereum has tanked compared to Bitcoin’s ongoing bullishness.
The boom in altcoins is one of three factors CNBC’s Brian Kelly points to as a near-term top.
Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000
But when Bitcoin does take out its all-time high, fireworks in altcoins typically happen, so downside in the alternative crypto assets is likely limited as well.
Featured image from Deposit Photos, Charts from TradingView.com
The Indian government has officially released the report by the interministerial committee tasked with proposing crypto measures. The announcement came one day before the country’s supreme court was scheduled to hear the writ petitions against the crypto banking restriction. The report contains the draft bill which proposes a ban on cryptocurrency.
Draft Bill Now Public, Supreme Court Hearing Delayed
The Indian supreme court was scheduled to hear the crypto case on July 23. It was expected to address the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the case was not heard by the court on Tuesday.
On Monday, the Ministry of Finance published the long-awaited crypto regulatory report by the interministerial committee under the chairmanship of Secretary of Economic Affairs Subhash Chandra Garg, who is also the country’s finance secretary. The ministry confirmed that the “Report of the committee to propose specific actions to be taken in relation to virtual currencies” has been submitted to the government. It contains the draft “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.”
The Ministry of Finance’s announcement reads:
This report and draft bill will now be examined in consultation with all the concerned departments and regulatory authorities before the government takes a final decision.
The report discusses distributed ledger technologies (DLTs), virtual currencies, initial coin offerings, a digital rupee (central bank digital currency), the potential uses of DLT for financial services, and recommendations for both DLTs and cryptocurrency. “The mandate of the committee has been to study various issues pertaining to virtual currencies and to propose specific actions that may be taken in relation thereto,” the report describes.
Full Ban Proposal
The draft entitled “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019,” included in the report submitted by the Garg committee, is an updated version of the one previously leaked, as news.Bitcoin.com reported. However, much of the crypto-related prohibitions and offenses are unchanged.
Following the release of his committee’s report, Garg tweeted on July 22 that “Private cryptocurrencies are of no real value. Rightly banned.”
Noting “extreme fluctuations” in their prices, the committee proposes that “private cryptocurrencies should not be allowed,” stating:
The committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India.
The committee believes that private cryptocurrencies have “no underlying intrinsic value” and “lack all the attributes of a currency.” The report adds that “There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange.”
According to the bill, “No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India.” In addition to disallowing cryptocurrency for use as “legal tender or currency at any place in India,” the bill proposes that “No person shall directly or indirectly use cryptocurrency in any manner, including as (a) a medium of exchange; and/or (b) a store of value; and/or (c) a unit of account.”
As previously reported, the bill also states that “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency … shall be punishable with fine or with imprisonment which shall not be less than one year but which may extend up to ten years, or both.” Moreover, “Whoever directly or indirectly promotes, issues any advertisement, solicits, abets or induces any participation in any activity involving the use of cryptocurrency … shall be punishable with fine or imprisonment which may extend up to seven years or both.”
Regarding the RBI ban, the report reveals that the committee “endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies … The committee also recommends that all exchanges, people, traders and other financial system participants should be prohibited from dealing with cryptocurrencies.”
Sandeep Goenka, co-founder of Zebpay, formerly one of the largest crypto exchanges in India, pointed out:
The recommendation report is dated 28th Feb 2019, hopefully, they review again and are asked to submit another recommendation report. A lot has happened globally since then.
Another recommendation the committee made is for the government to establish “a standing committee to take into account the technological developments globally and within the country and also the views of global standard-setting bodies to revisit the issues addressed in the report as and when required.”
The Indian government was initially in favor of regulating cryptocurrency rather than imposing a blanket ban on it, Business Standard reported July 23, noting that Garg pressed for “accepting virtual currencies as an economic phenomenon,” arguing that “regulating it will likely lead to better results.”
The committee first met in November 2017 and broadly agreed that banning would be difficult to implement, opting to focus on determining whether cryptocurrency should be classified as a commodity or a financial asset. They also recognized that a ban may “drive some operators underground, which may encourage [the] use of such ‘currencies’ for illegitimate purposes,” the news outlet cited the minutes of the meeting.
The second meeting took place on Feb. 22 last year, shortly after former Finance Minister Arun Jaitley said during his budget speech that cryptocurrency was not legal tender and steps would be taken to eliminate its use. During this meeting, the regulators were in favor of imposing a complete ban on cryptocurrency. Central Board of Direct Taxes Chairman Sushil Chandra said that it creates “a chain of black money,” the publication conveyed.
However, Garg noted that cryptocurrency would be discussed at the G20 meetings and a fresh look might be warranted. He suggested that using crypto in payment systems should not be fully banned, considering the nature of the technology. Ministry of Electronics and Information Technology Secretary Ajay Prakash Sawhney concurred. The committee decided to form two sets of papers — one for banning and the other for regulating cryptocurrency. According to the news outlet, during the next meeting held on Jan. 9 — almost a year later — the committee agreed upon the draft bill to ban cryptocurrency.
Do you think that India will adopt this version of the bill and fully ban cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock and Twitter.
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The post Indian Government Unveils Draft Crypto Bill Ahead of Supreme Court Hearing appeared first on Bitcoin News.
Bitcoin price is trading well above $19,000 and it is the last stop before reaching $20,000 and setting a new all-time high. With no further resistance above the former peak, will the cryptocurrency go fully parabolic and enter price discovery mode starting today? Or will a long-overdue correction unfold with the vast majority of investors sitting in profit?
Bitcoin Approaches All-Time High, Only Moments Remain Where Buying BTC Was Unprofitable
The first-ever cryptocurrency is on a complete tear, defying gravity and going parabolic over the last several weeks. From the start of November until now, the cryptocurrency has added another 40% to its now over 150% year-to-date returns.
At current prices, only one day remains – December 17, 2017 – where buying BTC was a losing investment. The unlucky few who hit “buy” that night and managed to snipe the exact top, have spent every day since at a loss.
Only a few hours Bitcoin traded at higher prices back in December 2017 | Source: BTCUSD on TradingView.com
But with every investor in the asset who bought any day outside of then in profit, could the incredible feat be the catalyst for the correction that thus far has never arrived?
This is Bitcoin, so anything is possible. While all of crypto is bullish on Bitcoin and had planned on holding for the next bull market top, the current disbelief rally blindsided everyone outside of the veterans with the most longevity in the space.
Related Reading | Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At $270K
A retest of $10,000 to $20,000 took a little more than a month, and now the entire world is watching crypto again. With Thanksgiving here, and the holiday acting as the catalyst for a bull market explosion and bubble the last time around, a repeat is very well possible.
And it all starts with Bitcoin taking out its former all-time high, which is set at around $19,800 depending on the exchange.
As a good rule of thumb, seeing Bitcoin trade at a price beyond $20,000 will be the final signal that the bull market has begun.
Featured image from Deposit Photos, Charts from TradingView.com
Cryptocurrency exchange and app, Crypto.com announced today that it has received major regulatory approvals in Malta. The company has secured a Financial Institution license along with a Class 3 Virtual Financial Assets (VFA) license from the Malta Financial Services Authority (MFSA).
According to the official announcement, the company becomes one of the first crypto platforms in the world to achieve such regulatory approvals in the Maltese jurisdiction. Malta approved cryptocurrency laws in 2018 to regulate the market and since then, the European country developed a clear framework for cryptocurrency platforms to operate under MFSA.
The Financial Institution License obtained by crypto.com allows the company to offer payment services and issue electronic money. Through Class 3 VFA license, crypto.com can offer order execution, custody services, and account dealing to experienced and non-experienced investors.
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“We have a long-standing commitment to building a fully regulated business in every market we operate in. Being one of the first cryptocurrency platforms to receive in-principle approval for a Class 3 VFA License and a Financial Institution License is an important milestone and we look forward to securing licenses in more markets throughout 2021,” Kris Marszalek, Co-founder and CEO of Crypto.com, said in a statement.
Expansion in Europe
The company aims to achieve a competitive edge across Europe with new approvals. In recent years, Malta emerged as a hub for international crypto platforms. Leading cryptocurrency exchanges selected Malta as an important destination for global expansion. Malta introduced laws in 2018 to create a regulatory framework for blockchain and crypto companies but many companies were unsure about the exact requirements. Earlier this year, the Maltese authorities announced that the country was considering substantial measures towards the digital economy, including regulation of crypto platforms.
Finance Magnates reported last year about the intent of crypto exchanges to apply for MFSA license. The authority received ‘Letters of Intent’ from 34 prospective digital asset providers, including 21 cryptocurrency exchanges.