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Binance Adds Bitcoin Futures to its Derivatives Offerings

Binance has recently allowed its clients to leverage a new crypto derivative product. One of the biggest cryptocurrency exchanges has recently launched its iteration of […]

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Binance has recently allowed its clients to leverage a new crypto derivative product. One of the biggest cryptocurrency exchanges has recently launched its iteration of the Bitcoin futures, leveraging a fixed settlement period.

Responding TO Public Demand

Changpeng “CZ” Zhao, the CEO of Binance, went to the press about the matter at large. He explained that introducing futures offerings with a fixed settlement date stands as part of the broader strategy of the exchange itself. He gave this statement to Bloomberg, in particular. This new quarterly future contract is set to expire on the final Friday of every period, set to be three months. The contract itself will be settled via Bitcoin. As it stands now, the futures contracts Binance offers is labeled BTCUSD Quarterly 0925. In other words, the latest futures contract is set to expire on the 25th of September, 2020, at 08:00 AM UTC

Zhao went further, explaining that the choice of launching the latest derivatives products is primarily driven by demand from the platform’s users. He explained that Binance already holds perpetual futures contracts, but felt the need to expand into a shorter-term market, as well. He stated that Binance sees a lot of its clients doing futures trading on other platforms, and claims these clients asked Binance to launch their own delivery futures, in a bid to centralize their trading.

Binance CEO Applauds Turkey For State-Owned Crypto Development

Not Quite Yet For Mobile

As it stands now, this new product offering is only available to users leveraging the desktop version of web trading interface, Binance Futures, according to a blog post the firm had made. However, the post made it clear that the mobile version was already in the process of development, and is planned to be rolled out on a later point in time.

Up to 125x Leverage

According to the announcements, clients will be capable of leveraging a leverage of 125x on this new product, which has been officially dubbed the BTCUSD Quarterly Futures contracts. Binance had stated that users would be capable of enjoying taker fees standing as low as 0.020%, as well as receive maker fee rebates for 30 days, as a part of the offering’s launch. It should be noted, however, that this only applies if traders do business within the time frame of 08:00 AM UTC, on the 11th of June, 2020, all the way to the 10th of July, 2020, at 08:00 AM UTC.

Binance has been on a tad of a backfoot when it comes to futures contracts. Its top competitors, Huobi Global and Kraken, have already been offering a range of futures contracts, doing so for multiple durations.

Source: https://insidebitcoins.com/news/binance-adds-bitcoin-futures-to-its-derivatives-offerings

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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Bitcoin Breaks 2017 ATH But Gets Rejected: The Crypto Weekly Market Update

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To say that this week was interesting would be an understatement. It had a little bit of everything.

Starting off, towards the beginning of the week, Bitcoin officially surged past its 2017 high and recorded a new all-time high, clocking at almost $20,000 but couldn’t really manage to surge past that point.

Naturally, as it always happens with the primary cryptocurrency, things took a turn for the exact opposite of what many were expecting. The price took a beating ad dropped to the low $18,000s in a matter of hours. This resulted in around $800 million worth of liquidations in less than 24 hours.

The bulls weren’t finished, however. They intercepted the move, and the price started recovering. At the time of this writing, Bitcoin is trading around $19,000, and it’s interesting to see where it would take from here.

Elsewhere, there was quite a bit of positive news throughout the entire week. Just yesterday, the audio streaming giant Spotify posted a job opening that revealed that it’s contemplating cryptocurrencies for payments. The acting Comptroller of the Currency in the US, Brian Brooks, said that banning crypto is not part of the country’s plans, reassuring that positive news will follow by the end of Trump’s term.

Unfortunately, the week also presented us with some bad news. As CryptoPotato reported, a large Australian exchange accidentally exposed over 270,000 customer emails in a serious privacy breach. This is not the first time an incident of this kind happens as in late 2019, BitMEX went through something similar.

In any case, the overall sentiment within the community remains overly positive. In fact, a cryptocurrency sentiment survey conducted by Kraken revealed that investors hold that Bitcoin will hit $36,000 in 2021. Will it happen? Only time will tell.

Market Data

Market Cap: $562B | 24H Vol: 139B | BTC Dominance: 62.7%

BTC: $18,915 (+13.03%) | ETH: $587.46 (+16.13%) | XRP: $0.56 (+5.61%)

Audio Streaming Mogul Spotify Considering Cryptocurrency Payments. The popular audio streaming mogul Spotify has posted a job opening that reveals its intention to potentially incorporate bitcoin and other cryptocurrencies as a means of payment. With this, Spotify follows a group of major corporations that are putting effort towards implementing digital assets in their ecosystems.

Bullish Indicator to Buy Bitcoin Has Flashed Yet Again After 5 Months. The majorly bullish indicator has flashed green once again after five months. The Hash Ribbons, as it’s referred to, preceded BTC’s rallies to $10,500 in April and the run-up to $12,500 in August. It’s interesting to see if it will be correct again and if BTC will produce yet another leg up, taking it above $20,000.

Bitcoin Arrives At Wall Street: Crypto Indexes To Be Launched in 2021 By S&P Dow Jones Indices. In another news of serious cryptocurrency adoption, the leading index provider S&P Dow Jones Indices has revealed a partnership with the crypto-based Lukka to launch cryptocurrency indexes that follow 550 of the leading coins.

Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey. According to a recent sentiment survey conducted by the popular cryptocurrency exchange Kraken, a majority of the respondents believe that Bitcoin will hit $36,000 in 2021. The same also think that Ether will clock in at a price of around $1450.

Visa Partners With Circle to Integrate USDC for Payments. The payment processing giant Visa has partnered up with Circle with the intention to integrate the USDC stablecoin within its network of merchants. The report also shared that 25 other companies involved in Visa’s Fast Track program would be included in the collaboration.

Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails. In what seems like another serious privacy breach, an Australian cryptocurrency exchange has accidentally exposed over 270,000 customer emails. This follows another mistake of the kind that happened with BitMEX in late 2019.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-breaks-2017-ath-but-gets-rejected-the-crypto-weekly-market-update/

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Bitcoin’s Growing Value Will Make It More Attractive To Bad Actors In 2021: Kaspersky Said

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While exploring the potential online security threats for the upcoming 2021, the Russian-based multinational cybersecurity company Kaspersky predicted a rise in Bitcoin thefts.

Kaspersky researchers also foresee an increase of ransomware threats and more demands to be requested in privacy coins such as Monero instead of BTC.

2021: Bitcoin’s Value Leads To More Bitcoin Theft?

2020 has been a challenging year for many, to say the least. The unexpected COVID-19 outbreak led to shocks among financial markets, people’s health and personal finances, and everyday life as we knew it.

The cryptocurrency industry was not exempt from the effects of the virus, with dramatic price developments and many hacks and thefts. One report from mid-2020 highlighted the rising number of such malicious endeavors that were explicitly linked to the COVID-19 pandemic.

While the world expects a working vaccine to protect their health, the Moscow-based cybersecurity giant Kaspersky published a new study predicting that the situation will only worsen next year.

Interestingly, the researchers believe that BTC could be the target of bad actors because of its growing value, as many fiat currencies have been depreciating lately.

“With the pandemic likely to cause a wave of poverty in 2021, and certain economies and local currencies possibly plummeting or crashing, it’s predicted that fraudulent activities targeting Bitcoin will be increasingly attractive to threat actors.”

Despite the aforementioned short-term price drops, Bitcoin is 160% up year-to-date. Apart from attracting institutions and prominent investors, this substantial increase could also make the asset significantly more alluring to fraudsters and hackers.

Replace Bitcoin With Privacy Coins?

The researchers believe that another trend that started in 2020 will continue next year as well.

As CryptoPotato reported previously, the infamous hacker’s group REvil decided to change its primary demand currency from Bitcoin to Monero. The group justified its decision by claiming that BTC transactions are easily spotted on the blockchain. In contrast, the privacy coin Monero, combined with the anonymous browser TOR, makes transactions “completely invisible.”

Although the Kaspersky document outlined that 2021 could see such developments again, it noted that hackers actually convert the Monero tokens into other digital assets:

“Threat actors in this space may switch to other privacy-enhanced currencies, such as Monero, to use these initially as a transition currency, before converting funds to any other cryptocurrency of choice, including BTC.”

Additionally, the paper predicted that ransomware attacks, in which the perpetrators request a demand paid with a cryptocurrency, will increase next year.

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Source: https://cryptopotato.com/bitcoins-growing-value-will-make-it-more-attractive-to-bad-actors-in-2021-kaspersky-said/

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