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Regulators Strip Licenses From Hundreds of Companies Operating Crypto Ventures in Europe

Regulators in Estonia have stripped 500 cryptocurrency licenses from firms operating in the country in a nationwide crackdown on the industry. The number of crypto licenses that have been revoked represent about a third of the total number issued. Regulators suspect that crypto firms and Bitcoin exchanges have been leveraging their platforms to commit illicit […]

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Regulators in Estonia have stripped 500 cryptocurrency licenses from firms operating in the country in a nationwide crackdown on the industry. The number of crypto licenses that have been revoked represent about a third of the total number issued.

Regulators suspect that crypto firms and Bitcoin exchanges have been leveraging their platforms to commit illicit transfers including embezzlement,

Madis Reimand, head of the Estonian Financial Intelligence Unit says, via Bloomberg,

“This is a first step in tidying up the market, allowing us to take care of the most urgent issues by permitting operations only for companies that can be subjected to Estonian supervision and coercive measures.”

The strike to Estonia’s crypto industry follows allegations that a local branch of Danske Bank facilitated the transfer of billions of dollars in illicit cash. The Danish lender has been embroiled in the largest money-laundering scandal in Europe to the tune of $220 billion. Dubbed the “Troika Laundromat Scandal”, a long list of banks and financial institutions allegedly cooked books and fudged figures to facilitate illegal transactions behind closed doors.

In an effort to minimize the risks related to money laundering, the Estonian government passed a bill that makes it difficult for applicants to acquire a crypto license. According to new regulations, permits for cryptocurrency companies will now take three times longer to obtain and will be 11 times more expensive, providing further barriers to entry.

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The post Regulators Strip Licenses From Hundreds of Companies Operating Crypto Ventures in Europe appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2020/06/15/regulators-strip-licenses-from-hundreds-of-companies-operating-crypto-ventures-in-europe/

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Michael Novogratz: Bitcoin Is for Everyone and You Should Have 2-3% of Your Net Worth in It

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Amidst the excitements of BTC hitting an all-time high, Bitcoin bull and ex-hedge fund manager Mike Novogratz said, in an interview with Yahoo Finance, that Bitcoin was designed for every investor. 

“Bitcoin is for everyone,” he said, adding that “Everyone should put 2% to 3% of their net worth in bitcoin and look at it in five years, and it’s going to be a whole lot more.”

Novogratz is also a former partner at Goldman Sachs and a former manager of Fortress Investment Group. In 2012, Novogratz’s net worth was about $500 million. In 2017, he revealed that 20% of his net worth is held in Bitcoin and Ethereum, from which he generated over $250 million in profit. 

Novogratz’s $20k Prediction Coming True? 

The Galaxy Digital boss is fond of predicting bitcoin price. Even after the March crash, when bitcoin traded at a yearly low of around $3,500, he was still bullish on the cryptocurrency. 

He predicted in April that bitcoin will hit $20,000 before the end of 2020 and that he might ditch the cryptocurrency if his prediction does not come true. 

With the cryptocurrency trading less than 7% away from the 2017 all-time-high price of $20,000, it might not be long before it hits a new ATH. 

Bitcoin Will Not Trade Below $12,000

As Bitcoin approaches a record-breaking price, some speculators believe the cryptocurrency might see a correction soon. However, Novogratz believes that the asset will not trade below $12,000 in this bullish trend. 

“Right now, we’re getting close to 20,000, like the old highs. Rarely does a market trade to the old highs and go right through it, right? It’s just markets usually touch the old highs, exhaust themselves, correct a little bit, and then take out the high. And so there’s big support around 14 and a half, 15,000. And so listen– 19,000 to 15,000 would feel pretty painful if you just bought it here at 19. I don’t think we’re going to get down below 12,000 again in this episode,” he said. 

Institutional Investors Pushing Bitcoin Price

The Bitcoin bull also mentioned that the current rally is driven by high net-worth individuals, hedge funds, and real institutions. He thinks participation by these larger players, alongside increased regulation, should smooth out some of the volatility.

Not only them but “Game of Thrones” actress Maisie Williams also jumped in when she did a Twitter poll last week asking whether she should long Bitcoin, to which Mike Novogratz replied, “Duh!”.

Bitcoin’s current rally is a lot quieter than its last one. Google searches for “Bitcoin” peaked in late 2017. They’re now running at about one-fifth of that level. But Novogratz said the evidence supporting bitcoin prices is better than it’s ever been. 

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Source: https://cryptopotato.com/michael-novogratz-bitcoin-is-for-everyone-and-you-should-have-2-3-of-your-net-worth-in-it/

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Japanese Giant SBI Group Launched A Crypto Lending Service For Bitcoin

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  • Founded in 1999, SBI Group is a financial services company based in Tokyo, Japan. Apart from offering numerous traditional financial services, the SoftBank Group subsidiary announced today a new cryptocurrency-related endeavor.
  • SBI Group has introduced a digital asset lending service through its cryptocurrency arm – SBI VC Trade.
  • The statement informed that the platform, dubbed VC Trade Lending, will initially support only Bitcoin. However, plans include adding support for Ether (ETH), Ripple (XRP), and more cryptocurrency assets. 
  • Clients’ deposits can vary from a minimum of 0.1 BTC to a maximum of 5 BTC. After lending their bitcoin holdings on the platform, the customers will earn an interest rate of 1% with taxes included.
  • The announcement further explained that VC Trade Lending will charge fees only for withdrawals in the Japanese yen. Cryptocurrency and yen deposits, as well as account management or annual memberships, will not be subject to fees. 
  • It’s worth noting that SBI Group has been involved with other cryptocurrency-related projects before. A few years ago, the financial giant launched Japan’s first bank-backed cryptocurrency exchange. More recently, SBI Group hired two professional e-sports players and paid them in XRP. 
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Source: https://cryptopotato.com/japanese-giant-sbi-group-launched-a-crypto-lending-service-for-bitcoin/

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Five Reasons Ethereum Has Entered a New Bull Market

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Ethereum is currently retracting sharply from its previous and 30-month peak of $620. Even with a decline of around $100 to today’s prices of $525, ETH is still up over 300% since the beginning of the year.

The confirmed genesis of the long-awaited Beacon Chain, which is Phase 0 of the even longer awaited Serenity ETH 2.0 upgrade, has no doubt driven momentum but it is not the only strong point for Ethereum.

Over 5 Reasons to be Bullish on Ethereum

DTC Capital’s Spencer Noon has pulled out a few key charts to back up the notion that we are definitely in a bull run for Ethereum.

Active addresses on the network are the first metric as it now has just under 500,000 per day. This is almost double what it was at the same time last year.

In terms of fees paid, Ethereum dwarfs everything else in the crypto space with 80 billion gas now being used on a daily basis. The analyst exclaimed that this is;

“A clear sign that it is the most useful network in the world.”

Over $16 billion in stablecoins have now been issued on Ethereum, a figure that has gone parabolic since the start of this year which is a sign that there is a major demand for digital dollars.

The DeFi effect has been huge as, despite a number of rivals and ‘killers’ emerging this year, Ethereum remains the foundation of the entire ecosystem. Ethereum’s largest use case has gone parabolic as there are now ten times more DeFi users than there were a year ago.

Total value locked across the DeFi space has surged almost 2000% since the beginning of 2020 to reach $14 billion with five billion dollar plus protocols which is a sign that the space is maturing.

And There’s More …

The amount of Bitcoin tokenized on Ethereum is also at record highs with 152,000 BTC, or $2.7 billion worth at today’s prices wrapped on the Ethereum network.

The DEX effect cannot be overlooked either as decentralized exchanges on Ethereum have done $20 billion in volume over the last 30 days. This has brought their combined total to $86 billion this year;

“A sign that DEXs can compete with the top centralized exchanges.”

As reported by CryptoPotato, Ethereum social sentiment and searches are also at their highest levels since early 2018 as the mainstream media and the masses start paying attention.

This latest pullback may settle below $500, but there is little doubt it will provide a buying zone for ETH which still has a long way to go.

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Source: https://cryptopotato.com/five-reasons-ethereum-has-entered-a-new-bull-market/

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