Top 10 Crypto News: 29th of April 2021
- The report cites analysis by Sven Hildebrandt, CEO of Distributed Ledger Consulting (DLC).
- The bill, which was approved by Germany’s parliament last week, is expected to take effect on July 1 if it is approved by the upper house, the Bundesrat.
- Under the legislation, wealth and institutional investment fund managers, known as Spezialfonds (special funds), will be able to invest up to 20% of their portfolio in crypto.
- If they all did so to the 20% limit, nearly $425 billion would move from other assets into crypto, based on the total assets under management (AUM) of such funds in Germany.
- The legislation could prove a significant development for wider acceptance of crypto institutional investment across Europe, given Germany’s status as the eurozone’s most powerful economy.
- There have been other signs of such acceptance of crypto emanating from Germany in recent months, with Deutsche Bank announcing its intention to offer custody and brokerage services to its institutional clients in December.
Gaming Provider Korean Billionaire Kim Jung-Ju Bets $100 Million For Bitcoin In Tokyo's Biggest Ever Acquisition Of Cryptocurrencies
Nexon, a Tokyo-based corporation that purchased $100 million in bitcoin on Wednesday, has been one of an increasing number of publicly-owned corporations owning crypto-currency.
COPYRIGHT_WI: Published on https://washingtonindependent.com/top-10-crypto-news-20210429/ by Camilo Wood on 2021-07-05T06:25:32.138Z
The video game provider, created by Korean billionaire Kim Jung-Ju, said they purchased 1.717 bitcoins, including charges and expenditures, at an estimated cost of $58.226 per coin.
As of December 2020, the deal constitutes 2 percent of Nexon's combined cash and cash equivalents, the firm said. Jung-net Ju's worth, according to Bloomberg, stands at around $11 billion.
His gaming business' bitcoin bet marks a Tokyo-listed business' biggest-ever acquisition in cryptocurrencies.
"Our acquisition of Bitcoin represents a disciplined approach for the conservation and buying power of shareholder equity," said Owen Mahoney, president and CEO of Nexon in a statement. "We conclude that Bitcoin promises long-term stability and liquidity in the present economic climate while preserving its potential for prospective investments."
Mahoney expanded on Nexon's decision on a separate blog post, Wednesday to inject corporate cash into Bitcoin. He said that the cash reserves of the firm are earning virtually no returns in the current exceptionally low-interest rate setting.
"Even junk bonds - which are higher risks and were once regarded as 'high returns' - have become a 'rewardless risk' source," he says, adding that the firm regards bitcoin as a type of cash that might preserve its valuation.
"The US has printed 40 percent more US dollars than before since January 2020. We are not privy to discussions at central banks or treasury offices, but we do not expect an end to this in the near future."
Other factors Nexon is bubbling at bitcoin include its scarcity value, its network impact, liquidity and ease, and its omnipresent existence.
A number of companies have moved to use bitcoin in their balances, including Tesla, Square, and MicroStrategy. But Japanese companies with an early lead in accepting Bitcoin were comparatively slower to follow the same pattern.
Except for a minor uptick of around $54,500, bitcoin has remained relatively calm. In contrast, some altcoins continue to chart gains against BTC and have lowered BTC's market dominance to 49%
On Monday, the price of bitcoin fell back to $4700 but is now trading around $54,000. has tried to rally between $56,000 and $56,000 in recent days
The price of BTC rose from $55,000 USD yesterday. However, Facebook's long-awaited Q1 earnings report proved the previously unsubstantiated rumors to be true.
moments before the release, BTC's price rose to a recent weekly high of $56,500 (on Bitstamp). But, after it became apparent that no one had mentioned bitcoin, it returned to its former price level.
It has dropped to around $53,000 USD but has subsequently climbed to roughly $1,000 USD. This, of course, increases bitcoin's total capitalization
However, however, cryptocurrencies continue to do better in the long run. The comparison of BTC's market cap with all other crypto assets has fallen to around a 3-month low
As stated above, altcoins have done well recently. Many impressive gains in the past 24 hours have been driven by Ethereum. The second-largest cryptocurrency reached a new all-time high but didn't stop there.
In just earlier this week, the price of ETH surpassed $2,760 Binance coin (7% rise), Cardano coin (9% rise), Chainlink (3% rise), and Dogecoin (1% rise) are also in the good zone.
Unisap's largest-cap share price has increased by 12%. Therefore, UNI trades above $42
Gains from Phantasma (18 percent), as well as Polygonis (15 percent), Pancake (15 percent), and The ICN Token (14 percent), to name a few (12 percent ).
Ultimately, the capitalization of all cryptocurrencies has reached $2 trillion.
A teen organization is selling non-fungible tokens to critics of former president Trump for charity, known as #NFTsTeens last laugh
Some of them are actually funny.“ and we're not laughing with them, we're laughing at him
In the past, he has also been a known troublemaker on Twitter. So we did.
NFTs are being sold on Strategic Meme D's website John Oliver started this when Trump was first running for president in 2016.
The categories are “infamous,“,” “deleted,” and “flagged. they're all from before Trump was elected to date, and go back to the last time he was banned permanently
his final post about not attending the inauguration is among a collection of 100 “disappointing” tweets priced at approximately $12,232 in Ethereum, or $PHR
All other bids are at $63.28 or lower than that Every tweet includes a graphical representation.
Trump is said to have based the idea for these NFTs on the recent increase in digital currencies. for example, he mentioned that Jack Dorsey, Twitter CEO, sold his NFT for $2.9 million in March.
Wait a minute, what about Trump's threats?” All collectibles have their own periods — pre-presidency, presidential campaign.
Since launching the initiative, the organization has made $6,000 in sales.
charities were selected based on Trump's tweets, the teens made a careful choice where to contribute For instance, one, the statement about “FAKE NEWS, the ENEMY OF THE PEOPLE!” indicates that contributions will be made to the American Journalism Project
Some of Donald Trump's tweets, both of which are mundane and infamous — like his commentary on Robert Pattinson and Kristen Stewart's breakup — use the hashtags "donation to the general fund".
DNI said it was up to the general public to decide who gets funding from general fund purchases
He stated that the group will start sending contributions when they reach $10,000 because it is difficult to do so in US dollars and NFTs.
This is all done by the kids in the Strategic Group. Said everyone is in high school.
Ni will be attending Columbia in the fall of the following year.
Ni started the latest campaign a year after the election using novel approaches to advertising, including memes and games that targeted Trump. The teens' new enterprise is based on political art and technology, Ni said.
In a recent interview with CNBC, Landry's chairman, the operator of restaurant franchises such as Morton's steakhouses and Bubba Gump Shrimp Co., stated that most restaurants would soon welcome bitcoin as their payment.
"It is probable that in the next 90 days, you will have all our restaurant brands — or 80 percent to 90 percent — where you no longer have to use Mastercard, Visa or American Express," said Landry's Chief Executive Officer Tilman Fertitta. "Bitcoin or other digital currencies can be used."
Select Matsro's locations, one of the chains in the company, will welcome bitcoin this week, Fertitta stated.
A car dealer in Texas owned by Fertitta has allegedly been accepting bitcoin since 2018, noting that his Houston Rockets NBA franchise has "taken it as well."
"It's incredible how simple the deal is, and it's here to stay," explained Fertita. "It's where it is, because it's likely it will happen."
About 20 days ago, Caruso, a big property firm, revealed plans to embrace Bitcoin as rental payment. So in March, Tesla's electric car maker started taking bitcoin payments.
The increased acceptance of Bitcoin payments by large firms, as well as the rise in the number of firms holding Bitcoin, is a significant predictor of Bitcoin's rising acceptance and general acceptability.
It's easy to dismiss the effect of technology in Africa over the years due to how it's seen as a third-world continent. However, contrary to what most people think, the technology industry in Africa is growing and has significantly improved in the last decade. Digitalization has impacted every sector in Africa and has also contributed to economic growth.
Cryptocurrency transactions in Africa in the last couple of years are worth highlighting, as the continent has experienced rapid growth in digital currencies. This is likely due to the depreciating value of their currencies and more young people are seeking other ways to preserve their assets and grow their wealth. So far, investing in and trading cryptocurrencies have been proven as one of the ways to do that.
One of the major reasons why crypto seems to be thriving in Africa and will continue to is that the continent's situation makes it perfect to embrace virtual money. Many Africans have struggled with easy access to banking systems for years. Compared to the West, Africans don't find it that easy to move money around, especially outside the country. International transactions can sometimes take days before they are completed.
Navigate around this, some are finding crypto quite interesting, as it allows you to complete transactions across borders within minutes. This is especially helpful for traders who buy goods from international merchants and have to pay. Trading bitcoin makes it easier to pay their merchants in their currency without going through the exchange rate hassle or waiting for days or spending an enormous amount on bank charges.
There have also been situations where Africans had to resolve crypto payments to sponsor protests. This especially comes in handy when the government tracks down and closes individual bank accounts used in protests. A common example is the EndSARS protest in Nigeria in 2020 In addition, Africa has recently been shown to have a growing number of talents in the tech field. There are now more startups than ever, some of which have made great strides recently. This includes the significant amount of investments they raised in 2020.
This growth in tech talents, especially in Africa's young people, makes the continent a fertile ground for tech opportunities, including cryptocurrencies.
Papa Murphy's pizza collector now accepts Cardano (ADA) as a form of payment. Notice that the latest crypto-payment capabilities of Papa Murphy are not limited exclusively to ADA.
The corporation also has paid for several other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin, etc.
Papa Murphy revealed the news that Cardano's sub now accepts crypto payments. "Crypto at Papa Murphy's in Fresno, CA" was shared by the pizza brand.
The post did not however state whether the company accepts cryptos in all its pizza houses, particularly in Washington DC.
Similarly, Cardano was also accepted a few days ago by the London-based local food stall, according to ADA fan ZizouCoin, "My favorite local food stall in Kingston is now taking ADA! For a bit, they took ETH and BTC, but they grew into a sensible currency."
In addition, Cardano has collaborated with Ethiopia's Ministry of Education to provide a blockchain-based ID based on a recent survey. More than 5 million students and 750,000 teachers are being brought into the ADA network.
Moreover, as acceptance by Cardano continues to expand exponentially, it reveals that altcoin love is unlikely to disappear from users quickly.
Following the announcement by the European Investment Bank (EIB) earlier this month, Ethereum recently hit new heights when it was revealed that they intend to make a digital bond available on Ethereum.
The world's second-largest cryptocurrency has fallen slightly to $2,756. Within the Ethereum community, the two terms "Ether" and "is" have come to mean the same thing.
The release of this new Bloomberg report coincided with Ethereum's new record price. Goldman Sachs, Societe Generale, and Banco Santander have also involved in financing the acquisition, it will be
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Innestlégémination at the EIB extends beyond our initiatives. the EIB is well‑situated to pioneer the issuance of digital bonds in the green and sustainability bond markets Digital bonds will speed and enhance access to another financing for projects across the world buzz.
EIB is reported to be making an announcement that they will be making a digital bond on the Ethereum, but the decline in Ether's supply has boosted Ethereum's price, as stated by SFOX CEO Danny Kim.
On the other hand, virtual land and non-fungible tokens can also be bought with ETH.
Ether will one day dethrone Bitcoin as the world's cryptocurrency but higher prices and rising demand are encouraging signs for the future of the Ethereum blockchain.
Germany has passed a new law that would allow thousands of institutional investment funds to invest in cryptocurrency
A new law in Germany now permits over 4,000 institutional investment funds to gain exposure to cryptocurrencies. The move could spark massive cryptocurrency adoption in Europe’s largest economy over the next few months or years.
The new legislation permits wealth and institutional investment fund managers (called Spezialfonds) to invest as much as 20% of their portfolio in cryptocurrencies. The law is set to come into effect on 1 July.
This latest development has been received positively in the cryptocurrency space, with some experts claiming that it could boost Germany’s position as a financial investment hub. They also believe that it could boost the cryptocurrency sector by legitimising the asset class.
German parliamentarian Frank Schäffler told Decrypt that the move is a crucial step in ensuring cryptocurrency development in Germany. “The addition of crypto assets in Spezialfonds is an important step for their acceptance. Here, the law is going in the right direction, and we expressly welcome it,” he said.
The law was cleared last week by Germany’s federal parliament, the Bundestag, and is set to be rubber-stamped by the country’s Federal Council as soon as possible. It will affect the existing Spezialfonds and new ones established by institutional investors such as financial institutions, insurance companies, and pension funds.
Thanks to this latest development, over 4,000 existing investment funds in Germany will have access to Bitcoin and other cryptocurrencies. Sven Hildebrandt, CEO of Germany-based Distributed Ledger Consulting (DLC), acknowledges that this is a huge development. He pointed out that Spezialfonds enjoy investments to the tune of $1.8 trillion.
Currently, these Spezialfonds don’t have any cryptocurrency investments. Hence, allocating 20% of their portfolio could benefit the crypto sector immensely. The cryptocurrency space has seen billions enter the market from institutional investors over the past year.
This is a massive development considering the fact that institutional investors and corporate entities have not historically thought highly of cryptocurrency. Currently, an increasing number of financial institutions believe Bitcoin is a store of value and an excellent hedge against inflation; this news comes after American investment bank JP Morgan announced it would offer Bitcoin services to wealthy clients.
Société Générale’s UK private bank Kleinwort Hambros investment chief Fahad Kamal has warned that bitcoin’s position as the top cryptocurrency might not last in the next ten years due to increasing competition.
While speaking to Business Insider, Kamal said bitcoin’s dominance mirrors the dot-com era when emerging tech players like Google and Microsoft surpassed Netscape Navigator.
In general, he compared the current crypto space to the dot-com period while stating that bitcoin’s status is similar to Netscape Navigator’s dominance as the go-to browser.
Kamal noted that bitcoin electricity consumption would likely play a vital role in the asset’s downfall. Besides immense power consumption, Kamal said bitcoin’s ability to enable illicit finance like money laundering would usher in strict regulation.
He singled out ethereum as a potential asset that might replace bitcoin due to its design and use cases. Kamal’s warning comes as countries like India and Turkey are preparing to introduce stringent regulations to manage the cryptocurrency sector.
At the same time, banking giant Goldman Sachs has warned bitcoin is vulnerable due to its lack of real uses and the environmental impact. The bank noted that the number one ranked digital asset might lose its store-of-value demand to a better cryptocurrency.
Kamal’s projection of bitcoin’s future comes amid the assets’ ongoing rally from the start of the year. By press time, the asset was trading at $54,968 with a market cap slightly above the $1 trillion mark, according to data provided by CoinMarketCap.