Bitcoin
All that glitters is not gold, it’s bitcoin! After dipping to as low as US$17.5k last week and hovering about US$19k since, bitcoin was rallying on overtime. Over 12% run to reach ATH, btc did not just break, it smashed it. BTC hovering around US$23k as of time of writing. Most alt coins are seeing green as well with ETH gaining over 9% in 24 hours. Everyone hold on to your sleighs, the Santa Rally might have just started.
With higher prices comes higher responsibility. Estonia has gone on the offensive and revoked about 70% of crypto licenses in response to a money laundering scandal, despite it being a crypto friendly nation. Blockchain is all about transparency.
Both Coinbase and Sygnum has shown interest in going public around the same time bitcoin was approaching ATH. Coincidence on conspiracy? You tell me. Sygnum has gone a step further by being the first bank to tokenize its shares by using Decentralized Ledger Technology (DLT).
We can only hope for bitcoin to continue being nice for Santa to extend this rally. Invest wisely and avoid leverage.
Bitcoin hit a new record above $23,000
On Thursday, bitcoin hit a new record, extending its wild 2020 rally for the cryptocurrency that has seen it more than triple in value. As stated by Coin Metrics, the world’s most valuable digital currency surged 12% reaching $23,421., taking it year to date gains to over 200%. Bitcoin recently hit the $20k mark on Wednesday.
Crypto bulls have pointed to increased demand from institutional investors, pitching bitcoin as a hedge against inflation like gold amid unprecedented US coronavirus stimulus. A recent JPMorgan note claimed such investor appetite would boost inflows into funds tracking bitcoin to the detriment of gold.
Coinbase files for IPO as Bitcoin soars high
The company has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission. After the SEC completes the review process, the form is expected to go into effect.
Coinbase (California-based) founded in 2012, has been the go to spot to buy and sell crypto, leading them to grow into the largest cryptocurrency exchange in the US.
About 70% of crypto businesses in Estonia have lost their license
This year, Estonia (the most crypto friendly in the European Union) withdrew permits from one thousand crypto companies.
Veiko Tali (Deputy Secretary General of the Government Committee for the Prevention of Money Laundering and Terrorist Financing mentioned that the remaining crypto businesses will also require close attention given the potential risks: "We need to monitor the development of new technologies and manage the associated money laundering risks."
Crypto Bank Sygnum Tokenizes Shares, Eyes Public Offering
Sygnum, a digital asset finance firm with a Swiss banking license, has tokenized its shares on its own distributed ledger platform as it develops plans for a public offering.
The firm said that it has now become the first bank to use distributed ledger technology to issue digital representations of shares.
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