Friday, November 20, 2020

Crypto News Cast For November 20th 2020 ?

Crypto News Cast For November 20th 2020 ?

Crypto News Cast ๐Ÿ“ฎ 20-11-2020

Welcome to The Crypto News Cast: A Complete Cryptocurrency News letter For Today

24hours Cryptocurrency Market Cap:

๐Ÿ“ˆMarketCap:          $525 B
๐Ÿ“Š24h Mcap %:        18.50%
⚠️Bitcoin Dom:        66.30%
๐Ÿ“ŒActive Coins:       4,659
๐Ÿ“24h Vol %:            3.20%
๐Ÿ’ฒ24h Vol:                $143 B

Crypto News Updates :

  • Bitcoin’s Taproot Upgrade Support Surges By 45%
  • SEC Chair: Inefficiencies In Traditional Payment System Boosting Bitcoin
  • China's State TV CCTV Shills Bitcoin To Millions
  • OCC Chief Brian Brooks Says Launch of Crypto Banks Is Imminent
  • Goldman Expects Digital Yuan Will Reach 1 Billion Users in 10 Years
  • First Employer-Sponsored Bitcoin Retirement Plans Launched In US
  • Ethereum Breaks $500 for First Time Since 2018
  • OKEx Crypto Exchange To Reopen Bitcoin Withdrawals


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- Bitcoin’s Taproot Upgrade Support Surges By 45%

Bitcoin miners are signaling that they support the Taproot upgrade, which aims to boost privacy and efficiency. F2Pool, the largest Bitcoin mining pool has been listed on the “Taproot-Activation” website, signaling its support for Bitcoin’s protocol upgrade proposal Taproot. With the addition of F2Pool, Taproot, which aims to improve the network’s privacy and efficiency, has now gained the combined support of miners responsible for 45% of Bitcoin’s hash power. This means it is just 6% away from reaching a majority. Read Full on Decrypt.

- SEC Chair: Inefficiencies In Traditional Payment System Boosting Bitcoin

SEC Chairman Jay Clayton reiterated that he does not believe Bitcoin is a security, but suggested that more regulation could still be on the way from other federal agencies. Clayton told that Bitcoin more resembles a store of value and a payment mechanism than it does a security, and that “inefficiencies” in current traditional payment mechanisms, both domestically and internationally, are boosting Bitcoin’s growth. But he also warned that as Bitcoin becomes more popular, it could become further regulated as a payment method. Read Full on twitter.

- China's State TV CCTV Shills Bitcoin To Millions

As noted by prominent Chinese crypto analyst “cnLedger,” yesterday, CCTV, the official Chinese Communist Party television channel, did a segment on Bitcoin due to the rally. According to him, the state channel covered Bitcoin’s price being up 70 percent in fifty days, along with the strength in the fundamentals of the cryptocurrency. It mentioned that bitcoin’s network, development and investment eco-system are now far better than 2017 bull market and added the recent rise is driven by institutional funds. Read Full on twitter.

- OCC Chief Brian Brooks Says Launch of Crypto Banks Is Imminent

Comptroller of the Currency Brian Brooks says the advent of crypto banks is just around the corner. In an interview with Forbes, the head of the Office of the Comptroller of the Currency (OCC) reveals that there are a few crypto firms beelining for the Trust Charter with the OCC in order to provide crypto banking services. Brooks stresses the need to balance banks’ ability to service their clients’ digital asset needs and to maintain current levels of government regulation and oversight. This balance, Brooks believes, will imminently involve crypto banks. Read Full on forbes.

- Goldman Expects Digital Yuan Will Reach 1 Billion Users in 10 Years

According to Goldman Sachs, The digital yuan, China’s planned national virtual currency, would account for 15% of total consumption payments in ten years, helping commercial banks gain more ground from fintech companies. "In ten years we expect DC/EP to reach 1 billion addressable users, 1.6 trillion rmb ($229 billion) in issuance, 19 trillion rmb ($2.7 trillion) in annual Total Payment Value (TPV) and account for 15% of total consumption payments,” the report said. Read Full on CoinDesk.

- First Employer-Sponsored Bitcoin Retirement Plans Launched In US

U.S.-based asset manager, Digital Asset Investment Management (DAiM), has launched the country’s first employer-sponsored 401(k) retirement plans that offers several recommended model portfolios of varying risk to traditional assets and allocation of up to 10% to Bitcoin. The BTC will be held in cold storage by Gemini Trust, allowing DAiM to transfer Bitcoin to former-employees who have left participating companies. DAiM’s crypto-friendly plans are compliant with the Employee Retirement Income Security Act of 1974, and will be able to be offered by employers from 2021. Read Full on cointelegraph.

- Ethereum Breaks $500 for First Time Since 2018

Ethereum has been the talk of the town in recent months as the crypto community anticipates the release of Ethereum 2.0. But while we wait for this upgrade, Ethereum's price has kept rising. The price of Ethereum has risen above the $500 barrier for the first time since 2018. The last time the cryptocurrency was above $500 was July 2018. This recent price increase adds to solid growth over the year with Ethereum's price having risen from $130 to $500 a 284% gain on the year so far. Read Full on Decrypt.

- OKEx Crypto Exchange To Reopen Bitcoin Withdrawals

Crypto exchange OKEx has announced it will resume withdrawals from November 27, 2020, following a temporary suspension that began on October 16. The temporary absence of withdrawals was a major talking point for the Chinese crypto community, but now, the major exchange is set to resume normal business practices. As OKEx reopens for withdrawals, the exchange is also hoping to apologize for the inconvenience caused through user loyalty reward campaigns to express deep apologies and most sincere gratitude to our community. Read Full on Decrypt.

Saturday, October 17, 2020

OKEx sees massive Bitcoin (BTC) deposit after freezing withdrawals

OKEx sees massive Bitcoin (BTC) deposit after freezing withdrawals
Ex-CEO of OKEx to launch crypto derivatives exchange in Q1 2020

Recently, major crypto exchange OKEx announced that all withdrawals will be frozen for the time being, meaning that all of the money that enters the exchange will be stuck there until further notice. Despite this, however, someone decided to transfer $22 million in Bitcoin from another major exchange, Huobi, directly to OKEx.

Someone deposited $22m in BTC after OKEx froze withdrawals

The situation with OKEx is confusing for a lot of users, but the exchange explained its reasons for blocking withdrawals, and all that users can do now is be patient and wait for the platform to reverse the process.

However, soon after the freezing of withdrawals, an unknown user transferred a total of 1,995 BTC — around $22.5 million — from Huobi to OKEx. The transfer was reported by a crypto tracking service, Whale Alert, which explained that the funds arrived via two separate transactions.

One of the transactions was worth 998 BTC, while the other brought only one coin less — 997 BTC. Both transactions are roughly worth $11.3 million. The first one took place at 3.51 am EST, while the second one came about three hours later, at 6:22 am EST.

Bitcoin supposedly managed to leave OKEx, too

The transfers are certainly confusing, considering that withdrawals from OKEx are now impossible. Some have suggested that they might be a result of delayed transactions, which may have been made before the exchange froze withdrawals.

Regardless of the reason why the coins arrived at this point in time, OKEx’s BTC balance was significantly increased because of them. The exchange now holds 276,184 BTC in its wallets, according to Chain.info.

Delayed transactions also saw the removal of a significant number of BTC from OKEx — around 6,269 BTC. Nearly half of that amount was sent to Binance, and Whale Alert noted that this might be an internal exchange transfer, further saying that the matter is currently being investigated.

However, OKEx’s team stated that the address from which the coins were sent doesn’t belong to the exchange. Then, Chainalysis’ chief economist confirmed that the transactions were somehow mislabeled, and that they did not really come from OKEx.

The post OKEx sees massive Bitcoin (BTC) deposit after freezing withdrawals appeared first on Invezz.



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Thursday, October 15, 2020

OKEx announces withdrawal suspension, causing BTC to drop

OKEx announces withdrawal suspension, causing BTC to drop
OKEx to hold its eight round of OKB token buybacks

Major cryptocurrency exchange, OKEx, suddenly suspended cryptocurrency withdrawals earlier today, October 16th. According to its announcement, withdrawals were stopped at 11:00 Hong Kong time, while the rest of the services provided by the platform continue to function without issues. However, the announcement caused Bitcoin and OKB to see a significant price drop.

What happened?

According to OKEx’s announcement, the reason for the suspension of withdrawals is the fact that “One of our private key holders is currently cooperating with a public security bureau in investigations where required.  We have been out of touch with the concerned private key holder.  As such, the associated authorization could not be completed.

While the exchange is a bit vague with the details, it claims that withdrawals of crypto assets will resume immediately after the key holder becomes able to authorize transactions.

In other words, this is no security incident that would be capable of affecting the customers’ assets. However, the move had other consequences.

Speculators came up with a theory behind the move

It is also worth noting that Colin Wu, a reported from Beijing, tweeted that the reason for the event was the fact that an OTC merchant on OKEx seemingly received 500,000 CNY by mistake, and that the money came from the fraud group. The merchant was then hunted by the local police.

In other words, the mentioned investigation could be related to money laundering — something that the Chinese government is extremely strict and serious about, and is quick to crack down on.

As mentioned, the sudden announcement resulted in a sharp price drop that affected Bitcoin, as well as OKB. OKB price, which used to sit at the resistance at $6, suddenly crashed by 15%.

Bitcoin saw a much greater price loss, of course, although the drop percentage for the coin is only 3%.

At the time of writing, both assets have already started seeing recovery.

The post OKEx announces withdrawal suspension, causing BTC to drop appeared first on Invezz.



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