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Messages - robertsmark

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Over the last few weeks, the Financial Conduct Authority has imposed a set of conditions all over the UK that is now forcing UK banks to ban any deposits made to Binance Market Limited.
Santander and Barclays are among the banks that stopped their customers from depositing any funds to UK’s Binance entity, the Binance Market Limited. Following the increased number of fraud cases being reported, such dire repercussions can be excused.




MyCryptoParadise

2
While the ongoing ban is heavy on the UK’s Binance entity, the overall crypto exchange, Binance, remains optimistic that its usual business processes will not be adversely affected.
So far, Binance is the leading cryptocurrency exchange by trade volume, justifying the non-significance or lack of a full-blown impact with the UK’s new position.
Justifiably, the UK does not contribute that wholesomely to Binance’s user base. Estimations reported by the web traffic site, user web has placed only around 3.75% of Binance customers in the United Kingdom.
Nonetheless, no significant difference in the trading volume has been highlighted just yet. Within the last 24 hours, the trading volume of Binance was at $33.2 billion, which is more than twice its closest competitor FTX.




MyCryptoParadise

3
Plainly stating, Binance will survive.
Just this week, Binance gained 8.5% on its outperforming token Bitcoin, which was lost by 0.6% and Ethereum that achieved by a margin of 0.7%.
Finally, it is improbable that the FCA will extend its rules to a broader territory exceeding the UK.
Although the FCA published a standpoint that will induce banks against the crypto exchange, this only leaves room for other exchanges to operate. Business Must go on.
Binance continues to face stricter regulations in several countries, citing sighting its high fraud risk. However, unlike the UK, none of these impositions is targeted at retail investors.


MyCryptoParadise

4
The tech behemoth wants to build an environment in which billions of people and innumerable gadgets may safely communicate via an interoperable system based on open-source components and standards. For creating DIDs, the Bitcoin blockchain is being utilized to provide a high degree of decentralization and security.
According to Microsoft’s published white paper, everyone should utilize a secure cloud space to store all aspects of their digital identity rather than sharing their data with various applications by giving them access.
Everything will be based on the Bitcoin blockchain.


MyCryptoParadise

5
Microsoft believes that everyone has the right to control their digital identity, which keeps all personal data more securely and discreetly. This identity must blend smoothly into everyday life while providing full control over data access and usage.
According to Michael Saylor, if bitcoin aims to remove the authority of centralized institutions over money, ION is attempting to accomplish the same with online identities.

MyCryptoParadise

6
Michael Saylor, the MicroStrategy CEO, shared a Microsoft article on how the global IT giant is developing a project to assist ordinary people in securing their digital identities using Bitcoin.
Microsoft is helping to fund the ION project, which aims to create Decentralized Identifiers (DIDs). These identifiers would serve as anchor points for all of a person’s online actions.
Decentralized identity is a trust framework in which self-owned, independent identities, such as usernames, may be substituted with data exchange utilizing blockchain and distributed ledger technologies to preserve privacy and secure transactions.


MyCryptoParadise

7
What is Moving Average | How to Use Moving Averages | How to Use MACD Indicator for crypto trading?
By MyCryptoParadise
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Visa CFO Vasant Prabhu told CNBC that their network sees many individuals purchasing cryptocurrencies at these different licensed exchanges and that trend seems to be continuing.
Vasant Prabhu went on to say that they are working hard to build an environment that would make bitcoin more useful and comparable to traditional currencies. People are looking at how they can utilize cryptocurrencies for things they normally use regular money for.
Visa Inc., based in Foster City, California, is an American global financial services company. It enables electronic money transfers all around the globe, with Visa-branded credit cards, debit cards, and prepaid cards being the most popular methods. Visa is one of the most valuable businesses in the world.

MyCryptoParadise

9
According to Visa, consumers worldwide bought more than $1 billion in bitcoin via crypto-linked Visa cards in the first half of the year. The payments giant also stated that it is teaming up with 50 major crypto platforms to launch card programs that make it simple to convert and spend digital currency at 70 million businesses across the world.

MyCryptoParadise

10
According to Yulong Liu, head of global partnerships at Babel Finance, Bitcoin’s recent mass adoption was primarily fueled by institutional and corporate buyers. Their participation paved the way for large-scale corporations to follow.
Liu told Forkast. News that while he believes this tendency will continue, he believes it will do so at a slower rate this time. Bitcoin’s fundamentals have not altered and continue to be robust.
Meitu’s stock price soared to HK$4.11 on February 17, its highest since March 2019. It benefited from the Bitcoin Bull Run this year. The stock price of Meitu has been declining since April, and it ended today at HK$1.65.

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In March and April, Meitu purchased a total of 31,000 ETH and approximately 941 BTC, totaling US$100 million at the time. The fair values of its acquired ETH and BTC are now at US$65.2 million and US$32.2 million, respectively, representing a 2.6 percent decrease in overall value.
In its statement, Meitu said that the impairment loss would not affect its cash flow or operations. It stated it has no immediate intentions to sell or buy additional cryptos, citing the board’s belief that the blockchain sector is still in its early growth phases. It added that cryptocurrencies have significant potential for a long-term increase in value.
Meitu, based in the Chinese city of Xiamen, is the first Hong Kong-listed large Chinese business to invest directly in cryptocurrencies, similar to western corporations like MicroStrategy and Tesla. Other previously non-crypto Chinese businesses, such as gaming operator The9 and lottery firm 500.com, have shifted their focus to crypto mining.

MyCryptoParadise

12
According to a statement, Meitu Inc., a Hong Kong-listed software firm is likely to incur a US$17.3 million impairment loss on its Bitcoin assets.
A US$17.3 million decrease in the price of Bitcoin was anticipated to be recorded as an impairment loss in Meitu’s interim results, according to the company, which is best known for its Photoshop filter software. Meitu made a profit of $14.7 million on its Ether investments. Still, the profit will not be recorded as a revaluation gain since the firm treats purchased cryptocurrencies as intangible assets and measures them using a cost model per industry norms.


MyCryptoParadise

13
Square majorly deals with payments processing software for startups. Introducing this Bitcoin cold wallets initiative puts Square a step closer to its competitor Cash App that is already facilitating Bitcoin purchases and sales.
Jack Dorsey’s enthusiasm with Bitcoin indicates that Square’s Bitcoin cold wallet is only the first of many to come involving the leading cryptocurrency. Jack Dorsey’s bio on Twitter only states #Bitcoin. He has also mentioned that in his lifetime, Bitcoin is the most important thing to work on. If he wasn’t working on Twitter or Square, he would have been fully behind Bitcoin.


mycryptoparadise

14
A Bitcoin cold wallet is a Bitcoin hardware wallet that enables users to store their private keys offline for improved security. They emulate the function of a flash drive but only for cryptocurrencies.
Storing one’s Bitcoin wallet online is via cryptocurrency exchange platforms that offer custodial services. Users who do so allocate a third party control of their private keys. Offline storage, also a non-custodial wallet, provides the user with absolute control of their private keys, which control their digital coins.
Jesse Dorogusker, Square’s hardware lead, first broke the news of the project on Thursday. Jesse Dorogusker stated the motivation behind the Bitcoin hardware wallet is so that the cryptocurrency is more mainstream. He went further to appreciate the response he got from Twitter when the subject of Square’s Bitcoin cold wallet arose.
Jack Dorsey’s Square will be competing with the likes of Ledger and Trezor, who are already offering hardware wallets for Bitcoin. The demand for non-custodial wallets has increased recently for users and financial markets. U.S. Senator Elizabeth Warren emphasized this risk recently. Square is, consequently, stepping in to cater to this growing need for non-custodial wallets.


Source: MyCryptoParadise

15
 The CEO of financial services and digital payments company Square, Jack Dorsey, took to his social media platform Twitter to announce that Square’s Bitcoin cold wallet currently in the works.


MyCryptoParadise

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