Crypto Remains Unregulated In Russia — Lots Of Talks But No Action

In November end, news came up that crypto users from Russia under the grey zone for the operation could stand at a risk stage since the nation’s financial authorities had contacted the forces to perform an outlaw over the digital asset used instrument payments.

After that, the country’s interior ministry shows a confirmation upon the rumors regarding the track to come up with a legally operated framework over digital assets confiscation that could be released within 2021. Apart from that, Russia’s Federal Financial Monitoring Service agency head also spoke in front of the parliament regarding the legalizing prospects related to cryptocurrencies’ usage.

Are these moves an indicator that the government is putting a thought over the digital asset, and is it perceived to be a threat for the Russian community of crypto users?

No legal status upon the tender:

As per a local Izvestia report, it was out that the Federal Financial Monitoring Service and Russian Central Bank are drafting legislation over the crypto asset usage ban to buy any goods or services online. Any details regarding the draft were not out regarding the potential mechanism, or one did not disclose any information regarding violation punishment. As per the updates, any comment hasn’t been made officially by the Finance Ministry and Federal Financial Monitoring Service. 

Seeing other jurisdictions, legislators from Russia face a struggle in defining a legal or illegal status for the usage of digital assets from 2017. As per the notes from yahoo Bitcoin Revolution, several petitions came from the trade associations regarding legislation of crypto. At present, any official statement over the mining of crypto is not present by the Russian government.

The community of Crypto in Russia: “Make it a harness, not a banned one!”

Among several crypto entrepreneurs in Russia, it is rumored that much would want to see a well-defined set of regulations than any limbo prevailing over it wherein the industry is operating currently. They doubt that any such ban with a blanket on payment involving cryptocurrency would be enough to solve the regulator’s problems. 

The prohibitive series of measures under the working process in different Russian government departments predict the product’s individualistic role players that are not interested in defining the new asset class. Even due to mechanisms lacking a defined and detailed enforcement, the initiatives may consume a reasonable amount of time to enter the materializing state or even not stand at the fruition stage.

Bitcoin Speculators Hit All-time Lows As Grayscale Says Btc Like 2016

The growth of cryptocurrency is just the beginning, as the bitcoin holders are gradually betaing out the speculators. The recent bitcoin report shows a pretty optimistic divergence in the Hodler vs. Speculator index. Let’s read a bit more about it.

Structure repetition of 2016

The HSI usually measures the bitcoin activity from the wallets in order to provide an impression of how exactly the network participants are utilizing Bitcoin. This can result in market sentiment as well. According to the on-chain analytics of coin metrics, they label coins as ‘holder coins’ which have not moved much in the past one to three years. And on the other hand, speculator coins are the ones that have been moved in the last 90 days.

And as a result, according to their research, they have seen the hike of holder coins. They have even observed the gradual reduction of speculator coins. They have even stated the fact that the current state of Bitcoin resembles the scenario of 2016. It was roughly 18 months before it had its all-time highs as of $20,000. Thus, growth is undoubtedly evident and is, to a significant extent.

BTC beats record

Now the Grayscale provides better insight regarding the strengths of Bitcoin investors as of 2020. Thus, we will consider their statistics regarding this issue for better knowledge.

Even though there has been such a hike in price variation in the last twelve months, there is undoubtedly a keen desire among the investors to continue their investment in bitcoins. They do not prefer to trade or sell it off at any price less than the current yearly high of $12,000. Thus, there has been a significant level of bitcoin owned in a single year.

The metric even indicates the fact that there is undoubtedly a strong conviction in bitcoin as per the current base of investors in this market. It also clearly suggests the hike of demand among the investors and uses it as a store of value rather than trading it. This is undoubtedly a great option that appeared to the investors since they are more interested in holding up the Bitcoin irrespective of its volatility.

The store-of-value proposition this month clearly gains much more publicity and popularity this month as Microstrategy. This was purchased over 21,000 BTC during the mid-august. It is total confirmed news that it had holdings that were equivalent to over $400 million. Thus, it was pretty precious and important.


This clearly states that there has been a significant rise in the demand of holder coins after looking at Grayscale’s statistics. This took up the interest of investors to a large extent and made them shift to better options. They have apparently gained such an affinity towards BTC that they might even hold on to them as per the reports. This amount of growth is clearly insane. Furthermore, the 2016 scenario played a major role in the market for various reasons, as discussed above.

BitMex awards its last developer grant to a Bitcoin scalability solution from MIT

One can find a variety of cryptocurrencies in different countries. To monitor the same is much needed now, and that is why there are experts who come forward to offer various solutions for its scalability. One more such expert has been rewarded for his effort and perfect solution. The BitMex’s 100x Group has been awarded to Calvin Kim for the Boitcoin development with scalability solution. He gets $40000 as rewards for his solution Utreexo. This protocol is unique when it comes to handling security concerns of transactions. It checks that the sender has enough coins before processing the request. If the user has any unspent BTC, it will be saved as UTXO. This will be beneficial when the user has to send any data about the availability of funds in the account.

The entire Bitcoin blockchain is around 300GB, and the UTXO is around 4GB. Researchers from MIT are of the opinion that as the network grows in the future, this may present a bottleneck situation.

How does it work?

In this case, the sender maintains the data of UTXO with himself, and this is proof that there are enough funds in the account for a particular transaction. If any evidence is required to show the balance in the account, the validity can be presented in the form of a hash, which takes up less space when compared to the complete data. In this way, better security can be achieved, and it can be scaled to any level in the long run.

What are experts saying?

However, experts believe that any sort of scalable solutions that work by replacing full nodes with hashes can lead to problems in the long run. They fear that it may cause instability due to some reasons, and they feel it is better to avoid such concepts. The general belief is that all data should be sent during the transaction so that they can be validated from any end in the future if it is required.

As the Blockchain technology itself is still new, such options to speed up the process may not be accepted in the initial stages itself. However, considering the benefits it can offer to improve transaction speed in the long run, it may be useful in the future. It would be interesting to see how other market players react to such innovative concepts in the blockchain domain.

The Bad Crypto Updates Of The Week: Mining, Bull Runs, And Tor Attacks

The last week has been pretty rough for the Crypto environment as Bitcoin just ended the week approximately 11000 USD. This is a drop of nearly 2.7% over the preceding 7 days. If calculated, this drop reveals that each day there was a fall of 700 USD. So, this makes everyone curious about one thing – has there something wrong with the bullish moment or will Bitcoin (BTC) make headway to 15000 USD?

The very first mission here is to collapse the stand at 12000 USD even though BTC has shown utter failure to accomplish that two times in 10 days. However, it integrated after every failure. Some specialists have a belief that it is proof of an ongoing bull run.

Monahar’s Advice to MicroStrategy

There is a business intelligence firm known as MicroStrategy and it hopes the same certainly. The company bought 21454 BTC by spending around 250 million USD to make the use of it as its leading reserve asset. Taylor Monahar, who is the co-founder of both MyEtherWallet and MyCrypto, has put some advice to MicroStrategy and to the others looking for how to have control over the amount they are investing at the time of a bull run.

She has to say that one should pick a few long term coins and one should not take the risk of putting 5% of your entire worth. She also added that in case he or she loses it completely, he or she should never ever go for giving a try to get back or recover the sum he or she lost.

Threats on Crypto Investors

The superiority of China is one aspect of the blockchain for fresh investors to keep in their minds. China could easily take power with a 51 percent attack as the nation possesses the maximum portion of the BTC mining capability. Casa’s chief technical officer and co-founder Jameson Lopp is not concerned. He made a statement saying that the attackers are not capable of stealing Bitcoins and he added that any attack would also reduce the worth of their own possessions.

However, China is not the only nation to send threats. Do you know that India is the leading country having call center scams? And, the bigger problem is that they are now after the crypto investors.

Anyways, the recycling industry can be benefiting from the blockchain and companies are turning their faces to public blockchains as there is a visible maturity of the technology.

Mainframe’s latest Blockchain protocol acquisition to enable DeFi Bond System

The latest blockchain protocol from Mainframe is all set to create waves in the cryptocurrency market. It has recently acquired Sablier for operating in the real-time finance business. The money streaming technology of Sablier will be used to bring in innovations into this sector. The Mainframe is planning a fixed-rate lending protocol that will attract more users into this market. This will create tokenized debt markets that will entice users to invest more money into the fixed income protocol that acts like digital bonds. Hence with the help of this modern technology option, the investors and other parties will be at a huge benefit. As per the experts, this will pave a new way in the world of investment. 

Crypto backed loans:

The crypto-backed loans will usually require less collateral and borrowers will benefit a lot with such developments. In this way, borrowers will be able to improve their purchasing power by offloading their debt investments. The lenders also benefit a lot as they will be buying the tokenized debts at a discount. They will redeem them for the face value after the maturity of the contract. This is a win-win situation for both borrowers and lenders.

If common users do not want to be lenders or borrowers in the system, they can still benefit by acting as guarantors in the protocol. They will pool assets and offer collateral wherever it is required and protect the system. In return, they can earn from the fees and make good use of their assets.

Support to the economy:

Market experts say that keeping the debt market up and running all the time is essential to sustain the economy. However, the requirement of too much collateral can actually stop the flow of money in the debt market in most cases. In that situation, Mainframe is the best option as this allows lenders and borrowers to move to the new protocol and improve the circulation of money within the economy that can help many segments in the market.

Such moves will bring more people into the cryptocurrency market, and they will also invest more money as it will be backed by some guarantee. The fixed returns scheme is yet another game-changer in this industry. When investors realize that they can get better returns in this market, they will feel more comfortable to invest money for a long duration. This can improve the demand for such investments soon.

PlexCoin faces new fraud charges from Ohio Grand Jury

In the past some months, the world of finance has to bear some jolts, and one more such event is noted again. As per the sources from the market, one more firm is penalized by law under the charges of forgery.

PlexCoin organizers have been indicted by a grand jury in Ohio on fraudulent charges. The founder of PlexCoin, Dominic Lacroix, along with other officials Yan Ouellet and Sabrina Paradis Royer are charged with inflating returns of the firm in order to attract investors.

PlexCoin outed two years ago

The cryptocurrency faced problems two years back when the SEC had removed them based on fraudulent charges. They were charged with violating securities law during the initial coin offering process. According to the SEC, the founder, along with other officials, violated the antifraud provisions and registration provisions.

SEC settlement with PlexCoin last year

However, they reached a settlement last year after PlexCoin promoters agreed to pay $7 million in fines. They claimed that the promoters had raised close to $8.2 million during the ICO process, and they had agreed to pay about 55 percent of the funds.

Such things are not new with cryptocurrencies, and this is the reason why most of them do not have proper valuation among the general public. Instances like this have raised a lot of concerns about regulatory norms with regard to cryptocurrencies across the world. Most countries have stringent norms for such digital assets, and they are still not used by many people in the public domain.

However, the crypto industry is also aiming towards getting regulatory approvals in recent years, and they want to come into mainstream financial markets by way of listing in popular exchanges. Many of them are planning IPOs this year, and if the trend is positive for the initial attempts, many more companies will follow the same method shortly.

This is a good trend as the crypto industry badly needs some regulation, and the common public should be aware of what is happening with the promoters. This will give them confidence about their investments, and the crypto industry can attract millions of new investors in this manner. Companies such as PlexCoin may come and go, but reputed blockchain-based currencies will make new attempts to win public confidence. The near future will see many new entrants into the market, and investors have to be careful about choosing such options.

Is Bitcoin Price Ready for a Big Breakout Next Week?

The price of Bitcoin is constantly rising. It was steady at $9000 after that a rally of $9,600 has started. The price of one Bitcoin has been anticipated by many analysts and financial experts. The only question that is bothering these experts is when does the Bitcoin doing to hit the $10,000 mark?

Since the much-awaited Bitcoin halving has occurred, the price is stuck. The exact price range is $8,800-9,000. But when it comes to an increment up to $10,000 mark, resistance can be seen. Since the market is narrowing down, it is yet to be seen when the Bitcoin is going to reach its $10,000 mark.

Bitcoin Prices Have Been At The Support Level

The Bitcoin price level was held at the support level in the past week. It happened due to the upward trend structure. After holding the value to the support level, the price of Bitcoin bounced back.

The 100-day and 200-day moving averages (MAs) are low. If these levels remain below a certain level, Bitcoin can hit its bull mark. According to the BTC/USDT 4-hour chart, Bitcoin is resting at a resistance level of $9,650. If this resistance to be believed, BTC will hike in the coming period.

The major Bitcoin move is yet to be seen but it is assumed that a staircase pattern will likely to happen. Once the Bitcoin breaks a high-level of $10,100, the price will be ready to increase.

Total Market Cap Of BTC

The market capitalization of Bitcoin is breaking out from $270 billion. Since it is also a factor that can clarify whether or not Bitcoin will move to the $10,000 mark, it can also be evaluated.

The total market value of BTC seems to be increasing, but the price of Bitcoin is stuck at a level. Another common reason for the hold of Bitcoin is the breakout of the altcoin. The price of ETH is increasing as well as the market cap of altcoins.

Bullish & Bearish Scenario

The bullish zone has shown resistance at $9,650 and $9,900 levels. If during the coming week, the price remains stuck below the $9,200 then the potential break will not happen. On the contrary, if the price surges above $9,650 then the breakout is confirmed.

The bearish scenario can be tested clearly. If a rejection is seen at the retest, the price can drop up to $9,300. The bearish scenario is mandatory to consider because it can clarify the further price breakout of Bitcoin.

South Korean Economist Warns New Tax Laws May Slow Down Crypto Market Growth

Worrying about the stringent tax laws, South Korean economists say that crypto’s growth can go down.

The South Korean government recently announced that they intend to tax cryptocurrencies at rates up to 20%. They were keen to legitimize the sector for a long time, but the current financial crisis appeared as the perfect time for the step. Sung Tae-Yoon, a Korean Yonsei University economist, expressed his concerns and warned that this tax imposition might slow down the technology’s emerging market. This was according to the Korean Times report on June 21. 

The cryptocurrency market has been tax-exempt for a very long time in almost all the countries where the users exist. Although the market is very volatile and fast-growing, even experts have believed that accepting the various virtual currencies as recognized assets is subject to regulations, and the market is still nascent. 

Supporting this, Sung called the decision “premature” because taxing cryptocurrencies as capital gains are not viable when the technology is in its infant stages. Therefore, he believes that the step would prevent the market from flourishing in South Korea to a great extent. Adding to this, he said that cryptocurrencies couldn’t be considered as universal assets like traditional paper currencies in general.

However, on the other hand, opposition economists from the Korean University, like Kim Jin-ill, strongly believe that the regulation is very essential even if the growth of the technology is hampered. They think that although taxation will hamper short-term growth, it will control many frauds and financial scams in the country. Some active economists are of the view that these tax impositions are due to the financial uncertainties caused by the COVID-19 Pandemic.

Some also believe that the Korean government has further plans to tax various other commodities after the digital currencies. Hong Nam-Ki, the Korean finance minister, said that the government would be reforming the taxation system by introducing new kinds of taxes, like the digital tax on some IT companies like Amazon and Google, for providing their IT services in South Korea.

Kim also said that the steps could block the short-term growth of several markets, but it is currently essential to regulate them. To this, he added that these are the most suitable ways to bring the current state of the financial crisis in control.

Giving an example, he discussed a failure involving commercial banks’ mis-selling of derivative-linked funds in the previous year, which clearly shows how important these regulations are in the financial industry.

The decision recognizes crypto as assets or goods instead of an actual currency. This is the reason that the decision is still in progress. However, chances prevail that the financial authorities of South Korea will follow the footsteps of the world’s leading financial powerhouses like Japan and the US.

The USA recognizes digital cryptocurrencies like Bitcoin as financial assets and imposes taxes on the revenue generated from its transactions. Similarly, Japanese financial authorities have also applied a tax rate of 55% on transactions that involve revenues from cryptocurrencies.

Crypto and blockchain adoption amid the pandemic

Cryptocurrency is booming today. Many people are showing interest in investing in the cryptocurrency. They buy cryptocurrencies at a low rate and sell them at a high price when its price hikes up. Due to pandemic, many people have lost their income sources and jobs, and cryptocurrency trading is found to be a lucrative option for them to earn a considerable amount of money in a short time. The number of trades getting registered in the cryptocurrency exchanges is also increasing day by day, especially during the pandemic. Many companies who are into crypto trading have seen a spike in the registrations.

The companies are also focusing on developing the blockchain network. The savers see decentralized finance to be an ideal option. There is the next-generation digital currency that will get launched in a few countries, especially Chain. Due to the pandemic, the world is into huge debts and many concerns resulting in the financial crises across the globe. The unexpected debt burden is increasing in the government and central banks, trying to support people and companies to come out of the pandemic situation. It also increased unemployment.

The government and banks are trying hard to fight the aftermath of the pandemic. Still, the unprecedented monetary loss drives people to take financial help in the form of hard assets such as gold and the cryptocurrencies such as bitcoin. Since the start of April, the price of the bitcoin is touching the sky. It has increased to 33%, like never in the past 12 months. The value of the bitcoin got doubled. The benefits offered by the blockchain network are making the price of bitcoin go high amid pandemic. The rise of cryptocurrency clearly states a dire need for a robust and secure financial system on the internet.

The banks are reducing the rate of interest to zero. The savers are finding it tough to earn interest on the deposits they have made earlier. Many savers are showing interest in using decentralized finance platforms. Compared to the last year, the Defi platforms’ value is on the rise and got doubled up to USD 855 million. These platforms are offering higher interest rates on cryptocurrency deposits when compared to regular banking options.

The stable coins help people earn a reasonable interest rate and carry out the transactions digitally without paying a considerable transaction fee. The store value of the bitcoins attracts the people who are worried about the outsized volatility of cryptocurrencies such as bitcoin.

The cryptocurrency companies are now working with the banks. The Libra 2.0 would give ample benefits to the users to use digital currencies quickly.

The blockchain technology offered various benefits, which is not currency-related, and these got a push amid the pandemic. It is used in the health passports, digital identity, tracking the food supply chain, and electronic voting. These are using blockchain technology in the wake of the pandemic to keep its impact at bay.

The next generation currency about to be launched by China would make complete use of blockchain technology. With no access to the US dollar, the US people’s payments would take a jiffy to get delivered.

The blockchain and cryptocurrency are making the payment delivery system highly efficient and quick. The financial institutions offer low-cost check-cash services to the people who do not have access to the bank accounts. The payment can be credited to the people who do not have a physical mailing address.

The pandemic is making the transition to the blockchain infrastructure highly efficient and transparent. The COVID-19 pandemic made companies to fight the obstacles of blockchain and adopt it. The problems in supply chain and inefficiency in deploying resources and difficulty in capturing data can now be resolved with blockchain solutions.

HitBTC Cryptocurrency Exchange reveals iOS mobile app

The demand for cryptocurrency trading is increasing all over the world. In this regard, the HitBTC cryptocurrency exchange has introduced the iOS application that provides all the main features available in the regular desktop version. In this way, it has opened a new mode of trading that will be widely accepted by traders. These days, most traders use apps for trading, and cryptocurrency trading will get a new boost with such developments from leading exchanges in the world. The exchange has more than 800 trading pairs, and traders can now access all of them through the iOS app. Hence it will be easy for the traders to deal in this currency, and at the same time, the exchange will also have added advantages of the addition of this system.

Enhanced security with 2FA

The HitBTC trading platform now comes with enhanced security, and users will have to provide multiple details for logging into the trading account. The 2 Factor Authentication is one of the most trusted methods of providing security to any account, and it is widely employed by trusted financial institutions around the world. In this way, users will be able to log in only after providing multiple authentication details. This reduces the chances of accounts getting compromised online. For every trader, security is a prime concern that is rightly addressed now, and hence traders can trade on this platform without any fear.

Different order types

Users can now input different types of orders according to their trading preferences in the mobile app. The features available in the desktop trading platform will also be available on the app platform. The most popular types of orders include limit orders in which users can input a specific value for buying or selling any contract. On the other hand, market orders allow users to buy and sell in a quick time without inputting any price. In this situation, the latest available market price will be taken for trading, and it is beneficial while trading in contracts that have high liquidity. Apart from that, users can also input stop-loss orders and other types of orders by choosing the different options available in the order book. The system has different order systems that one can follow as per own will and convenience of trade.

Trading tools and analysis

As traders get savvy about various types of analysis, they look for different tools that will help them in this direction. Considering all these aspects, HitBTC has introduced the best trading tools that will help users analyze the price movement using different indicators. If you are a fan of technical analysis, you will love most of the features available in the form of charts. You can set your preferences in these charts and use the suitable indicators to trade in cryptocurrencies. Hence with the help of this advanced option, it will be easier to trade and make a profit in this virtual currency segment also.

Mobile functionality of digital assets

Most users prefer to trade online through mobile platforms, and this is true even with regards to cryptocurrencies. This is very beneficial for the modern-day savvy traders as they are usually on the move, and they need not get stuck with a single desktop platform. Even if they have access to a desktop, they prefer to use a mobile platform as this offers better privacy while trading in cryptocurrency markets. You can also get the best alerts for your price levels on your mobile trading platform. All these factors make the mobile platform invincible in today’s cryptocurrency markets.  The platform is exclusively designed, keeping in mind the trading habits of professional traders in the market.