Alibaba’s Jack Ma praises the disruptive nature of digital currencies

Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system: “Digital currency could create value and we should think about how to establish a new type of financial system through digital currency.” He opined that the current financial system governed by Basel Accords is too conservative and does not fit China’s growing economy: “After the Asian financial crisis, the risk control highlighted in the…

British fintech firm opening physical crypto bank branches in India

According to an Oct. 26 announcement from Cashaa, the fintech firm will be partnering with India’s United Multistate Credit Cooperative Society to build a crypto-friendly financial institution called UNICAS. This new venture will reportedly include 34 “physical branches and operations” in northern India, including the cities of Delhi and Gujarat, and the state of Rajasthan. However, the fintech firm stated that it planned to expand to 100 physical branches “where users can access crypto products” by next year. Earlier this month, Cashaa India stated that it would allow Indian businesses…

Anheuser-Busch considers integrating blockchain further into its beer production line

Anheuser-Busch InBev, the parent entity of Budweiser, Corona and many other beer brands, recently began to pilot a platform which lets end-customers track their malt beverages on the blockchain. This is not the first instance of the company’s blockchain interest. They have previously unveiled a number of blockchain initiatives, including a vending machine ID verification system and document management protocols based on the technology.  “For the first time in our European operations, this project will create a fully transparent, indirect supply network all the way to the end consumer,” Pieter Bruyland, CIO…

The number of Bitcoin whales hit an all-time high during the latest bull run

The number of Bitcoin (BTC) whales reached a new all-time high amid last week’s price ascension. On October 20, there were 2,178 Bitcoin addresses that held at least 1,000 BTC. By October 25, this number increased to 2,231. At current prices, 1,000 BTC translates to approximately $13 million. Source: Glassnode. Based on this data, we can surmise that the whales control at least 2.23 million Bitcoin — a significant figure equivalent to 12% of the current supply. Source: BitcoinCharts. According to data from BitcoinCharts, these whale addresses actually control a much…

McAfee continues to promote cryptocurrencies from his Spanish jail cell

John McAfee, an eccentric millionaire, crypto enthusiast, and anti-virus expert, was recently detained in Spain on charges of U.S. tax evasion. He also faces charges arising from a series of questionable crypto promotions, from which he allegedly profited millions of dollars. Though he is currently in a Spanish prison, it did not stop him from sharing a few of his thoughts on recent developments in the crypto industry.  With regard to PayPal’s recent announcement, McAfee said “PayPal’s acceptance of cryptocurrency signals, I believe, a new wave of cryptocurrency acceptance worldwide. Governments around the world…

Imploding Trump Pelosi COVID-19 deal leads to 3% Bitcoin price drop

The price of Bitcoin (BTC) dropped 3% in less than three hours as the U.S. stock market plummeted. Following the pullback, most traders are neutral or slightly bearish on the short-term trend of BTC. Traders and on-chain analysts are now pinpointing $12,500 and $11,973 as the two levels to watch for the continuation of the Bitcoin rally. BTC/USD. Source: TradingView.com Why $12.5K and $11.9K are crucial for the current Bitcoin rally The Bitcoin price dropped sharply on the day due to the confluence of major macro factors. JPMorgan said the…

Whale alert — crypto user moves $1.1B in Bitcoin

With Bitcoin’s price continuing to hold close to $13,000, one anonymous trader decided now was the time to move more than $1 billion of the digital asset. According to on-chain data, a Bitcoin (BTC) trader moved more than 88,857 BTC — worth roughly $1.14 billion — for a fee of only 0.00027847 BTC, or $3.58 at time of publication. The coins were confirmed in block 654,364 on Oct. 26. This transaction is the largest movement of any cryptocurrency by fiat value, with the Bitfinex exchange setting the previous record in April.…

Central bank digital currencies have the power to upend global finance

An astonishing 80% of central banks are engaging in work around central bank digital currencies, from research to experimentation and pilot programs. A recent Bank for International Settlements, or BIS, chart demonstrates the growing interest in CBDCs by central banks, as reflected in speeches and reports as well as people’s Google search interests over time. One country, in particular, to watch in this respect is China, which is emerging as one of the leaders in the shift to CBDCs. The People’s Bank of China introduced its CBDC in pilot form…

Don’t expect another 2017-style altseason as Ethereum continues slump vs. Bitcoin

While Bitcoin (BTC) is showing strength through new higher highs and making a new yearly high, Ethereum’s Ether (ETH) shows weakness, particularly the ETH/BTC pair. ETH weakness is also a clear indication that most altcoins are not showing strength either since they tend to reflect Ether’s performance.  The 0.03 sats level is a crucial barrier to hold ETH/BTC 1-day chart. Source: TradingView The daily chart of ETH/BTC shows a clear rejection at the 0.0325 sats level, through which a renewed test of the 0.03 sats area is occurring. A very…