#FCA Survey Shows 97% Disagreed With The Cryptocurrency Derivatives Ban

               Visit - https://t.me/freebitmexsignals

For more latest news update on Cryptocurrency, Free bitmex, Binance future Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 

One year before announcing the ban on crypto derivatives sale in the UK, an FCA-conducted survey concluded that 97% of participants were against the prohibition.

Before implementing the ban on cryptocurrency derivatives sales in the UK for retail investors, the FCA asked over 500 firms, trade bodies, and competent authorities on their opinion. Interestingly, the results decisively concluded that 97% of all participants didn’t agree with the prohibition.

97% Oppose The FCA Crypto Derivatives Ban

UK’s watchdog, the Financial Conduct Authority (FCA), initially proposed prohibiting the sale, marketing, and distribution to retail clients of cryptocurrency derivatives and exchange-traded notes (ETNs) in July 2019.

Shortly after, the regulator compiled a survey, which was released in October 2020. The study asked 527 participants from “firms, trade bodies, retail consumers, and EU national competent authorities (NCAs)” regarding their views on the matter.

The results quite clearly demonstrated that almost all respondents (97%) opposed the FCA’s proposal that digital asset derivatives and ETNs need to be prohibited for sale.

The majority argued that cryptocurrencies have intrinsic value because they are accepted as a means of payment for goods and services. They brought out household names such as Starbucks and Microsoft that allow Bitcoin payments through a service offered by Bakkt.

Furthermore, the participants asserted that retail clients are capable of assessing the value and risks of cryptocurrency derivatives, and the prohibition would be “disproportionate.” Instead, they suggested the FCA to use other measures to achieve its goal of protecting investors.

The FCA Proceeds With The Crypto Derivatives Ban

Despite the conclusive results from the survey, the UK regulator announced earlier this week that the ban will commence from January 6th, 2021. The 97% that opposed the FCA’s narratives were unable to make a difference, as the regulator concluded that “crypto-assets are opaque, complex, and unreliable as reference assets for investments for retail consumers.”

The FCA argued that the companies that receive Bitcoin as a means of payment convert the bitcoins into fiat currencies at the time of sale. Consequently, “fiat currencies remain the underlying medium of exchange” and “we don’t think that crypto-assets being exchanged for fiat currencies equates to intrinsic value.”

The report also broached the high volatility of cryptocurrencies as the main obstacle to serve as a legit payment method. The regulator believes that “lower volatility is necessary for them [digital assets] to be widely accepted for purchasing goods and services.”

#Here’s Why Hedgeye’s CEO Sold All His Bitcoin

 

               Visit - https://t.me/freebitmexsignals

For more latest news update on Cryptocurrency, Free bitmex, Binance future Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 

Keith McCullough, CEO of a large risk management firm, explains why he’s sold off all his Bitcoin. And why it’s your fault if you don’t agree with him.

In brief

Hedgeye CEO Keith McCullough has sold his Bitcoin.

This is because the crypto market is decelerating, he says.

But he'll buy again if it picks back up.

This week, Keith McCullough, CEO of risk management firm Hedgeye sold off all of his Bitcoin. Today, he explained why. “It’s not personal,” he said in a blog post. It’s just “RoC Empirics.” Duh! (RoC means return on capital. Empirics mean math).

He said it’s a combination of...who knows. McCullough’s answer as to why he claims to have sold his Bitcoin—how much is unclear—is difficult to parse and appears as vague as any YouTube crypto trader who searches for “Bart Simpson haircuts” and “Golden Triangles” in price charts.

(McCullough’s firm, however, claims to advise risk managers with over $1 trillion of assets under management. It is unclear in what capacity and whether this simply refers to subscribers of his newsletter.)

But here’s a rough translation. He says he sold his Bitcoin for a combinations of “A bearish @Hedgeye TRADE breakdown” and “Rising probability of #Quad4 in Q4.” A breakdown is an explanation and Quad4 is a term invented by Hedgeye. It means that economic growth and inflation are slowing down. Quad4 is bad, and Bitcoin’s price is Quad 4. 

This “makes it an easy A/B Tested decision,” or a decision, “to sell some, then sell all.” He says, “Other than Hedgeye Equity, my Real Estate, Wine, and Venture Capital investments, I am not a buy-and-HODLer.” This means that apart from the things Mccullough holds onto, McCullough doesn’t hold onto things. And Bitcoin isn’t on the list. 

McCullough continues, “If that empirical fact or my decision to de-gross and/or sell affects you emotionally, you should really consider why that’s happening to you. When I sell something for a big gain, the only feeling I have is that I am going to pay taxes.” This means that if McCullough has upset you, it’s your fault and he’s rich and doesn’t care. 

Then, “if Gold and Bitcoin continue to correct in price (they’re already in motion on that since I made my sales), there are no rules in my Full Cycle Investing accounts that say I can’t buy them back.” This means that if Bitcoin’s price increases, McCullough will buy it again.

Of course, only “when my dynamic rate-of-change model signals to do so in the right Quad.” We have no idea what this means, but it all sounds exciting. Meanwhile, Bitcoin’s price shot up by 3% today and is close to breaking $11,000 per coin again.

#Bitcoin Price Breaks $11,000 After Square's Huge Endorsement

 

               Visit - https://t.me/freebitmexsignals

For more latest news update on Cryptocurrency, Free bitmex, Binance future Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 

The price of Bitcoin has shot up since Square announced it was investing heavily into Bitcoin. It has now broken back above the $11,000 mark.

The price of Bitcoin has broken past the $11,000 mark just a day after payments company Square revealed it had bought $50 million of the digital currency. Its current price is $11,030, at time of writing.

Bitcoin is now up four percent in the last day, and its sudden rise is pushing the market up. Most cryptocurrencies in the top 100 have turned positive today, with some seeing even greater gains. The price of Chainlink (LINK) is back at $10, up 18% in the last day, while Polkadot (DOT) is now at $4.17, up 13% today.

The momentum kicked off yesterday when Square announced that it had invested one perecnt of its assets into Bitcoin. When the news was announced, the price of Bitcoin initially rose $100, before rising even higher—towards $10,900—later in the day.

"We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around the world to participate in a global monetary system and secure their own financial future," Square said, in its Bitcoin investment whitepaper.

As a result of the recent push, Bitcoin's market cap has retaken the $200 billion mark. It currently sits at $203 billion.

Despite the positive news, Bitcoin's daily trading volumes haven't seen much of a spike. While volumes have risen back up from $17 billion on October 3 to $22 billion yesterday—they're still tiny compared to September volumes as high as $54 billion.

##Goldman Sachs’ Call to Buy Gold Cheers Bitcoin Bulls; Here’s Why

               Visit - https://t.me/freebitmexsignals




For more latest news update on Cryptocurrency,Free bitMEX Binance Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 



Bitcoin bulls were cheerful this Tuesday as a top analyst’s call to purchase gold amidst the Coronavirus-induced market turmoil created similar opportunities for the cryptocurrency.



Jeffrey Currie, a commodity researcher at Goldman Sachs, said in a note that the yellow metal has reached an “inflection point” after the Federal Reserve announced that it would buy an infinite amount of mortgage-backed securities and Treasury bonds to keep lending costs lower.




The US central bank’s decision would increase liquidity which, in turn, would discourage investors from dumping their gold positions for cash, Mr. Currie noted. He also added that a growing deficit in the emerging economies, as well as financial instability in the European countries, would lead investors to seek safety in gold, a traditional haven asset. Excerpts:



“We believe this will likely lead to debasement concerns similar to the post-GFC period. Accordingly, we are likely at an inflection point where ‘fear’-driven purchases will begin to dominate liquidity-driven selling pressure, as it did in November 2008.”




Bitcoin Eyes Price Boom

The gold-only prediction allowed crypto investors to carve out a similar scenario for their markets. Most notably, billionaire hedge fund manager Mike Novogratz predicted that bitcoin could follow gold with a notable price breakout mainly because both the assets are scarce by nature.


The parallel upside prediction came as both gold and bitcoin prices surged in sync after the Fed’s announcement on Monday. While the yellow metal topped near $1,627.70, its lookalike cryptocurrency surged to $6,886.10 around the same time. According to a pseudonym market analyst, LightCrypto, both the assets showed a positive correlation.





The assets’ near-term bias was similar even during their downtrend. Both fell in sync over the last two weeks as investors liquidated their positions to cover their margin calls. Their profitable standings in 2020 also posed as opportunities for traders to dump them at local highs for cash, mainly because they entertained the idea of staying home during the Coronavirus crisis.

So far in 2020, nevertheless, bitcoin was down by 5.87 percent but gold was up by 5.42 percent.

#JPMorgan Analyst Says market will reach all time high in 2021

     


          Visit - https://t.me/freebitmexsignals




For more latest news update on Cryptocurrency,Free bitMEX Binance Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 



Dubravko Lakos-Bujas, the chief U.S. equity strategist at JPMorgan, believes that markets can recapture and even surpass all-time highs by next year. The necessary component for this massive reversal is all predicated on the containment of the coronavirus.


The prediction came in a note to clients from Lakos-Bujas, even as stocks collapsed further on Friday. The Dow Jones Industrial Average (Dow) had its worst week since October of 2008, closing 40% down from all-time highs.


Markets Coming Back for Vengeance


Lakos-Bujas argues that the current climate in stocks is massively oversold, leaving the potential for a significant upside. The far-reaching fear in the marketplace has soured investors to the potential for gains in the current environment.



However, if the U.S. government is able to pass a significant stimulus package, these losses could quickly be offset. This is, of course, contingent on the government being able to ‘flatten the curve’ of the outbreak to lessen the impact on the health care system. Lakos-Bujas said:



“Acknowledging that equity markets globally are now down 30-50% from their recent highs…we see an asymmetrical return profile for equities with upside significantly higher than downside over the next year.”



Would Bitcoin Follow?

The argument regarding equities markets could also apply to Bitcoin. The overall financial climate that gave rise to $10,000 prices has changed drastically.


However, the market may well have oversold. The fear in the market and the overall problems with unemployment and global economic shutdown have led to the current declines. Nevertheless, Bitcoin investors who bought the drop below $4,000 were rewarded with a significant price increase above $6,000.




Lakos-Bujas suggests that with the substantial economic stimulus from the U.S. government, along with containment of the coronavirus, markets will rebound. Should these measures go into effect, the overall response from investors would likely be a strong buy, leading to increased prices in these markets.

#Coronavirus Could Delay 2019 Cryptocurrency Tax Filings and Payments

                 


       Visit - https://t.me/freebitmexsignals




For more latest news update on Cryptocurrency,Free bitMEX Binance Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 






Cryptocurrency investors in the United States who scored wins in 2019 can delay filing and payment on their taxes for 90 days. The announcement came from the Trump administration, allowing taxpayers to delay payments up to $1 million individually.



The coronavirus, which has caused mass closures, has resulted in many delays. Huge numbers of layoffs have already begun, and many who had taxable income last year may go without this year.


The US Delays Tax Filings


While penalties and interest will be waived during the 90-day grace period, the initial order from the IRS had kept the filing date set at April 15. According to Kevin Brady, part of the House Ways and Means Committee, “Taxpayers should file by April 15 as normal and the deferral will be applied automatically.”



Democrats lauded the delay in payment charges, but requested a longer filing term, citing hardships from the COVID-19 outbreak. Treasury Secretary Stephen Mnuchin capitulated Saturday, pushing the filing deadline to July 15.




Defining Cryptocurrency Tax Rules


The delay in payments will likely help those who owe, and particularly those who made returns on cryptocurrencies. The current climate for Bitcoin has been icy, and returns made during the past year have been largely wiped out.



Additionally, the confusion remains regarding how to file for cryptocurrency returns, as the IRS has yet to provide complete clarification on how cryptocurrencies are defined for tax purposes.


Much of the debate centers on whether cryptocurrencies like Bitcoin should be classified as ‘cash’ or ‘investments.’ While the debate continues, taxpayers will not face fines for delaying payments on returns.


Market Woes Continue


The Bitcoin market enjoyed a brief rally at the end of last week but gave up some of its gains over the weekend. Prices have since stabilized at the $6,000 level, but have remained stagnant as fears have gripped investors.


Stocks also faced difficulties, closing the worst week since October 2008 during the last financial crisis. The potential for a genuine recession continues to grow, and fear remains deeply embedded in the national psyche. Delays in tax payments could offset some of the growing costs of the shutdown.

## #Good News for Bitcoin as Russian Central Bank Admits It Can’t Ban Bitcoin

                   Visit - https://t.me/freebitmexsignals




For more latest news update on Cryptocurrency,Free bitMEX Binance Signals on Telegram & Bitmex auto trading BOT visit above given Telegram channel 


Cryptocurrencies Are Safe in Russia?


Cryptocurrencies have faced a confusing and difficult legal situation in Russia for some time now. Last month, BeInCrypto reported that some cryptocurrency-linked bank accounts could be frozen in the country. Cryptocurrency payments have also come under fire for undermining the Russian ruble.



The Russian Central Bank has repeatedly come out in support of a ban and remains resolutely against Bitcoin. However, it seems like enforcing such a dictate would prove to be impossible – and the Russian government outright admitted this recently.


As BeInCrypto’s Russian branch recently reported, director of the Bank of Russia’s legal department, Alexei Guznov, said that a ban is simply impossible. However, he did say that cryptocurrencies are being actively used for money laundering and illegal activities.


He also stressed that cryptocurrencies are “not money.” However, the spending of Bitcoin cannot be stopped and he said that “we are unlikely to be able to limit this.”


Russians Love Cryptocurrencies


It’s no denying that cryptocurrencies remain extremely popular in Russia. However, the opposition from the government is strange given how entangled they themselves are in the cryptocurrency world.



Last year, it was revealed by a major Bitcoin mining farm was owned by an aide of President Putin. The Russian state has also been looking at creating financial centers on the border between Russia and China, specifically for cryptocurrency trading. 


So, it seems that the Russian state is more than willing to exploit cryptocurrencies for its own ends but wants to prevent its people from doing so. The good news is now they have admitted they cannot ban cryptocurrencies in the country – but this tacit admission still puts the industry in serious risk there. Still, it is good news for those who feared Bitcoin might be banned. Those fears can now be put to rest.