Crypto Daily News from ZBG Exchange
1. Crypto Long & Short: Could Scalable Payments for Bitcoin Undermine Its Value?
With the wild journey that is bitcoin price swings so far this year, you might have missed the accelerating rhythm of companies announcing services to support bitcoin for payments.
We’re not talking about small idealistic startups, either.
A week ago, on Visa’s Q1 earnings call, CEO Al Kelly said the company may add cryptocurrencies to its payments network. He acknowledged that bitcoin is “not used as a form of payment in a significant way at this point,” but went on to discuss a strategy to “enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally.”
2. Nigerian Central Bank Says Its Ban on Crypto Accounts Is Nothing New
The Central Bank of Nigeria (CBN) issued a five-page statement Sunday clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions on Friday sent shockwaves through social media.
In Sunday’s statement, the CBN said Friday’s letter was only a reminder that cryptocurrencies were not legal tender in Nigeria, and was reiterating a position the bank has held since 2017, not imposing new restrictions on the industry.
“It is important to clarify that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies, given that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies,” the statement said.
3. Dogecoin Smokes Its All-Time High After Snoop Dogg Becomes Snoop DOGE
The price of meme cryptocurrency dogecoin (DOGE) soared more than 55% Sunday, setting a new all-time high, after American rapper Snoop Dogg joined DOGE booster-in-chief Elon Musk and Kiss rock star Gene Simmons in tweeting a meme of a Shiba Inu, the dog breed that represents the DOGE token.
The price of the cryptocurrency started trading around $0.056 at the beginning of the day and rose to $0.0872 Sunday afternoon before settling back to $0.084, up 55%, in the last 24 hours, eclipsing the all-time high of $0.078 set late last month. Year to date DOGE is up more than 1,380%.
4. Serbian Man Extradited to US After Being Indicted in $70M Crypto Fraud
Serbia has extradited a man to the U.S. after he was indicted by a Dallas-based federal grand jury on allegations that he duped investors around the globe — several of whom are in northern Texas — out of more than $70 million.
The scheme involved soliciting investments in binary options and cryptocurrency mining, the U.S. Department of Justice alleged.
The binary options were advertised as “an average payout of 80 percent, and promised 20 percent refunds on every lost trade.” The fraudulent advertisements also claimed that investors could “purchase bitcoin at half market price” on its crypto mining platform, the department alleged in a statement.
5. Preston Byrne on GameStop, Online Mobs and Marmots
Preston Byrne is a partner in Anderson Kill’s Technology, Media and Distributed Systems Group.
Schiller spoke to Byrne about:
“The rise of online mobs from GameStop to Capitol Hill and how the internet is impacting real life in an increasingly tangible way
What policymakers can do to prevent mobs doing damage to decent companies
Why it’s likely the WallStreetBets Reddit contained some pump-and-dumpers
How the regulatory reaction to the WallStreetBets could impact cryptocurrencies
How the backlash from “elites” impacted by GameStop could harm free speech
Why Preston Byrne supports marmots (which are like squirrels or groundhogs)”
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In the future, ZBG will continue to expand its global market and provide stable, safe and fast blockchain project listing, diversified crypto assets and blockchain derivatives investment services to more blockchain enthusiasts around the world.
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February 08, 2021