Newfound bullish momentum is omnipresent with Bitcoin’s price throughout the last few days. The cryptocurrency has increased by more than $2,000 since October 6th, and it shows no signs of slowing down.
Throughout the entire month of September, Bitcoin’s price was somewhat stagnant, with a few minor exceptions. This became a cause for increasing worries among cryptocurrency analysts and traders, many of whom were worried that the price would head lower and fill the (still) unfilled CME gap down at $9,600.
All of this changed on October 6th when BTC started its ascend. Since then, the price has increased by more than $2,000, with the momentum culminating today on some major news coming from PayPal.
The world’s largest online payment processor announced that it would enable its customers to buy, sell, and store Bitcoin and other cryptocurrencies as soon as the “coming weeks” for US-based accounts and the first half of 2021 for other countries.
Naturally, the market reacted in a positive way. Today, Bitcoin’s price has surged from a low of around $11,910 to a high of $12,888 on Binance Futures, before retracing to where it’s currently trading at $11,750. With this sudden move, Bitcoin broke the previous 2020 high marked on August 17th when the price reached almost $12,500.
Somewhat expectedly, altcoins are bleeding heavily against Bitcoin. The market dominance of the world’s leading cryptocurrency is increasing aggressively over the past few days, as it’s now sitting at 61.%, up about 3% in the last month.
As CryptoPotato reported yesterday, BTC’s market dominance is sitting on a 2-month high, while altcoins are already feeling the pressure.
Moreover, a recent analysis indicated that the latest increase in the price of Bitcoin comes from fresh capital, and it’s not a rotation of funds from alts. This shows that the new money entering the space goes into Bitcoin, rather than alternative cryptocurrencies.
On an entirely positive note, it’s worth mentioning that this seems to be a news-driven event. The fact is, however, that PayPal still hasn’t allowed its users to buy Bitcoin, meaning that there might be more positive developments once the feature is rolled into the platform’s services. Moreover, the company has also stated that it will push for the adoption of using digital assets with its vast merchant network in the following year.
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Gemini exec to join Bitstamp crypto exchange as new CEO
Bitstamp, one of the world’s oldest and largest cryptocurrency exchanges, is replacing its CEO for the first time.
Nejc Kodrič, the firm’s CEO who co-founded Bitstamp back in 2011, is stepping down from his position. He will be moving into a new advisory role on the company’s board of directors, Bitstamp executives told Cointelegraph on Oct. 22.
Julian Sawyer, who currently serves as the managing director of the United Kingdom and Europe at major global crypto exchange Gemini, will replace Kodrič, becoming the second CEO in Bitstamp’s history.
The replacement is purportedly a response to the dynamic growth of the exchange over the last nine years.
Kodrič says that Bitstamp has grown far beyond his initial vision since he founded years ago. At the time, Bitcoin was trading at a few cents, and Kodrič managed to set up the exchange in a garage with 1,000 euro, two laptops and a server. Now, Bitcoin is trading at $12,783, while Bitstamp is one of the world’s top crypto exchanges. Kodrič said:
“After much thought, I’ve come to the conclusion that Bitstamp has already grown beyond what I envisioned it would become and it is time for someone else to expand this vision further […] Although we’ve grown exponentially, it still feels like Bitstamp is just getting started.”
Sawyer has over 20 years of banking and fintech experience. In May 2015, Sawyer co-founded Starling Bank where he served as COO until 2019. The exec also served as a consultant and advisor to other banks and founded financial management consulting firm Bluerock Consulting.
At publishing time, Bitstamp is ranked the eighth-largest crypto exchange by daily trading volumes of around $373 million, according to data from CoinGecko. The exchange provides trading services for seven major cryptocurrencies, among them Bitcoin (BTC), Ether (ETH) and XRP.
Author: by admin
UK Crypto exchange expanding into the MENA region
Crypto exchange GCEX, part of GC Group, regulated in the UK by the FCA,( Financial Conduct Authority) is expanding into the MENA region. In a recent article in FNG ( FXNEWS Group), GCEX has hired Ayman Kobti, a Lebanese national with experience in trading systems and technology, as regional director for GCEX in MENA region. Last week GCEX hired Torben Gregors Friss as the Managing Director of EMEA.
Ayman Kobti on social media stated, “Crypto is something relatively new to the MENA region. After accepting this opportunity, I have been very excited to enlighten professionals and institutions on what blockchain and Crypto means in practice now the market has matured. The importance of technology is now greater than ever before, and it is obvious how GCEX is in an excellent position to help provide value to clients.”
CEO of GCEX Lars Holst CFA also added, “MENA is one of the regions where strong relationships are essential to long term success; hence the hire of Ayman was a logical choice with his established network and history from Credit Financier Invest SAL”.
GCEX provides funds, brokers, asset managers, professional traders and banks with an advanced suite of integrated financial technology products including AI applications, allowing clients to automate on-boarding, offer and trade digital assets and currencies with tight spreads, deep liquidity from Tier 1 banks and solutions for clearing.
Author: Source: FNG Article
Cryptocurrency Exchange Bitstamp Adds Lloyd’s-Backed Crime Insurance Policy
Bitstamp, a cryptocurrency exchange, has expanded the insurance offered to its customers with an additional crime insurance policy.
The crime insurance policy is offered by specialist insurance brokers, Paragon International Insurance Brokers in coordination with Woodruff Sawyer, and underwritten by various insurance companies and certain syndicates at Lloyd’s of London.
The policy covers an array of crime-related cases, such as employee theft, loss while the assets are stored at any premises, loss in transit, loss caused by computer fraud or funds transfer fraud, and loss related to legal fees and expenses.
According to Jeff Hanson, senior vice president at Paragon, traditional insurance policies do not translate directly into digital assets. The new policy fit the bespoke requirements of exchanges such as Bitstamp.
Bitstamp stores 98% of its digital assets offline with BitGo, a provider of institutional digital asset storage products. These offline assets were already insured by BitGo’s own insurance policy. With the new crime insurance policy supplementing this existing coverage, Bitstamp now offers further protection for the assets it manages on behalf of over 4 million customers worldwide, including assets in transit and assets held in its hot wallets.
Miha Grčar, global head of Business Development at Bitstamp, said that introducing an additional crime insurance policy allows the company to expand coverage to the assets held at Bitstamp and to protect customers in a large array of scenarios.
Bitstamp offers blockchain security solutions such as cold storage and MultiSig wallets, and secures both existing customers and enables more risk-averse players from traditional finance to enter the digital asset market. By offering additional insurance coverage, the exchange said it is further strengthening the bridge between crypto and traditional finance.
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