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Coinbase Users Can Borrow $1 Million In Cash Using Bitcoin As Collateral Along With Some Other New Features

Jakkk
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Coinbase Users Can Borrow $1 Million In Cash Using Bitcoin As Collateral Along With Some Other New Features

Bitcoin exchange Coinbase is testing a new paid-subscription service that will give users access to additional features, also users can also borrow cash up to $1 million using Bitcoin as collateral.



Initially, a product called Coinbase One will be offered to a limited number of users. Its advantages include zero commission trading and priority phone support even on holidays and weekends.

Presumably, the subscription service aims to diversify Coinbase’s retail business, which generates most of its revenue from transaction fees. It is not yet known how much the exchange will charge for the new service.

The other big news is that Coinbase users can also borrow cash up to $1 million using Bitcoin as collateral.

 

The company says on its website:

“Have you ever needed cash for something urgent, like medical bills or car repairs? In the past, you might have sold Bitcoin to cover it and incurred a taxable gain or loss. Now you don’t have to.

The new feature has no fees or credit checks involved, just a low APR [annual percentage rate] of 8%, according to its website. The borrowed cash can be instantly added to PayPal or transferred via ACH to your bank account.

Customers can borrow as much as 40% of the value of the Bitcoin in their account, up to $1,000,000.

Each month you only need to pay the interest due ($10 min). Pay off the balance when you’re ready. The Bitcoin you use as collateral remains safely held by Coinbase. It’s not lent out or used for any other purpose.

Coinbase will also offer fixed-term loans, currently only available for Coinbase customers in Connecticut. These will allow customers to borrow up to 30% of the Bitcoin value in cash, up to $100,000. They have an 8% APR with no credit check.”

As a reminder, to improve customer support, Coinbase buys the startup Agara, which provides support services based on artificial intelligence.

 

 

Mayor Candidate Eric Adams Who Said He Will Make New York City Center Of Bitcoins Wins NYC Mayor Title

Mark Brennan
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Mayor Candidate Eric Adams Who Said He Will Make New York City Center Of Bitcoins Wins NYC Mayor Title

Democrat Eric Adams, who said he will create New York City the “center of bitcoins“ if elected city’s mayor, has won against Republican Curtis Sliwa.

Read: Australia’s Largest Bank, Commonwealth Bank Will Add Support For Bitcoin Trading Directly Through CommBank App



Based on the results of the November 2 elections, Adams will replace Bill de Blasio as the Mayor of New York City, defeating Sliwa and other candidates by 72.8 percent of the vote. The mayor is expected to take the office on January 1.

 

Adams stated in his election campaign that he’d take the city back to the pre-Covid era and transform it into a technological and crypto-related center.

During his campaign he said:

“I promise you, in one year, you’re going to see a different city. We’re going to become the center of life science, the center of cyber security, the center of self-driving cars, drones, the center of bitcoin, we’re going to be the center of all the technology,”

Read: Glassnode Report Shows Bitcoin Will Continue Its Bullish Momentum

Adams isn’t the first US politician to announce an open-minded stance on crypto, in fact, Miami has been at the forefront of crypto innovation in the US under the leadership of Miami’s Mayor Francis Suarez.

Miami was also the first city in the world to launch its own cryptocurrency, Miami Coin, which has already brought in millions of dollars as revenue, and that income is being used for the development of the city. Mayor Francis was also the first US politician that announced to take 100 percent of his pay in Bitcoin.

 

China Reports First Case Of Money Laundering With Digital Yuan

Albert Brown
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China Reports First Case Of Money Laundering With Digital Yuan

Chinese law enforcement officials have detained 11 suspected money launderers using a central bank digital currency, Digital Yuan.


 

The Xinmi City Public Security Service reported that recently Anti-Fraud Center and the Zhengzhou Public Security Bureau, have identified a criminal group that has used government digital currency to launder money.

 

According to officials of the Xinmi Public Security Bureau, the group first deceived one of the residents of Xinmi province was cheated for 200,000 Yuan (about $32,000) by impersonating it as a tech support team. The group then utilized the digital Yuan wallet to launder money and funnel it out of the country, investigators discovered.

The police later arrested the 26-year-old suspect from Fujian province, following an investigation, 11 individuals connected to the case were arrested and will be arraigned in a criminal trial.

Based on the findings of the investigation, authorities say that the group made use of the digital yuan platform to conceal funds, by sending the funds to an international fraud group operating in Cambodia. According to officials, the group was able to exploit the recently introduced CBDC wallets in order to avoid being arrested.

Although cryptocurrency use is prohibited in China, the digital Yuan is accepted in large Chinese cities. In October 2021, approximately 140 million individuals in China were registered users of digital Yuan wallets.

Law enforcement agencies acknowledged that although the state digital currency was intended to combat money laundering, terrorist financing, and suppression of other criminal activities, it has not yet been able to solve these problems.

 

China is pushing ahead with testing its state digital currency to launch by the 2022 Olympics. Two months ago, a full-scale test of the state digital currency began in the city of Sinai with 6 million users. In August, Chinese banks began exploring the potential of the state digital currency for insurance and investment. In the same month, China announced that it intends to launch an international settlement network for mobile payments in Digital Yuan.

Australia’s Largest Bank, Commonwealth Bank Will Add Support For Crypto Trading Directly Through CommBank App

Albert Brown
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Australia’s Largest Bank, Commonwealth Bank Will Add Support For Crypto Trading Directly Through CommBank App

Commonwealth Bank, Australia’s largest bank, plans to add support for ten cryptocurrencies, including BTC, ETH, BCH, and LTC, directly through the CommBank app.



Commonwealth Bank (CBA) will be the first Australian bank to offer its customers the ability to buy and sell cryptocurrencies. To do this, CBA announced a partnership with the American cryptocurrency exchange Gemini and the Chainalysis company.

Testing of the new feature in the app, with more than 6.5 million users will begin in the coming weeks, with wider rollouts scheduled for 2022.

CBA CEO Matt Comyn said:

“The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide the capability, security, and confidence in a crypto trading platform.

In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track record of serving large institutions. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.

Our clients have expressed concerns about existing cryptocurrency services on the market, including the difficulty of using third-party exchanges, lack of trust, and risks of fraud. Therefore, we see a great opportunity in creating a high-quality, trusted, and safe service.”

As noted by the CEO of Blockchain Australia, Steve Vallas, this move by the CBA is extremely important because other local banks now have no choice but to follow the same path.

 

Michael Gronager, CEO and Co-Founder, Chainalysis, said:

“Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely. We are thrilled to be a part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market.”

$13.8 Billion Total Value Locked In Solana Makes SOL Reach New ATH

Mark Brennan
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$13.8 Billion Total Value Locked In Solana Makes SOL Reach New ATH

Solana gets a new all-time high (ATH) thanks to rally-powered by a decentralized app.



The total value locked (TVL) in Solana has exceeded its previous ATH according to DefiLIama. The TVL has been moving with a strong connection with the market price. SOL reached the new record high of $231 following the 16.7 percent rise.

sol totaol value locked

Because Solana token is a major component of the network, an increase in demand due to the growth of DeFi as well as NFT industries has a positive effect on the SOL price. To launch an application on the Solana network, or to build the NFT collections, customers need to buy SOL tokens first.

In the present market, the decentralized applications are gaining the spotlight, which has attracted more investors to Solana as a result SOL succeeded in additional buying capacity.

 

Solana gained popularity after the NFT market exploded. Due to Ethereum network scaling issues some users had to shell out thousands of dollars to make transactions, as a result, Ethereum Killers like Solana gained a major reputation because of their low fees structure.

With more convenient fees and transaction processing options, Solana users can make low-cost transactions in the midst of high traffic on the network.

JPMorgan Says Bitcoin Fair Price Is $35,000

Jakkk
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JPMorgan Says Bitcoin Fair Price Is $35,000

Analysts at JPMorgan called the fair price of bitcoin is $35,000, Bloomberg writes.



JPMorgan predicted the growth of digital currencies in 2022 at 15% per annum, which is higher than the growth indicators of real estate (12.5%), hedge funds (7.5%), and stocks (5%).

According to analysts, the high volatility of cryptocurrencies makes them less attractive to investors. The bank says digital currencies cannot be recommended as a key asset.

Bloomberg Writes:

“Take bitcoin, an asset the JPMorgan team views as a competing investment for gold. With the coin’s volatility roughly four times that of the precious metal, the firm’s model puts its fair value at around $35,000. Should the relative volatility get halved into next year, then a price target of $73,000 “seems reasonable,” the strategists said.

 

JPMorgan Report says:

“This challenges the idea that a price target of $100k or above, which appears to be the current consensus for 2022, is a sustainable bitcoin target in the absence of a significant decline in bitcoin volatility, Digital assets are on a multiyear structural ascent, but the current entry point looks unattractive.” 

Recall that in October, the JP Morgan Report Showed Institutional Investors Are Preferring Bitcoin Over Gold.

JPMorgan also Mentioned the Main Factor That Triggered A New Phase Of Significantly Fresh Capital Entering Bitcoin Which Was Not the Launch Of Bitcoin Futures ETF

On the other hand, JPMorgan CEO Said Bitcoin Has No Intrinsic Value And Regulators Will Soon Regulate The Hell Out Of It.

Monetary Authority of Singapore (MAS) Will Not Ban Crypto

Albert Brown
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Monetary Authority of Singapore (MAS) Will Not Ban Crypto

MAS Singapore Managing Director Ravi Menon said the regulator would not ban cryptocurrencies as they could become a key factor in the country’s future development.



Ravi Menon, head of the Monetary Authority of Singapore (MAS), sees great potential in the cryptocurrency industry. According to him, the regulator will not prohibit this asset class but will prepare an appropriate regulatory framework for the effective regulation of cryptocurrencies. Menon also expressed hope that Singapore could become one of the world’s leaders in the cryptocurrency space.

In an interview with Bloomberg (Video Below), the managing director of MAS shared some possible scenarios for the development of the cryptocurrency industry in the country. The introduction of cryptocurrencies may lead to nothing, cause chaos in the financial system, or can lead to positive changes in the economy and society, so Singapore must be prepared for any of these scenarios, and the authorities must have a good understanding of cryptocurrency, blockchain, and smart contracts.

Unlike China, Singapore’s MAS is not going to ban cryptocurrency in the country. Instead, the MAS will enforce strong regulations so that companies and individuals are protected when dealing with this asset class.

“We believe the best approach is not to prohibit cryptocurrencies but to regulate them, as there are serious risks of money laundering and terrorist financing through this asset class,” Menon said.

 

However, he rejected the possibility that bitcoin will become an official means of payment in Singapore, stating that the cryptocurrency does not have the status of “real money”. He advised that only experienced investors should deal in Bitcoin due to its increased volatility.

Singapore is very loyal to cryptocurrencies, including stable coins. MAS Singapore Chairman Tharman Shanmugaratnam recently said he sees several use cases of stable coins, but such assets need to be regulated to combat illegal financing.

Singapore is also conducting research on the development and application of government-owned digital currency (CBDC). For this, the regulator selected 15 companies that will help create and launch the digital currency of the Singapore Central Bank. However, the friendly attitude towards the cryptocurrency industry did not stop the regulator from adding the Binance website to the investor alert list.

 

Watch Blommberg Video:

Chicago Mercantile Exchange (CME) Will Launch Ethereum Micro Futures In December

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Chicago Mercantile Exchange (CME) Will Launch Ethereum Micro Futures In December

The Chicago Mercantile Exchange (CME) will launch micro-futures based on Ethereum, according to a press release.



Trading of new derivatives will begin on December 6th. Each contract will be one-tenth of ETH.

Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products said:

“Since the launch of Ether futures in February, we have seen steady growth in liquidity in these contracts, especially among institutional traders, At the same time, the price of ether has more than doubled since these contracts were introduced, creating demand for a micro-sized contract to make this market even more accessible to a broader range of participants. Micro Ether futures will offer even more choice and precision in how they trade Ether futures in a transparent, regulated, and efficient manner at CME Group.”

 

The new contract will be cash-settled, based on the CME CF Ether-Dollar Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of ether. Micro Ether futures will be listed on and subject to the rules of CME.

As a reminder, in May, CME began trading micro futures for bitcoin which traded more than 2.7 million contracts Since May.

Ethereum Is Still Popular Among Miners Even Without Mining Fees As ETH Hashrate Reaches New All-Time High

Mark Brennan
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Ethereum Is Still Popular Among Miners Even Without Mining Fees As ETH Hashrate Reaches New All-Time High

With the rising popularity of decentralized applications as well as the increasing interest in massive NFT projects, Ethereum remains the most popular blockchain chain which is in line with the amount of the fees that attract more miners from across the world.

Read: Goldman Sachs Says If Historical Correlation With Inflation Persists Ethereum Could Rise To $8000 By Year-End



The Ethereum hash rate had reached a new record of 813,768 GH/s. Although the EIP-1559 upgrade eliminated mining fees, miners may still benefit from newly introduced tips that ETH network users apply to promote their transactions during periods of heavy network load.

The growing interest of miners arises from the growing ETH networks activity, As a huge number of users are utilizing the Eth network it brings more tips for miners. Alongside network activity, the fee burning mechanism has had a positive impact on the value of Ethereum and has increased it by 33% after the introduction of EIP-1559.

new all time high for eth hash rate

 

Ethereum mining hasn’t experienced any significant losses as a result of the elimination of mining royalty, according to Statista statistics. The initial drop in USD profits was only for the initial few days following the update was put into place, but due to the increase in ETH price, USD miners’ profits increased to levels prior to the EIP upgrade.

Read: CryptoPunk #7557 Was Mistakenly Sold For 4.444 Ethereum Instead Of 444 ETH

eth mining rate

Usually, the rapid growth in hash rates is not an ideal indicator for the market because of the increase of available supply. However, according to the on-chain data miners aren’t eager to sell their assets.

Read: Burger King Offers US Customers Bitcoin, Ethereum, and Dogecoin Giveaway

ETH exchange reserves are continuously depleted and miners’ accounts show inflows only, and almost none of the funds are transferred to exchange for selling. The absence of selling power is a sign of extremely positive market conditions.

The Famous Shiba Inu Wallet That Turned $8,000 Into $5.7 Billion Has Come Out Of Hibernation For The First Time After April 2020

Mark Brennan
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The Famous Shiba Inu Wallet That Turned $8,000 Into $5.7 Billion Has Come Out Of Hibernation For The First Time After April 2020

One of the largest SHIB wallets has emerged from the slumber.



The Shiba Inu wallet that turned $8,000 into $5.7 billion is active according to data from Etherscan.

 

For the first time since April 2020, this whale has shifted SHIB funds, causing concerns as selling pressure on SHIB might increase.

The Shiba Inu billionaire has so far transferred around 10 trillion SHIB tokens that are worth about $2.7 billion to four empty addresses.

The wallet that is in question holds about 13 percent of Shiba Inu’s total circulating supply.

The investor began buying SHIB tokens in April 2020 and turned it into a multi-billion-dollar fortune in only 19 months.

Many speculated that the dormant address was not accessible, because tokens were not moved despite huge gains. However, recent transfers prove the speculation was not correct.

 

Shiba Inu soared 825 percent in October and has caught the attention of many investors. This week, it managed to surpass the rival Dogecoin in market capitalization and reached a new all-time high of $0.00008616 on the 28th of October.

Read More On SHIB:

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