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Kazakhstan plans to allow banks to process crypto purchases

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    underratedcrypto
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    Kazakhstan plans to allow banks to process crypto purchases

    The government in Kazakhstan plans to allow citizens to open bank accounts for cryptocurrencies. According to a local newspaper, citizens will be able to invest in Bitcoin, sell cryptocurrency on the exchange market.

    Cryptocurrency exchanges can collaborate with banks by signing up for the project

    The pilot project will run for a year and aims to allow local crypto companies to legally offer crypto investment services. It will also enable investors to buy and sell cryptocurrencies like Bitcoin securely.

    The report said it was unclear which financial institutions or banks would participate in the pilot project. Cryptocurrency exchanges can collaborate with banks by signing up for the project. This can be done at Astana International Financial Centre, a major financial hub in Kazakhstan.

    As part of the project, the Kazakh government also wants to evaluate the potential risks associated with investing in digital currencies. Because crypto trading has not yet been legally adopted in the country.

    A reason for the experiment could be the growth of Bitcoin mining in the country

    One of the reasons why the government of Kazakhstan might be interested in experimenting with cryptocurrencies could be the growth of Bitcoin mining in the country. Since September 2019, China’s share of global Bitcoin mining has dropped by nearly 30% and now accounts for less than half of the total network capacity. This change made the share of mining in Kazakhstan grow by six times and become the third-largest producer of cryptocurrency in the world. Right now, six to eight percent of the world’s mining volume is concentrated in Kazakhstan.

    Another reason for implementing a secure cryptocurrency exchange is fraud. There are cases where Kazakh investors buy into a Ponzi scheme or other types of scams instead of a real cryptocurrency and are left with no money and a worthless coin.

    Amazon denies rumors of accepting crypto as a payment

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      underratedcrypto
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      Amazon denies rumors of accepting crypto as a payment

      Amazon denies rumors about them accepting crypto payments by the end of 2021, but the retail giant is still interested in blockchain technology

      Amazon has no plans to launch crypto by 2022

      According to a report from City A.M., an anonymous insider at Amazon had news that the company would begin accepting Bitcoin and other cryptocurrencies by the end of the year. This rumor quickly spread across news sites and social media. Amazon has denied the rumors, according to multiple sources on Twitter, including @ZeroHedge and @Cryptowhale.

      The rumors of Amazon moving to accept Bitcoin for purchases may have resulted in this being one of the best days for the crypto markets since May. But according to new info, Amazon denied the report from City A.M., according to a spokesperson of Amazon. The company has no plans to launch crypto by 2022 and will not accept Bitcoin this year, but will continue exploring cryptocurrencies and blockchain technology.

      Amazon is interested in blockchain technology

      The news was reported by City AM, a free London newspaper, and the sources quoted by the publication were anonymous. It ended up being too good to be true. For example, the source stated that “Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online. It won’t take long because the plans are already there, and they have been working on them since 2019. This entire project is pretty much ready to roll.” This ended up being not true, and we apologize as Cryptonary for publishing this in our news section.

      Although the rumors ended up being denied, there actually is an interest of the online retail giant in blockchain technology, shown by the fact they have posted a recent job posting related to blockchain technology which we covered last month.

      Bitcoin hits $40K after a 6-week absence, but on-chain activity is ‘somewhat bearish’

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        underratedcrypto
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        Bitcoin hits $40K after a 6-week absence, but on-chain activity is 'somewhat bearish'

        Bitcoin (BTC) touched $40,370 on July 26 as a solid day of gains saw the return of a major price milestone. 

        BTC price daily gains near 20%

        Data from Cointelegraph Markets Pro and TradingView showed BTC/USD touching $40,400 before consolidating nearby later in the day.

        The pair had held on to previous gains from the night before throughout the day, circling $38,000 before another surge took hold after the the Wall Street open.Amid some understandable excitement from investors who had waited for upside to finally resume, Cointelegraph contributor Michaël van de Poppe cautioned against being overly bullish at current levels. “Bitcoin still showing strength, although sentiment is getting euphoric again while approaching the range resistance,” he wrote just before $40,000 hit.That would mark an exit from a long-established trading range that has been in place for over two months. 

        A look at support and resistance levels on major exchange Binance at the time of writing showed relatively little buyer activity above $36,000, with $41,000 still in place for sellers.

        Material Indicators, which provided the Binance data, added that moving averages were important to consider when attempting to understand current movements.

        “Quiet” on-chain activity may dampen bulls

        While July 26’s gains were impressive, van de Poppe was not alone in calling for a pragmatic appraisal of the Bitcoin market at large.

        In the latest edition of its weekly newsletter, “The Week On-chain,” data analytics firm Glassnode likewise highlighted the need for on-chain activity to catch up with price performance in order to sustain the market.

        “Overall, on-chain activity remains somewhat bearish and continues to be quiet,” analysts wrote.
        The last time that Bitcoin interacted with the $40,000 mark was during a brief revisit from lower levels in mid-June.

        US DOJ to investigate Tether executives over bank fraud

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          underratedcrypto
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          US DOJ to investigate Tether executives over bank fraud

          According to Bloomberg, A U.S. investigation into Tether is trying to determine whether the executives behind the digital token committed bank fraud. This potential criminal case could have major implications for the cryptocurrency market.

          Criminal charges could have an impact on the crypto market

          The Justice Department’s investigation focuses on conduct that occurred years ago when Tether was in its infancy. Specifically, federal prosecutors investigate whether Tether chose to conceal from banks that transactions were linked to crypto, said three people with direct knowledge of the matter, who did not want to be named because the investigation is confidential.

          Since Tether’s USDT stablecoin is the most widely used stablecoin and plays an essential role in crypto trading, criminal charges could have an impact on the cryptocurrency market. It would also be one of the largest events in the U.S. government’s crackdown on virtual currencies.

          The investigation is reaching a tipping point

          Federal prosecutors have been investigating Tether since at least 2018. According to the Bloomberg article, they have sent letters to individuals warning them that they are targets of the investigation. One of the individuals told the news site that the notices signal that a decision on whether to proceed could be made soon, with high-ranking Justice Department officials ultimately deciding whether charges are warranted.

          Due to increasing regulatory pressure in the cryptocurrency market, the investigation is reaching a tipping point. The U.S. Treasury Department and Federal Reserve are among the agencies concerned that tokens could threaten financial stability and disguise transactions linked to money laundering, for example. Criminals would be able to make payments without going through the regulated banking system. Treasury Secretary Janet Yellen said last week that regulators “need to act quickly” when considering new rules for stablecoins.

          Global crypto ATM installations have increased by 70% in 2021

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            underratedcrypto
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            Global crypto ATM installations have increased by 70% in 2021

            2021 has seen the installation of over 10,000 new crypto ATMs worldwide, with the United States taking the lead.

            Alongside cryptocurrency’s decade-long adoption drive, the momentum behind the installation of crypto ATMs continues across the globe. Based on Coin ATM Radar’s latest data, crypto ATM installations in 2021 have witnessed a spike of 71.73%, pulling up the numbers from 13,993 on Jan. 1 to 24,030 at the time of reporting. Last year, the global count rose to 13,993 ATMs with a 119.56% growth after 7,620 new machines were installed. So far, 2021 has seen the installation of 10,037 ATMs. To keep things in perspective, data suggests that crypto ATMs are being installed at a speed of roughly 52.3 ATMs per day.The United States currently leads this space, having installed nearly 48 ATMs per day, based on the data acquired in the last seven days. As reported by Cointelegraph back in March, the ATM count in the U.S. rose to 177% in just a year, standing at 16,835.

            Crypto ATMs can be accessed across 75 sovereign nations and are powered by 42 producers. Coin ATM Radar’s data on the manufacturers also suggests that Genesis Coin dominates this space with 40.9% market share, while General Bytes owns around 24% of the market. The remaining 35% of the market is shared among other players, including BitAccess, Coinsource and Bitstop.

            One of the largest holders of the Bitcoin (BTC) ATM network, Bitcoin Depot, recently announced a partnership with Circle K to install crypto ATMs across the U.S. and Canada. The partnership has since resulted in the installation of more than 700 Bitcoin ATMs.

            Bitcoin Depot operates over 3,500 crypto ATMs allowing users in the U.S. and Canada to purchase over 30 types of cryptocurrencies, including Bitcoin, Ether (ETH) and Litecoin (LTC).

            Binance limits leverage and delists margin trading pairs

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              underratedcrypto
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              Binance limits leverage and delists margin trading pairs

              Binance CEO Changpeng Zhao announced that leverage on Binance will be limited for existing users with registered futures accounts of less than 30 days.

              Leverage limits will increase one month from registration

              Binance had already introduced a 20x leverage limit for new users on July 19, but Binance Futures is now preparing to apply the same limitation to existing users.

              As of last Monday, new users with registered Binance Futures accounts of less than 30 days are prohibited from opening positions with leverage greater than 20x. The new leverage limits also apply to existing users with registered futures accounts of less than 30 days. Binance’s Leverage Trading page states that. “Leverage limits for new users will gradually increase only after one month from registration”.

              The latest move of Binance is very similar to what FTX announced last Sunday. The CEO of FTX, Sam Bankman Fried, tweeted that FTX plans to remove high leverage above 20x on its platform because it wants to encourage responsible trading. Before the announcement, traders were able to use up to 100x leverage on the trading platform.

              Binance will remove several cross and isolated margin trading pairs

              Binance also announced that it plans to delist AUD, EUR, and GBP cross and isolated margin pairs on Monday. The exchange will remove the first trading pairs on August 10 and delist another half on August 12. You can find a complete list of the trading pairs affected by the announcement on their website.

              The decision to delist margin trading pairs for AUD, EUR and GBP could have been a response to the regulatory pressure in Europe, UK, and Australia. The exchange also added a warning at the end of the announcement, claiming margin trading is a risky affair that could lead to significant profits and losses.

              Amazon is planning to accept Bitcoin payments this year

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                underratedcrypto
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                Amazon is planning to accept Bitcoin payments this year

                Bitcoin adoption has gone up massively over the past few years, and Amazon is expected to be the latest corporate entity to accept it as a means of payment.

                Amazon could start accepting Bitcoin before the end of the year

                London-based business publication City A.M has reported that retail giant Amazon will soon start accepting Bitcoin payments for its goods and services. The publication cited an insider who revealed that Amazon would launch the payment option before the end of the year.

                The company recently published a job advertisement where it announced that it wants to hire a cryptocurrency and blockchain lead. Amazon said the candidate would take advantage of their domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency (CBDC).

                The insider revealed that it is Amazon’s cue that it is expanding its payment options into cryptocurrencies. “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” she said.

                She added that Amazon would start with Bitcoin but expand into other cryptocurrencies, including Ethereum, Cardano and Bitcoin Cash. The insider further pointed out that the directive is from Jeff Bezos himself and that Amazon has been working on the feature since 2019.

                Amazon to launch its native token by 2022

                The source further revealed to City A.M that Amazon is planning to develop and launch its native token by 2022, after recording success with its Bitcoin integration. “When all these crypto ducks are lined up, there’s another twist to push things even further into Amazon’s favour – a native token. After a year of experiencing cryptocurrency as a way of making payments for goods, it is looking increasingly possible that we’re heading towards tokenization,” she explained.

                Amazon wouldn’t be the first top company to accept Bitcoin payments for its goods and services, with Tesla the most recent to do so despite suspending it earlier this year.

                Uniswap Labs limits access to several tokens

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                  underratedcrypto
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                  Uniswap Labs limits access to several tokens

                  Uniswap Labs restricts access to various tokens, including tokenized stocks and derivatives, on the protocol interface it supports. The software development studio said this in a blog post on Friday.

                  The platform restricted more than 100 tokens

                  The news comes just days after U.S. regulators announced that they would increasingly scrutinize these types of products. Uniswap explained its decision by citing an “evolving regulatory landscape.”

                  The list that Uniswap published included more than 100 tokens. Examples of these tokens are Gold Tether, opyn options on ETH at different strikes and expirations, Synthetic assets from popular protocols such as Synthetix or Mirror Protocol.

                  The Uniswap community is not happy about the decision 

                  The users in the Uniswap community are heavy supporters of the platform’s decentralized model and expressed that they are not happy about the sudden asset restriction. The anger focused primarily on the lack of community input in the decision, especially since the move completely bypassed the platform’s decentralized governance model.

                  Other crypto companies have also canceled their tokenized stock products in recent weeks, including Binance. But Uniswap only restricts access through its interface. Users can still access these tokens through other portals on the decentralized finance (DeFi) platform that supports them.

                  Elon Musk says he owns Bitcoin, Ether and Dogecoin

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                    underratedcrypto
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                    Uniswap Labs limits access to several tokens

                    Elon Musk took center stage at the ongoing The B Word conference to talk about a wide range of his cryptocurrency investments.

                    Musk holds Bitcoin, Ether and Doge

                    Elon Musk confirmed at the ongoing The B Word conference to reveal that both SpaceX and Tesla own Bitcoin. The revelation came as a surprise to some as Tesla was the only Musk’s company known to be involved in cryptocurrencies.

                    Musk stated that he is a big supporter of Bitcoin despite his recent criticism of the proof of work concepts. The billionaire admitted that the only stock he owns is Tesla. However, outside that, he holds three meaningful assets, and they are bitcoin, ether and dogecoin.

                    Despite his criticism of Bitcoin, Musk said he owns more of Bitcoin than Ether and DOGE. “Bitcoin by itself cannot be the monetary system of the world at the base layer, but at the second layer, it’s possible depending on how it’s implemented,” Musk added.

                    Although he revealed that SpaceX holds some bitcoins, he didn’t state how much the company’s crypto investment is worth. Tesla’s Bitcoin holdings became popular after the company bought $1.5 billion worth of bitcoins. The investment grew to $2.5 billion by April this year.

                    Musk also revealed that he owns Ether. However, he also didn’t reveal how much he has personally invested in the second-largest cryptocurrency.

                    Tesla will likely start accepting Bitcoin again

                    The tech billionaire wasn’t done as he stated that Tesla would likely start accepting Bitcoin as a payment option for its electric vehicles again. Musk said, “I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin.”

                    Musk pointed out that he is in support of nuclear power as he believes nuclear plants are safe despite public opinion. However, he clarified that he meant nuclear fission and not fusion.

                    Musk asked Twitter boss Jack Dorsey if the social media platform would consider accepting advertising money in crypto. Jack Dorsey said yes but admitted that it is not his main focus at the moment.

                    Australian-based broker SelfWealth to offer crypto trading services

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                      underratedcrypto
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                      Australian-based broker SelfWealth to offer crypto trading services

                      The cryptocurrency market continues to gain adoption despite the current bearish trend.

                      SelfWealth to offer cryptocurrency trading services

                      Australian-based online broker SelfWealth has announced that it would start offering cryptocurrency trading services to its clients. The company said the move is in line with its desire to shift from a pure share trading platform to a wealth creation platform.

                      In a blog post earlier today, SelfWealth said, “We will be partnering with an established and secure cryptocurrency exchange to provide access to cryptocurrencies. This is off the back of research we’ve done, including answers from many of you. You want to access crypto, but you want it done in a safe and secure manner. You will be able to trade cryptocurrencies that have been vetted by us first. We will factor in popularity, liquidity and security.”

                      The online broker intends to support up to 10 major cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), before the end of the year. The move into the cryptocurrency space comes from the company’s desire to shift from a share trading platform to a wealth creation one.

                      Demand for cryptocurrencies is rising

                      SelfWealth said it is entering the cryptocurrency market due to the huge demand for cryptos from Australians. CEO Cath Whitaker said, “Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions.”

                      In a recent survey of 3,500 customers, SelfWealth found out that30% of respondents have already invested in cryptocurrencies. Another 38% of the respondents intend to invest in Bitcoin or other cryptos.

                      Australians, like citizens of other parts of the world, are increasing their demand for cryptocurrencies. The increase in demand comes despite a decline in the prices of cryptocurrencies in recent weeks.

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