Economist and gold advocate Peter Schiff has highlighted bitcoin’s recent decline, declaring the cryptocurrency “back in official bear market territory.” He predicts further bitcoin price decline before Mt. Gox creditors begin receiving their crypto payouts next month. Bitcoin Back in ‘Official Bear Market Territory’ Economist and gold bug Peter Schiff, known for his skepticism towards […]
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Ripple Teams Up With Clear Junction for GBP and EUR Payouts
Ripple has partnered with Clear Junction, a global leader in cross-border payment solutions for regulated institutions, to enhance cross-border payments, enabling instant and secure GBP and EUR payouts, with more currencies to follow. Ripple Payments provides faster, cheaper cross-border payment infrastructure, serving customers in over 55 countries. Clear Junction, established in 2016, offers multi-currency payment […]
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Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts
The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible Blockfi customers. Blockfi Collaborates With Coinbase for Withdrawals, Plans to Shut Down Web Portal After the […]
Bitcoin News
Bitcoin Repayments: Mt Gox Starts Verifying Addresses For 200,000 BTC In Payouts
Defunct Japanese-based cryptocurrency exchange, Mt. Gox has taken the next steps toward its Bitcoin distribution process to customers who were previously affected by its 2014 hack attack. The crypto exchange has delivered mass emails to account holders as they confirm wallet addresses for individuals eligible for its repayment process.
Mt. Gox Prepares For Bitcoin Repayments
Recently, Account holders at Mt. Gox reported in a Reddit post that they have been receiving new emails from the crypto exchange regarding an identity verification and confirmation procedure initiated by the exchange.
Mt. Gox disclosed that it has begun confirming wallet addresses from users who had officially owned accounts at the crypto exchange and had successfully completed their identity verification processes. The crypto exchange also revealed that it would be distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part of its repayment process to account holders, with the payout ranging from 142,000 BTC to 200,000 BTC.
Furthermore, Mt. Gox disclosed that the rehabilitation trustee has shared customer details with the custodian to facilitate the account verification process. The crypto exchange warned that customers with disabled or frozen accounts may not be eligible for the fund distribution program.
In September 2023, Mt. Gox declared an extension of its repayment deadline from October 2023 to October 31, 2024, attributing the decision to the need for further discussions to ensure proper disbursement of funds. During December 2023, the crypto exchange encountered a slight hiccup in its payment distribution process after it announced it had unintentionally issued double payments to specific users.
Following the error, Mt Gox urgently requested these users to return the excess funds, warning of potential legal consequences and the possibility of being excluded from the reimbursement plan scheduled later this year.
This year marks nearly a decade since Mt. Gox suffered a hack attack resulting in the loss of a substantial 850,000 Bitcoin. Recent developments in the repayment process bring hope to former customers of the crypto exchange who were adversely affected by the cyber theft.
BTC Faces ,000 Crash If Mt. Gox Customers Commence Bitcoin Sell-Off
About 200,000 BTC presently worth over .7 billion, is expected to spread through multiple wallet addresses owned by Mt.Gox creditors. This raises concerns about the potential impact this Bitcoin distribution could have on the crypto market.
Presently, Mt. Gox’s 200,000 BTC repayment amount surpasses the total value of Microstrategy and El Salvador’s Bitcoin holdings, which are among the largest in the world.
With Bitcoin currently at ,909, if Mt.Gox account holders receive their reimbursements and attempt a sell-off to take their profits, which have grown by a substantial 99,900%, the price of Bitcoin may dip below ,000. This would be a monumental crash for the pioneer cryptocurrency, bringing prices back to half of their present market value.
UBS Strategists Predict Minimal Impact of Upcoming Mt Gox Payouts on Bitcoin Value
A recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value. While a new supply will come to the market, UBS strategists insist that “it would be less concentrated.”
UBS Market Strategists Believe Mt Gox Payouts Won’t Destabilize Bitcoin’s Value
UBS market strategists think that the cause for concern over the upcoming Mt Gox distribution of 142,000 bitcoin (BTC) may be a bit overhyped in regard to the “long-held fear that Mt. Gox redemptions would hurt bitcoin’s price.”
Bitcoin.com News reported on the Mt Gox rehabilitation plan nearing the end of the road at the end of October 2022. Through the current plan, creditors have several options to choose from when it comes to repayments.
Creditors have until March 10 to choose a repayment scheme, and payments are expected to happen around September 2023. The 142,000 bitcoin (BTC) today is worth more than .36 billion using current exchange rates.
“The most important ones are, first, whether to take an early lump sum payment or wait for further proceedings and additional asset recoveries and second, receiving funds in fiat or crypto,” explained the UBS strategists James Malcom and Ivan Kachkovski.
The UBS executives added:
New supply could still come to the market, but this at least implies it would be less concentrated.
There’s also a stash of 142,000 bitcoin cash (BCH) worth over million and 0 million or 69 billion Japanese yen worth of cash. Users looking to be paid in crypto must sign up and register for a selected centralized crypto exchange to handle the repayment option.
Creditors choosing this route need to submit basic KYC/AML information to leverage a crypto exchange to be reimbursed. While it may not be significant, the UBS strategists noted that there’s still potential for fluctuations in Bitcoin’s value amid the disbursement of Mt. Gox Bitcoin.
“It’s certainly difficult to estimate the extent to which the market has been pricing massive sales coming from Mt Gox. However, we think such news could have been an additional factor for what we believe could be mainly retail-led — Bitcoin’s surprising resilience of late,” Kachkovksi’s and Malcolm’s note concluded.
Do you agree with the UBS strategists’ prediction that the upcoming Mt Gox payouts will have a minimal impact on bitcoin’s value? Or do you believe there’s a chance for more significant fluctuations? Let us know your thoughts in the comments section below.
Crypto-Friendly Bank Silvergate Suspends Dividend Payouts
Silvergate, a California-based crypto bank whose shares are listed on the New York Stock Exchange, is suspending dividend payout to remain highly liquid as the digital currency market tries to pull itself out of the liquidity crisis of 2022.
In a press release on January 27, Silvergate, a state-chartered bank that went public in 2019, said it would suspend dividend payout on its “5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A” to preserve capital.
Focus On Liquidity
The crypto bank said its primary focus is maintaining a highly liquid balance sheet with a strong capital position. This will give it an advantage as it navigates the high volatility in crypto. The move means the crypto bank will have more capital than customers’ digital assets.
The bank’s board of directors will re-evaluate the payments of quarterly dividends depending on market conditions evolve.
There was no official comment from any of Silvergate’s executives.
The high volatility in crypto saw prices peak at around ,000 in November 2021 before plunging to ,300 in November 2022.
Losses were due to several macroeconomic factors and crypto-related events. The shift in monetary policy saw central banks hike interest rates to tame runaway inflation.
In return, this change saw capital flow in the other direction, away from what investors would ordinarily label as “risky”, including crypto and stocks, to safe havens like bonds and gold.
Silvergate Forced To Take Bold Steps
The collapse of several CeFi platforms, first 3AC, Voyager, and BlockFi, before FTX said it was halting withdrawals and eventually filing for Chapter 11 bankruptcy protection, broke the markets. In the aftermath, crypto assets capitulated, with Bitcoin sinking to 2022 lows.
At one time, FTX was valued at over billion. It later emerged that Sam Bankman-Fried misappropriated clients’ funds through the exchange’s related trading firm, Alameda Research.
The risk to safety from investors spilled over to Silvergate, stretching the crypto bank. On January 17, Silvergate posted its financial statements with the United States Securities and Exchange Commission (SEC), saying they posted a loss of 9 million in 2022. This was a sharp reversal in fortunes considering the bank made .5 million in profits in 2021.
Early this month, Silvergate clients withdrew almost billion of their crypto deposits. Reports indicate that roughly 66% of the bank’s clients pulled out their coins in the last three months of the year. Subsequently, the bank was forced to sell .2 billion of its assets to cover costs and remain liquid amid the industry’s rapid changes.
Elevate Brands Offering Bitcoin Payouts on Coinbase Prime
Elevate Brands announced today its “Cash or Coin” acquisition program and integration with Coinbase Prime.
As per industry observations, Elevate Brands is always looking for ways to make its acquisition and operating processes more efficient. They announced today that they would be integrating with Coinbase Prime to receive payment in bitcoin or other cryptocurrencies. It should help them conserve money by not having upfront costs when acquiring products from the Amazon marketplace.
This innovative new strategy enables Elevate to capitalize on opportunities in the crypto space and offers investors unprecedented access.
Ryan Gnesin, CEO of Elevate Brand, said;
“We’re excited to be at the forefront of Amazon’s new digital age, and we believe that cash or coin will make it easier than ever for consumers who want access into cryptocurrencies”
He further added;
“Integrating with Coinbase Prime gives us an edge in bringing our brands closer towards achieving this goal.”
Bitcoin price has managed to hold K price support well. Source: Tradingview.com
Nick Eary sold his company last year to Elevate. He will receive his bitcoin payouts next month. Sellers who get paid directly through the Coinbase Prime account benefit from lower fees or high volume limits and can access features not available on other platforms.
Nick said with excitement in an interview about Elevate’s first crypto payee:
“When I sold my business, I had planned to allocate some of the funds to bitcoin. The fact that I could be paid in crypto instantly through Elevate made investing a much simpler process.”
Elevate Offer Bitcoin Payouts For Referral Program
In a move that could be the start of many more crypto-based incentive programs, Elevate has recently introduced its new referral program. Anyone who refers a business to Amazon that they successfully acquire is eligible for up to 0K in cash or equivalent blockchain-based cryptocurrency (i.e., Bitcoin). Empowery ECommerce Cooperative received the first referral payout in Bitcoin.
Empowery founder Steve Simonson stated that Elevate’s Cash or Coin Program came at just in time. In his words, “Luckily we found the perfect way to learn more about cryptocurrency. We know it will be an exciting year, with many changes already happening. So we decided on Coinbase Prime as our crypto holder.”
Elevate’s team is making waves in the Amazon market. The company, which has rapidly grown its portfolio of private-label goods through deals and acquisitions over last year alone, has raised 0 million from leading global institutional investors and acquired 32 brands at a pace of 3-4 per month. The firm has grown by more than 500% since it opened its second headquarters in Austin, Texas.
Elevate Brands is a company that specializes in launching products on Amazon. They are currently ranked among the top 100 sellers of all time, and own 32 private label brands, including Sqribble bedding accessories for millennials.
Featured image from Pixabay, chart from TradingView.com
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Canada Marks Launch Of First Bitcoin, Ethereum ETFs With Monthly Payouts
ETFs have been trading in the United States, Canada, and some other countries for a while now. These ETFs have made strides so far with high volumes traded in throughout their existence in the market. However, none of these ETFs have offered mostly dividends to their investors. An asset management firm in Canada has now made history as the first to offer a monthly yield to those invested in its ETF.
Edging Towards The Future
Purpose Investment has first made headlines in February when it created the first North American ETF that tracks the price of Bitcoin. This time around, the investment firm has made another stride in becoming the first to launch an ETF that pays monthly yields to investment. This puts Canada at the front of the race when it comes to crypto ETFs and the purposes which they serve.
Related Reading | Market Analysts Explain Why This Correction Is Good For Bitcoin
The Bitcoin and Ethereum ETF will offer investors monthly yields using a derivatives-based covered call strategy. Like the ETFs, the strategy is another first of its kind in the crypto market.
The annual yield of the ETFs is also attractive according to estimates. Market experts explained that although there is no way to guarantee what the amount would be each month, it is expected to be the equivalent of 8% to 10% annual yield, with 1.10% going to the firm as a management fee.
BTC trending south of K | Source: BTCUSD on TradingView.com
Canada is ahead of the U.S. in the ETFs market and currently has approved Ethereum ETFs whereas the latter is still yet to approve its first Ethereum ETF. Both Bitcoin and Ethereum ETFs offered by Purpose Investment will pay out similar yields and are classified as income in non-registered accounts.
ETFs Making Waves
ETFs have offered investors a way to get exposure to the cryptocurrency market without having to purchase any of the digital assets themselves. The anticipation for their approval shone through with the first-ever Bitcoin ETF approved in the United States, the ProShares Bitcoin Futures ETF, which saw over billion in trading volume after the first day.
Related Reading | Over 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559
ETFs, however, do not shield investors from the highly volatile nature of the market. For the Purpose Investment ETFs, investors are shielded to a certain extent by these fluctuations. They will enjoy the benefits of monthly yields, but will also see limited capital gains compared to those who do not for this reason.
“Given the connection between the volatility of the underlying asset and premiums, covered call strategies on cryptocurrencies offer unique exposure to a unique asset class, providing investors a high yield without sacrificing significant price participation.” – Vlad Taveski, COO & Head Of Product, Purpose Investments
Tasevki told “Yahoo Finance Canada” that investors are allowed to choose if they wish to earn these monthly yields on their investors. It is a way to generate short-term income using covered calls on assets which they believe in.
Featured image from Investment U, chart from TradingView.com
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SPECTRE.Ai – Highest Industry Payouts in Crypto at Spectre.Ai!
The number of online trading platforms is constantly on the rise as more and more people continue to take up trading as a profession as well as a hobby. While these platforms differ from each other with respect to certain features or offerings, most of them have one thing in common – they are either brokerages or connected to one to process and fulfill the orders. Such an arrangement also means that the entire system is a bit too much centralized for comfort and makes traders shell out more as commission on trades than they ideally should.
However, things are now changing, thanks to SPECTRE and its use of blockchain technology to create a broker-less trading platform. The cutting edge, crowd-sourced technology enables users to execute high-frequency trades on the financial markets with minimal risk. All trades are either placed against the platform’s liquidity pool or other traders, managed by smart contracts, and recorded on Ethereum blockchain.
Things That Can be Traded
The SPECTRE trading platform allows users to trade Digital Contracts on a range of asset classes including currencies, stocks, and commodities such as gold and silver in the form of synthetic (no underlying ownership) speculative trades on a prediction model (higher or lower). It is also the only trading platform anywhere where it is possible to trade historically with EPICs and Reverse Futures. In a nutshell, EPIC is Spectre’s benchmark index of Euro-based currency pairs traded through time, and Reverse Futures are digital contracts on past global equities such as Apple, Twitter, Tesla, Facebook and Microsoft.
Open 24/7, with the help of its crowd supported digital balance sheet model that acts as a counterparty, users can place trades at any time with as little as and earn up to 400% ROI within minutes. The maximum trading amount per transaction is currently capped at 0, but this can be doubled using Trader’s Bay, a unique built-in store offering users upgrades and privileges designed to significantly improve the overall trading experience. Trader’s Bay also includes other perks such as higher payouts, more concurrent open positions and lower spreads, to name but a few.
The platform ensures that users are always in control of their funds and trading decisions. They can either choose to trade directly on the platform itself (on-site trading account) or use the off-site trading account option to directly connect their wallets to trade instead of depositing funds on the platform. Further, the use of blockchain technology allows all the trades to be audited in real-time to provide unprecedented levels of transparency to the trading platform.
Getting Started
Created and operated by St Vincent and the Grenadines based Spectre Trading Limited, the SPECTRE platform is easy to use and can be accessed over a browser or through its mobile application for Android phones. The platform is available in multiple languages including English, Indonesian, Vietnamese, Japanese and Chinese, with more to be added soon.
In order to start trading on the platform users will have to sign up and complete a simplified mandatory KYC verification process. The details required by SPECTRE during the registration process includes the user’s full legal name, email address, a password to secure the account, and copies of identity and address proof. They will also have to take a photo of themselves holding their proof of identity to complete the KYC process.
Once the registration process is completed, users can either choose to fund their account (on-site trading account) or connect their ETH/BTC wallet (off-site trading) to start trading. While ETH and BTC continue to be the primary currency, on-site trading account holders can also make fiat deposits using some of the leading payment solutions like Visa and MasterCard powered credit and debit cards, wire transfer, Skrill, Neteller, PaysafeCard, Help2Pay, AdvCash, UnionPay, Fasapay, Uphold and a crypto asset platform that accepts nearly 50 various crypto coins. Plus, users will soon have a third option, as Spectre will soon be rolling out their DeFi Boost wallet which will allow users to trade and deposit using their top DeFi coins.
Fees and Charges
SPECTRE conducts a highly transparent operation with no hidden fees or charges for the traders to bear. It also doesn’t charge fees on inactive accounts. The utilization of blockchain means the absence of regular intermediaries such as account managers and brokers eliminate the risk of fraud. However, off-site trading account users will have to bear the GAS costs on transactions made over the ETH network. Similarly, on-site users may incur Forex conversion charges on fiat deposits and any other additional charges that could be imposed by their payment processor on transactions between SPECTRE and user’s accounts.
Deposits made to SPECTRE on-site accounts are almost instant, whereas the withdrawals may take up to 24 hours to be consolidated and processed. Off-site wallet users can withdraw their earnings instantly to their connected crypto wallet.
At any time, users can reach out to SPECTRE’s support team over chat (Available in English, Estonian, Croatian, Indonesian and Spanish languages), email (support@spectre.ai), or by filling the web form to get any issues or queries addressed.
Future to Come
The SPECTRE platform is undergoing constant development, with new features being introduced on a regular basis. The availability of a Hyper-API to the developer community makes it possible for the trading bot community to create new features and products on top of the platform. Apart from the addition of new languages, SPECTRE is also in the process of adding new assets and trading instruments along with an educational academy for seamless trading experience.
Fairspin Adds 3 New Providers to Offer 2000+ Games, Processes Over $20,000 One-Time Payouts in May 2020
The popular blockchain casino Fairspin has made itself more attractive to its patrons by introducing lots of new options. It recently announced an expansion in the number of game titles and developers listed on the platform.
According to Fairspin’s press release, three leading developers Quickspin, Pragmatic Casino and Pragmatic Live have been included to its list of providers. With this addition, the number of providers on Fairspin now stands at 12 with over 2000 game titles divided among them.
Fairspin holds the distinction of being the first mover in the online gambling industry by implementing a combination of classic gambling games with blockchain technology for added transparency and uncompromised user experience. The Fairspin casino is integrated with the TruePlay platform powered by its native TPLAY tokens. Through this integration, Fairspin stores all gaming transactions in ERC20-compliant TPLAY tokens so that players can verify all deposits and withdrawals at any time over a blockchain explorer. Apart from the payout history, the casino also lists payout percentage of each game on its website and respective smart contracts.
The use of smart contracts to store gaming transactions and the added anonymity offered by Fairspin makes it one of the most transparent online gambling platforms of all time. The online casino is also known among gambling enthusiasts for the exciting winning opportunity it presents. A lot of players have been able to put their funds, bonuses, and promotional freebies to good use a win a small fortune.
May the Fairspin Be with You
As various countries imposed lockdowns to contain the spread of COVID-19 pandemic, a lot of people found refuge in online gambling. Fairspin registered a huge surge of about 57% in the number of people visiting the platform during the months of April and May as compared to February.
The month of May 2020 also witnessed some big one-time payouts, with the top three winners raking in 37.89 ETH (,090), 29.74 ETH (,244) and 0.48 BTC (,683) on May 28, May 30, and May 14, respectively. These winnings can be confirmed on the blockchain. The largest one-time payout on Fairspin currently stands at 2.5 BTC (,000 at the time of transaction) earlier this year in March 2020.
So far, Fairspin has processed over 95,486 ETH, roughly equivalent to .3 million in winnings to its patrons.
Winning Date | Payout Amount | Game |
May 28, 2020 | 37.89 ETH (90.00) | Warlords: Crystals of Power by NetEnt (mobile version) – The user started playing with a balance of 1.54 ETH. A bet of brought a big win of ,924. (The game’s payout percentage: 96%)
|
May 30, 2020 | 29.74 ETH (44.00) | Dragon Legend by PGSoft – The user started playing with a balance of 7 ETH. A bet of brought a big win of ,020. (The game’s payout percentage: 117%)
|
May 14, 2020 | 0.88 BTC (83.00) | Book of Gold: Symbol Choice by Playson – The user started playing with a balance of 0.16 BTC. The player used bonus spins to make a bet of and won ,645. |
What’s Hot on Fairspin
Fairspin constantly offers exciting bonuses and promotional offers to its users. The online blockchain casino is now offering plenty of free spins giveaways, which are being frequently announced on its official social media and other channels. Fairspin is also organizing tournaments by Booongo and Playson with prize pools between €20,000 and €50,000.
Both new and existing players on Fairspin are eligible for deposit bonus. New players registering on the platform now receive 100%-200% bonus on their initial deposits. Similarly, existing players can get 20%-40% bonus on their continued deposits, which can be used to place more bets.
Fairspin also has a cashback program with cashback ranging from 5% to 25% of the wager based on the games.
Players wishing to win more on the platform can try these 4 most sought-after games
- Claws vs Paws with sum of winnings at ,555 and payout of 96%,
- Hip Hop Panda at ,381 in winnings and payout of 97%
- Double Bonus Poker with winnings at ,864 and payout of 98%
Warlords: Crystals of Power with winnings at,183 and payout of 96%
Want to try Fairspin? Visit https://fairspin.io/ and start playing.