Breaking: Indian Securities Regulator Bars Financial Advisors From Advising on Crypto


The Securities and Exchange Board of India (SEBI) has issued a circular addressed to investment financial advisors in the country, barring them from offering any financial advice on cryptocurrencies and similar unregulated markets.

SEBI in its circular noted that investment advisors have been found involved in unregulated activity by advising clients on crypto market investment. The circular warned of possible legal action under the SEBI act 1992.

“It has come to the notice of SEBI that some registered Investment Advisers are engaged in unregulated activity by providing a platform for buying/ selling/ dealing in unregulated products including digital gold.  Investment Advisers are, hereby, advised to refrain from undertaking such unregulated activities. Any dealing in unregulated activities by Investment Advisers may entail action as deemed appropriate under the SEBI Act, 1992 and regulations framed thereunder.”
Source: SEBI

The warning from the chief securities regulator in India comes at a time when the country has risen to the second spot in terms of global crypto adoption. One chainalysis report claimed that Indian invested over $4 billion in the crypto market in 2021 compared to just $20 million last year.

Indan Crypto Ecosystem Booms Despite Regulatory Unclarity

The state of crypto regulations in India remains undetermined despite numerous insider reports of possible framework finalization this year. However, the state of regulations doesn’t seem to have impacted the general population as evident from the massive growth in their crypto investment. Apart from a monumental growth in crypto investment, Indian crypto companies are making a name world over with two unicorns in the form of CoinDCX and CoinSwitch Kuber coming this year itself.

Major venture capital firms have their eyes set on India be it a16z or the investment arm of Coinbase and several others. The last report regarding crypto regulations indicated the government would take a measured step and treat Bitcoin as an asset.

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Walmart Starts Bitcoin ($BTC) ATM Hosting Services, Months After Litecoin ($LTC) Fiasco

bitcoin atmbitcoin atm

Walmart, the largest retail giant in the world has reportedly started testing Bitcoin ATM hosting services, as per a report from Coindesk. Walmart has quietly partnered with crypto ATM technology provider Coinme and offering $BTC to customers via 200 of its Coinstar kiosks.

“Coinstar, in partnership with Coinme, has launched a pilot that allows its customers to use cash to purchase bitcoin,” Walmart communications director Molly Blakeman said.“There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.”

The news comes within months of the Litecoin ($LTC) fiasco when a fake Walmart press release claiming to accept $LTC as payment deceived most of the leading news agencies and even Litecoin. At the time many Bitcoin proponents have claimed that it was fake news, given why would world’s largest retail company partner with LTC when there is BTC is adopted left-right and center.

Bitcoin ATMs On the Rise

Bitcoin ATMs have continued to surge in adoption as they touched new highs in 2021. The growth of Bitcoin ATM adoption across the world indicates the rising popularity of the top cryptocurrency among the common public.

Bitcoin ATM
Source: Coinatmradar

The US tops the list of countries with the highest share of Bitcoin ATMs close to 87% of the total ATMs installed across the world.  Now that Walmart is testing with 200 ATMs, the number could only grow further once the company decides to install more machines across its 4,700 stores.

Bitcoin ATM
Source: Coinatmradar

Apart from the US, El Salvador, the first nation to make Bitcoin a legal tender has also installed over 200 Bitcoin ATMs for people’s convenience and ease of transactions. These ATMs are already quite popular and see millions in remittance each day as per Nayib Bukele, the president of the country. El Salvador is the third biggest host of BTMs across the world.

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You can now buy a Bitcoin ETF: here is where to do it

The first-ever Bitcoin exchange traded fund (ETF), offered by ProShares, launched on Tuesday this week. It is trading under the ticker symbol BITO and will allow stock investors to gain exposure to the digital currency without actually buying it on a crypto exchange.

How and where to buy the Bitcoin ETF

What is the Bitcoin ETF?

Before buying the Bitcoin ETF (BITO), we must first make the distinction between Bitcoin and Bitcoin futures. In essence, a futures contract for any asset is merely an agreement to buy or sell the asset at a future date and at a pre-determined price.

Now, buying the Bitcoin ETF means you are buying a stock that fluctuates in value based on the price of Bitcoin futures that trade on the Chicago Mercantile Exchange.

Should I buy Bitcoin ETF today?

Many professional money managers agree that it is a reasonable strategy to invest no more than 5% to 10% of your total portfolio in crypto assets. Buying the new Bitcoin ETF BITO is ideal for many investors that want exposure to Bitcoin but don’t want to go through the process of opening a crypto account.

Bitcoin ETF price prediction

According to experts with Fundstrat Global Advisors, Bitcoin’s price could pass $166,000 by the end of 2021. However, the price of Bitcoin doesn’t necessarily correlate with the ETF price, causing some confusion.

This is because futures contracts are not directly backed by physical Bitcoin, rather it is a derivative of Bitcoin. For example, Bitcoin might gain 40%, but the Bitcoin ETF might only rise 30%. That’s because futures ETFs hold contracts that periodically expire and have to be repurchased.

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Mt. Gox Bitcoin reimbursement proposal confirmed

Rehabilitation will commence in a month- around 20 November.

An image of bitcoin btc over 850k Bitcoin was stolen from Mt.Gox in 2014

The long-running Mt.Gox rehabilitation program has moved one step closer to seeing victims receive a share of the reclaimed Bitcoin (BTC).

The good news to the defunct exchange’s creditors follows the end of voting on a rehabilitation proposal last week.

As Bitcoin price hits new highs above $66,000, the Tokyo District Court has confirmed the majority’s decision for the trustee to go ahead with coin distribution.

According to a notice on the Mt.Gox website, 99% of the votes were in favour of the reimbursement plan. The results mean that those who lost money when the exchange was hacked into oblivion now have some hope of getting part of the Bitcoin back.

Trustee to sell $1.7 billion worth of BTC

Mt.Gox accounted for the largest volume of BTC trades and users in the early years of Bitcoin. However, with a series of security breaches between 2012 and 2014, activities eventually ran aground after what was then the largest hack in crypto history.

After years of court battles, the court’s confirmation moves this matter closer to an end.

Creditors have to wait one more month for the court’s order to be binding, with payments made to those who chose to receive payouts in fiat first. That will then be followed by a distribution of the remaining Bitcoin to those that preferred to receive BTC.

When Mt.Gox sank in 2014, Bitcoin price was way below $1000. In the seven years since the exchange declared bankruptcy, BTC’s price has traded higher via its 2017 bull run to $20k and the stellar 2021 that has seen the flagship cryptocurrency peak above $66,000 on 20 October.

About 141,686 BTC are in the hands of the trustee, meaning the total amount at stake is over $9 billion going by Bitcoin’s current price. Of these, around $1.7 billion will go to 10,000 creditors, potentially introducing sell-side pressure to the market around 20 November.

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Ark Invest’s Cathie Wood hasn’t invested in the ProShares Bitcoin ETF

The investor said concerns about tax ramifications informed her decision to take time to understand the tax implications.

Cathie Wood, an American investor and founder of Ark Invest, has said she did not join the buying frenzy around the ProShares Bitcoin Strategy ETF, Business Insider reported following the fund’s debut on 19 October on the New York Stock Exchange (NYSE).

The  ETF, trading under the symbol BITO, saw massive trading volumes on Tuesday as demand pushed its debut volume to $1 billion.

Wood, who is also the CEO of the Florida-based investment management firm, cited issues around taxes as the main reason for her not jumping on the bandwagon on the ETF’s opening day.

Acknowledging that indeed she did not put money into the futures-based Bitcoin fund, she added that her investment team was carefully studying the exchange-traded fund, suggesting a potential investment in the future.

“There are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation,” she explained.

In terms of investment, contango is when an ETF’s forward curve shows price is significantly higher athn spot price. Backwardation, on the other hand, is a situation where the future’s forward price is lower than its spot price.

Despite not being among the first to gobble up ProShares’ BITO, Cathie Wood and Ark Invest remain very much pro-bitcoin. as well as predicting that the price of BTC will reach $500k, her company recently filed for a Bitcoin ETF, collaborating with 21Shares s to file an application with the US Securities and Exchanges Commission.

Elsewhere, the market could have its second and third Bitcoin Strategy ETFs this Friday and Monday. According to ETF analysts Eric Balchunas, Valkyrie’s BTF is set to go live on 22 October, while VanEck’s Bitcoin Strategy ETF (XBTF) set to make a debut on Monday.

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Ethereum follows in Bitcoin’s footsteps; Sets a new ATH above $4,365


Ethereum (ETH/USD), the second-largest cryptocurrency by capitalization, has set a new all-time high (ATH) amid the renewed crypto market rally. Triggered by the listing of the ProShares Bitcoin Strategy ETF, the rally saw Bitcoin (BTC/USD), the leading crypto by capitalization, breach its previous ATH yesterday to peak at $66,930.39 (£48,475.34).

As is the norm with the crypto market, BTC’s performance has a spillover effect on the altcoin market. With BTC rallying to new heights, ETH soared past its May 12 ATH of $4,362.35 (£3,159.81) to set a new ATH at $4,366.09 (£3,162.34) earlier today. Like BTC, ETH suffered a slight downward correction after peaking.

At the time of writing, ETH is changing hands at $4,229.22 (£3,065.15). This value represents a 3.31% drop from its ATH. This performance has also seen the market capitalization of ETH increase to $498,185,564,855.00 (£361,009,272,838.16).

According to Cryptowatch, the similarity in the price movements of BTC and ETH are due to the close correlation between the coins. At the moment, the coins have a correlation coefficient of 0.70. Notably, this correlation has been in place since the end of 2017, with an annual rate of 0.68.

Different factors are driving ETH’s and BTC’s gains

While the coin’s prices are correlated, BTC and ETH have distinct value propositions. BTC has secured its position as a store of value, an achievement that saw El Salvador embrace it as legal tender. This trait has also seen institutional investors swarm in its market.

On the other hand, Ethereum has positioned itself as a smart contract network. This has enabled the network to underpin the development of decentralized applications (dApps) for the decentralized finance (DeFi) sector and non-fungible tokens (NFTs). While these industries only gained recently, they have played a significant role in pushing ETH’s price higher.

For instance, the DeFi space, which allows people to lend, borrow, and swap assets without a financial intermediary, has grown tremendously over the past 15 months. At the end of August 2020, the space only held assets worth $5 billion (£3.63 billion). At the moment, Ethereum-based DeFi protocols have locked over $163.4 billion (£1.07 billion).

While NFTs have been present since the birth of CryptoKitties, they made headlines this year, with athletes, artists, and actors creating digital art. According to NFT-tracking site, the sector has recorded a volume of over $2 billion (£1.45 billion) over the past 30 days.

With both industries performing bullishly, it is evident that ETH is not just piggyback riding BTC’s performance. However, with other altcoins green, it is safe to conclude that BTC still directs the direction the crypto market takes.

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Market highlights: Bitcoin breaks record high, Ford jumps on Credit Suisse upgrade, Pinterest shares up 12%

After the first Bitcoin (BTC/USD) futures ETF launched, Bitcoin set a new record high, passing the mark of $66,900. Its previous ATH was $64,899, registered in April. As the Bitcoin news swept the market, other top 10 coins followed suit. The biggest winner was Solana (SOL/USD) with gains of 17%. Ethereum (ETH/USD) was up 8% and Cardano (ADA/USD) rose 6%. Ethereum is also approaching a new ATH.

Ford up 4% after Credit Suisse upgrade

Both DJ30 and the SPX500 gained 0.4% yesterday, while tech-heavy NASDAQ100 was slightly in the red. Ford closed the day with a gain of 4% after analysts at Credit Suisse upgraded their stock rating from hold to buy. The carmaker’s shares have increased by more than 80% y/y, and by 21% in the past month alone.

Health insurance providers Anthem and Centene were among the biggest winners in the SPX500. Anthem raised its full-year earnings outlook and gained more than 4%, as did Centene. Anthem’s share price has gained more than 30% y/y.

Netflix held the NASDAQ100 back yesterday, closing with a loss of 2.2% down.

IAG shares continue to plummet, UK100 still up

Airline group IAG’s shares continued to drop, closing with a loss of almost 5%. Despite that, the UK100 was up yesterday, albeit marginally. So far, IAG’s share price has dropped by almost 14% this week. The main reason is an announcement from Heathrow airport that it plans to increase the fees it charges airlines. Budget airline stocks dropped among smaller cap ones. Both Ryanair and EasyJet were lower. The latter has been worse off so far this year, having lost over 15% in share value.

Pinterest up 12% on news of PayPal acquisition

Social media company Pinterest’s share price rose after it was reported PayPal was negotiating to buy it for $45 billion.

Volatility expected for Australian dollar

Philip Lower, Reserve Bank of Australia Governor, will take part in an online panel hosted by the University of Chile at 19:00 UTC. His participation is expected to impact the Australian Dollar.

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Bitcoin ETF Off to a Great Start, Up 3% First Day of Trading

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New Bitcoin Investment Vehicle Debuted on Wall Street, With More on the Way Q3 2021 hedge fund letters, conferences and more A newBitcoin-focused exchange-traded fund, ProShares Bitcoin Strategy ETF, debuted on Wall Street. ProShares Bitcoin Strategy ETF will trade in Bitcoin futures contracts that speculate on the future price of Bitcoin as opposed to the cryptocurrency itself. In anticipation of the launch of the ETF, Bitcoin recently jumped 3%. Also, Bitcoin futures increased by 2%. Asset managers estimate that with the introduction of crypto NFTs, particularly with Bitcoin, valuation will …

NFT game MonkeyBall raises $3M in largest ever funding round


Play to earn arcade soccer and NFT game MonkeyBall completed a $3 million funding round from a large cohort of both angel investors and venture capitalists, Invezz learned from a press release.

MonkeyBall is a Solana-based (SOL/USD), rapid game that is like a combination of Final Fantasy and FIFA Street. Each player has a team of four monkeys and has to win soccer games against other teams. Players can earn tokens for each win, by hosting games, buying stadiums, and by cheering for winning teams in other games.

Oren Langberg, Head of Marketing at MonkeyBall, said:

Truly excited to unveil this amazing roster of investors who are supporting MonkeyBall. Play-to-earn is an exciting and quickly growing application for blockchain and NFTs, but it’s not easy to find games with great production quality. The first play-to-earn game to truly become mainstream is still in the future, and we are hard at work to realize that future for MonkeyBall.

Investors include Solana Capital, NFX, CMS, Republic

After the successful funding round, the company behind MonkeyBall can complete and launch the game. Among the investors, who included crypto and conventional VC funds as well as angels, were Solana Capital, Republic, NFX, Jump Capital, Youbi, Morningstar Ventures, iAngels, Longhash, CMS, Banter Capital, Ascentive Assets, and more.

The founders of daily fantasy and sports-betting firm DraftKings also took part. Israeli entrepreneur Shalom Meckenzie, the largest shareholder in DraftKings, said:

Play-to-earn games are a revolution in how gamers interface with the virtual world. Gaming and NFTs will be the first true mass appeal application of blockchain, all that is missing is to actually make a game that would stand tall among AAA titles. I believe the Monkey Ball team has what it takes to get there.

Gigi Levi of NFX added:

As an early-stage investor in some of the most successful mobile/casual gaming start-ups in the world, we at NFX have been looking at the booming play-to-earn market for a while now. We believe that the space will only continue to grow, and that the winners will be those teams that combine the best of blockchain know-how with amazing game-design capabilities, that know how to utilize and unite the best of both Blockchain and “traditional” gaming sectors. MonkeyBall is the best one we’ve seen yet!

MonkeyBall, which is being developed by a team of highly skilled experts, offers top quality gaming experiences and high production value. It is being developed on the Unity game engine, so it can run on mobile and desktop.

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Solana – A Bitcoin Rival – Will Hit New All-Time Highs This Year

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Bitcoin rival Solana will hit new all-time highs of $250 by the end of 2021, predicts the boss of one of the world’s largest independent financial advisory, asset management and fintech organisations. Q3 2021 hedge fund letters, conferences and more Solana Price Jumps 25%The bullish forecast from Nigel Green, founder and CEO of deVere Group, which has $12bn under advisement, comes as the price of Solana (SOL) has jumped 25% in two days amid a buoyant week for other cryptocurrencies, including Bitcoin which hit a fresh record high on Wednesday of more than $66,000. Currently, at the time of wri…