India’s Warren Buffet says Bitcoin hangover will be worse than the party
The man known as India's Warren Buffet is eager for a blanket ban on all cryptocurrencies and believes the Bitcoin “party” will result in a terrible hangover for investors.

India’s Warren Buffet says Bitcoin hangover will be worse than the party NEWS
The billionaire investor known as India’s Warren Buffet, Rakesh Jhunjhunwala, has voiced his support for India’s impending cryptocurrency ban, warning that the hangover from Bitcoin (BTC) mania will be worse than the party itself.

Jhunjhunwala, speaking on CNBC’s Street Signs Asia segment on Feb. 23, said the Bitcoin party was one he’d rather not attend:

“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”
The headache from that hangover was felt to some extent on Tuesday, as almost $400 billion departed the global cryptocurrency market cap. Bitcoin lost close to 20% of its value in hours, while much of the altcoin market suffered losses in excess of 30%.

Whether that means the bullish Bitcoin party is over for now, or if investors will return for a hair of the dog that bit them, remains to be seen.

Either way, Jhunjhunwala is eager to see Indian regulators rubber-stamp their ban on Bitcoin and other cryptocurrencies, and believes the nation should focus on building its own CBDC — the digital rupee.

“I think regulators should step in and ban Bitcoin, and they should focus on the digital rupee,” said Jhunjhunwala.

In mid-February, news broke regarding the Indian government’s impending blanket ban on all cryptocurrencies, with holders expected to be given a three-to-six-month grace period in which to cash out their crypto funds.

Not everyone is as eager as Jhunjhunwala to see cryptocurrency banned in India. Former chief technology officer of Coinbase, Balaji Srinivasan, voiced his own concerns about the ban, declaring that such a move would be akin to banning the internet.

Other nations have already moved to ban the spread of cryptocurrencies. The Nigerian central bank recently issued a directive to all commercial banks ordering them to cease doing business with cryptocurrency exchanges. That’s despite, or perhaps because of the fact that Nigeria is one of the busiest centers on earth for Bitcoin usage — so much so that Nigerian officials labeled it a threat to their own national currency.

Source: https://cointelegraph.com/news/india-s-warren-buffet-says-bitcoin-hangover-will-be-worse-than-the-party

Ethereum traded to a new all-time high near $2,040 before correcting lower against the US Dollar. ETH price is trading nicely above $1,850 and it is likely to continue towards $2,000.

ETH price climbed higher steadily and it surpassed the main $2,000 resistance against the US Dollar.
The price is trading nicely above the $1,850 level and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $1,860 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher above the $1,980 and $2,000 levels in the near term.
Ethereum is Gaining Momentum
This past week, bitcoin and ethereum saw a steady increase above $1,900 and $50,000 respectively against the US Dollar. ETH even cleared the key $2,000 resistance level to move further into a positive zone.

It traded to a new all-time high near $2,040 and settled well above the 100 simple moving average (4-hours). Recently, there was a short-term downside correction below the $2,000 and $1,950 support levels. Ether price even spiked below the $1,850 support level.

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Ethereum Price

Source: ETHUSD on TradingView.com
However, the bulls were active near the $1,820 level. A low is formed near $1,813 and the price is currently rising. There was a break above the 50% Fib retracement level of the recent correction from the $2,040 high to $1,813 low.

There is also a key bullish trend line forming with support near $1,860 on the 4-hours chart of ETH/USD. An immediate resistance on the upside is near the $1,950 level. It coincides with the 61.8% Fib retracement level of the recent correction from the $2,040 high to $1,813 low.


A clear break above the $1,950 and $1,980 levels will most likely open the doors for more gains. Besides, a daily close above $2,000 will most likely pump the price towards $2,150 and $2,200.

Dips Supported in Ether (ETH)?
If Ethereum struggles to gain pace above the $1,950 level, it could correct lower. The first major support on the downside is near the trend line support and $1,850.

A downside break below the trend line support may possibly call for an extended decline below the $1,813 low. The next major support is near the $1,760 level or the 100 simple moving average (4-hours).

Source: https://www.newsbtc.com/analysis/eth/ethereum-retreats-from-2k/

Cointelegraph commemorates Bitcoin hitting $50K with an exclusive NFT
Celebrate this historic point in BTC's history by treating yourself to one of our limited run of 50 NFT artworks

Cointelegraph commemorates Bitcoin hitting $50K with an exclusive NFTNEWS
By now it probably hasn’t escaped your attention that earlier this week the original (and many would argue, still the best) cryptocurrency, Bitcoin, broke through the $50,000 price point for the first time in its history.

Whether you are a newcomer to the party, or fondly remember mining BTC with a GPU rig a decade ago, it can’t help but feel like a pretty momentous occasion. It is the culmination of all of the support, belief, and of course money, that each of you has invested into Bitcoin.

To commemorate this, we got our talented artists to put together a piece of art celebrating you, the Bitcoin community, propelling BTC past this significant price point.

This has been minted into a strictly limited edition of 50 nonfungible tokens, which are available through our Rarible profile  The price of each NFT will be $1,000 (or to be more precise 0.5 ETH), valuing the entire collection at an entirely appropriate $50,000 at launch.

Of course, Bitcoin doesn’t end its journey here. Ultimately the price of BTC is less important than its power to transform the world of traditional finance. And although, in its decade-plus existence it has certainly shaken up the incumbent financial markets, the road to fulfilling its full potential still lies ahead.

But nobody would begrudge us taking a quick breather at this point; giving ourselves a little slap on the back in the knowledge that “we were there” when Bitcoin reached this point in its journey.

And for 50 of you, there is the chance to commemorate this by owning our NFT. Wear it like a badge of honour for all of the work we have collectively put in so far.

Here’s to all of you, and the start of Bitcoin’s next chapter.

Source: https://cointelegraph.com/news/cointelegraph-commemorates-bitcoin-hitting-50k-with-an-exclusive-nft

Bitcoin Climbs 10% As Investors Gain Confidence
Investing.com - Bitcoin was trading at $56,434.8 by 20:38 (01:38 GMT) on the Investing.com Index on Saturday, up 10.01% on the day. It was the largest one-day percentage gain since February 8.

The move upwards pushed Bitcoin's market cap up to $1,047.9B, or 61.52% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $1,038.9B.

Bitcoin had traded in a range of $55,415.1 to $56,552.6 in the previous twenty-four hours.


Over the past seven days, Bitcoin has seen a rise in value, as it gained 18.5%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $64.7B or 38.41% of the total volume of all cryptocurrencies. It has traded in a range of $45,786.1250 to $56,552.5508 in the past 7 days.

At its current price, Bitcoin is still down 0.21% from its all-time high of $56,552.55 set on February 20.

Elsewhere in cryptocurrency trading
Ethereum was last at $1,948.67 on the Investing.com Index, up 1.76% on the day.

Binance Coin was trading at $291.4705 on the Investing.com Index, a gain of 35.03%.

Ethereum's market cap was last at $222.9B or 13.08% of the total cryptocurrency market cap, while Binance Coin's market cap totaled $47.8B or 2.80% of the total cryptocurrency market value.

Source: https://m.investing.com/news/cryptocurrency-news/bitcoin-climbs-10-as-investors-gain-confidence-2424450

UK firm launches service for company treasuries to invest in Bitcoin
U.K.-based crypto firm BCB Group is looking to provide corporations with a way to put Bitcoin on their balance sheet by launching a dedicated treasury.

UK firm launches service for company treasuries to invest in BitcoinNEWS
BCB Group, a global digital financial services firm, is planning to help corporations navigate cryptocurrencies like Bitcoin (BTC) by launching a dedicated service.

According to a Feb. 19 announcement, BCB Group has launched BCB Treasury, a new service designed for corporate treasury departments seeking to get involved in Bitcoin à la Tesla.

The new service aims to provide a specific solution enabling access to treasury management for companies willing to invest their capital into Bitcoin and other digital assets. With BCB Treasury, executives can enter, hold, manage, and report on a Bitcoin-focused treasury strategy, the announcement states.

BCB Group founder and CEO Oliver von Landsberg-Sadie said that the launch of BCB Treasury comes in response to growing demand triggered by the recent Bitcoin moves of companies like MicroStrategy and Tesla. The exec said that lots of companies are looking to invest in crypto to hedge against weak fiat currencies:

“We are seeing some powerful signals attracting companies to the digital asset space including the debasement of reserve currencies through unprecedented levels of central bank money supply.”
Last year, BCB Group’s core business BCB Payments received regulatory approval from the United Kingdom’s Financial Conduct Authority.

Headquartered in London, BCB Group is a major European crypto payment services provider, serving some of the world’s largest crypto companies like Coinbase, Gemini, Galaxy Digital, Bitstamp and Kraken. In early February, the firm appointed former Coinbase UK CEO Zeeshan Feroz as an advisor.

Source: https://cointelegraph.com/news/uk-firm-launches-service-for-company-treasuries-to-invest-in-bitcoin

Christie’s auctions its first purely digital artwork in form of blockchain token
Christie’s is set to auction its first purely digital work, by Mike “Beeple” Winkelmann, through an NFT marketplace.


Christie’s auctions its first purely digital artwork in form of blockchain tokenNEWS
British auction house Christie’s has announced the auction of its first ever “purely digital work of art." Announcing the news Tuesday, Christie’s said that the nonfungible token artwork will be issued in partnership with major NFT marketplace MakersPlace. Dubbed “Everydays: The First 5000 Days,” the piece was created by Mike Winkelmann, who goes by the name "Beeple."

According to the official page of the NFT auction, the starting price for the work, which interested parties can bid on from Feb. 25 until March 11, is just $100.

“Minted exclusively for Christie’s in February 2021, this monumental digital collage marks the first time Beeple’s work will be sold at a major auction house,” it said in the announcement. “It’s also the first-ever purely digital artwork (NFT) to be offered at a traditional auction house, with its authenticity assured thanks to blockchain technology,” Christie’s added.


Source: Christie’s
Noah Davis, a postwar and contemporary expert based in New York, emphasized that Christie’s move into the NFT industry is crucial for digital art:

"Christie’s has never offered a new media artwork of this scale or importance before. [...] Acquiring Beeple’s work is a unique opportunity to own an entry in the blockchain itself created by one of the world’s leading digital artists.”
As previously reported, Christie’s NFT partner, MakersPlace, is a global NFT marketplace, similar to SuperRare, KnownOrigin and Winklevoss brothers-owned Nifty.

This new auction is not the company's first foray into blockchain-based art. In October 2020, a similar Christie’s auction sold a Bitcoin (BTC)-themed art piece and NFT based on blockchain technology for $131,250.

Source: https://cointelegraph.com/news/christie-s-auctions-its-first-purely-digital-artwork-in-form-of-blockchain-token

"It's going to be a dollar economy as far as the eye can see," said James Bullard.

People don't want a ‘non-uniform currency’ like Bitcoin, says Fed presidentNEWS
James Bullard, president of the Federal Reserve Bank of St. Louis, seemingly doesn’t understand why many are looking to cryptocurrency as a medium of exchange instead of a uniform currency like the U.S. dollar.

In an interview with CNBC’s Squawk Box on Tuesday, Bullard said the issue for making payments isn’t currencies that can be traded electronically but rather privately issued ones, as is the case for many cryptocurrencies. He referenced a time in the United States before the Civil War when there was confusion and a dislike for trading the “equivalent of Bank of America dollars and JPMorgan dollars and Wells Fargo dollars.”

“I think the same thing would occur with Bitcoin here,” said Bullard. “You don't want to go to a non-uniform currency where you're walking into Starbucks and maybe you'll pay with Ethereum, maybe you'll pay with Ripple, maybe you'll pay with Bitcoin, maybe you'll pay with a dollar — that isn't how we do this.”


The Fed president referenced other privately issued currencies globally that are required to abide by the same restrictions as any currency issued by a central authority. He said private currencies aren't able to maintain a stable value against goods and other currencies, nor is their future supply "at all clear."

Bullard’s comments came as Bitcoin (BTC) hit a new all-time high price of more than $50,000 Tuesday morning. Though the Fed president said characterizing the crypto asset as a rival to gold “might be a good way to think about” Bitcoin, he largely reserved his bullish remarks for the U.S. dollar.

“It's going to be a dollar economy as far as the eye can see and a dollar global economy really as far as the eye can see. Whether the gold price goes up or down or the Bitcoin price goes up or down doesn't really affect that.”

Source: https://cointelegraph.com/news/people-don-t-want-a-non-uniform-currency-like-bitcoin-says-fed-president

Fighting money laundering in crypto, explained

1.
What is money laundering and how does it work?
Money laundering is a process where cash obtained through criminal activity is “washed clean” to make it look legitimate.

Funds generated through drug trafficking and terrorist financing are often laundered to remove any trace of criminal activity. This practice has been going on for decades — in the traditional sector as well as the cryptocurrency market.

Money laundering usually works in three steps. First, stolen funds are placed into a financial system, and are usually broken down into smaller amounts so they can be hidden more easily. A system of “layering” is often deployed to create distance between criminals and their stolen funds. Finally, the funds are then “integrated” — enabling the thieves to retrieve the cash through seemingly legitimate income streams or clean money sources.

Fiat currencies are often laundered by distributing money into several different accounts in smaller amounts, also known as “smurfing.” In order to transfer funds internationally, wire transfers, currency exchanges, or smugglers might be used. Criminals might also invest in other assets to obfuscate funds — such as gold, businesses and real estate. Cryptocurrencies can also be used — but it is possible to untangle and uncover fund flows using analytics tools.

2.
Why are cryptocurrencies used for money laundering?
One common reason is that criminals presume blockchain transactions are anonymous.

Malicious actors also tend to find the cross-border nature of cryptocurrencies appealing, as in an ideal world, it means they won’t have to worry about getting funds “out of the country.”

But as the virtual asset industry has matured, we’re starting to see a positive move towards regulating the industry — and clamping down on illegal practices. The amount of Bitcoin sent and received by darknet entities has decreased since 2017, likely due to tighter regulations and the introduction of Know Your Customer checks. However, the value transferred has increased in dollar terms, and this is down to the surge in BTC prices.

3.
What methods have criminals used to launder using crypto?
Criminals use services that intentionally (or unintentionally) conceal their identity.

Mixer services and the darknet are often turned to by bad actors who want to launder funds. Criminals also tend to use exchanges with lax verification requirements, as these exchanges often deliver greater levels of anonymity.

But this is getting harder — with the majority of exchanges becoming more compliant and taking steps to meet KYC standards. In 2020, just 16% of exchanges that the Crystal Blockchain analytics platform surveyed did not yet have countries of registration. This number is expected to decrease further as crypto regulations develop at a global and a regional level.

4.
How can money laundering involving crypto be combatted?
The best approach to take is monitoring potentially suspicious blockchain transactions.

The transparent nature of crypto transactions puts this financial structure in an advantageous position when it comes to investigating illicit activities like money laundering. Cryptocurrencies fund flows are highly traceable, as opposed to traditional fiat, which once lost cannot be traced.

Suspicious blockchain transactions can be monitored by following direct and indirect connections made through these transactions, and by tracing back potentially illegal sources of cryptocurrency funds.

While some blockchains are private, meaning transactions are difficult to trace theoretically, blockchains such as Bitcoin or Ethereum are highly transparent and traceable. As well as Bitcoin and Ethereum, the Crystal analytics platform automatically monitors and provides risk scores for transactions across all major blockchains — including Bitcoin Cash, Litecoin, Tether and Ripple. Crystal also monitors more than 1,500 ERC-20 tokens and over 60 DeFi protocols.

5.
How does anti-money laundering compliance software work for crypto businesses?
Given how many transactions are made on blockchains every day at high speed, automation is key.

Manual monitoring is impractical because of these dizzying volumes. Analytics services such as Crystal work to automate this monitoring process with 24/7 updates, so crypto businesses (as well as banks and financial institutions whose clients deal in crypto) can be alerted immediately when something is believed to be wrong.

Recent guidelines released by the Financial Action Task Force (FATF) show there are a combination of red flag indicators to be watched for when it comes to money laundering. The set of indicators to combat such illicit activity is in constant development, with information about the entity in question being one of the highest priorities, along with monitorization of transactions and transaction patterns being used, and the connections made.

The combination of factors is key to potential risk, and the FATF has highlighted that these factors should not be viewed in isolation, but as part of an overall contextualized picture.

With this overall picture in mind, Virtual Asset Service Providers (VASPs) must take anti-money laundering factors defined by the government, and with their compliance team decide what combination of factors need to be looked at for their unique compliance needs. The customizable nature of software like Crystal analytics allows VASP compliance teams to set up their own AML requirements.

Source: https://cointelegraph.com/explained/fighting-money-laundering-in-crypto-explained