Bitcoin, Ethereum, Ripple, and Bitcoin Cash – delivered a solid performance over the past 24 hours, with the cryptocurrency market adding $12 billion. Investors are happy with the increase in the volume and price of BTC, but experts believe that BTC hasn’t entered a mid-term rally yet.
Digital payment firm Square (NYSE:SQ) has received a cryptocurrency license from New York’s Department of Financial Services. Users will now be able to buy and sell Bitcoin through the company’s mobile payments app Cash. In a statement, the agency said that it issued the license following a “comprehensive review” of the app’s policies on anti-money laundering, anti-fraud, capitalization, consumer protection and security.
Stephen Silver, one of America’s premiere ultra-high end jewelry and watches shop inside the Rosewood Sand Hill Hotel, has become the first jewelry store in the world to accept cryptocurrency. Shoppers can make payment using Bitcoin. Jared Silver, who runs Stephen Silver, said that 20% of sales are paid using Bitcoin.
Richard Hilton, the father of American socialite and reality TV star Paris Hilton and chairman of Hilton & Hyland, is selling his Palazzetto mansion for $38 million in cryptocurrency. Located in Rome, the 16th-century property has 11 bedrooms and 15 bathrooms, three kitchens, a movie theatre, a spa and a gym. Real-estate marketplace Propy is hosting a cryptocurrency auction on June 28 for the sale. Registration is open until June 27 and bidders can pay in US dollars or cryptocurrency.
BrandShield, an artificial intelligence company focused online brand protection system, is launching a blockchain-based anti-scam platform to protect cryptocurrency users. The platform, MyShield, combines the power of artificial intelligence with blockchain technology to tackle fraudulent activities in the cryptocurrency market.
The Japan Virtual Currency Exchange Association has drafted new regulations prohibiting insider trading and new currencies trading that aren’t traceable, The Nikkei Asian Review reported. The newly drafted rules are designed to protect consumers and improve transparency. The association, set to vote on the draft at a meeting on June 27, wants to implement the rules as soon as it is recognized as a self-regulatory body by the Financial Services Agency.
eToro, a trading platform focused on stocks, cryptocurrency, and foreign exchange, is establishing a new over-the-counter cryptocurrency trading desk in London, Business Insider reported. The company’s CEO Yoni Assia told Insider that hedge funds are taking a strong interest in OTC cryptocurrency trading. Meanwhile, eToro added cryptocurrency Cardano to its offerings, bringing the total number of cryptocurrency assets to 11.
Wells Fargo, one of the largest banks in America, has decided to stop allowing its customers to buy cryptocurrencies using its credit cards. Customers will no longer be able to purchase cryptocurrencies or trade cryptocurrencies using their Wells Fargo credit cards. A representative from the bank said that the move is designed to avoid the risks associated with this unregulated and unreliable form of currency.
The German Federal Government believes that cryptocurrencies don’t pose a major threat to financial stability, according to a report from Cointelegraph auf Deutsch. The government says that the crypto asset transactions’ volume is too low versus the size of the global financial system; thus there is no serious threat to the current financial system. However, the German government wants tight regulations on digital currencies.
The Autorité des Marchés Financiers is warning the French public about illegal cryptocurrency investment websites. The French financial regulator has set up a new page on its site where it publishes a list of unauthorized companies offering cryptocurrency investments services. On June 18, the regulator added four new unauthorized cryptocurrency-related investment websites to the list.
Cryptocurrency is still relatively a juvenile marketplace, with many variations popping up all over . . . just like zits! We know that new ones will show up, we just don’t know which ones will pop or which direction they pop! So, approached them wisely with risk capital.
Mr. Nespoli has been in the investment industry as a broker, registered investment advisor, and financial publisher since 1985. He has authored over 200 financial publications, over 31,000 buy & sell trade charts, and served investors in 35 countries.