In a historic week for Bitcoin, let’s take a look back at the biggest news stories from the worlds of forex, fintech and crypto in our best of the week segment.
Binance Coin Jumps 100% in 7 Days, BNB Market Cap Reaches $38 Billion
Binance Coin (BNB) is now the third most valuable cryptocurrency in the world after a jump of more than 100% in the last 7 days. The total market cap of BNB crossed $38 billion on Friday, more than Tether (USDT) and Cardano (ADA).
BNB, the token of cryptocurrency exchange Binance, has posted significant gains since the start of 2021. BNB started this year at a price level of $37 though the price registered an all-time high of $275 on 19 February. The market cap of the digital asset is up more than 500% in the last 6 weeks.
Read more on Binance Coin (BNB) here.
Retail Trader Retention Is a Challenge, CMOs Focus on Customer Experience
In a Finance Magnates analysis, we discussed the challenges facing retail brokerages in retaining the massive influx of new traders during 2020.
With expert insight from Helen Astaniou CMO at TIOmarkets and Nir Shmulevitz, Marketing VP at eToro, we discussed how brokerages align their marketing budgets with their new retail client bases.
Read more on the retail trader retention challenge here.
Bitcoin to $50K & beyond: Argo’s Peter Wall on the Future of BTC
Bitcoin’s passage through the $50,000 mark this week has been a huge moment for the industry.
Finance Magnates took the opportunity to sit down with Peter Wall, Chief Executive of Argo, to speak about how Bitcoin’s meteoric growth is transforming the global financial world, and what needs to happen before widespread adoption can truly become a reality.
Read, watch or listen to Peter discuss the future of BTC here.
FSCS Paid $56.3 Million to London Capital & Finance Victims
As Finance Magnates reported this week, the United Kingdom’s Financial Services Compensation Scheme (FSCS) announced on Thursday that it has paid over £56.3 million in compensation to 2,878 bondholders of the collapsed company, London Capital & Finance (LCF).
The compensated bondholders of the minibond provider held 3,815 LCF bonds. This followed the previous update about the compensation a couple of months ago when FSCS distributed more than £50.9 million to LCF investors.
Read more on the FCSC London Capital & Finance payouts here.
ThinkMarkets Acquires FX Firm Japan Affiliate, Opens Office in Tokyo
ThinkMarkets has acquired the Japanese FX firm, Japan Affiliate, in a move that allows the multi-regulated brokerage firm to offer its service in the Asian country. This announcement coincides with the opening of ThinkMarkets’ Tokyo office.
Additionally, the ThinkTrader platform will allow Japanese investors to trade CFDs based on cryptocurrencies 24/7.
Read more on the ThinkMarkets Japan move here.
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SEC Commissioner Demands Clear Cryptocurrency Regulations
Hester Peirce, a Commissioner at the US Securities and Exchange Commission, has called for the urgent need for clear cryptocurrency regulations amid the adoption of digital assets by leading companies, like Tesla and Mastercard.
During an interview with Reuters, Peirce praised the involvement of a new generation of investors in financial markets. The SEC official mentioned that it was too early to draw policy conclusions from the recent Reddit frenzy in stocks and other cryptocurrency assets.
Peirce is known for her crypto-friendly stance and the community nicknamed her as ‘Crypto Mom’. She asked for clear cryptocurrency regulations to remove the uncertainty regarding the status of digital assets in the US.
Read more on the SEC Commissioner Crypto Regulation Demands here.
Crypto Whale Moves 220 Million XRP from Coinbase
As Finance Magnates reported this week, XRP whales are on the move after the recent price surge as an anonymous user transferred 220 million XRP from cryptocurrency exchange, Coinbase to an unknown wallet. The total value of the transaction stands at around $122 million.
Moreover, Whale Alert reported another XRP transaction worth nearly $99 million on Tuesday to an anonymous wallet.
Read more on the XRP Crypto Whales here.
XRP Supporter SBI Holdings Plans to Form a Cryptocurrency Joint Venture
SBI Holdings, the Japanese financial giant, is planning to establish a crypto joint venture with international financial firms in an effort to expand its cryptocurrency business. The company purchased the Japanese cryptocurrency exchange TaoTao in 2020.
Yoshitaka Kitao, the CEO of SBI Holdings, said that the company’s merger and acquisition (M&A) strategy is not like taking minority stakes in several companies. Furthermore, SBI is planning to partner with leading crypto firms around the world.
Read more on the SBI Holdings Crypto venture here.
Robinhood CEO Denies Collusion with Hedge Funds in GameStop Saga
Robinhood CEO, Vlad Tenev has testified before a House committee this week as lawmakers dig into the no-fee app’s role in the GameStop mania.
The CEO of millennium-geared brokerage has denied speculation that he was pressured by hedge funds to halt trading in GameStop and other stocks. In prepared testimony, Tenev explained that Robinhood limited trading to meet financial obligations triggered by the spike in trading.
Read more on the Robinhood Collusion case here.