In a week dominated by historic Bitcoin movements, here are the top stories from the forex, fintech and crypto worlds in the best of the week segment.
What Pushed Bitcoin over $20K, and What’s Next?
Where else to start than with Bitcoin?. Having passed the key milestone of $20,000, Finance Magnates set about analyzing what finally pushed Bitcoin over the $20k mark and what’s next for the granddaddy of crypto?.
With expert insights from Matteo Dante Perruccio, President International of Wave Financial Group, Dan Simerman, Head of Financial Relations at the IOTA Foundation, Matt Luongo, Chief Executive of Thesis, Steve Ehrlich, Chief Executive Officer and Co-founder of the crypto trading platform, Voyager, and more, Finance Magnates looked at the possible comparisons to 2017 and what, if anything, could impede Bitcoin’s ascendancy.
Read more on Bitcoin and beyond here.
FXCM Gains CySEC License to Continue European Operations
Retail FX and CFD broker, FXCM Group, has received a fresh regulatory license from the Cyprus Securities and Exchange Commission (CySEC) ahead of the Brexit transition period expiry.
Finance Magnates reported FXCM’s application for a CySec license earlier in the year. The Cyprus Investment Firm (CIF) license was awarded to the locally formed entity, FXCM EU Ltd.
Currently, the broker passports its UK license to offer services to the European Union. However, the validity of that license inside Europe will be under question in case of a probable no-deal divorce between the UK and EU.
Read more on the FXCM CySec License here.
American Express Enters Cryptocurrency Market
Financial giant, American Express, has entered the cryptocurrency market with its latest investment in an institutional crypto trading platform, FalconX, a digital asset trading platform focused on institutional investors.
The American Express Ventures did not disclose the actual size of the investment.
As Finance Magnates reported, American Express plans to explore the potential opportunity to offer services related to digital assets with the recent partnership.
Read more on AmEx entering crypto here.
JPMorgan Predicts $600 Billion Bitcoin Demand
JPMorgan Chase, one of the world’s largest investment banks, said in a research note that the recent Bitcoin adoption by the mutual life insurance company, MassMutual indicates the potential for additional institutional demand. The bank predicted a demand of around $600 billion for Bitcoin in the future.
According to the official note, JPMorgan outlined that if family offices, insurance companies and pension funds decide to allocate a small percentage to cryptocurrencies, it will result in massive demand.
Read more on the JPMorgan Chase Bitcoin demand prediction here.
US Court Slaps $7 Million Fine on TFS-ICAP for Misleading Clients
A New York district court has slapped a heavy fine of $7 million on the two entities of forex options broker, TFS-ICAP, one in New York and the other in London, for major market misconduct and deceiving clients.
The US Commodity Futures Trading Commission (CFTC) dragged TFS-ICAP LLC and TFS-ICAP Ltd to the District Court for the Southern District of New York, having fought the legal battle for nearly a year.
What is Paper Trading and Why it Matters?Go to article >>
The judgment came as the interdealer broker already admitted its employees’ involvement in the misconducts, popularly known as ‘flying prices’ and ‘printing trades’.
Read more on the TFS-ICAP Fine here.
Unknown Crypto Whale Transfers $620 Million Bitcoin in Single Transaction
As Finance Magnates reported this week, an Anonymous bitcoin user moved 32,353 BTC to an unknown wallet in a single transaction.
The transaction recorded by Whale Alert was worth approximately $620 million, and the user paid just $12 in fees.
Read more on the Unknown $620 Million Bitcoin transfer here.
World Economic Forum Releases Cryptocurrency Report
The World Economic Forum and its cryptocurrency-focused Global Future Council released its inaugural report this week to highlight the importance of cryptocurrencies.
According to the report released on 17 December, cryptocurrencies have the potential to create new markets. Additionally, the World Economic Forum outlined the importance of blockchain technology and digital assets beyond cryptocurrencies.
Read more on the World Economic Forum crypto report here.
What Will the Price of BTC Be in 2021? BlockFi, Celsius, & Others Weigh In
As we bid a welcome farewell to 2020, the end of the year brings a great opportunity to look ahead. In a historic week for Bitcoin, Finance Magnates asked some of the industry’s biggest names for their prediction for 2021.
Kadan Stadelmann, CTO at Komodo, Zac Prince, CEO of BlockFi, Alex Mashinsky, Founder and CEO of Celsius and others, weighed in on Bitcoin 2021.
In this unmissable analysis, you will be surprised at what is said about BTC’s future price.
Read what the experts have to say about Bitcoin 2021 price here.