tteCrypto space hot news review dated 26.04.2021
The past week has been filled with both positive and not so good news as well. The rollback of Bitcoin, and with it the entire cryptocurrency market, once again opened up the opportunity for traders and investors to buy their favorite coins.
News digest of the past week
Do not regard the current rollback of Bitcoin as bad news. On the contrary, it opens up a lot of opportunities for crypto traders, such as buying on dips. Naturally, the entire crypto market followed its flagship, which led to the loss of part of the total capitalization of the crypto market. But these are all temporary phenomena.
Let’s go through the most interesting news of the past week, among which there were quite sad ones.
- Thousands of people were victims of fraud with the Turkish crypto exchange in the amount of $2 billion
For the first time, a large-scale fraud occurred in the Turkish cryptocurrency market. Turkish police have issued an international arrest warrant for Farouk Fatih Ozer, the founder of the Thodex cryptocurrency exchange, who fled with $2 billion in investor assets, leaving more than 391,000 users defrauded. Ozer reportedly fled to Albania.
The company has been operating since 2017. It recently stopped providing services for a few days, saying it would attract external investment from “prestigious banks and financial companies” to serve partners. However, shortly after this statement, users started having problems with money transfers, and then the site became unavailable.
With the daily volume of cryptocurrency trading in Turkey estimated at around $1–2 billion, the fraud case is the largest in Turkey’s history, and coincided with the sudden decision by the Turkish Central Bank to ban the use of digital currencies and assets to pay for goods and services from April 30.
Among other things, the central bank has targeted people and companies that allegedly finance illegal activities or facilitate money laundering using cryptocurrencies.
According to a report by the World Economic Forum, Turkey ranks fourth among the 74 largest economies in the world and first in Europe in terms of cryptocurrency adoption by the population. Recent surveys have shown that between 16 and 20 percent of Turks used or owned cryptocurrencies in the past year.
Experts have long called on the government to take tougher measures to combat criminals who cheat cryptocurrency investors, and it seems that the authorities have heard them.
- PlanB: Bitcoin’s Bull Run Isn’t Over Yet
Almost every cryptocurrency on the market has recently experienced a significant price decline, and perhaps Bitcoin has suffered the most. Bitcoin is still the industry leader in both price and market capitalization. However, after the price fell by more than a few thousand dollars, some wondered if this would be the end of the bullish growth of the world’s largest cryptocurrency. However, PlanB seems to believe that the fall in the price of BTC is not necessarily a strong and definitive sign that Bitcoin’s bullish growth is indeed over.
“It’s a normal fall, and it’s happened before,” says PlanB.
In the cryptocurrency industry, PlanB is perhaps best known for its Bitcoin S2F (Stock To Flow) model. Simply put, this model looks at the price of BTC, and also takes into account the increase in the deficit and the halving in order to predict the price upward. The analyst is also known for coming up with various other types of models that are based on the same concept, while simultaneously taking into account all the different factors and aspects.
Going back to price, Bitcoin managed to smash all of its previous gains when it hit almost $65,000 just ten days ago, on April 14, 2021. As is often the case with cryptocurrency, the price then plummeted to about $47,500, which means a sharp decline of about 26%. However, PlanB insists that this is not unusual. The analyst said that such a correction has occurred repeatedly and that this price drop is also consistent with the bullish cycles of BTC in the past.
Cryptocurrencies are gradually getting back on track
It should be noted that at the time of writing this article, the price of BTC has managed to rise again, but it is still far from its previous historical high. This has led to some renewed confidence among BTC holders, but others are still hesitant to fully invest in it again.
However, Bitcoin, along with other cryptocurrencies such as ETH, XRP, ADA, and BNB, has recently increased in value, so things may not be as bad as previously thought. In addition, the fact that BTC declined by 40% at the end of 2017, and soon after made a significant profit, is another reason why many still prefer to invest in it, despite recent setbacks.
- The world’s largest music store has announced the acceptance of the crypt as a payment method
Beatport is a dynamic and largest music store in the world, which has a huge army of customers around the world. It is also the largest institution in terms of DJs and the like, and now, from April 20, it will accept cryptocurrency as a payment method.
Robb McDaniels, who is also the CEO of Beatport, said that the music company wants to implement this initiative, where they have become pioneers in the music industry, accepting Bitcoin and other cryptocurrencies as a payment method for their products. and services.
Finally, they follow other service and product sectors that accept and integrate cryptocurrency as a source of accepting payments from their customers. This is no longer a fad, as it has become obvious that the future is in cryptocurrency, and the financial market should immediately go digital.
In addition to adopting and integrating cryptocurrency as a payment method, Beatport has taken it a step further, and is now about to release its first NFT-based collection, which will soon be available for purchase.
NFT and cryptocurrency are products of blockchain systems that enable such vast and diverse decentralized networks to operate. An NFT or non-exchangeable token is digital data that exists in blockchain networks or nodes, and that represents the computing systems and hardware that shape the world of cryptocurrencies. It is expected that this will be the next big event for art creators, as they will be able to sell their work, such as paintings, music, graphics, as well as the most secure data format and transactions based on blockchain systems.
The collection that Beatport offers is called music for the dance floors, and will include many hits from various well-known artists. Not only that, but the NFT trend has been so active that artists are now using Blockchain as the main source for their next releases.
- Users can now buy or sell cryptocurrency using PayPal Venmo
Venmo, the social payments division of online payment giant PayPal, has now officially given users the ability to store, sell and buy cryptocurrency using a mobile app.
“Crypto on Venmo” is the name given to this service, as announced by PayPal itself. The service will be available to 70 million users worldwide via the Venmo app in the coming weeks. Like PayPal, Venmo’s offering was made possible by the Paxos Trust Company partnership, which works behind the scenes to take care of transactions.
At the time of writing, only Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are supported in the app.
Last year, there were reports detailing Venmo. Essentially, all cryptocurrency-based offerings started with PayPal before moving to Venmo in 2021. To do this, PayPal needed to obtain a conditional license. This license was eventually granted by the New York City Department of Financial Services, and the sale and purchase of cryptocurrency soon followed.
In addition, according to Venmo’s statement, citing a customer behavior study conducted last year, more than 30% of customers started using the service, and almost 20% of these statistics came from people buying and selling cryptocurrency in the context of COVID-19, a global pandemic.
PayPal is happy with its decision
No one will deny that cryptocurrency attracts a lot of attention these days. The fact that many regulators can no longer treat Bitcoin as a “secondary asset”, coupled with the recent success of DOGE, proves this. Thus, PayPal, like many other companies, realized the need and desire to introduce cryptocurrency into services that were already provided to customers.
In addition, Venmo will also allow users to see the current trends regarding cryptocurrency through videos and guides in the app. Newcomers to the crypto industry can use this for very accessible training.
CEO and senior vice President of Venmo Darrell Ash commented that “Crypto on Venmo” will allow the company to explore the cryptocurrency industry more deeply.
“Venmo will be built on trust and trustworthiness, two vital elements needed to ensure success in the daily financial lives of users,” he added.