In a week dominated by historic Bitcoin movements, here are the best stories from the forex, fintech and crypto worlds in the best segment of the week.
What Pushed Bitcoin Over $ 20K, and What Next?
Where else to start than with Bitcoin ?. Passed the key milestone of $ 20,000, Magnates Finance proceed to analyze what finally pushed Bitcoin over the $ 20k mark and what’s next for crypto granddaddy ?.
With expert insights from Matteo Dante Perruccio, International Wave Financial Group President, Dan Simerman, IOTA Foundation Head of Financial Relations, Matt Luongo, Thesis Chief Executive, Steve Ehrlich, CEO and Co-Founder of the crypto trading platform, Voyager, and more , Magnates Finance look at the possible comparisons up to 2017 and what, if anything, might hinder Bitcoin’s rise.
Read more on Bitcoin and beyond here.
FXCM Gets CySEC European Continuation of Operations License
FX and CFD’s retail broker, FXCM Group, has received a new regulatory license from the Cyprus Securities and Exchange Commission (CySEC) before the Brexit transition period ends.
Magnates Finance reported FXCM’s application for a CySec license earlier in the year. The locally formed entity, FXCM EU Ltd., was awarded a Cyprus Investment Company (CIF) license.
The broker is currently passing its UK license to offer services to the European Union. However, the validity of that license inside Europe will be at issue in case of divorce no likely deal between the UK and the EU.
Read more on the CySec FXCM License here.
American Express Goes To Cryptocurrency Market
The financial giant, American Express, has entered the cryptocurrency market with its latest investment in an institutional crypto trading platform, FalconX, an institutional investor-focused digital asset trading platform.
The American Express Ventures did not disclose the actual size of the investment.
Like Magnates Finance reported, American Express intends to explore the potential opportunity to offer digital asset-related services with the recent partnership.
Read more on AmEx getting into 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 mutual life insurance company MassMutual indicates the potential for additional institutional demand. The bank predicted a future demand of around $ 600 billion for Bitcoin.
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 lead to huge demand.
Read more on JPMorgan Chase Bitcoin demand prediction here.
US Court Slaps $ 7 Million Fine on TFS-ICAP for Abusive Clients
A New York district court has imposed a heavy $ 7 million fine on two forex options broker entities, TFS-ICAP, one in New York and the other in London, for gross market misconduct and fraudulent clients.
The U.S. Commodity Futures Trading Commission (CFTC) dragged TFS-ICAP LLC and TFS-ICAP Ltd. to the District Court for the Southern District of New York, after fighting the legal battle for nearly a year.
What’s Next for the Oil Market in 2021? Go to article >>
The ruling came as the inter-dealer broker had already admitted the involvement of its employees in the misconduct, popularly known as ‘flight prices’ and ‘printing trades’.
Read more on TFS-ICAP Fine here.
Anonymous Crypto Whale Transactions $ 620 Million Bitcoin in Single Transaction
Like Magnates Finance reported this week, an anonymous bitcoin user moved 32,353 BTC to an anonymous wallet in one transaction.
The transaction recorded by Whale Alert was worth about $ 620 million, and the consumer paid just $ 12 in fees.
Read more about the Unknown $ 620 Million Bitcoin transfer here.
World Economic Forum Release Cryptocurrency Report
The World Economic Forum and its cryptocurrency-focused Global Futures Council released its opening report this week to highlight the importance of cryptocurrencies.
According to the report released on December 17, cryptocurrencies have the potential to create new markets. In addition, the World Economic Forum outlined the importance of blockchain technology and digital assets beyond cryptocurrencies.
Read more on the World Economic Forum’s crypto report here.
What Will BTC Price in 2021? BlockFi, Celsius, and Others Weigh In
As we say goodbye to 2020, the end of the year brings a great opportunity to look forward. In a historic week for Bitcoin, Magnates Finance some of the industry’s biggest names asked about 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 the non-allowable analysis, you will be amazed at what is said about the future price of BTC.
Read what the experts have to say about the price of Bitcoin 2021 here.