Category Archives: Cryptocurrency
Nearly $1 billion worth of bitcoin linked to Silk Road black market is on the move, analysis shows – CNBC
A visual representation of the digital cryptocurrency bitcoin.
Yu Chun Christopher Wong| S3studio | Getty Images
Nearly $1 billion worth of bitcoin with potential ties to the Silk Road online black market is on the move, according to London-based blockchain analysis firm Elliptic.
Silk Road was closed down by U.S. federal authorities in 2013, while its creator, Ross Ulbricht, was sentenced to life in prison two years later. The site, hidden away as part of the dark web, allowed people to sell drugs and other illegal goods.
Elliptic, a firm that tracks the movement of dirty money in the cryptocurrency sphere, said Wednesday that it picked up on a transaction of funds believed to have originated from the site.
The company said that 69,369 bitcoins worth about $950 million today, according to CoinDesk had been moved out of a wallet that had the fourth-highest balance of any globally.
It added that an encrypted file circulating among hackers allegedly contained the passcode required to withdraw bitcoins from that wallet.
"The movement of these bitcoins today may represent Ulbricht or a Silk Road vendor moving their funds," Tom Robinson, co-founder and chief scientist of Elliptic, said in a blog post. "However it seems unlikely that Ulbricht would be able to conduct a bitcoin transaction from prison."
"Alternatively, the encrypted wallet file may have been real, and the password has now been cracked allowing the bitcoins to be moved."
Though the Federal Bureau of Investigation seized 174,000 bitcoins from Ulbricht, Robinson said a further 440,000 bitcoins were earned from Silk Road commissions. "There has always been the suspicion that proceeds of the Silk Road may remain in circulation," he said.
The FBI was not immediately available for comment when contacted by CNBC.
Bitcoin has been on a tear in 2020, climbing 91% year-to-date as major companies like PayPal and Facebook have shown an increased interest in cryptocurrencies. But it's also been the target of scrutiny from regulators and bankers due to its use in criminal activities like money laundering.
Elliptic and a competitor called Chainalysis have tried to bring some legitimacy to the cryptocurrency industry by selling analytics tools that allow virtual currency exchanges and banks to block potentially dubious transactions.
Investing in cryptocurrency may seem like a huge gamble, but the bet has paid off tremendously for those who invested in the right type of crypto at the right time.
In November of 2015, you could buy a single Bitcoin for a little over $300, yet a single coin now trades for over $12,900 (as of this writing). If you remember, a single Bitcoin traded at close to $20,000 in December 2017, which makes it easy to see why investors young and old remain eager to get involved regardless of the risk involved.
The reality is that, whether you want to admit it or not, many have gotten rich with cryptocurrency, and others still see it as a way to diversify their investment portfolio outside of traditional stocks and bonds. And if you have cryptocurrency for the purpose of building wealth or diversifying, you should know that cryptocurrency savings accounts can help boost your investment yield even more.
SOPA Images/LightRocket via Getty Images
What Is A Cryptocurrency Savings Account?
A cryptocurrency savings account works like it sounds like it would. With this type of account, you can deposit your cryptocurrency (or another asset in some cases) and earn a standard rate of return over time.
With a BlockFi cryptocurrency savings account, for example, your cryptocurrency can earn up to 8.6% APY, which accrues daily and is paid out on a monthly basis. However, your rate of return will vary depending on the type of cryptocurrency you have, whether thats Bitcoin, Ethereum, Litecoin, or something else. Depending on the type of crypto savings account you have, you may even be able to choose the type of cryptocurrency your interest is paid in.
You may be wondering how these accounts earn money, and thats easy to understand. Like other financial institutions, companies that offer cryptocurrency savings accounts usually loan out your cryptocurrency to other investors. In the case of BlockFi, they say they generate interest on assets held in interest accounts by lending them to trusted institutional and corporate borrowers.
At the end of the day, the purpose of cryptocurrency savings accounts is helping investors earn money on their asset while they hold it. That sounds good in theory, but its a little risky in practice.
Crypto Savings Accounts: What To Watch Out For
The first thing to know about cryptocurrency savings accounts, which you probably know already, is that cryptocurrency in general can be incredibly volatile. Since youre investing with cryptocurrency and your returns will also be in cryptocurrency in most cases, theres a chance your initial investment and returns will be wiped out if the value of your asset drops.
Another major downside with cryptocurrency savings accounts is the fact that you cannot just take your money out when you want. Where you can withdraw money fee-free from a traditional savings account up to six times per month, cryptocurrency savings accounts have their own rules and may not make it easy to access your money at the drop of a hat.
Further, cryptocurrency savings accounts (and crypto wallets for that matter) require you to give up access to your keys. This is based on the fact that your crypto must be made available to lend to investors, but a lot of cryptocurrency investors are not comfortable with this at all. As if that wasnt bad enough, cryptocurrency savings accounts are not FDIC-insured. This means that, if the cryptocurrency savings account provider goes under, theres no guarantee youll get any of your assets back.
Finally, you should know that many cryptocurrency savings accounts pay simple interest only, which means your deposits will not be able to build compound interest over time. The high APY you can achieve may still be attractive and worth pursuing, but you should know this going in.
Are Cryptocurrency Savings Accounts Worth It?
Once you know that cryptocurrency savings accounts arent as safe as traditional savings accounts, its up to you to decide if the risk is worth the reward. If youre a crypto investor already, then youre probably okay with a certain amount of excitement and risk along the way.
On a personal level, I see value in cryptocurrency savings accounts since lets face it there arent a lot of places to earn a 8% yield on your savings right now. You could achieve that return with a cryptocurrency savings account, and if all goes well, the value of your asset could also grow in the meantime.
Many of the best cryptocurrency savings accounts also come with some pretty attractive terms for their accounts. With BlockFi, for example, there arent any account minimums. This makes it easy for anyone with even a small amount of crypto to get started.
With Crypto.com, on the other hand, you can earn some of the highest returns on the market, yet small time investors with low account balances arent eligible for the best returns. Youll also get paid in the same cryptocurrency you deposit, and the interest is paid out on a weekly basis.
Then theres Linus, which lets you deposit U.S. dollars and earn interest in U.S. dollars. That sounds good for sure, but there are notable details in the fine print. With this account, they are lending out your money to people who are buying Ethereum, so the future of your returns hinges on the future value of this cryptocurrency.
The Bottom Line
If youre a crypto investor and you want the chance to earn a return on your investment while you hold it, then cryptocurrency savings accounts may be exactly what you need. There are lots of cryptocurrency savings accounts out there, so take the time to compare options before you sign up for one. Fees, barriers to entry, and the way you earn interest can vary dramatically, as well as the type of assets you need to get started.
Then again, these accounts arent for everyone, and theyre actually a really poor option if you need a place to store your emergency fund. Before you consider one of these accounts, its smart to think over the pros and cons and the risk involved. The chance at a return of 8% or more could well worth the risk, but you should go into the situation with your eyes wide open.
Square Inc(NYSE: SQ)said Friday it would give out a grant to a designer seeking to simplify cryptocurrency wallets and make them more accessible to less technology-savvy users.
What Happened: The San Francisco-based financial technology company'scryptocurrency unit announced on Twitter that it was making the grant to Maggie Valentine who is working to simplify wallet onboarding flows by reducing technical jargon and increasing user education.
Square also shared Valentines first detailed proposal on social media, where she questions how to create an intuitive experience for non-crypto users while preserving the security of a users funds.
Why It Matters: The announcement of the grant comes a month after Square announced a $50 million investment in Bitcoin.
The Jack Dorsey-led companyhad called cryptocurrency an instrument of economic empowerment and a way to participate in a global monetary system which it said is aligned with Squares purpose.
Dorsey,who is also the CEO of Twitter Inc (NYSE: TWTR), had referred to Bitcoin as the best manifestation of an internet currency.
JPMorgan analysts said in October that Squares Bitcoin investment was a strong vote of confidence for the future of Bitcoin.
The companys Cash App saw revenue through Bitcoin rise 600% in the second quarter.
Price Action: Square shares closed nearly 8.8% lower at $154.88 on Friday and fell 0.45% in the after-hours session.
2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Square Funds Project To Make Cryptocurrency Wallets More Accessible To Everyone - Benzinga
Cryptocurrency Market Analysis with Market Size, Industry Share, trends and Forecast to 2026 – Zenit News
Global Cryptocurrency Market Report: Demand, Supply, Consumption, Competition, Production, Vendors, Sales, Value Chain, Statistical Analysis, Pricing, Segments, Regional Analysis, Volume, Revenue, Historical Data, and Projections 20202026
The GlobalCryptocurrency Marketresearch report contains an in-depth analysis of this market, in which key players are outlined. All the leading companies engaged with the Cryptocurrency market are examined. The Cryptocurrency market research report offers a comprehensive perspective of the market, which can help in making the right choice for the development of the Cryptocurrency market. The report offers essential information such as the CAGR value and SWOT analysis for the forecast period.
From an extensive pool of operating players globally, the leading key players in the Cryptocurrency market areZEB IT Service, Coinsecure, Coinbase, Bitstamp, Litecoin, Poloniex, BitFury Group, Unocoin Technologies Private, Ripple, OKEX Fintech Company, Bitfinex.
The report provides a forward-looking perspective on a range of driving and limiting aspects affecting the growth of the Cryptocurrency market. It provides a projection on the basis of how and why the market is projected to develop. Their wide-ranging organization assessment, key financial aspects, key advancements, full product portfolio, SWOT analysis, developments, regional reach, and processes are examined and have been proficiently demonstrated in the Cryptocurrency market report.
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This report evaluates the Cryptocurrency market based on its segmentation. In addition to this, major regions such as Europe, North America, Central & South America, Asia Pacific, and Middle East & Africa, with extra focus on key countries and others are analyzed in this report. The Cryptocurrency market report provides a detailed assessment of the market by analyzing the dynamic factors of the Cryptocurrency market. The report also takes into consideration various significant aspects related to the market like shares, revenue, demand, supply, sales, manufacture analysis, opportunities, production, and much more.
The market is segmented on the basis of the type:Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Other
The groundwork of the Cryptocurrency market is also illustrated in the report that can facilitate the customers in implementing the primary methods to gain competitive benefits. Such a wide-reaching and top-to-bottom research investigation presents the indispensable expansion with key plans and impartial measurable analysis. This can be utilized to develop the existing position and propose future extensions in a particular area in the global Cryptocurrency market. The report also predicts key trends in the market coupled with technological developments in the industry.
The key regions worldwide are analyzed and the drivers, patterns, difficulties, advancements, & restrictions affecting the Cryptocurrency market growth over these vital geologies are taken into account. A study of the impact of administrative rules and regulations on the processes of the Cryptocurrency market is also added to provide an overall summary of the Cryptocurrency markets future.
By the end-user, the market size is segmented as :Transaction, Investment, Other
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By the region & countries, the market size is segmented as:North AmericaThe U.S.EuropeThe U.K.FranceGermanyAsia PacificChinaJapanIndiaLatin AmericaBrazilThe Middle East and Africa
The key study objectives of this industry report study are helpful for: To analyze and evaluate the global Cryptocurrency market size (in terms of value & volume) by company, countries, key regions, products, technologies, types, end-user, and applications, analysis of historical data, and forecasted data (20202026). To understand the organization of the Cryptocurrency market by classifying its different sub-divisions. To share in-depth information regarding the key aspects influencing the development of the market (drivers, opportunities, growth potential, latest trends, industry-specific challenges, and recommendations). Focus on the key Cryptocurrency market players globally, to define, depict, and study the sales volume & value, market competition setting, market share, and latest developments. To estimate the value & sales volume of the Cryptocurrency submarkets, with regard to key regions and countries. To examine competitive advancements such as agreements, expansions, acquisitions, and new product launches across the market. This report also provides the analysis of market size concerning value (million US$) and volume. The comprehensive approaches have been selected to validate and estimate the market size of the Cryptocurrency market, to evaluate the size of different other needy submarkets in the parent market. The prominent players in the market have been determined through secondary research and their market shares have been identified with primary and secondary research. All percentage shares, breakdowns, and splits have been defined by using secondary sources and confirmed primary surveys & interviews. The new entry in the market, product portfolio expansion, marketing, pricing, and sales channels among other business tactics can be executed with the aid of this report.
Table of Content Major Points:1Cryptocurrency MARKET INTRODUCTION OVERVIEW, AND SEGMENTATION1.1 Product Overview and Scope1.2 Segment by Type1.3 Production and CAGR (%) Comparison by Type (Product Category)1.4 Segment by Application1.5 Market by Region2Cryptocurrency MARKET COMPETITION BY MANUFACTURERS2.1 Capacity, Production and Share by Manufacturers2.2 Revenue and Share by Manufacturers2.3 Average Price by Manufacturers2.4 Manufacturing Base Distribution, Sales Area, and Product Type3EXECUTIVE SUMMARY4MARKET DYNAMICS5RESEARCH METHODOLOGY6COMPETITIVE LANDSCAPE7INVESTMENT ANALYSIS8MARKET OPPORTUNITIES AND FUTURE TRENDS
To view the detailed report, click onhttps://www.syndicatemarketresearch.com/market-analysis/cryptocurrency-market.html
FQA in the Cryptocurrency market report:1. What are the outlook opportunities in the market?2. Information on key market factors such as key drivers & limitations, challenges, possibilities, and investment opportunities3. What are the restraints in the market and how do they affect the cost?4. What are the different types and applications followed by companies?5.What is the scope for agencies to establish a presence?
Available Customization:With the provided market information, Syndicate Market Research also has the customization option according to the clients needs. The customization option offers a domestic-level study of the global Cryptocurrency market by end-use and detailed analysis & profiles of the key market players.
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While the United States prepares for the results of the 2020 Presidential Election, a number of data points and traders expect some significant cryptocurrency price fluctuations this week. Statistics from skew.com show bitcoins 30-day implied volatility has increased to 59% while 3-6 month stats jumped over 62%.
The digital currency economy is hovering at around $388 billion, which is a giant jump from where it was during the last U.S. election in 2016. For instance, during the 2016 presidential race, the price of bitcoin (BTC) was around $709. Since then the crypto-asset BTC has seen a 1,802% return on investment (ROI). Another example is ethereum (ETH), which was trading for $10.83 per unit in 2016, now swaps for $382 in 2020.
For this election, a number of traders and a few points of implied volatility measurements suggest that crypto market participants expect a shake-up this week.
Data from skew.coms Bitcoin ATM Implied Volatility chart indicates that the crypto assets options market expects big price fluctuations. Market players trading traditional finance assets envision a similar market shakeup following the U.S. election. At press time skew.coms chart shows one month implied volatility has spiked and is now hovering around 59% today. Three-month stats have jumped to 62% and 65% for BTCs implied volatility for the six month period.
On Twitter, the skew.com account tweeted about the implied volatility and said:
Its election day. Options traders are pricing in a little bit of extra premium for this week with a 3.5% bitcoin implied move for the election. Weekly puts are most active today.
A number of other crypto pundits and digital currency market researchers discussed the post-election crypto market on social media channels and forums. After sharing its week 44th insights report, Arcane Research tweeted out a chart that shows a chart with bitcoin and the S&P 500 during the election week. Some interesting movements from both bitcoin and S&P 500 during election day in 2016. What will happen this time? Arcane tweeted on November 3.
Breathe easy today knowing silver and gold will be every bit as shiny and bitcoin as secure as ever, no matter the outcome of this election, the crypto proponent Cryptoredacted wrote.
On election day, Messari.ios Ty Young also discussed the economic ramifications of the U.S. election and bitcoin. The majority of polls have Biden holding a 60% chance of winning the presidential election and even higher potential for a blue wave sweep through the senate, Young wrote on Tuesday. Those outcomes could mean larger stimulus packages, more QE, and clearer guidance for investors going into a new administration.
One thing is probable: volatility is coming. On the bullish side for Bitcoin, central banks will continue to flood the world with money and stimulus packages, further setting the stage for BTC. On the bearish side, a contested election and a second wave of Covid-19 lockdowns could spell disaster for markets, dragging down BTC with it.
Furthermore, the research and trading platform Lunos weekly market report discussed the election on Tuesday as well.
Election day was bumpy four years ago, and there is little reason to believe that we will go through this election without large movements, explained Luno analysts. After closing hours on election day, the S&P 500 futures dropped substantially before erasing all losses when Trump was announced as the winner. The market reacted positively to the republican winner and ended the week up 5%
Many other bitcoiners believe that no matter who wins the U.S. election, stimulus and monetary corruption will continue. Alex Mashinsky, CEO of Celsius Network believes that as civil unrest and economic uncertainty heighten, central banks will try to pump liquidity into the faltering economy.
The U.S. elections are increasing the uncertainty and the need companies have to have more reserves and more liquidity, Mashinsky explained. The global economy is going through a slow motion recession, as the demand for goods and services is slowing down. Meanwhile, the central banks pump liquidity to try and reverse this trend. All of this is not good for GDP or for our employment rates. No matter who wins we will have a severe recession in the next 2-3 years.
Do you expect cryptocurrencies to be volatile following the U.S. election? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, skew.com,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Cryptocurrency Market Report Gives Industry Size, Growth, Production, Types, Applications, Growing Rapidly with Recent Trends 2020 to 2025 – PRnews…
Research report on The Cryptocurrency Market by Adroit Market Research covers deep analysis on key factors that directly influence the market growth including impact of COVID-19. The report is a thorough study of drivers, opportunities, restraints, challenges, and risks associated with the Cryptocurrency market to help the players plan their growth activities and strategies carefully, while considering these crucial factors. The Cryptocurrency report also covers vital information like market share, market size, and growth rate for the forecast period 2020 to 2025. The Cryptocurrency study is categorized on different major verticals including product, application, and end user. These segments are deeply studied by experts who have offered insights that help the business players, strategists, marketing personnel, suppliers, distributors, and others to plan effective strategies and increase their clients in the near future.
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This report examines all the key factors influencing growth of global Cryptocurrency market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Cryptocurrency market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
Key players covered in the report include:
BitFury Group Limited, Microsoft Corporation, Ripple Labs Inc., Intel Corporation, Advanced Micro Devices Inc., Coinbase Ltd., NVIDIA Corporation, AlphaPoint Corporation, BitGo, Xilinx Inc. and BTL Group Ltd. among others.
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The report assesses key players in the Cryptocurrency Market, studying their services, strategies, landmarks, growth plans, and recent developments. By studying multiple organizations to covering small, medium, and large players to the report enables emerging players to equip themselves with knowledge of competition scenarios. The most critical aspect in the competitive landscape to individual growth strategy to is studied extensively by dwelling into the foregoing growth trajectory of the organization. Moreover, the study paints a picture of the individual standpoints of the players in the years to come, considering the drivers and trends.
Cryptocurrency Market: Competition AnalysisThe Adroit Market Research study presents a comprehensive analysis of global, regional, and country-level players active in the Cryptocurrency Market. Competitive information detailed in the Cryptocurrency Market report has been based on innovative product launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation of each market player.
Global Cryptocurrency market is segmented based by type, application and region.Market by Types
HardwareFPGAGPUASICWalletOthersSoftwareMining PlatformBlockchainCoin WalletExchangeType SegmentEthereumBitcoinLitecoinDashcoinRipple (XRP)OthersEnd-User Industry SegmentMedia & entertainmentRemittanceE-commerce & retailPeer-to-peer paymentOthers.
Scope of the Cryptocurrency Market Report:The global Cryptocurrency market report is a comprehensive research that focuses on the overall consumption structure, development trends, sales models and sales of top countries in the global Cryptocurrency market. The report focuses on well-known providers in the global Cryptocurrency industry, market segments, competition, and the macro environment. Different industries are profiled for getting the current scenario of various working methodologies and policies of the businesses. Global regions such as Latin America, North America, China, Japan, Asia Pacific, and India are considered to study the layout of the various industries. This innovative report provides point to point analysis of the dynamic environment and throws light on the recent innovations, to understand all the current strategies of the industries.
Region-wise Analysis:Regionally, the Cryptocurrency market is divided into North America, South America, Europe, Asia Pacific, and Middle East and Africa. Study on each of these regions has helped researchers to provide key facts regarding market scenario, concentration of key players in the region, demographic details, consumers purchasing pattern, price study, price preference, and more. Deep analysis on key countries of the region also helps business owners to identify potential areas and increase their business and expand their business geographically, while ultimately contributing in the progress of Cryptocurrency market.
Some Points from Table of ContentChapter 1: Market Overview, Drivers, Restraints and Opportunities, Segmentation overviewChapter 2: Market Competition by ManufacturersChapter 3: Production by RegionsChapter 4: Consumption by RegionsChapter 5: Production, By Types, Revenue and Market share by TypesChapter 6: Consumption, By Applications, Market share (%) and Growth Rate by ApplicationsChapter 7: Complete profiling and analysis of ManufacturersChapter 8: Manufacturing cost analysis, Raw materials analysis, Region-wise manufacturing expensesChapter 9: Industrial Chain, Sourcing Strategy and Downstream BuyersChapter 10: Marketing Strategy Analysis, Distributors/TradersChapter 11: Market Effect Factors AnalysisChapter 12: Market ForecastChapter 13: Cryptocurrency Research Findings and Conclusion, Appendix, methodology and data source.
Important Points Covered by Report: Report covers the various market dynamics of the industry. Business overview and business strategies of key players. SWOT analysis for all key players mentioned in the research report. Detailed information about drivers, opportunities, and restraints of the Cryptocurrency market. Also covers PESTAL analysis and Potters Five Forces Report provides the detailed information of product life cycle. Covers the manufacturing process, cost and detailed information.
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Cryptocurrency Mining Hardware Market Segmentation By Qualitative And Quantitative Research Incorporating Impact Of Economic And Non-Economic Aspects…
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Major Players Covered in this Report are: BitMain Technologies HoldingCanaan CreativeHalong MiningAdvanced Micro DevicesBaikal MinerBitfury GroupCanaan CreativeInnosiliconASICMinerEbang Communication
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By Types:ASIC MinerGPU Mining RigOthers
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Table of Contents1. Executive Summary2. Assumptions and Acronyms Used3. Research Methodology4. Market Overview5. Global Market Analysis and Forecast, by Types6. Global Market Analysis and Forecast, by Applications7. Global Market Analysis and Forecast, by Regions8. North America Market Analysis and Forecast9. Latin America Market Analysis and Forecast10. Europe Market Analysis and Forecast11. Asia Pacific Market Analysis and Forecast12. Middle East & Africa Market Analysis and Forecast13. Competition Landscape
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Hong Kong's SFC says will require all cryptocurrency trading platforms be regulated - ForexLive
Under U.S. tax law, cryptocurrencies are treated like property. As a result, each time someone buys, sells or exchanges a digital asset, it is considered a taxable event and the capital gains tax applies. The Internal Revenue Service is of the view that many reportable transactions go unreported. One method it is adopting to try capture such taxes is that, starting in 2020, the very first question on the standard 1040 Form is whether at any time during 2020 did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency.
In 2019, the cryptocurrency question was on Schedule 1, which many filers do not use. The prominent placement on the 2020 form means that the 150 million people who use the Form 1040 will have to answer the question. An inaccurate answer could be used against the filer.
The IRS recently issued draft instructions that explain who has to answer the question in the affirmative. The instructions explain that the yes box should be checked for:
It is not necessary to report on the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account to another that is owned or controlled by the same person.
Further guidance from the IRS on cryptocurrency may be found here.
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Who Needs to Tell the US Internal Revenue Service About Their Cryptocurrency Activity? - Lexology
Cryptocurrency startup Paxful streamlines its operations with Dynamics 365 Business Central – Microsoft
Paxful, a global peer-to-peer cryptocurrency marketplace and startup headquartered in the United States, pursues its mission to give people a simple, fair, and highly secure platform for trading cryptocurrencies. To drive international business growth, its accounting department based in Estonia needed reliable software for running complex financial operations across the companys global divisions. Microsoft Dynamics 365 Business Central was the spot-on solution to automate processes, speed up reporting, and simplify invoicing.
Paxful offers peer-to-peer transactions based on digital currencies. Our vision is to help people all over the world to take control of their finances using cryptocurrencies. Especially people who live in remote, underserved areas where personal finance management options are not readily available, says Darja Antropova, Chief Accountant at Paxful.
However, the startups legacy accounting system couldnt keep up with its rapid expansion and began showing weaknesses in handling fast calculation of foreign exchange rates, for example. Paxful turned to local software integrator, Columbus Eesti, to implement Microsoft Dynamics 365 Business Central. Using unique software developed by local Microsoft partner Columbus Eesti to seamlessly integrate Business Central with third-party solutions, the system went live within two weeks, with the accounting team able to start migrating business data. After 15 days, we were submitting the first VAT declarations. And within one or two months, we had transferred all the information necessary to be fully operational. It was spectacular, says Antropova.
I used to submit tax declarations manually, which took about one day per month. With Dynamics 365 Business Central, I can just export a file and send it to the tax authority website, which just takes 10 minutes, explains Antropova.
The companys previously siloed platforms for financial operations, such as payroll software and an invoicing solution, are now aligned in a single, coherent workspace. We can import all the transactions from payroll software to Dynamics 365 Business Central in one click. And it takes about 10 seconds to transfer a months-worth of information into the system. Same with the e-invoicing system, Antropova says. With the previous document management system, it took up to 24 hours for an invoice to reach the accounting software. All in all, we save roughly 100 hours of work per year.
I worked with different solutions before. But none produced reports as quickly as Dynamics 365 Business Central, observes Antropova. The accounting department was able to redirect time and resources to focus on higher-value work.
Paxful can also scale and add features to its accounting platform depending on its needs. Once you are in the Microsoft environment, you have so many different possibilities to digitize your processes, notes Antropova. For now, Business Central is used primarily by the Estonian office, but the startup plans to broaden its use to branches overseas. If we open new entities around the world, teams there could easily start using Dynamics 365 Business Central, as everything is consolidated and constantly upgraded within the same space, concludes Antropova.