Almost 1 Million Bitcoin is Held by Darknet Markets, Scammers & Thieves

According to Chainalysis, almost one million Bitcoin (BTC) is held by illicit actors in the space with over half being held by darknet markets. Bitcoin held by illicit entities. Source: Chainalysis. Illicit markets currently have 585,000 BTC in their possession, scams have 99,000 BTC, stolen funds constitute another 205,000 BTC, and all others hold an additional 3,000 BTC — a grand total of 892,000 BTC. According to Chainalysis, only 0.32% of all current Bitcoin flows are tainted by illicit activity. Laundering of illicit Bitcoins. Source: Chainalysis. Exchanges play a pivotal…

Lawmakers in World’s Largest Markets Warm to Crypto, July 17-24

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note Without breaking out the fanfare prematurely, it has been a red-letter week for crypto news. Some of the biggest markets in the world are welcoming new laws and decisions that promise to upgrade global approaches to the industry.  What we are seeing seems to be the early fruits of a broad harvest of interest in crypto, probably owing to something we’ve been talking about for months: The pandemic has…

SBI Moves Into Security Tokens as Secondary Markets Pump

Major Japanese financial services company SBI Holdings now owns a 10% stake in the digital security offering platform Boostry. The news follows the signing of a memorandum of understanding between Nomura Research Institute — a joint venture of Boostry’s majority-owner Nomura Holdings — and SBI. 54% of the platform is owned by Nomura Holdings, Nomura Institute holds a 34% stake, and SBI has 10%. The memorandum also establishes that the three entities will form a strategic alliance concerning the operation of Boostry. tZERO dominates security token volume The agreement between…

Market Wrap: Bitcoin Sticks Around $9,200 as Traders Eye Other Markets for Action

Traders look towards altcoins and equities as volatility dips in a quiet July bitcoin market. Bitcoin (BTC) trading around $9,185 as of 20:00 UTC (4 p.m. ET). Slipping 1% over the previous 24 hours. Bitcoin’s 24-hour range: $9,153-$9,279 BTC below 10-day and 50-day moving average, a bearish signal for market technicians. Bitcoin trading on Coinbase since July 14.Source: TradingView Traders seem to pine for the bitcoin volatility that was once the norm – and they expect it to return after what has been a lull. “Trading bitcoins is about as exciting…

Toronto Options Exchange Picks BNC to Power Crypto Markets

Digital asset data firm Brave New Coin (BNC) has inked a multi-year deal with the Toronto Futures Options Swaps Exchange (tFOSE) to power its crypto options trading. BNC’s data will enable the new Canadian derivatives exchange and clearinghouse to offer cash-settled crypto derivatives to global clients. The partnership will see BNC “design, calculate, and administer a suite of cryptocurrency indices to power cash-settled options trading on tFOSE.” 2021 launch for crypto options James Beattie, the president and chief executive of tFOSE, stated that BNC was chosen after the exchange conducted…

‘Fireworks Are Coming’ — FX Markets Will Boost Bitcoin, Says Analyst

Max Bronstein, who works on the Institutional Coverage team at Coinbase, believes “fireworks” are coming to the global currency market. What’s more, a spike in volatility of currencies might largely benefit the price of Bitcoin (BTC). He said: “A lot has been said on BTC’s performance during bouts of equity volatility, but not as much on how BTC would perform during bouts of FX/currency volatility. With global currency vols off historic lows and a huge wave of new debt, fireworks are coming to the currency market.” Even before the pandemic…

SEC’s Cryptomom Peirce Believes US Capital Markets Can ‘Transform People’s Lives’

In a July 7 fireside chat courtesy of Unitize, Commissioner Hester Peirce of the Securities and Exchange Commission continued to advocate for regulatory clarity for crypto as a means of opening up capital markets to innovation. Innovation and regulation “I believe in the power of our capital markets to transform people’s lives,” said Peirce. “I wanted to make sure that our regulatory structure was flexible enough to accommodate innovation.” She noted that the the size of the U.S. economy makes its regulations critical to global fundraising: “The race to the…

Here’s Why the Chinese Stock Market’s Rally Might Boost Bitcoin

The Chinese stock market has found itself caught within the throes of a fresh bull market, and it could create a tailwind that lifts Bitcoin. After facing the dire implications of the ongoing pandemic that originated within China’s borders, the country’s investors appear to be moving on, now helping to fuel a fresh bull market. The country’s benchmark stock indices all saw massive growth during their latest trading session, with the Shanghai Composite even seeing its best single-day percentage gain since 2015. A few simple factors are driving this fresh…

Dalio Says Capital Markets Are ‘Not Free‘ as Central Banks Drive Economy

Ray Dalio, the billionaire hedge fund manager and founder and chief investment officer of Bridgewater Associates, believes capital markets are no longer free. Speaking to Bloomberg, Dalio said markets have changed a lot so central banks like the Federal Reserve no longer act within the confines of the traditional economic system. “There are markets that are driven by central banks not only their actions but their desire to be an owner of those assets. Their priorities about that ownership when they buy and when they sell are not the same…

LocalBitcoins Says Its Transactions From Darknet Markets Dropped 70%

LocalBitcoins, a major peer-to-peer (P2P) cryptocurrency exchange, has purportedly managed to significantly cut the amount of criminal funds on its platform in 2020. The P2P platform has seen a decline of over 70% in transactions from darknet markets between September 2019 and May 2020, LocalBitcoins claims. Jukka Blomberg, chief marketing officer at LocalBitcoins, told Cointelegraph that the drop comes in response to Anti-Money Laundering and Know Your Customer regulations adopted by the platform in September 2019. The calculations are based on blockchain analysis by major crypto analytics firm Elliptic as…