Bitcoin price hits $14,000 — Exactly 12 years after white paper released...
One week in review:
Oct. 26–Nov. 1 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin price hits $14,000 — Exactly 12 years after white paper released | | | On Oct. 31, 2008, Satoshi Nakamoto released a white paper setting out his vision for Bitcoin. Fast forward 12 years, and BTC has hit $14,000 for the first time since January 2018 — a rally fueled by institutional investors. Bitcoin's monthly candle also closed above $13,000, indicating a technical breakout. | | #2. Indian bank to offer crypto services across its 34 branches | | | An Indian bank has announced plans to offer crypto banking services online and across its 34 physical branches in the country's north. The United Multistate Credit Cooperative Society has teamed up with Cashaa for the new service, which comes amid India's uncertain crypto regulations. | | | While the Supreme Court of India took down the crypto banking ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services to crypto companies and individuals dealing in digital currencies. | | #3. Bitcoin can't help bank the unbanked, claims Mastercard CEO | | | The enthusiasm surrounding the world's biggest cryptocurrency right now is palpable. Alas, not everyone is convinced. One of them is Ajay Banga, the CEO of Mastercard. | | | Speaking at the Fortune Global Forum conference, he said he is deeply skeptical about cryptocurrencies and far more enthusiastic about central bank digital currencies. Banga also warned that Bitcoin cannot help the unbanked and foster financial inclusion. | | | He said: "Can you imagine someone who is financially excluded, trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That's not a way to get them [included]. That's a way to make them scared of the financial system." | | #4. Prediction of the Week Market is proving Bitcoin is "ultimate safe haven" — Anthony Pompliano | | | Anthony Pompliano has claimed that Bitcoin "could not be more uncorrelated" with the stock market — and says the world's biggest cryptocurrency is leaving macro assets behind. | | | The Morgan Creek Digital co-founder also rejected critics' claims that Bitcoin is a poor store of value, writing: "So how did Bitcoin do during an economic downturn? It outperformed stocks, bonds, gold, oil, and pretty much everything else." | | #5. FUD of the Week Crypto scammers deface Trump campaign website, one week before election | | | The website for Donald Trump's re-election campaign was taken over by hackers this week. The scammers managed to replace donaldjtrump.com's usual campaign rhetoric with a page spoofing the FBI and declaring: "This site has been seized." The attackers went on to claim that they have obtained "strictly classified information" and encouraged people to make donations to two Monero wallets if they wanted this data to be released. | | | It was even claimed that the hackers had proof that Trump's administration "is involved in the origin of the coronavirus." The communication director for the president's campaign, Tim Murtaugh, said: "There was no exposure to sensitive data because none of it is actually stored on the site. The website has been restored." | | #6. FUD of the Week Tax professional explains the most important thing for U.S. crypto holders | | | An expert has told Cointelegraph that crypto enthusiasts in the U.S. need to have greater awareness of their obligations come tax season. Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing. | | | "Even if you don't owe income taxes, you still have to report details of the transactions," she explained. Walker added that the IRS has some catching up to do when it comes to regulating this space, warning: "Although this guidance has been coming out over the last year, and we've seen enforcement, the IRS really hasn't understood crypto." | | Feel free to explore the most important news with Hodler's Digest:
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