Misinterpreted Speech Leads To Bitcoin Selloff

Even something as minor as a misinterpretation of a government official’s speech is enough to spark a Bitcoin selloff these days.

India’s finance minister Arun Jaitley spoke to parliament on February 1, and he referred to cryptocurrency as an “illegitimate activities”  and promised a government crackdown, according to Coin Telegraph.

Jaitley said, “The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”

His comments were misinterpreted as an outright ban on crypto in India, which caused Bitcoin to fall below $9,226 on Thursday amid the uncertainty.

India’s leading Bitcoin company, Unicoin, tweeted that the announcement did not revise the government’s cryptocurrency stance.

Bitcoin interest in India remains high since the country reformed its currency. As for the government’s official policy on crypto, despite some warnings against it, nothing is formalized after two years of sporadic attempts.

Despite the misinterpretation of Jaitley’s statements, at this time, the government of India made no change in its policy regarding cryptocurrencies, which could mean a quick rebound in prices today.

2 years ago

Samsung Mining Chips In The Works

As rumored for months, tech giant, Samsung, is getting in on the cryptocurrency mining business

According to The Bell reports, unidentified Samsung officials revealed the company partnered with a Chinese company to mass produce mining chips called application-specific integrated circuits (ASICs).

It could be that the company has multiple partnerships to produce the ASICs because in December reports surfaced that a Russian bitcoin mining company called Baikal partnered for production of the chips.

Last fall, Samsung sparked talk of possible mining equipment production when it unveiled a rig created with old Android smartphones at a U.S. dev conference.

This move to producing chips for crypto mining poises Samsung as a likely industry leader as huge competition for the China-based Bitmain. Given it already creates so many chip products with huge facilities, Samsung holds a distinct advantage over any competitors.

Of course, the biggest question is, will these new ASICs allow mining to be cost-effective? If so, then Samsung likely has a huge hit on its hands.

 

2 years ago

Robinhood Requests Explode With Addition Of Crypto Trading

Since its cryptocurrency trading announcement last week, requests for Robinhood Financial LLC accounts have exploded. In fact, in four short days, the brokerage’s waiting list ballooned to well over 1 million despite the fact that BTC lost about 50% of its value in the past six weeks or so.

Although Robinhood’s initial popularity came from allowing anyone to buy and trade stocks fee-free, the site plans to charge for cryptocurrency transactions, according to Bloomberg. However, they won’t take a commission, and the nominal fee simply allows Robinhood to defray the costs associated with trading crypto.

Right now, users are already able to track prices, news, and set up alerts for top coins on the app.

It’s no surprise why potential users are eager to jump on the Robinhood exchange. At a much lower cost than Coinbase’s 1.5% to 4% fee schedule in the United States, the app provides an attractive new option for buyers.

While trading is set to begin in February for those with “early access,” most users likely won’t be able to take action until sometime mid-year due to the overwhelming demand.

Despite growing concerns about government regulations as well as slow transactions and other complaints, the demand for cryptocurrencies doesn’t appear to be fading anytime soon. That’s not surprising considering where things were just one year ago.