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Crypto Startups Are Taking Skyscraper Offices In Hong Kong, Banks Moving Out

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In the latest cryptocurrency news, there is a lot of talk about the crypto startups present in the Asian society – and particularly the crypto market in Hong Kong, which is said to be one of the most evolving one out there alongside New York, London and Sydney.

It seems like there are more and more crypto startups now than ever before in Hong Kong. Their initiative has also made them more popular than many banks and gave them a chance to move into the most valuable skyscrapers in the city.

A perfect example is BitMEX, the popular cryptocurrency exchange that facilitates Bitcoin and Ethereum margin trading, moving its headquarters to the Cheung Kong Center’s 45th floor and renting out 20,000 square feet at $28.66 per square feet.

This will make BitMEX operate in an office that is situated in one of the most valuable skyscrapers in the country, alongside companies like Barclays, Bloomberg, Goldman Sachs, Bank of America and the SEC of Hong Kong.

Together with Diginex Global which is another crypto startup, BitMEX is renting out 72,000 square feet in total and paying around $1.3 million per month.

Meanwhile, a local publication reported that Goldman Sachs is relocating from Hong Kong Central to Causeway Bay in the next few months to save 30% on rent. BNP Paribas has also relocated its offices to Swire Properties’ Taikoo Place and many other banks are planning to do the same move.

Despite the 80% drop in valuation of the crypto market, over the past nine months, many crypto-related businesses have prospered, especially exchanges, which continue to generate large revenues.

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Altcoin News

Australia Crypto Tax Laws: Trader Forced To Pay 500% Tax Bill

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The cryptocurrency tax laws have always been a popular topic in the coming altcoin news. In a new series of interesting things, we are featuring the Australia crypto tax laws which certainly contain some unfair provisions that will most often put many crypto owners on the verge of receiving huge tax burdens. Draconian at the very least, the crypto tax laws in Australia also apply to tokens obtained via hard forks which has holders having to cough up a lot of amounts in crypto tax payments. Even companies that pay staff salaries in virtual currencies may find a lot of incentive to do so given the additional burden it incurs at the end of the year. According to a cryptocurrency news platform named Micky, the Australia crypto tax laws forced a trader to pay a 500% tax on his digital holdings. Adrian Forza of Crypto Tax Australia told Micky that the country's tax laws stipulate the value of cryptocurrency used for tax purposes - coming from the purchase price. Therefore, if an investor buys token X at $100 and its price depreciates to $10, the tax payment would be based on the $100 purchase price. The crypto tax in Australia now stands at about 40% which shows that paying $40 tax on a $10 worth of virtual currency is the case. According to Forza's declaration when commenting the situation:
"That’s a really unfair outcome because he’s basically received cryptocurrency and the value has dropped significantly and now, he has to pay tax on money he doesn’t have. This is something they will have to change as it is unfair."
Given the 2018 bear market which saw prices plummet by more than 80% across the board, virtual currency bag holders in Australia have been paying unfair taxes. As the latest cryptocurrency news showed, crypto tax laws like these are not bearable for many and can drive investors and traders away from the country. In fact, Forza said that the Australia crypto tax laws are designed to frustrate crypto investments. There are so many of them including ones on Ethereum Classic (ETC) - where the Australia's regulators consider to be "the original Ethereum" even though the crypto industry at large considers Ethereum (ETH) as the original one and ETC the fork of it.
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Altcoin News

New Bitcoin Run Puts BTC At $11,318: 60% Dominance Is Here

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A new Bitcoin run is everywhere in the latest cryptocurrency news. Aside from the price outbreak which allowed BTC to reach $11,318 this morning, the dominance of the most dominant cryptocurrency is up by 3.5% ad is now at 60%. The total cryptocurrency market cap is stable at $336 billion and all of the altcoins are in the green. Besides Bitcoin and its new meteoric surge of 5% overnight, the altcoin news show that Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH and EOS (EOS) are all stable with small gains of less than 2%. Minimal reds are seen in the Litecoin (LTC), Binance Coin (BNB) and Bitcoin SV (BSV) prices which are slowly declining. The new Bitcoin run proved that there is a lot of new sentiment on the market. One of the key reasons for that is the daily volume which crossed the $67 billion mark. A lot of this can be attributed to Facebook releasing Libra details, PwC rolling out new auditing tool for cryptocurrencies and Japan's largest messaging app Lime announcing a potential crypto exchange. The market momentum is strong as Bitcoin is continuing in its parabolic moves. The best cryptocurrency news sites show that BTC managed to add 17.5% since last week and 5% with the new Bitcoin run. After two attempted breakouts, the cryptocurrency has found a strong resistance around $11,200. Even though it is now over that resistance, it has a safe bottom zone at $10,500 as the analysts show. Ethereum (ETH) managed to close last week above $300 during the new Bitcoin run - something that happened for the first time this year. The new run allowed ETH to add more than 13% while the rest of the top-30 market is following a mostly bullish trend. NEO (NEM) is one of the cryptocurrencies which also shined in the coming altcoin news. As our weekly crypto update showed, NEO managed to add 21.4% to its price in less than a week and Monero (XMR) is also following this trend, being up by more than 18%. The latest news show that EU regulators called for central bank review of Facebook's Libra cryptocurrency. This could definitely influence the prices on the market. If all goes well, we could see a new Bitcoin run heading to $20,000 very soon.
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Bitcoin News

ThinkMarkets Analyst: BTC Will Hit Somewhere Between $60k and $100k

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According to the ThinkMarkets analyst named Naeem Aslam, Bitcoin has a massive potential to hit somewhere between $60,000 and $100,000 during the next bull run. Aslam's statement was everywhere in the latest cryptocurrency news and first emerged in a Fox Business interview on June 24. For those of you who haven't been following our cryptocurrency news site, Aslam has been already featured for predicting a $10,000 Bitcoin price on June 17 - something which turned to be real past week. He then cited the institutional investment as a major driver for the BTC rally. However, the ThinkMarkets analyst is now again viral on many best cryptocurrency news sites for a new Bitcoin price estimate. According to Aslam, the next mark for Bitcoin to reach is the $20,000 one - after which $50,000 will follow. The ThinkMarkets analyst is sure that by hitting $20,000, Bitcoin will move the discussion away from conservative estimates exceeding the number one cryptocurrency and its all-tme high to forecasts of $50,000. From there, as he said, breaking $50,000 will move the price target to $100,000. Aslam also talked about the use of Bitcoin as a means to avoid risk, comparing the dominant cryptocurrency - often known as "digital gold" - with actual gold. He remarked that in the last two months, there has been a huge spike in price for the two assets which he attributed to lack of confidence in the stock market as well as the US and China trade war. The altcoin news also show the ThinkMarkets analyst talking about a potential war in the Middle East as the biggest driver of recent growth in the diversifying assets. He said that BTC now has a reputation as a safe haven for storing wealth and said that there is evidence of investors "parking" their capital in the leading cryptocurrency. Naeem Aslam has been right about Bitcoin reaching $10,000 which is why his statements are more than just plain predictions right now. As we previously shared on our site, the Bitcoin podcast host Trace Mayer already said that the BTC price will likely close at $21,000 this year (based on current factors and the trajectory that BTC has right now). He also used his own 'Mayer Multiple' price indicator as an equation that involves dividing the current BTC price by its 200-day moving average.
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Bitcoin News

BTC Exchanges Having Hard Time Complying With SFC Regulation

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BTC exchanges in Hong Kong are having quite the trouble complying with the new regulations from the Securities Futures Commission that demands compulsory insurance coverage against crypto theft. Let’s find out more about the insurance policies in the coming altcoin news below. The Securities and Futures Commissions is another one of the regulatory bodies that joined in the prescription of a detailed governance framework for the virtual currency market. However, the nature of the industry brought up to the many factors which lead the platforms facing significant difficulties while trying to abide by the laws. The financial regulator of Hong Kong wants the local bitcoin exchanges to provide full coverage for the customers’ funds. The new law is a part of the regulations which are expected to come since the regulators are aiming to regulate the entire Hong Kong Crypto scene. The SFC published a document offering a general overview of the insurance framework for the BTC exchanges which needs to be followed. An excerpt from the reports reads:
 ‘’The SFC generally expects that the insurance policy would provide full coverage for virtual assets held by a platform operator in hot storage and a substantial coverage for those held in cold storage (for instance, 95 percent).’’
As previously reported in the DC Forecasts latest cryptocurrency news, the Hong Kong regulators choose a different governing option from the other countries including China and Mainland. They did not ban cryptocurrency trading or ICOs but the SFC prefers to make a more robust framework which will allow the crypto commerce to thrive. For the BTC exchanges, however, getting insurance coverage is a major issue. Insurers are not willing to create policies that will provide coverage for an industry like virtual currencies since they are not common. One of the biggest issues comes with the ongoing cyber attacks which harm the BTC exchanges the most. These attacks cost about $2billion in 2018 and some of the major exchanges were contributing with more than 50 percent of the total amount. The Insurance companies will provide only coverage for crypto exchanges and will charge a premium because of the high risks related to the digital assets. The Insurance giant Aon’s Murray Wood noted:
 ‘’The number of insurers and reinsurers that are willing to underwrite cryptocurrency cybersecurity risk is extremely narrow. The amount of available coverage capacity today is under US$1 billion per transaction.’’
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