The coordination between banking institutions and cryptocurrency is still uncertain. Crypto exchanges don’t believe in creating connections with banks to avoid losing their identity, though sometimes its appears that they are inseparable.
95% of the reported Bitcoin (BTC) trading volumes are actually forged and fake. What was once taken to be as an allegation, is now having a documented proof, a research conducted by Bitwise Asset Management.
The blockchain technology has continued to be massively used in banking processes across the world. In Italy, UniCredit has finally made the first commercial transaction via the blockchain. Using the We.Trade platform, UniCredit has allowed the metal packaging manufacturer ASA Group to buy a tinplate game from its supplier, Steelforce, which was supported by KBC Bank based in Belgium.
Blockchain offered the world a new model for a p2p economy, introducing free global trade without intermediaries and reliable storage of value without the fear of seizure or account freeze by regulators. Along with this new paradigm of money arrived a new paradigm of fundraising. The so-called ICO (initial coin offerings) gave businesses easy and global access to investor money and provided investors themselves with endless opportunities.
Apart from being completely applicable to cryptocurrencies such as Bitcoin, blockchain and internet of things (IoT) enthusiasts in Italy and the rest of the world see innovative technologies as a fundamental change in information management. Blockchain adoption globally is now over 44%.
Bakkt – owned by Intercontinental Exchange (ICE) has netted a $740 million valuation after raising more than $182 million in a Series A funding round in 2018, according to The Block, the crypto news outlet. The company sold over ¼ of its shares to investors to hit the current valuation.
In an effort to prevent illegal activities that go with blockchain and crypto, Republic of San Marino has come up with a decree aiming at creating strong anti-money laundering regulation (AML) in relation to the distributed ledger technology (DLT), so as to standardize the technology, and further evaluate all potential scenarios in Italy.
Recently, the Central Bank of Italy published a report against digital currencies including Bitcoin (BTC), defining them as dangerous, useless, speculative and inefficient. The bank is not happy with how cryptocurrencies are being used.
As investors continue to recover from the bearish market, the co-founder of Fundstrat Global Advisors Tom Lee remains optimistic and expects the next Bitcoin bull run to begin in August or September this year – which is five to six months from today. Lee has been making cryptocurrency predictions and comments for years.