The top Bitcoin news of the week

BTC-Newsflash: The top Bitcoin news of the week

US users have to say goodbye to Binance, users earn Bitcoin via Ebay and much more. Welcome to the Top News.

Welcome to the BTC-ECHO-Newsflash. The most important news that has moved the Bitcoin ecosystem this week.
Chinese police confiscate almost 195,000 BTC

A recent report reveals new developments concerning one of the largest crypto-scams in history. A ruling by the Jiangsu Yancheng People’s Court has released exactly the amount of money China was able to seize after the arrest of the PlusToken by Bitcoin Era fraud suspects. The amounts confiscated by the authorities exceed $4.2 billion. In total, the officials confiscated 194,775 Bitcoin, 833,083 Ether, 1.4 million Litecoin and 487 million XRP. This makes the Chinese authorities likely to be the next big Bitcoin whale.

Bye, Bitcoin: Binance gives US customers 14-day ultimatum

For fear of legal consequences, Binance wants to block more American crypto traders from accessing its own platform. Until now, users have been able to log on to the Chinese stock exchange without having to prove their identity. With the right VPN, people can open a customer account, even if Binance does not want or is not allowed to do business with them legally. After the news service Forbes revealed a few days ago that Binance had allegedly fooled US supervisory authorities, the company took more radical action. According to media reports, the stock exchange had at least written to customers whom it classified as US consumers and asked them to leave the exchange within 14 days.
Ebay: Earn Bitcoin with every purchase with the new lollipop app

The shopping app Lolli, which specialises in crypto currencies, has announced its partnership with the shopping platform Ebay. Through the partnership, users of the application can receive up to 1% in the form of Bitcoin rewards for purchases on Ebay. With around 1.6 billion products and services and 127 million users, Ebay is one of the most popular shopping platforms in the world. The collaboration was announced just in time for the millions of eBay users to receive rewards for their purchases on Black Friday and Cybermonday – two of the most highly anticipated shopping events.

Major Japanese companies announce new payment system

More than 30 Japanese companies will launch verification tests for a private digital currency from April. They have formed a consortium for this purpose. On Thursday the consortium published a report proposing a common digital currency with an interoperable structure. It will allow different non-cash payment service providers to use it while maintaining their original payment services. It is worth noting that so far the Bank of Japan has not planned to issue a digital central bank currency. Nevertheless, it is co-operating with other central banks and fin-tech companies in the study.

28 million merchants soon Bitcoin-Hodler thanks to PayPal

In an interview with CNBC on Monday, PayPal’s CEO Dan Schulman announced that early next year PayPal will allow crypto-currencies as a source of financing for any transaction of the approximately 28 million business customers and merchants. This means that crypto-currencies can be deposited as security to take out loans and carry out transactions. This has already been possible for some time via companies such as Nexo or Celsius, but also locally via Aave or Compound. However, these platforms are firstly much smaller and secondly they are more likely to be used by private customers. The reach of PayPal, however, is in a completely different dimension. This step by the payment provider could therefore be a milestone for the crypto industry.

Record-breaking volumes for Binance: 37 billion dollars in just 24 hours!

Trading at the stars on the well-known exchange, following the simultaneous growth of the three major cryptocurrencies

 

 

With Bitcoin at less than $1,000 of its highest price ever ($19,891, reached in December 2017), even the volumes traded on the well-known Binance exchange have reached new heights: more than $37 billion in the last 24 hours.

 

According to CoinMarketCap data, Binance’s daily trading volume amounted to precisely $37,291,444.117, an increase of 40.5% in the last 24 hours: last week a peak of $25 billion was reached.

 

Open interest for Bitcoin futures (BTC) also reached a new all-time high on the platform: $1.17 billion, according to the Crypto Glassnode website:

 

„Open interest of #Bitcoin futures on #Binance has reached an all-time high (~1.17 billion dollars).

 

 

The user frenzy is in a very bullish phase for the main crypto assets. Bitcoin is trading over $19,100, up 4% from yesterday; Ether (ETH) has risen over 25% in the last week to $605; yesterday XRP reached an annual peak of $0.73 after more than doubling in value in just a week.

 

Binance’s business is growing even without US users. There are multiple reports on Twitter from US citizens who have received an email from Binance saying they will have to close their accounts within 14 days: the exchange has stated that accounts will be blocked if funds are not all withdrawn before that date. Binance has been subject to restrictions for US users since September 2019.