Bank Shutout Forces Major Polish Crypto Exchange to Move to Malta

Bitbay, the largest cryptocurrency exchange in Poland, has decided to suspend its activities in the country as banks will no longer cooperate with the company, the exchange announced May 29. The exchange will instead be conducted by a new supplier in the jurisdiction of the Republic of Malta, where local laws are more crypto-friendly.

Poland’s Cryptocurrency Tax Law Crashes as Investors Resist Draconian Regulation

While most stake “hodlers” in the cryptocurrency ecosystem agree that there is a need for amenable regulation of the cryptosphere, Polish digital currency investors have refused to abide by the PPC law, due to its draconian nature. Now the Polish authorities have agreed to temporarily suspend the “Civil Law Transactions Tax,” which aims to tax all crypto-related transactions regardless of profits made.

More Americans Will Turn to Crypto If Fed Relaxes Post-2008 Measures, Analysts reveal

More Americans may move away from traditional finance and into crypto if the the U.S. Federal Reserve (Fed) relaxes post-2008 financial regulations, according to a study published by Weiss Ratings May 22.

The Fed is set to meet on May 30 to consider watering down the “Volcker Rule,” in what would be a major deregulatory move. The relaxing of the “Volcker Rule” would allow thousands of banks to make high risk profit-seeking trades with less government oversight.

Bitcoin Price Fails To Accomplish Predicted Rally Following NYC Crypto Conference

Bitcoin’s (BTC) price has gone down around 10 percent this week since crypto conference Consensus ended yesterday, May 16, despite predictions that the event would cause the crypto markets to skyrocket.

Fundstrat’s Tom Lee, who had accurately predicted a crypto price rise in the wake of US tax day, had used past price spikes after the crypto event to predict a rally “even larger than past years,” according to Bloomberg:

“Bottom line: We expect BTC and cryptocurrencies to behave similarly to prior years and rally during Consensus.”

However, data from Coinmarketcap shows that BTC went from about $8,726 on May 14 to its now current price of about $8,310, a decrease of about 5 percent during the Consensus conference dates, with an overall weekly decrease of about 10 percent.

Bitcoin price chart. Source: Coinmarketcap

A popular crypto commenter Armin Van Bitcoin tweeted last week before the conference a table showing the past price increase of Bitcoin and altcoins both during and post-Consensus, with the column for 2018 left blank. The first questions markets for BTC can now be filled in at around -10 percent, and for altcoins at around -12.8 percent using total market cap data from Coinmarketcap.
Bloomberg Crypto tweeted yesterday, the last day of Consensus, a meme about Bitcoin’s failed rally:
Total market cap has lost about $56 bln this week, down from $438 bln to $382.

Total market cap has lost about $56 bln this week, down from $438 bln to $382.

Total crypto market capitalization. Source: Coinmarketcap

Ethereum (ETH) has also dropped, trading at around $700 after this week’s high of about $759, and down about 1 percent over a 24 hour period to press time.

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Altcoins are a mix of red of green, with most of the top ten altcoins on Coinmarketcap showing almost 0 percent growth or loss over a 24 hour period to press time.

Market visualization from Coin360

Bitcoin May hit ₦23Mln ($64K) in 2019 Thanks to Its Mining Economy – Fundstrat

The team of Tom Lee, co-founder of Fundstrat Global Advisers and long-time bitcoin advocate, has revealed something really dramatic pertaining to what the long run holds for the world's major digital currency.

German online bank uses Bitcoins to transfer loans

German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin.

Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost.

Expert: Why People Should not Listen To Warren Buffet

In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation, and cryptocurrency adoption by different sectors of the economy.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of  BuybitcoinsinNigeria.. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.

There has been a time when a saying was popular on Wall Street: “when Warren Buffet speaks, you listen.” Now Wall Street is better not to listen, if they do not want to become history faster than Kodak or Blockbuster.