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Bitcoin Breaks $13,000 Today! Breakout Continues!

Wednesday, June 26 — Bitcoin (BTC) has broken the $13,000 price mark, and many of the top-20 cryptocurrencies showing double-digit gains on the day, according to Coin360.

BTC broke the $12,000 level earlier today, and has continued surging to trade at $13,252 at press time. The leading coin has gained over 16% on the day. Today, Bitcoin’s market dominance climbed to over 60% for the first time since April 2017.

Bitcoin’s recent rally has caused a stir in the crypto community, wherein some of its players have made predictions on its further price dynamics. Today, eToro analyst Simon Peters claimed that BTC prices could match their all-time high of $20,000 within the next two weeks — and could hit $50,000 or $100,000 by the end of the year.

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Banking

U.S. Takes Crypto Crime Seriously with Anti-Money Laundering Reforms

The United States passed into law its Anti-Money Laundering Act of 2020, which takes effect on January 1, 2021. This brings digital currency exchange companies and other digital-asset-related businesses under the scope of regulations of the Bank Secrecy Act (BSA), which requires financial institutions “to actively detect, monitor and report potential money laundering activity.”

“I’m pleased that our anti-money laundering legislation was included as a part of this year’s [National Defense Authorization Act]. This bipartisan legislation protects Americans by depriving criminals and terrorists of the tools they use to finance illicit activity. It is the first serious overhaul of our anti-money laundering system in decades, and it makes sense to include it in the biggest, most important national defense legislation Congress passes each year,” South Dakota Sen. Mike Rounds said in a press release

The massive anti-money laundering reforms are targeting businesses dealing with digital currencies and assets by clearly specifying the definition of a “financial institution” to “‘a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” and “a licensed sender of money or any other person who engages as a business in the transmission of funds or value that substitutes for currency.” 

The reforms further define a “money transmitting business” to include those who deal with “currency, funds, or value that substitutes for currency.” Now, there are no longer loopholes that digital asset companies can use when dealing with the Financial Crimes Enforcement Network (FinCEN), the agency that enforces the BSA.

Stricter Penalties Enforced

Aside from updating definitions to ensure that digital currency exchange firms and others dealing in digital assets are clearly within the scope of the AML Act of 2020 and the BSA, stricter penalties are now being enforced for crypto criminals

Now, those who have been found guilty of violating the AML Act of 2020 and/or BSA are faced with fines amounting to profits earned while committing the violation and possible jail time. Those guilty of an “egregious” breach are also going to be banned from taking a board member position of any financial institution in the country for 10 years. Furthermore, employees of financial institutions who commit these crimes will be obligated to return to their employer all bonuses received during the time the act was committed. 

FinCEN is being given additional resources, like increasing its manpower, to ensure the enforcement of these reforms. This will further safeguard investors against crypto crimes and nail down digital currency exchange firms and other digital-asset-related businesses that do not comply with BSA regulations.

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Bitcoin

Bitcoin (BTC) Crosses 55k And Is Heading Towards 60k Fast!

Less than two months into 2021, the price of bitcoin has risen 95.4%.

Earlier this week BTC smashed through 50k and is headed towards 60k just as fast. The price is currently trading at 57k as of press time up 60% this month alone. Along with BTC’s meteoric rise quite a few altcoins are going along for the ride.
Some are saying the astonishing rise of BTC’s price to the tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money trying to keep their economies going through the pandemic.
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Adoption

Cardano founder, Charles Hoskinson speaks on the future of Bitcoin and taking profits

Cardano ADA Cryptocurrency Coin

Charles Hoskinson has always been a huge advocate for decentralized finance and building a network that could provide solutions to the problems with our current financial and banking systems. In this recent AMA Charles speaks out on his view about the issues that Bitcoin faces as well as reminding everyone that cryptocurrency isn’t all about taking profits.

Despite Charles Hoskinson open criticisms of Bitcoin he does say:

“I would still be working on Bitcoin if Bitcoin could evolve”

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