Betterment, a major financial advisory company providing robo-advising and cash management services, has not yet decided whether it will introduce cryptocurrencies to its platform.
Betterment is still researching a potential expansion of its services to inclue digital assets like Bitcoin (BTC), CEO Sarah Levy said.
“We’re believers that if we can provide the right kind of context and advice, that it’s OK to participate in some of these newer asset classes,” Levy said in a Tuesday interview at Bloomberg’s Wealth Summit. “I’d like us to find a way to responsibly offer crypto, but I can’t say that we’re there yet. I think we’re still in kind of a watch-and-learn mode,” she added.
Founded back in 2008, Betterment is a popular platform in the United States, helping clients to invest in a globally diversified portfolio of stocks and bonds, allocated to an “appropriate level of risk” for a given timeline.
In April, the company announced record-breaking growth in the first quarter of 2021, adding $10 billion to its AUM and reporting a 116% increase in new clients year-over-year. Previously, Betterment acquired the U.S. book of rival Canadian robo-advisor WealthSimple, a company that launched Canada’s first regulated crypto exchange in September 2020.
While Betterment continues its research on a potential move into crypto, major Wall Street firms including Goldman Sachs and Morgan Stanley have already taken steps to allow wealthy clients to invest in cryptocurrencies. Global payment giant PayPal said that the demand for its crypto services exceeded the company’s expectations after the firm launched its first crypto offerings in late 2020.
Japanese Assembly Members Seek to Make Tokyo a ‘Cryptocurrency Trading Center’ – Economics Bitcoin News
Japan is steadily becoming an area of interest for the cryptocurrency industry, and a politician in the capital city is looking to strengthen the trend. A member of the Tokyo Metropolitan Assembly wants to transform the Japanese capital into a “trading center” for cryptos.
Blockchain as a ‘Growth Strategy’ to Create Industry Hub
Yuu Ito, the third term assembly member in question, commented about the possibility of bolstering the city’s financial sector by increasing its involvement with the digital asset business.
The statement comes after his recent support of economic plans unveiled by Yuriko Koike, governor of Tokyo. Ito also pointed out challenges Tokyo faces in order to compete with other major financial hubs, like London, Macau, and Hong Kong. He believes high rates in bitcoin (BTC) tax might have deterred investors and companies from being active in Japan, and that significant action is necessary to advance the industry domestically.
Nobuko Irie, a fellow Tokyo Metropolitan Assembly member, commented in a similar vein:
The country is printing deficit-financing bonds in the wake of the corona. Even in Tokyo, we must create new financial resources by setting technology that can generate wealth like blockchain as a growth strategy.
Guaranteeing a Healthy Taxation Environment for Bitcoin
She praised how bitcoin adoption has been skyrocketing globally, but raised concerns on how politicians are handling the matter. Here she urgently describes necessary action for Tokyo to become a cryptocurrency trading center:
Politicians should now tackle the issues of monetary policy and taxation around bitcoin. If you do it in the nation, you will lose the sense of speed, so create a special zone in Tokyo to use it tax-free in the city. I think it is the role of politicians to identify issues and clear them systematically while running.
Irie also highlighted the coronavirus as an opportunity to accelerate policy adaptations adoption while creating a healthy environment to develop a crypto trading hub in Tokyo:
When we have to turn the economy around, we need to create a mechanism that prevents money from staying. For that purpose, virtual currency and blockchain can be used. Based on the fact that I learned this time, I think it is necessary to accelerate.
What are your thoughts on the plans proposed by the Tokyo assembly members? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Ether balances on centralized exchanges fall to lowest level since June 2019
According to analysis from on-chain analytics provider Glassnode, the sum of Ethereum on exchanges has fallen to its lowest level for almost two years.
Glassnode estimates that just 13.3 million Ether is currently held on centralized exchanges, the lowest it has been since June 2019. As such, centralized platforms hold roughly $52.4 billion worth of ETH or 11.5% of Ethereum’s entire supply.
— glassnode alerts (@glassnodealerts) May 10, 2021
The number of Ether on centralized exchanges has fallen 30% in 9 months since peaking at 19 million ETH during September 2020.
A low balance of ETH on exchanges is typically understood to be bullish for the markets as it drives a reduction in supply relative to demand on popular trading platforms. Dwindling exchange balances suggest long-term investors are moving their assets into secure storage or locking their funds up to earn yields through decentralized finance protocols or staking.
In its Monday “Week on Chain” report, the data provider also noted that there has been some reduction in exposure to Bitcoin in favour of Ethereum.
Glassnode correlated the spending behavior of reasonably old Bitcoin unspent transaction outputs of between 6 months and 3 years, finding evidence that long-term investors could have been recently flipping into ETH:
“Whilst this is only an empirical observation (correlation <> causation), the distinct increase in these older BTC being spent back into circulation after a prolonged period of holding makes a compelling case.”
The report added that on-chain activity has increased significantly over the past four weeks for Ethereum amid Ether’s recent bullish price action. The total number of smart contract calls, Uniswap transactions, and daily transactions, have all seen notable upticks since the beginning of the year.
Daily transactions hit an all-time high of 1.63 million this week, representing a 22.5% increase over December 2017’s previous peak.
At the time of writing, Ethereum prices were trading at just below $3,900 — cooling from their recent all-time high of $4,220 on May 10.
TA: Bitcoin Fails Again, Here’s Why BTC Remains At Risk of More Losses
Bitcoin price failed once again to clear the $60,000 resistance zone against the US Dollar. BTC is showing a few bearish signs, but the $52,500 support holds the key.
- Bitcoin failed to gain pace above $59,500 and it even struggled to test $60,000.
- The price is now trading near the $55,500 support and the 100 simple moving average (H4).
- There was a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is recovering losses, but it is facing a strong resistance near $57,000.
Bitcoin Price Trims Gains
Bitcoin cleared the $58,800 and $59,000 resistance levels. It even spiked above $59,500 level, but there was no follow through move. It struggled to even test the $60,000 resistance zone.
As a result, there was a bearish reaction below the $58,500 and $58,000 support levels. There was also a break below a key contracting triangle with support near $58,000 on the 4-hours chart of the BTC/USD pair. The pair dived below the $55,500 level and the 100 simple moving average (H4).
It traded as low as $53,445 and it is currently correcting losses. There was a break above the $54,000 and $54,500 levels. Bitcoin even climbed above the 23.6% Fib retracement level of the recent drop from the $59,590 high to $53,445 low.
Source: BTCUSD on TradingView.com
The price is now trading near the $55,500 support and the 100 simple moving average (H4). An initial resistance is near the $56,500 level. It is close to the 50% Fib retracement level of the recent drop from the $59,590 high to $53,445 low.
The key resistance is now near the $57,000 level. A successful break above the $57,000 level is needed to start a fresh increase towards the $59,500 resistance zone in the near term.
More Losses in BTC?
If bitcoin fails to clear the $56,500 resistance or $57,000, it could extend its decline. An initial support on the downside is near the $54,500 level.
The first key support is near the $53,500 level and the recent low. Any more losses might call for a test of the main $52,500 support zone.
4-hours MACD – The MACD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 40 level.
Major Support Levels – $54,500, followed by $53,500.
Major Resistance Levels – $56,500, $57,000 and $59,500.
Palestinian rocket fire, Israeli strikes in Gaza run into second day By Reuters
US Says Russian Group DarkSide Behind Oil Pipeline Ransomware Attack
Sayani Gupta is upset over not getting a Covid vaccine slot expresses anger in her tweet – सयानी गुप्ता नहीं कर पा रहीं कोरोना वैक्सीन का स्लॉट बुक, बोलीं
- Sports2 weeks ago
IPL 2021 CSK vs RCB Predicted Playing 11 Live Match Day Updates: Who will win today’s match? CSK playing 11 vs RCB
- Sports2 weeks ago
The best PPSh-41 loadout in Warzone Season 3
- Sports4 days ago
What happened to Jake Ehlinger? Indianapolis Colts QB Sam Ehlinger’s brother found dead
- Sports2 weeks ago
Indian Premier League: Ben Stokes Lambasts Slow Chennai Tracks, Says “Trash” Wickets Will Have Teams Scraping To Low Scores | Cricket News
- Trending2 months ago
Sony to Give Away Free PlayStation Games Until June: All You Need to Know
- Trending2 weeks ago
Oscars 2021: Everything You Need To Know About Youn Yuh-jung, Korea’s First Oscar-Winning Actress
- Trending3 months ago
Here Are Your Free PlayStation Plus Games for February
- Trending2 weeks ago
Blog: I Live In UK, My Parents Are Alone In Delhi