'Bitcoin King' Arrested, ETH, Finalto Battle, BTC Whales: Editor's Pick

In a busy week of news, let's take a look back at the biggest news stories from the worlds of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term, Fintech and Crypto in our best of the week segment.

Bitcoin Wallets Move 7,062 BTC from Coinbase

The trading week kicked off with news of more Bitcoin whale movements. As Bitcoin fell to under $35,000 over the weekend, Bitcoin whale addresses moved more than 7,000 BTC recently in two separate transactions from Coinbase to crypto wallets.

Read more on the Bitcoin whale movements here.

Interactive Brokers Eliminates Monthly Account Inactivity Fees

Interactive Brokers LLC (NASDAQ: IBKR) announced on Thursday that it has removed its monthly account inactivity fees.

The measure has been taking effect since July 1, 2021, and users will no longer be charged for the $10 fee to maintain a minimum balance in their trading accounts, the broker said in an email sent to the customers.

Read more on Interactive Brokers fees withdrawal here.

Ethereum Has the Potential to Overtake Bitcoin, Says Goldman Sachs

Ethereum, the world’s second-largest cryptocurrency, recently received support from Goldman Sachs, one of the leading American investment banks.

Just days after ETH hit a 2-week high, the New York-based investment bank said in a note that the growing popularity of Ethereum makes it the top contender to overtake Bitcoin as the most valuable digital currency.

Read more on the Goldman Sachs Ethereum support note here.

Institutional Investors Could Soon Enter DeFi through “Aave Pro”

As Finance Magnates reported this week, decentralized lending protocol Aave is planning to launch 'Aave Pro', a permissioned platform for institutional investors later this month.

The platform, which will provide the same kinds of services as Aave’s current platform, will be launched in partnership with the digital asset custody and settlement platform Fireblocks.

Read more on the 'Aave Pro' launch here.

Playtech Postpones Shareholders’ Voting on Finalto Deal

What a week in the battle for Finalto.

Finalto (formerly known as TradeTech), the financial division of Playtech, received a potentially lucrative $250 million acquisition offer from Gopher Investments on the previous Friday, just weeks before the Playtech General Meeting on July 15th where shareholders were expected to agree to the sale of Finalto to a consortium led by Barinboim Group and backed by Leumi Partners Limited and Menora Mivtachim Insurance Limited, together with key members of the Finalto Business’ management team.

Very much the unknown quantity, questions were being asked of Gopher Investments. Then, on Friday, Playtech announced that it has adjourned its General Meeting for two weeks to allow both the Board and the shareholders to ‘further consider recent developments’ concerning the Finalto acquisition deal.

Read more on the Finalto acquisition drama here.

Brazil Police Arrest ‘Bitcoin King’ for $300 Million Fraud

As Finance Magnates reported on Tuesday, the Brazilian Federal Police have arrested several members and the leader of Bitcoin Banco Group, a company that embezzled investors’ funds in the name of cryptocurrency investment.

Following a three year investigation, the arrests included Cláudio Oliveira, better known as ‘The Bitcoin King’, who was the President of Bitcoin Banco Group.

Read more on the arrest of the 'Bitcoin King' here.

Top 5 Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term of 2021

While some of the cryptocurrencies spiked by over 10,000% in 2021, others have not fared so well. Finance Magnates has compiled a list of the top cryptocurrency assets which is not only focused on price gains but also ranked on the basis of retail and institutional adoption, popularity and market cap.

Read more on the Top 5 Cryptocurrencies of 2021 here.