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Will MicroStrategy face a Bitcoin margin call? (www.blockcast.cc)

As you are likely aware if you hold even $1 of crypto, the markets are brutal right now. Ethereum dipped below $1,000 this morning, while Bitcoin is flirting with the $20,000 mark – numbers which are a far cry from what we were seeing throughout the pandemic. But there is one holder feeling the pinch […]

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Solana gets its game face on, could it be ready to launch into the GameFi industry (www.blockcast.cc)

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Kraken tries to ‘stay on the edge of crypto,’ in the face of competition (www.blockcast.cc)

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Facebook does not “face” anymore, can Zuckerberg’s meta-universal dream come true? (www.blockcast.cc)

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Let’s face reality… Is Bitcoin’s bull run really over? (www.blockcast.cc)

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TA: Ethereum Trims Losses, Why ETH Could Face Hurdles Near $2,060 (www.blockcast.cc)

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In the face of network congestion and hacker attacks, how will BSC avoid and optimize? (www.blockcast.cc)

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Can we face this hard truth about Ethereum and Bitcoin? (www.blockcast.cc)

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‘GIMP’ Aimed at the surge in bitcoin remittances… Woori Bank establishes non-face-to-face remittance limit (www.blockcast.cc)

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Amid a warning about bitcoin exchange using so-called’Kimchi Premium’ recently, banknotes have set limits on remittances in China.

On the 19th, in order to prevent suspicious non-face-to-face overseas remittance transactions, Woori Bank decided to limit the limit of overseas remittances through direct overseas remittance accounts during Woori Union Quick Remittance to $10,000 per month.

Previously, it was limited to $5,000 per case, $10,000 per day, and $50,000 per year, but a new limit of $10,000 per month was newly established.

If remittances are made at the bank counter, suspicious overseas remittances can be restricted through evidential documents, but there is a limit to non-face-to-face transfers, and such measures were taken. Woori Bank has decided to maintain the restriction on the monthly remittance limit until a separate notice.

Such measures are likely to spread to other banks. Some banks have already sent an official letter to their branch offices asking them to refuse remittances if they are suspected of being warped.

According to the banking sector, the number of suspected cases of bitcoin exchange by Chinese people using the so-called’Kimchi Premium’, which means the difference in the bitcoin market price between Korea and abroad, has recently increased.

There have been an increasing number of cases of Chinese people who do not have a record of dealings with the bank, rushing in each of 4 to 5 people with cash and requesting a remittance to China. They are suspected of buying bitcoin in Chinese renminbi, sending it to a domestic exchange, selling bitcoin in Korea, gaining a profit, and sending the money back to China. Bitcoin is sold at about 15% more expensive in Korea than overseas.

They usually visit banks to remit money close to the maximum annual limit of overseas remittances of $50,000 per person (55.93 million won on the 19th). Recently, as the number of suspicious cases of warring has increased, some banks are refusing remittance by giving instructions to’go to the main bank’ if the source of the funds is judged to be strange.

As the possibility of illegal activities such as money laundering using rising virtual asset prices has increased recently, the government decided to set April-June as a’special crackdown period at the level of the criminal government’ and jointly crack down on illegal activities, etc.

Accordingly, the Financial Services Commission requires financial companies to closely monitor when withdrawals occur after a virtual asset transaction, and the Financial Information Analysis Agency (FIU) promptly analyzes suspected illegal transactions related to virtual assets and notifies investigative agencies and tax authorities. It was decided to strengthen the coordination system for enforcement investigation.

The Ministry of Strategy and Finance plans to strengthen inspections of violations of related laws such as the Foreign Exchange Transaction Act with the Financial Supervisory Service, and the police will intensively crack down on illegal activities such as multi-level illegal and investment fraud. In addition, it plans to reinforce the expertise of the investigation, such as subdividing the department in charge of each type of virtual asset illegal activity and expanding the distribution of virtual asset tracking programs.

The Financial Supervisory Service is also reviewing countermeasures, including the establishment of guidelines for overseas remittance of virtual assets.

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What key milestones will Bitcoin face after hitting $80,000? (www.blockcast.cc)

Senior Commodity Strategist at Bloomberg, Mike McGlone has been painting a bullish narrative for Bitcoin lately. In the past 24 hours alone, the strategist’s data revealed that investors were now seeking Bitcoin instead of gold.

His latest finding predicts very large figures for Bitcoin. He stated that the asset’s next threshold will cross Amazon’s market capitalization – if it rises to the $80,000 mark. Bitcoin has once again surged to more than $1 trillion perhaps against a backdrop of President Biden’s stimulus measures. Nevertheless, the asset now has firms such as Facebook ($753.12 billion) and “Tesla,” ($605.27 billion) in the “rearview,” as McGlone said in his tweet: 

Tesla in Rear View, About $80,000 Bitcoin eyes Amazon Market Cap — Once Bitcoin’s back-and-fill process around the $1 trillion market cap is complete, we see internet pioneer Amazon.com as a potential next threshold…

Source: Twitter/Bloomberg

Earlier, McGlone’s data, indicated that investors have frequently chosen Bitcoin over gold in terms of its store of value from 2017 onward. 

Studies have shown that a key reason behind the correlation, at least among retail traders, is age.  JPMorgan strategists stated that Bitcoin could reach $146,000 as millennials, in particular, choose crypto over gold. The generation that has been more tech-savvy than baby boomers is likely to continue looking to digital assets for financial security rather than precious metals. 

McGlone’s predicted target of $80,000 and the resulting surge in market cap could be institution-driven, as it appears to be in the current rally. In that regard, macro-investor Raoul Pal made an interesting remark recently. He said that as the price of Bitcoin appreciates, an increase in market cap will only make Bitcoin more available for institutional investors to purchase. 

It will be interesting to watch whether the surge in market cap will draw out those investors who could still be waiting to invest in BTC. A phenomenon that could further fuel the price of Bitcoin.


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