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NEWS UPDATE

UK Company Launches Crypto Mining Electric Bicycle

50cycles, a specialist electric bicycle manufacturer, has disclosed what it has described as the world’s first range of cryptocurrency mining e-bikes. Toba, the new series of crypto mining bikes, are estimate````d to produce approximately £20 (approximately $26.5 USD) worth of ‘Loyalcoin’ per 1,000 miles ridden.

Founded in 2003, UK-based 50cycles describes itself as a specialist in “advanced electric bikes.” In what the company is claiming as a world first, 50cycles has disclosed the ‘Toba’ – a cryptocurrency mining electric bicycle.

The company’s founder and chief executive officer, Scott Snaith, told media “This is not only the first electric bike of its kind, but it will also be the first product ever to be tokenized and which gives reward for use.”

Mr. Snaith describes the ‘pedal-powered crypto miners’ as being indicative of the company’s desire to engage with new technologies, stating “We have always been a company that moves ahead of the times by embracing the newest technology. Just like we saw the potential in electric bikes in Tokyo 15 years ago, we now see the promise and future in blockchain technology, cryptocurrency, and product tokenization.”

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NEWS UPDATE

No License Needed to Mine Cryptocurrencies in Ukraine

Firms mining cryptocurrencies are not required to get a license, the Ukrainian state agency responsible for licensing regimes said this week. The yearly revenue generated by the Ukrainian crypto mining industry amounts to over $100 million, according to current published data. The country remains attractive to miners while mining costs in many other corners of Europe are simply prohibitive, at the recent price of bitcoin.

Cryptocurrencies can be mined in Ukraine without a license, according to the State Service of Special Communication and Information Protection, the regulator that oversees activities requiring licensing. The agency is not planning to make known such an obligation in the sector in the near future, it said in a response to an enquiry filed by the Better Regulation Delivery Office organization (BRDO).

According to BRDO, however, not acknowledging mining as an economic activity that needs licensing and as a service providing “cryptographic protection of information” is one of the main issues in the local crypto industry. “Market participants have been threatened with a tangible sanctions – fines and confiscation of equipment and cryptocurrency,” said Igor Samodhodsky, an expert at BRDO, quoted by Forklog.

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NEWS UPDATE

Indian Women More Bullish On Crypto than Men, Invest Twice As Much

In spite being a minority among crypto investors, just like anywhere else, women in India really spend on cryptocurrency twice more than men do. A recently released research also found that the majority of Indian crypto users reside in big cities like Delhi, Mumbai, and Bangalore. The study comes out while Indians expect new regulations within weeks.

Not alarmingly, female crypto investors are a firm minority in India, and pretty much anywhere else on the planet. More so, Indian women apart from many other, beauty aside, is their readiness to spend more on cryptocurrency than their husbands and boyfriends.

According to a research carried out by crypto exchange Buyucoin, female traders in India spend more than Rs.140,000 on average (>$2,000 USD), whereas men invest half of that, around Rs.70,000, Crypto News reported. The authors of the survey arrived to these numbers after examining trading data for the country’s biggest cities, where the majority of cryptocurrency users are concentrated.

The research covers over 60,000 participants and has been carried by Buyucoin between the months of May and June, this year. The trading platform’s chief executive and co-founder, Shivam Thakral, stated.

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WEEKEND PRICE UPDATE:

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NEWS UPDATE

Why Institutional Money Is Coming and What This Means for Bitcoin

Institutional money is coming. At least that’s been the refrain from reckless cryptocurrency traders for the past six months, praying for a flow of new fiat to shore up prices and float their alt bags. But is it really the case that institutional investors are waiting on the sidelines for the right framework to purchase? At Blockchain Expo in Amsterdam last week, news.bitcoin.com spoke to two exchange leaders who are certain that it’s a question of when, not if, institutional investors pile in.

Crypto assets surged by an average of 11.4% on Monday, with bitcoin, predictably, the first to pop. The reason for the pump has been ascribe to Coinbase made known that its custodial crypto service was finally live. The service includes cold storage, an institutional-grade broker-dealer and reporting services, and a client coverage program, and Coinbase is in the process of onboarding hedge funds. Further, the news fleetingly giving the markets an adrenaline shot, what will the long-term consequences be of institutional money pouring in, and what’s taken so long?

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