German Police Shut Down Dark Market that Facilitated $170M in Crypto Transactions

German Police Shut Down Dark Market that Facilitated $170 Million in Cryptocurrency Transactions

In the latest crackdown on the Darknet marketplace, German police arrested a 34-year-old Australian national near the Danish border who allegedly operated DarkMarket, a site used by half a million people.

According to the prosecutors in the western German city of Koblenz, DarkMarket facilitated at least 320,000 transactions that include 4,650 for Bitcoin (BTC), 12,800 for Monero (XMR), and another cryptocurrency, totaling more than 140 million euros ($170 million).

More than 20 servers were also confiscated in Moldova and Ukraine by the authorities.

The platform was used to sell drugs along with counterfeit money, stolen and fraudulent credit card information, anonymous SIM cards, and malware offerings.

Authorities from around the world contributed to this investigation — from the Federal Bureau of Investigation, the U.S. Drug Enforcement Administration to the EU’s Europol and police from the U.K., Denmark, and Ukraine.

Read Original/a>
Author: AnTy

Bitcoin’s the Most Crowded Trade After Long Tech and Short US Dollar: BoA Survey

Bitcoin’s over 170% YTD rally has everyone rushing in, which makes it one of the most crowded trades of December 2020, according to Bank of America (BOA).

The investment banking giant revealed its latest survey findings, according to which about 15% of fund managers with $534 billion under management said Bitcoin is the third-most crowded trade.

The first spot was taken by long technology shares and the second – shorting the US dollar. The survey was taken between Dec. 4 and Dec. 10. Longing corporate bonds and gold are also among the most crowded trades.

“At a market cap of $360B in a world of $17T negative-yielding debt, by definition, BTC is not the most crowded trade,” noted analyst Qiao Wang.

image1

The largest cryptocurrency surged to its all-time high at the beginning of this month after rallying more than 80% in October and November. Following the strong rally, Bitcoin has taken to ranging this month only to rally to over $20,800 today.

The rally was particularly started by Square making a $50 million investment in Bitcoin, after MicroStrategy’s big bet on the digital asset, which has now gone well above $1 billion. PayPal announcing support for cryptocurrencies also helped push the price of them higher.

All of this has brought the attention of the mainstream firms to the crypto market. From legendary investors like Paul Tudor Jones, Stanely Druckenmiller, and Bill Miller, to Guggenheim Partners, MassMutual, and many others, everyone is onto Bitcoin this year.

These investments are actually “laying out the groundwork for how you add Bitcoin to your balance sheet, how you should think about Bitcoin as a substitute for cash,” said New York-based CoinFund’s managing partner, Seth Ginnis, in a webinar this week.

This is evident from the fact that the market is being driven by North American institutional investors, as per Philip Gradwell, the chief economist at Chainalysis.

And still, as JPMorgan said, Bitcoin’s institutional adoption has just begun.

JPMorgan’s recent report said that the $100 million Bitcoin investment by insurance behemoth means the leading cryptocurrency could see $600 billion in additional demand.

Ginns also reported seeing a lot of interest from hedge funds and getting calls from pension plans, endowments, family offices, and foundations, suggesting the continued trend of broader institutional adoption next year.

Read Original/a>
Author: AnTy