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Coinmarketcap is Now Tracking Bitcoin’s Smallest Unit, Satoshi (SATS)

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  • Coinmarketcap has listed Bitcoin’s smallest unit known as Satoshi
  • One Satoshi(SATS) is the equivalent of 0.00000001 BTC
  • Mike Novogratz believes it is time to switch to Satoshi (SATS) as the price of Bitcoin looks ‘too expensive’ for some investors
  • According to Glassnode, sat stackers or holders of less than 1 BTC, now own 5.25% of Bitcoin’s circulating supply

The crypto tracking website of Coinmarketcap has listed Bitcoin’s smallest unit of Satoshi (SATS).

Satoshi (SATS) is currently ranked 4,988 on the tracking website with a value of $0.0005846 or 0.00000001 BTC as seen in the following screenshot.

Coinmarketcap is Now Tracking Bitcoin's Smallest Unit, Satoshi (SATS) 14

It Might Be Time to Switch to Satoshi – Mike Novogratz

The idea of introducing the smallest unit of Bitcoin to BTC traders and investors was suggested by the CEO of Galaxy Digital, Mike Novogratz, earlier today.

According to Mr. Novogratz, too many people see Bitcoin as being too expensive and a switch to its lowest denomination would remove the idea that BTC is out of reach for the regular investor.

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At the current value of $0.0005845, one Satoshi paints a picture of an affordable Bitcoin since 1 SATS is lower than a dollar. The same $1 can net investors roughly 1,710 Satoshi (SATS).

Mr. Novogratz went on to challenge the CEOs of Binance, Coinbase, FTX and Coinbase, by asking whom amongst them would be the first to list Satoshi (SATS) for trading.

His idea of switching to Satoshi can be found in the tweet below.

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Investors Owning Less than 1 Bitcoin Continue Staking Sats

According to a recent analysis by the team at Glassnode,  investors holding less than 1 Bitcoin, have been staking sats from early 2018 to date. This category of investors now owns 5.25% of Bitcoin’s circulating supply as explained in the statement below and accompanying chart.

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Bitcoin accumulation by ‘sat stackers’ has continued slow, steady and uninterrupted for many years. Addresses holding less than 1BTC now own 5.25% of the circulating $BTC supply.

So far we’ve not seen a FOMO impulse like 2017 blow-off top.

Grayscale

Grayscale’s Top Executive Joins Robinhood as New Chief Compliance Officer

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Robinhood hires a new CCO, the chief compliance officer of Grayscale

Robinhood brokerage app has welcomed Benjamin Melnicki as a new Chief Compliance Officer, who is also the holder of the same position at Grayscale Investments. He joined Grayscale in early January this year.

At the moment, Robinhood’s cryptocurrency arm is facing scrutiny from financial regulators. Last year, Robinhood was a target of an investigation connected to anti money laundering and certain cybersecurity problems experiences by its crypto division.

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As reported by U.Today previously, later this year, the brokerage firm plans to roll out cryptocurrency wallets for its users. The trials of wallets will kick off in October and will allow customers to deposit and withdraw cryptocurrencies to addresses beyond Robinhood seamlessly.

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Average Aussie crypto portfolio grew 258% in FY 20-21, survey reveals

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The average portfolio size on Australian cryptocurrency exchange BTC Markets has grown from $577.65 (795.5 Australian dollars) to $2,069.16 (2849.5 AUD) in the financial year 2021, signaling a 258.2% increase in portfolio holdings, according to exchange data compiled by Statista on a recent BTC Markets survey.

Data on the survey shows that the average portfolio size of female and male investors in fiscal 20-21 on BTC Markets was $1,924.30 (2,650 AUD) and $2,214.03 (3,049 AUD), respectively. However, in 2020, the average portfolio size of female Aussie investors exceeded male investors slightly. 

Transaction data on the exchange also showed a pattern of growing investment demand with aging. Considering the data provided by BTC Market on Australia’s average initial investment, investors above 65 years old have invested roughly $3,158.03, the highest ofall demographics.

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Following an incremental reduction across the various age groups, the youngest cryptocurrency traders, ranging from 18 to 24 years, tend to make comparatively small investments, standing at $792.96 on average. While older Australian crypto investors outweigh the new generation in initial investment, the younger crowd shows comparatively more activity in terms of daily trades.

Resonating the findings above, a September report from financial comparison website Finder shows that one in six Australians own cryptocurrencies, amounting to $8 billion in total investment. The report suggests that, like many other users in advanced industrialized countries, Australians were increasingly viewing cryptocurrencies as a new asset class. 

According to Cointelegraph’s report on the matter, Bitcoin (BTC) is the most popular cryptocurrency for the Australian crypto market held by 9% of investors. Other popular investments include Ether (ETH), Dogecoin (DOGE) and Bitcoin Cash (BCH). The report showed that, despite the growth in crypto investments, a significant barrier to entry for Australians is the difficulty in understanding crypto and the risks related to volatility.

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Switzerland to Impose Anti-Money Laundering Rules on Crypto Providers: Report

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FINMA requires all cryptocurrency providers to step up their game and monitor whether criminals use digital assets in illicit transactions.

The Swiss Financial Market Supervisory Authority – FINMA – would reportedly require local digital asset providers to take additional steps in preventing criminals from employing cryptocurrencies. The watchdog would also turn its sight towards bitcoin ATMs as it believes that drug dealers often use these machines.

FINMA Targets Criminals Operating with Crypto

According to a Finews report, Switzerland’s financial regulator – the Swiss Financial Market Supervisory Authority or simply FINMA – would closely supervise local crypto providers as an attempt to clamp down on money-laundering transactions.

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Swiss platforms and brokers dealing with digital assets would have to enhance their monitoring efforts and observe if bad actors employ cryptocurrencies. The Bern-based watchdog believes the initiative is “urgently necessary,” stressing that criminals use the asset class even to fund terrorism acts.

FINMA also turned its attention towards bitcoin automated teller machines. According to the regulator, drug dealers frequently use such ATMs as payment systems. It is worth noting that Switzerland is a relatively small nation, but its 130 Bitcoin automated teller machines place it in the sixth position among the countries with the most stations.

FINMA also passed an anti-money laundering provision according to which it lowered the threshold for unidentified crypto purchases from 5,000 Swiss Francs (CHF) to 1,000 CHF (around $1,080). Or, in other words, all financial providers dealing with digital assets have to collect data on anyone initiating transactions that exceed this amount.

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UBS: Crypto Regulations Could Spell Trouble

One of the leading banks in Switzerland – UBS – recently shared its views on the hot topic of digital asset regulations as it indicated that implementing certain rules might negatively impact the market.

Furthermore, the bank warned its customers that regulatory crackdowns can pop the “bubble-like” crypto markets. The Swiss bank also labeled the asset class as “speculative” alerting that it could be dangerous for professional investors:

“While we can’t rule out future price gains in cryptos, we see this as a speculative market that poses significant risks to professional investors.”

On another note, though, when the cryptocurrency market was booming at the beginning of May, UBS demonstrated a different attitude. Back then, it intended to enable its wealthy customers to receive digital asset exposure later in 2021 through third-party vehicles.

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