On Wednesday, Bitcoin took a late session nosedive in response to a disruptive social media missive from controversial business magnate and Tesla chief Elon Musk.
In a head-scratching twist, Musk announced that Tesla will halt payments in Bitcoin, citing environmental concerns in the mining of Bitcoin.
As the world’s largest digital currency looked to rebound Thursday morning, new headlines sent cryptocurrencies spiraling once again with a report that Binance, a global cryptocurrency exchange, is allegedly under investigation by the IRS and U.S. Justice Department.
Although Musk confirmed that Tesla would not be selling its Bitcoin and Binance executives have not been formally accused of any wrongdoing, the market’s response to these headlines was staggeringly bearish for reasons that defy logic to level-headed traders who see no consequential impact on actual markets from these two developments.
Nonetheless, with high school-caliber drama and irrationality plaguing the crypto market into the weekend, a growing number of investors are seeking to play it safe by strategically placing their bets on up-and-coming cryptos without a penchant for drama, one example of which is Telcoin — a Los Angeles, California-based crypto remittance company that has enjoyed steady gains this year.
According to Benzinga, Telcoin’s Ethereum-based cryptocurrency ($TEL) “has racked up year-to-date gains of a whopping 30,496.25%.”
For Telcoin, there are no legal battles brewing. The are no controversial executive comments plastered on social media. There isn’t even a dog logo or SNL appearance o worry about. Telcoin is about as boring as it gets — except on the exchanges where it trades.
Many investors have flocked to Telcoin as a safe-haven from crypto drama.
A remittance provider founded in 2017, Telcoin has been on a compliance rampage for more than three years.
Winning licenses and approvals to operate in various jurisdictions around the world, Telcoin has seemingly earned the trust of large mobile money service providers with whom they’ve partnered and retail traders alike.
Despite already logging significant gains for 2021, Telcoin’s brightest moments beneath Bitcoin’s sun may be yet to happen, longtime holders hope.
On Monday, progress was made on a bill in the Nebraska sate legislature that was written and introduced by Telcoin. The bill would allow banks to offer crypto services.
“LB649 advanced its first of three rounds of debate in the Nebraska Legislature this afternoon on a 39 to 1 vote,” Telcoin tweeted following the vote.
If signed into law, the bill could make it possible for Telcoin to seek a charter. If granted, the company could effectively become a digital asset bank. It would be a coveted and heady position for any fintech firm, let alone one born of the crypto world.
Telcoin’s self-touted “compliance-first” approach likely helped the company secure its first political achievement in the nascent U.S. cryptocurrency regulatory environment.
As drama threatens to continue roiling the broader Bitcoin community into the weekend, the remaining weeks of May and the month of June could see further interest directed at Telcoin.
In addition to debuting the third version of their popular crypto wallet, Telcoin will also open three new remittance service corridors in Singapore, Australia, and the United States before the end of June.
Telcoin’s first remittance corridor opened in February between Canada and the Philippines.
Last week, Telcoin became a Top 100 cryptocurrency per its ranking by CoinMarketCap. Within 72 hours, Telcoin’s ranking rocketed to 52.
Lynn Letang is a reporter for Business News Ledger. After graduating from college, Lynn got an internship at NPR and worked as a reporter and producer. Lynn has also worked as a reporter for ESPN. Lynn covers business and community news, issues and stories for Business News Ledger.