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Bye-bye, Binance. Elon Musk spawns Floki Shiba Inu craze. Tickets for tokens in China.
FORKAST July 1, 2021
Top blockchain and cryptocurrency news: Binance bounced out of Britain. Musk moves Shiba Inu prices again. China’s digital currency gets ready to roll.
Binance UK In this issue
Binance hit with U.K. trading ban Elon Musk puts the bark back into Shiba Inu memecoin China’s e-CNY arriving on Platform 89 From the Editor’s Desk
Dear Reader,
Trust is hard-won, but easily lost.
That maxim ought to resonate with all participants in the cryptocurrency space, no matter how big or flush with investors’ cash they may be. But so far, the signals are mixed.
By the close of business in Britain on this day, a London-based unit of Chinese-owned crypto exchange Binance will be required to make embarrassingly clear that it is not permitted to offer financial services to U.K. customers. Why? Because Binance has not registered with the regulator that polices crime and fraud in Britain’s financial services sector.
Binance is not alone. Only six crypto companies have registered with the Financial Conduct Authority, while more than 10 times that number have canceled their applications to it. It appears that the FCA’s compliance standards may be too burdensome for these companies, as has been the case in South Korea ahead of the implementation of stricter compliance rules for exchanges in September.
In an industry where crypto exchanges numbered in the hundreds, just a handful are likely to remain, since compliance with know-your-customer and anti-money laundering rules seems just too expensive. The brazen simplicity of the profit motive counts for more.
But trust this. Here in Asia, China’s faith in blockchain — not so much in crypto — is a key policy that is becoming abundantly clear. In our special in-depth report, “Asia Powers Up: How the region, led by China, is embracing blockchain and what that means for the world” — a series produced by Forcast.News with support from the Judith Neilson Institute’s Asian Stories project — we explore the implications and what the future holds.
You can read the series not only on our site, but also in Newsweek, on Yahoo! Finance, and in the business section of the South China Morning Post. Complete with infographics and videos, our report invites you to dive deeper into how blockchain is reshaping not only policy but also power dynamics.
In our business, trust must be earned. And keeping yourself informed can preserve the one thing we value most.
Until the next time,
Angie Lau, Founder and Editor-in-Chief Forkast.News
1. Bye-nance: No crypto anarchy in the UK
Binance UK
The U.K.’s Financial Conduct Authority has banned Binance Markets Ltd. from engaging with British customers. By the numbers: Binance banned in the U.K. — over 5,000% increase in Google search volume.
Binance Markets Ltd., an affiliate of Chinese-owned Binance — the world’s largest cryptocurrency exchange by trading volume — has been banned from engaging in “regulated activities” in the U.K. without the permission of the regulator that investigates and carries out enforcement related to financial crime. That means Binance Markets will not be allowed to offer financial services to U.K. customers, advertise to them, or collect their data.
Although U.K. investors have feared for the safety of funds on Binance.com, and some have panned the platform on social media, Binance has told Forkast.News that users can still access services on Binance.com.
Binance has been at pains to point out that Binance Markets is a separate legal entity acquired by Binance Group in May 2020, and that Binance Markets has yet to launch in Britain.
Binance users in the U.K. can still access Binance.com services, although the Financial Conduct Authority stipulates that all crypto businesses with operations in the country or targeting it must register by March 31, 2022, if they wish to offer services to British customers. Forkast.Insights | What does it mean?
Regulation in the cryptocurrency space is a basic requirement, and it will be regulation that carries the industry to critical mass and maturity. As crypto becomes more integrated into mainstream finance, regulators around the world are ramping up oversight efforts and measures to protect consumers.
The FCA’s ban on Binance Markets Ltd.’s engagement with British customers is just the latest red flag to be waved at Binance Group amid a range of compliance concerns. Japan’s Financial Services Agency has also issued a warning to Binance customers that the exchange has not registered with it and that it is operating without permission. Stateside, Binance.US is also the subject of an anti-money laundering probe by the Department of Justice and the Internal Revenue Service. In March, the Commodity Futures Trading Commission began a separate investigation to determine whether U.S. residents were illegally trading cryptocurrency derivatives on the platform.
Binance often goes out of its way to claim that any local operations that are under investigation are separate entities, not meaningfully connected with its core operations. It also appears to have been deliberately vague about the location of its operational headquarters — like many crypto businesses, which seem less keen on complying with regulation than circumventing it. The apparent rootlessness of these companies belies a certain above-the-law attitude as they seek to distance themselves geographically from jurisdictions with regulatory frameworks that no longer suit their needs, although it appears to be a game they are doomed to lose as regulators coordinate and rules are adopted with an increasingly international scope.
The FCA has since January required crypto-asset businesses to register with it if they want to engage with U.K. customers. Binance withdrew its application in mid-May — and it hasn’t been the only crypto business to do so. Only six firms have fulfilled the FCA’s registration requirement, while more than 60 others have withdrawn their applications (51 pulled their applications in June alone). Although many industry players are griping about regulation, the FCA’s requirements are hardly onerous. Crypto companies are required simply to implement robust anti-money laundering and know-your-customer policies in the same way as any other business in the finance sector.
A notion of freedom is a cornerstone of the Bitcoin project, and of the cryptocurrency sector at large, but money — digital or not — has a direct impact on people’s lives. Cryptos have enabled activities as unsavory as child sex trafficking and terrorist financing, and even though some claim that privacy rights trump concerns over such undesirable uses of cryptocurrencies, they are unwittingly acting to maintain cryptos’ marginalization from mainstream finance and real-world use.
The original objective of the technology is to be trustless — not anonymous — not to need to know anything about an individual to know that they can be traded with and that their money exists, which is the purpose of cryptos’ underlying blockchain technology.
However, what transacting on a blockchain cannot immediately reveal is whether a certain sum of crypto has been stolen or generated from unethical activities such as terrorism, fraud, or worse. In order to use cryptos in good conscience, it’s prudent for users to deal with exchanges that vet their clients according to basic KYC and AML standards.
The truth is that at a technical level, compliance with such standards has been possible from the outset. The biggest barriers to regulatory compliance have been — and remain — the unwillingness of platforms and exchanges such as Binance simply to adopt common standards of regulatory responsibility.
Binance has frequently taken a “shoot first, and answer questions later” approach, running an operation long enough to generate a profit sufficient to render regulatory penalties a mere cost of doing business, with subsequent requests for clemency more closely resembling demands than candid — let alone contrite — admissions of wrongdoing.
2. Memecoins go to the dogs
Elon floki
A single tweet by Elon Musk has upended the memecoin market — again. By the numbers: Floki — over 5,000% increase in Google search volume.
Meme currency Dogecoin may have dipped since its recent surge to the main stage, but its influence in spawning a new generation of memecoins persists. The latest comes following a tweet by the world’s most cashed-up Dogecoin booster, Tesla founder Elon Musk, in which he wrote that his Shiba Inu dog — the breed of pooch that is Dogecoin’s mascot — will be named “Floki.”
As in the past, Musk’s mention of Dogecoin moved crypto markets, prompting the issuance of 100 billion Floki Shiba Inu tokens on the Binance Smart Chain and a trillion Floki Inu tokens on Ethereum. Some crypto holders have expressed concerns after receiving error messages after withdrawing or selling memecoins purchased through decentralized exchanges such as Uniswap and PancakeSwap. As one of the most popular Dogecoin spinoffs — and a coin that some enthusiasts consider a worthy Dogecoin rival — Shiba Inu has been on a seven-day winning streak, and was up 38.4% over the past week from press time.
The joke began in 2013 with Dogecoin, a satirical homage to Bitcoin that was designed to serve no real purpose other than generating a few laughs. However, when Dogecoin’s value surged from near-zero to an all-time-high of US$0.73 in May, the laughter behind the joke began to take on a worrying tone — had it been audible amid the chorus of meme coin investors singing its praises.
Millionaires and even billionaires were made in the Dogecoin frenzy, but many young and inexperienced traders lost their shirts when the market crashed in May.
Memecoins are assets based on jokes and cultural references rather than traditional measures of value. They’re often shamelessly plugged by celebrities and investors who seem willing to exploit their sway over young, inexperienced retail investors looking for a quick profit.
Dogecoin’s superficial success spawned joke spin-offs such as Shiba Inu, named after the breed of hunting dog upon which the Doge meme is based. And now Floki has found its way into the limelight as one of the most frothy examples of memecoin hysteria to date, following Musk’s announcement that his own Shiba Inu dog would be named Floki. The Floki coin has surged 3,500% as a result of a fickle billionaire’s tweet that means nothing and says nothing about its value or purpose.
This may be a big joke to Musk — and, admittedly, it is hard to see evidence of anything more than an attempt at humor in his tweet — but his apparent refusal to acknowledge the power he has over the meme-crowd is an act that seems irresponsible, to put it mildly.
Memecoins have sparked much debate within the crypto industry. Although some say they are spreading awareness of crypto and making investing in the sector more accessible to a wider range of people, the truth is that memecoins are minted with such a low market capitalization that the ability for whales to manipulate them should fill retail investors with dread.
To many in the cryptocurrency industry who are working hard to develop it and see it taken seriously by institutional and professional investors, the joke of memecoins has become as tedious and off-putting as an overly-personal story an embarrassing uncle tells at every family gathering as those around him squirm uncomfortably. Yes, there is the opportunity for fast money. Yes, some people have made fortunes. But is Floki really something you will be holding onto for your grandchildren?
When getting into cryptocurrencies — which remain hugely volatile, even for projects that have clear purposes and obvious utility — investors should ask themselves what ends a coin serves, what project it supports, what it can be used for, and what problems it solves. If they can’t answer such basic questions, they would be well advised to think twice about betting on it.
In the same way, if people are so easily influenced by the meaningless musings of a multibillionaire who can afford to lose more than they could possibly make in many lifetimes, they might want to take a hard look at themselves, and perhaps save their complaints for when a regulator such as Hong Kong’s Securities and Futures Commission decides that retail investors should no longer have access to cryptocurrency exchanges. As parents have been known to say: “If you want to be treated like an adult, act like an adult.”
3. All aboard the e-CNY express
Chengdu digutal yuan
Public transportation networks in three big Chinese cities are accepting or preparing to accept ticket payment in digital yuan. As China’s central bank marshals the masses into an embrace of the country’s state-backed digital currency, public transportation systems in the cities of Beijing, Chengdu and Suzhou are at various stages of accepting e-CNY, as the digital yuan is now known.
The government of Chengdu, capital of the southwestern province of Sichuan, announced on June 28 that the installation of e-CNY payment systems on all public transportation — including subways and public buses — was complete. Some 16 million Chinese who have downloaded a government-developed app named Tianfutong will be able to use it to make e-CNY payments for public transport in Chengdu.
A day later, authorities in Suzhou and Beijing announced that their public transportation systems would accept payment in e-CNY. In Suzhou, individuals who have an e-CNY wallet app on their mobile phones are now able to use digital yuan to pay for tickets on the city’s newly opened subway line 5, local authorities wrote on Weibo, a Twitter-like platform that is ubiquitous in China.
In Beijing, all 24 subway lines and four suburban railway lines started to accept e-CNY payments today, according to People’s Daily, a communist party mouthpiece. Services are currently available only for individuals who have downloaded an e-CNY wallet app from the Industrial and Commercial Bank of China.
China’s digital currency, which is not yet officially launched and is often still referred to by its original project name, DCEP (Digital Currency, Electronic Payment), has undergone 13 rounds of mass testing so far in eight of China’s largest cities. Forkast.Insights | What does it mean?
The race to adopt central bank digital currencies has been given a considerable boost by the Covid-19 pandemic, and many of the world’s central banks are engaged in research and proof-of-concept development. China leads the field, having conducted multiple tests of e-CNY and built infrastructure to encourage its use.
Beijing aims for use of the currency to reach critical mass ahead of the 2022 Winter Olympics in Beijing, and the People’s Bank of China has conducted a number of large-scale trial runs, encouraging take-up by giving away millions of dollars worth of e-CNY.
The central bank is continuing to ramp up efforts to popularize e-CNY, and China has made no secret of its plans to emerge as a leader in CBDCs following e-CNY’s rollout in major cities such as Shenzhen, Suzhou, Chengdu, Xiong’an, Shanghai and Beijing. It hopes to internationalize its currency through greater use of e-CNY.
China’s Belt and Road Initiative is another means by which Beijing is aiming to internationalize its currency. The goal appears to be to make e-CNY the preferred currency used in supply chains and on trade rou
Shiba Inu price has shown a massive performance since June 8.
Although SHIB rides hype waves, it has reacted well to Bitcoin news and might continue to do so.
A 45% upswing might follow a minor retracement toward critical support levels to $0.0000107.
Shiba Inu price saw a massive downtrend between May 24 and June 12, which shattered the May 19 and May 23 lows to set up new ones. Despite a vast drawdown, the recovery for SHIB has been quite spectacular.
More importantly, Shiba Inu price is reacting to significant developments in the cryptocurrency space as well as celebrity endorsements, which has boded well for the meme coin.
Bitcoin’s increasing influence on meme coin community
El Salvador accepting Bitcoin as legal tender was crucial to the cryptocurrency ecosystem, and BTC price reacted accordingly. Interestingly, this news led Shiba Inu price to form a bottom due to the announcement and also rallied 22% as a result.
Soon thereafter, Coinbase announced that it would list Shiba Inu, which pushed the market value of the dog-themed crypto by a whopping 50% in less than 16 hours.
A similar uptrend was noticed after Elon Musk tweeted about Shiba Inu on June 25.
While these events have already occurred, payments giant NCR’s decision to offer bitcoin purchases to its 24 million customers is the next big wave of adoption, which might positively sway Shiba Inu price.
On June 30, Atlanta-based NCR made a deal with NYDIG, a digital asset management firm, to offer Bitcoin purchases to its customers spread across 650 banks in the US. This decision comes as NCR plans to ride the cryptocurrency hype wave, which is becoming apparent recently.
NCR will skirt the complications of holding cryptocurrencies by leveraging NYDIG’s well-known digital asset custody services.
Regardless, this is a huge step forward for the adoption of Bitcoin and cryptocurrencies in general. Therefore, investors can expect a positive trend for BTC, Shiba Inu and other altcoins in the second half of this week.
Shiba Inu price might retrace before blasting off
Shiba Inu price is currently retracing after tagging the 62% Fibonacci retracement level at $0.00000954 for the fourth time over the past month.
The pullback is likely to continue until SHIB finds support at $0.00000811 or $0.00000739. At either of these two demand barriers, investors can expect the resurgence of buyers that might catapult Shiba Inu price forward.
If this were to occur, SHIB is likely to slice through the 62% Fibonacci retracement level at $0.00000954, followed by a retest of the 70.5% Fibonacci retracement level at 0.0000104, a 45% upswing from the support level at $0.00000739.
In a highly bullish case, the meme coin can be expected to produce a decisive 4-hour candlestick close above the 79% Fibonacci retracement level at $0.0000122.
If the buying pressure continues after this development, Shiba Inu price might redefine the upper range.
On the flip side, if SHIB fails to slice through $0.0000122 and stay above it, it will indicate that investors are more interested in short-term profits, which might result in a downswing to $0.0000101 or if the market participants continue to book profits, $0.00000954.
This move would not be a bearish indication but suggests that Shiba Inu price might take another jab at retesting the upper range.
However, if the meme coin breaks down the support barrier at $0.00000625, the chances of an upswing would be reduced dramatically. In such a case, Shiba Inu might drop to the range low at $0.00000517.
Bitcoin's Regulatory Future Is Darkening. Wall Street Still Likes the Business.
BY Dow Jones & Company, Inc. 07/01/2021
Bitcoin and other cryptocurrencies are looking shakier from a regulatory standpoint on reports that India's central bank is cracking down. But Wall Street still sees plenty of profit for exchanges like Coinbase Global ( COIN ) and others in the crypto economy as "staking" digital tokens opens up new revenue streams.
The latest regulatory hurdle for crypto appears to be India, where the Reserve Bank of India, or RBI, is " informally asking" banks to avoid digital currency transactions, Reuters reports.
Indian banks have been in a quandary over crypto; the RBI banned crypto transactions in 2018, but the Indian Supreme Court ruled against the ban in March 2020. Financial regulators in India may now be seeking alternate means to quash the crypto market, forcing exchanges to use other payment gateways and processors.
India's crackdown follows one in China, where much of Bitcoin is mined, or processed. Financial authorities in May ordered a "crackdown on Bitcoin mining and trading behavior," aiming to maintain financial market stability and " severely punish" illegal financial activities. That has triggered an exodus of mining operations out of the country.
Yet Wall Street still sees large and rising profits in the crypto economy. J.P. Morgan, for instance, issued a note on Wednesday outlining a $40 billion revenue opportunity in crypto "staking," a method of validating blockchain transactions that generates income for exchanges and holders of a crypto token.
Staking is now a $9 billion business, according to J.P. Morgan and will grow to $20 billion as the two large Ethereum networks complete their merger later this year, switching to a "proof of stake" protocol from "proof of work." The overall staking market will hit $40 billion by 2025, the Wall Street firm estimates.
"We think staking will make the cryptocurrency marketplace increasingly attractive relative to other asset classes, yield-generating or not," J.P. Morgan's Kenneth Worthington wrote in a note.
Exchanges stand to benefit by earning fees and commissions from customers that stake their tokens. Coinbase could generate $200 million from staking in 2022, up from about $10 million in 2020, Worthington estimates. Staking could hit a $500 million annual run-rate for Coinbase by the end of 2025, he forecasts.
Proof-of-stake is also more energy efficient than proof-of-work protocols and could help reduce the steep energy- consumption and environmental toll of Bitcoin and other blockchain networks.
The Ethereum network merger could be a game-changer for staking, vastly expanding the market for tokens that run on proof-of-stake (POS) protocols. Worthington estimates that the merger will increase the market-cap of POS tokens by $250 billion, boosting POS tokens to 27% of the overall crypto market.
Staking tokens is also a way for crypto owners to earn income--essentially by pledging their tokens to validate transactions on blockchain networks.
Owners of the Ethereum 2.0 token can earn a 5% yield for staking on Coinbase. The Kraken exchange is offering 5% to 7% yields on Ethereum staking. Other tokens may yield more. Staking USD Coin--an Ethereum-based stablecoin pegged in value to the dollar--on the Binance exchange can generate a 9.49% annualized yield.
Coinbase, for one, could clearly use the revenue with Bitcoin prices in a rut at around $33,472, well below peaks around $65,000 earlier this year. Coinbase plans to start staking Ethereum tokens after the network merger, potentially creating a new revenue stream.
Wall Street expects Coinbase's revenue to decline to $5.6 billion in 2022 from $6.2 billion this year, according to consensus estimates. If J.P. Morgan is right, and staking takes off, it would lift revenue next year by 3.6% above the consensus. With crypto's extreme volatility, however, it is difficult to say whether that would move the needle on the stock.
Worthington has an Overweight rating and $371 target on Coinbase. The shares were at $247, down 2.6% in trading on Thursday.
Without easy links to the banking system, crypto platforms lack mainstream appeal
Binance’s woes stem directly from the UK’s 2020 move requiring crypto asset companies to register with the FCA
What’s the point of making a killing in bitcoin if you can’t spend the loot?
Customers of Binance, one of the world’s largest cryptocurrency exchanges, are confronting that question after their accounts were suddenly cut off from one of the UK’s main payments systems.
Days after the Financial Conduct Authority ordered Binance to halt all regulated activities in Britain, the digital asset company stopped allowing its customers to withdraw pounds via Faster Payments, a service used by high street banks. Bank card transfers in pounds were also halted.
Binance insists that the FCA ban does not affect its business and some of the links have been reinstated. Customers could still transfer their holdings to other platforms. But the sudden halt highlights a key issue for the freewheeling world of cryptocurrencies. With the notable exception of El Salvador, no country uses bitcoin as legal tender — and even Elon Musk has backed off plans to accept it as payment for Teslas. Instead, crypto holders must find ways to convert it into fiat currencies.
Therein lies the rub. Regulators who have spent decades battling money laundering and terrorist financing are not about to welcome floods of anonymous money from unsupervised digital coin exchanges. The anonymity of bitcoin and some of its competitors is demonstrably popular with cybercriminals and tax evaders.
Facebook got an early taste of the potential backlash in 2019 when it announced plans to revolutionise the global payments system with Libra, a digital currency. The project ran into a regulatory buzz saw and has been repeatedly delayed, scaled back and even renamed Diem.
Since then, governments have become more interested in cryptocurrencies, and far more sophisticated in their approach. Most large central banks are at least pondering whether to issue their own digital currencies, while banking and securities watchdogs are starting to bring crypto platforms within the regulatory net.
Binance’s woes stem directly from the UK’s 2020 move requiring crypto asset companies to register with the FCA and demonstrate compliance with anti-money laundering rules. The watchdog says an “unprecedented” 90 per cent of would-be registrants, including Binance’s UK arm, have dropped their applications rather than meet the FCA’s standards.
In Canada, the Ontario Securities Commission has begun taking legal action against unregistered crypto exchanges, prompting Binance to pull out. German and US watchdogs also have the crypto platform in their sights.
Cryptocurrency optimists continue to see every regulatory crackdown as a positive sign of the medium’s maturation. They have a point. Banking regulators would not be assigning high risk weights to digital currencies if some lenders weren’t starting to hold them. The Japanese Financial Services Agency wouldn’t be issuing its second warning in three years about illegal operations if Binance were not continuing to attract customers.
But there is a limit to this rosy outlook. China’s clampdown on the power-hungry process of bitcoin production has sharply dented the price of the best known cryptocurrency. And scrutiny elsewhere is forcing crypto providers to rethink their business models.
Up to now, Binance and other crypto platforms have been able to operate with fewer employees and less elaborate checks on customers than their counterparts in traditional finance. That window of leniency is almost certainly closing, forcing a difficult choice upon the industry.
Too much scrutiny will drive away the freewheeling early adopters that have powered their rapid growth. But without proper systems and controls, crypto’s broader appeal is limited. Coinbase, one of the world’s largest platforms, is a case in point. Its April direct listing on the Nasdaq was seen as a validation for the sector, but the shares are down more than 20 per cent from its first day’s closing price. Investors worry that falling bitcoin prices will dent trading volumes and increased competition and costs will cut margins.
Just look at how many regulated banks, brokers and exchanges scent an opportunity. On Tuesday alone, Deutsche Börse said it had bought a Swiss crypto provider, and Fidelity, Standard Chartered and TP ICAP announced they had teamed up to launch a crypto trading platform.
Cryptocurrency fanatics may applaud Binance’s anti-authoritarian attitude. Most investors want a platform where they can easily get their money out.
Elon Musk and Jack Dorsey agree to talk about bitcoin at an event in July
On Thursday, Twitter and Square CEO Jack Dorsey promoted an event called “The B Word,” which will aim to encourage companies and institutional investors to adopt bitcoin, according to its website. The event is scheduled to take place on July 21, with speakers including Dorsey and ARK Invest’s Cathie Wood.
In response to Dorsey’s tweet of the event, Tesla and SpaceX CEO Elon Musk responded and seemingly agreed to chat with Dorsey about bitcoin at the event.
At your crypto main screen it will say “trade” and “transfer”. Click transfer. Then click deposit. Then click fiat wallet. I hope this helps.
On chase click the “transfer” tab and it should walk you through. Uphold instantly transfers money from my checking and I can buy there and then. Good luck.
Sorry John life is busy and my mind is all over the place. What I did is I went in my crypto dot com menu and obtained their routing and account number. I then accessed my chase checking account via the internet, setup a transfer, and entered their banking info. Chase is initially sending two small amounts as a means to verify their account before sending the actual sum I requested. I believe from that point transfers will happen seamlessly. On my uphold account I can instantly transfer funds the same way. My coinbase account I use my chase visa credit card to fund. Most of my money is presently in uphold.
The transfer should not require any more finagling on my end. I’m going to open a position on didi. I need to buy a truck and have concluded I’ll finance the truck and park money in the market
The transfer go my crypto dot com account successfully sent the two test transfers of a few cents, so chase should be sending the actual sum shortly. Hopefully Shiba is in the 7s or 8s by then
How to transfer cash between your Coinbase Pro and Coinbase accounts
Although your Coinbase and Coinbase Pro accounts are linked, they have their own separate wallets. Transfers from Coinbase to Coinbase Pro are free.
Adding cash to Coinbase is available on the Pro mobile app by going to the Portfolios page and tapping Add cash in the top right-hand corner.
To transfer funds from your Coinbase wallet to your Pro wallet, follow these steps:
Go to the Coinbase Pro trading page. Select Add cash under Wallet Balance (a pop up window will appear). Select the currency type (i.e. BTC, ETC) that you’d like to add cash to Pro from Coinbase. Select Coinbase Account. Enter the amount you would like to add cash to Pro from Coinbase. Please note that you will only be able to add funds that are “Available to add cash” . Select Add cash at the bottom of the window.
To transfer funds from your Pro wallet to your Coinbase wallet, follow these steps:
Go to the Coinbase Pro trading page Select Cash out under Wallet Balance (a pop up window will appear) Select the currency type (i.e. BTC, ETC) that you’d like to cash out from Pro to Coinbase Select Coinbase Account Enter the amount you would like to cash out from Pro to Coinbase Select Cash out at the bottom of the window Important Note: Transfers between Pro and Coinbase count towards your Pro cashout limit. Requests to increase your Pro cashout limit can be submitted on your limits page.
NFTs (or “non-fungible tokens”) are a special kind of cryptoasset in which each token is unique — as opposed to “fungible” assets like Bitcoin and dollar bills, which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, recordings, and virtual real estate or pets.
In February 2021, a 10-second video by an artist named Beeple sold online for $6.6 million. Around the same time, Christie’s announced that it would be selling a collage of 5,000 “all-digital” works by the Wisconsin-based artist, whose real name is Mike Winkelmann. It was put on a virtual auction block with a starting price of $100 — and on March 11 it sold for a staggering $69 million.
Beyond the high prices, there was one other fact that observers found fascinating. In exchange for their money, collectors who buy Beeples don’t receive any physical manifestation of the artwork. Not even a framed print. What they do get is an increasingly popular kind of cryptoasset called an NFT — short for non-fungible token.
Each Beeple piece is paired with a unique NFT — a token attesting that each owner’s version is the real one. “We are in a very unknown territory,” Christie’s contemporary art specialist Noah Davis told Reuters. “In the first 10 minutes of bidding we had more than a hundred bids from 21 bidders and we were at a million dollars.”
Why are NFTs important?
You can think of NFTs as being kind of like certificates of authenticity for digital artifacts. They’re currently being used to sell a huge range of virtual collectibles, including: • NBA virtual trading cards • Music and video clips from EDM stars like Deadmau5 • Video art by Grimes • The original “nyan cat” meme • A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban • Virtual real estate in a place called Decentraland
As as Bitcoin and other crypto has boomed in popularity over the last year, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is stored on an open blockchain (often Ethereum’s) and anyone interested can track them as they’re created, sold, and resold. Because they use smart contract technology, NFTs can be set up so that the original artist continues to earn a percentage of all subsequent sales.
Along the way, NFTs have raised fascinating philosophical questions about the nature of ownership. Wondering why digital artifacts that can be endlessly copied and pasted have any value at all? Proponents would point out that most kinds of collecting isn’t based on inherent value. Old comic books were produced for pennies’ worth of ink and paper. Rare sneakers are often made out of the same materials as worthless ones. Some paintings hang in the Louvre, others end up in thrift shops. As the collector who sold the $6.6 million Beeple piece noted, you can take a nice picture of the Mona Lisa, but it’s not the Mona Lisa. “It doesn’t have any value because it doesn’t have the provenance or the history of the work,” said the Beeple fan. “The reality here is that this is very, very valuable because of who is behind it.” What does “non-fungible” mean?
Every bitcoin is worth as much as every other bitcoin. NFTs, on the other hand, are all unique. “Fungibility” refers to goods or assets that are all the same and can be swapped interchangeably. A dollar bill is another perfect example — each is worth exactly one dollar. Concert tickets, by contrast, are non-fungible. Even if every Radiohead ticket is the same price, they aren’t directly exchangeable. Each represents a specific seat and a specific date — no other ticket will have those exact characteristics.
Where do you buy or sell NFTs?
Digital-artwork NFTs are mostly sold on specialized marketplaces like Zora, Rarible, and Opensea. If you’re more interested in games and sports collectibles, developers like Dapper Labs have created experiences including NBA Top Shot (virtual trading cards) and Cryptokitties (a Pokemon-ish digital-cat collecting app that actually was the first NFT hit in late-2017). Online games including Gods Unchained are starting to use NFTs to sell in-game assets like weapons or cosmetic upgrades. Real estate in new virtual worlds is sold via markets including Decentraland and The Sandbox.
You can also buy or sell some NFTs directly via a compatible crypto wallet.
How do NFTs work?
If you’re interested in DeFi, you might have heard of the ERC-20 standard, which allows anyone to create a token compatible with the Ethereum blockchain. Those are “fungible” tokens. Most non-fungible tokens are built using the ERC-721 and ERC-1155 standards, which allow creators to issue unique cryptoassets via smart contract. Because each NFT is stored on a blockchain, there is an immutable record starting with the token’s creation and including every sale. (Some NFT-focused developers have also built their own alternative blockchains, including Dapper Lab’s Flow.)
What can you do with NFTs once you buy them?
Good question! Some people display their digital artworks on large monitors. Some buy virtual real estate (via NFT, of course) in which they’re able to build virtual galleries or museums. You can also roam virtual worlds like Decentraland and check out other people’s collections. For some fans, the appeal is in the buying and selling — much like any other asset class. (The collector who sold the $6.9 million Beeple paid less than $70,000 for it in October 2020). More and more mainstream artists have also gotten involved in the space — especially from the world of music. In early March, Nashville band Kings of Leon announced their next album would arrive in the form of multiple NFTs. Depending on which a fan buys, various perks will be unlocked — like alternate cover art, limited-edition vinyl, and even a “golden ticket” to a VIP concert experience.
Is the Shiba Inu Coin the Cryptocurrency You Should Be Watching?
Andrew Lisa Yahoo Finance Tue, June 29, 2021
The weird world of cryptocurrency got even weirder with the arrival of Shiba Inu. Now among the top 30 or so cryptocurrencies in the world, its staying power is a testament to the might of memes, the contagious nature of investor groupthink and the cuteness of fluffy dogs.
But is the coin that billed itself as the “Dogecoin Killer” a legit crypto investment opportunity now that it boasts more than 550,000 users? There’s a lot to consider before you can answer that question.
The Strange Beginnings of Shiba Inu
Launched in August 2020 by an anonymous person going by the name Ryoshi, Shiba Inu was a challenge to Dogecoin from the very beginning. Its mascot — the coin’s namesake breed of Japanese dog — is also the mascot of Dogecoin, which itself was started as a joke based on a viral canine Internet meme.
Like so many other cryptocurrencies, Shiba Inu is based on the Ethereum blockchain. Ryoshi started with a supply of 1 quadrillion tokens — that’s 1,000 raised to the power of five. Ryoshi then locked half of the tokens in a decentralized finance protocol called Uniswap and “burned” the other half, worth $1 billion, to Ethereum co-founder Vitalik Buterin for safekeeping. Buterin then donated trillions of Shiba Inu coins to India to help stem the spread of COVID-19 — it was history’s largest cryptocurrency donation — before “burning” 40% of the total supply to a “dead wallet.”
If you got through the last two paragraphs but have no idea what you just read, investing in Shiba Inu is probably not for you.
Like All Crypto, It’s Complicated — and Highly Volatile
Unlike Bitcoin, which is currently trading at around $35,000 per coin, Shiba Inu goes for just a tiny sliver of a penny — about $0.000008082 per token. The logic, according to Barron’s, is that cheaper coins draw wider audiences. Dogecoin, by comparison, is trading at a much more expensive 26 cents.
All that is fine and well, but like everything involving crypto trading, volatility is the name of the game with Shiba Inu. The coin briefly lost half of its value on the day that Buterin made the donation to India. That’s a single-day drop of 50% based purely on investor emotion and reaction to a news story — and in the world of crypto, that’s not at all unusual.
If you can handle that kind of heat, by all means — but keep in mind the nature of the roller coaster you’re about to board.
On May 9, Shiba Inu soared to its all-time high of $0.000035. The price almost immediately crashed back down to Earth and less than 10 days later, that number had an extra zero in it, as it does to this day.
Is Shiba Inu a Good Investment for You?
If you want to look in your digital wallet and see millions, billions or even trillions of something, you won’t do better than Shiba Inu — but few experts would recommend that as a sound investment strategy.
Crypto, in general, is in a slump right now, particularly Ethereum-based tokens like Shiba Inu and Dogecoin. If that trend reverses course (which it now has), it’s perfectly logical to believe that Shiba Inu will be lifted by the tide. In fact, on June 24, an expert writing for FXStreet used convincing logic to predict that Shiba Inu is due for an 80% price increase, and maybe it is. But it’s just as easy to find experts who predict that the coin of the moment will soon be tossed onto the trash heap of crypto history with the rest of the fallen altcoins.
But it is while utilizing your bank VISA DEBIT card.
With COINBASE I was able to link with checking account number and routing number. In this way I do not have to call the bank ahead and get a 24 hour release on transfers from bank to crypto.com.
SHIBA
Still under 0000 and rising.
Added again.
When we hit $0.00001 I want to be loaded and will let others move this.
Pack Your Bags and Pay With DOGE as a New Travel Partnership Bolsters Dogecoin Prices
Travelers can now pay for pizza tastings and Grand Canyon tours with Dogecoin
June 29, 2021 By Brenden Rearick InvestorPlace
Investors who snatched up Dogecoin (CCC:DOGE-USD) early in 2021 may be missing its all-time highs, but they still have dollar signs in their eyes. That is because Dogecoin prices exploded this year from less than a penny to nearly 74 cents. Now, DOGE has settled near 27 cents. A vacation might be the perfect way to celebrate such momentous gains, and thanks to one company, you can now fund that trip directly with DOGE. So what do you need to know now?
Berlin-based GetYourGuide announced today its official expansion to the United States. The booking platform is a popular one abroad, having seen over 45 million tour bookings in its decade-plus history, spanning across 170 different countries.
Today marks a huge step for GetYourGuide as it accommodates bookings for U.S. customers. Eager travelers can go to the GetYourGuide website right now to begin booking.
The most exciting aspect of this expansion is not just the new options for American travelers; rather, its’ the fact that users can now make their bookings using Dogecoin. According to a press release, select bookings can be made using the meme coin. This marks a huge step in the commodification of the altcoin — and cryptocurrency in general.
GetYourGuide’s announcement rounds out an eclectic group of services and products which one can purchase with DOGE. Travala.com began taking Dogecoin payments in May, and Mark Cuban’s Dallas Mavericks sells merchandise and tickets in exchange for DOGE. A large criticism of the coin is that its utility is unremarkable. However, with each new service offering Dogecoin payments, the practicality of DOGE grows greater.
In turn, Dogecoin prices are seeing a healthy value hike today. The coin is up by nearly 6%, hovering at around 27 cents. The past seven days have been good for DOGE, seeing the crypto grow by 50% after its tumble down to 18 cents last week.
Bt Vladimir Zernov Tue, June 29, 2021 Yahoo Finance
BTC-GBP +5.64%
BTC-USD +6.12%
BTC-CAD +5.54%
BTC-INR +6.17%
Shiba Inu Continues To Move Higher
Shiba Inu managed to get above the resistance at $0.000008 and continues to move higher while Bitcoin is testing the resistance at $35,000.
Bitcoin is currently trying to settle above the resistance which is located near the 20 EMA at $35,000. This resistance level has already been tested several times in recent trading sessions and proved its strength. In case Bitcoin manages to settle above $35,000, it will gain upside momentum and head towards the resistance at $38,000 which will be bullish for the whole crypto market.
I’d note that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, faced resistance near 48% and declined below the 47% level, indicating that traders are buying more altcoins. This is bullish for Shiba Inu.
Dogecoin failed to settle below the $0.25 level which is another bullish development for Shiba Inu.
Technical Analysis
Shiba Inu did not face serious resistance at $0.000008 and continues its upside move. RSI has moved closer to the overbought territory after Shiba Inu moved from $0.0000056 to 0.0000086, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
The next resistance level for Shiba Inu is located at $0.000010. No important resistance level were formed between $0.000008 and $0.000010 so Shiba Inu has a good chance to get to the test of the resistance at $0.000010 in the near term.
In case Shiba Inu settles above $0.000010, it will move towards the next resistance at $0.000012. A successful test of this level will open the way to the test of the resistance at $0.00001350.
On the support side, the previous resistance at $0.000008 will serve as the first support level for Shiba Inu. In case Shiba Inu declines below this level, it will head towards the next support at $0.000007. A move below this level will push Shiba Inu towards the support at $0.0000063.
I know about the chart. Dogecoin shot up like a rocket as well but that is a shitcoin that will crash and burn sooner than later. I just want to know if SHIBA is sustainable or if it is purely a flip play.
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