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What are the development prospects for the Solana project? Solana Project: Present and Future.
Solana is a crypto coin, which is in 5th place in terms of market capitalization. Following a recent DDoS attack, it has emerged as the leader in network development charts. According to Santiment, SOL has become the leading blockchain in the last month. From November 12 to December 13, Solana's daily GitHub requests rose to 90, overtaking Polkadot with 76 and Cardano with 65. On December 9th, Solana's network slowed down significantly due to a DDoS attack. The developers managed to mitigate the impact without shutting down the network. However, the community was seriously alarmed by the vulnerability of the Solana blockchain. “Solana is ready to take on a DDoS attack again. This attack took advantage of the fundamental design flaws that SOL is responsible for as it sacrifices decentralization and safety for speed, ignoring the consequences of this compromise with Proof of Histor? & Turbine», - said the founder CyberCapital Justin Bons. Despite the concerns of the cryptocurrency industry participants about the security of the Solana blockchain, it is one of the most actively growing smart contract networks this year. The network is increasingly being chosen by projects in the field of non-financial tokens and decentralized financing.
For example, Twitch founder Justin Kahn is launching Fractal, an NFT marketplace based on the Solana blockchain. The company has already agreed with gaming studios, which are ready to provide their own non-fungible tokens on the marketplace. Fractal users will be able to purchase assets both directly from platform partners and create their own NFTs. Justin Kahn claims to launch the first NFT marketplace focused on NFT in the gaming industry. "The transition to in-game assets, which are NFTs on the blockchain, will open up real ownership and new levels of interaction in games for players," said the founder of the project. Due to its growing popularity among users, Solana is often compared to Ethereum. Some members of the crypto community consider the crypto coin to be an "ETH killer". But will the project be able to guarantee the safety of its users in the future? Will SOL hold its position as one of the most popular crypto coins in the long run?
DOGE: unique story of the appearance and Elon Musk’s attention
How dogecoin transformed from a joke meme to one of the popular crypto assets December 8, 2013 is considered the launch day of one of the most controversial and attention-grabbing crypto coins community. Dogecoin is a prime example of how a meme, a joke, turned into an investment asset. Programmer Billy Marcus did not conceive of DOGE as a serious project. According to him, it took the programmer about three hours to make a parody of the rapidly growing digital currencies.
A meme popular in 2013 was chosen as the symbol of Dogecoin - a Shiba Inu dog named Kabosu with funny facial expressions. The slogan of the new crypto-coin was the phrase: "the digital currency preferred by the Shiba Inu around the world." Technically, DOGE is also very simple - unlike BTC or ETH, which are well-developed infrastructure and have serious functionality. However, after some retailers, medical and sports companies began to accept the meme cryptocurrency, it acquired the features of a real means of payment. Analysts believe that the development of the Dogecoin project is based on the popularity of the token among celebrities on social networks. One of them is Elon Musk, who has mentioned DOGE more than once.
In October of this year, the businessman wrote on Twitter that he supports the coin, as he considers it to be a "people's cryptocurrency." The entrepreneur, according to him, before supporting the token, spoke with Tesla and SpaceX employees, and many of them turned out to be the owners of Dogecoin. Trader Justin Bennett also expressed the opinion that the value of the token could grow by more than 1000%. “DOGE does what it does best. The last two breakouts have resulted in gains of 1000% or more. The latest round of consolidation lasted 3 times longer than the period leading up to the April 1,200 percent breakout,” Bennett said.
Another feature of DOGE is its high volatility, which attracts investors who are ready for the risk and instant market reversals. The spirit of adventurism, rebellion against the conservative financial system, and the meme subculture also influence the popularity of the token. As of the beginning of this December, the price of the meme cryptocurrency has dropped by almost 19% over the past week, reaching $0.17. Due to the volatility, DOGE was ranked 11th among the most popular tokens. However, this situation does not scare those players in the community. Dogecoin has every chance of breaking its own price records in 2022.
How the hamster and chimpanzee got luckier than professional traders
The investment world is full of legends and unusual stories. Some of the most interesting cases are the precedents associated with investments in cryptocurrencies and securities by ... animals. For example, the hamster Mr Goxx (the real name of the hamster is Max) was able to make money on digital assets. Its owner designed a special cage with tunnels and a wheel that was connected to special sensors. Firstly, the animal spun the wheel, using a random selection, the system stopped at one of 30 crypto coins. When Mr Goxx found himself in the right tunnel, the currency was sold, but if he ran to the left, the tokens were bought in the amount of 20 euros. Since June 12, the hamster has increased its portfolio by 98.2 euros, which is 25% of the starting investment of 390 euros. However, yesterday the owner of the hamster posted on Reddit that Mr Goxx died last Monday. “Mr. Goxx has brought joy to people all across the globe and reminded us not to take life too seriously. He shed light into dark moments of pandemic, inflation and many kinds of trouble. Thank you and rest in peace, Max. You will be missed, and your memory will live forever on the blockchain,” wrote the owner of the animal.
Another unusual case was the appearance on the stock market of a six-year chimpanzee named Raven. Almost 20 years ago, he managed to collect a portfolio of stocks, just throwing a ball at the target. Despite the seeming absurdity of this approach, the profitability of the shares of the IT companies selected by the monkey amounted to 365.4%. Raven has overtaken 10 thousand American funds and became the most successful chimpanzee on Wall Street according to the Guinness Book of Records. “As Raven did not have prior knowledge of how any particular Internet related companies have been performing, we took his ten picks and dated the prices back to the beginning of the year to provide easier year-to-date comparisons with the more traditional market indexes such as Standard & Poor's 500," stated Roland Perry, editor of Internet Stock Review. In the long run, however, the chimpanzee went bankrupt. Today, securities chosen by the animal are worth nothing. Do you think this is an accident, artificial hype or a pattern?
Why do animals manage to outplay professional traders?
Bitcoin mining power demands in Texas could jump 5 times by 2023
As the state of Texas faces a rapid inflow of Bitcoin mining operations, its electrical infrastructure will have to support the industry’s expected 5,000 megawatts of additional power demands by 2023. The Bitcoin mining industry in Texas currently consumes around 500 to 1,000 MW of power. The Electric Reliability Council of Texas (ERCOT) anticipates that demand could increase as much as fivefold by 2023 and has planned an additional 3,000 to 5,000 MW according to reports. This expansion comes amid Texas planning to become the home to 20% of the world’s Bitcoin mining operations. Texas emerged as the go-to destination for Bitcoin miners ever since the Chinese government officially banned Bitcoin mining earlier this year.
The state government has capitalized on China’s clampdown by making Texas a haven for crypto miners who can now enjoy a 10-year tax abatement, sales tax credits, and state-sponsored workforce training. Some Texas residents, however, are concerned that the existing power grid cannot be improved. ERCOT’s management of the state’s electrical grid came under heavy scrutiny in February 2021 when blackouts plagued the region during an extreme cold snap which left about 5 million residents without power for days. There are currently no proposals from the Texas state government to deal with potential issues that may arise from the increase in electrical demand from crypto miners. As suggested by the Texas Standard, miners could be flexible in shutting off their hardware during periods of peak demand or be charged a premium per kilowatt-hour if they want to stay on during peak demand periods.
Large investors are expected to enter the decentralized finance market in 2022
An influx of institutions into the DeFi sphere is expected next year. As one of the founders of Chainlink Sergey Nazarov noted, this industry will continue to grow due to the interest of traditional banks in it. In his opinion, by expanding the types of on-chain collateral, there will be a basis for the emergence of new decentralized insurance solutions. “In 2022, the world will realize that there is a big market called DeFi. If PayPal has started working with cryptocurrencies, then think about why your users will not want to interact with storage, DeFi and so on tomorrow?” he said. Another of the founders of the 1inch Network DeFi project, Anton Bukov, believes that this area will increase its growth rates in the next 3-5 years. The expert stressed that decentralized exchanges should work 100 times faster than at present. This will make it easier for users to understand how DeFi works.
Senator from Australia Jane Hume recently spoke about the concept of decentralized finance. She believes DeFi will help Australia become a leader in innovation and economic progress. “Decentralized finance underpinned by blockchain technology will present incredible opportunities - Australia mustn‘t be left behind by fear of the unknown,” said Hume, stressing that progress and innovation determine the country's economic future. The decentralized finance market is constantly evolving. Having started in 2021 at the level of $21.5 billion, the total TVL (the value of funds blocked in smart contracts of DeFi applications) has increased more than tenfold. By mid-November, the market volume reached $270 billion. This indicates that the DeFi industry is actively developing and will attract more and more players.
Litecoin fights “double top” risks after LTC price rallies 37% in November
A 37% November Litecoin price rally risks exhaustion as the “silver cryptocurrency” hints at forming a double top chart pattern. The classic bearish reversal setup happens when the price forms two consecutive peaks of almost the same height, with each upside move meeting with a strong correction toward a common support level, called the “neckline.” Typically, the price breaks below the support and falls by as much as the maximum height between the double top’s peak and neckline. So it appears, LTC is halfway through forming a double top pattern. Litecoin will need to extend its selloff to retest the neckline. Meanwhile, breaking below the support level would activate the double top breakout setup, with the profit target sitting near $200. Litecoin’s bearish reversal pattern is happening when inflation in the USA has peaked to a three-decade high, prompting investors to seek a hedge across various financial instruments. Litecoin “bull pennant” puts LTC target at $350 Dubbed a bull pennant, the bullish continuation pattern appears when the price consolidates sideways inside a triangular structure after a strong rally upward. Traders confirm a bullish breakout when the price breaks above the triangle’s upper trendline with strong volumes. In doing so, they watch the level at length equal to the height of the previous uptrend (flagpole) as their profit target. As a result, Litecoin’s price eyes an extended upside move toward $350. Meanwhile, failing to have a decisively bullish follow-through risks activating the double top setup. That brings the “multi-month ascending trendline support” in the picture as the next downside target should there be a bearish breakdown move; coincidentally, the target is also near $200.
Experts say bitcoin ETFs are more profitable for investors than ETF on bitcoin futures
MicroStrategy CEO Michael Sailor and Coinmetrics co-founder Nick Carter believe that BTC investment funds are more profitable for investors than ETFs on the first cryptocurrency futures. Sailor believes that if the SEC approves the launch of the BTC-ETF, serious investments will "flow" into them. “As soon as spot Bitcoin ETFs are launched in the US, I think you will see billions flow into them, then tens of billions, then hundreds of billions, and then trillions of dollars. This will be the final step necessary for Bitcoin to become one of the main assets of the Western world,” Sailor said. According to Nick Carter, ETFs on the futures of the first digital coin are “defective”, and the arguments of the regulator against the launch of cryptocurrency funds are “empty”. The expert believes that after the launch of the BTC-ETF in the United States, the trading volume within a month could reach $100 billion.
Former Coinbase top manager advises crypto developers to move to friendly jurisdictions
Balaji Srinivasan, who previously served as CTO at Coinbase, advised digital currency developers not to fight the hostility of regulators. The best tactic in this case, according to the expert, is to move to more positive jurisdictions in relation to the industry. Srinivasan is confident that developers need to generate new solutions faster - before regulators have time to "outlaw them." According to the expert, players in the digital asset market must be mobile, and cities such as Miami and New York, as well as the states of Wyoming, Colorado and Texas, are quite friendly towards cryptocurrency projects. “Cryptocurrency developers must learn to code laws. Zero-level solutions are the fundamental level of cryptocurrency innovation, they are ideas in the minds of people, and they are the ones that lay the foundation for creating solutions of the first and second levels. Traditional financial legislation is heavily influenced by banks or academics who are hostile to cryptocurrencies,” Srinivasan said.
Ethereum price up 74% in less than two months
On November 8, Ethereum has reached another all-time high. According to Coinmarketcap, the price of cryptocurrency is $4,735. ETH is up 74% since the end of September this year. The capitalization of the crypto coin has surpassed the $560 billion mark. The growth of the ethereum rate occurred against the background of the publication of the Finder.com report. The document says that the cryptocurrency may grow to $5,100 by the end of 2021, $15,300 by 2025 and reach $50,700 by 2030. Bitcoin also demonstrates strong growth today. BTC cost is $65,565. Over the past 7 days, the cryptocurrency has risen in price by 6.5%.
Spanish bank plans to launch BTC-ETF
Santander intends to launch Bitcoin exchange-traded funds. Spanish bank president Ana Botin said the organization's clients have a strong interest in cryptoassets. “Santander is considered a leader in the cryptocurrency space. Our clients want to buy bitcoin, but we are too slow in adopting cryptocurrencies due to regulatory uncertainty. Now we are going to offer a cryptocurrency ET,” said the head of the bank. However, according to local media reports, the National Securities Market Commission of Spain has not yet approved the launch of the ETF. Santander is positive about the cryptocurrency industry. The organization previously issued bonds worth $20 million on the Ethereum blockchain.
Bitcoin surpasses $62,000 amid approval of the first BTC-ETF futures
The US Securities and Exchange Commission has approved the country's first exchange-traded fund based on bitcoin futures. Against the backdrop of positive news for the entire industry, the price of BTC rose by almost 3% in 24 hours. According to Coinmarketcap data as of October 18, the cost of the first cryptocurrency exceeds $ 62,400. However, not all cryptocurrency market players were delighted with the news of the SEC approval of an exchange-traded fund for BTC. DeFi Unchained Capital CEO Parker Luce is confident that ETFs are not very profitable for investors. “The Exchange Traded Fund efficiently processes bitcoin as if it were a traditional financial asset. If an investor buys it through an ETF, then you assume additional market maker risks. As a result, he chooses one of the more risky ways of owning bitcoin than if he bought it on the exchange,” he said.
Walmart will launch its own fintech startup
Walmart, the largest US retailer, plans to launch its own fintech project, which will be led by former Goldman Sachs executives. It will be a joint venture with Ribbit Capital, but Walmart will be the majority owner. According to the media, citing sources, one of the options for creating a joint venture could be the acquisition of a neobank, while the company does not plan to obtain a banking license. Walmart has been trying to build a financial services business for its customers for a long time. Until this direction has become one of the most successful for the company. “Everything we will do will be aimed at expanding what we are already doing. Wider adoption of Walmart Pay is definitely something that fits into the ecosystem we're trying to build, ”said Walmart CFO Brett Biggs.
The author of the term "virtual reality" called BTC a pyramid
Scientist, author of the term "virtual reality" Jaron Lanier considers the first cryptocoin "pyramid". In his opinion, investors who bought bitcoin at the beginning of its distribution earned significantly more than those who bought bitcoin later. Lanier believes digital currencies are like gambling. At the same time, the scientist noted that for a long time he was a supporter of crypto assets. “It’s intrinsically a Ponzi scheme. Like the early people have more than the later people. And the further down the chain you get, the more you’re subject to gambling, like dynamics where it’s more and more random and more and more subject to weird network effects and whatnot, unless you’re a very small player…but even then, you’ll be subject to fluctuations. it’s going to wave around the little people more, ”said Lanier.
Vitalik Buterin believes in the cloudless future of ETH
Vitalik Buterin, commonly known as Ethereum co-founder, believes ETH can surpass BTC in the context of total market cap and as a tool for saving traders capital. “That’s quite possible. I think the main difference between these two assets is that the total value of bitcoin and its ecosystem directly depends on its total price. In contrast, ETH is exactly opposite”, Buterin says. Speaking about another DAO development and further extension, Vitalik noted the Gitcoin DAO and Optimism experiments aimed for mutual wealth and as project models which can positively influence the crypto industry. He believes DAO would become something better, something with a more significant meaning than it is now. “They definitely would find their place. I don’t see any unbreakable walls. Mostly, it’s a question of small issues that need to be fixed. When will one of the DAOs change strategy, or when will the two DAOs decide to merge? I think we’ll find it out soon enough”, he said.
Rubini: “Central banks of all countries around the world would proceed with their own digital currency”
The economist and well-known BTC critic Nouriel Roubini has no doubt bitcoin would never become a generally accepted currency. There can be a massive transition of many countries to digital currencies, supported by central banks soon. “Bitcoin is not a currency, and I cannot advise it as a savings tool so as other altcoins which would probably never become real currencies. Sooner or later, central banks would launch their digital currencies”, said the analytic during Sphere presentation. Rubini also declares people would abandon cash operations, constantly switching to digital payments. “It’s already in Sweden, China. For payments, people use QR code”, the economist insists.
The Ukrainian president has delayed further crypto legalization
The Ukrainian president Vladimir Zelensky has returned to the Rada the draft Bill “about digital assets, #3637, forcing to finalize it. According to the law project, there has to establish an independent regulatory authority aimed to control digital assets, taxation system, protection of user rights and other aspects. The president says the whole structure needs to be changed, and National Securities and Stock Market Commission (NSSMC) should run the control processes. At the same time, building an entire new supervisory authority would create huge costs.
IMF posted a situation among digital assets of Central Banks
During the online conference, supported by Bocconi University, Kristalina Georgieva, Managing Director IMF, replied about stablecoins and CBDC (central bank digital currencies). It appeared that as of October 2021, 110 countries - more than half of the world - are working on launching their digital currency. The Russian Federations is also on its way for crypto rubble. Such stablecoins as USDT could be useful as financial tools on digital markets, but CBDC would guarantee even more security, Georgieva says. So far, CBDC has been fully launched only in the Bahamas. In other countries, such assets are only being tested. For example, China has been conducting tests for over two years, and there is no final decision upon it.
Gary Gensler: “SEC will not prohibit cryptocurrency”
Gary Gensler, a chairman of the Commodity Futures Trading Commission (SEC), touched upon the crypto industry during his speech to the financial service committee. The report also was about the measures taken by China against cryptocurrencies, and the main question was asked if the SEC is going to follow the same path. With his answer, Gensler assured that the United States has an entirely different approach to that problem. There is no talk of a complete ban on cryptocurrencies (although the final decision lies with Congress, one of the three highest government bodies). At the same time, the chairman noted that many cryptocurrencies look like investment contracts or other securities, which means it requires appropriate regulation.
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More than half of companies announced their readiness to invest in cryptocurrencies
According to research by Nickel Digital Asset Management, more than 60% of institutions are ready to invest in digital currencies in the long term. 62% of those surveyed noted that they intend to invest for the first time in 2022. Potential capital growth is a key prerequisite for such investments. This was reported by 47% of survey participants. Nearly 45% of those surveyed reported an increasing focus on digital currencies among large companies. 41% of respondents were previously hindered by the ambiguity of the regulatory framework, but now the situation has improved. “There is no doubt that the cryptoassets market is becoming more mainstream in the institutional and wealth management sectors,” said Henry Howell, Head of Business Development at Nickel.
Opinion: BTC could rise in price 10 times
The rate of the first crypto-coin in the next 5 years may grow 10 times, but this is not a reason for buying it. This statement was made by the head of JPMorgan Jamie Dimon. The CEO of the investment bank believes that the authorities of different states will definitely establish supervision over bitcoin. And this to some extent will allow to limit it. “I don’t really care about Bitcoin. People spend too much time and energy on it. Whether regulation will wipe out the first cryptocurrency, I don't know. The authorities will set a framework anyway. This does not mean that bitcoin is not able to rise in value tenfold in the next five years. But if you invest borrowed money, then you are a complete fool. Speculation occurs in any market, even in communist countries. There is a lot of liquidity now, I will not be surprised at anything,” said Dimon.
Kraken will pay $1.2 million in fines
The US Commodity Futures Trading Commission issued a fine to the Kraken crypto exchange. The company will have to pay $1.2 million due to lack of registration and margin transactions with digital assets. The regulator claims that the platform provided access to margin trading, while the company did not go through the approval procedure for such actions. According to the commission, Kraken was in breach of registration requirements from the beginning of last summer to July this year. In this case, the violation has already been eliminated. “As the requirements become more urgent, the Commission needs to revise them to provide market participants with certainty and a common understanding of the rules,” said CFTC Commissioner Dawn Stump.
ETH futures are more popular than BTC with institutional investors
JPMorgan said that Ethereum futures are trading at a premium due to the flow of institutional funds from similar assets based on the main cryptocurrency. BTC futures after the September correction are trading below the spot price of the crypto coin. Analysts say the whale's attention to ethereum futures speaks to "healthy demand for ethereum compared to bitcoin from institutional investors." These are large organizations such as corporations or hedge funds. "This is a setback for Bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to Bitcoin,” JPMorgan analysts commented on the "strong demand divergence".
Opinion: it is not profitable for regulators to “crush to death” the main crypto coin
The founder of Melanion Capital, Jad Comair, believes that it is simply not profitable for regulators to "crush to death" bitcoin. Thus, the entrepreneur expressed disagreement with the point of view of the head of Bridgewater Associates, Ray Dalio, who recently announced a potential threat to the first cryptocurrency. “I think overall that is a very extreme scenario and I do not see a developed country like the US or even all the G7 countries take such a harsh and strong step,” the CIO of Melanion Capital said. Comair said most governments want to regulate the digital asset industry in order to protect the interests of investors. And after the emergence of "adequate and correct regulation, we will see the full power of cryptocurrencies," says the crypto enthusiast.
Twitter launches bitcoin transfers
On Twitter, you can now make transfers in BTC. The functionality, for now, is available to owners of devices based on IOS. However, the company promises to provide a similar opportunity for Android users in the near future. The innovation will allow users of the social network to send donations in cryptocurrency to their favorite bloggers. They plan to carry out operations with bitcoins through the Lightning Network, with the help of which BTC payments will be faster and cheaper. In order to take advantage of the new functionality, you will need to connect a third-party service to your Twitter profile, for example, Venmo from PayPal, Patreon or CashApp. At the same time, the company does not plan to introduce additional fees for transactions in digital currency.
Banks from the USA and Europe oppose the restrictions on working on the crypto market
The largest American and European banks, including JP Morgan and Deutsche Bank, are confident that the latest regulatory requirements limit the work of financial institutions on the crypto market. Earlier, it was decided that financial institutions that have digital assets must ensure their full backup. The initiative came from the Basel Committee on Banking Supervision of the Bank for International Settlements. The committee believes that when banks invest in crypto assets, it is necessary to adhere to a "conservative approach", since digital currencies pose a possible threat to the financial stability of a credit institution. “We find the proposals in the consultation to be so overly conservative and simplistic that they, in effect, would preclude bank involvement in crypto asset markets,” the Global Financial Markets Association said in a letter to the Basel Committee. Banks believe that the new requirements are an attempt by regulators to stop or deprive financial institutions of any incentives to develop in new markets.
Mike Novogratz prefers to remain calm amid falling major crypto coins
Galaxy Digital founder Mike Novogratz said that he was "not nervous" about the short-term prospects of the digital asset market, until BTC fell below $ 40'000, and ETH - $ 2'800. “As long as those [levels] hold, I think the market is in good shape,” he said. The entrepreneur considers the fall of bitcoin on Monday, September 20, below the level of $43'000, a "healthy correction", which is caused by the market's concern about the decisions of American regulators and data on the probable default of the largest developer in China, Evergrande. Novogratz is confident that the fall in the rate of cryptocurrencies did not have a significant impact on institutional investors. “I see nothing but the interest and activity on the part of our clients and corporate investors,” added Novogratz.
Hackers attacked pNetwork project and stole $12.5 million worth of cryptocurrency
Unknown persons hacked pNetwork cross-chain platform. The team of the crypto project wrote about the loss of 277 bitcoins, which equals about $12.5 million. «We're sorry to inform the community that an attacker was able to leverage a bug in our codebase and attack pBTC on BSC, stealing 277 BTC (most of its collateral). The other bridges were not affected. All other funds in the pNetwork are safe,” wrote the pNetwork team. The project team also announced that vulnerabilities in the platform code have already been identified and work is underway to eliminate them. "The bridges will be restarted after they are secured," probably within hours, the company said. The pNetwork team published a message for hackers asking them to return the stolen assets for a reward of $1.5 million. However, it seems that the platform was hacked by "black" hackers who do not intend to return the stolen cryptocurrency.
Erdogan declared war on digital currencies
Turkish President Recep Tayyip Erdogan believes the country is at war with digital currencies. At the same time, Turkey supports blockchain technology and intends to become the center of its development, but the enthusiasm of local authorities does not extend to crypto assets. “We have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies]. Because we will move forward with our own currency that has its own identity.” the Turkish President said. In April of this year, the Central Bank of Turkey introduced an official ban on cryptocurrency payments. This means that local businesses have lost the ability to conduct transactions involving digital assets. Among the reasons for such a radical decision were high volatility and the threat of crime.
Warren again insists on the need to regulate the crypto market
The collapse of the crypto market and disruptions on the BTC exchanges indicate the need for regulation of this area by the SEC. This opinion was voiced by US Senator Elizabeth Warren. “In a matter of hours, the $400 billion in market value simply evaporated,” the senator said. The politician cited the example of a notional retail investor who lost his money when the market went down. According to her version, he could invest right before the collapse and then take his investments. However, crypto platforms like Coinbase were not available.
Crypto project raised $22.8 million
The dTrade crypto derivatives platform based on Polkadot raised $22.8 million. The participants in the transaction were Polychain and Alameda together with Hypersphere, DeFiance, CMS, Divergence, MGNR, Altonomy. The received financing is intended for lending to market makers (MM), who will provide liquidity to the exchange order books. Representatives of the project claim that they have already secured the support of "the largest MM in the crypto industry." “Market makers are market participants who place orders to buy and sell certain traded assets. MM provide efficient markets by allowing traders to smoothly open and close positions at near fair prices,” the statement said.
Cardano can rise in price several times due to a successful hard fork
The cost of Cardano can grow 3-5 times, says Nikita Soshnikov, CEO of Alfacash. He believes that more and more DeFi projects will appear on the network. This will have a positive effect on the liquidity flow. “It is difficult even to predict the timing of when such a leap is possible because it is not clear which projects will start working on the Cardano blockchain and how much they will be in demand by users,” the expert noted. He also suggested that Cardano has the potential to rise in price to $6. That is, the crypto coin can grow by 150% from the current levels.
Most South Korean crypto exchanges will cease operations
Most cryptocurrency platforms in South Korea will stop operating. We are talking about 40 out of about 60 exchanges. The reason behind it is non-compliance with FSC rules. The new requirements include compliance with the KYC mechanism together with partners, which are credit institutions. Banks do not seek to develop cooperation with trading platforms, which may attract additional attention of regulators. Crypto exchanges must be registered by September 24, but by September 17, companies are required to notify users of the likely closure if they fail to go through this procedure. Media reports that only 20 companies have complied with the regulations.
The damage to payment companies due to the introduction of Chivo into the financial system of El Salvador was estimated at $1 billion
The probable damage to payment companies due to the introduction of the Chivo BTC wallet into the financial system of El Salvador could amount to $1 billion. This opinion was expressed by the former top manager of the Liquid crypto exchange Mario Gomez Losada. According to IHS Markit, about 70% of Salvadorans receive bank transfers from abroad. About 60% of such transactions are carried out by payment systems. 38% are processed by credit companies. Payment service fees are sometimes quite high for international transactions. For example, a $100 transfer via Western Union from a US account to El Salvador reaches $5. “Remittances are an area where the status quo in our traditional financial system is terrible, with extraordinarily high fees levelled at populations that can ill afford them. It’s a worn-out Twitter saying, but bitcoin really does fix this,” said Matt Hougan, chief investment officer of Bitwise Asset Management.
Coinbase has a conflict with the SEC
The SEC has warned Coinbase about its readiness to take the project to court. The Securities and Exchange Commission considers it illegal for the crypto platform to launch the Lend service, which allows users to accrue interest on the digital assets of exchange clients, similar to securities. At the end of June this year, Coinbase announced the launch of a service for cryptocurrency owners who would like to make a profit in USDC. Lend service offers a rate of 4% per annum, which is 8 times the average rate for high yield savings accounts in the country. “They [the SEC] refuse to tell us why they think it's [the service] a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why,” “They [the SEC] refuse to explain to us why they think that it [the service] is a security, and instead asked for documents (we provided), summoned our employees for questioning (we agreed), and then said that they would file court, if we continue to launch without explaining the reasons, " said Coinbase CEO Brian Armstrong. The new service of the crypto platform is a loan that the client provides to the exchange in the form of USDC. Coinbase believes the new product has similarities to bank savings accounts.
Ukrainian authorities legalize cryptocurrency
Today, on September 8, deputies of the Ukraine’s Verkhovna Rada in the second reading approved the draft law "On virtual assets" aimed at regulating the digital assets industry. Now the owners of cryptocurrencies will be able to legally perform transactions with them, and international projects - to register a blockchain business on the territory of Ukraine. The law reflects the concept and legal status of a digital asset, as well as secures ownership and transaction rights. International crypto-exchanges, where virtual assets are traded, have the opportunity to work on the territory of Ukraine. “Cryptocurrency holders will receive a number of benefits. Due to the fact that legislative regulation of this area will appear, they, at least, will be able to protect their condition in virtual assets if something happens. They will also be able to legally exchange crypto assets, declare them. This process will be completely "white". In addition, we expect that there will be a whole market of intermediary services for paying for goods with cryptoassets, storing them, exchanging them. This will expand the possibilities of their use,” said Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development.
Hong Kong is considering tightening controls on the digital asset market
Hong Kong authorities are exploring the possibility of tightening control over the digital asset market. The new regulations should help close the loopholes for illegal cryptocurrency transactions that remained in the 2019 law. The Hong Kong Securities and Futures Commission (SFC) plans to take over the regulation of crypto assets and issue licenses to projects from this industry. According to the rules of 2019, in order to avoid the attention of the regulator, companies had to choose tokens for work that do not formally fall under the definition of "security" and "futures". Julia Lyng, deputy executive director of the structure, pointed to "significant losses for investors." In her opinion, "Hong Kong should put an end to unlicensed cryptocurrency trading and engage in financial literacy of investors."
Solana CEO is confident that there are no bubbles in the cryptocurrency market today
Solana CEO Anatoly Yakovenko believes that currently there are no bubbles in the crypto market. It is noteworthy that the growth rate of the SOL rate is significantly higher than that of most digital currencies. Over the past month, Solana's price has tripled. Some crypto enthusiasts believe in the further growth of this token. “Now is a completely different time and it is not worth comparing the current situation with a bubble. In 2017, the bubble quickly inflated and quickly burst, but since then three years have passed and all this time people have been working, creating various solutions and projects. Now is the time when we have created the infrastructure so that new engineers and developers quickly “merge” into the ecosystem,” Yakovenko believes.
US Senator: cryptocurrencies are the new shadow banks
Massachusetts Senator Elizabeth Warren continues to criticize the crypto industry and urges regulators to take control of projects related to digital assets. This is stated in a series of public letters between Senator, SEC head Gary Gensler and Treasury Secretary Janet Yellen. Warren previously called on Yellen for a "coordinated and consistent regulatory strategy to mitigate the growing risks that cryptocurrencies pose to the financial system." In her address, the senator pointed out that "some" digital currencies are very volatile, and the unpredictability of their rate movements can provoke financial instability. Warren is actively promoting the initiative to "ban the holding of cash deposits that provide stablecoins in the United States." She is confident that this could slow down the market boom and reduce interest in such assets. “Crypto is the new shadow bank. It provides many of the same services, but without the consumer protections or financial stability that back up the traditional system. It’s like spinning straw into gold,” Warren said.
Retail network Grupo Elektra will start accepting cryptocurrencies
Mexican entrepreneur and owner of Grupo Elektra retailer Ricardo Salinas Pliego made a statement that the retailer intends to add support for the Lightning Network to accept payments in BTC. According to the businessman, this will happen very soon. It is likely that in the future, other companies of the holding will add support for the first crypto coin. Pliego has previously made statements in support of bitcoin. Last autumn, he announced that he had invested 10% of his own "liquid investment portfolio" in BTC.
Analysts predict the growth of the Solana token
The price of the Solana token in 2021 has already increased 78 times, however, analysts believe that the value of the crypto coin will continue to grow. The Spartan Group believes that SOL will triple in price. "If $90B is the right valuation for $ADA, then $SOL is easily a 3X from here," Spartan Group analyst wrote on Twitter. Anonymous cryptanalyst Bluntz shared a similar point of view. He believes that according to technical analysis, the price of Solana is capable of reaching the $200 mark and even rising higher. Genesis Capital's head of digital assets and finance, Matt Ballensweig, is also confident that SOL will grow. He pointed to the rather modest capitalization of the token, even at today's prices.
ETH rises above $3,500
On September 1, the cost of Ethereum surpassed the $3,500 mark. This happened for the first time since the fall of the cryptocurrency in May this year. According to Coinmarketcap, ETH was worth $3,535. Over the past 7 days, the coin rate has grown by almost 13%. In early August of this year, the London hard fork took place on the ETH network, which changed the mechanism for calculating commissions for operations. A part of the reward for miners who received it for mining a block is now burned.
American billionaire says digital currencies are "a limited supply of nothing"
An investor and trader who rose to prominence after the mortgage crisis in 2008, John Paulson, sees digital currency as a bubble. In his opinion, the crypto market "will ultimately turn out to be useless." Paulson advised against investing in cryptocurrencies. “Cryptocurrencies are a bubble. I would describe them as a limited supply of nothing. So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount,” said Paulson. Earlier, the chief investment strategist of Bank of America, Michael Hartnett, expressed the opinion that BTC is "the worst of the bubbles." According to him, the rapid rise in the bitcoin rate is the result of speculative mania.
Cream Finance project accused of exit scam
Representatives of the Cream Finance cryptocurrency project announced that the platform was hacked and funds were stolen. However, participants in the digital asset market believe that this could be an exit scam. This is the project's second attack this year. Cream Finance claims that hackers have compromised the platform's DeFi protocol security. According to preliminary data, criminals stole more than 418 thousand AMP tokens and 1.3 thousand ETH. Thus, there were stolen totaling $30 million of crypto assets. However, the well-known crypto blogger Mr. Whale is convinced that this is not the case. On his Twitter page, he called Cream Finance's announcement an excuse to cover up the exit scam.
Solana and Gnosis tokens rise in price
The cost of the native Solana token, according to CoinGecko data as of August 30, has risen above the $100 mark. Over the past 24 hours, the coin has risen in price by 4%. The price of another token - Gnosis - this morning made a sharp jump to $418, having risen in price by 42%. After that, the price of the crypto coin began to decline. Gnosis is currently priced at $355. Crypto industry participants associate the rise in the Gnosis rate with the launching of token trading on Binance. Altcoin is available in pairs with BTC, BNB, BUSD and USDT.
The hacker who hacked Poly Network declared his readiness to return the stolen funds
The hacker, who participated in the hacking of the Poly Network project and stealing $611 million, announced his readiness to return the stolen funds. This is how the hacker reacted to the request from the Poly Network team, in which they had asked the criminals to return the stolen assets. The founders of the project said that the hackers committed the largest theft in the history of DeFi, so the authorities of various states are initiating their prosecution. Afterwards, the attacker made a statement, embedding it in an ETH transaction, which he sent to himself. In another message, he wrote that he could not contact the Poly Network team and asked for a wallet address to return the stolen funds. As a result, representatives of the crypto project created three wallets. According to media reports, the hacker has already made the first payments in the amount of more than 1 million USDC. In addition, the attacker sent $1.1 million in BTCB token, $2 million in Shiba Inu and over $622,000 in FEI stablecoin. We would like to remind our readers that on August 10, there was the largest hack in the history of decentralized finance. The Poly Network team has publicly asked miners and cryptocurrency exchanges to blacklist tokens coming from the addresses of the thieves.
Cardano rises sharply amid the upcoming hard fork
Cardano's price has surged 11% between August 10 and August 11 to $1.77, according to data from Coinmarketcap. This happened against the background of the statement of the creator of the project, Charles Hoskinson, about the announcement of the launch date for smart contracts as part of the Alonzo Purple update. “We will know the final date based on the feedback we receive from exchanges, EMURGO and other partners who need to integrate,” Hoskinson said during a live broadcast on YouTube. The developers also claim that the hard fork will add smart contract functionality to the blockchain. Thanks to Alonzo Purple, it will be possible to create DeFi applications.
PayPal-related payment service added cashback in digital currencies
Now, credit cardholders who use Venmo's payment service can convert their monthly cashback to Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Interestingly, the service is owned by Paypal. According to its own data, Venmo's usual commissions for the purchase of digital currencies can vary from 0.5% to 2.3% of the total transaction amount, however, there is no commission under the new Cash Back to Crypto program. At the same time, according to the terms of the program, it will not be possible to withdraw the cryptocurrency to external wallets. “We are delighted to introduce this new level of interoperability on the Venmo platform by linking our Venmo credit card to cryptocurrencies. We provide our customers with another way to spend and manage their money with Venmo,” said Venmo General Manager Darrell Ash.
Crypto enthusiasts are unhappy with US plans for expanded taxation of digital currencies
Jack Dorsey criticized the plans of the US authorities to introduce an extended taxation regime for digital currencies in the country. The founder of Twitter and Square is confident that the legislative initiative in its current form will hinder the development of innovations. “Forcing reporting rules on Americans who develop software and hardware, who mine and secure the network, or who run nodes to build resilience and efficiencies, is an impossible ask that will only drive development and operation of this critical technology outside the US, ” the entrepreneur said. Dorsey believes that the definition of "broker" within the industry should be narrowed down to platforms where cryptocurrencies are exchanged for fiat. Earlier, the creator of Coinbase Brian Armstrong called the situation related to the plans of the American authorities, "determining our future", and the amendment - "a disaster." He was joined by Tesla founder Elon Musk, who pointed out the absence of objective circumstances, because of which it would be worth adopting such hasty bills.
The expert said about "some kind of enthusiasm in the crypto market"
The price of the main cryptocurrency yesterday, August 8, for the first time since mid-May, rose above $45,000. Bitcoin is up 33% over the past month and 15% over the past seven days, according to data from Coinmarketcap. According to Nikita Soshnikov, head of the Alfacash cryptocurrency exchanger, the prerequisite for the growth of the digital asset market was not only the increased price of BTC, but also the successful London hard fork on the ETH network. The expert is confident that the advancement of Ethereum to protocol 2.0 allowed the altcoin to grow to $ 3'112. “I see an improvement in the emotional component, some kind of enthusiasm in the crypto market. Its participants are tired of the prolonged stagnation and the decline in quotations and are now showing an appetite for growth,” Soshnikov noted.
Alchemy Pay service to release cryptocurrency virtual card
Alchemy Pay, the solution provider for Binance's payment app, will release a virtual card with support for over 40 digital currencies. The card will be valid in all places where Visa and Mastercard are accepted. The company stressed that the owners of the virtual card will be able to link it to the Google Pay and PayPal wallets. Users will also be able to shop on platforms such as Amazon and eBay. The service has already launched beta testing of the project. At the end of 2021, or at the beginning of 2022, the developers want to present the map to the general public.
Bitcoin SV network suffers from 51% attack
Bitcoin SV suffered from a 51% attack, which resulted in criminals gaining control of the network. About one hundred blocks and 570 thousand cryptocurrency transactions were compromised. “BSV is going through a massive 51% attack. After an attempted attack yesterday, some serious hashing power was unleashed today at 11:46AM and attackers are succeeding. Over a dozen blocks are being reorgd & up to 3 versions of the chain being mined simultaneously across pools," CoinMetrics network data product manager Lucas Nuzzi wrote on Twitter. He also noted that there is no data yet on who was behind the attack. CoinMetrics is researching potential criminals in search of "traces of double spending on the stock exchange."
Rothschild Investment Fund invested in Aspen Digital crypto project
Jacob Rothschild's investment fund RIT has invested in the Hong Kong cryptocurrency project Aspen Digital. The company is developing a digital platform for wealthy investors to manage digital assets. RIT Capital Partners has become the lead investor for the $8.8 million round. Aspen Digital will focus on family funds and asset management companies operating in the European Union, Asia and the Middle East. The Hong Kong crypto project will offer consulting services to its clients. In addition, he will take control of compliance with local laws and will bear the operational risks of the counterparty.
US Senator criticizes US Congressional plan for expanded taxation of digital currencies
Pat Toomey, Senator from Pennsylvania, criticized the US Congress initiative to tax digital currencies. According to the politician, the proposals of the legislative body are “unrealizable”. The politician believes that Congress should not rush into "this hastily designed tax reporting regime for cryptocurrency, especially without fully understanding the implications." “Simply put, the text is unworkable. I plan to offer an amendment to fix it,”said Toomey. Senator's criticism was provoked by the definition of a broker. Toomey considered it too broad and noted that it could affect miners, whose activities should be regulated by different regulations. In addition, the politician pointed out the possible difficulties of non-custodial services in fulfilling the proposals of the US Congress.
Chinese regulator will continue to pressure the cryptocurrency market
The People's Bank of China intends to continue to exert regulatory pressure on the digital currency trading industry. The bank came to such conclusions following a working conference of the structure, which was devoted to the results of the first 6 months and goals for the second half of 2021. The People’s Bank of China wants to tighten the regulation of Internet finance sites. In addition, the regulator intends to suppress illegal operations with cryptocurrencies. The People's Bank of China also plans to promote green digital asset transactions to minimize carbon emissions.
The U.S. official considers it necessary to accelerate the development of the local state cryptocurrency
Lael Brainard, who is on the Board of Governors of the US Federal Reserve, considers it necessary to speed up the process of creating a state digital currency. In her opinion, the country lags behind other states in the development of the digital dollar. “The dollar is very dominant in international payments, and if you have the other major jurisdictions in the world with a digital currency, a CBDC offering, and the U.S. doesn't have one, I just, I can't wrap my head around that. That just doesn't sound like a sustainable future to me.” Brainard said. The Fed spokesman believes that one of the key prerequisites for the digital dollar is the growing popularity of stablecoins. Brainard fears that the issuance of stable cryptocoins, which are controlled by individuals and companies, could provoke a "fragmentation of the payment system."
Jack Dorsey's fintech project invests in an installment service from Australia
Square, founded by Jack Dorsey, is gearing up to buy Afterpay, an Australian installment platform. In exchange for shares of the service, Square will pay in its own shares worth $29 billion. Afterpay offers the sale of goods in installments. The company operates in the USA, Canada, Australia and New Zealand. In addition, the project brand operates in European countries under the Clearpay brand. The parties intend to carry out the deal in the first quarter of next year. After that, the service will be integrated by Dorsey into its own acquiring system and the Cash App Square mobile application.
For the first time, MasterCard would support cryptocurrency projects
MasterCard has started an updated Start Path program aimed to support crypto startups working with blockchain. The company has already chosen 7 startups from different countries. “One of our main goals is to arrive the future of cryptocurrency, so we do, connecting strong financial principles with innovations”, notes Jess Turner, Mastercard Executive Vice President, Digital Infrastructure and Fintech. The Start Path participants will get access to multiply tools and innovations of MasterCard for scaling their own innovative products. It also lets companies start mutual pilot projects with the worldwide payment system. Besides, the participants would retain their intellectual property rights.
A large investor predicts further BTC crushing
Mark Mobius, the founder of Mobius Capital Partners, believes any form of regulation would harm any furthers BTC developments. He notes, “the governments regain its pressure on the whole crypto industry”. That is why many projects appear right now until it is not too late to use possible opportunities, the investor believes. In his opinion, for now, BTC is held by two elephants, called a great sums infusion from and excitement around BTC, which is wrong compared with gold. “I'm hesitant to condemn it because so many people have faith in it. It's all a matter of belief and faith, rather than a strict interpretation of the numbers,” Mobius said, noting he is not investing in the cryptocurrency at this moment.
Crypto funds reject any cooperation with Binance exchange
Several cryptocurrency funds stopped working with Binance at once. According to mass media, this case is a direct consequence of international regulator’s complaints to the Binance. “Our mission is preventing clients from uncertainty, which is based on the idea of current tightening of screws by the financial authorities of many countries”, — notes Ed Hindi, co-founder of Tyr Capital crypto fund. According to CEO ARK Ulrik Lykke, all problems Binance faced are the “wake-up call for all players with large holdings on the Binance exchange. Previously, regulators in Singapore, Thailand and the Cayman Islands initiated an audit of the legality of Binance's operations in these countries. The Hong Kong Securities and Futures Commission has stated that the Binance Group entities are not licensed. In addition, Barclays and Santander UK have suspended operations with the crypto platform.
Anonymous Source: Amazon may start accepting Bitcoins by the end of 2021
The media, citing an anonymous source, posts that Amazon will add support for payments to BTC. This could happen as early as the end of 2021. “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the source told City AM. According to its words, Amazon is on its way to add other popular digital currencies. The insider insists the initiative is going from Amazon's leadership, even from Jeff Bezos, and the whole project is on the final straight. “The next would be Ethereum, Cardano ? Bitcoin Cash, and right after that Amazon may add about 8 cryptocurrencies” — notes the source of City A.M. With the latest background about Amazon, a popular Twitter blogger with the nickname CryptoCobain wrote that it was him to deceive the "silly crypto-journalist" and became the source of rumours about its plans to accept payments in BTC. However, Amazon's interest in the cryptocurrency industry is evidenced by the recent post of a blockchain and digital currency specialist vacancy on the trading platform's website. The applicant for the position must have experience in the crypto sphere and the digital currencies of regulators.
Bobby Lee insists China is closing to full BTC dismissing
One of the first Chinese BTC enthusiasts, Bobby Lee, is confident that the Chinese authorities are able to increase pressure on the cryptocurrency industry and impose a complete ban on Bitcoin ownership. “The next thing they could do, the final straw, would be something like banning cryptocurrency altogether. When Bitcoin goes to $500,000, $1 million, China might ban Bitcoin altogether when people are no longer allowed to hold it,” — Bobby Lee said. On his opinion, such prohibition possibility spreads across the “50 on 50” scheme. Besides, Lee notes that the Chinese government would take such “unregulated and volatile assets” away from the citizen’s pockets to create financial stability.
CEO MicroStrategy advised ‘The Iron’ Mike Tyson about crypto investments
The former heavyweight champion Mike Tyson asked his followers on Twitter whether they would prefer BTC of ETH. In response, he received advice from the head of MicroStrategy, Michael Saylor. “Mike, I spent more than a thousand hours considering this question and chose bitcoin. So far, I have purchased $2.9 billion in BTC because I think it's the future of digital property,” ??? MicroStrategy said. CEO OKEx Jay Hao has given his response, publishing a mem-post that there is no need to choose if you have both in your pocks. The famous podcast host about the first cryptocurrency, Peter McCormack, jokingly asked Tyson what he would choose, comparing BTC to boxing and ETH to WWE.
AAVE is developing an analogue of Twitter based on the Ethereum blockchain
The developers of the DeFi protocol Aave are working on a Twitter analogue. It is planned that the social network will operate based on the Ethereum blockchain. The project may face green light even this year. According to AAVE CEO Stani Kulechov, users would have options to monetize their content. There is also a statement from the developer's team that the new project would solve some pressing issues of social networks. For example, AAVE wants to exclude any censoring issues. On the other hand, the Block analyst Larry Chermak believes that a social network based on ETH is a dead born project. The analyst insists that the ETH blockchain would be just overloaded without any chance. Besides, Chermak points every social network needs to be censored. Otherwise, it might become a place for posting forbidden and illegal content.
Crypto platform Anchorage stated how large investors reacted to the fall of the crypto market
The constant fall of the crypto market did not significantly impact the plans of the teams involved in projects in the crypto industry. Also, as the head of the Anchorage cryptobank Diogo Monica noted, large investors began to invest more in cryptocurrencies, including decentralized financial services. “They probably see [the current crypto market situation] as a great entry point if they are investors. For most of our clients, who are simply developing industry projects, nothing has changed,” Monica pointed. According to CEO Anchorage words, “there is no project which took a pause and got lowered priority due to any price changes in the market”. He also stated that many prominent investors are aiming at the investment vector from 10 to 20 years.
FTX BTC exchange may buy the biggest BTC beneficiaries
The CEO of the FTX crypto exchange announced that he could buy the American giants of the conservative financial market as soon as he overtakes competitors like Coinbase and Binance. The head of the Bankman-Freed platform said this in his last interview. “If we are the largest exchange, [the purchase of Goldman Sachs and CME Group] is not ruled out at all,” he said. Earlier, FTX reported about raising about $1 billion. It was expected that with these investments, the project's estimate would rise to $20 billion.
Glassnode: "BTC rate stabilization is the calm before the storm"
The price of the main cryptocurrency has been in the range between $30,000 and $35,000 for several weeks now. Glassnode experts have announced the reasons that can push the price of BTC up. Analysts believe that after the movement of miners from the China abroad, the hashrate of the BTC network began to recover. After the recent peak hashrate decline of 55% from the maximum, this figure has grown by 39%. Analysts believe that the overall market sentiment may depend on the rate of recovery of the computing power of the BTC network. It will take the pressure off the sellers of mining equipment.
ECB approves transition to research stage of digital euro
The initiative became relevant about two years ago. And at the end of 2020, the ECB published a report on this topic. In November, its chairman, Christine Lagarde, said that the digital euro could appear in four years. “It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project,” Lagarde said. The regulator believes that the digital euro will help in the fight against illegal activity and will not create an undesirable impact on financial stability and monetary policy. CBDC will complement, but not replace, cash
Guardtime: regulators from various countries have significantly accelerated the development of their own cryptocurrencies
According to Guardtime, which works in the blockchain field, central banks from various countries have significantly accelerated the development of their own cryptocurrencies amid the pandemic. Experts believe that in the near future, at least one country will issue its digital currency. According to Luukas Ilves, head of strategy at Guardtime, "competition for the launch of state-owned cryptocurrencies is increasing, and the coronavirus has not only accelerated digitalization, but also changed the use of money by the population." Lockdown has sparked the growth of the online payments market, which is where CBDCs are most applicable. “The development of CBDCs has been accelerated by up to five years. There is also no doubt in our mind that a major central bank will soon launch a digital currency and we expect this to happen within the next three years, ” Guardtime analysts said.
The Bogdanov brothers announced that they had participated in the development of the first crypto coin
Former Russian-born theoretical physicists and TV presenters Igor and Grigory Bogdanov stated that they were personally acquainted with Satoshi Nakamoto. In addition, they claim to have been involved in the development of the first cryptocurrency. The Bogdanovs noted that they once collaborated with François Mizzi, who created the touchscreen. The scientist Soichiro Shimod worked in his laboratory, who is "related to a mythical character or group of people" associated with Nakamoto. According to the brothers, they often discussed the concept of digital currency with Shimod. The Bogdanovs also noted that in 2008 Nakamoto gave them two "first bitcoins in physical form." “As mathematicians, we were able to take part in the development of the Bitcoin source code, including the forecasting code,” the Bogdanovs said on the air of the French TV show Non-Stop People.
Bitcoin may fall to $10,000
Scott Minerd, investment director of Guggenheim Partners, believes that the BTC rate may fall to $ 10.000. He is confident that for now, traders do not need to buy bitcoins. “When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash, and you know a crash would mean we’d be down 70-80% which, let’s just say that’s between 10 and 15 thousand," Minerd said. At the end of last year, Guggenheim Partners predicted a rise in the price of the first crypto coin to $400,000. And in early 2021, Scott Minerd confirmed the prediction but advised investors to fix some of the profits.
Binance is looking to hire ‘UK Version of Brian Brooks’
Binance is attempting to hire a former regulator or government official in the U.K. in order to lend the brand some compliance clout as global regulatory pressure mounts on the world’s largest cryptocurrency exchange operator, according to two people familiar with the plans. Binance is looking to hire “a U.K. version of Brian Brooks,” one of the people told CoinDesk, referring to the well-regarded former head of the U.S. Office of the Comptroller of the Currency (OCC) who was brought in to run Binance.US in April of this year. The search for a respected former regulator to represent Binance’s interests in the U.K. follows an announcement last month by the Financial Conduct Authority (FCA), which said that Binance was not allowed to conduct any regulated activities in the country. As a result of the FCA’s action, British bank Barclays said earlier this week it was blocking customers from using its debit and credit cards to make payments to Binance.
Bitcoin miner revenue jumps by 50% in 4 days since record difficulty drop
Bitcoin miner revenue jumped after the network saw its biggest-ever difficulty drop. According to figures from monitoring resource Blockchain.com, daily revenues have surged by over 50%. Bitcoin mining is currently in a unique state of flux — around half of the hashing power is offline as miners relocate from China, and it remains unknown how quickly they will be able to come back online. At the same time, those miners unaffected by the Chinese rout have seen half their competitors disappear overnight, and profitability has gone up as a result. With data now coming in for the past few weeks, the scale of the changes is plain to see. Daily mining revenue was around $20.7 million on Friday, the day before the difficulty adjustment. A day later, it hit $29.3 million, and by Tuesday this week — $31.9 million.
Messari analysts are confident in the superiority of the USDC in the near future
Analysts at Messari concluded that USDC's popularity on ETH has grown much faster this year than Tether's. Experts believe that USDC has every chance of becoming the dominant stablecoin on ETH. The study found that interest in USD Coin increased so much that stablecoin was able to absorb a significant portion of USDT's market share. Messari believes that in the short term, this may contribute to a decrease in the share of Tether among stablecoins on ETH. Messari analyst Ryan Watkins noted that more than 40% of the stablecoins on ETH are in USDC. “Although this percentage is not as high as DAI, USDC leads by a wide margin in dollar terms and has become the preferred stablecoin in DeFi for now,” the analyst concluded.
Analyst predicts bitcoin recovery
Well-known cryptanalyst Willie Woo said that the market has not yet become "bearish". He believes that in the near future the rate of the main cryptocurrency will recover, as evidenced by the data of the blockchain performance indicators. Woo pointed out that long-term investors are now busy accumulating assets in BTC. They buy off bitcoins against the backdrop of a fall in the rate of a crypto coin. “The ‘Rick Astley’ is the holder that keeps buying and never tends to sell much ... And of course Rick was very active over 2021, and then suddenly all the coins moved away from Rick to the weak hands — the speculative traders that buy and sell. Now we’re seeing that cross back into moving to Rick," Willie Woo said, hinting at the hit of the singer Rick Astley "Never Let You Down".
US Senator approves bitcoin usage
Wyoming Senator Cynthia Lummis said she invested in a major cryptocurrency to secure future retirement. In addition, she encourages to follow her example. According to Lummis, BTC is great for long-term and retirement savings. She noted that she now owns 5 bitcoins, at the same time she purchased the first BTC at a cost of $330. “I worry about having all of our retirement monies denominated in U.S. dollars. So as part of diversification, having a very diverse asset allocation, so you don’t have all your eggs in one basket, I think one of the strongest stores of value for the long run is bitcoin, ”said Lummis.
Europe should prioritize digital asset regulation
The head of the Central Bank of France, François Villeroy de Galhau is confident that the EU must make the regulation of digital currencies a priority. Otherwise, it will threaten the financial sovereignty of Europe. François Villeroy de Galhau said the EU "only has one or two years" to create a regulatory framework for the cryptocurrency market. In his opinion, inaction could "undermine our monetary sovereignty" and potentially weaken the euro. “I want to stress the urgency of regulating cryptoassets. We do not have much time left – just one or two years,” Villeroy de Galhau said.
The Fed is concerned about the growing popularity of stablecoins amid the lack of regulation of this market
Boston Federal Reserve Bank Governor Eric Rosengren has raised concerns about the risks associated with Tether to the soundness of the financial market. According to the official, USDT has become a "new problem" in the short-term lending markets. “The reason I talked about tether and stable coins is if you look at their portfolio, it basically looks like a portfolio of a prime money market fund but maybe riskier. We actually had a stablecoin that ran into financial difficulties last week. Tether, as you highlighted, has a number of assets that, during the pandemic, the spread got quite wide on those assets,” Eric Rosengren said. He noted that stablecoins are already playing a significant role in the modern economy. However, the absence of a significant degree of regulation of this industry can be dangerous for all players in the financial market.
British regulator has decided to complicate the work of Binance
The British Financial Conduct Authority issued a warning to top managers at Binance, which states that the crypto exchange is not allowed to conduct regulated activities in the country. Because of this, the local division of the company got in a deplorable situation. The FCA ruling states that Binance cannot carry out any activity requiring licensing without the consent of the regulator. Since the company goes through the registration procedure in the authority, it has no right to provide unregulated services, for example, the ability to conduct transactions in the derivatives market. In addition, the management demanded that the company stop advertising campaigns launched earlier in the country in the coming days. Until June 30, the crypto exchange is obliged to warn its customers about the FCA restrictions on the site.
Mexican entrepreneur announces approval of major crypto coin
Mexican billionaire Ricardo Salinas Pliego said that the Banco Azteca he created will become the first bank in the country to accept BTC. The entrepreneur wrote about this on Twitter. “Sure, I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin,” Salinas said. According to the businessman, bitcoin is "an asset that should be part of every investor's portfolio." Salinas noted the value of BTC, "which is traded with huge liquidity on a global level."
Miner spoke about the "solvency" of bitcoin
Restrictive measures in relation to the production of the main cryptocurrency should be taken positively, as they confirm the "solvency" of bitcoin. This was stated by the miner Brandon Arvanagi, who previously worked as a security engineer for Gemini. Arvanagi believes that now the authorities of various states are forming a consensus on BTC. And the tightening of the Chinese government's policy on mining and digital currency trading could prove to be a positive factor in the medium to long term. Former security engineer Gemini said that the role of the People’s Republic of China will be transferred to the United States, where the mining of cryptocurrencies is capable of becoming a large industry. He believes that Texas and Florida can offer favorable terms for miners. A similar opinion is shared by the head of Facebook Financial, David Marcus, who, commenting on news from China, said that this is "a great development in the history of bitcoin."
ARK Investment Management invested in BTC, after which the crypto coin began to grow
ARK Investment Management invested in the first cryptocurrency. This became known on June 22, when the BTC price dropped to $28,800. The investment company has acquired over a million shares of the Grayscale Bitcoin Trust. We would like to remind the readers that on June 22, the value of the main crypto coin for the first time since January 2021 fell below $30,000. The market capitalization of BTC, according to CoinGecko, fell to $554 billion. However, after the news of the ARK Investment investment, bitcoin rose by more than 11%. Today, June 23, according to Coinmarketcap, the cost of BTC is $34'921.
SEC accuses Loci crypto project of fraud
The SEC has accused the head of the Loci crypto project, John Wise, of illegally selling digital assets and defrauding investors. According to the regulator, the startup and its top management raised $7.6 million thanks to the illegal sale of LOCICoin tokens. The SEC believes that Wise spent about $38,000 of the investment received for personal needs. “Loci and its CEO misled investors regarding critical aspects of Loci’s business. Investors in digital asset securities are entitled to truthful information and fulsome disclosures so they can make informed investment decisions,” Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit, said. As a result, the crypto project destroyed all LOCICoins and will not participate in similar token sales in the future. In addition, the company will have to return $7.6 million to investors.
Goldman Sachs urges not to invest in bitcoin
Goldman Sachs analysts believe that investment in digital assets cannot be called “viable”, but cryptocurrencies are suitable for speculation in the market. The investment bank is confident that despite the increasing interest of people in digital currencies, investing in them is still risky. Analysts at Goldman Sachs noted that serious fluctuations in the crypto market scare off potential investors. And the conflicting opinions of industry participants about cryptocurrencies simply confuse many Goldman Sachs clients interested in acquiring such assets. “As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs is telling retail investors that the digital currency isn’t worthy of most portfolios — at least not yet, ”the analysts of the investment bank are sure.
Beijing residents will be able to exchange cash for digital yuan at more than 3,000 ATMs
The Metropolitan Branch of the Industrial and Commercial Bank of China has added the function of converting the yuan to and from the digital version. This opportunity can now be used in more than 3,000 ATMs. In addition, the Agricultural Bank of China has added a similar option. So far, it is available only on 10 devices located in Beijing. The initiative of the capital branches of banks indicates that the development and testing of the digital yuan is underway. Earlier, several Chinese cities tested the state cryptocurrency, when citizens received digital yuan to make purchases.
General Motors may start selling cars for bitcoin
General Motors CEO Mary Barra said the auto giant could start selling its cars for BTC. According to her, this is possible if such a need arises among the company's clients. “Nothing prevents us from doing this. We will be guided by the wishes of our customers,” Barra said. Earlier, the media wrote that Tesla abandoned the idea of selling its cars for bitcoins. Canadian entrepreneur Kevin O'Leary said Tesla shareholders had a significant impact on the decision to refuse to accept payments in BTC.
John McAfee claims to have lost his cryptocurrency fortune
American businessman John McAfee, who is in a Spanish prison, said that he had lost his fortune in cryptocurrencies, and other assets of the entrepreneur were confiscated. In the US, McAfee faces legal proceedings related to allegations of tax evasion, money laundering, and market manipulation. “The US believes I have hidden crypto. I wish I did but it has dissolved through the many hands of Team McAfee (your belief is not required), and my remaining assets are all seized. My friends evaporated through fear of association. I have nothing. Yet, I regret nothing," McAfee wrote on Twitter.
CEO of Pantera Capital is confident that the time has come to buy BTC
Pantera Capital CEO Dan Morehead spoke about the fall in the cryptocurrency market and the resulting panic. According to the entrepreneur, this is a great opportunity to buy bitcoins. In a letter to investors, Morehead noted that it is necessary to buy digital currencies, like any other asset, when the markets are "below trend." In the case of BTC, now is a good period for its acquisition - bitcoin was so “cheap relative to the trend” only 20.3% of the time during its entire existence. The investor believes that the significant increase in the rate of the main cryptocurrency in the last year is not evidence that bitcoin is overvalued. “The year-on-year return never went literally off-the-chart like in past peaks. It’s currently trading at 281% year-on-year — which seems entirely plausible given the money printing that has occurred in that period,” Morehead said.
Founder of Tudor Investment Corporation is ready to invest in bitcoins
The founder of the hedge fund Tudor Investment Corporation Paul Tudor Jones intends to invest part of his capital in bitcoins. The American billionaire said he prefers to invest in "something reliable, consistent, honest and definite," and the first cryptocurrency has these characteristics. “The only thing I know for certain, I want 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities. At this point in time, I don’t know what I want to do with the other 80% until I see what the Fed is going to do,” Jones said. The Fed will meet this week to discuss forecasts for interest rates and inflation. Depending on the further actions of the regulator, Jones admitted that he could invest more in digital assets.
The Netherlands calls for a ban on BTC
Pieter Hasekamp, head of the Dutch Bureau of Economic Analysis at the Ministry of Economy and Climate Policy, believes that local authorities are obliged to introduce a complete ban on mining, storing, and trading the main cryptocurrency. He is confident that bitcoin cannot be used as a unit of account, payment instrument, and storage medium. The official believes that the Netherlands is currently lagging behind other states in terms of its policy of containing the growth in popularity of digital currencies. Hasekamp cited China as an example, where they had previously called for tight control over the circulation of cryptocurrency assets in the country. “Dutch regulators have tried to tighten supervision of marketplaces, but without much success. The Central Planning Bureau pointed to the risks of cryptocurrency trading in 2018, but concluded that stricter regulation is not needed yet, ” Hasekamp added.
El Salvador approves BTC as legal means of payment
The Legislative Assembly of El Salvador approved a bill on the legalization of BTC, in which the president of the state proposed to make the crypto coin an official means of payment, on a par with the American dollar. The legislative initiative was supported by 62 out of 84 possible deputies, 17 opposed, one parliamentarian abstained. The draft law will enter into force 90 days after publication in the official government media. If the initiative of the head of the country Nayib Bukele is approved, bitcoin will be the official payment instrument in El Salvador. Information about this appeared in the politician's microblog.
Coinseed stops working
Cryptocurrency investment app Coinseed is suspended due to a lawsuit from the New York State Attorney's Office. Earlier, the department filed a lawsuit against the crypto project, accusing the platform of fraud and deceiving users for $1 million. The prosecutor's office believes that about 2 years ago, the top management of Coinseed conducted an unregistered ICO. In addition, the platform's management applied hidden fees and attracted investors with implausible promises. Coinseed CEO Delgerdalai Davaasambuu said the service had received no complaints from users. At the same time, the prosecutor's office said that since the filing of the claim, the department received more than 170 complaints about the crypto project.
CFTC Commissioner: "DeFi derivatives may be illegal in the US"
The Commissioner for the US Commodity Futures Trading Commission believes that some DeFi products may be illegal on US soil. CFTC Commissioner Dan Berkowitz said DeFi markets, such as for futures contracts, may be illegal due to US law. These are the provisions of the American Mercantile Exchange Act. “DeFi markets, platforms, or websites are not registered as DCMs or SEFs. The CEA does not contain any exception from registration for digital currencies, blockchains, or «smart contracts, ”said the CFTC Commissioner.
Ruffer Investments earned $ 1.1 Billion on bitcoin
Wealth management company Ruffer Investments has announced significant profits after investing in the purchase of the first crypto coin. The firm acquired BTC for $600 million back in November 2020. It has now become known that the British company has completely sold its crypto assets. The cumulative profit after the sale exceeded $1.1 billion. “When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1,1 billion,” Hamish Bailey, the investment director of Ruffer, said.
Singapore authorities record an increase in investment in fintech
Sopnendu Mohanti, the Financial Technology Director of the Singapore Monetary Authority, is confident that a significant inflow of investments in the fintech industry is expected in 2021. This should happen as part of Singapore's consolidation of its position as a regional financial center. Mohanti said investments in fintech companies have increased from about $20 million in 2014 to $1.1 billion in 2020. In his opinion, in 2021, local authorities expect even greater growth. “We don’t have Silicon Valley, but we are trying our best. The environment the country is building enables these fintech players to find opportunities to see if their early ideas translate into real value in the long run,” MAS fintech director said.
Coinbase Pro to add DOGE to listing
Cryptocurrency platform Coinbase Pro has released a statement on plans to add dogecoin to the listing. Clients of the exchange can already transfer cryptocoins to their accounts. That being said, DOGE should start trading at 09:00 PT tomorrow, June 3. This will happen if the conditions that relate to liquidity are met. Coinbase Pro users will be offered DOGE pairs against the US Dollar, Euro, British Pound, USDT and BTC. Against the backdrop of this news, the Dogecoin rate has increased by 32% over the past 24 hours, according to Coinmarketcap data. The DOGE price is $0.42.
Goldman Sachs draws a parallel between BTC and copper
Goldman Sachs’s Global Head of Commodities Research Jeff Curry believes that bitcoin does not fit the common concept of digital gold. According to the expert, BTC is more like copper. “Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are substitue for risk on inflation hedges not risk off inflation hedges,” Curry said. The economist believes that bitcoin correlates with the business cycle, as it is linked to its payment system. Curry believes that BTC, like copper, is an effective defense against "good inflation" arising from growing demand. But gold is hedging against the "bad inflation" caused by the increase in supply.
Guggenheim Partners creates a fund to invest in the first cryptocurrency
Guggenheim Partners, which manages more than $350 billion in assets, is launching an investment fund for Bitcoin transactions. The new structure will focus on maximizing profits "by combining current income and capital gains." The portfolio of the Guggenheim Active Allocation Fund will consist of a large list of securities, which are planned to be diversified through an “alternative investment pool”. “The Fund may seek investment exposure to cryptocurrency (notably, Bitcoin), often referred to as «virtual currency» or «digital currency,» through cash settled derivatives instruments, such as cash settled exchange traded futures, or through investment vehicles that offer exposure to Bitcoin or other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts,” the company's prospectus says.
The head of the Japanese regulator speaks out against bitcoin
The volatility of the main cryptocurrency is "excessively high". This opinion was voiced by the Governor of the Bank of Japan Haruhiko Kuroda. “Most of the trading in the cryptocurrency industry is speculation on excessive volatility. It is unlikely that Bitcoin can be used as a means of payment, ” Kuroda said. But he treats stablecoins differently. According to the Governor of the Central Bank, if stablecoins meet the standards of regulators and have "sound government practices", then in the future they will turn out to be a convenient payment instrument.
Ray Dalio considers the first cryptocurrency to be an alternative currency
Ray Dalio, founder of hedge fund Bridgewater Associates, is convinced that a clear distinction needs to be made between “digitized” money and alternative digital currencies. At the same time, he called the main crypto-coin an alternative currency. “Bitcoin is an alternative currency compared to digitalization,” the entrepreneur said. In his opinion, the digital yuan can become a competitor to BTC, but the state digital currency will not be able to conquer the crypto market. At the same time, the digital dollar will be stable and competitive, the businessman believes.
In the UK, the bank has banned customers from sending funds to crypto exchanges
In the UK, Starling Bank has imposed a temporary ban on its clients from sending funds to crypto trading platforms. The reason is the high risks associated with online financial crime. However, Starling clients still have the ability to withdraw funds from cryptocurrency exchanges to bank accounts without any restrictions. Starling plans to lift the ban after the end of special checks, which will oblige the bank's customers to transfer funds to crypto platforms. Starling's initiative is not yet widespread. For example, the world's largest bank Barclays issued a message stating that it does not plan to impose a ban on customers from making deposits on crypto exchanges.
American GameStop Network to launch an NFT-related project
The American network for the sale of game consoles, computer games, and game accessories GameStop will launch an Ethereum platform for NFT tokens. The exact date of the platform launch has not yet been disclosed. “We are building a team. We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders,” the company's announcement, which is posted on the site's website, says. Probably, the target audience of the project will be not only players and developers, but also potential NFT collectors. There is also a slogan on the site: “Power to the players. Power to the creators. Power to the collectors."
Canadian regulator accuses Poloniex of illegal asset trading
The Ontario Securities and Exchange Commission has sued the popular crypto platform Poloniex. OSC believes that the exchange is carrying out illegal trading in stocks and derivatives. In early spring of this year, it became known that companies conducting operations with cryptoassets in Canada are required to register as investment dealers. Until April 19, such companies had to contact the regulator to warn of possible sanctions against them. 70 platforms applied to OSC, some of which were registered outside Canada, but Poloniex was not among them. Now the platform faces a large fine, as well as a ban on trading in securities.
Wharton School of Business talks about the possibilities of decentralized finance
DeFi has the potential to transform the global financial market. According to experts at the Wharton School of Business at the University of Pennsylvania, such assets can be used in insurance, lending, capital management, the development of decentralized exchanges, and the issuance of stablecoins. In addition, the use of DeFi is possible when running "ancillary services" such as wallets and oracles. Decentralized finance can help alleviate market pressures, transaction costs, and asset allocation costs. However, business school experts have also pointed out the disadvantages of DeFi. For example, these are frequent cases of fraud, an uncertain attitude of regulators towards such assets, and immaturity of the technology.
Poll: over 50% of Australians think that Elon Musk is the creator of BTC
According to a survey of Finder website users, 56% of Australians believe Elon Musk is the creator of Bitcoin. They had never heard of Satoshi Nakamoto. The study involved over a thousand Australian residents. Many of those surveyed do not know that the Bitcoin supply is limited to 21 million cryptocoins. 44% of respondents are sure that the number of BTC is not limited. In addition, 25% of survey participants said they have already purchased cryptocurrency or intend to do so by the end of the year. However, about 20% of respondents do not know how to do this.
German politician advocates restricting bitcoin miners
Sven Giegold, a politician from Germany, considers it necessary to pass a law that limits the consumption of electricity by bitcoin miners. The deputy calls for the introduction of appropriate restrictions on the territory of the European Union. “As long as cryptocurrencies were small sandbox games, there was no need for regulation, and it was necessary to give innovative technologies room for development. But if something becomes ecologically damaging on the scale of mining cryptocurrencies like Bitcoin, then you have to intervene,'' the politician said. According to Giegold, carbon dioxide emissions from BTC miners are a threat to the German economy. The MEP stressed that the regulation of the cryptocurrency mining industry lags far behind the development of this industry.
Anthony Scaramucci advises investing in bitcoins up to 3% of the investment portfolio
SkyBridge Capital founder Anthony Scaramucci believes that the main cryptocurrency is still an asset that should be in an investment portfolio. According to him, it is still difficult to convince many investors to pay attention to BTC. The head of SkyBridge Capital advises investing relatively little money in bitcoin. According to the entrepreneur, BTC is the only crypto-coin that has reached “space speed”. “As an investment adviser and someone who’s been running money for 30-plus years, it’s responsible of me to tell my clients to own 1%, 2% or 3%. I’m not telling them you’ve got to own 100% of your net worth in it - but if we’re right, you don’t want to be missing out on this," Scaramucci said.
Losses of traders because of BTC fall reach $2.4 billion
As a result of the collapse of the first cryptocurrency coin, traders lost about $2.4 billion. In 24 hours, cryptocurrency exchanges forcibly closed the positions of 304 thousand users, analysts of the bybt service noted. The market collapse was preceded by another post by Elon Musk on Twitter. In it, he criticized the main cryptocurrency. “Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?” Musk wrote on May 16. However, on May 17, in response to a barrage of criticism, the entrepreneur hastened to "refute the speculation”, saying that "Tesla has not sold a single bitcoin."
Economist: BTC already consumes more electricity than the Netherlands
Italian economist Fabio Panetta is confident that mining digital currencies carries risks for ensuring environmental safety. A member of the board of the European Central Bank believes that "colossal electricity consumption" and carbon emissions from the mining of crypto assets can negatively affect socio-economic development. The ECB notes that due to the pandemic, the volume of carbon dioxide emissions has decreased. But experts say this has a temporary effect. Panetta believes that cryptocurrency mining poses a potential threat to international environmental security. “Bitcoin alone is already consuming more electricity than the Netherlands. Controlling and limiting the environmental impact of crypto assets, including through regulation and taxation, should be part of the global discussion,” Panetta said.
eBay users will be able to trade NFT
The e-commerce platform eBay has released a statement that its users can now buy and sell non-fungible tokens on the site. NFT can be operated by “eBay-compliant sellers”, and anyone can purchase tokens. All transactions will be in US dollars, with many other platforms suggesting using Ethereum. A significant part of the non-fungible tokens presented on the site is created on the basis of WAX. Because of this, sellers offer buyers to create a wallet in this network to receive NFT. "In the coming months, eBay will add new capabilities that bring blockchain-driven collectibles to our platform," said Jordan Sweetnam, senior vice president and manager of North American Marketplace for eBay.
Crypto enthusiast announces a possible drop of BTC below $50,000
The main cryptocurrency price may fall below the $50,000 level. This is probably due to the decrease in the number of "whale" addresses to the minimum since this year. This point of view was expressed by Pankaj Balani, the head of the cryptocurrency platform Delta. According to Glassnode, the number of addresses that store at least 1000 bitcoins dropped to 1943. The negative trend has been traced since the first decade of February when a record high of 2237 addresses was recorded. “The data looks bearish, as it shows a clear trend of whales offloading their holdings,” Balani is sure.
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