Skip to main content

Posts

Showing posts from January 4, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment
Read more

The US Dollar’s Share of Global Reserve Currencies Drops as Japanese Yen’s Share Increases

The U.S. dollar’s dominant position as the reserve currency of choice may be in peril, as its share of global currencies held in reserves continues to decline. International Monetary Fund (IMF) data shows, the dollar’s share of reserves dropped from 66% in Q3 of 2014 to just above 60% in Q3 of 2020. This means the dollar’s share has been dropping at a rate of about 1 percentage point per year. Faltering Reserve Currencies Meanwhile, as one report suggests, this latest figure represents the dominant currency’s lowest share in almost 8 years. Furthermore, the report also explains that “the decline in the dollar’s share (actually) began 20 years ago when the Euro assumed the place of the predecessor currencies that used to be in the basket of foreign exchange reserves.” According to the data, the year 1991 is the worst one for the dollar. In that year, the dollar’s reported share of reserves dropped to 46%. In the meantime, the Euro, which was “the last effort by a single currency t...
Post a Comment
Read more

Colombian Financial Watchdog Says Local Firms Can Use Capital to Buy Bitcoin

The Superintendency of Corporations in Colombia has explained in an official note that companies in the country are legally allowed to buy cryptocurrencies, specifically bitcoin ( BTC ), to inject capital as long as they abide by local regulations. Colombian Watchdog: Local Firms Can Use Capital to Buy Bitcoin if Companies Demonstrate Tokens Are ‘Intangible Assets’ According to the publication , the Colombian watchdog pointed out that although crypto assets usage in the financial sectors is “still” not regulated, there are no legal prohibits to inject capital via bitcoin ( BTC ) – the only crypto asset mentioned in the document. However, they clarified the tokens should meet the criteria of “intangible assets,” according to the definition granted by the country’s tax watchdog to cryptocurrencies, Directorate of National Taxes and Customs (DIAN), which reads as follows: From the patrimonial point of view, as these currencies correspond to intangible assets, capable of being value...
Post a Comment
Read more

Jack Dorsey warns that FinCEN regulations will drive crypto users offshore

Major U.S crypto firms are united in opposition to new AML laws proposed by FinCEN, warning they could drive users away from regulated platforms and stifle innovation. Major U.S crypto firms are rallying against FinCEN’s proposed regulations that would force businesses operating with crypto to gather information on the identities of non-customer counterparties. A Jan. 4 letter from Jack Dorsey, CEO of financial services firm Square takes aim at the proposal for seeking to impose reporting obligations that go “far beyond what is required for cash transactions,” and that Sqaure would be expected to collect “unreliable data about people who have not opted into our service or signed up as our customers.” “Counterparty name and address collection/reporting should not be required for [virtual currency] CTRs or recordkeeping, as it’s not required for cash today.” Square predicts that if passed, the law would drive cryptocurrency users toward unregulated and non-custodial crypto services...
Post a Comment
Read more

Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up 3,900% Year-on-Year

Bitsika Africa, a crypto startup operating out of Ghana and Nigeria, said Monday that it processed almost $40 million in remittances in 2020, up from just under $1 million the previous year. Founder and chief executive officer Atsu Davoh said that deposits accounted for $18.87 million of the total volume, with payouts making up $17.89 million. Internal peer-to-peer transfers made up $3.19 million of total volume, he added. Davoh did not reveal how much of the total volume constituted bitcoin ( BTC )-denominated remittances. The CEO had not responded to questions sent to him at Press time. Bitsika , which allows users to buy and sell bitcoin, as well as to send or receive money in crypto or fiat, reported that revenue soared to $1.03 million in 2020 from just $329 in 2019. That’s a 312,000% increase year-on-year. To transact on the platform, users can deposit the Ghanaian cedi, Nigerian naira, U.S. dollar or the CFA franc, a currency used by 14 former French colonies in West and Ce...
Post a Comment
Read more

Binance hits record high of $80B in daily volume as crypto markets surge

Binance has reported a new record of more than $80 billion in daily volume across its spot and derivatives platforms. Changpeng Zhao, the chief executive of Binance, the world’s largest crypto exchange by trade volume, reported a record of $80 billion in 24-hour trade activity on Jan. 4. On Twitter, CZ compared the recent activity to the volume posted during the last record-breaking bull cycle, noting that the past day of trade equates to four-time the volume processed on the exchange from Nov. 15, 2017 to Dec. 15, 2017. To put this in perspective, from Nov 15, 2017 to Dec 15, 2017, the month leading up to the ATH in 2017, @Binance did $20 billion in trading volume in 1 month. And we were the largest with those volumes back then. — CZ Binance (@cz_binance) January 4, 2021 In the 24 hours preceding CZ’s tweet, Binance’s spot volume exceeded $23.6 billion, while its derivatives represented nearly $57 billion in trade. Despite the milestone, CZ acknowledged the platform had exp...
Post a Comment
Read more

'Insane' ETH fees delay launch of Aavegotchi NFT game

“Aavegotchi on L2 means no gas fees, faster transaction confirmations, and a great gaming experience," said the project. Decentralized finance project Aavegotchi is pushing back the mainnet launch of its non-fungible token digital collectible game due to high activity on the Ethereum blockchain. According to a Tweet from its team today, Aavegotchi will be postponing the Jan. 4 launch of its game in response to the “insanely high gas costs” and “extreme volatility” on Ethereum. The project also stated it will "most likely" migrate to the Matic Network — a smart-contract platform and layer two scaling solution for Ethereum. “Aavegotchi on L2 means no gas fees, faster transaction confirmations, and a great gaming experience," the project stated, adding that it expected the launch to proceed before the end of January. According to the Aavegotchi litepaper, the game features digital collectible ghost avatars backed by Aave (AAVE) interest-bearing aTokens. A combin...
Post a Comment
Read more

OCC greenlights national banks to run nodes and stablecoin networks

The latest from the Treasury's most crypto-forward office says that national banks don't have to fear stablecoin nodes. Monday evening, the Treasury's Office of the Comptroller of the Currency told national banks that they are allowed to run independent nodes for distributed ledger networks. Referring to of independent node verification networks, the OCC's interpretive letter says that banks "may use new technologies, including INVNs and related stablecoins, to perform bank-permissible functions, such as payment activities." Coming amid a great deal of uncertainty as to the future of stablecoins, the OCC's announcement is big news. The office, nonetheless, cautions that there are cyber risks inherent to using such technology: "Banks must also be aware of potential risks when conducting INVN-related activities, including operational risks, compliance risk, and fraud. New technologies require enough technological expertise to ensure banks can manag...
Post a Comment
Read more

Bitcoin price dip to $27K costs Binance long traders $190M in liquidations

Overleveraged traders feel the pain once again as volatility wipes out huge amounts of value in minutes. Bitcoin ( BTC ) crashing to $27,700 and rebounding seconds later was a shock for some and financial ruin for others, data shows. According to on-chain analytics resource Glassnode, futures traders with long positions lost a total of $190 million on Binance alone in a single hour — the most in history. One exchange, 60 minutes, $190 million The figures underscore the current face of Bitcoin as it circles new all-time highs and together with Ether ( ETH ) becomes the hottest ticket of 2021 . Longs had seen almost unbridled success throughout much of December 2020 and into the new year, with upside seeing little in the way of resistance.  Despite warnings from various analysts that the bull run could not last uninterrupted forever, plenty of traders took on substantial risk, betting heavily on new highs continuing. In the event, $34,800 marked a definitive top, with BTC/USD...
Post a Comment
Read more

Ideaology Announces IEO Collaboration and Subsequent Listing of IDEA Token with Bitcoin.com Exchange

PRESS RELEASE. Ideaology, the blockchain-oriented company building a digital ecosystem by energizing the market and utilizing the world’s global workforce announces today an agreement with Bitcoin.com Exchange for a public sale and the subsequent listing of the Ideaology Token (IDEA) on Bitcoin.com Exchange. Ideaology consists of a freelance platform which will accommodate most of the personnel needed to develop projects. The platform’s mission is to provide a host of freelancers and entrepreneurs with job options, a digital marketplace allowing platform users to sell or buy digital assets and services, as well as: Share materials and experiences. An Idea launch-pad. A collection of innovative and inventive individuals, to establish a creative colony for introducing and launching revolutionary ideas. A funding base of individuals and enterprises interested in supporting new projects, whether through direct partnerships, or through crowdfunding options available on the platform. ...
Post a Comment
Read more

Bitcoin price dip to $27K costs Binance long traders a record $190M in liquidations

Overleveraged traders feel the pain once again as volatility wipes out huge amounts of value in minutes. Bitcoin ( BTC ) crashing to $27,700 and rebounding seconds later was a shock for some and financial ruin for others, data shows. According to on-chain analytics resource Glassnode , futures traders with long positions lost a total of $190 million on Binance alone in a single hour — the most in history. One exchange, 60 minutes, $190 million The figures underscore the current face of Bitcoin as it circles new all-time highs and together with Ether ( ETH ) becomes the hottest ticket of 2021 . Longs had seen almost unbridled success throughout much of December and into the new year, with upside seeing little in the way of resistance.  Despite warnings from various analysts that the bull run could not last uninterrupted forever, plenty of traders took on substantial risk, betting heavily on new highs continuing. In the event, $34,800 marked a definitive top, with BTC/USD subs...
Post a Comment
Read more

Selected Shenzhen residents to get lottery 'red envelopes' with digital yuan

Winners of the city's lottery will have 10 days to spend their gifted digital currency, at any of 10,000 supported merchants. Programs to pilot and encourage widespread adoption of China's central bank digital currency, known as DC/EP or the digital yuan, are continuing apace.  As a New Year's offering, the city of Shenzhen is offering its residents the option to register to take part in a municipal lottery, as of Jan. 1, with registrations closing this morning, Jan. 4, at 10 a.m. local time. Those interested were able to sign up for the lottery using the iShenzhen event registration platform, according to an announcement by the Shenzhen government. The lottery is strictly speaking not a competition but is being settled on a first-come, first-serve basis. In total, the city plans to give 100,000 "red envelopes" to lottery winners, each containing 200 digital yuan (roughly $31).  The envelopes' combined value is estimated at roughly $3 million, and recipie...
Post a Comment
Read more

Massive Exodus of Bitcoin Continues to Leave Exchanges, Over 87,900 BTC Withdrawn in 30 Days

Despite the bitcoin price high, there continues to be a massive exodus of bitcoin leaving exchanges. Onchain data shows exchanges are being drained like a sieve and during the last 30 days, 87,954 bitcoin was withdrawn from the top crypto trading platforms. Back in December 2019, it was reported that the San Francisco-based exchange Coinbase held close to 1 million BTC for its users. In fact, in January 2020, Coinbase had around 969,000 BTC and the next month, it was up to its highest point of 973,000 BTC on February 10, 2020. But all year long, not only from Coinbase, but also a slew of other popular exchanges have seen massive amounts of bitcoin withdrawn. After holding close to a million BTC on February 10, 2020, today the exchange only holds 805,000 BTC . The top five exchanges, in terms of bitcoin reserves held, have lost a substantial amount of BTC from customer withdrawals. This includes exchanges like Huobi, Binance, Kraken, Okex, Bitfinex, and Bitflyer. During the la...
Post a Comment
Read more

Ethereum price spikes to $1,161 for the first time in three years: What’s next?

Ether, the native cryptocurrency of Ethereum, rose to $1,161 but immediately corrected thereafter. The price of Ether ( ETH ), the native cryptocurrency of the Ethereum blockchain, achieved $1,161 for the first time since January 2018. Immediately after it hit a new three-year high, ETH corrected to below $900. Ether rallied due to the momentum of Bitcoin. Historically, following a strong BTC rally, altcoins saw a swift uptrend. Traders usually call this “altseason” because many altcoins tend to increase in tandem. Why did Ether correct and what happens next? Ether rose following Bitcoin’s rally , but on-chain data also showed that there was a sell-side liquidity crisis. Throughout 2020, the reserves of ETH on exchanges declined to historic lows. This means that there has been a lower number of ETH that could be sold on exchanges. Ki Young Ju, the CEO of CryptoQuant, explained : “It seems the sell-side liquidity crunch started to hit $ETH just like the $BTC market. For $BTC, al...
Post a Comment
Read more

Bitcoin price dives to $27.7K to fill giant futures gap in biggest drop since $20K

A dramatic reversal on Monday sees BTC/USD instantly fill the latest CME futures gap before bouncing off forecast levels below $28,000. Bitcoin ( BTC ) lost $30,000 support on Jan. 4 as all-time highs gave way to a rapid retracement totalling thousands of dollars. BTC price dips $4,000 in 60 minutes Data from Cointelegraph Markets , Coin360 and TradingView showed BTC/USD shedding more than 12% in just one hour on Monday. The pullback gathered pace after choppy trading behavior overnight on Sunday, with altcoins rising to take an ever larger slice of Bitcoin's market cap dominance. At press time, amid heavy volatility, lows focused on $27,700 amid a bounce to nearer $30,000. BTC/USD 1-minute candle chart (Bitstamp). Source: TradingView Exchange activity was picking up, data showed, with inflows rising dramatically on the day after traders removed funds last week. Bitcoin exchange flows chart. Source: CryptoQuant "Just woke up to the biggest $BTC dip we've ha...
Post a Comment
Read more

All-time highs meet altseason: 5 things to watch in Bitcoin this week

Bitcoin preserves $30,000 so far but a mammoth rise in Ether and a market dominance drop sets the tone for an altcoin surge. Bitcoin ( BTC ) is almost unrecognizable as it starts the first working week of 2021, retaining $30,000 support and hitting astronomical new highs. Hard to believe for hodlers, price action continues to wow as Monday gets underway, and attention is turning to what might be next. Cointelegraph takes a look at five factors that investors might wish to monitor in the coming days in what is one of the most volatile Bitcoin trading markets in history. Stocks hit highs as Bitcoin “flips” the Dow It’s another curious week for stocks as last week’s all-time highs on several indices look set to continue. As the first few days of the new year drew to a close, the Dow Jones and S&P 500 hit record highs — this despite the encroaching coronavirus sparking ever tighter lockdowns across the world. For Bitcoiners, the Dow took on a different type of significance last...
Post a Comment
Read more