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Showing posts from February 14, 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...
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US Government Won’t Allow Corporates to Keep Replacing Dollars With Bitcoin, Warns Investment Advisor

Dan Nathan, the founder of Risk Reversal Advisors, says that the U.S. government will not keep allowing corporations like Elon Musk’s Tesla to replace dollars with bitcoin. They won’t “let the dollar fall away from being the reserve currency for the world,” which could happen if corporations keep replacing dollars in their balance sheets with bitcoin. US Government Will Not Let Bitcoin Replace Dollars, Says Risk Reversal Advisors’ Chief Dan Nathan offered his view on the future of bitcoin in an interview with CNBC last week. His comments followed the news of Elon Musk’s Tesla investing $1.5 billion in bitcoin and planning to allow the cryptocurrency as a form of payment for its products in the near future. Nathan is the principal of Risk Reversal Advisors, which offers consulting services to investment banks, investment advisors, and private companies. He spent the late 1990s and the 2000s as an equity and options trader at hedge fund firms SAC, Exis, Cheyne Capital, and within the...
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Top 5 cryptocurrencies to watch this week: BTC, BCH, EOS, XMR, XTZ

Bitcoin is facing minor resistance near $50,000 but if this psychological barrier is crossed, a major breakout could occur in select altcoins. Demand and supply metrics determine the price of an asset and data from Glassnode, an on-chain data firm, shows that Bitcoin’s ( BTC ) liquid supply has been decreasing since June 2020. This signals that traders owning Bitcoin are not selling their holdings. While the supply is shrinking , demand has been going up in the past few months as an increasing number of institutional investors have been buying Bitcoin. Bloomberg recently reported that Morgan Stanley Investment Management’s subsidiary Cointerpoint Global “is exploring whether the cryptocurrency would be a suitable option for its investors.” According to Morgan Stanley’s website, Counterpoint Global chooses to invest in assets “whose market value can increase significantly for underlying fundamental reasons.” This suggests that the bank believes Bitcoin may be undervalued compared ...
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Blockchain firm aims to build crypto city in Nevada desert

CEO Jeffrey Berns says the smart city could incorporate digital currency payments for goods and services as well as records on the blockchain. Blockchain incubator and investment firm Blockchains LLC is stepping up its plans to build a smart city in the Nevada desert east of Reno. In an interview with the Associated Press released Saturday, Blockchains CEO Jeffrey Berns said he had asked the state of Nevada to let him form a local government on the 67,000 acres the firm owns in Storey County. If his petition is successful, the blockchain firm would be allowed to operate as an “innovation zone,” where a company would be able to impose taxes and create courts — in addition to incorporating digital currency payments for goods and services and maintaining records on the blockchain. Berns claimed the way the government is set up now isn’t ideal for creating a community based on blockchain, cryptocurrencies, and other innovative technology. He proposed the crypto city as a place “where ...
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Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

In recent days, bitcoin cash has seen significant gains, and supporters of the digital currency have been positive about specific developments, like the internet entrepreneur Kim Dotcom’s current support. On February 11, the Chinese New Year, the prominent bitcoin mining executives, Jiang Zhuoer and Jihan Wu joined a Satoshi’s Angels discussion channel and spoke favorably about the peer-to-peer crypto-asset bitcoin cash. The well known mining executives, Bitmain cofounder Jihan Wu and Btc.top founder Jiang Zhuoer seem very bullish about bitcoin cash (BCH) , according to a couple of members from the marketing agency and umbrella organization Satoshi’s Angels . The organization Satoshi’s Angels (SA) was founded by Akane Yokoo , an organizer of the Tokyo Bitcoin Cash Meetup, and the educator and author Cindy Wang . Both of the SA founders are bitcoin cash (BCH) proponents and have educated the masses on the many benefits of the decentralized crypto asset. During the Chinese New Year...
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Here's why altcoins are dropping as Bitcoin price inches closer to $50,000

The altcoin market crashed as Bitcoin achieved a new all-time high and made its way towards $50,000. Altcoins plunged steeply on Feb. 14 after the price of Bitcoin ( BTC ) achieved a new all-time high above $49,000. The timing of the altcoin market’s drop was noteworthy because it corrected as BTC was rallying, which typically does not happen. So why exactly did altcoins crash? There are two main reasons why the altcoin market pulled back despite the strength of the dominant cryptocurrency. First, when the price of Bitcoin rallied to a new record-high, it sucked out most of the volume in the cryptocurrency market. This naturally caused the market to sway towards BTC, contributing to the pullback of altcoins. Second, Ether ( ETH ), which often leads the momentum of the altcoin market, fell sharply against Bitcoin. BTC/USD vs. ETH/BTC (orange) 1-hour candle chart. Source: Tradingview The combination of these two factors, combined with the uncertainty around Bitcoin at the $50...
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Oracle-focused tokens rally as DeFi searches for trusted data providers

The DeFi sector is booming but the future of the sector depends on oracles, here are some of the top contenders. To the observant cryptocurrency enthusiast, the sight of multiple large-cap tokens more than tripling their value since November 2020 is a healthy sign that a bull market cycle is underway.  Aside from a breakout in the price of Bitcoin ( BTC ), Ether ( ETH ) and altcoins, every bull market in the crypto sector is defined by one or two key themes that emerge as the driving force of market enthusiasm. In 2016-2017 there were ICOs, the growing popularity of collectibles like CryptoKitties and the widely held belief that blockchain was a solution to every problem in the world. In 2021 it’s clear that DeFi is one of the primary drivers of the current bull trend in Ether price and altcoins that embraced the sector. While it may not be in the forefront of every analyst's mind, the development of oracles is another component that is quietly building the essential infrastr...
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‘Black Swan’ Author Pulls a 180- Nassim Taleb Says ‘Bitcoin’s a Failure, at Least for Now’

On February 12, the well known Lebanese-American essayist and risk analyst, Nassim Nicholas Taleb, declared that the leading digital currency bitcoin is a failure, at least for now. Cryptocurrency fans have been upset by Taleb’s recent statements, after it seems the renowned author has done a complete 180 after supporting the crypto asset for years. Nassim Taleb Is Not Impressed With Bitcoin These Days Nassim Nicholas Taleb is a very popular author, mathematical statistician, and scholar. Over the years, Taleb has been very critical of today’s monetary system, the current finance industry, and the most recent financial crises. The philosopher is best known for his books “The Black Swan” (2010) and “Antifragile: Things That Gain from Disorder” (2012). After Satoshi Nakamoto released the Bitcoin network, Taleb was initially very optimistic about this emerging technology and over the years he wrote positive things about the digital asset. Nassim Nicholas Taleb’s recent critique of ...
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Cardano approaches a new major upgrade as ADA posts an inspired rally

Cardano’s Mary upgrade and token gains are poised to compete with Ethereum, while metrics suggest that Ethereum is still king. The Cardano Foundation's coin ADA , hit its all-time high of $0.97 on Feb. 12, having started the year trading at $0.18, thus entailing 438% gains year to date. Apart from the macro trends in the cryptocurrency industry driving up the price of flagship assets, such as Bitcoin ( BTC ) and Ether ( ETH ) translating to other altcoins, such as LINK, DOT, etc., Cardano’s growth could also be attributed to the network updates that Cardano has been running on its blockchain network. On Feb. 3, Cardano’s development firm Input Output Hong Kong successfully conducted a hard fork and also applied the Goguen native token upgrade, known as the Mary upgrade, to Cardano’s testnet, which transforms the blockchain into a multi-asset network similar to Ethereum. The team expects to have launched the mainnet by the end of February. The other features of the Goguen update...
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Private finance emerges as crypto’s next major growth catalyst

GameStop saga catalyzes private finance to ascend rapidly, with on-chain privacy solutions and synthetic asset pools cropping up across the crypto space. Long gone are cryptocurrency’s days as an obscure hub for experimental ventures in cryptography. 2020 marked a seminal year for the space, with cryptocurrencies taking major strides into the mainstream as governments, supranational organizations and corporate entities alike made significant entrances into an industry they collectively call the “digital asset space.”  As per centralized authorities’ choice, cryptography and its primary feature, privacy, have been relegated from the front-and-center role they once played as cryptocurrency’s main attractions. In their place, a breadth of ever-more enticing DeFi applications has taken the limelight on the back of enhanced liquidity, yield farming and unprecedented economic models. DeFi is a game-changer In 2021’s opening act, the trendlines have only advanced further. The DeFi u...
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El Español Says Spanish Authorities Joint Statement Is a Warning to Companies in the Wake of Tesla’s BTC Buy

The Spanish financial markets watchdog and the country’s central bank criticized — again — cryptocurrencies as an investment asset. The entities issued a joint statement warning about the high risks the cryptocurrency market poses. Document: Crypto Adoption as a Payment Means ‘Is Still Limited’ Per the paper , the Bank of Spain and the National Securities Market Commission (CNMV) reaffirmed their stance against considering bitcoin ( BTC ) as a means of payment. After dismissing cryptos as secure investment assets, they also pointed out the lack of regulation in the European Union. However, they recognized that the European bloc is holding talks on establishing a legal framework to regulate the crypto environment. The document elaborates on the “liquidity” factor; Many of these cryptocurrencies can find themselves lacking the necessary liquidity to be able to undo an investment without suffering significant losses, especially since their circulation among investors, both retail a...
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Roses are red, violets are blue, Bitcoin hits $49K and a new all-time high too

The price of Bitcoin broke past $49,000 to achieve a new all-time high across major exchanges. The price of Bitcoin ( BTC ) achieved a new record above $49,000 on Valentine's Day on Feb. 14, rising to as high as $49,344 on Coinbase. There are three main reasons Bitcoin surged to a new all-time high, namel high stablecoin inflows, clean break of the $38,000 resistance area, and a prolonged consolidation phase. BTC/USD 4-hour price chart (Coinbase). Source: TradingView.com High stablecoin inflows were key Throughout the past several days, despite Bitcoin’s consolidation below $38,000, on-chain analysts pinpointed the continuous increase in stablecoin inflows. According to data from CryptoQuant , a data analytics platform, the Stablecoin Supply Ratio (SSR) rose significantly as it rallied from the mid-$30,000 region. The SSR indicator shows the ratio of the market cap of Bitcoin relative to the aggregated market cap of stablecoins. When the price of Bitcoin rises in tandem ...
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Blockchain mysteries: Biggest crypto transaction fee oddities

Take a look at a few crypto transactions that came with unnecessarily high fees. Users can send cryptocurrencies virtually anywhere globally via the blockchains on which they are based. By sending crypto assets, however, fees are incurred. Transactions may take longer for certain assets, depending on their related blockchains. Certain crypto wallets and platforms give users the option to choose a transaction fee. Higher fees typically result in faster transactions.  Over the years, however, some asset holders have put their coin or token values into the wrong fields, resulting in exorbitant, albeit accidental, fee payments. For example, a holder might intend to send 12 Bitcoin ( BTC ) at a fee of 0.01 BTC, although they might accidentally put 12 BTC into the fee box, spending 12 BTC on fees while sending just 0.01 BTC to the intended destination. A number of fee mishaps have occurred involving Ether ( ETH ) and Bitcoin. Here are a few painful fee stories. Enough Ether to pay o...
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