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Showing posts from February 19, 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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Malaysian Police Bust Gang That Stole $2.15 Million Worth of Electricity to Mine Bitcoin

Police in Malaysia’s Jahor state have busted a seven-men gang that stole 8.6 million Malaysian ringgits ($2.15 million) worth of electricity to mine bitcoin and other cryptocurrencies. ● Police said they seized 1,746 bitcoin ( BTC ) mining machines across 21 premises in raids carried out between Feb.15 and Feb.16, the Malay Mail reported . The miners are claimed to be worth a combined 2.6 million ringgits ($650,000). ● Seven local suspects aged between 24 and 64 were nabbed in the operation, which involved domestic power company Tenaga Nasional Berhad (TNB). ● “The syndicate, which has been active since the beginning of last year, carried out its activities on the top floor of a shophouse to avoid detection by the authorities,” said Johor’s police chief, Datuk Ayob Khan Mydin Pitchay. ● Ayob Khan added that police are still investigating the operation, whose alleged mastermind and other gang members are still at large. ● “Investigators are not ruling out the possibility th...
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Study: Top-Tier Cryptocurrency Exchanges Increased Their Market Share by 13% Since October 2020

A recent study unveiled that top-tier cryptocurrency exchanges increased their market share since October 2020, in the context of lower-risk exchanges. The bitcoin bull market fueled that both retail and professional traders utilized such risk, data shows. Stricter Regulations Boosted Transparency Levels in Crypto Exchanges Per information from crypto market data provider cryptocompare.com, top-tier crypto exchange gained 13% market share from October 2020 to January 2021. In fact, it increased from 61% ($347 billion) to 74% ($1.41 trillion). But the study — which covered over 160 exchanges — clarified the following about the market share’s proportion: Based on the most recent ranking update, the proportion of Top-Tier exchange volume in Jan 2021 would be 88% to reflect the increase in the number of Top Tier exchanges meeting the minimum threshold – 68 in July 2020 vs 76 in current update. Cryptocompare highlighted that exchange’s standards “improved” as regulatory requirement...
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REN price rallies 60%, hitting a new high after recent DeFi integration

REN price spiked to a new all-time high shortly after its recent integration with Binance Smart Chain. Ren (REN) price underwent a strong 65% breakout on Feb.19 as the interoperability-focused protocol saw continuing accumulation from whale wallets holding more than 1 million REN. Data from Cointelegraph Markets and TradingView shows that REN rose from $0.99 on Feb. 18 to establish a new all-time high of $1.84 on Feb. 19. The move to a new high occurred as REN's trading volume also reached $704 million over the past 24-hours. REN/USDT 4-hour chart. Source: TradingView Attention for the protocol received a noticeable uptick at the end of January when it was announced that Dogecoin (DOGE) would be integrated with REN, enabling the trading of renDOGE in the growing DeFi ecosystem. Since that time the REN ecosystem has continued to expand as more top-tier projects like Filecoin (FIL) have undergone the transformation to become renFIL, which is now being considered for addit...
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No-loss lottery PoolTogether cracks 50 million in deposits after token airdrop

The self-styled "savings game" is hoovering user deposits, leading to meaty lottery payouts No-loss lotteries appear to have found a snug product-market fit.  Just a few days after the airdrop of their governance token, POOL, the self-styled “savings game” PoolTogether has cracked $50 million in total value locked with ease, currently sitting above $51 million spread between DAI, USDC, UNI, and COMP lottery pools. PoolTogether aptly 'pools' user funds and deposits them into decentralized finance savings protocols, using the interest as prizes for randomly-selected winners and returning the initial funds to buyers — thus creating a “no-loss” lottery. While the project stalled below $10 million in total value locked for months, growth has been explosive ever since the POOL governance token airdrop on February 17. According to a Tweet from the team, a day ago the project had $34 million in TVL — it has since grown 33%. $34 million deposited! ~$47,000 in no loss...
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IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” CBN Acting in the Interests of Financial Sector Stability According to a report , Aisen, who says that other central banks have taken similar action, believes that “some care should be taken” concerning the use of cryptocurrencies. In an apparent justification of the directive, Aisen suggests that the CBN only wants a solution that will be “in the interest of the payment system and the sustainability of the financial sector.” However, during the same briefing, Aisen also calls on Nigerian monetary authorities to consider the “unification of foreign exchange rates.” While the CBN maintains the naira’s e...
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Crypto is ‘poorest hedge’ for drawdowns in equities, JPMorgan analysts say

Analysts bashed Bitcoin despite JPMorgan co-president Daniel Pinto claiming that Bitcoin adoption is inevitable at some point. Analysts at American investment bank JPMorgan Chase have delivered another skeptical statement on Bitcoin ( BTC ), arguing that its current price is much higher than its fair value. In a regular memo for investors, JPMorgan argued that cryptocurrencies like Bitcoin are an “economic side show” and the poorest hedge against a decline in equity prices, Reuters reports Friday. The analysts said that the mainstream adoption of Bitcoin increases its correlation with cyclical assets, which makes it a less attractive asset for portfolio diversification: “Crypto assets continue to rank as the poorest hedge for major drawdowns in equities, with questionable diversification benefits at prices so far above production costs, while correlations with cyclical assets are rising as crypto ownership is mainstreamed.” In January 2021, JPMorgan strategists John Normand and ...
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Fortune 500 firm Geely to launch joint blockchain venture in China

A Swiss blockchain developer and Geely will provide enterprise blockchain solutions to clients, with a focus on digital identity, regtech and privacy enhancement technologies. Swiss enterprise blockchain developer, the Concordium Foundation, has signed a joint venture agreement with the $200 billion Chinese conglomerate, Geely Holding Group — the largest shareholder in Volvo and a Fortune Global 500 company.   The joint venture will be 80% owned by Geely and 20% owned by Concordium, but operationally co-managed by both companies. The venture aims to provide Chinese businesses and clients with access to new blockchain platform-based business models and decentralized applications, or DApps, which can be deployed across various industries. As previously reported , Concordium is a public and permissionless layer 1 blockchain with a user-identification layer at the protocol level that is protected by  zero-knowledge proofs . While this supports encrypted transfers and privacy b...
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Ripple’s XRP sales suppressed coin price, amended court complaint alleges

The SEC alleges that Ripple executives misled investors and manipulated the XRP coin price by creating an “information vacuum.” The United States Securities and Exchange Commission has alleged that Ripple Labs executives Bradley Garlinghouse and Christian Larsen manipulated the XRP  price by ramping up or slowing down their coin sales depending upon market conditions. In an amended complaint filed Feb. 18, the plaintiff — the U.S Securities and Exchange Commission —reiterated its stance that Ripple Labs, Christian Larsen and Brad Garlinghouse violated securities laws with the sale of XRP coins starting in 2013: “From at least 2013 through the present, Defendants sold over 14.6 billion units of a digital asset security called ‘XRP,’ in return for cash or other consideration worth over $1.38 billion U.S. Dollars (‘USD’), to fund Ripple’s operations and enrich Larsen and Garlinghouse.” The complaint claims that Ripple received legal advice as early as 2012 that its coin could re...
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Binance Coin Topples USDT to Become the Number Three Crypto After a 300% Price Surge

The Binance token has toppled the stablecoin Tether to become the third-largest crypto asset by market capitalization. After starting the month of February a little under $50, the token had raced past the $250 mark on February 19. At the time of writing the token is fluctuating around its all-time high (ATH) and stood at $262. At this price, BNB ’s market capitalization currently stands at over $38 billion. This is nearly $4 billion more than that of Tether. Meanwhile, before the February price breakout, the token had experienced a gradual rise alongside other exchange assets. However, since the beginning of February, the token has seen two significant price breakouts. In its first significant rally, the token raced from a little under $50 on February 1 to $147 by February 10, representing a jump of nearly 200%. After a seven day lull, the token recommenced the rally on February 16 and at the time of writing, the token had doubled in value in just 72 hours. In the meantime, ...
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Exchange tokens BNB, HT, FTT and OKB are on fire in February — Here's why

Increased trading volumes, innovative products and strong DeFi integration have helped BNB, HT, FTT and OKB soar in February. Bitcoin’s ( BTC ) current bull run continues to attract institutional investors who are finally realizing its long-term potential. The latest to take the Bitcoin plunge is BlackRock Financial Management , which has “started to dabble a bit” in crypto investments, according to the investment giant’s chief investment officer Rick Rieder. In another positive, investment advisory The Motley Fool projected that Bitcoin could rise to $500,000 over the next 15 years. The firm announced its plans to buy $5 million worth of Bitcoin and has also advised its 10X real-money portfolio members to make the digital asset a part of their core holding. The firm said it is not worried about short-term price fluctuations due to its long-term investment horizon. Although Bitcoin garners most of the attention, there are several altcoins that have been skyrocketing in the past fe...
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Firm in Portugal to accept Bitcoin for electricity bills

Some Portuguese residents will reportedly be able to pay for electricity in Bitcoin starting from February. Luzboa, a small energy trading company in Portugal, will soon start accepting Bitcoin ( BTC ) as payment for electricity. The company’s president Pedro Morais Leitão announced the news to Portuguese publication Expresso on Wednesday, stating that the new payment option should become available this month. According to the executive, Luzboa will create a Bitcoin wallet in the coming days, allowing residents to pay for electricity under a new payment system known as “Bit Spot.” According to Leitão, the firm plans to instantly convert received Bitcoin into euros to protect its business from unstable prices. “We are aware of currency volatility, but we are prepared to take some risk,” the exec said. Leitão explained that the main idea of the initiative is to “capture a niche market” rather than make its customers move into Bitcoin payments. “There is a new generation with an int...
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Bitcoin accelerates toward $1T market cap as price hits new all-time high

The largest cryptocurrency nears $53,000 on Friday in the latest bullish surge as $50,000 holds as support. Bitcoin ( BTC ) hit yet another all-time high on Feb. 19 as the largest cryptocurrency set its sights on becoming a trillion-dollar asset. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Another day, another Bitcoin record Data from Cointelegraph Markets and Tradingview  showed BTC/USD reaching $52,932 on Bitstamp at the time of writing after rising % in an hour. Holding $50,000 support over the past two days, Bitcoin was primed for further gains in the short term, analysts believed, with one area in particular capturing hodlers' imagination. At around $53,600, Bitcoin's total market cap will pass $1 trillion for the first time in history. "It is simple. In the old world your money loses value, because governments debase currencies to fund their warfare & welfare state," quant analyst PlanB summarized on Friday. "In the new worl...
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Binance Coin becomes the third-largest crypto following parabolic rally

Binance Coin overtakes Tether to become the third-largest cryptocurrency by market capitalization after Bitcoin and Ether. Binance Coin ( BNB ), a cryptocurrency issued by the world’s largest crypto exchange Binance, has hit a major historical milestone, becoming the third-largest coin by market capitalization for the first time in history. At the time of writing, BNB’s market cap stands at $38 billion, outstripping the biggest stablecoin Tether ( USDT ) by about $5 billion, according to data from crypto tracking source CoinGecko . Binance Coin is trading at $257, up 47% over the past 24 hours and skyrocketing 107% over the past seven days at publishing time. Source: CoinGecko Alongside propelled growth in market capitalization, BNB also saw a major spike in daily trading volumes, which saw the average daily trading volume of Binance Coin hit a new all-time high of $14 billion today, up from around just $9 billion yesterday. Binance Coin’s entrance to the top three coins by ma...
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Akoin rolled out in $2B medical metropolis in Kenya

Akon’s Akoin cryptocurrency is set to become the exclusive cryptocurrency of the Mwale Medical and Technology City in Kenya. Akoin (AKN), the crypto project developed by Senegalese-American singer Akon, has completed the pilot rollout stage of its deployment in the Mwale Medical and Technology City complex in Kenya. As previously reported by Cointelegraph, the trial phase was launched back in November 2020 at the time of the AKN listing on the Bittrex crypto exchange. Following the success of the initial pilot, the Akoin crypto is now ready for full deployment in the $2 billion complex in July. Commenting on the success of the pilot program, Akoin President and co-founder Jon Karas revealed that the roll-out was received with “great enthusiasm.” Once fully deployed, AKN will reportedly be available for adoption among 5,000 hospital workers, 2,000 merchants, and over 35,000 residents of the MMTC. In total, the Akoin team estimates that over $5 million in transactions will come fr...
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