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Showing posts from April 24, 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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Dogecoin Investor Becomes Millionaire in 2 Months, Inspired by Elon Musk

A dogecoin investor has shared his story of how he became a crypto millionaire in a little over two months after learning about the meme cryptocurrency and pouring all his savings into it. He said he was inspired by Elon Musk’s tweets about dogecoin. A Doge Millionaire Shares His Story Glauber Contessoto, a 33-year-old who works at a music company in Los Angeles, has shared his story of how he became a dogecoin millionaire in just a little over two months. He invested over $180,000 in dogecoin on Feb. 5 when its price was about 4.5 cents, the investor told CNBC Make It in an interview published Friday. He learned about the meme cryptocurrency on Reddit and was inspired by Tesla’s technoking Elon Musk who tweeted about DOGE on several occasions. Contessoto explained that he was drawn to dogecoin for a few reasons. Besides loving the Reddit community surrounding dogecoin, he said he appreciates that the crypto was inspired by Shiba Inu “Doge” meme. He is also very bullish on the co...
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SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Commissioner Hester Peirce believes that the U.S. government cannot ban bitcoin, stating that “it’s very difficult to ban something that’s essentially a peer-to-peer technology.” The commissioner is hopeful that with the new chairman who has deep knowledge of bitcoin and cryptocurrencies, the SEC can take a fresh look at some of the reasons used to reject bitcoin exchange-traded funds (ETFs). SEC Commissioner Says ‘Very Difficult’ to Ban P2P Technology Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC) who is also known in the crypto community as “crypto mom,” was asked whether there is a possibility that the Biden administration could ban bitcoin in an interview with Fox Business’ Charles Gasparino on Thursday. With new cryptocurrency regulations in the works, investors are concerned whether the government will ban cryptocurrencies, including bitcoin. Some people have warned that governments can outlaw bitcoin if it becomes a risk to their fina...
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3 things every crypto trader should know about derivatives exchanges

Understanding open interest, funding rates and the differences between futures contracts is the starting point for any investor interested in trading crypto-based derivatives. In the past two years futures contracts have become widely popular among cryptocurrency traders and this became more evident as the total open interest on derivatives more than doubled in three months. Additional proof of their popularity came as futures turnover surpassed gold, which is a well-established market with $107 billion in daily volume . However, each exchange has its own orderbook, index calculation, leverage limits and rules for cross and isolated margin. These differences might seem superficial at first, but they can make a huge difference depending a traders' needs. Open interest Aggregate futures open interest (blue) and daily volume (black). Source: Bybt As shown in the above, the total aggregate futures open interest rose from $19 billion to the current $41 billion in three months. ...
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OCC Grants Crypto Firm Paxos ‘Conditional Approval’ for US Bank Charter

The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency (OCC). The OCC published information on the conditional approval on April 23, 2021, showing authorization of the company’s application to charter the Paxos National Trust. “The OCC granted a national trust bank charter to Paxos after [a] thorough review of the company and its current operations,” the OCC’s press release notes. “In granting this charter, the OCC applied the same rigorous review and sta...
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Lending giant Aave set to launch liquidity mining program

Can governance token distribution help Aave overtake Compound? With a liquidity mining program set to launch on Monday, Aave could be on the cusp of becoming the dominant decentralized finance (DeFi) ledning protocol.  Earlier today, Aave Improvement Proposal (AIP) 16 reached quorum, meaning that starting on Monday, 4/26 liquidity providers and borrowers in Aave’s USDC, DAI, USDT, GUSD, ETH, and WBTC pools will earn stAAVE rewards in addition to their standard interest yield. Per AIP 16 , providers and borrowers in these pools will split 2,200 stAAVE tokens per day from the protocol’s current 2.9 million AAVE Ecosystem Reserve, currently worth nearly $1 billion. The proposal, written by Aave investor Parafi Capital’s Anjan Vinod, notes that the goal of the program is to “drive lending and borrowing activity across markets,” as well as increase the decentralization of the protocol’s governance by distributing governance tokens to more users. The move is something of a novelty ...
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From Startup to Success Story — Morpheus.Network Is Transforming Global Trade With Blockchain

PRESS RELEASE. Blockchain-powered supply chain management platform, Morpheus.Network, has launched an updated platform, forged an Agribusiness agreement with the Argentinian government, and was a winner in the 2021 “Future of Ports” competition. Burlington, ON — Morpheus.Network is one of the world’s leading supply chain ecosystems and is changing the face of the global trade industry in 2021. The company has just launched its updated enterprise-grade, next-generation supply platform, agreed to a global Agribusiness project with SENASA and was one of the 5 winners of this year’s prestigious Gulftainer “Future of Ports” competition. What is Morpheus.Network? Morpheus.Network is a supply chain ecosystem with the ability to extend itself on top of existing industry technologies through its blockchain technology. The Morpheus.Network platform exists on the cloud in between blockchain and IoT, with the potential to be integrated with different technologies and devices in one single f...
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China’s Carbon Neutral Stance Puts Pressure on BTC Miners, Sichuan Electricity to Increase 150%

Bitcoin’s global hashrate dropped ten days ago following a coal mine accident that caused significant grid blackouts in Xinjiang, China. While initial estimates had shown more than 40% of the hashrate dropped, statistics from a five-day average show the hashpower only lost around 25%. Meanwhile, Chinese miners located in Sichuan may put more pressure on hydropower, as province officials have revealed electricity rates are scheduled to increase 150% this year. Sichuan Electricity Trading Division Report Notes Electrical Prices in the Region Will Increase by 150% Mining bitcoin is extremely competitive and miners are spread out all around the world in order to obtain the cheapest electricity rates they can acquire. Because electrical costs in China are far less than a great number of regions around the world, a large portion of bitcoin miners reside in the country. At one time years ago it was estimated that more than 65% of the hashrate was in China, while more recent studies have s...
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DEX volumes continue to surge even as Bitcoin and altcoins correct

Decentralized exchange volumes are on the rise as the pullback in the price of Bitcoin motivates some traders to book profits and rotate into altcoins. Decentralized finance (DeFi) started 2021 by taking the cryptocurrency sector by storm and helping to kick the bull market cycle into high gear as traders capitalized on ways to easily trade cryptocurrencies and earn high yields on their hodl stacks.  Eventually, high fees on the Ethereum ( ETH ) network and a few sharp market sell-offs helped contribute to a pullback in token prices and DeFi transactions beginning in late February, but that trend appears to have reversed over the past week as activity on decentralized exchanges is once again on the rise. DEX user and volume comparison. Source: DappRadar As seen in the chart above, decentralized exchange (DEX) volume spiked in late February, followed by a downtrend through the first week of April which saw the total volume traded on all DEXs fall as low as $603 million on Ap...
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Is the bull run over? BTC loses $50,000 as transaction fees surge: Hodler’s Digest, April 18–24

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link. Top Stories This Week Bitcoin tumbles 10% in 12 hours and falls below $50,000 for first time since March Things were looking markedly bearish for Bitcoin following last weekends swift and sudden correction, which caused Bitcoin to crash by 20% in a single hour. Within minutes last Sunday, $60,000 became a distant memory with bulls forced to defend $55,000 instead. BTCs prized $1-trillion market cap was also lost, and at one point, dominance sunk below 50% a milestone that hasnt been seen since 2018. But by the early hours of Friday, as selling pressure heightened, the worlds biggest cryptocurrency succumbed, dipping below $50,000 for the first time since March. Ether, which had managed to hit a new all-time hig...
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US State Passes Resolution Commending Satoshi Nakamoto and Bitcoin

The U.S. state of Louisiana has passed a resolution to commend bitcoin for its success as well as commend the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, “for his contribution to economic security.” State Resolution Recognizing Satoshi and Bitcoin The Louisiana House of Representatives resolution by Representative Mark Wright entitled, “Commends Bitcoin and the cryptocurrency industry,” has been enrolled and signed by the Speaker of the House. House Resolution 33 (HR 33) reads: Resolution to commend Bitcoin for its success in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology. The resolution proceeds to describe various attributes of bitcoin, starting with its creation in 2008 “by the pseudonymous author Satoshi Nakamoto.” Noting that the cryptocurrency “could potentially replace gold as a monetary reserve,” the document h...
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6 Questions for Denelle Dixon of the Stellar Development Foundation

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!   This week, our 6 Questions go to Denelle Dixon, CEO and executive director of the Stellar Development Foundation. Denelle Dixon is the CEO and executive director of the Stellar Development Foundation, a nonprofit organization using blockchain to unlock the worlds economic potential by making money more fluid, markets more open and people more empowered. Before joining Stellar, Denelle served as the chief operating officer of Mozilla, one of the most successful mission-driven open-source organizations. During her tenure at Mozilla, she led the organizations business, revenue and policy teams, including the ongoing fight for net neutrality and the global effort to ensure that people can control their personal data. She also pushed Mozilla to understand how to partner with commercial entities while staying true to i...
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New altcoin era? Dogecoin liquidations briefly surpass Bitcoin

Dogecoin liquidations briefly surpassed Bitcoin, indicating high demand for DOGE and the altcoin market. Dogecoin ( DOGE ) saw more liquidations than Bitcoin ( BTC ) at one point on April 24. This shows there is a significantly high demand for trading the meme cryptocurrency even as Bitcoin and Ether ( ETH ) struggle to recover. Various trends and metrics, such as social volume, trading volume, and liquidations in the futures market indicate that DOGE remains one of the most frequently traded cryptocurrencies in the global market. DOGE/USDT 15-minute price chart (Binance). Source: Tradingview.com Large liquidations mean DOGE is seeing genuinely high demand Although some metrics, like the daily volume on small exchanges, is often exaggerated, futures market open interest and liquidations data is much harder to inflate. According to Bybt.com, in the last 12 hours, over $44 million worth of DOGE positions were liquidated.  In comparison, Bitcoin saw $117.4 worth of liquidat...
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Four arrested after Turkish exchange Vebitcoin closes its doors

The arrested employees, including directors, are suspected of fraud. As a countrywide cryptocurrency ban looms, multiple Turkish exchanges have now come under investigation with four employees of the recently-shuttered Vebitcoin exchange arrested this morning for allegations of fraud. Last night, Vebitcoin announced it would be ceasing operations in a short statement posted on its website, claiming that unspecified financial strain led to the decision — possibly caused by an unusually high number of withdrawals leading up to Turkey’s forthcoming cryptocurrency ban . “We have decided to cease our activities in order to fulfill all regulations and claims,” the announcement read in part. The exchange was among the largest in Turkey with nearly $60 million in daily volume, with Bitcoin accounting for half of the trading activity. This morning, Muğla chief public prosecutor Mehmet Nadir Yağcı announced in a statement to local media that four employees have been detained by law enforc...
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NFTs and US taxes: What you should know

Are there any pitfalls in NFT taxation according to the current U.S. laws? Seems like we now all have stories starting with, “What I did during the pandemic...” Most begin with cleaning out the closet and, hey, guess what? That’s where my story starts, but I bet you can’t guess where it ends! Let’s start with what I found in that closet: family photos before the days of digital. I know — memories of boring trips with the kids and people who I either owe money to or who don’t talk to me anymore! And all of these are nicely arranged in photo albums. You know, photo albums. Big, bulky books with strange plastic adhesive and picture protection sheets that, in reality, ruin every picture, as the pictures can never be easily removed without using a blowtorch. So, even though I am a senior citizen, I came up with a techie solution. During the COVID-19 pandemic, I started taking smartphone pictures of the photos in the album, realizing that by converting these into digital bits, I would b...
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