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Showing posts from May 11, 2021

Urban Tea Now Accepts Cryptocurrencies Including Dogecoin

A specialty tea products retailer based in China’s Hunan province, Urban Tea, has introduced crypto payments in its stores and restaurants on two continents. Starting from this week, customers will be able to buy its beverages and meals using various cryptocurrencies. Chinese Tea Stores and Restaurants to Accept Crypto The publicly traded tea company runs a number of tea stores in China through its subsidiary, 39 Pu Tea Co Ltd. It also operates a chain of restaurants in the U.S. under another entity, Guokui Management Inc. A press release details that both of them will accept cryptocurrencies, including bitcoin ( BTC ), ethereum ( ETH ) and dogecoin (DOGE). Commenting on the announcement, CEO Xianlong Wu stated: Through the deployment of cryptocurrency payment, Urban Tea plans to bring cryptocurrency application scenarios into the customers’ daily life. Incorporated in the British Virgin Islands, Urban Tea’s main business is centered on the distribution and retail of specialty t...

Do 46 million Americans really own crypto?

Newsweek published an article claiming 46 million Americans own Bitcoin, but where did the figures come from? Crypto social media was abuzz after Newsweek published the article headlined “46 Million Americans Now Own Bitcoin, As Crypto Goes Mainstream” on May 11. The impressive figure was re-posted by notable Bitcoiners including MicroStrategy CEO Michael Saylor who tweeted: “The finance industry is taking crypto mainstream by building Bitcoin into their insurance, banking, & investment products. Newsweek says 46 million Americans now own Bitcoin.” The finance industry is taking crypto mainstream by building #Bitcoin into their insurance, banking, & investment products. @Newsweek says 46 million Americans now own Bitcoin. https://t.co/Wj6Ymk0hYU — Michael Saylor (@michael_saylor) May 12, 2021 Coin Metrics co-founder Nic Carter said that sheer number of Bitcoiners represents “a powerful constituency that cannot be ignored. Political dividends for embracing Bitcoin ar...

Bitcoin price bounces despite stocks rout as Ethereum hits new $4,350 high

New all-time highs for the largest altcoin combine with fresh bullishness across crypto after this week's sell-off. Bitcoin ( BTC ) gained 4.3% on May 12 as cryptocurrencies recovered losses despite increasing turmoil on global stock markets. BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview BTC price reverses upwards Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD erasing almost all the previous day's losses on Wednesday to trade above $57,500 at the time of writing. The move came amid concerns over froth in tech stocks, fueled by problems in Taiwan which saw the country's equities index post its biggest one-day loss in history. Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their performance. Conversely, as has become a hallmark trait of an increasingly asymmetrical market, most major cryptocurrencies bucked the trend and returned to growth. "BTC...

Spring and Bondly NFT Partnership Unlocks Digital Potential for Creator Economy

PRESS RELEASE. 12th May, 2021, San Francisco, California — Spring (formerly Teespring) and Bondly , premiere NFT solutions provider that empowers the next generation of NFT creators, announced today their new partnership to enable Spring’s platform for creators to sell both digital and physical product creation, unlocking a new wave of digital potential for the creator economy. Content creators will use Bondly technology on the Spring platform to create, mint and market NFTs. In addition, Bondly will provide expertise to develop new digital experiences between creators and fans. More than $2 billion was spent on NFTs during the first quarter of 2021 — representing an increase of about 2,100% from Q4 2020*, so there is a lot of revenue that can be generated for individual creators. These new NFT capabilities will empower the creator to be the authentic creator of the initial digital product as well as rewarded for its creation. Creators will now be able to simultaneously leverage...

9 CryptoPunks sell for $17M at Christie’s auction house

Famed New York auction house, Christie’s hosted the sale of nine CryptoPunks NFTs for nearly $17 million. Despite the recent NFT frenzy starting to cool, prized nonfungible tokens with historical significance are still fetching multi-million dollar prices. On May 12, famed New York-based auction house, Christie’s, tweeted that an auction for nine tokens from pioneering NFT CryptoPunks had cleared for nearly $17 million combined. Despite the tokens fetching millions, some Twitter users speculated that the winning bidder scored a bargain. I thought they'd go for more myself also. — VeryBadAcid (@acid_very) May 12, 2021 CryptoPunks were launched by LarvaLabs in 2017, and were limited to 10,000 tokens in total. The NFTs depict randomly generated pixelated portraits with unique features inspired by the London punk movement, such as hair styles, jewellery, and sunglasses. Ahead of the auction, Christie’s teamed up with non-profit and urban art proponent SaveArtSpace to display...

Mastercard Payment Index: More Consumers in Three African Countries Plan to Use Crypto Based Payment Methods

According to a recent Mastercard payment index report, the Covid-19 related lockdowns helped spread the use of cryptocurrency in three African countries, namely Nigeria, Kenya, and South Africa. The report also reveals that a greater number of consumers from these countries are “likely to use one emerging payment method in the coming year.” More Respondents Planning to Pay With Cryptos in the Upcoming Year In fact, according to findings of a survey conducted between February 26 and March 10, 2021, a significant number of the respondents from these countries plan to use cryptocurrencies in the coming year. For instance, in Nigeria, which recently barred banks from servicing the crypto industry, 65% of the respondents are planning to pay using crypto. In contrast, about 43% of respondents from Kenya signaled their intention to use cryptocurrencies when making payments. South Africa (41%) has the lowest number of consumers that plan to make use of cryptos in the coming year. Comment...

Uniswap flips Bitcoin on daily revenue... and it’s more impressive than you think

Liquidity provider fees for Uniswap have surpassed BTC network revenue on a seven-day average. Uniswap has surpassed Bitcoin in terms of daily fee generation for two days in a row. The fee flippening was observed by crypto industry blogger Evan Van Ness citing figures from CryptoFees, a website that compares the daily fees generated by the top blockchain networks. Uniswap has fully flipped #Bitcoin in fees Wouldn't surprise me if market caps were 1) $ETH 2) $UNI 3) $BTC in the future. pic.twitter.com/iNUe7Jmw9c — Evan Van Ness (@evan_van_ness) May 11, 2021 Uniswap founder Hayden Adams was quick to post about the milestone : “Uniswap v2 LP fees finally passed Bitcoin network fees on the 7-day average. Would be even higher if [cryptofees] tracked v3,” At the time of writing the website was reporting that Uniswap had generated $7.1 million in fees over the past 24 hours compared to Bitcoin’s $4.6 million. Although a million critics immediately pointed to high gas f...

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Billionaire Stanley Druckenmiller thinks some kind of crypto-derived ledger system may replace the U.S. dollar as the world’s reserve currency in the future. Billionaire hedge fund manager Stanley Druckenmiller has forecast the possibility of a crypto-derived ledger system overtaking the U.S. dollar as a global reserve currency. The hedge fund boss noted that if there were to be a U.S. dollar replacement it “would be some kind of ledger system invented by some kids from MIT or Stanford or some other engineering school that hasn't even happened yet, that can replace the dollar worldwide.” He made the comments in an interview with CNBC’s Squawk Box. Druckenmiller noted that crypto is often promoted as a hedge against inflation, which has become more relevant of late: “Well, you probably don't remember this joke, but five or six years ago, I said that that crypto was a solution in search of a problem. And that's why I didn't play crypto the first wave because we alr...

Trial of former BitMEX executives set for next March

18 months after charges were filed, BitMEX executives will head to trial. The money laundering trial for the former executives of U.S. cryptocurrency exchange BitMEX has been scheduled for March 28, 2022. On May 11, New York District Judge John Koeltl set the trial date for former BitMEX executives CEO Arthur Hayes, co-founder Benjamin Delo, and chief technology officer Samuel Reed. The trio are accused of violating the Bank Secrecy Act and anti-money laundering laws. Additionally, BitMEX's head of business development, Gregory Dwyer, is also facing charges but has yet to appear in the case. The U.S. Department of Justice originally filed the criminal charges against the four executives on October 1, 2020 , for illegally operating a derivatives exchange. Hayes, Delo, and Reed founded BitMEX in 2014 but failed to register with the U.S. Commodity Futures Trading Commission which has also filed a civil enforcement action against the company. DoJ prosecutors have accused BitMEX ...

Ethereum Price to Hit $19,842 by 2025 According to 35 Experts

Thirty-five experts have come together to predict the price of ethereum. On average, they expect the price of ether to hit $19,842 by 2025. The majority of panelists say now is the time to buy ethereum while 28% say to hodl. Experts See Price of Ether Reaching Almost $20K by 2025 The “Finder Cryptocurrency Predictions 2021” which was updated Monday predicts that the price of ether will be nearly $20K by 2025 according to 35 experts on Finder’s cryptocurrency panel. The report says: By 2025, the panel expects Ethereum to hit $19,842 on average. The highest forecast came from Bitbull Capital COO Sarah Bergstrand who believes that the price of ether would be $100,000 by 2025. “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher,” she explained. One of the most bearish forecasts came from UNSW associate professor Elvira Sojli who predicted that ETH will end 2025 at just $1,850. The report continues: The majo...

Yearn Finance surges 45% as it joins dog pack with WOOFY

Yearn Finance is up nearly 45% in 24 hours, and it appears to be thanks to the team’s new dog token offering a bi-directional peg to YFI. Despite Dogecoin retracing from its all-time highs above $0.70, dog tokens continue to attract astonishing levels of popularity , with DeFi “blue-chip” Yearn Finance emerging as arguably the most prominent team seeking to cash in on the canine meme coin craze with the launch of its WOOFY token. But the YFI fans jumping in early may not have fully understood the coin’s utility which saw the price sail into the stratosphere. Whisperings of the new project began to circulate on Twitter over the past 24 hours, with users associated with Yearn hinting at a new token called WUFFY. Rumors of an airdrop for users who posted a picture of themselves being licked a dog and tag Yearn developer “Banteg” saw a flood of face-lick photos uploaded to Twitter. 0xc48c2a188651A089432229F0A131009a2ee24660 I though it was a joke but as I see everybody on it, here...

Goldman Sachs Executive Reportedly Resigns After Making Millions Investing in Dogecoin

A Goldman Sachs executive has reportedly resigned from the investment bank after he made a fortune investing in dogecoin. The meme cryptocurrency is touted by a growing number of celebrities, including the Dogefather Elon Musk and Mark Cuban. Goldman Sachs Executive Quits After Making Millions in Cryptocurrency Aziz McMahon, a managing director at Goldman Sachs in the U.K., has resigned from the investment bank. Goldman confirmed McMahon’s departure to Business Insider but did not provide a reason. However, Efinancialcareers reported that the executive’s departure followed him making millions of dollars investing in dogecoin, noting that he may be starting a hedge fund. Citing unnamed sources, the publication detailed: Aziz McMahon, a managing director and head of emerging market sales at Goldman Sachs in London, has resigned, allegedly after making money on dogecoin, the cryptocurrency championed by Elon Musk, whose value rose 72 times between the start of January and late last ...

Block.one secures funding for $10B EOS-based crypto exchange platform

The EOS-based Bullish Global crypto exchange platform is expected to go live later in the year. Blockchain software firm Block.one has announced plans to launch a cryptocurrency exchange subsidiary. According to a release published on Tuesday, the platform — dubbed “Bullish Global” — will run on the EOS blockchain. As part of the announcement, the EOSIO developer revealed that it had raised capital to the tune of $10 billion for the crypto exchange. This sum includes $300 million in investor funding from the likes of Peter Thiel and Mike Novogratz , as well as hedge fund managers Alan Howard and Louis Bacon. The remaining capital sum reportedly came from Block.one’s crypto holdings, including 164,000 Bitcoin ( BTC ) — worth about $9 billion at the current market value — and 20 million EOS. The EOSIO developer also reportedly came up with another $100 million cash injection for Bullish Global. Back in January, Cointelegraph reported that Block.one’s Bitcoin holdings stood at abo...

Centric (CNR/CNS) Announces Migration to Binance Smart Chain

PRESS RELEASE. London, UK — Centric announced an upcoming fork to the Binance Smart Chain (BSC), after almost 2.5 years on the TRON blockchain. Centric’s tokens, Centric Cash (CNS) and Centric Rise (CNR), will move to the BEP-20 token standard native to the Binance Smart Chain. Binance Smart Chain (BSC) touts “the advantages of the Binance Chain, optimized for ultra-fast trading.” It launched in September of last year, and has become a popular choice for decentralized app (DApp) deployment. “The move to Binance Smart Chain represents the most exciting development since CNS launched on exchanges last July,” said Joel Clelland, Centric’s CEO. “We’ve been watching the BSC community develop, and we are impressed. BSC’s reputation aligns well with how we see Centric and will allow us to scale.” Centric’s Chief Operating Officer, Thomas Butcher, pointed out that BSC offers integration with the popular MetaMask wallet, “with just a quick user customization requiring no special skills.” ...

Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Famed entrepreneur Richard Branson is often featured in fake articles sent out by various investment schemes, many of which are related to cryptocurrency, U.K.’s National Cyber Security Centre (NCSC) revealed in a report. The agency, which has blocked over 285,000 such campaigns in only nine months, says it’s dealing with a global problem. Shady Sites Lure Investors With Fake Endorsements From Richard Branson The fake news articles appear as if they come from well-known publications. The scammers spread them through mass email campaigns, text messages, or ads on social media platforms in Britain and abroad. They are linked to websites where potential victims are enticed to invest in fraudulent schemes. British cybersecurity experts say it’s a growing and a global challenge. NCSC has put an end to 286,322 of these campaigns and blocked 731,080 URLs between April and December 2020, according to its annual Active Cyber Defence report , quoted by the BBC. Although the same strategy can...

Chia network not so green? CPU mining reportedly destroys SSD in weeks

If you want to save the world, it's going to take a lot of hard drives. Chia Network (CHIA), which emerged onto the cryptocurrency scene with the promise of cleaning up the environmental mess left by Bitcoin ( BTC ) miners, may not be as green as it seems. Unlike Bitcoin, Ether ( ETH ) and others, Chia Network mines coins using an alternative to the energy-intensive Proof-of-Work (PoW). Chia coins are produced using only hard drive storage, and don’t require specialized ASIC hardware, or GPUs . But reports coming out of China point suggest that saving the environment isn’t as easy as it sounds when it comes to crypto. According to local outlet Fast Technology, the shelf-life of a standard 512GB SSD would be worn out after just 40 days of continuous CHIA mining, based on a data write volume of 256TB in that time period. A 1TB hard drive would last around 80 days, while a 2TB hard drive would be expected to last around 160 days. Under normal conditions, such pieces of hardware...

South Koreans flock to crypto amid a heavy-handed regulation approach

With crypto demand skyrocketing in South Korea, the government is looking to regulate digital assets and the local market is feeling the pressure. In South Korea, one in three citizens either own cryptocurrencies or get paid in them. One-tenth of its population trades digital assets, and its youth unemployment rate hovers above 10%. It’s a competitive job market in the East-Asian nation, where high expenses enforce hierarchical social structures, and financial stability can seem like a pipe dream. On matters of technology and innovation, South Korea is incredibly progressive. There’s been a lot of buzz around cryptocurrencies since news of their existence became common knowledge in the country. Its open-minded attitude to technological progress could mean that the country will decide to regulate — instead of banning — blockchain-based tokens. However, with gambling considered illegal under South Korean law, and many projects leaning too heavily on the speculative side of things, s...

Indonesia considers capital gains tax on cryptocurrency trades

A new capital gains tax scheme on crypto trades is still being discussed, according to a tax official. Neilmaldrin Noor, a spokesperson for the Indonesian Directorate General of Taxes, said that the authority is considering a tax scheme for capital gains generated from cryptocurrency trades, Reuters reports Tuesday. “It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income tax,” the official stated. Noor said that Indonesian taxpayers who receive capital gain from crypto trades would have to pay the tax and report it to the government. The official noted that the new crypto tax scheme for capital gains has not been implemented and is still under discussion. The latest news comes weeks after Indonesia’s Commodity Futures Trade Regulatory Agency, or Bappebti, was reported to be considering a tax on all cryptocurrency transactions . As part of the proposal, the authority reportedly planned to a...