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Showing posts from May 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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The Fear Factor: A Volatility Index for Crypto Arrives

As Coti ramps up efforts to bring a decentralized fear index to crypto, it has enlisted the help of Professor Dan Galai, one of the pioneering brains behind the Cboe Market Volatility Index (VIX), to help the organization develop a crypto-oriented version. VIX Co-Creator to Join Coti-Backed Volatility Project Since exchanges for cryptocurrencies first arose, the market and accompanying price action have proven to be among the most volatile around. Intraday swings of double-digit percentage rates are regular occurrences. While it might seem like outsized volatility given the market’s dramatic movements and momentum, volatility in and of itself is not unique to crypto. Volatility has also been a key metric for understanding certain markets, especially the options market. One of the foremost barometers for volatility in stock markets is the Chicago Board Options Exchange (Cboe) Market Volatility Index, or VIX as it’s more commonly known. The VIX tracks 30-day implied volatility in ...
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Liberian Central Bank Asks Local Crypto Startup to Drop its Plan to Launch a Digital Asset

The Central Bank of Liberia (CBL) has warned against a local crypto startup’s plan to proceed with the introduction of a digital financial product without adhering to the required regulation. According to the CBL, this act will not only be illegal but this will likely “undermine the country’s financial system.” The CBL’s warning follows an announcement by an organization known as The Abundance Community Coin (TACC) that plans to launch a crypto asset on May 14. According to a report, TACC claims that its token “has been created to help enrich people through the use of task coins.” However, in its press statement , the CBL dismisses suggestions that TACC’s crypto offering has its blessings. The central bank states: The CBL clarified that at no time has the Bank approved any license for the above-mentioned company to transact any financial business in Liberia, in accordance with Section 3 (1) of the New Financial Institutions Act of Liberia. The central bank adds that if TACC actu...
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Altcoins pop while Bitcoin looks for support near $50,000

Bitcoin bulls struggle to push BTC price above $50,000 while ADA, MATIC and other large-cap altcoins realize double-digit gains. Bitcoin (BTC) continues to look for direction but as this occurred, Ether and altcoins bounced higher from the May 13 sell-off. Dogecoin shocked investors with its 47% rally that kicked off after Coinbase announced that it would list ( DOGE ) in the coming months. Doge price also rallied after Elon Musk tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.” While many altcoins have seen double-digit gains during the recovery the price of Bitcoin ( BTC ) has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets. Data from Cointelegraph Markets and TradingView shows that while the Bitcoin recovery has been muted, demand for Ether ( ETH ) l...
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Bank of Korea to Monitor Crypto Transactions Using Financial Records

South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an opposition lawmaker in Seoul. In the correspondence with Choo Kyung-ho from the People Power Party, the regulator turns attention to Article 87 of the Bank of Korea Act and states: We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts. By law, the Bank of Korea (BOK) is authorized to...
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Ciphertrace Report Shows Crypto Crime Moving to Defi

Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” Ciphertrace: Crime Moves to Defi Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized finance (defi) protocols. The information, that comes from its latest “ Cryptocurrency Crime and Anti-Money Laundering Report ,” examines data from the first four months of the year and exposes an interesting picture of how crypto-related crimes have evolved compared to last year. The company found that, on the whole, the cryptocurrency sector has become a lot more secure, with only $432 million being stole...
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UK will likely need to issue a digital currency, says BoE deputy governor

The Bank of England's deputy governor has argued that, with the possible rise of non-bank actors issuing currency, public money in digital form could serve as a crucial anchor for confidence in money as a social convention. The Bank of England's deputy governor Jon Cunliffe has argued that a sea change in the issuance and circulation of public and private monies could make general access to a digital form of central bank money crucial for ensuring financial stability in future. In a speech at the OMFIF Digital Money Institute in London, Cunliffe reflected on past, present and future trends in the widespread use of private money issued by commercial banks, noting that the COVID-19 pandemic has accelerated existing trends away from public to private money for everyday payments. About 70% of respondents to a recent Bank of England survey indicated they are using less cash than before the pandemic, typically turning to options such as contactless payments and internet transact...
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India’s Central Bank RBI Urges Banks to Cut Ties With Crypto Businesses and Traders: Report

India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The regulator has been unofficially asking us why are we dealing in such business when it is ultra speculative. A lot of money flows overseas via this trade which the RBI is not comfortable with as it may lead to money laundering. “ICICI Bank has already asked payment service companies that it works with to stop all crypto-related payment transactions,” three sources told the publication, noting that “other lenders are...
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Diginex's crypto custody arm receives green light from UK financial watchdog

The firm said clearing the regulatory hurdle had the potential to drive more institutional investors towards crypto custody solutions. Financial regulators in the U.K. have approved Digivault, the security token custody arm of digital assets group Diginex, to register as a custodian wallet provider. In an announcement from Diginex today, the firm said the Financial Conduct Authority, or FCA, had given the green light to Digivault to register as a stand-alone digital asset custodian in the United Kingdom. The move implies Digivault i in compliance with the financial watchdog’s rules on Anti-Money Laundering and Combating the Financing of Terrorism. According to the custodian, Digivault aims to “provide compliant and secure custody services to corporate and institutional investors in crypto assets.” The firm said its custody solutions include having digital assets in cold storage in physical vaults owned by Hong Kong-based security firm Malca-Amit. Digivault CEO Rob Cooper told Coin...
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Turkish customs confiscate over 500 smuggled Bitcoin mining rigs

Turkey’s biggest bust against crypto mining smugglers resulted in the seizure of $600,000 worth of illegal Bitcoin ASIC miners and the detention of four suspects. Turkish customs enforcements brought down an illegal smuggling operation in what is said to be a record bust against illegal Bitcoin ( BTC ) mining equipment in the country.  After receiving a tip, Turkey’s Customs Protection’s anti-smuggling and intelligence teams raided a warehouse earlier this week in Karabağlar, İzmir, where they found 501 ASIC Bitcoin mining rigs in closed cardboard boxes.  Customs enforcement reported the estimated value of the seized equipment at 5 million Turkish liras, or $600,000. Four suspects were detained as part of the investigation. Reports claim that law enforcement is carrying out another active operation in İstanbul, the biggest city and a major customs checkpoint in Turkey. Application-Specific Integrated Circuits , or ASICs, are the most popular way to mine Bitcoin, but they...
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The Aspiring Answers to Bitcoin’s Enormous Energy Footprint

Following a tweet from Elon Musk highlighting Tesla’s suspension of bitcoin payment acceptance due to sky-high energy needs, the industry quickly responded by highlighting the capable solutions that already address this drawback. Musk’s Comments Conveniently Ignore Reality of Blockchain Innovation Ever the commentator on all things crypto, Elon Musk took to Twitter on May 13th to explain that Tesla would suspend customer purchases of cars with bitcoin ( BTC ), pinning the decision on the network’s power consumption as the catalyst. Tesla & Bitcoin pic.twitter.com/YSswJmVZhP — Elon Musk (@elonmusk) May 12, 2021 Although he has been one of crypto’s biggest advocates over the last few months, Musk’s latest comments sent bitcoin prices into a tailspin, quickly sparking a steep selloff that has erased nearly 13% of its value over the last 24 hours at the time of writing. Yet, his comments overlook one of the most critical arguments for cryptocurrency’s actual usage: the verita...
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Singapore’s biggest bank launches crypto trust solution

After posting tenfold crypto volume growth in Q1 2021, DBS Private Bank is expanding its crypto services with a new trust solution. DBS Private Bank, one of the biggest wealth managers in Asia outside China, has launched a cryptocurrency trust solution amid growing demand for digital assets. After setting up its own crypto exchange in December 2020, the Singaporean banking giant is now expanding its crypto services via its wholly-owned trust company DBS Trustee, The Business Times reports Friday. The new crypto trust solution allows the company’s private banking clients to invest, custody and manage cryptocurrencies. The trust offering supports four cryptocurrencies including Bitcoin ( BTC ), Ether ( ETH ), XRP , and Bitcoin Cash ( BCH ), which are the sole digital assets hosted on the DBS Digital Exchange. “Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries,” D...
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'Fear' grips Bitcoin as crypto market sentiment drops to lowest levels since April 2020

Trader sentiment is verging on "extreme fear," the Index shows amid echoes of the climate after the March 2020 cross-asset crash. Bitcoin ( BTC ) and altcoin traders are more nervous than any time in over a year as a classic sentiment gauge signals "fear" is driving the market. According to the Crypto Fear & Greed Index , cryptocurrency traders have not had such cold feet about the market climate since April 2020. March 2020 on repeat Fear & Greed uses a basket of factors to determine overriding sentiment among market participants — and therefore where the market itself is likely headed. Price volatility can produce considerable shifts in its readings — just four days ago on May 10, the Index measured 72/100, corresponding to "greed" being at the heart of sentiment. Crypto Fear & Greed Index. Source: Alternative.me Fast forward to Friday and a completely different picture is apparent after Tesla rejected Bitcoin for alleged environmen...
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Early crypto pioneer slams Elon Musk’s ‘hypocrisy’ on Bitcoin payments

One early cryptocurrency entrepeneur thinks Elon Musk lacks moral consistency when it comes to his management of Bitcoin. The founder of one of the first physical cryptocurrency exchanges has slammed what he perceives as hypocrisy on the part of Elon Musk, after the Tesla CEO announced the electric car firm would stop accepting Bitcoin ( BTC ) as a form of payment. The charges of hypocrisy levelled at Musk stem from the fact that around $1.5 billion worth of Bitcoin remains on Tesla’s balance sheet. Musk criticized Bitcoin energy’s consumption in a recent tweet where he announced that Tesla had suspended vehicle purchases using Bitcoin. The sudden reversal by Musk comes just six weeks after Tesla made big news by announcing it would accept Bitcoin payments from customers in the United State. But according to Nick Spanos, founder of Bitcoin Center in NYC and co-founder of Zap Protocol, the presence of over a billion dollars worth of Bitcoin on Tesla’s balance sheet means Musk is ...
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Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged

According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich country. Migrants Shunned Official Channels As shown by the data , Nigeria has only previously recorded a yearly total remittance inflow of below $20 billion just once since 2011. This occurred in 2016 when a total of $19.7 billion in official remittances flowed into the Nigerian economy. The latest drop, however, makes it only the second time in the past decade when money transfers by Nigerians abroad have declined. Meanwhile, also coinciding with this latest remittances plunge was the naira depreciation and the ensuing shortages of foreign exchange during that year. This depreciation, in turn, forced many within Nigeria’s expatriate community to shun ...
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Bitcoin 'held up very well' despite biggest exchange inflow since March 2020 crash

Bitcoin saw a real test of its market composition on Thursday amid a sea of liquidations reminiscent of the events from last year. Bitcoin ( BTC ) has performed "very well" as traders send more coins to exchanges than at any time since the March 2020 crash. Data from on-chain monitoring resources CryptoQuant and Glassnode shows that BTC exchange inflows hit a one-year high on May 13. Nearly 30,000 BTC hits exchanges Bitcoin saw intense pressure from sellers this week as multiple news triggers combined to turn many bearish. Tesla abandoning BTC payments, followed by rumors of an investigation of major exchange Binance by United States regulators, was enough to send BTC/USD to lows of $46,000 before stabilizing. As Cointelegraph reported , the dip could have been considerably worse, with longer-term price features providing support at crucial levels. Nonetheless, $50,000 remains out of reach at the time of writing, as hodlers lick their wounds and assess Bitcoin'...
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