Skip to main content

Posts

Showing posts from June 12, 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...
Post a Comment
Read more

South Africa Working Group Releases New Position Paper Calling for Regulation of Crypto Asset Providers

South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged approach to bring crypto-assets within the regulatory remit through the regulation of crypto asset service providers (CASPs).” Crypto Service Providers to Adhere to AML/CFT Requirements The 49-page document also “sets out 25 recommendations for a revised South African policy, legal and regulatory position on crypto assets and related activities.” According to the IFWG, some of these recommendations “are already underway and in the process of being implemented while some will take much longer to implement.” Meanwhile, in the position paper, the IFWG’s recommendations are grouped into three overarching categories. Concerning the first one, the working group recommends CASP adherence to the legislative requirem...
Post a Comment
Read more

Indian Government May Regulate Crypto as Asset Class: Report

India may be regulating crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI). In addition, a crypto bill is likely to be introduced during the Monsoon session of parliament, local media reported. Indian Government Reportedly Considers Regulating Crypto as an Asset Class The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill. The New Indian Express reported Friday that top sources tracking the crypto industry told it that “the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon.” The publication further conveyed: Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector after bitcoin’s classification as an asset class. ...
Post a Comment
Read more

Bitcoinization: JPMorgan Notes ‘Similarly Situated’ Countries Could Make Bitcoin Legal Tender Like El Salvador

JPMorgan struggles to “see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” Commenting on El Salvador’s bitcoinization, JPMorgan did not rule out that the country’s move to make the cryptocurrency legal tender may be “the beginning of a broader trend among similarly situated, smaller nations.” JPMorgan’s Opinion on Bitcoinization in El Salvador Investment bank JPMorgan released a report Friday titled “The Bitcoinization of El Salvador.” The country’s congress passed the bill making bitcoin legal tender on Wednesday, becoming the first nation to do so. JPMorgan described: “El Salvador recently passed legislation making bitcoin legal tender, and will attempt to implement a bimonetary system with the U.S. dollar as the primary unit of account but mandating bitcoin be accepted as payment for all economic activity.” The investment bank added that “As with dollarization in the early-2000s, this move does not seem motivated by stability...
Post a Comment
Read more

Here’s how Bitcoin’s impending death cross could be a contrarian buy signal

Bitcoin traders are sitting on their hands after spotting a death cross on the daily chart but could this be a buy signal for contrarian investors? Bitcoin’s ( BTC ) succession of sharp corrections from its all-time high at $64,900 has turned investor sentiment negative, at least for the short-term. While some analysts believe the bottom may have been hit, others are warning of a further fall due to the “Death Cross” pattern that, at the time of writing, is on the verge of completion.  For new traders, the name death cross itself brings a lot of negativity and a feeling of impending doom. This sentiment can trigger selling panics, especially if the market has already been going through a bear phase prior to the pattern being spotted. However, is a death cross something to be feared or is it a crystal ball that gives traders insight on when a plunge is imminent? Let’s find out with the help of a few examples. What is a death cross and how accurate is it? The death cross forms...
Post a Comment
Read more

SEC and CFTC Caution Investors About Funds Trading in Bitcoin Futures

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have warned investors of the risks of investing in funds with exposure to bitcoin futures. The SEC published an investor alert on funds trading in bitcoin futures Thursday. The alert comes from the SEC’s Office of Investor Education and Advocacy (OIEA) and the CFTC’s Office of Customer Education and Outreach (OCEO). They pointed out that some funds may engage in the trading of bitcoin futures contracts as a way to gain exposure to bitcoin, emphasizing that the cryptocurrency “is a highly speculative investment.” The document cautions: Investors should consider the volatility of bitcoin and the bitcoin futures market, as well as the lack of regulation and potential for fraud or manipulation in the underlying bitcoin market. They urge investors thinking about investing in a fund that buys or sells bitcoin futures “to weigh carefully the potential risks and benefits of the inves...
Post a Comment
Read more

Nvidia CEO: We’re “on the cusp of” a blockchain and NFT-enabled metaverse

Nvidia's new Voyager campus is serving as a test ground for what it will look like when then Metaverse meets the physical world. One of the most powerful men in tech thinks that the metaverse — a term for a series of interlinked, persistent virtual worlds with self-contained economies — is just around the corner.  One of the most exciting use cases for blockchain and NFTs, enthusiasts inspired by Neal Stephenson’s Snow Crash have long been hoping for a VR/AR world with a crypto-powered internal market. Now, however, Nvidia CEO Jensen Huang thinks the technology to make it happen is on our doorstep. Speaking at the virtual Computex conference, Huang said that he “believe(s) we’re right on the cusp of” the metaverse and spoke glowingly of its potential, according to a transcript of a Q&A session he had with reporters — going as far as to say that users will one day use metaverses to “simulate the future.” RELATED:  Terra Virtua releases ‘Godzilla vs. Kong’ NFTs to coi...
Post a Comment
Read more

Stock-to-Flow Creator Says ‘$288K Still in Play,’ Mike McGlone Sees an ‘Ace up Bitcoin’s Sleeve’

The popular Twitter account and creator of the bitcoin stock-to-flow (S2F) price model explained that “$288K [is] still in play.” Meanwhile, data from the exchange Deribit shows there’s 425 bitcoin call options with a strike price of $200K set for December 31, 2021. Plan B Says: ‘$288K Still in Play’ On June 12, 2021, while bitcoin ( BTC ) prices have been hovering just above the $35K zone, the popular Twitter account Plan B (@100trillionusd) told his 553,000 followers that six-figure bitcoin prices are still intact. Plan B is a pseudonym and he published the stock-to-flow (S2F) price model in March 2019. He also updated the S2F model to another version called the stock-to-flow cross-asset (S2FX) model. Twelve days ago, Bitcoin.com News reported on how Plan B said his S2FX model was “intact.” Plan B has always shown confidence in his model but when he last tweeted about the S2FX being intact, he invoked a poll on Twitter. The pseudonym asked his followers if they thought the S2F...
Post a Comment
Read more

Ethereum's $1.5B options expiry on June 25 will be a make-or-break moment

Bulls and bears are equally nervous about the possible outcome of the June 25 $1.5 billion Ethereum options expiry. On June 25, Ether ( ETH ) will face its largest options expiry in 2021 as $1.5 billion worth of open interest will be settled. This figure is 30% larger than March's 26 expiry, which took place as Ether price plunged 17% in 5 days and bottomed near $1,550.  However, Ether rallied 56% after March's options expiry, reaching $2,500 within three weeks. These moves were completely uncorrelated to Bitcoin's ( BTC ). Therefore, it is essential to understand if a similar market structure could be underway for June 25 futures and options expiry. Ether price at Bitstamp in March 2021, USD. Source: TradingView Recent history shows a mix of bullish and bearish catalysts  On March 11, Ether miners organized a "show of force" against EIP-1559 , which would significantly reduce their revenues. The situation worsened on March 22, as CoinMetrics launched an...
Post a Comment
Read more

Taproot Lock-in Achieved — Bitcoin Network Set to Activate Biggest Upgrade in Four Years

The ‘Speedy Trial’ lock-in period for the Bitcoin network upgrade Taproot is now complete. Data from taproot.watch details the lock-in has been achieved and it was locked in at block height 687,285 and mined by the mining pool Slushpool. Bitcoin Taproot Lock-in Complete at Block Height 687,285 Taproot is coming this November as the web portal taproot.watch indicates that the lock-in period of signaling has finished. “This period has reached 1815 Taproot signaling blocks, which is required for lock-in.” The Taproot upgrade is considered one of the largest upgrades in four years since the activation of Segregated Witness (Segwit) back in 2017. Poolin executive Alejandro De La Torre tweeted about the milestone after the signaling finished. “Taproot has locked-in,” De La Torre said . “Excellent work miners. Congratulations bitcoiners. Bitcoin protocol upgrade now set to activate in November. When activated in November, Taproot addresses will be able to leverage Schnorr signatur...
Post a Comment
Read more

A new milestone for Bitcoin, COVID hits conference, Buterin’s DOGE payday: Hodler’s Digest, June 6–12

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   Bill to make Bitcoin legal tender passes in El Salvador El Salvador has officially become the first country in the world to adopt Bitcoin as legal tender. A law outlining the proposals, introduced by President Nayib Bukele, passed with a supermajority, attracting 62 out of 84 votes. Under the so-called Bitcoin Law, merchants must accept Bitcoin as well as U.S. dollars and theyll be expected to present prices for goods and services in both currencies. The government is going to be releasing an official crypto wallet for consumers to use, but they can rely on private providers if they prefer. Permanent residency is going to be available for those who invest 3 BTC in the country, and now, a 90...
Post a Comment
Read more

Bitcoin Taproot upgrade finally locked-in, activation set for November

With Taproot achieving the 90% critical consensus mark among mining nodes, all is now set for Bitcoin soft fork activation later in November. The Taproot upgrade has achieved the first significant milestone on the road to activation as 90% of the Bitcoin ( BTC ) mining hash rate signaled for the protocol improvement within the current difficulty epoch. Data from Taproot.watch, a webpage created by Bitcoin developer Hampus Sjöberg, shows the lock-in stage is now completed . All recognized mining pools signaled for the upgrade with Slush Pool being the first to do so . It is perhaps fitting that Slush Pool also mined block 687285 that sealed the Taproot lock-in. TAPROOT LOCKED IN AT BLOCK 687285 BY SLUSHPOOL pic.twitter.com/FFDdibtmGt — pourteaux (@pourteaux) June 12, 2021 AntPool and F2Pool — the top two Bitcoin mining pools by hash rate share — were also among one of the earliest supporters of the Taproot activation in the BTC mining arena In a conversation with Cointelegrap...
Post a Comment
Read more

Thailand Bans Meme Coins, Fan Tokens, NFTs From Trading on Crypto Exchanges

The Thai Securities and Exchange Commission (SEC) has enacted new rules for cryptocurrency exchanges operating in the country. Certain types of cryptocurrencies, including meme coins, fan coins, and non-fungible tokens (NFTs), are prohibited to trade on crypto exchanges. Thailand Sets New Rules for Crypto Exchanges, Banning Certain Types of Cryptocurrencies The Thai Securities and Exchange Commission (SEC) announced Friday that its board of directors has approved new rules governing cryptocurrency exchanges. Secretary-General Ruenvadee Suwanmongkol stated that the board meeting held on June 9 had passed a resolution approving the SEC Notification No. Kor Thor. 18/2564, which sets forth the rules. Digital asset exchanges are prohibited from “providing services related to utility tokens or cryptocurrencies that have any of the following characteristics,” the SEC notice details: (1) Meme token: having no clear objective or substance or underlying, and whose price running on social m...
Post a Comment
Read more

Adopting the Bitcoin standard? El Salvador writes itself into history books

El Salvador has become the first country to make Bitcoin legal tender, but what are the complexities and potential short-term effects? The cryptocurrency space and wider economic community continue to laud a historic move by El Salvador to recognize Bitcoin as legal tender . The Central American country has become the first in the world to do so, and the move has also spurred a handful of other Central and South American countries to begin taking steps toward that same eventuality . Unsurprisingly, the move has made waves in the cryptocurrency community, with Bitcoin ( BTC ) proponents, in particular, highlighting the significance of the legislative change in driving cryptocurrency adoption. There have been some critics who have highlighted potential coercive undertones of the law, which has added intrigue to the situation, but the overarching response has been positive. Things have moved quickly in El Salvador following the announcement from the country’s president, Nayib Bukele —...
Post a Comment
Read more