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Showing posts from June 15, 2021

Porsche Enters NFT Market Launching Trading Card Platform Fanzone

Porsche, the German carmaker, is diversifying to digital markets through the launch of Fanzone, an NFT-based trading card market. Fanzone, built by Forward31, a Porsche company builder, seeks to capitalize on classic trading card demand. At the same time, Fanzone tries to combine this classical market with the NFT craze to offer digital products. Porsche Launches NFT-Based Trading Card Platform Fanzone Porsche, the German luxury car brand, is now dabbling in NTF markets. The brand just launched an NFT-based trading card platform called Fanzone , where users will be able to purchase and trade digital assets. The startup was launched by Forward31, a digital company builder that expands Porsche into non-core markets. Fanzone lets users acquire, trade, and even game with their soccer trading cards. Each card features a different player with their unique traits and info. These cards live as digital assets on the Lukso blockchain, so anyone can extract them from the platform for safeke...

Crypto miners eye cheap power in Texas, but fears aired over impact on the grid

Miners dislocated by China’s crackdown are looking to Texas for cheap electricity, but the state’s grid is already on the brink of disaster amid a sweltering summer. The recent crackdown on crypto mining in China has seen concerns expressed over the potential impact a hashrate migration could have on Texas’ unreliable electricity market, as an increasing number of dislocated miners eye the Lone Star State. Texas’ abundant sources of renewable energy and highly deregulated power grid make the state an obvious choice for migrating miners from China and elsewhere, with 20% of Texan electricity being generated by wind as of 2019. Speaking to CNBC , Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, predicted Texas will see “a dramatic shift over the next few months” as miners look to set up shop. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,” he s...

Michael Saylor is not just a Bitcoin maximalist: ‘There’s a place for everybody’

The MicroStrategy CEO sees Ethereum as a serious competitor to the financial industry. MicroStrategy chief Michael Saylor has room in his heart for other cryptocurrencies aside from Bitcoin, the billionaire revealed on an episode of CNBC’s Fast Money, in which he aired his views on the industry and where he sees things going in the future. In the interview with CNBC’s senior retail reporter Courtney Reagan on Tuesday, Saylor was initially asked why the software firm keeps buying BTC. The question referred to the company's June 14 announcement it may sell up to $1 billion worth of stock for further BTC acquisitions. Saylor described Bitcoin as “digital gold on a big tech network,” predicting it will be adopted by billions of people worldwide. Thanks @CourtReagan & @GuyAdami for inviting me on @CNBCFastMoney to discuss our #Bitcoin strategy, increasing institutional adoption of BTC vs. Gold as an inflation hedge, $MSTR capital markets strategy, and the future of the ...

Steve Hanke warns BTC could 'completely collapse the economy' of El Salvador

Steve Hanke slammed El Salvador’s Bitcoin adoption as legal tender, and questioned how Bitcoin would function in day-to-day transactions. Steve Hanke, a professor of applied economics at Johns Hopkins University, has warned that El Salvador’s recent adoption of Bitcoin (BTC) as legal tender has the potential to “completely collapse the economy.” Steve Hanke served as a senior economist under President Ronald Reagan administration from 1981 to 1982. Hanke has previously described BTC as a speculative asset “with a fundamental value of zero,” and in April the 78-year-old tweeted “cryptocurrencies are the future of money. Bitcoin is not.” Speaking with streaming financial news provider Kitco News on June 15, the university professor noted that BTC hodlers from regions such as Russia and China could now target El Salvador to cash out their holdings — essentially draining the country of its U.S. dollars: “It has the potential to completely collapse the economy because all the dollar...

Kim Kardashian Shills Ethereum Max on Instagram, Media Questions Socialites Motive

The celebrity influencer Kim Kardashian posted about a project called Ethereum Max on Instagram this week by sharing an advertisement with her 228 million followers. The project Ethereum Max has also been promoted by former Boston Celtics forward Paul Pierce and professional boxer Floyd Mayweather. Kim Kardashian Follows Mayweather and Pierce by Shilling Ethereum Max on Instagram The American reality television personality, socialite, model, and businesswoman Kim Kardashian posted about a cryptocurrency project called Ethereum Max. The Ethereum Max project (emax or ETH max) is an ERC20 project built on the Ethereum blockchain and launched roughly 30 days ago. There are many questions , reports , and forum posts with people who are skeptical of the project asking whether or not emax is “legit or a scam.” The recent Instagram Ethereum Max post wasn’t the first time Kardashian posted about emax as she posted about the project last month as well. Kardashian’s Instagram post which...

More Brits bought crypto than shares last year new survey suggests

More than 70% of UK crypto investors surveyed reported a profit. A new survey suggests Brits have become more eager to invest in cryptocurrencies than in traditional stocks and shares-based investments. UK investment firm AJ Bell’s survey found that 7% of British adult respondents reported they had bought crypto over the last year, compared to 5% who invested in stocks and shares ISAs (individual savings accounts). A stocks and shares ISA is a type of savings account that lets users invest without ever paying tax on any income or capital gains. The survey was conducted by online market research tracker Findoutnow and polled 1,269 respondents. Financial analyst at AJ Bell, Laith Khalaf, commented that the results overturned common perceptions: “When more people are buying cryptocurrency than investing in a stock market Isa, you have to conclude the world's gone crypto crazy,” The poll found that crypto investors are predominantly male and under 35 and 71% of those who said the...

Listed companies, trusts and ETPs now control almost 7% of the Bitcoin supply

More publicly traded firms added Bitcoin to their treasuries during the first four months of 2021 than during the entirety of last year. But will it continue? More than $6.5 billion worth of BTC — or close to 1% of the crypto asset’s entire capitalization — is held by 19 publicly-listed companies. A further 5.75% of Bitcoin’s market cap is held by exchange-traded products and closed-ended trusts. The figures are contained in a new study by Nickel Digital Asset Management. The 19 firms cited are worth a combined market cap of more than $1 trillion, with 13 based in North America, three domiciled in Europe, and the remainder in Turkey, Hong Kong, and Australia. Seventeen other listed companies have purchased BTC, however details regarding their allocations are not available. The study shows that institutional adoption of crypto is on the rise, with eight listed companies purchasing Bitcoin during the first four months of 2021 compared to seven during all of 2020. Beyond the treasu...

Italy’s Financial Watchdog Raises Concerns Over Unregulated Cryptocurrency Market

The chairman of Italy’s financial regulator has raised concerns over the cryptocurrency market without proper regulation. “Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,” he said. Chairman of Italy’s Securities Regulator Sees Issues With Unregulated Cryptocurrency Market The chairman of the Commissione Nazionale per le Società e la Borsa (Consob), Paolo Savona, voiced concerns regarding cryptocurrency Monday. Consob is the government authority of Italy responsible for regulating the Italian securities market. He said as he presented the watchdog’s yearly report: Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators. The Consob chairman noted that there are some 4,000-5,000 cryptocurrencies in circulation without any form of real regulation. He further opined, “If we add to this Consob’s recent own e...

Fox launches $100M creative fund for NFT content creation

Fox has announced a $100 million fund under its NFT firm Blockchain Creative Labs, and is set to launch a range of NFT content, digital goods, and assets. Rupert Murdoch's mass media company Fox Corp. has launched a $100 million creative fund for NFTs, under the auspices of its ne NFT firm Blockchain Creative Labs. The NFT division was unveiled last month alongside a new animated comedy series dubbed “Krapopolis” from Rick and Morty co-creator Dan Harmon. The show is set to premiere in 2022, and will be a satirical comedy focused on life in ancient Greece. Fox says he $100 million in funding will be used to support “content creators, IP owners, and advertising partners end-to-end blockchain computer ecosystem solutions to build, launch, manage and sell NFT content and experiences, and fungible tokens, as well as digital goods and assets.” Blockchain Creative Labs will also keep a close watch out to identify “growth opportunities” that present themselves in the rapidly evolving...

Finance Guru Suze Orman Likes Bitcoin Despite Regulation, Elon Musk Effect

Personal finance guru and best-selling author Suze Orman has given advice on how to invest in bitcoin. She likes the cryptocurrency as a long-term investment despite regulatory uncertainty and the influence Tesla CEO Elon Musk seems to have on the bitcoin market. Suze Orman’s Bitcoin Investing Advice Suze Orman has shared her bitcoin investment strategy in an interview with CNBC Monday. The Suze Orman Financial Group founder, whose show ran on CNBC from 2002 to 2015, has written 10 consecutive New York Times bestsellers about personal finance. She was named twice on Time Magazine’s list of the 100 most influential people and was appointed as a personal finance educator for the United States Army and Army Reserve in 2016. In addition, she won two Emmy Awards and eight Gracie Awards. Emphasizing that she likes bitcoin as a long-term investment but not as a currency, the famed author of the book “The Ultimate Retirement Guide for 50+” said: You have to hold it for the long run. Sh...

Shiba Inu Coin Price Soars as Coinbase Pro Announces SHIB Cryptocurrency Trading

The price of shiba inu cryptocurrency got a boost Tuesday after Coinbase announced that the meme crypto will start trading on Coinbase Pro as early as this week. This announcement follows Coinbase adding trading for dogecoin. Coinbase Pro Adds Shiba Inu Trading Following the listing of the meme cryptocurrency dogecoin (DOGE) early this month, Coinbase announced Tuesday that the shiba inu (SHIB) crypto will start trading on Coinbase Pro this week. The ERC20 crypto shiba inu is seen by some as an alternative token to dogecoin. The Nasdaq-listed company says that starting immediately, Coinbase Pro users can transfer shiba inu tokens into their accounts. However, SHIB will not be available to New York residents. The company clarified: Trading will begin on or after 9AM Pacific Time (PT) Thursday June 17, if liquidity conditions are met. The announcement also covers chiliz (CHZ) and the keep network (KEEP). Besides dogecoin, the company recently added trading support for a number ...

Ethereum price bounce to $2.6K fails to excite neutral-to-bearish pro traders

Ethereum derivatives data highlights the lack of short-term strength as ETH price lags Bitcoin’s recovery to the $40,000 range. While speaking at the Virtual Fintech Forum in Hong Kong on May 27, Ethereum co-founder Vitalik Buterin commented on obstacles related to the Ethereum 2.0 rollout. Buterin said that there had been several internal team conflicts in the past five years and as a result, he confirmed that Ethereum 2.0 launch is unlikely to occur before late 2022 . In a May 22 report from Goldman Sachs, analysts said that Ether has a "high chance of overtaking Bitcoin as a dominant store of value." Furthermore, the report noted the growth of the decentralized finance (DeFi) sector and the nonfungible token (NFT) ecosystems being built on Ethereum. Coincidentally, on the very next day, Ether's price bottomed at $1,750. On June 14, CoinShares released its weekly fund flows report and Ether investment products had the largest outflows , totaling $12.7 million. How...

One in Five Kiwis Bullish on Crypto Investments, New Poll Suggests

Cryptocurrency investing has been rising in popularity among New Zealanders and a fifth of the respondents in a new survey either plan to or have already, put money into digital assets. The poll also found that young Kiwis are more likely to use micro-investing platforms than older generations. Over 20% of New Zealanders Plan to or Have Invested in Cryptocurrency Investing in cryptocurrencies and shares has been on the rise in New Zealand, with young people getting into digital investments faster than other age groups. According to a survey conducted for the Financial Services Council ( FSC ), 40% of Kiwis are currently using or intend to use micro-investing platforms, the New Zealand Herald reported. The poll found that 21%, or a fifth of 2,000 respondents, have either invested in cryptocurrencies or plan to buy digital coins in the future. That’s a 7% increase since March 2020, the report noted. Actual crypto investors have increased markedly, from 3% to 9.5%, between March las...

Pandora Finance’s $2.4M raise helps spearhead open finance protocol

“Adoption has never been affected and never been stopped. The right product always gets adopted irrespective of market conditions,” said Pushkar Vohra, CEO of Pandora Protocol. Vohra believes the gap between these two domains represents one of the biggest adoption challenges for decentralized technologies. “We are uniquely positioned to solve the biggest problem,” he said, adding: “There are around $300 trillion dollars of real-world assets which are illiquid. Pandora’s vision is to bridge those off-chain assets to the on-chain ecosystem with an effective business model.” Pandora’s business model revolves around the tokenization of illiquid assets, which would allow them to be traded and owned in a secure, decentralized manner. This is accomplished through a middleware solution based around nonfungible tokens, or NFTs . Instead of competing with other NFT marketplaces for liquidity, Pandora’s vision is to help them grow by providing them with more liquidity. Related: NFT market p...

Democratic lawmakers have formed group to address regulatory concerns around crypto

U.S. President Joe Biden is also expected to discuss crypto's role in ransomware attacks during his meeting with Russian President Vladimir Putin on Wednesday. Maxine Waters, who represents California's 43rd congressional district in the U.S. Congress, said she had organized a group of Democratic lawmakers for a deep dive on cryptocurrencies and central bank digital currencies. In a Tuesday virtual hearing of the U.S. House of Representatives’ Task Force on Financial Technology, Waters said “cryptocurrencies and other digital assets” were an important issue for the House Financial Services Committee, for which she is the chairperson. The California congressperson added: "As cryptocurrencies grow exponentially, I've organized a working group of Democratic members to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry." Waters has previously spoken in other hearings on her concerns surrounding digita...

Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

A breakout above $41,000 provoked selling near a key moving average but the move could just be a lower support retest. The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin ( BTC ) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls. Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels. BTC/USDT 4-hour chart. Source: TradingView Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. The 200 EMA (black) is a long-term gauge of investor sentiment When #BTC is above the 200 EMA - investors are bullish on Bitcoin $BTC is attempting to break past the 200 EMA right now #Crypto #Bitcoin pic....

El Salvador reportedly weighing paying employees in Bitcoin

A 2001 law on monetary integration in the country states that salaries and fees may only be paid in colónes or dollars. Rolando Castro, the Minister of Labor and Social Welfare in El Salvador has said that the government is discussing whether companies in the country should pay their employees in Bitcoin. According to local radio station 107.7 Fuego GMV, Castro has discussed the issue of employers paying their workers in Bitcoin ( BTC ) with officials from the Ministry of Finance and the Ministry of Economy. His remarks come a week after the country’s Legislative Assembly approved the use of the cryptocurrency as legal tender. El Salvador’s 2001 Law of Monetary Integration, which provided the legislative framework to eventually replace the Salvadoran colón with the U.S. dollar, states that salaries and fees may only be paid in colónes or dollars. However, the former is rarely used in the Central American nation now. Related: Bill to make Bitcoin legal tender passes in El Salvad...

Billionaire Mark Cuban Commends Defi Economy Dubbing It the ‘Next Great Growth Engine’

On June 13, the billionaire investor and co-host of the television series Shark Tank, Mark Cuban, explained his fascination with decentralized finance (defi) in an editorial published to his blog. Cuban details that many defi organizations are different because they are not corporate entities or based in the United States. He believes that “no one owns majority control” of these operations which makes them “permissionless” innovations. Mark Cuban Sees Massive Potential When It Comes to Permissionless Finance The entrepreneur Mark Cuban has been in the crypto space for quite some time now, and a recently published blog post explains he is focused on defi innovation and decentralized exchange (dex) platforms . Cuban wrote an opinion piece on his blog called: “The Brilliance of Yield Farming, Liquidity Providing and Valuing Crypto Projects,” which explains the defi universe from his point of view. Cuban stressed that yield farming via staking and liquidity providing are the core feat...

The Chinese University of Hong Kong and ConsenSys create COVID-19 digital passport

The COVID-19 Digital Health Passport will be trialed by healthcare professionals in Hong Kong. Later on, patients will be able to access the passport through a mobile app. The Chinese University of Hong Kong, or CUHK, has partnered with Ethereum developer ConsenSys to launch a new blockchain-based Medoxie COVID-19 Digital Health Passport – a product that could help healthcare workers combat the pandemic. The passport utilizes blockchain technology to record a patient’s COVID-19-related events, including test results, temperature checks and vaccinations, with the aim of providing a safe pathway to full economic reopening post-pandemic. Information that is held on the passport is said to be stored securely and privately. Initially, the digital passport will be accessed by medical professionals and academics within Hong Kong’s healthcare industry, paving the way for a new mobile app that will be extended to patients at a later date. The passport infrastructure has been built using Co...

JPMorgan Is Stockpiling Cash – CEO Claims There’s a ‘Very Good Chance Inflation Will Be More Than Transitory’

Investment bank JPMorgan Chase is stockpiling cash according to the company’s CEO Jamie Dimon. The investment banker doesn’t seem to believe inflation is “transitory” and he thinks there’s a “very good chance” inflation could stick around. JPMorgan Chase CEO: ‘I Do Expect to See Higher Rates and More Inflation’ At the end of April, Bitcoin.com News reported on the Federal Open Market Committee (FOMC) and explained how FOMC members said the benchmark interest rate will be kept near zero. Moreover, members of the FOMC also said the committee wasn’t too concerned about inflation, but admitted inflation may have “transitory effects” on the American economy. JPMorgan Chase’s boss doesn’t believe this is the case, according to his recent statements. While telling the public he warned people about cryptocurrencies at the end of May, Dimon recently warned of runaway inflation , alongside Larry Summers’ inflation predictions. On Monday during a conference, Dimon reiterated his inflation ...