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Showing posts from June 28, 2021

Jay-Z and Jack Dorsey-owned music streaming service could feature NFTs and smart contracts

Jay-Z and Jack Dorsey emphasized the benefits smart contracts and NFTs can offer to artists. Jay-Z and Jack Dorsey have hinted that their music streaming service, Tidal, could be eying integrations supporting nonfungible tokens (NFTs) and smart contracts. Speaking during a June 28 conference hosted on Twitter Spaces, the duo emphasized the importance of introducing features that empower the artists using the platform, citing smart contracts, NFTs, and analytics tools as examples. Despite Tidal lagging behind top music streaming services — with Tidal’s 2019 $166 million revenue paling in comparison to the $2.8 billion and $7.44 billion generated by Apple and Spotify respectively during that same year — Dorsey and Jay-Z believe they can capture significant market share by using blockchain technologies to offer empowering tools to artists. “What really dawned on me was how weak some of the toolsets are for artists, with analytics and data, to understand what they’re doing and he...

Report: South Africa Bars Transfer of Locally Acquired Cryptocurrencies to Overseas Exchanges, Offenders Face Jail Time

Fresh reports from South Africa suggest that the transfer of locally acquired cryptocurrencies to overseas crypto exchanges will now be subject to the country’s exchange control regulations. Consequently, transactions where an individual purchases crypto assets in South Africa and uses them to externalize “any right to capital” will be deemed a criminal offense. Risk of Imprisonment According to a Mybroadband report , this new interpretation of the country’s exchange control regulations is contained in the FAQ document recently published by the Intergovernmental Fintech Working Group (IFWG), a body that is comprised of South Africa’s financial regulators. In the document, regulators explained: Exchange Control Regulation 10(1)(c) prohibits transactions where capital or the right to capital is, without permission from the National Treasury, directly or indirectly exported from South Africa. The IFWG document adds that individuals in contravention of these regulations face a finan...

Craig Wright wins default judgment, Bitcoin.org must remove Bitcoin Whitepaper

Bitcoin.org must now remove the Bitcoin whitepaper, host a notice referring to the court’s judgment, and pay $48,600 to cover Wright’s legal costs. The self-proclaimed Satoshi Nakamoto and Bitcoin SV proponent, Craig Wright , has won a legal battle claiming copyright infringement on the part of bitcoin.org for hosting the Bitcoin whitepaper. Wright won by default after the website’s pseudonymous owner, “Cøbra,” chose not to mount a defense. Bitcoin.org must now remove the whitepaper and display a notice referring to the judgment and cough up at least 35,000 GBP ($48,600) to cover Wright’s legal costs. Responding to the ruling, Cøbra tweeted : “All your fiat based assets are ultimately secured by the same legal system that today made it illegal for me to host the Bitcoin whitepaper because a notorious liar swore before a judge that he's Satoshi [...] I don’t think you could get a better advertisement of *why* Bitcoin is necessary than what happened today.” Happy to pay Craig...

Institutions turn bearish on ETH as record $50M exits Ether investment products

Ether investment products have suffered record outflows this past week, while Bitcoin flows have begun to stabilize. Ethereum investment products have experienced a record outflow of $50 million this past week, signaling bearish sentiment among institutional investors. According to the CoinShares' “Digital Asset Fund Flows Weekly” report , Ether products have now experienced outflows for three consecutive weeks, with $64.3 million leaving the sector since the week ending June 6. Despite the drawdowns, $943 million has flowed into Ether investment products since the start of 2021. The crypto investment product sector saw outflows overall for the fourth consecutive week, with $44 million exiting the sector over the past seven days. The report estimates that $313 million has been withdrawn from institutional crypto products since mid-May. While crypto products saw outflows broadly this past week, Ether experienced the largest exodus of capital, with Bitcoin outflows slowing to $...

South African asset manager denies stealing billions from users, claims $5M was lost in hack

AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.” Raees Cajee, the co-founder of South African crypto investment platform AfriCrypt, has denied claims that he and his brother ran off with billions in investor funds, asserting the platform lost $5 million in a hack. Last week, Cointelegraph reported that AfriCrypt — an asset manager purporting to offer daily returns of up to 10% that launched in 2019 — had been accused of disappearing with 69,000 BTC of investor funds in a mysterious exploit. While AfriCrypt had notified users of the hack on April 13, suspicions were immediately raised as the message urged investors to avoid taking legal action as it would slow down the recovery of the funds. Shortly thereafter, the brothers reportedly halted AfriCrypt’s operations and went missing. Speaking with The Wall Street Journal on June 28, Raees sought to counter the accusation...

Binance suspends popular fiat ramp for U.K. customers amid regulatory crackdown

Faster Payments is no longer an option for Binance customers in Britain amid increasing regulatory pressure. Binance’s U.K. customers are currently unable t use the popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange. On Monday, June 28, a notice on the Binance website declared that GBP withdrawals via Faster Payments had been “suspended for maintenance,” according to the Financial Times . Faster Payments is a payment provider used by major banks to process near-instant payments. It has become one of the preferred channels for moving fiat currencies to and from the Binance exchange. According to the report, U.K. users can still use traditional methods such as bank cards to move money from the exchange. However, the exchange acknowledged that the suspension of Faster Payments presents a significant hurdle. The move follows a June 27 order from the U.K.'s Financial Conduct Authority (FCA) demanding Binance cease all regulated ac...

JPMorgan Says Crypto Market Is Healing, Expects More Price Decline Before Capitulation

JPMorgan Chase has released an investor note stating that the cryptocurrency market appears “to be beginning the process of healing.” In the short term, however, the JPMorgan analysts expect further sell-offs before capitulation. JPMorgan’s Crypto Market Outlook JPMorgan Chase’s analysts, including Josh Younger and Veronica Mejia Bustamante, wrote about the outlook of the cryptocurrency market in a note published Friday. They explained that the near-term outlook for the crypto market is “challenging,” noting that blockchain data suggests recent cryptocurrency sell-offs were made to cover losses. “There is likely still an overhang of underwater positions which need to be cleared through the market,” they detailed. The analysts also warned of the possibility of increased production costs of BTC as China’s crackdown pushes bitcoin mining abroad. Nonetheless, the JPMorgan analysts see stability in the bitcoin futures market as a positive factor. They concluded: Cryptocurrency marke...

Elon Musk Says ‘Important to Support’ Dogecoin Fee Change Proposal

A fee change proposal for Dogecoin has been submitted and Tesla CEO Elon Musk says that it is “important to support” it. “This document proposes a new fee structure and policy for Dogecoin Core, to be gradually deployed to the network over multiple software releases,” said the Dogecoin developer who submitted the proposal. Elon Musk Signals Support for Dogecoin Fee Change Proposal Tesla CEO Elon Musk has signaled his support for the Dogecoin fee policy change proposal submitted Sunday. Software engineer and Dogecoin developer Ross Nicoll posted on Twitter that “The Dogecoin fee change proposal is up.” Musk replied to his tweet: “Important to support.” The Dogecoin fee policy change proposal was submitted by Dogecoin developer Patrick Lodder. “This document proposes a new fee structure and policy for Dogecoin Core, to be gradually deployed to the network over multiple software releases,” his proposal reads. He explained on Reddit: TLDR; This proposal to all dogecoin stakeholder...

Cathie Wood's Ark Invest teams up with 21Shares to file for Bitcoin ETF

Wood recently asserted the crypto downtrend has improved the chances of a Bitcoin ETF securing regulatory approval. Ark Investment Management has become the latest firm to file for a Bitcoin exchange-traded fund (ETF). According to a June 28 filing with the United States Securities and Exchange Commission (SEC) submitted in partnership with European exchange-traded product issuer, 21Shares, the ETF would be listed on the Chicago Board Options Exchange’s (CBOE) BZX Exchange and trade under the ticker ARKB. The ETF would also track the S&P BTC index, with the trust underpinning the ETF also holding BTC directly. The filing has received praise from the crypto industry. The great folks over at @21Shares_ just filed for a Bitcoin ETF in partnership with Cathie Wood and @ARKInvest . @hany and the team continue to build one of the most important and valuable asset managers in the industry. — Pomp (@APompliano) June 28, 2021 Cathie Wood, the CEO and founder of Ark Invest, also s...

Mad Money’s Jim Cramer Moves From Bitcoin to Ethereum — Says ‘It’s More of a Currency’

The host of the “Mad Money” show, Jim Cramer, has bought ether after dumping almost all of his bitcoin. “I like ethereum because people actually use it much more to be able to buy things,” he said, emphasizing that “It’s more of a currency.” Jim Cramer Prefers Ethereum to Bitcoin Jim Cramer was asked about his updated view on bitcoin Monday on CNBC after he sold almost all of his BTC last week. A former hedge fund manager, Cramer co-founded Thestreet.com, a financial news and literacy website. The Mad Money host said last week that he would buy bitcoin again if its price falls to the $10K level. However, the cryptocurrency did not fall much further than the $30K level Cramer appeared to have sold at before bouncing back. At the time of writing, the price of bitcoin stands at $34,370 based on data from Bitcoin.com Markets . “I went back into ethereum” because bitcoin held at the $30,000 level, Cramer said, elaborating: I like ethereum because people actually use it much more to...

Jefferies’ Equity Strategist Expects Accommodating US Crypto Regulation Unlike China’s Authoritarian Model

The head of global equity strategy at Jefferies, an investment bank and asset management firm, says that cryptocurrency regulation in the U.S. would “ultimately be very positive” for bitcoin or other crypto assets. It will also be more accommodating than China’s authoritarian approach to crypto regulation. US Regulation Would ‘Ultimately Be Very Positive’ for Mass Adoption of Bitcoin, Cryptocurrencies Christopher Wood, Head of Global Equity Strategy at Jefferies, discussed cryptocurrency regulation in his most recent weekly research note, Greed & Fear. Jefferies is a diversified financial services company engaged in investment banking and capital markets, asset management, and direct investing. The company claims to be “the largest independent, global, full-service investment banking firm headquartered in the U.S.,” according to its website. Wood reportedly said that the regulatory response to cryptocurrency in the U.S. will likely be more accommodating than “China’s authorit...

Bears back off, but Bitcoin price still wavers below $35K

Bitcoin price briefly surged above $35,000 to spark a relief rally in altcoins but a number of bearish factors still surround BTC. Although bulls made a show of force in the morning trading hours, Bitcoin ( BTC ) price is still pinned under the $35,000 resistance and unable to flip the 20-day moving average to support or secure a daily close above the level. Data from Cointelegraph Markets Pro and TradingView since rallying to $35,400 on June 28, Bitcoin has traded in a range between $33,850 and $35,000 as the fallout from China’s crackdown on BTC mining continues to reverberate across the market. BTC/USDT 4-hour chart. Source: TradingView In addition to turning the Bitcoin mining ecosystem on its head, China's government also turned the screw on local cryptocurrency exchanges, resulting in the closure of BTCChina . China has also effectively banned crypto derivatives trading for Huobi exchange users. Bitfinex BTC flows come into focus while the selling continues...

DeFi Yield Protocol (DYP) Continues to Expand Its Ecosystem

DeFi Yield Protocol has emerged as one of the fastest-growing crypto projects with an expanding ecosystem. DYP allows DeFi users to leverage advanced trading tools to earn yield on their assets while taking advantage of the unique DYP Tools decentralized application. DYP has attracted the attention of many within the crypto space due to its features that include its unique Anti-manipulation system. The anti-manipulation feature ensures the stability of DYP tokens by automatically converting DYP rewards to Ether ( ETH ) or BNB by 00:00 UTC daily and distributing rewards to liquidity providers. Key Developments in DYP Ecosystem The DYP team continues to develop the ecosystem with major partnerships and integrations into its infrastructure. Some of the high profile developments include: Chainlink Integration DYP recently revealed that it has integrated Chainlink Price Feeds on its Ethereum and Binance Smart Chain mainnet. The integration will provide DYP with access to high-quality...

Elon Musk tweets his support over proposed Dogecoin changes

Dogecoin got a price bump Monday out of another Elon Musk tweet, this time in support of a proposed update. Elon Musk, the at-times controversial SpaceX founder and stop-and-go crypto supporter, voiced his support late Sunday for a set of major updates to the Dogecoin ( DOGE ) blockchain. The changes would drastically redesign the cryptocurrency’s software architecture and alter its token economics. The popular “joke crypto” appears to be gearing up to become a serious utility coin after a massive influx of capitalization earlier this year. It remains to be seen whether the updates Musk supports would be good or bad for the coin’s holders should they be adopted. In a Reddit thread Sunday, Dogecoin Core developer Patrick Lodder summarized the proposed updates: “This proposal to all dogecoin stakeholders suggests to reduce average fees 100x for standard transactions on the dogecoin chain, split full control over all aspects of fees between miners and node operators, rely less...

Mexico may not be following El Salvador's example on Bitcoin... yet

A warning from the country's financial regulators seemed to be specifically targeting Ricardo Salinas Pliego, who on Sunday said he would explore his bank accepting Bitcoin. Authorities behind financial regulation in Mexico have warned against financial institutions handling cryptocurrencies, saying digital assets are still not considered legal tender in the country. In a Monday press conference, representatives from Mexico’s finance ministry, the Bank of Mexico, and the National Banking and Securities Commission issued a joint statement warning investors virtual assets carried inherent risks as a medium of exchange and store of value. They added that any financial institution based in Mexico is “not authorized to carry out and offer to the public operations with virtual assets,” specifically mentioning Bitcoin ( BTC ), Ether ( ETH ), and XRP . The country’s financial regulators and central bank seemed to be targeting Ricardo Salinas Pliego regarding his recent Bitcoin announc...

Mysterious John McAfee Website Appears for Two Days — Whackd Token Climbs Over 700%

Following the death of the former antivirus tycoon John McAfee, an ERC20 token called whackd (WHACKD) has seen its valuation rise significantly. Three days ago, the Ethereum-based coin was swapping for less than a U.S. penny, but then the token skyrocketed by 733% reaching over $0.07 per unit. Moreover, four days ago, a mysterious website showcasing the whackd token popped up on the internet alluding to McAfee’s alleged “contingency plan” with a countdown timer. Mysterious McAfee Contingency Plan Website Appears on the Web Leading People to the Whackd Token Contract John McAfee’s reported suicide has sparked a lot of interesting theories and stories during the last few days. McAfee was found dead on June 23, 2021, and the Catalan justice department in Spain told the press that “everything pointed to suicide.” However, McAfee’s widow Janice and John’s close associates have stressed to the media that the 75-year old McAfee was not suicidal. Furthermore, interesting theories and stor...

Price analysis 6/28: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, BCH, LTC

Select altcoins are looking to capitalize on Bitcoin’s range-bound trading below the 20-day moving average. Bitcoin ( BTC ) is attempting to stage a relief rally but analysts at JPMorgan Chase believe that the short-term setup looks challenging. However, the analysts also pointed out that the crypto markets had started a healing process. A sign of this 'healing process' was seen when the crypto markets did not react negatively to the news that the United Kingdom’s Financial Conduct Authority banned Binance Markets Limited from undertaking “any regulated activity in the UK.” Daily cryptocurrency market performance. Source: Coin360 When a market reacts negatively to bad news, it is a sign that weaker hands are panicking and dumping their positions. On the other hand, a muted reaction to negative news indicates that investors are not falling prey to FUD, which is a sign of strength. The crypto sentiment may have received a boost due to the strong support for Bitcoin fr...