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Showing posts from July 11, 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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FBI Warns Digital Currency Exchanges and Crypto Owners of Possible Threats

The U.S. Federal Bureau of Investigation (FBI) issued an industry-wide warning about possible attacks on exchanges and crypto holders this week. The institution declared that there are threats actively tracking virtual asset platforms in order to take hold of these assets, causing financial losses in the process. Sim swapping, account theft and tech support staff are the means to accomplish these attacks. FBI Anticipates Cryptocurrency Attacks The FBI issued a warning against upcoming attacks on cryptocurrency exchanges and holders last week. The warning was distributed using the TLP protocol , designed to distribute the desired information with certain groups. It received the Green designation, meaning the FBI allows peers and partner organizations in the crypto community to share this information. The FBI states there are groups actively tracking vulnerabilities in these companies to take action. It explains these groups are using a group of techniques to achieve these means. Th...
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Woori becomes latest major Korean bank to announce crypto custody services

An increasing number of leading South Korean banks are establishing joint ventures with minor ownership to enter the crypto custody market while complying with local regulations. According to a July 11 report from The Korean Economic Daily, the group’s banking unit, Woori Woori Financial Group has become the latest major South Korean financial institution to announce it will launch digital asset custody services. Bank, is partnering with Bitcoin-based fintech solution firm, Coinplug, to establish a digital asset custody joint venture, dubbed D-Custody. Coinplug will be D-Custody’s largest shareholder, followed by Woori Bank. The joint venture is expected to be incorporated in the coming weeks. Existing Korean legislation maintains that domestic entities are not able to access the services of cryptocurrency exchanges, meaning the country’s banks can only enter the crypto market via joint ventures of share investments. While local banks are prohibited from directly entering the di...
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Bank of Ghana Deputy Governor Says ‘Central Bank Digital Currency Is Fiat Money,’ Reveals Pilot Phase Will Start September

Ghana’s proposed central bank digital currency is similar to fiat cash and therefore financial institutions, as well as fintech start-ups, can still create value based on it, a Bank of Ghana (BOG) official has said. Still, the official, Maxwell Opoku-Afari, the BOG’s deputy governor, says approval for the use of the digital currency will depend on the outcome of the piloting phase. Maintaining Ghana’s Lead As previously reported by Bitcoin.com News, BOG announced it was in the advanced stages of introducing a digital currency. At the time, BOG governor, Ernest Addison said the central bank’s move to introduce the CBDC fits with its objective of maintaining the central bank’s position as Africa’s leader when it comes to embracing emerging financial technologies. However, as one local media outlet reports , the first deputy governor has now revealed that Ghana will start piloting the digital cedi in a sandbox environment in September 2021. CBDCs and Value Additions Meanwhil...
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Former pro sailer brokers tax-haven passports for wealthy crypto clients

Rich crypto investors are purchasing passports in tax havens for less than $200,000. A Russian expatriate and former professional sailboat racer, Katie Ananina, Plan B Passport — a firm that brokers citizenship through investment schemes for tax-haven nations that don’t impose capital gains on crypto holdings to wealthy investors. According to a July 11 report from CNBC, Plan B brokers hundreds of passports for predominantly western clients each year. Customers select from one of seven jurisdictions: Saint Kitts and Nevis, Antigua and Barbuda, Dominica, Vanuatu, Grenada, Saint Lucia, and Portugal. “If the government starts affecting me, I will take all [my assets] into my hands and go elsewhere,” said Ananina, adding: “I was smart enough to figure out that $200 in bitcoin will be worth $100,000 at some point. I don’t think the government should have 40% of that.” The safe-haven states offer citizenship through investment schemes requiring six-figure investments into local busin...
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Asset Manager Guggenheim Lowers Bitcoin’s ‘Real Bottom’ Price Prediction

Guggenheim CIO Scott Minerd has made another prediction about where the price of bitcoin will be, a lower estimate from his previous “real bottom” price prediction. The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, returned last week with another bearish prediction for bitcoin. Minerd is also the chairman of Guggenheim Investments, the global asset management division of Guggenheim Partners, with about $270 billion in total assets under management. Minerd predicted last month that the “real bottom” of bitcoin would be $15K, based on its technicals. He discounted the $10K price level at the time, calling that level “a little extreme.” However, in an interview with CNBC Friday, Minerd indicated that the $10K level is now possible. “When we look at the history of crypto and we look at where we are,” he said: I really do believe this is probably a crash. And, you know, a crash would mean we’d be down 70%-80% which, let’s just say that’s between $10,000 and $...
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Capital International Buys Nearly 1 Million Shares of Bitcoin-Focused Microstrategy

Major asset management firm Capital International has gained exposure to bitcoin through investing in almost 1 million shares of Microstrategy which now holds more than 100K bitcoins. Capital International Investors (CII) informed the SEC in a filing dated July 12 that it has purchased shares of Microstrategy’s Class A common stock (MSTR). The filing states: CII is deemed to be the beneficial owner of 953,242 shares or 12.2% of the 7,782,568 shares believed to be outstanding. Capital International is a division of Capital Group, a global investment management firm established in Los Angeles, California, in 1931. The firm ranks among the world’s oldest and largest investment management organizations, with over $2.2 trillion in assets under management as of Dec. 31, 2020. Microstrategy has been acquiring bitcoin as its key strategy. On June 21, CEO Michael Saylor announced that his company’s bitcoin holdings had reached 105,085 BTC acquired for about $2.741 billion ...
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Small Love Potion (SLP) price doubles as Axie Infinity user growth explodes

Rapid expansion in the Axie Infinity ecosystem and a parabolic rally from AXS triggered a 100% surge in the price of SLP. Last week Axie Infinity's AXS token went on an impressive parabolic run and hit a new all-time high at $19.60.  Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem that is minted through gameplay as a reward to users, also broke out with a triple digit gain. SLP can then be used as a currency to breed Axies, which are nonfungible token-based creatures that populate the Axie Infinity world.  SLP/USDT 4-hour chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that the price of SLP has surged 102% from $0.127 on July 1 to a weekly high at $0.257 as new users flood into the play-to-earn digital battle pet game and drive the revenue of the Axie Infinity ecosystem to new highs.  New users drive up demand for Axie breeding The success of SLP depends in large part on the overall growth and adopti...
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SEC Charges 3 Individuals for Alleged Long Blockchain Insider Trading Scheme

The U.S. SEC charged three individuals that allegedly conducted insider trading related to the Long Blockchain company back in 2017. One of the individuals allegedly traded stocks ahead of the name change that gave the company a price boost. The other two individuals were tipped and took advantage of the data to trade accordingly, the U.S. regulator says. Long Blockchain, formerly Long Island Iced Tea, made big gains just from rebranding, taking advantage of blockchain’s growing popularity. SEC Sues Three on Long Blockchain Insider Trading The Securities and Exchanges Commission (SEC) is charging three individuals that allegedly profited from Long Blockchain’s name change back in 2017. The lawsuit claims the three individuals profited from inside information and traded stocks before the famous rebranding happened. Among these is Eric Watson, who according to the complaint, was responsible for the rebranding scheme. Watson allegedly tipped off Oliver Barret-Lindsay, a friend and bro...
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Top 5 cryptocurrencies to watch this week: BTC, LUNA, ATOM, CAKE, FTT

If Bitcoin price remains range-bound, altcoins like LUNA, ATOM, CAKE and FTT could continue to move higher over the coming week. Bitcoin ( BTC ) price is still range-bound and traders are searching for signs that may provide insight about the next directional move. Philip Swift, the creator of analytics resource LookIntoBitcoin, pointed out on July 9 that the Puell Multiple rebounded “out of the green zone of this week” only for the fifth time in history. Swift said if the indicator continues to move up, Bitcoin’s price may follow it higher. Another positive outlook for Bitcoin came from Lex Moskovski, chief investment officer at Moskovski Capital, who highlighted that Bitcoin’s price was trading about 59% below the target price projected by the stock-to-flow model, which is the largest negative deflection in history. Moskovski said this could be a “great buying opportunity” for traders who believe in the model. Crypto market data daily view. Source: Coin360 In other news, Cap...
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Darknet Update: Hydra Reigns, Monero Acceptance Climbs, Russian State Collusion Questioned

At the end of 2020, darknet markets (DNM) set new records as marketplaces like White House and the Russian-language DNM Hydra led the pack. A report published on May 25, shows Hydra saw a 624% year-over-year growth rate in three years, and researchers estimate roughly 75% of illicit DNM transactions stem from the Russian marketplace. Moreover, the privacy coin monero is seeing a lot more vendor acceptance on DNMs these days. On June 29, monero captured 84% of vendor acceptance on three of the top marketplaces. The Complex Russian Darknet Market Hydra Eclipses 26 Marketplaces While cryptocurrency markets are down in value, the use of darknet markets has continued to rise. DNMs have managed to stay lucrative throughout Covid-19 and stats indicated that while the world was locked down, DNM use was flourishing. Many DNMs are operational today as reports and data show that the two largest darknet markets are Hydra and White House Market. Other notable DNMs in the second half of 2021, in...
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Creator of Video Downloading Websites Sentenced to Prison in US — Over $1 Million in Cryptocurrency Seized

The U.S. has sentenced a creator of video streaming and downloading websites to prison for 12 months and one day. The feds also seized $3.9 million from him, including more than $1 million in cryptocurrency. Man Sentenced to Jail for Copyright Infringement and Tax Evasion, His Cryptocurrency Seized The U.S. Department of Justice (DOJ) announced Friday that Talon White from Newport, Oregon, has been “sentenced to federal prison for creating illegal video streaming and downloading websites.” The DOJ further described that the 31-year-old built the websites to “illegally distribute thousands of copyright-protected movies and television shows and evading taxes on the profits of his illicit endeavor.” The case started when investigators received information in October 2013 regarding numerous illegal websites linked to White allowing paid subscribers to stream and download copyright-protected content. The Motion Picture Association of America (MPAA) subsequently demanded White cease and...
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China Has Dispersed Over $40 Million of Digital Yuan in Red Envelopes, Report Reveals

China, which has arguably the most advanced digital currency project among leading nations, has so far handed out more than $40 million in red envelopes with digital yuan. The promotional campaign for the CBDC is currently focused on five major cities, taking into account their regional development priorities. Beijing Gives Away 269 Million Yuan in Digital Currency Chinese Authorities are rapidly moving forward with the pilot implementation of the digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. Since the announcement of the concept in 2014, the project has entered its seventh year of development, with large-scale trials across the mainland and cross-border tests with Hong Kong . The ‘red envelope’ campaign, which was launched to put the digital yuan into the hands of Chinese consumers, has been expanding. The amount of funds distributed to Chinese citizens in digital RMB red envelopes has exceeded 269 million yuan, or around $41.5 milli...
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Crypto staking rewards and their unfair taxation in the US

The U.S. Internal Revenue Service appears to be blinded by its own enthusiasm on crypto taxation, instead creating an excessive financial burden. The United States Internal Revenue Service (IRS) stretches the tax rules to fit its cryptocurrency agenda. At no time in tax history has pure creation been a taxable event. Yet, the IRS seeks to tax new tokens as income at the time they are created. This is an infringement on traditional tax principles and problematic for several reasons. In 2014, the IRS stated in an FAQ within IRS Notice 2014-21 that mining activities would result in taxable gross income. It is important to note that IRS notices are mere guidances and are not the law. The IRS concluded that mining is a trade or business and the fair market value of the mined coins are immediately taxed as ordinary income and subject to self-employment tax (an additional 15.3%). However, this guidance is limited to proof-of-work (PoW) miners and was only issued in 2014 — long before stak...
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Strong Bitcoin accumulation spotted as BTC price refuses to fall below $30K

Glassnode data reveals that investors with a long-term risk outlook have started accumulating Bitcoin during its recent downtrend. Bitcoin ( BTC )  price remained relatively flat over the weekend, inching closer to $34,000 on July 11. Nevertheless, BTC/USD has tumbled by almost 50% from its all-time high, near $65,000 in mid-April. But the massive downside move has not deterred investors from betting on the digital asset's long-term bullish outlook. According to one of the Glassnode metrics, dubbed as Liveliness , the Bitcoin market has been noticing a shift in long-term investors' "macro hodling behavior." Hodling represents crypto investors' ritualized response to market downtrends, a meme-driven investment strategy  that originated from a drunken forum post in 2013 and typo.  Meanwhile, Liveliness is the ratio of cumulative coin days destroyed to the cumulative sum of all coin days ever accumulated by the network. It varies between zero and 1, with zero rep...
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The Bogdanoff Twins Claim They Participated in Helping Satoshi Nakamoto Build Bitcoin

Following the infamous meme that shows one of the Bogdanoff twins on the phone telling whales to initiate a crypto-market dump, the Bogdanoff brothers now claim they took part in inventing the leading cryptocurrency bitcoin with Satoshi Nakamoto. During an interview hosted on L’Heure des Pros, the Bogdanoff twins said as mathematicians the two were able to “participate in the elaboration of some of the source code.” Igor and Grichka Bogdanoff Claim to Have Helped Satoshi Elaborate on Bitcoin’s ‘Predictive Code’ There’s been a long-running joke that the Bogdanoff twins have the power to manipulate crypto markets after a meme started a few years ago showing one of the twins ordering a substantial dump on the market. The meme has been seen by the twins, according to a recent interview on L’Heure des Pros and a recent appearance on the French television show “Non Stop People.” Igor and Grichka Bogdanoff said they have seen the meme, and explained that Satoshi Nakamoto probably has s...
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