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Showing posts from July 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...
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Fidelity’s Crypto Branch to Increase Staff by 70%, President Sees ‘More Interest in Ether’

According to Tom Jessop, president of Fidelity Digital Assets, the company is planning to increase staff by 70% because demand for cryptocurrencies continues to keep the firm busy. Fidelity Digital Assets, the subsidiary of the wealth management firm Fidelity Investments Inc., has also seen a significant amount of demand for ethereum. Crypto Demand Pushes Fidelity Digital Assets to Increase Staff Fidelity Digital Assets is looking to increase staff at its locations in Boston, Salt Lake City, and Dublin, according to a Bloomberg interview with Tom Jessop. The new hires will be dedicated to building new products that extend into other areas of crypto assets besides bitcoin. “[2020] was a real breakthrough year for the space, given the interest in bitcoin that accelerated when the pandemic started,” Jessop said. But Jessop also added: We’ve seen more interest in ether, so we want to be ahead of that demand. The company will be trading digital currencies more often as well, Jessop...
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Crypto crackdown targeting USD access points has begun: Caitlin Long

Avanti’s Caitlin Long expects the U.S. Federal Reserve to make it harder for crypto companies to access USD payment channels. Caitlin Long, the founder and CEO of the pioneering bank for the crypto sector, Avanti Bank & Trust, has declared that the regulatory crackdown on crypto “has begun.” In a lengthy tweet on July 13, the Wall Street veteran highlighted her thoughts on the current regulatory situation in the U.S., predicting that authorities will not target Bitcoin and Ethereum directly, instead opting to go after “intermediaries” and “access points” for U.S. dollars into the sector. “The issue isn’t Bitcoin, Ethereum, or other crypto protocols, they’re just fine. The risk comes from the banks’ operational processes.” She also noted that July 13 marked the “key event” in which the comment period for the Federal Reserve’s proposed payment system access guidelines ended, arguing that the Fed’s guidelines were partially aimed at cryptocurrencies despite not mentioning the ass...
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Nifty News: Amex and SZA sell out debut drop, Asics launches tokenized footwear, Space Jam gets looney for NFTs

American Express’ first foray into NFTs, a partnership with popular musician SZA, has sold out within hours of kicking off. American Express (Amex) has teamed up with popular neo-soul singer and songwriter, SZA, to enter the NFT market. The duo partnered to drop a set of 14 one-of-one edition NFTs, dubbed “Amex Unstaged x SZA: The Collection,” that depict moments from one of SZA’s recent concerts. Participation in the NFT sale was made available only to Amex users, with the first 10 dropped on July 9, with concert-goer's given exclusive access. The remaining 4 were dropped earlier today and were made available to all Amex users. Each NFT was priced at $100 and all were sold out within hours of the drop. SZA x Amex NFT drop: Fanaply The sale was hosted on the Ethereum-powered Fanaply NFT marketplace. Other big names to have used the Fanapply marketplace are Death Row Records, comedian Joey Diaz, and musician Milky Chance. Asics NFTs on the run Japanese sports footwear ma...
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Coinchange Announces Truly 0% Fee Brokerage and 25% APY DeFi Platform That Is Secure and Regulated

PRESS RELEASE. Toronto–– Coinchange is diversifying its portfolio of offerings with a move into the DeFi space. The High-Yield Account will provide all users with returns of up to 25% per annum on their USDC balances. This unique opportunity is paired alongside Coinchange’s existing fiat gateways and crypto brokerage, which will allow users to buy and sell BTC , ETH , USDC and USDT with 0% trading fees for a limited time. Easy Access to DeFi The Decentralized Finance (DeFi) sector has grown exponentially over the course of the last year, with over $60 billion now locked in DeFi protocols. Investors have been drawn to these new technologies – which can offer double-digit returns – due to low interest rates and the lack of attractive opportunities in the traditional financial sector. However, DeFi can be difficult to access for new users who are not familiar with the blockchain space, crypto wallets, and specialized tools. Additionally, finding the best opportunities requires users...
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Gemini plans to beat Binance through compliance, aims to become 'fastest tortoise' in race

The recent regulatory backlash against Binance could give a competitive advantage to regulated exchanges. Gemini exchange co-founder, Cameron Winklevoss, has stated the company expects to overtake the current largest crypto exchange by volume, Binance, predicting its emphasis on compliance will win out as regulators increasingly crack down on unregulated exchanges. As reported by Bloomberg on July 12, Cameron Winklevoss emphasized the importance of adhering to regulators’ demands, stating that Gemini is “playing the long game:" “We’re trying to be the fastest tortoise in the race. The long game pays off over time.” The comments come as Binance faces increasing regulatory pressure , with the U.K’s. Financial Conduct Authority told Binance that it wasn’t authorized to carry out regulated activities in the country  in late June. A banking blockade followed as several high street banks curtailed their customer’s activities with the exchange. Around the same time, Bloomberg also...
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South Korean Bank Woori Financial to Offer Crypto Custody Services

Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank. Woori Financial to Develop Joint Venture to Offer Custody Services Woori Financial Group, one of the biggest banks in South Korea, will soon offer cryptocurrency custody services. According to reports from Korea Economic Daily, Woori will establish a joint venture with Coinplug , a blockchain solutions developing company with more than 300 blockchain patents. While South Koreans have traditionally been attracted to cryptocurrency, their regulatory framework forbids them from relying on exchanges for custody. This has spurred interest from banks in stepping up and including cryptocurrency custody in their services. However, from a legal standpoint, banks...
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Hop Protocol launches USDC bridge between Ethereum, Polygon, and xDai

Hop plans to roll out support for additional crypto assets and layer-two networks in the coming weeks. Hop Protocol, a team working on interoperability within Ethereum’s layer-two ecosystem, has launched its Hop bridge for the first time.  A July 12 blog post notes the bridge has been launched with limited functionality, currently supporting “instant” USD Coin (USDC) transfers between the Ethereum mainnet, Polygon, and xDai Chain. Hop plans to expand the number and assets it supports over “the next couple of weeks,” including crypto assets Ether, Matic, and Wrapped Bitcoin, stablecoins Dai and Tether, and forthcoming layer-two networks Optimism and Arbitrum. We're proud to officially launch the Hop bridge starting with instant $USDC transfers between @ethereum , @0xPolygon and @xdaichain . ➡ https://t.co/z8K0uAa2xg pic.twitter.com/PVtCuG5nDb — HopProtocol (@HopProtocol) July 12, 2021 The bridge locks up tokens that a user wishes to transfer between networks, issuing ...
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Traders are withdrawing 2,000 BTC from centralized exchanges daily

Surging BTC outflows from centralized exchanges suggest the Bitcoin markets could be in an accumulation. The number of Bitcoin held on centralized exchanges has consistently fallen since late May, with roughly 2,000 BTC (worth roughly $66 million at current prices) flowing out of exchanges daily. Glassnode’s July 12 Week On-Chain report found that Bitcoin reserves on centralized exchanges have fallen back to levels not seen since April, the month that saw BTC blast to its all-time high of roughly $65,000. The researchers noted that during the bull run leading up to this peak, relentless depletion of exchange coin reserves was a key theme. Glassnode concludes that much of this BTC went to the Grayscale GBTC Trust or was accumulated by institutions, driving “a persistent net outflow from exchanges.” However, when Bitcoin prices slumped in May, this trend reversed as coins were sent to exchanges for liquidation . Now, the net transfer volume has moved back into negative territory ...
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Bitcoinization: JPMorgan Sees No ‘Tangible Economic Benefits’ of Bitcoin as Legal Tender

JPMorgan has offered its view on the bitcoinization of El Salvador, the country which recently made bitcoin legal tender alongside the U.S. dollar. JPMorgan says, “It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” JPMorgan on the Bitcoinization of El Salvador JPMorgan & Chase’s Latin American research team published a report titled “The Bitcoinization of El Salvador” Thursday. El Salvador recently passed legislation making bitcoin legal tender alongside the U.S. dollar. The JPMorgan analysts who authored the report wrote: It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender. The report also points out that “Recent surveys suggest widespread skepticism and hesitance of bitcoin as a medium of exchange … with extreme volatility posing a particularly acute challenge in a bimonetary system alongside official dollarization.” JPMorgan noted t...
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Institutions cautious as crypto products post weakest volume since October

Sophisticated investors appear to be spreading their risk across the crypto sector, with multi-asset products beating out BTC and ETH by inflows. Institutional investors are yet to regain confidence in the crypto markets, with weekly crypto investment product volume dropping to its lowest level since October 2020. According to CoinShares’ July 12 Digital Asset Fund Flows Weekly report, $1.58 billion worth of digital asset products changed hands between July 5 and July 9. Crypto investment products also saw outflows of $4 million for the week, with roughly $7 million exiting Bitcoin (BTC)-tracking products. However, European Bitcoin products saw inflows overall, suggesting some investors believe the worst of 2021’s bear market may be behind us. Ethereum (ETH) products also saw minor inflows of $800,000 for the week. Capital flows for institutional crypto products: CoinShares CoinShares’ latest data suggests institutional investors are sitting on the fence after the previous we...
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Grayscale Investments’ Diversified Cryptocurrency Fund Now an SEC Reporting Company

Grayscale Investments now has three SEC reporting funds, with the newest addition being the Digital Large Cap Fund. The company has also filed to make three other funds SEC reporting companies. Grayscale Investments, the world’s largest crypto asset manager, made two announcements Monday. The first was that the registration statement on Form 10 filed with the U.S. Securities and Exchange Commission (SEC) for the Digital Large Cap Fund (OTCQX: GDLC) has become effective. The fund is, therefore, an SEC reporting company, the company confirmed, elaborating: The fund is Grayscale’s first diversified digital currency investment fund to become an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. Grayscale Digital Large Cap Fund will now file its reports and financial statements with the SEC, along with current reports, in addition to complying with all other obligations under the Securities Exchange Act. ...
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Bitcoin price is down, but here’s 3 reasons why $1B liquidations are less frequent

This year crypto derivatives traders faced some tough times, but the current situation seems much more favorable to Bitcoin bulls. Bitcoin ( BTC ) might be struggling to break the $36,000 resistance for the past three weeks, but bulls now have one less thing to worry about: cascading futures contracts liquidations. One might be under the impression that a $1 billion liquidation is usual for Bitcoin. Still, traders tend to remember the most recent exaggerated movements more than any other price shifts, especially when the price crashes and people lose money. This negativity bias means that even when various price impacts with equal intensity occur, the unpleasant emotions and events have a more significant effect on a trader's psychological state. For example, multiple studies show that winning $500 from playing the lottery is two to three times less 'impactful' than losing the same amount from the gambler's personal wallet. Bitcoin futures aggregate liquidation ...
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Payments Provider Clear Junction Stops Processing Payments for Binance

On Monday, the global payments solutions provider Clear Junction announced it ceased processing transactions for Binance. The move by Clear Junction was brought on by the Financial Conduct Authority’s (FCA) recent warning, according to a blog post written about the decision. Clear Junction Ceases Processing Payments for Binance Citing the Recent FCA Warning The Financial Conduct Authority’s (FCA) warning against Binance operating in the UK has caused a lot of issues for the company. On Monday, the global payments solutions provider Clear Junction revealed it was no longer processing payments for the crypto firm. “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” the company’s blog post on Monday states. Additionally, the blog post also cites the FCA’s recent warning. “We have decided to suspend both GBP and EUR payments and will no longer be facilitating deposits or withdrawals in favour of or on behalf of the crypto trading platfor...
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Bitcoin price falls under $33K, but on-chain data hints at BTC accumulation

Signs of BTC accumulation begin to emerge as the network’s hashrate rises and exchange outflows increase in July. As the pressures placed on the market by China’s cryptocurrency crackdown begin to subside and the Bitcoin ( BTC ) hashrate starts to show signs of recovery, traders are now focused on how the price will be affected by this week's  unlocking of more than $550 million worth of Grayscale's GBTC shares. Data from Cointelegraph Markets Pro and TradingView shows that the early morning downtrend in BTC on July 12 continued into the afternoon as the price of BTC dropped below the $33,000 support level after bears took control of the market. BTC/USDT 4-hour chart. Source: TradingView Grayscale attracted further attention on Monday after various media reported that the firm has publicly filed three Form 10 registration statements with the United States Securities and Exchange Commission (SEC). This brings the number of publicly reported trusts managed by Graysca...
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Winner spends fortune in crypto on Sotheby’s diamond auction

A massive diamond just sold on Sotheby’s for a whole lot of crypto. Art and jewelry brokerage Sotheby’s put a 101.38 carat diamond up for auction, fetching over $10 million in crypto for the rock on July 9.  The diamond “sold for $12.3 million to an anonymous buyer last Friday at Sotheby’s Hong Kong,” MarketWatch reported on Monday. “It’s the most expensive gem ever purchased with cryptocurrency, according to Sotheby’s,” MarketWatch added. News of the crypto-friendly diamond auction surfaced in the latter half of June, with estimates forecasting the diamond to hit prices somewhere in the ballpark of $15 million. Called “The Key 10138,” the diamond’s name reportedly pays homage to crypto industry lingo. (Private keys give access to each crypto owner's holdings.) Anonymity and pseudonymity are not uncommon in the crypto industry. Crypto traders and social media personalities often comment on Twitter via pseudonymous profiles. Even the creator (or creators) of Bitcoin ( BTC ), ...
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Panther Protocol and StackOS Partner to Bring Privacy to DeFi and NFTs

PRESS RELEASE. Panther Protocol has joined forces with StackOS, a decentralized cloud protocol, to deliver privacy and data protection tools. As a meta-protocol focused on end-to-end privacy for any digital asset, Panther is of great interest to virtually all DeFi users looking to benefit from personal financial data protection and confidential cryptocurrency transactions. Panther zAssets are 1:1 backed representations of the underlying assets they represent, offering users all of the benefits of private transactions in this emerging asset type. Under the Partnership agreement, Panther Protocol’s DeFi privacy services will be deployed on StackOS’ decentralized cloud. This is easily done in minutes through its easy-to-use interface after the applications have been containerized. Applications running on StackOS become unstoppable and more secure as the infrastructure is automatically being maintained, resulting in the removal of DevOps costs. Panther Protocol CEO and co-founder Oli...
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Binance woes continue as Clear Junction pulls out

Another player has decided to distance itself from Binance after a slew of negative headlines around the exchange in recent weeks. Binance has faced a number of regulatory issues  in recent weeks. Payments player Clear Junction has suspended activity with Binance after similar moves from Barclays and Santander.  “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” Clear Junction said in a statement that was  tweeted out by Adam Samson of the Financial Times on Monday. “The decision has been made following the Financial Conduct Authority’s recent announcement that Binance is not permitted to undertake any regulatory activity in the UK.” The Financial Conduct Authority, or FCA, heads up regulatory overwatch of finance in the United Kingdom. Toward the end of June 2021, the FCA ruled that Binance Markets Limited , or BML, had to stop its U.K.-based operations. Countering the FCA move, Binance noted BML as a separate outfi...
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Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs

The entire market capitalization of all 10,800 cryptocurrencies in existence is down 2.8% on Monday as bitcoin has lost over 2.4% during the last 24 hours. Meanwhile, bitcoin shorts are rising again after bitcoin shorts tapped a two-year high on the derivatives exchange Bitfinex on June 25. Bitcoin Shorts Climb Higher Bitcoin ( BTC ) and digital markets, in general, have seen better days as BTC tapped an all-time high above the $64K handle three months ago but is still down 48.66% since then. Roughly 17 days ago, on Bitfinex, the number of BTC/USD short positions skyrocketed to levels not seen since June 17, 2019. Stats from datamish.com/btcusd/7d Around 20 days ago, BTC reached its lowest price point in quite some time at $28,600 per coin, and today the cryptocurrency is only 13.72% up from that low price point. Now after the June 25th spike in short positions, things settled on June 27 and shorts remained low. Today, however, short positions held on Bitfinex are starting to...
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