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Showing posts from August 4, 2021

Slew of Venture Funds, Eminem, Paul Rosenberg Inject $30 Million Into NFT Platform Makersplace

On Wednesday, the non-fungible token (NFT) market platform Makersplace secured $30 million in a Series A financing round. The team behind the NFT marketplace says it plans to leverage the funds to “acquire additional talent and scale the business.” While the Series A was co-led by Pantera Capital and Bessemer Venture Partners, the world-famous hip hop star Eminem also invested in Makersplace. Makersplace Raises $30 Million to Scale the NFT Business The company that developed the non-fungible token (NFT) market platform Makersplace has revealed the firm has raised $30 million from a number of investors. Bessemer Venture Partners and Pantera Capital co-led the financing round with participation from Sony Music Entertainment, Coinbase Ventures, 9Yards Capital, Uncork Capital, and Draper Dragon Digital Assets. Moreover, Makersplace revealed the investment round saw notable angel investors like Paul Rosenberg and 3LAU in music, Eminem, Acquavella Galleries, Sabrina Hahn and Bill Ruprec...

Nifty news: NFTs in space, defunct CryptoPunks, Ernst & Young gets in on the act

NFTs have been streamed from and to the International Space Station, Unifty decentralizes its governance, and 342 CryptoPunks may be lost forever. One small step for NFTs... Two companies teamed up to stream a recording of composer Claude Debussy’s “ Clair de Lune ” to, and from, the International Space Station on July 28, reportedly marking the first instance in which a nonfungible token (NFT) has orbited the Earth. The orbital NFT expedition is the product of a partnership between Artemis Music Entertainment and space services company Nanoracks LLC, with the two firms minting the track as a nonfungible token after the hard drive the file was stored on completed one orbit of the Earth over roughly 90 minutes. “The cosmic perspective of space inspires a cognitive shift in humans," said Artemis Music co-founder Bob Richards, adding: "'Clair de Lune' perhaps comes as close as possible to stirring the emotions of awe and wonder experienced by space travelers....

Ripple granted access to Binance’s records in SEC securities case

The documents may provide critical evidence that CEO Brad Garlinghouse was acting outside of the SEC’s jurisdiction. The ongoing case between fintech firm Ripple and the U.S. Securities and Exchange Commission (SEC) took another turn this week when the company was granted access to Binance's documents. U.S. Magistrate Judge Sarah Netburn granted Ripple CEO Brad Garlinghouse’s motion to “Obtain international discovery” of Binance records. According to the docket , the approval was made on August 3 while a duplicate request was denied: “ORDER granting 274 Letter Motion for Discovery. The Court will communicate with counsel to arrange delivery of the letters.” As part of the case against Ripple for selling unregistered securities, the SEC claims that Garlinghouse sold more than 357 million XRP tokens on crypto trading platforms to investors “all over the world.” The legal team representing Garlinghouse requested documents “relevant to the case and unobtainable through other mea...

Oscar Mayer auctions one-off pack of ‘Hot DOGE’ Wieners

Oscar Mayer is auctioning off a one-of-one pack of “Hot Doge Wieners” on Ebay, with bids hitting $3050 before bidding was paused American manufactured meat company Oscar Mayer is auctioning off a one-of-one pack of “Hot Doge Wieners” on Ebay. The limited edition pack of Dogecoin themed wieners includes 10 sausages and a picture of the beloved Shiba Inu dog on the packaging, along with the “cash equivalent” of 10,000 Dogecoin (DOGE). The auction is set to close on Aug. 7 however the listing has been temporarily taken down with the firm noting on Twitter today that “you guys really took this to the moon. The link is down but will be up soon!” During the initial hours of bidding, Redditors in the r/dogecoin community spotted a bid of $3050 during the auction. That might seem like a lot considering the “collectors item” has a maximum shelf life of three months (if stored in a freezer) — and the winner needs to allow “3-5 weeks for delivery”. However the cash value of 10K DOGE is jus...

Fidelity purchases 7.4% stake in Marathon Digital Holdings for $20M

The shares have been spread across four of Fidelity’s index-based funds. Multinational financial services firm, Fidelity Investments, has announced the purchase of a 7.4% stake of major North American mining company, Marathon Digital Holdings. Marathon currently operates 19,000 miners, with a further 100,000 machines slated for deployment over the next 12 months. With $4.9 trillion in assets under management Fidelity is one of the world’s largest financial service companies and has serviced more than 35 million clients worldwide. The dea l was finalized for $20 million on July 22, with the shares set to be spread across four index-based funds — Fidelity Extended Market Index Fund (FSMAX), Fidelity Nasdaq Composite Index Fund (FNCFX), Fidelity Total Market Index Fund (FSKAX) and Fidelity Series Total Market Index Fund (FCFMX). The purchase positions Fidelity alongside the likes of Vanguard Group, Susquehanna, and Blackrock, which respectively own 7.58%, 2.7%, and 1.59% of Marathon....

SEC Has No Authority Over Pure Commodities Like Crypto Assets, Says CFTC Commissioner

Both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have claimed jurisdiction over the crypto industry. A CFTC commissioner clarified that pure commodities, including crypto assets, or their trading venues are not regulated by the SEC. Regulation of Crypto Assets by SEC and CFTC A commissioner with the U.S. Commodity Futures Trading Commission, Brian Quintenz, clarified Wednesday that pure commodities, including crypto assets, fall under the jurisdiction of his agency. He tweeted: “Just so we’re all clear here, the SEC has no authority over pure commodities or their trading venues, whether those commodities are wheat, gold, oil …. or crypto assets.” Quintenz’s clarification followed the statements by SEC Chairman Gary Gensler on Tuesday and Wednesday regarding the regulation of the crypto industry whenever investment products are considered securities. Gensler stressed that there is not enough investor protection when it co...

Billionaire Ray Dalio likes Bitcoin but would choose gold every time

Dalio sees gold as a hedge against inflation but also has a bit of BTC in his portfolio. Hedge fund manager Ray Dalio says he’s still bullish on Bitcoin but has a greater penchant for gold. Speaking to CNBC on August 4, the billionaire investor admitted to owning a “very small amount” of Bitcoin but said that he would choose gold if he had to make the choice between the two. “If you put a gun to my head, and you said, ‘I can only have one. I would choose gold.” But he added that he sees Bitcoin as digital gold and that i remains an important way to diversify. “There are certain assets that you want to own to diversify the portfolio, and Bitcoin is something like a digital gold,” he said. Dalio has been a long-term gold bull, with his Bridgewater hedge fund having poured more than $400 million into gold in the second quarter of last year. In 2019, he wrote that adding gold can help balance a portfolio because it is both risk-reducing and return-enhancing. The store of value prop...

Uruguay: Senator introduces bill to enable use of crypto for payments

A Uruguayan Senator has introduced a bill seeking to “establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies.” Uruguayan Senator Juan Satori has introduced a draft bill to regulate cryptocurrency and enable businesses to accept crypto payments. Satori joins a growing list of politicians from South American and Spanish-speaking countries that are seeking to bring crypto adoption into the mainstream. The Senator is not proposing the use of crypto as legal tender as in El Salvador, however. The crypto-friendly Senator tweeted on Aug. 4 that “today we present a bill, pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.” The bill proposes that “crypto assets will be recognized and accepted by the law and applicable in any legal business. They will be considered a valid means of payment, added...

SEC Chair Gensler Outlines Plans for Crypto Trading, Exchanges, Investor Protection, Bitcoin ETFs

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined how the SEC plans to regulate the crypto industry. Focusing on investor protection, Gensler discussed concerns the SEC has about crypto trading, exchanges, lending, defi platforms, and exchange-traded funds (ETFs). Gary Gensler Outlines SEC’s Crypto Priorities SEC Chairman Gary Gensler outlined the agency’s plans regarding the regulation of cryptocurrencies at the Aspen Security Forum Tuesday. He described: Right now, we just don’t have enough investor protection in crypto. Frankly, at this time, it’s more like the Wild West. This asset class is rife with fraud, scams, and abuse in certain applications … If we don’t address these issues, I worry a lot of people will be hurt. He elaborated: “There’s a great deal of hype and spin about how crypto assets work. In many cases, investors aren’t able to get rigorous, balanced, and complete information.” Regulating Crypto Platforms: Gensler Sa...

Analysts debate whether Ethereum’s London hardfork is a “sell the news” event

Analysts caution against a potential “buy the rumor, sell the news” pullback for ETH while historical data shows that the price tends to rise following major network upgrades. Ethereum advocates are bubbling with anticipation over the upcoming London hardfork which is scheduled to take place at block height 12,965,000 on Aug. 5. Data from Cointelegraph Markets Pro and TradingView shows that the price of Ether rallied from a low at $2,450 in the early hours on August 4 to an intraday high at $2,772 for an 8.2% gain on the day. ETH/USDT 4-hour chart. Source: TradingView One of the most common occurrences in the crypto market is a large price run-up ahead of a major news announcement or protocol upgrade which is subsequently followed by a price dump as those who got in early cash-out to lock in gains and those who were late to the party become bag holders. Ethereum’s London hard fork has been one of the most talked-about events of 2021 so it would be short-sighted to assume tha...

Crypto Crime Falls in China, Surges in Hong Kong, Reports Reveal

China’s cryptocurrency transactions related to criminal activities have decreased significantly over the past couple of years, a new report suggests. At the same time, its special administrative region of Hong Kong is seeing a spike in crypto-related crime this year, with authorities attributing the rise to the popularity of crypto investments. Chinese Crime-Related Crypto Transactions Drop, According to Chainalysis China has been a leader in the global crypto space, not only because of its control over a large portion of bitcoin’s hashrate but also in terms of activity of its crypto businesses and users. With the current government offensive on decentralized money, however, including a crackdown on cryptocurrency mining and trading, the role of the People’s Republic is likely to diminish. That has already happened with China’s share in crypto-based crime, according to a report by Chainalysis. Between April 2019 and June 2021, Chinese crypto addresses sent over $2.2 billion worth ...

Crypto City: Guide to Melbourne

This “Crypto City” guide looks at Melbourne’s crypto culture, the city’s most notable projects and people, its financial infrastructure, which retailers accept crypto and where you can find blockchain education courses and there’s even a short history with all the juicy details of famous controversies and collapses. Fast facts City: Melbourne Country: Australia Population: 5.15M Established: 1835 Language: English Australia’s second-largest city may lack Sydney’s amazing harbor views, but it makes up for it with a focus on art, sports and culture. There are more live music venues here per capita than any other city in the world, and the city has produced heaps of notable acts, including Nick Cave , Men at Work , The Avalanches and Kylie Minogue . Located on the southern coast of Australia, Melbourne wasn’t founded until almost 50 years after Sydney, but it quickly became the wealthiest place in the world during the Gold Rush, from the 1850s to 1880s. It’s ...

This bullish Bitcoin options strategy targets $50K without risk of liquidation

The Long Condor options strategy allows traders to place bullish bets without taking on liquidation risks. Long-dated Bitcoin options and bulls still make waves with their ultra bullish bets, but even they must admit that the possibility of ( BTC ) trading above $60,000 in the next couple of months is dim. Many traders have added leveraged-long positions via futures contracts to chase after the elusive all-time high, but this seems like an unrealistic outcome. According to Willy Woo, a popular on-chain analyst, exchange outflows and accumulation from BTC miners and whales suggest that Bitcoin price will reach the $50,000 to $65,000 range in the coming sessions. Even Gary Gensler, the Chair of the United States Securities and Exchange Commission, believes that cryptocurrencies won’t go away and will likely play a big role in the future of finance. Therefore, being moderately bullish for the next couple of months will likely yield positive results. For bullish traders who th...

Millions of Latest Antminers S19i Are Ready – BitFuFu Cloud Hashrate Platform Restarts Running Plan

PRESS RELEASE. Since May 30, the BTC mining difficulty has lowered for 4 times in a row. The mining rig migration is continuing, leading to a surge of incomes in mining farms outside China. With early layout of mining farms outside China, BitFuFu takes the lead to restart running plan and restock new mining plans. As the first cloud mining platform that restarts running plan in the industry, BitFuFu provides users with a mining feast from a drop of difficulty. Early move makes BitFuFu the industry-first platform to restart running plan Thanks to its forward-looking layout in the mining farms outside China, BitFuFu outpaces other platforms to restart running plan. As early as the beginning of this year, BitFuFu has started its expansion to mining farms outside China. On April 16, affected by outage in some areas, the BTC network hashrate suffered a plummet. With fast response, BitFuFu transferred affected hashrates to other mining farms within 12 hours and its users were barely af...

Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5

The Ethereum community has been gearing up for the highly anticipated London Network Upgrade which should take place on August 5 around 2:00 p.m. (EDT). Node operators have been asked to upgrade their nodes as soon as possible, as the upgrade is scheduled to take place at block height 12,965,000. Ethereum Set to Fork on Thursday, Blockchain Will See 5 Improvements According to the countdown clock hosted on etherscan.io, the Ethereum (ETH) blockchain will be upgraded in the near future, on or around Thursday afternoon. Previously, Bitcoin.com News reported on the London upgrade on July 9, 2021, and at the time it was estimated block 12,965,000 would fall on or around August 4. According to Ethernodes data, as of 16:20 Beijing time, 65.6% of the nodes are ready for the Ethereum London hard fork, and the remaining 34.3% will be upgraded within 2-3 days. pic.twitter.com/BXIl67LIeh — Wu Blockchain (@WuBlockchain) August 3, 2021 The “London Mainnet Announcement” was revealed b...

Three US Senators propose narrowing crypto tax language in infrastructure bill

“While Congress works to better understand and legislate on issues surrounding the development and transaction of cryptocurrencies, it should be wary of imposing burdensome regulations that may stifle innovation,” said Senator Pat Toomey. Lawmakers have written an amendment to an infrastructure bill in the U.S. Senate which proposes excluding certain crypto companies from the reporting requirements for brokers. In an amendment from Oregon Senator Ron Wyden on behalf of himself and Wyoming Senator Cynthia Lummis and with the support of Pennsylvania Senator Pat Toomey, the U.S. lawmakers suggested that some of the provisions in the bipartisan infrastructure deal not apply to developers in the crypto space, miners, and blockchain firms. Specifically, the amendment proposes the definition of a broker not include anyone in the business of “validating distributed ledger transactions,” “developing digital assets or their corresponding protocols,” and dealing with mining software or hardwa...