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Showing posts from August 7, 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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Ukrainians to Trade and Spend Cryptocurrencies Legally, Digital Ministry Says

Residents of Ukraine will be able to legally keep, exchange, and spend cryptocurrencies once the new virtual assets law is adopted. The legislation will comprehensively regulate the crypto space, possibly lower taxes for Ukrainians and create conditions for new services, a government official revealed. New Regulations to Create Market for Crypto Services for Ukrainians Ukrainians owning cryptocurrency will benefit from the law “On Virtual Assets” as it will introduce investor protection and allow them to legally exchange and declare their crypto holdings. The legislation will make virtual assets “a completely legal and common phenomenon for the government and the society,” Ukraine’s Deputy Minister of Digital Transformation, Oleksandr Bornyakov, said in an interview with the financial news portal Minfin . Oleksandr Bornyakov The official expects to also see a whole new market for services allowing coins to be stored, exchanged, and used in payments. Although the draft states tha...
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Fidelity Investments Engages With Regulators to Bring Crypto Assets Mainstream

The president of Fidelity Digital Assets, the crypto arm of Fidelity Investments, says that crypto is “its own unique asset class.” He revealed, “We and others are very engaged with regulators … to bring this asset class into the mainstream.” Fidelity Sees Long-Term Interest in Crypto Assets Among Institutional Investors Fidelity Digital Assets President Tom Jessop shared his view on the future of cryptocurrency in an interview with Yahoo Finance Thursday. He also discussed his firm’s efforts to engage with regulators to bring the asset class mainstream. Fidelity is one of the largest traditional money managers. It has about 37 million individual investors, 83.4 million customer accounts, and $10.4 trillion in managed assets as of the end of March. The company established Fidelity Digital Assets in 2018 to provide cryptocurrency products and services, including bitcoin, to institutional investors. “What’s apparent are two things,” Jessop explained: This is seen as its own unique...
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US SEC Shuts Down $30 Million Defi Money Market in First Decentralized Finance Bust

The U.S. Securities and Exchange Commission (SEC) has taken its first enforcement action involving decentralized finance (defi). The commission has charged a defi platform and its executives for unregistered securities sales of more than $30 million and misleading investors. SEC’s 1st Enforcement Action Involving Decentralized Finance The SEC announced Friday that it has taken the first enforcement action involving decentralized finance (defi). The case involves “securities using defi technology.” The regulator charged two Florida men — Gregory Keough and Derek Acree — and their Cayman Islands company, Blockchain Credit Partners, for “unregistered sales of more than $30 million of securities.” The three were also charged “for misleading investors concerning the operations and profitability of their business Defi Money Market.” They used smart contracts and defi technology to sell two types of digital tokens: mtokens and DMM governance tokens (DMG). The former promised to pay 6.25%...
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3 reasons why Ethereum is unlikely to flip Bitcoin any time soon

For years analysts have predicted that ETH’s market capitalization will flip BTC’s but data shows it's still nothing more than a guessing game. After a 13% rise in two days, Bitcoin's ( BTC ) market capitalization surpassed $800 billion to reach its highest value in 79 days. During the same timeframe, Ether (ETH) accumulated a 45% gain in two weeks, placing the network's market capitalization at $340 billion.  Positive expectations for the London hard fork and its potential deflationary effect undoubtedly played a role, but some investors continue to question how Ether's valuation stacks against Bitcoin. Some, including Pantera Capital CEO Dan Morehead, expect Ether to outpace Bitcoin as the largest cryptocurrency. Market participants may have also been excited after Minneapolis Federal Reserve President Neel Kashkari suggested that the Fed may stick with the asset-purchase program a bit longer. The reason cited was the Delta variant's spread and its potential...
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Tokenized Bitcoin on Ethereum Crosses $11 Billion Notional, WBTC Commands 76% of Circulating Supply

According to data on August 7, there’s 253,510 bitcoin-pegged or wrapped tokens worth more than $11 billion in value on the Ethereum blockchain. Out of the seven different bitcoin-pegged projects, the Wrapped Bitcoin protocol has 194,023 bitcoin-pegged ERC20 tokens in circulation. Over 250K Tokenized Bitcoin In Circulation Split Between 7 Ethereum Projects, Binance Smart Chain’s Bitcoin-Peg Reaches 73K Issued Ethereum (ETH) jumped over the $3K zone in value on Saturday, as the protocol successfully upgraded on August 5. ETH ’s market valuation has gained a significant amount of dominance in terms of the $1.78 trillion crypto-economy capturing 20% of that value on Saturday. The crypto asset has also gained more than 700% against the U.S. dollar during the last 12 months. Much of this has been attributed to decentralized finance (defi), non-fungible tokens (NFTs), and a myriad of decentralized exchange (dex) platforms over the last year. The number of tokenized bitcoin on Ethere...
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British Auction House Christie’s to Auction Cryptopunks, Meebits, Bored Apes NFTs

The well known luxury auction house Christie’s has announced the company’s first non-fungible token (NFT) art sale in Asia on September 17. According to the announcement, the NFTs will feature Cryptopunks by Larva Labs, Meebits, and Bored Apes. Christie’s Reveals First NFT Auction in Asia Founded in 1766 by James Christie, the British auction house Christie’s has been auctioning luxury goods, artwork, clothing, and jewelry for well over 100 years. Christie’s got into the cryptocurrency and blockchain scene last year and sold its first NFT for $131,250. The first NFT the auction house sold was Robert Alice’s “Block 21 (42.36433° N, -71.26189° E) (from Portraits of a Mind).” During the second week of May, Christie’s held a Cryptopunks auction where the auction house sold nine punks for over $16 million . Christie’s was also instrumental during the Beeple NFT sale which sold for a whopping $69 million and is the most expensive NFT to date. In July, the artist “Fewocious” raked in ov...
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An Ethereum blockchain upgrade, crypto regulatory battles, and Bitcoin price discussion: Hodler’s Digest, Aug. 1-7

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link. Top Stories This Week   Square to acquire Australian fintech Afterpay in $29B deal Jack Dorseys digital payments firm Square entered into a $29 billion stock deal to purchase Australian buy now, pay later (BNPL) firm Afterpay this week. Just like the name Afterpay implies, Square will essentially be buying the firm now and paying later, with the transaction set for the first quarter of 2022 and to be paid out entirely in Square common stock. Bitcoin ( BTC ) proponent Anthony Pompliano was pleased with the news, noting on his web series The Best Business Show that Square is one of the only stocks he owns, as he forecasted that the firms valuation will explode following the acquisition. In an Aug. 3 YouTube video,...
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2 Senators introduce pro-crypto amendment to infrastructure bill; industry says it's not enough

Perianne Boring, the founder and president of the Digital Chamber of Commerce, provided details about the proposed amendment Saturday afternoon. United States senators Mark Warner and Kyrsten Sinema, both Democrats from Virginia and Arizona, respectively, have introduced a new amendment to the infrastructure bill that would lessen the burden on cryptocurrency tax reporting for miners and wallet providers.  As Perianne Boring reported Saturday afternoon, the senators are endorsing an amendment that would exclude cryptocurrency miners and hardware and software wallet providers from being subject to new tax reporting provisions. The amendment would broaden an earlier update proposed by the same lawmakers, along with Ohio Republican Rob Portman. Senator @MarkWarner and @SenatorSinema have offered a new amendment with tech neutral language. If cloture is invoked, there will be 30 hours of debate left, then they will vote on the base text. We still don’t have any indication when ...
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Here’s what traders expect now that Ethereum price is over $3,000

ETH traders hint that the bull market could be back after Ethereum price hit $3,000 for the first time in 79 days. This week Ethereum's London hardfork was completed without a hiccup and investors have now reset their eyes on new highs above $3,100. Data from Cointelegraph Markets Pro and TradingView shows that the price of Ether ( ETH )  did in fact experience a “sell the news” sell-off shortly after London went live but dip buyers quickly rushed in and pushed its price back above $2,800, its highest level since June 7. This bullish momentum extended further after Bitcoin price surged above $44,000 and at the time of writing Ether trades at $3,050. ETH/USDT daily chart. Source: TradingView Now that the network is operating smoothly following its biggest update of the year, here’s a look at what traders and analysts expect next from the top altcoin. A close above the weekly resistance extends the uptrend Insight into Ether's price action was provided by pseudonymo...
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Axie Infinity Hits 1 Million Daily Active Players, First NFT Project to Hit $1B All-Time Trade Volume

The Ethereum game Axie Infinity continues to see demand as the developer Sky Mavis revealed on Friday there are now more than 1 million daily active players. Additionally, the game token utilized within the Axie Infinity gaming universe tapped an all-time high at $52 per unit 10 days ago. Despite being down 18% from the price high, axie infinity (AXS) tokens have gained over 60% in the last two weeks. Axie Infinity Celebrates 1 Million Daily Active Players While blockchain gaming and non-fungible token (NFT) assets continue to see significant interest, the developers of the Ethereum-based game Axie Infinity revealed the project’s overall growth. “It’s official,” the Axie Infinity Twitter account said on Friday. “More than 1M daily active players. Let’s keep pushing, together.” For further clarification, the Twitter account for the project also added that “some players download the game client without owning Axies. There are still less than 1M Axie owners.” Interestingly, a few ...
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Crypto community in shock over Brian Brooks’ resignation from Binance.US

Changpeng Zhao said Brooks stepping down would not "impact Binance.US customers in any way." The cryptocurrency community has different thoughts. After serving as the chief executive officer of major cryptocurrency exchange Binance.US for less than four months, Brian Brooks announced Friday he would be stepping down — a move that was greeted with confusion and suspicion from the crypto community.  Citing “differences over strategic direction,” the now-former CEO said he had already resigned his position at Binance’s U.S. arm. Brooks had been leading the crypto exchange since replacing former CEO Catherine Coley on May 1. Greetings #crypto community. Letting you all know that I have resigned as CEO of ⁦⁦⁦ @BinanceUS ⁩ . Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come! — Brian Brooks (@BrianBrooksUS) August 6, 2021 Changpeng Zhao, the CEO of Binance — a separate entity from its U.S. arm — said Brooks ...
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US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto

U.S. Senator Pat Toomey has called on Congress to stop the Treasury Department from maximizing its ability to regulate and tax crypto by picking winners and losers. “Congress should not allow that to happen,” he said. US Senator Urges Lawmakers Not to Crush Crypto Innovation Following the endorsement of a crypto tax amendment by the White House, concerns have been raised that the U.S. government is picking winners and losers in the crypto space. Two crypto tax amendments to the $1 trillion infrastructure bill have been introduced but the White House has chosen to endorse the one that favors proof-of-work over all other consensus mechanisms, including proof-of-stake. Senator Pat Toomey is one of the sponsors of the amendment that is not endorsed by the Biden administration but has gained support within the crypto community. He tweeted Friday: While I appreciate that my colleagues and the White House have acknowledged their original crypto tax had flaws, the Warner-Portman amen...
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Bitcoin erases May crash losses as BTC price rebounds to $44K

Indicators suggest that Bitcoin is looking to repeat the October 2020-like rally that sent the prices from $10,000 to $65,000. Bitcoin ( BTC ) price reacted as high as $44,600 on Aug. 7 amid speculations that it could undergo a similar upside boom like the one that began in October 2020. Bitcoin reached $44,600 before correcting lower on profit-taking sentiment. Source: TradingView.com At least two indicators expected Bitcoin to pursue massive uptrends. The first one was Glassnode's Entry-Adjusted Net Unrealized Profit/Loss that assists investors in determining whether the Bitcoin network as a whole is currently in a state of profit or loss. Understanding NUPL and its heat map A NUPL reading above zero indicates that the network is in a state of net profit, while values below zero indicate a state of net loss. The further NUPL deviates from zero, the more it helps investors spot market tops and bottoms. They spot the degree of deviations from zero via a heat map. For examp...
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Play-to-earn games are the catalyst for this bullish period in the markets

The gaming industry is going through a massive growth phase, and the play-to-earn model opens new opportunities for blockchain gaming. If you're conversant with the cryptocurrency space and you keep tabs regularly on the happenings going on in the ecosystem, then you felt the excitement during Bitcoin's ( BTC ) rally to $63,000 in mid-April. This excitement is currently being caused by the bullish mood crypto enthusiasts and stakeholders are in at the moment. And this bullish sentiment is a result of the gaming niche.  A lot of people say it's decentralized finance (DeFi) season and I can't even argue otherwise with them because the facts are there for all to see. DeFi-based nonfungible token (NFT) games are pumping to record highs and they continue to get a lot of people adopting and playing them which makes one wonder, what exactly is the motivating factor behind gamers and crypto enthusiasts flocking in the thousands and spending hours every day playing these gam...
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