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Showing posts from August 9, 2021

Save the Children Senior Advisor: We Chose ADA Because Its Backed by the Cardano Foundation

In July 2021, the non-governmental organization (NGO) Save the Children in Rwanda announced it partnered with the Cardano Foundation on a project that allows well-wishers to make donations in the form of cryptocurrencies. Save the Children Meets ADA At the time, it was revealed that Save the Children’s acceptance of ADA donations was not the first time the non-governmental organization (NGO) had accepted crypto. In fact, Save the Children says it has been accepting donations in cryptocurrency form since 2013. However, some have questioned the wisdom of accepting donations in a form of currency that they argue is too volatile. On the other hand, others want to know why a charity organization that is over a hundred years old has chosen to work with Cardano. To understand why the NGO has made these choices, Bitcoin.com News reached out via email to Ettore Rossetti, Save the Children’s Senior Advisor, Digital and Marketing Innovation. Bitcoin.com News (BCN): Cryptocurrencies are ge...

Bitcoin investment products still suffering outflows despite price recovery

While institutions are still withdrawing capital from Bitcoin investment products, money is flowing into Ethereum and altcoin products. Institutional crypto products have seen their fifth consecutive week of outflows despite the bullish momentum in the markets. In its August 9 Digital Asset Fund Flows Weekly report , institutional asset manager CoinShares estimated that outflows totaled $26 million for the week. However, the report notes that outflows have shrunk compared to during May and June, when outflows surged to a record $141 million per week . Despite BTC gaining 17.5% over the past week, Bitcoin funds shed $33 million this past week. CoinShares’ own BTC product was the biggest loser for the period with an outflow of $63.3 million while the world’s largest crypto asset manager, Grayscale, remained flat. According to Grayscale’s latest update on August 10, the combined value of assets managed by its funds has climbed back above $40 billion for the first time since mid...

Kevin O’Leary of ‘Shark Tank’ espouses deflationary future for Ethereum

Shark Tank star, “Mr. Wonderful,” argues that Ethereum is destined to become “ultrasound money” once its chain merge occurs. Canadian entrepreneur, investor, and reality television personality, Kevin O’Leary — also known as “Mr. Wonderful” — appears to now be singing Ethereum’s praises as a deflationary asset. Clearly reading from a script, O’Leary took to Cameo — a website that allows users to purchase personalized video messages from celebrities — to espouse the benefits of Ethereum’s August 5 London upgrades. Most notably, the upgrades saw EIP-1559’s highly awaited burn mechanism introduced into Ethereum’s fee market . Mr. Wonderful talks about #ethereum #EIP1559 and #EIP3675 (the merge) and Ethereum becoming cashflow positive and https://t.co/VLOOtk2Wyu pic.twitter.com/lzTNCq1rtU — Taras.eth | Taras Bobrovytsky (@TarasBob) August 9, 2021 “It introduced a very important change to the monetary policy of Ethereum,” said O’Leary. “Currently the fees that users pay to send t...

'Crypto Mom' Hester Peirce slams SEC for $10m Poloniex settlement

“Crypto mom” Hester Peirce has slammed SEC’s $10 million settlement with Poloniex, challenging the opaque regulations U.S.-based crypto firms must navigate. Commissioner Hester Peirce, known colloquially as “Crypto Mom,” has slammed the U.S. Securities and Exchange Commission (SEC) for its $10 million settlement with cryptocurrency exchange, Poloniex. The SEC announced the $10 million settlement on Aug. 9, with Poloniex being charged with facilitating trades in unregistered securities between July 2017 and November 2019. The SEC asserted that Poloniex employees “stated internally” that they wanted to be “aggressive” in circumventing securities regulation in a bid to increase market share by listing new digital assets that may be deemed securities under the Howey Test of 1946. Poloniex elected to neither admit nor deny any wrongdoing. On the same day, Peirce slammed the regulator’s actions in a public statement, emphasizing the opaque regulatory framework that crypto firms must ...

Refinable Launches Gaming Initiative to Support NFT and Play-to-Earn Movement

Refinable, a leading NFT marketplace, today announced the Refinable Gaming Initiative, an industry-specific program aimed at deepening its collaboration with the gaming developer community, supporting NFT communities with a community push to Play-To-Earn (P2E) initiatives within NFT gaming. Refinable’s decision reflects the incredible momentum in its marketplace as it relates to gaming NFTs. The company’s gaming partners – which include Seascape and ChainGuardians among others – have been gaining traction among Refinable marketplace’s users, as it continues to break new ground in blockchain gaming, creating compelling new experiences. Under this gaming initiative, the company has announced a series of service offering enhancements to provide greater flexibility, adaptability and monetary benefits to gamers and developers alike. Such enhancements include: Dedicated gaming marketplace Branded and verified profiles and collections Integration with existing NFT configurations Royal...

Investors are shelling out six figures for pet rock NFTs

The most expensive EtherRock up for resale is priced at a whopping $1.9 billion. The latest craze to resurface in the effervescent nonfungible token (NFT) scene is a collection of digital pet rocks from 2017 dubbed EtherRocks. On August 8, a single EtherRock sold for a whopping 45 ETH — worth roughly $135,240 at the time. EtherRock #21 purchased for Ξ45 Ether ($135,240.03) 30 mins ago (Aug-08-2021 05:17:15 PM +UTC) Txn: https://t.co/1zx7A3jkyS #EtherRock #EtherRocks pic.twitter.com/UNAUlhDWrW — EtherRock Price (@etherrockprice) August 8, 2021 EtherRock was one of the first crypto collectible NFTs issued on the Ethereum blockchain, following shortly after CryptoPunks ’ June 2017 launch. Every EtherRock showcases a still image of a stone, with each token donning a unique color bu being identical in shape and size. Only 100 EtherRocks will ever be minted, with the project’s smart contracts having been deployed on December 25, 2017. According to Etherscan , the first Eth...

Bitcoin Cash Argentina Crowdfunds Circular Economy and Adoption Campaign

Bitcoin Cash Argentina, a nonprofit foundation destined to increase the knowledge and adoption of the cryptocurrency in the country, has achieved its second milestone by crowdfunding a new circular economy campaign using Flipstarter. This new campaign goes even further with the goal of onboarding 250 merchants in the near future. Bitcoin Cash Argentina Funds Second Flipstarter Campaign Bitcoin Cash Argentina , a nonprofit organization that seeks to increase the knowledge and adoption of bitcoin cash (BCH) in Argentina, has successfully funded its second Flipstarter campaign, receiving 250 bitcoin cash to support its operations for the next proposed set of goals Bitcoin Cash Argentina expressed its gratitude with everyone that donated to reach this milestone via its official Twitter account. Big figures in the Bitcoin Cash community as Roger Ver and Marcelo Fleischer, also know as Majamalu, an Argentinian Bitcoin Cash supporter, donated to the initiative. Now Bitcoin Cash Argen...

Cinema operator AMC plans to accept BTC by 2022

AMC chairman and CEO, Adam Aron, revealed the American cinema giant is looking to accept Bitcoin payments for movie tickets in response to customer demand. American cinema operator AMC Entertainment is aiming to accept Bitcoin payments for movie tickets by 2022. Speaking during a Aug. 9 conference call regarding the firm’s Q2 results announced earlier the same day, AMC chairman and CEO Adam Aron revealed that the cinema chain intends to have the infrastructure ready to accept BTC payments for online movie tickets by the end of 2021. While details regarding AMC’s plan to accept Bitcoin are scant, Aron reported strong demand for buying movie tickets with crypto from the firm’s customers. AMC’s Q2 results showed significant improvements compared to last year, reporting $444 million in revenue compared to Q2 2020’s $18.9 million in revenue. Net losses also declined from $561 million or $5.38 per share to $349 million or $0.71 per share year-over-year. Along with adopting BTC paymen...

Venezuelan Authorities Shut Down Power Supply to Bitcoin Miners in Key State

Regional authorities in one of the key states of the country, Carabobo, suspended the power supply of all registered miners, effectively shutting down their operations in the industrial state. While there have been no official explanations for this measure, some people with knowledge on the matter state the action was taken due to the enormous energy consumption these operations have in the zone. Mining Operations Suspended in State of Carabobo Regional authorities in Carabobo suspended the power supply of registered miners in the key industrial Venezuelan state yesterday, with no official explanation. People with knowledge of the matter allege that the mining userbase is consuming too much energy, threatening the power supply and the electric grid for the other subscribers. According to Criptonoticias, which has allegedly been in contact with people affected by these measures, the national power corporation and the Venezuelan cryptocurrency watchdog, Sunacrip, are planning to mee...

US Consumers Expect Inflation to Continue Rising Sharply According to the Fed’s Latest Survey

The Federal Reserve Bank of New York published the Survey of Consumer Expectations report on Monday, which shows U.S. consumers are expecting short-term inflation levels to be higher than usual. Meanwhile, the report also shows American consumers’ expectations of long-term inflation have reached the highest level since 2013. New York Fed’s Survey of Consumer Expectations Report Shows Dismal Findings While the 2,702-page, trillion-dollar infrastructure proposal is being debated, the U.S. central bank’s latest charts show Americans are very concerned about inflation. On Monday, the Fed’s New York branch published the Survey of Consumer Expectations (SCE) report, and the findings suggest worry over the loss of purchasing power is growing. It’s been noted for a few months now that short-term inflation expectations have been on the rise and the SCE report indicates this expectation has not changed. The SCE study shows that median expectations for inflation over the next 12 months have ...

MicroStrategy and Bitcoin mining stocks rally as BTC price rebounds

The price of MARA, RIOT, MSTR and other listed companies with exposure to Bitcoin has nearly tripled in the last three months. Bitcoin ( BTC ) price soared to a 3 month high at $46,293 after bulls confirmed that they intend to take full control of the market. While crypto traders might be in the green again and pro traders are looking to add larger leveraged positions, no every class of investors to obtain direct exposure to Bitcoin. For institutional investors, a fund administrator sets the rules for what percentage of the portfolio is invested in various asset classes and different companies have varying appetites for risk. Reasons investors may be piling into these assets versus simply holding BTC include the aforementioned restrictions and the regulatory uncertainty surrounding the purchase of Bitcoin directly. Because of this, a number of entities are restricted from investing directly in Bitcoin and other cryptocurrencies but there are other ways to obtain exposure ...

Digital asset exchange Blocktrade concludes $25M investment round

The company underwent a successful securities offering earlier this year, receiving support from over 6,000 European investors. Luxembourg-based Blocktrade has become the latest cryptocurrency exchange to receive major backing from venture capitalists, offering further evidence that digital asset startups are becoming a prime target for investment funds. Private investors across 33 countries participated in the $25.8 million, or 22 million euros, Series A round, Blocktrade announced early Tuesday in Europe. The investors were not disclosed. Blocktrade said the funding will go towards improving internal operations, especially in the areas of security, fiat onramps and market-making. The company also said it would allocate more resources to growing its potential user base, as well as pursue other business partnerships. “Blocktrade is more than a classic crypto exchange: we are building a complete ecosystem around digital assets, which provides our users with much more than just...

'We'll be back on this' — Alabama senator derails crypto amendment with two words

"Who knows how much innovation we’re going to stifle, who knows what kind of new apps never emerge," said Senator Pat Toomey. A compromise which proposed amending provisions in the bipartisan infrastructure deal on crypto failed to meet the requirements of a unanimous consent request in the Senate, making the bill likely to go to a full vote without additional changes. This afternoon, Senator Tom Carper, the Democratic floor manager for infrastructure bill HR 3684, put forth the compromise amendment agreed upon earlier today by Senators Pat Toomey, Cynthia Lummis, Rob Portman, Mark Warner, Kyrsten Sinema and Ron Wyden on providing clarity for what defines a crypto broker. However, Alabama Senator Richard Shelby objected when Carper did not agree to add Shelby’s own unrelated amendment to the bill — a proposal which would add $50 billion in defense funding. In just two words — “I object” — the Alabama lawmaker seems to have single handedly stopped the crypto amendment fr...

Gold Rebounds After Sunday’s Flash Crash — Price Slide Blamed on Thin Trading Conditions, Leverage, Covid

The price of an ounce of gold dropped dramatically this week, slipping under the $1,700 handle to $1,688 per ounce on August 8. On Monday, gold regained some of the losses jumping 2.36% back above the $1.7K region to $1,727 per ounce of fine gold. Gold’s Volatile Movements This Weekend Blamed on a Number of Elements While bitcoin ( BTC ) prices are up more than 4% on Monday and over 16% during the last week, the value of gold has been dropping lower in fiat value. On August 6, 2021, the price of gold per ounce was trading for just over $1,800 per unit and slid to $1,688 per unit two days later losing 6.22% in value. The precious metals (PM) news outlet Kitco said the drop was due to an “overnight flash crash in gold and silver prices.” The report blamed the crash on “summertime doldrums” and “thin trading conditions.” Moreover, the Delta Variant strain of Covid-19 has caused alarm across markets, Kitco’s Jim Wyckoff details. Peter Brandt, a veteran futures and FX trader since 1...

Price analysis 8/9: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LINK

Bitcoin’s break above the 200-day SMA suggests that the downtrend could be over and that may pull buyers back into altcoins. Bitcoin’s ( BTC ) recovery from $29,482.61 on July 21 has continued to surpass one resistance after another. Today, Bitcoin has risen above the 200-day simple moving average, an indicator watched by institutional investors to determine whether the asset is bullish or bearish. A positive sign about today’s rally has been that Bitcoin was not affected by the flash crash in gold , which momentarily dipped to a four-month low. This suggests that traders are focusing on the fundamentals of the sector and are not affected by the performance of other asset classes. Daily cryptocurrency market performance. Source: Coin360 Glassnode noted that investors holding Bitcoin for more than a year have not dumped their positions after the recent rally to $45,000. This is in contrast to the 2018 bear market “where old hands took exit liquidity on most relief rallies.” Wi...

Coinbase’s capital markets head reportedly leaves company

People familiar with the matter claimed Brett Redfearn's departure was due to Coinbase shifting its priorities away from digital asset securities. Brett Redfearn, the former director of the division of trading and markets at the United States Securities and Exchange Commission (SEC), has reportedly left his position at Coinbase after less than five months. According to a Wall Street Journal report, Redfearn resigned as the head of Coinbase’s capital-markets group at the end of July. People familiar with the matter claimed his departure was due to the crypto exchange shifting its priorities away from digital asset securities. During his time at Coinbase, Redfearn was responsible for the crypto exchange’s strategy for crypto capital markets, including digital asset securities. The U.S.-based crypto exchange has hired a number of individuals formerly involved with the government prior to and following its initial public offering in April. Related: Coinbase CEO Brian Armstrong...

Bears lick their paws while Bitcoin price blasts through $46,000

Derivatives data show the market is dominated by longs and that top traders added leverage as BTC price rallied to $46,300. Bitcoin ( BTC ) hiked 20% in seven days in an unexpected move that brought the price to its highest level since May 18. The price appreciation happened despite U.S. Treasury Secretary Janet Yellen reportedly supporting a broader definition of crypto companies in the HR 3684 infrastructure bill currently being considered in the U.S. Senate. Even though Bitcoin price continues to surge higher, investors are worried that regulation could erase the recent gains, but derivatives indicators show no sign of confidence from the bears. Bitcoin price at Coinbase, in USD. Source: TradingView The proposal mandates that digital asset transactions worth more than $10,000 are reported to the Internal Revenue Service, including validators, miners, and protocol developers. However, Senator Cynthia Lummis and Senator Pat Toomey are lobbying to focus those requirements exclu...

US Senators and Treasury Reach Agreement on Crypto Requirements in Infrastructure Bill

Five U.S. senators have been working with the Treasury Department and have come up with a compromise crypto amendment to the $1.2 trillion infrastructure bill. “We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements.” Senators, Treasury Department Agree on Compromise Amendment for Crypto Reporting Requirements The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Monday that Senators Pat Toomey (R-Pa,) Mark Warner (D-Va.) Cynthia Lummis (R-Wyo.), Kyrsten Sinema (D-Az.), and Rob Portman (R-Oh.) have reached “an agreement on digital asset reporting requirements” in the infrastructure bill . The announcement details: We’ve worked with the Treasury Department to clarify the underlying text and ensure that those who are not acting as brokers will not be subject to the bill’s reporting requirements. In the press conference held Monday on...