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Showing posts from August 22, 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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Congress has put forward 18 bills on digital assets in 2021 so far

Former FDIC regulator, Jason Brett, argues that U.S. lawmakers have pivoted away from private stablecoins to focus on regulating decentralized digital assets this year. The United States Congress appears to be pushing for greater regulatory clarity regarding crypto assets, having proposed18 bills concerning blockchain and cryptocurrency during 2021 so far. According to analysis published by former Federal Deposit Insurance Corporation regulator, Jason Brett, on August 22, the current 117th Congress has broken from its predecessor in focusing on regulating decentralized assets rather than private stablecoins such as Facebook’s Diem project — formerly called Libra. In July, Congress put forward the Digital Asset Market Structure and Investor Protection Act in a bid to create distinct statutory definitions for digital assets and digital asset securities respectively. Although the bill is yet to pass through Congress, the legislation would mandate digital asset securities as the ju...
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Bitcoin price tags $50K for first time since May

Since plunging to the $29,000 range in late June, Bitcoin’s price has recovered more than 72%. The Bitcoin ( BTC ) price was back on the offensive late Sunday, touching $50,000 for the first time since May and signaling that the bull market was fast approaching its second leg.  The BTC price peaked at $50,270.00 on Bitstamp, having gained 3% on the day, according to Cointelegraph Markets Pro . The largest cryptocurrency has a total market capitalization of $943 billion. The Bitcoin price briefly wicks above $50,000 on Bitstamp : Cointelegraph Markets Pro On-chain metrics recently suggested that a supply squeeze may be imminent, with long-term holders and institutions bolstering their BTC holdings while prices remained at a discount. A series of higher lows and a positive daily close signal have carried momentum for BTC since trading in the low $30,000 range. Meanwhile, the Bitcoin Fear & Greed Index, which is based on a multifactorial sentiment analysis, has flipp...
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Publicly-backed XREX raises $17M to solve dollar liquidity issues through blockchain

Blockchain technology is being posited as a potential solution to U.S. dollar liquidity issues in emerging markets. Blockchain fintech company XREX has concluded a $17 million pre-A investment round led by a consortium of global investors, underscoring heightened institutional demand for crypto-focused startups.  The consortium was driven by CDIB Capital Group, a publicly traded company in Taiwan, and includes investors from major banks and venture capital firms in North America, Europe and Asia. Several other publicly listed companies also participated in the investment round, including SBI Investment, which is a subsidiary of SBI Holdings, ThreeD Capital, E.Sun Venture Capital and Systex Corporation. Black Marble, New Economy Ventures, Metaplanet Holdings, Seraph Group and the Taiwan government’s National Development Fund also participated in the round. XREX said the funds will be used to expand its fiat currency portfolio, acquire licenses and enter into new partnerships wi...
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Derivatives data shows pro traders turning bullish on EOS price

Retail traders turned their backs on EOS, but derivatives data shows pro traders maintaining a bullish perspective for the short-term. EOS rallied in May after Block.one, a blockchain software firm, announced a $10 billion funding round to build an EOS-based crypto exchange platform called Bullish. The EOSIO development company revealed that it had raised capital from Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon. In light of the 'bullish' news, the recent $6 local top stands 60% below the $15 high reached on May 12, and this leaves investors with little reason to celebrate. At the moment, retail traders are not comfortable using leverage for bullish positions and professional traders have been neutral-to-optimistic since mid-July. EOS price in USD at Kraken. Source: TradingView Analysts also pointed to a May 2 report commissioned by Block.one that suggested an increase in the inflation rate from 1% to somewhere between 1....
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PayPal launches crypto services for UK customers

PayPal customers with verified identities will soon have access to crypto trading. However, crypto transactions for PayPal business accounts aren't yet supported. Beginning this week, residents of the United Kingdom will be able to buy, hold and sell cryptocurrencies through PayPal for the first time — marking a significant milestone for a company that began offering digital asset services less than a year ago.  The global payments provider announced Sunday that U.K. customers will soon have access to Bitcoin ( BTC ), Ether ( ETH ), Litecoin ( LTC ) and Bitcoin Cash ( BCH ) through PayPal’s website and mobile app. The announcement marks the first expansion of PayPal’s cryptocurrency services beyond the United States — a service that first launched in November of last year . Jose Fernandez da Ponte, a senior executive for PayPal’s crypto division, cited the “digitization of money” during the pandemic as one of the primary motivations for entering crypto in the first place. He co...
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How will regulatory troubles and mandatory KYC impact Binance Coin (BNB) price?

Data shows traders have mixed emotions about BNB’s future given Binance’s regulatory troubles and new mandatory KYC policy. Binance Coin ( BNB ) rallied 30% in two weeks, but the fourth largest cryptocurrency by market capitalization seems to be struggling to break the $450 resistance. Coincidently, this is the same top from June 3, which was followed by a 48% correction down to $225. Given the similarity of the situation when compared to previous instances, investors have reasons to doubt the recent performance, especially as Solana (SOL), a competing smart contract platform, reached an all-time high on August 18. The move was partially attributed to a recent $70-million crowdfund to support its decentralized exchange (DEX), Mango Markets, and the launch of a well-subscribed NFT project. Binance Coin (BNB) price at Binance, in Tether ( USDT ). Source: TradingView BNB reacted negatively after the exchange suddenly halted stock tokens trading on July 16, and investors' in...
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Top 5 cryptocurrencies to watch this week: BTC, ADA, AVAX, CAKE, ATOM

Bitcoin price continues to encounter resistance at the $50,000 level, but the rounding bottom pattern seen in most altcoins is a signal that traders intend to push prices higher. Bitcoin ( BTC ) is knocking at the doors of the key $50,000 level and most traders are still optimistic even after the digital asset rallied 70% from the July 20 low at $29,278 to an intraday high at $49,757.04 on Aug. 21. Monitoring resource Material Indicators pointed to a lot of puts at the $50,000 strike price and the “positive funding almost across the board (overheated),” which suggests a rejection at the current levels and a “pullback going into September.” Crypto market data daily view. Source: Coin360 Nikita Ovchinnik, chief business development officer of 1inch Network said that several new i nstitutional investors had taken exposure to crypto in the past year, and that “they didn't come for short-term gains.” Another positive sign for the crypto sector is the ever-growing list of unic...
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Concerns around data privacy are rising, and blockchain is the solution

A decentralized future, with Web 3.0 and blockchain at its core, will provide the best practices in users’ privacy and data protection. Today’s consumers are willing to trade their data for personalization but have fast-growing concerns about data privacy. In a survey from a digital security and credential issuance company Entrust, only 21% of the respondents trust established global brands to keep their personal information secure. As data privacy pressure on Big Tech increases, these companies are starting to make significant investments in security solutions. Regulations around the world are evolving rapidly Last year, as more and more people spent time at home due to COVID-19 lockdowns, internet usage went up. And as usage has gone up, so too has consumer awareness of how data could be used or misused. For example, a recent survey from Startpage, a privacy-focused search engine company, found that 62% of Americans have become more aware of how their data is used online, incl...
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DeFi regulation must not kill the values behind decentralization

The rise of DeFi improves financial inclusion and should be allowed to flourish in a regulated, and thus protected, environment. Cryptocurrency brought us peer-to-peer payments that continue to elevate participation in the global economy for millions of people without access to traditional banking services. The rise of decentralized finance (DeFi) promises to further expand access to financial services, including savings, lending, derivatives, asset management and insurance products. This innovation, which empowers financial inclusion, should be allowed to flourish in a regulated environment where individuals and institutions are protected and suspicious activity is identified and reported. But how do you regulate these decentralized products without completely removing the core attributes of financial inclusion and decentralization? Know Your Customer (KYC) procedures are a critical function to assess risk and a legal requirement to comply with Anti-Money Laundering (AML) laws th...
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Bitcoin prepares for $50K showdown as futures traders turn 'modestly bearish' on BTC

The market is clear for an attack on $50,000 resistance but not everyone is betting on further upside, data shows. Bitcoin ( BTC ) edged closer to $50,000 on Aug. 22 as concerns over a bearish downturn made a timely reappearance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView "Modestly bearish" signs accompany $50,000 run-up Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD hitting a high of $49,830 on Bitstamp Sunday — itself a three-month record. The weekend had proven the staying power of higher levels, with even lower volumes failing to spark a comedown. "So far, so good for BTC," trader and analyst Rekt Capital summarized . Nonetheless, as $50,000 loomed, concerns began to mount about the overall strength of the market. As noted by monitoring resource Material Indicators, trader habits were hinting at belief in lower levels returning. One futures setup involved $32,000 and $34,000 for the August and September end-of-mo...
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Institutions appear bullish on crypto despite record Bitcoin outflows

Despite Bitcoin posting its sixth consecutive week of institutional outflows, sentiment around the future of the asset class appears on the rise. At the start of 2021, the cryptocurrency industry was bursting with news of increased institutional investment, and this is still largely true. Despite reports suggesting increased outflows from institutional investors , net inflows are still very much positive. Additionally, though Bitcoin ( BTC ) appears to be the investment of choice for liquidations, institutional investment into Ethereum ( ETH ) has never been healthier. From Wall Street hedge funds to major banks, large-scale investors are hopping aboard the crypto train . Bitcoin's fall from its all-time high at $65,000 placed doubt in the minds of all cryptocurrency investors, though that could be changing as its price has since started to recover. BTC accounts for over 44% of the total $2 trillion digital asset market capitalization, while Ethereum stands at around 18%. Back ...
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Minting, distributing and selling NFTs must involve copyright law

Nonfungible tokens would be problematic without the validation and verification of copyright ownership in the NFT-minting process. Everyone is wild about nonfungible tokens (NFTs). The first half of 2021 alone saw NFTs from Andy Warhol , NFTs of the code for the World Wide Web , the first-ever Tweet and, of course, the famous $69 million NFT sale of Beeple’s “Everydays.” Whether this explosive rise of NFTs is a flash in the pan or the future of art and beyond is a hot topic of conversation. An emerging theme from that conversation is whether NFTs have a copyright problem. Copyright is engaged throughout the NFT process, but there is nothing inherent in an NFT itself to ensure that copyright rules are respected (or even considered). The story of blockchain development in the cryptocurrency space is one of struggle against centralization and regulation . Cryptocurrency maximalists envision a “democratized” financial system, free from legislative control. NTFs grew out of this space...
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Prioritizing humanity ahead of profits through NFTs

Blockchain provides an opportunity to realign the economics of our global system from a profit-driven to a values-driven ecosystem. Humanity is facing more problems than climate change. The world is confronted with some of the greatest challenges of our time: world hunger, growing inequality and economic instability. Many believe that the root cause of the entire range of problems faced by humanity is the expansion of the political power of elites as income and wealth distribution becomes more polarized. Since our beginning, we have used technology to account for value created or exchanged. Humans created the concept of money as a way to reward contributions to society; however, money as we now know it is corrupt. Currently, we are seeing a major inflection point in prioritizing human over financial capital, driven by the intersection of blockchain, decentralized autonomous organizations (DAOs) and nonfungible tokens (NFTs). Today, we have an opportunity to make an impact by takin...
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