Skip to main content

Posts

Showing posts from August 23, 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...
Post a Comment
Read more

Riot Blockchain reports 1,540% increase in quarterly revenue from Bitcoin mining

Riot Blockchain netted $19.3 million in income for Q2 following its acquisition of Texas mining facility, Whinstone. Major publicly-listed Bitcoin mining firm, Riot Blockchain, has reported record revenues for Q2 2021. In its Aug. 23 quarterly financial report , the U.S.-based firm reported $31.5 million in mining-related revenues for the three-month period — up roughly 1,540% from its Q2 2020 revenue of $1.9 million. The surging mining revenues drove a record quarterly net income of $19.3 million. By contrast, the company suffered a $10.6 million net loss for the second quarter of 2020. Riot held $195.4 million worth of cash and Bitcoin holdings as of June 30, 2021. As of July 31, the firm’s unaudited BTC balance stood at 2,687 BTC (approximately $132.6 million). The firm also reported a 38% increase in the total number of BTC it mined compared to the previous quarter, with Riot generating 675 BTC compared to 491 BTC in Q1. Riot Blockchain CEO, Jason Les, attributed the firm’s ...
Post a Comment
Read more

USDC to consolidate reserves into cash and US treasuries

Coinbase president Emilie Choi expects USDC’s updated reserves policy to be in full effect by September. Coinbase president and COO, Emilie Choi, has announced that the reserves backing the stablecoin USD Coin (USDC) will be consolidated into cash and U.S. government treasuries. An Aug. 22 blog post from CENTRE Consortium, the entity that was collaboratively established by top U.S. crypto exchange Coinbase and blockchain financial services company Circle that issues USDC, stated that USD Coin’s reserves will soon be entirely held in “cash and short duration U.S. Treasuries.” On Twitter, Choi attributed the change in policy to backlash against USDC’s reserves expanding beyond cash, cash equivalents, and U.S. treasuries in May. The changes to USDC’s reserves  had not reported until July, exacerbating public concern regarding the stable coin’s backing. 4/ When Circle shared their May report about USDC reserves in late July (which included a more diversified pool of investments...
Post a Comment
Read more

FTX buys name rights to Cal Memorial Stadium for 10 years in $17.5M deal

FTX has purchased naming rights to the Cal Memorial Stadium in its second major sports branding venture after buying the naming rights to the Miami Heat arena in March. Crypto derivatives exchange, FTX, has purchased the naming rights to California University’s Cal Memorial Stadium with a view to introducing its own branding. The Sam Bankman-Fried owned derivatives exchange is delving deeper into sports after signing a 10-year, $17.5 million naming rights deal with the university.  The stadium's home team, the Cal Golden Bears, will now play their games on newly rebranded FTX Field this football season, according to Bloomberg . The $17.5 million will also be paid to the university in the form of crypto assets. The deal is FTX's latest foray into sponsoring sports to drum up awareness of crypto. In March, the North American division of the exchange, FTX.US, entered into a naming rights deal with the Miami Heat basketball team. The partnership saw the team’s home-stadium r...
Post a Comment
Read more

Institutional investors bet big on Solana while BTC outflows persist

Solana represented one-third of total inflows to institutional crypto investment products this past week. Institutional investors are loading up on Solana (SOL), with one-third of inflows to crypto investment products being invested in instruments tracking Solana this past week. According to CoinShares’ Aug. 23 Digital Asset Fund Flows Weekly report , $7.1 million flowed into Solana investment products between Aug. 15 and Aug. 20. While the price of SOL gained a megre 1.4% on the spot markets over the same period, SOL has gained 110% from $35.58 since the start of August to trade for $75 as of this writing. CoinShares’ report notes that institutional crypto investment products bucked a six-week trend of outflows , with roughly $21 million flowing into the sector this past week. Products tracking Cardano (ADA) were the second-most popular for the week with inflows totaling $6.4 million. Institutions also poured $3.2 million into products tracking Ethereum (ETH), $1.8 million into...
Post a Comment
Read more

Blockchain is as revolutionary as electricity: Big Ideas with Jason Potts

Economics Professor Jason Potts is co-director of the Blockchain Innovation Hub at RMIT University. He sees blockchain technology as a fundamental institutional technology revolution comparable to the emergence of companies and the internet perhaps even as world-changing as the invention of electricity.   What’s the last big technological change that had the same sort of impact that you believe blockchain will have? I think the obvious one is the internet, which was a profound revolution stringing together digital communication networks and computers to basically send the cost of communication and coordination to zero. But, it fundamentally didn’t change any of the economic infrastructures. You still had to use money in the real world, you still had to use companies in the real world to intermediate and you still had to use contracts that were non digitally native. This is completing the revolution that was started with the internet by bringing the rest of the economy native...
Post a Comment
Read more

Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100

Derivatives data and recent protocol developments signal that retail traders have turned bullish on FIL. Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 partnership with Chainlink's oracle protocol on Aug. 6 allowed the projects to join their grant initiatives to speed up the development of hybrid smart contracts to leverage code running on the blockchain while the managing data computation process off-chain. Filecoin (FIL) price in USD at Coinbase. Source: TradingView Numerous events triggered the $235 all-time-high on April 1, but that movement is clearly long gone because the cryptocurrency is 67% below that level. Let's take a moment to understand what triggered the rally and whether these drivers still exist. China-based mining activity boosted investors' expectations Filecoin is a decentralized cloud-based data storage network that allows its users to gain ...
Post a Comment
Read more

Here’s what traders expect now that Bitcoin price rallied back to $50K

Bitcoin is “back in bull market territory” but traders warn that a retest of underlying support levels is bound to occur soon. There was widespread celebration across the crypto ecosystem on Aug. 23 after the sight of Bitcoin ( BTC ) back above $50,000 triggered a resurgence of calls for the top cryptocurrency to reach $100,000 before the end of 2021.  Data from Cointelegraph Markets Pro and TradingView shows that the early morning bullish momentum that lifted the price of BTC to an intraday high at $50,514 began to wane as the day progressed at currently the price trades slightly above $49,0. BTC/USDT 1-day chart. Source: TradingView Here’s what analysts are saying could possibly come next for the price of Bitcoin now that it is back near the psychologically important $50,000 level. Low volume hints at a short-term pullback Bitcoin’s rally to $50,000 led many to assume that the price is only going to go up from here, but analysts from Decentrader offered a word of caut...
Post a Comment
Read more

Binance denies allegations of market manipulation

The exchange hinted of legal action against "FUD-peddlers and individuals with malicious intent" threatening its business interests. Major cryptocurrency exchange Binance is pushing back against allegations of market manipulation and working against the interest of its users. In a Monday Twitter thread, Binance seemingly laid the blame for any claims of manipulating the crypto market on publications spreading fear, uncertainty, and doubt as well as certain individuals impersonating employees at the exchange. The firm said it “reserves the right to take legal action to protect its interests,” but was not opposed to “responsible whistle-blowing that protects the trust of our community.” “Binance has never traded against our users nor manipulated the market, and we never will,” said the exchange. It’s unclear if the exchange was referring to any specific incident, but the statement comes after a pseudonymous Twitter user under the name RealFulltimeApe alleged on Aug. 21 t...
Post a Comment
Read more

Pro traders are mildly skeptical about Bitcoin’s recent return to $50K

Bitcoin's price finally recaptured the $50,000 level, but data shows that pro traders are somewhat skeptical for a variety of reasons. The price of Bitcoin ( BTC ) is back at the $50,000 level, and there's little doubt that the 47% positive rally over the past 30 days has been fueled by whale accumulation, institutional adoption and positive remarks from regulators regarding a possible exchange-traded fund (EFT) approval. Despite the positive newsflow, the top traders at crypto exchanges and derivatives data appear unmoved by the recent rally to the $50,000 resistance. Crypto analyst Will Clemente highlighted the accumulation from addresses containing 1,000 to 10,000 BTC. Price down today while whale holdings went up by ~13,000 BTC. Funny how that works. pic.twitter.com/a6tb2DiqxH — Will Clemente (@WClementeIII) August 18, 2021 In other news, JPMorgan Chase and Wells Fargo have partnered with New York Digital Investment Group, a technology and financial services firm,...
Post a Comment
Read more

DeFi protocol BENQI hits $1B TVL days after launching

Total value locked across DeFi is fast approaching record highs again, suggesting that crypto is in the second leg of its bull market. Liquidity market protocol BENQI has reached $1 billion in total value locked, or TVL, less than a week after launching on the Avalanche (AVAX) network, a major milestone that highlights the explosive growth of decentralized finance (DeFi) lending services.  Benqi Finance announced the milestone on Twitter late Sunday, where it thanked its community for the overwhelming support. Absolutely speechless... Thank you everyone for the overwhelming support. @avalancheavax #AvalancheRush #Avalanche $QI pic.twitter.com/36zRSrvHSs — BENQI (@BenqiFinance) August 23, 2021 The protocol generated $200 million in TVL in the first 24 hours and $500 million in the first two days, as per the update from Aug. 21. In DeFi, total value locked refers to the assets that are currently being staked on a specific protocol. The figure doesn’t represent outst...
Post a Comment
Read more

Price analysis 8/23: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, BCH

Select altcoins are likely to move higher even as Bitcoin price takes a breather after hitting $50,000 for the first time in months. Bitcoin ( BTC ) rallied above the psychological hurdle at $50,000 today for the first time since May 15. The sharp rally of the past few days has turned the sentiment bullish with many expecting the resumption of the bull run. Morgan Creek Digital co-founder Anthony Pompliano told CNBC on Monday that Bitcoin could make a blow-off top , similar to the one seen in 2017 when the price had surged from “$10,000 to $20,000 in 18 days.” Daily cryptocurrency market performance. Source: Coin360 The Crypto Fear & Greed Index has risen to 79, indicating extreme greed . Just a month back, the indicator was showing a reading of extreme fear at 22. This shows how the sentiment has changed completely within a few days. In other news, on August 22, PayPal announced that it will provide cryptocurrency services to the residents of the United Kingdom. This ste...
Post a Comment
Read more