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Showing posts from August 27, 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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3 reasons why Tezos (XTZ) price has gained 85% this month

Major protocol improvements, attractive staking rewards and real-world adoption from banks back the current bullish price action seen in XTZ. The Ethereum ( ETH ) network is currently the dominant layer-one protocol in terms of smart contract deployment and active users, but the race to become the 'world’s computer' is far from settled because competing protocols are gaining traction by offering solutions to high transaction costs and slow confirmation times, the biggest problems facing the network. One project that has been on the rise over the past month is Tezos, a proof-of-stake blockchain network that is designed to evolve over time without the needing to undergo a hard fork. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.09 on July 20, the price of XTZ has rallied 165% to a high of $5.53 on Aug. 27 as its 24-hour trading volume surged abov $1 billion. XTZ/USDT 4-hour chart. Source: TradingView Three reasons for the stro...
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Altcoin Roundup: Layer-one protocols chip away at Ethereum’s dominance.

Layer-one projects register a steady inflow of new users as the cost of using the Ethereum network gives projects like Avalanche and Cardano room to gain a foothold in the market. The rise of decentralized finance and nonfungible tokens has transformed the blockchain ecosystem and generated near unimaginable riches for investors, but none of this would be possible without the strong foundation offered by layer-one blockchain networks like Bitcoin and Ethereum.  Smart contracts and layer-two protocols promise to revolutionize the finance and logistics industry, but they require a robust, secure and distributed network to operate on and to ensure their immutability. Currently, most of the top layer-two projects operate on the Ethereum network, and this has resulted in increased transaction costs and delayed confirmation times due to network congestion. The network’s recent London hard fork attracted a lot of attention due to the implementation of a fee-burning mechanism that c...
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Honduras gets its first Bitcoin ATM

The “la bitcoinera” machine allows crypto enthusiasts to purchase BTC and ETH using the local fiat currency provided they are willing to scan their IDs and disclose certain personal information. TGU Consulting Group, a Honduran company based in the capital of Tegucigalpa, has reportedly installed the country’s first Bitcoin ATM. According to a Friday Reuters report, TGU chief executive Juan Mayen led the move to install the Bitcoin ( BTC ) ATM in one of the capital’s office buildings. The “la bitcoinera” machine allows crypto enthusiasts to purchase BTC and Ether ( ETH ) using the local fiat currency, lempira, provided they are willing to scan their IDs and disclose certain personal information. Mayen said this was the first automated way to purchase Bitcoin in Honduras, but many software developers had been accepting crypto for payments. According to the TGU exec, many Hondurans have had to exchange cash for crypto in person, an action he described as “very inconvenient and dange...
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Jack Dorsey discusses plans to build a decentralized exchange for Bitcoin

First announced in July, Square's TBD unit is developing a "non-custodial, permissionless, and decentralized financial services" business whose "primary focus is Bitcoin." Square CEO Jack Dorsey said that the platform’s latest Bitcoin venture would be developing a decentralized exchange.  In a Friday tweet, Dorsey said that TBD — either referring to the fact the business’ name is to be determined or simply the name itself — would be focused on building a decentralized exchange for Bitcoin ( BTC ). According to project leader Mike Brock, TBD, a unit of Square, is aiming to “make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin.” The business said it wants the decentralized exchange to be “Bitcoin-native, top to bottom,” as well as completely open-source and permissionless, with “no foundation or governance model that TBD controls.” “Our idea for the fiat DEX is something the enduser sho...
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Canadian investment firm plans to plant trees matching buys in Bitcoin ETF

The investment firm filed the application for its Bitcoin ETF with Canadian securities regulators in February. Accelerate Financial Technologies is planning to match each investment in its pending Bitcoin exchange-traded fund with the planting of thousands of trees. According to a Friday report from Bloomberg, the Calgary-based investment services company has pledged to plant 3,450 trees for every $1 million CAD — roughly $792,000 at the time of publication — invested in its Bitcoin ( BTC ) exchange-traded fund, or ETF. The move is part of Accelerate’s aim to have its Bitcoin ETF be carbon negative — that is, removing more carbon dioxide from the atmosphere than the energy required for Bitcoin mining and transactions would create. The company claims each major investment would result in the offset of 1,000 tons of carbon dioxide. Accelerate chief investment officer Julian Klymochko pushed back against the idea the company’s initiative was analogous to greenwashing, or falsely mar...
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Price analysis 8/27: BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

Bitcoin and altcoins saw a strong bounce off their respective support levels, a sign that traders are still buying on dips. Asset managers and companies currently hold over 6% of Bitcoin’s ( BTC ) circulating supply, according to Buy Bitcoin Worldwide. A breakdown of the data shows Bitcoin fund issuers and asset managers hold about 4% of Bitcoin’s supply, public companies account for nearly 1% and private companies own roughly 0.83% of the cryptocurrency’s supply.  It's clear that institutional investors have continued to add crypto to their portfolios and Adam Proctor, the managing director for billionaire Simon Nixon’s investment firm Seek Ventures, said the company plans to increase “allocation to crypto” as they believe it to be an “important area for the future.” Daily cryptocurrency market performance. Source: Coin360 CNBC Mad Money host, Jim Cramer, recently said that he was a “believer in crypto” and recommended that  investors allocate 5% of their investment...
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Still too early to know if Bitcoin will remain top dog, Wall Street vet says

Will other crypto assets ever overtake Bitcoin in market cap? Daniel Strachman weighs in. Bitcoin has thus far remained the largest crypto asset in terms of market capitalization since its launch in 2009. Given the thousands of other cryptocurrencies that have come into existence over the years, could any of them ever become larger than Bitcoin ( BTC ) in terms of market cap? “We are in the top half of the second inning of crypto and right now it looks like BTC will remain at the top however, like the Red Sox fell apart this year, we just don’t know,” managing partner of A&C Advisors LLC, Daniel Strachman, told Cointelegraph. Strachman's experience includes decades of financial work and writing multiple books. “It comes down to market reaction and investor interest,” he added. “There is a lot of talk about Eth surpassing BTC and that is a reality but we need to play a few more innings to see what happens.” The crypto industry has seen multiple market cycles, growing larger ...
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Cointelegraph Consulting: Going down the Metaverse

The Metaverse allows people to interact with one another, digital objects and the physical world through their avatar in a virtual environment. As nonfungible token sales appear reanimated after a nearly two-month dry spell from their apex in May, a particular NFT application is gaining popularity more than ever: metaverses. Metaverses have gained their fair share of media attention lately, with big moves coming from companies like Facebook and Epic games. However, not everyone — even those who have been in crypto for a long time — has caught on to what metaverses are, despite the hype. But as more companies, celebrities and artists venture into the space, it has become another domain that deserves some thorough consideration. The Metaverse is a network of virtual environments in which people can interact with each other, digital objectsand the physical world through their avatar. While definitions of the Metaverse vary, they orbit around technologies such as virtual reality, augmen...
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Bitcoin price stages a comeback as 3 indicators reflect BTC’s strength

The futures premium, top traders’ long-to-short ratio and options skew all signal that pro traders still feel positive about Bitcoin price. Bitcoin ( BTC ) price is still 4.4% down from its Aug. 23 high at $50,500, leading some traders to question whether the local top marked the end of the recent 34-day long bull run. Even with the current correction, derivatives data and the maneuvers of professional investors are not flashing any bearish signals. Bitcoin price in USD at Coinbase. Source: TradingView On Aug. 24, prominent technical analyst John Bollinger suggested that Bitcoin price could be pushed lower in the short term. A pseudonymous market analyst called 'CryptoHamster' shared a similar bearish outlook based on analyzing a technical pattern called an ascending channel. Bearish news coming from exchange regulation could have also diminished investors' interest, and this week the United Kingdom's Financial Conduct Authority (FCA) released a supervisory not...
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'Uber dovish' Fed sparks S&P 500 all-time high as analyst calls new Bitcoin impulse move

It's bullishness all round except for the U.S. dollar after Fed Chair Jerome Powell's latest speech, as Bitcoin gains $1,400 in under an hour. Bitcoin ( BTC ) gained almost $1,500 in under an hour on Aug. 26 after an "uber dovish" speech by Federal Reserve Chair, Jerome Powell. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price action charges upwards Speaking at the virtual Jackson Hole annual symposium, Powell hinted that the Fed would begin to reduce its asset purchases in place since the start of the Coronavirus pandemic. A long-awaited signal , the move, referred to as "tapering," may come this year, but Powell did not give a firm deadline for it to begin. "Even after our asset purchases end, our elevated holdings of longer-term securities will continue to support accommodative financial conditions," he said. "The timing and pace of financial reduction of asset purchases will not be intended to carry a direct ...
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Bitcoin could hit $30K or $100K this year as analyst warns ‘next months are key’

Bitcoin price forecasts differ hugely depending on the methodology used, but stock-to-flow creator PlanB favors his $100,000 average target. Bitcoin ( BTC ) could surge to $100,000 or bottom out at $30,000 by Christmas — but one of its best-known analysts is betting on the moon. In a Twitter update on Thursday, PlanB, creator of the stock-to-flow family of BTC price models, cast fresh doubt on a Bitcoin bear move. PlanB focuses on “key” remaining months With BTC/USD trading at $47,000 this week, PlanB has a lot to be confident about. His recent prediction of a minimum monthly close for August exactly matches current prices — and if the remaining four are just as accurate, Bitcoin could end 2021 at $135,000 . Stock-to-flow’s first incarnation demands an average BTC price of $100,000 this halving cycle, but May’s about-turn gave its time-tested precision a run for its money. PlanB has nonetheless stuck by it, arguing that it has not yet been invalidated and that there are no pro...
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The new episode of crypto regulation: The Empire Strikes Back

A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready. The latest news has left the decentralized finance community in a collective fetal position. Responding to the threat of increased regulatory oversight, leading decentralized exchange Uniswap recently restricted the trading of certain tokens . Earlier in July, Dan M. Berkovitz, chairman of the Commodity Futures Trading Commission (CFTC), said that DeFi derivatives platforms might contravene the Commodity Exchange Act (CEA): “Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea, but I also do not see how they are legal under the CEA.” Most worrisome of all is the initial version of the United States Senate’s $1 trillion infrastructure bill, which would create impossible tax compliance requirements for crypto firms. Related: Senate infrastructure bill isn’t perfect, but could the intention be right? Be ready, ...
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Bitstamp and Ledger execs weigh customer service debate after Coinbase saga

A new investigation has revealed hundreds of Coinbase customer complaints around hacking and lost funds, drawing attention to the customer experience at crypto exchanges. Popular cryptocurrency exchange Coinbase recently amassed a panoply of customer service complaints regarding account locking, hacking and even lost funds. A recent tweet by crypto analyst Kaleo garnered hundreds of comments from users all sharing stories of their unfavorable experiences with the exchange. This isn’t the first time the firm has received public backlash over it’s customer service practices. Back in March, the New York Times told the story of a customer who lost over $100,000 on the platform and went onto sue the company. Coinbase users have reportedly filed over 11,000 complaints against the platform with the Federal Trade Commission and Consumer Financial Protection Bureau since 2016. The majority of these claims fall under the topic of customer service issues. Cointelegraph spoke to two indust...
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Have your stake and earn fees too: Tushar Aggarwal on double dipping in DeFi

Proof-of-stake protocols were designed to encourage users to lock up their coins, but synthetic assets are circumventing that design to allow double-dipping in DeFi. One of Forbes’ 30 Under 30 in Asia, Tushar Aggarwal wears many hats: He started the crypto podcast Decrypt Asia , works as a venture scout with LuneX Ventures , and runs Persistence , a platform that lets users earn liquidity rewards while they stake coins. Aggarwals platform issues synthetic assets, perhaps better understood as redemption coupons, for staked coins that can be used elsewhere to maximize returns. This method is relevant for proof-of-stake coins, which are not machine-mined but accumulate to those who lock their tokens away from circulation. Persistence allows these staked coins to be used regardless. Originally from India, Aggarwal believes that cryptocurrency holds great things in store for the nation on both the GDP and individual worker levels. However, he works from Singapore due to the Indian go...
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