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Showing posts from September 10, 2021

El Salvador’s Bitcoin detractors: Opposition mounts despite crypto rollout

Resistance against El Salvador’s move to make Bitcoin a legal tender persists even as the law comes into effect. The year 2021 will probably go down the history books as one of Bitcoin’s ( BTC ) most interesting years, given its recent uptake by billionaires and adoption by mainstream institutions, not to mention El Salvador’s move to make it legal tender. In El Salvador’s case, it almost seems as if the whole world is watching this experiment to see whether it will be a success or a total failure for the Central American nation. With Sept. 7 marking the official implementation of Bitcoin as a legal tender in El Salvador, a wave of protests in the country against the move has roused suspicions and uncertainty over how the new law will be enforced. From the arrest of individuals criticizing the Salvadoran government over the new law, to the wave of citizens across the country protesting Bitcoin’s legal status, the seminal crypto is facing some headwinds. How Bitcoin bec...

New York IT Supervisor Faces up to 15 Years in Jail for Mining Bitcoin in the Office

A New York IT supervisor is facing a possible sentence of up to 15 years in jail for mining bitcoin in the office. The man, identified as Christopher Naples, allegedly had hidden 46 mining rigs in the offices of the Suffolk County Center in Riverhead, New York. According to the investigation, 10 of these rigs had been installed since February, consuming more than $6,000 worth of energy. But given there were 36 more machines, the total energy cost could be far greater. New York Man Faces Jail Time for Mining in the Office Christopher Naples, an IT technician for Suffolk County in New York, could spend up to 15 years in jail for mining bitcoin in his offices. According to reports , the man introduced 46 mining machines into the offices of the county, hiding these underneath floorboards. Naples is now facing charges of public corruption, grand larceny, computer trespass, and official misconduct. Prosecutors state the machines spent at least $6,000 worth of power, with the temperature ...

Bid to Have MTI Ponzi Declared Unlawful Scheme Suffers Setback — More Investors Oppose Motion

A slew of late court filings by lawyers representing Mirror Trading International (MTI) investors has forced a South African judge to postpone the hearing of the liquidators’ application to have the online bitcoin scam declared an illegal business. Concern Over Implications of Declaration Order As a Mybroadband report explains, the investors’ belated decisions to oppose the motion stems from growing concerns that such a declaration would give liquidators too much power. Before the latest counter applications, only Clynton and Cheri Marks — the co-masterminds of MTI — had opposed the liquidators’ motion. However, as the report states, other investors have now come to the conclusion that the liquidators could be “seeking powers that would allow them to claw back the withdrawals of all members, even if they lost money in the scheme.” In other instances, investors have been warned if “MTI is declared a pyramid or Ponzi, then all profits would be declared proceeds of a criminal enterp...

Leading Auction House Sotheby’s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million

The British-founded American multinational corporation headquartered in New York City, Sotheby’s, closed the Yuga Labs “101 Bored Ape Yacht Club” non-fungible token (NFT) collection auction at $24.3 million for the lot. The auction ended on September 10 and surpassed the expected settlement for the NFT lot which was estimated to be around $12-18 million. The ‘101 Bored Ape Yacht Club’ and ‘Mutant Serum’ NFT Collection Auctions for $24 Million NFT project the Bored Ape Yacht Club (BAYC) has been a popular non-fungible token collection since the project’s inception. Many of the NFTs have sold for hundreds of thousands of dollars for a single BAYC NFT. There are approximately 10,000 BAYC NFTs in the original collection and 5,423 unique ethereum addresses own at least one BAYC NFT. Onchain statistics show one address owns approximately 105 Bored Ape Yacht Club units and data shows the collection is the fourth largest in seven-day sales this week. Dappradar.com stats indicate that t...

Crypto Trading, Mining Are Illegal and Punishable, Nepal Central Bank Warns

Mining and trading of cryptocurrencies are illegal in Nepal, the country’s central bank has reminded citizens of the Himalayan nation. The regulator also warned that participating in such activities would entail penalties as per the current legislation. Despite its position, however, the Nepalese have continued to invest in bitcoin, media reports reveal. Engaging in Illegal Crypto Activities is Punishable by Law, Nepal Rastra Bank Says in Notice Cryptocurrency trading and mining are punishable as they are illegal in the country, the Nepal Rastra Bank (NRB) remarked in а recently published warning titled “Cryptocurrency transactions are illegal.” In the notice , which appeared on the central bank’s website on Thursday, the financial regulator refers to Nepal’s Foreign Exchange Act which was adopted in 2019. Quoted by the online news outlet Khabarhub, the NRB stated: Cryptocurrency trading and mining and encouraging the illegal activities is punishable as per existing laws. “Like...

PocketNet Changes Name to Bastyon and Releases Private Messaging App With PKOIN Chat Payments

Bastyon’s messaging app would include end-to-end encryption, no link to phone number or any other metadata making it the most private messenger. Pocketnet, the social network based on proof-of-stake blockchain technology, enters a new phase of growth by changing its name to Bastyon and by releasing a brand new private messaging component. This new crypto chat app contains state-of-the-art end-to-end encryption and will not use any personally identifiable information from the user. One of the most interesting features of this messenger is its ability to send crypto payments just like any other message. The Bastyon network now includes: a decentralized social network app a decentralized video and live-streaming platform a private messenger app that is also… you guessed it… decentralized The underlying blockchain containing all the data used by Bastyon is still named PocketNet and the network token that is used to compensate node operators and network participants is still the P...

Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms

Ethereum competitors and layer-one projects are capitalizing on the network’s untenable gas fees by launching mining and developer incentives that are also boosting token prices. In the ever-evolving world of cryptocurrencies and blockchain technology, the race to establish a highly scalable, user-friendly network capable of being adopted on a global scale is a never-ending marathon where new competitors regularly join in on the race. Bitcoin is undoubtedly the market leader when it comes to network security, active users and market capitalization value, while Ethereum has thus far established itself as the top smart contracts platform, but the continued difficulty in getting these networks to scale has opened the door for next-generation blockchain protocols to gain a foothold in the market. The tenuous nature of Ethereum’s reign has begun to come under increased pressure in recent months as several up-and-coming layer-one- and layer-two-based protocols have launched incentiv...

OpenSea’s NFT volume down 50% after monumental surge in August

The leading NFT platform records a natural decline in sales volume after surpassing $4B in August; an industry-record. Following a colossal surge of $4B sales volume throughout the month of August for the leading nonfungible token, or NFT, marketplace OpenSea, recent figures indicate a metaphoric return to earth after propulsion to the mighty heights of the moon. NFT marketplaces have largely paralleled the bearish momentum witnessed across the cryptocurrency markets across the last week, as platforms, collections and floor prices all suffer corrections. Analytical data from DappRadar reveals that over the last seven-day period, the sales volume on OpenSea has fallen sharply by almost 50% to $792.23M from a pool of 156,811 traders, 10% less than registered across the previous week. Despite this short-term correction, OpenSea still holds a dominant position over its closest competitors Axie Infinity and CryptoPunks, listed on the volume metric with $158.24M and $45.92M, respe...

Former CFTC brass joins Andreessen Horowitz as an advisor

The company has brought former United States CFTC commissioner Brian Quintenz aboard its operation. Crypto regulation has become an increasingly relevant topic over the past several years. To address these legal ins and outs amid the ever-changing regulatory waters, VC firm Andreessen Horowitz has called upon a previous leader of the United States Commodity Futures Trading Commission’s, or CFTC, to join its team. “As part of our larger effort to make sure we have a world-class support system in place when it comes to policy and regulatory matters, I’m thrilled to announce that Brian Quintenz, a former Commissioner of the Commodity Futures Trading Commission, is joining as an advisory partner on the crypto team,” Andreessen Horowitz general partner Katie Haun wrote in a Thursday announcement on the a16z website. The past year in particular has seen significant regulatory talk within the U.S. and abroad. In December 2020, the U.S. Treasury aimed to increase self-hosted crypto asset...

Tether’s 1,500% Market Cap Increase in 500 Days — USDT Stablecoin Market Nears $70 Billion

The stablecoin giant tether is by far the largest dollar-pegged crypto asset in the crypto economy and today, the number of tethers in circulation is nearing $70 billion. 90 days ago on June 12, 2021, the number of tethers in circulation was around 63 billion tokens and the supply has swelled by 9.99% since then. Circulating Tether Economy Nears $70 Billion, 1 Billion Tethers Minted on Solana The largest stablecoin today, in terms of market valuation is tether ( USDT ) and on Friday, September 10, USDT ’s market capitalization is $69.3 billion, according to the company’s transparency balance web page . The number is similar to most crypto market aggregation web portals tallying up the value of each coin market. Below USDT ’s market valuation is usd coin (USDC) with $29 billion and the Binance dollar-pegged token BUSD with $12.4 billion. The top four stablecoins by market valuation on September 10, 2021. According to the USDT transparency page, the token is issued on several bl...

Swiss Exchange SIX granted approval to launch crypto marketplace

The Switzerland financial authority has today given the green-light for the launch of a digital asset marketplace utilising DLT. The Swiss Financial Market Supervisory Authority, or FINMA, have today announced their approval for regulated Swiss exchange SIX to launch a digital asset marketplace and central securities depository built on distributed ledger technology. Initially intent on launching in the latter half of 2019, regulatory hurdles slowed the exchange from progressing its ambitions. Although no specific date of launch was announced today, it is expected that after negotiating this challenge, customers will be able to experience the exchange's offerings in the near future. In February this year, 21 Shares launched the world’s first Polkadot exchange-traded product, or ETP , on the SIX exchange after recognising rising demand for the asset within the region. Commonly referred to as the crypto valley, Switzerland is widely regarded as one of the world’s most accommodat...

New fund aims to put hundreds of millions toward Algorand DeFi growth

Different decentralized finance solutions building on the Algorand blockchain could receive a chunk of a new $300 million fund. Decentralized finance, or DeFi, has developed significantly over the past two years. The Algorand Foundation has unveiled a new fund positioned to allocate money toward certain DeFi projects looking to build on its native blockchain. The pool of capital is called the Viridis DeFi fund, headed up by the Algorand Foundation — a group that responsible for the Algorand blockchain and its ecosystem development. “This fund will provide 150 Million Algo to fuel the significant early growth of the DeFi ecosystem on Algorand,” said a Friday announcement post on the Algorand Foundation’s website. “The fund will fuel the growth of decentralized exchanges, money markets, options markets, synthetic asset applications, and NFT platforms, all running on the best blockchain network for the future of finance,” a public statement from Algorand said on Friday. At tim...

Price analysis 9/10: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, LUNA, UNI

Altcoins are still flashing bullish signals but Bitcoin’s steady slide toward its swing low could put a damper on the market’s positive sentiment. Bitcoin’s recent plunge does not seem to have shaken the investors and data shows that exchange reserves were down to 2.399 million ( BTC ), which is close to the May all-time low at 2.390 million Bitcoin. Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, said this could result in a “sell-side liquidity crisis on Bitcoin.” Although Bitcoin has outperformed gold by a huge margin in 2021, Omega Advisors chairman and CEO Lee Cooperman remains averse to investing in it because he said that he does not understand Bitcoin. The billionaire investor still considers gold to be a better store of value. Daily cryptocurrency market performance. Source: Coin360 A new poll from research and data analytics firm YouGov showed that 43% of baby boomers strongly oppose the idea of Bitcoin being used as legal tender in the United State...

Diem struggling to win over officials in Washington despite rebranding efforts

Diem’s push to launch stablecoins and a global payment system might suffer from the seemingly brewing anti-crypto sentiment among key U.S. policymakers. Facebook’s ambitious digital currency payment project Diem is yet to get off the ground despite concerted attempts to win over financial regulators. According to The Washington Post on Friday, Diem is facing difficulties smoothening regulatory wrinkles with senior policymakers in the Biden administration. Even with the full weight of Facebook’s significant lobbying power in Washington, the digital currency project is yet to get off the ground . Reports indicate that David Marcus, Facebook Financial (F2) head, met with regulators in Washington earlier in September. According to anonymous sources reportedly present at the meeting, Marcus argued for the importance of crypto in broadening access to financial products while highlighting the benefits of Diem’s payment app Novi. Diem representatives quoted by The Washington Post s...

Bitcoin price risks losing weekly uptrend as NFT launch sends Tezos (XTZ) to 3-month highs

It's a rags-to-riches story for Tezos this week, while Bitcoin bulls fail to find momentum for a full recovery from Tuesday's major price dip. Bitcoin ( BTC ) ranged below a critical weekly close target on Sept. 10 as analysis warned its multi-week uptrend was in danger. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price lags $1,500 below crucial level Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading at around $46,000 Friday after rejecting near $47,450 the day before. That level marks the lower bound of Bitcoin's uptrend on the weekly chart, one which has continued since mid July. Now, BTC/USD needs to reclaim it, trader and analyst Rekt Capital says, in order to preserve that trend. #BTC bounces from Weekly support (blue) However, it is still below the black Weekly Higher Low which represents a price of ~$47400 $BTC needs to Weekly Close above the HL to retain the multi-week uptrend At the moment, BTC is ~$1...

Bitcoin transactions ‘akin to bartering,’ Bank of Mexico governor says

Governor Díaz de León said Bitcoin resembles “a dimension of precious metals” when compared to the central bank’s fiat money. The governor of the Bank of Mexico, Alejandro Díaz de León, dismissed Bitcoin’s ( BTC ) position as a reliable legal tender, citing price volatility as a major roadblock towards full-fledged adoption. Governor Díaz de León said in a Reuters interview that Bitcoin’s position in today’s financial system resembles “a dimension of precious metals” when compared to the central bank’s fiat money. In stark contrast to El Salvador’s mainstream Bitcoin adoption that requires businesses to accept payments in Bitcoin , Mexico’s central bank chief questioned Bitcoin’s position as a viable legal tender: “Whoever receives bitcoin in exchange for a good or service, we believe that (transaction) is more akin to bartering because that person is exchanging a good for a good, but not really money for a good.” Díaz de León also highlighted the inherent risk of daily pri...

NYDIG Partners With MVB Bank to Offer White Label Bitcoin Solutions

NYDIG, a Bitcoin-based fintech firm, has announced it will partner with MVB bank to integrate its Bitcoin services into MVB’s banking as a service solution. The joint effort will allow the development of a white label solution, allowing third parties to complete their financial services with bitcoin functionalities without having to develop these systems in-house. NYDIG and MVB Bank Partner to Integrate Bitcoin NYDIG, a leading fintech solutions company focused on Bitcoin services, has announced a partnership with MVB Bank, a banking-as-a-service provider, to integrate its full bitcoin stack services into its platform. This will allow MVB Bank to offer third parties a full solution that could encompass fiat and bitcoin banking all at once, easing onboarding of its customers to cryptocurrency. MVB Bank currently has over 50 institutional customers among fintech, payments, and gaming companies that use its Victor platform to provide services to their customers. Victor aims to provid...