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Showing posts from September 16, 2021

Vitalik Buterin Among Time’s 100 Most Influential People of 2021

Vitalik Buterin, a co-founder of Ethereum, the second-largest cryptocurrency by market cap, has made Time magazine’s list of the 100 most influential people of 2021. The programmer was listed as an innovator, and Time valued his ability to empower other creators with his continued support for Ethereum and all the things that its prime feature, smart contracts, can help them accomplish. Vitalik Buterin in Time’s Top 100 Influencers The most famous Ethereum co-founder, Vitalik Buterin, has been included in Time’s top 100 influential people of 2021 list. The magazine lists the most important people according to current events and specifies the unique roles of the individuals on the list. Others included for 2021 are Nayib Bukele, president of El Salvador, who pushed the inclusion of Bitcoin as legal tender, and Elon Musk, the CEO of Tesla and SpaceX, who is also a cryptocurrency enthusiast. Alexios Ohanian, one of the original builders of Reddit, discussed Buterin’s inclusion this ye...

200 smart contracts launch on Cardano ... but there's a catch

A raft of smart contracts have launched on Cardano, but they are in a timelock and cannot be used yet. More than 200 smart contracts have been listed on the Cardano blockchain explorer following the Alonzo upgrade on September 13 — but there’s a catch. As of now, the smart contracts are in a timelock and cannot be used by developers until they’re released. Smart contracts have been a long-anticipated feature on Cardano since its launch in 2017 and the functionality was finally enabled with the recent Alonzo hard fork . Charles Hoskinson, the founder of Cardano and IOHK, said on September 17 that the DeFi space is “up for grabs,” now that Cardano supports smart contracts Hoskinson said that the winners of what he called the "second wave" of DeFi were going to have liquidity and interoperability, the ability to move multi-chain and cost predictability. “We need governance, we need certification, we need insurance, we need regulation on these things, metadata identity… ...

Democrat Senator lobbies agencies over the use of crypto in ransomware

Senator Hassan wants federal agencies to take more action while Senator Lummis is more concerned with stifling innovation. Some U.S. Senators are ramping up the anti-crypto rhetoric again, urging federal agencies to take action against the illicit use of digital assets. Democrat Senator Maggie Hassan is the latest to raise concerns about the use of cryptocurrency as a means of payment for ransomware attacks. The Senate Homeland Security and Governmental Affairs Committee member sent a letter on Sept. 16 to several agencies including the Justice Department, the Department of Homeland Security, the Internal Revenue Service, the Securities and Exchange Commission, and the Treasury Department’s Financial Crimes Enforcement Network. In it, she aired her concerns citing a recent case in her home state of New Hampshire where $2.3 million was stolen in a cyber attack on the town of Peterborough before being converted into cryptocurrency. “The anonymity provided by cryptocurrency has hel...

How to Recover a Lost Blockchain Wallet Password – KeychainX Expert Explains

There is no greater fear for cryptocurrency investors than one day forgetting the password to their blockchain wallets, seeing how their own money is right in their hands but still locked away forever from them. If this has happened to you, however, don’t lose hope. There are ways to recover a lost blockchain wallet password, as explained by a leading expert at wallet recovery with years of experience from KeychainX. Step by Step Guide for Recovering a Lost Blockchain Wallet Password Blockchain has over 76 million wallets created since its inception in 2011, and many users might have lost their passwords in the passing decade. But if Blockchain.com support will not help you recover your password, what other options do you have? Luckily, Robert Rhodin, the CEO of KeychainX and an expert in the field of wallet recovery, has written a complete step by step guide to help you with the process of recovering it yourself. Lost your blockchain wallet password? First, if you forget your...

Model Suggests BTC Price Floor Is $39K, Survey Shows Hope for Year-End $100K Bitcoin Price

Bitcoin prices have been better after the second week of September, hovering around $46.5K to $48.5K per unit during the last two days. Meanwhile, bitcoin proponents still believe a significant second-leg up will be happening this year and a recent survey published by Plan B with 123,410 votes shows people believe bitcoin will reach $100K by Christmas 2021. Furthermore, a price model crafted by Will Clemente called “Illiquid Supply Floor” indicates that bitcoin prices may never drop below $39K again. Plan B’s Bitcoin Price Survey Sees 100K Votes Plan B is a pseudo-anonymous Twitter account ( @100trillionusd ) and the creator of the bitcoin price model called stock-to-flow (S2F). Plan B has stated in previous tweets that September bitcoin ( BTC ) prices may be lackluster, and this week he said “let’s skip September and go straight to October.” He said this because in a tweet he wrote on June 20, Plan B expects bitcoin prices to follow this path: “Aug>47K, Sep>43K, Oct>63K,...

$1.2B in Ether withdrawn from centralized exchanges in record daily outflow

More than $1 billion worth of Ether has been withdrawn from centralized exchanges within a 24-hour period. It's the second time this year and the price went vertical last time. More than $1 billion worth of Ether has been removed from centralized exchanges in 24 hours, leading to speculation about imminent price gains for Ethereum as supply shrinks on many trading venues. According to data shared by crypto analytics provider IntoTheBlock, $1.2 billion worth ETH was withdrawn from centralized exchanges on Sept. 16 to mark a new record in short-term outflows from exchanges. IntoTheBlock noted that Ether’s price rallied by 60% in the 30 days after $1 billion was pulled from centralized trading platforms in April. The net amount of $ETH leaving exchanges just hit a new record Over $1.2B worth of $ETH left centralized exchanges yesterday Last time $1B+ left CEXs, #Ethereum increased by 60% within 30 days pic.twitter.com/wfRuX11Rtk — IntoTheBlock (@intotheblock) September 1...

El Salvador's credit rating could take hit amid Bitcoin adoption warns S&P Global

S&P Global believes El Salvador’s recognition of Bitcoin as legal tender has brought “immediate negative implications” for its credit rating. Credit rating agency Standard and Poor (S&P) Global believes the country of El Salvador has severely harmed its credit rating after enacting its Bitcoin Law recognizing BTC as legal tender nationwide on Sept. 7. According to a Sept. 16 report from Reuters, El Salvador’s Bitcoin embrace exposes its economy to significant financial risks and could pose challenges for the country’s lending industry. The credit agency also believes the move could also dampen El Salvador’s chances of securing a $1 billion loan agreement it is seeking from the International Monetary Fund (IMF). "The risks associated with the adoption of bitcoin as legal tender in El Salvador seem to outweigh its potential benefits," S&P said, emphasizing the “immediate negative implications” of the Bitcoin Law for the country’s credit rating. International ...

Estonian 'auto liquidation' DeFi platform Minterest raises $6.5m

Minterest aims to channel all fees, interest, and revenue back into the protocol for its users. Decentralized finance protocol Minterest has just secured $6.5 million in funding for a long-term yield optimization platform. The private fundraising round was contributed to by a number of venture capital companies including KR1, DigiStrats, Bitscale Capital, PNYX Ventures, CMT Digital and others. The Estonian-based team intends to use the funding to develop the lending and borrowing protocol which it claims is “designed to make DeFi fairer for users.” Minterest uses a buyback mechanism that captures value and passes all of the revenue generated by the platform to its community. It automates the liquidation process which enables the capture of fees and interest which is recycled back to its users. Some DeFi protocols generate revenue by allowing a small number of users to buy out under collateralized positions at a market discount. Minterest will use any operating surplus to automat...

Korean Finance Minister vows to fight moves to delay the crypto tax code

The ruling party is planning to attempt a postponement of the crypto tax laws but the Finance Minister is not for turning. South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023. The tax code will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million KRW, or about $2100 USD. International media this week reported that the Democratic Party, which holds a slim majority in South Korea’s National Assembly, intends to pass a bill postponing the crypto tax law by the end of October. But the party faces an uphill battle to pass the bill in the face of Hong’s opposition, as it holds only a slim majority. Hong carries a tremendous amount of political power, having been a former Prime Minister of South Korea, and he was appointed Finance Minister by current President Jae-In Moon. This ...

ECB President Christine Lagarde Insists Cryptos Are Not Currencies, Calls Them Highly Speculative, Suspicious

The president of the European Central Bank (ECB), Christine Lagarde, says cryptos are not currencies, adding that they are “highly speculative, suspicious occasionally, and high intensity in terms of energy consumption.” She also discussed the need for stablecoin regulation and central bank digital currencies (CBDCs). Lagarde: ‘Cryptos Are Not Currencies. Full Stop’ ECB President Christine Lagarde shared her view on cryptocurrency, stablecoins, and central bank digital currencies (CBDCs) in an interview with Carlyle Group co-founder David Rubenstein, published Thursday. Lagarde was asked whether “cryptocurrencies are a plus for the global economy” or whether it is too early to tell. The ECB chief promptly replied: “Cryptos are not currencies, full stop. Cryptos are highly speculative assets that claim their fame as currency, possibly, but they’re not. They are not.” She continued: I think we have to distinguish between cryptos that are those highly speculative, suspicious occasi...

Treasury plots stablecoin crackdown even as Tether’s dominance wanes

While Tether’s dominance has fallen from 76% to 56%, USDC and BUSD have surged from 13.7% and 3.40% to 23.9% and 10.4% respectively. The U.S. Treasury Department is reportedly preparing a review highlighting challenges posed by stablecoin redemptions and the effect of a possible run on the crypto asset market. According to a Sept.16 report from Bloomberg citing anonymous sources, Treasury officials are readying policy recommendations designed to ensure stablecoin holders can freely convert between their tokens and other assets. The report states the lawmakers hope to mitigate “the most urgent risks” associated with Tether (USDT) and other stable tokens, also emphasizing the threats a “ fire-sale run ” on crypto assets could wreak for financial stability broadly. Critics have long scrutinized Tether’s redemption process and backing and found it wanting, with some holders claiming to have been unable to redeem USDT for fiat using the company’s website over the years. After years ...

Avalanche (AVAX) just hit a new ATH, but what’s really behind the price surge?

AVAX price soared to a record high as heavy inflows enter the protocol through its cross-chain bridge and institutional investors pledge $230 million in funding for the rapidly expanding Avalanche ecosystem. On Sept.16 Avalanche (AVAX) price hit a new all-time high at $68.89 and over the last few months the project has risen to challenge the Ethereum ( ETH ) network’s dominance among smart contract platforms. According to the project's website, the layer-one protocol capable of surpassing 4,500 transactions per second (TPS) with a time to finality of less than 2 seconds. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $32.10 on Sept. 7, the price of AVAX has rallied 111% to establish a new all-time high on Sept. 16 as its 24-hour trading volume spiked 200% to $2.8 billion. AVAX/USDT 4-hour chart. Source: TradingView Three reasons for the surging price of AVAX include the recent completion of a $230 investment round by large capital fun...

Shanghai Man: China’s version of McJob meme, eCNY airdrops, Canaan’s record revenue

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industrys most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Regulatory noise In this weeks column, the Man in Shanghai is determined to squeeze all of the regulatory noise into one section, so as not to waste too much of your time. Lets begin. It wasnt much, just a warning from the Hebei Provincial government to announce it would put an end to cryptocurrency mining in the region. This is largely a non-story, since its essentially just restating a national level policy that went into effect months ago. Hebei was never much of a mining stronghold anyway, so the announcement is more procedural than anything else. Mining operations will continue to move overseas while China goes through its unified push to become carbon neutral. For reference, China has 23 provinces, and close to half have already restate...

US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule

A committee of the U.S. House of Representatives has proposed to subject cryptocurrencies to the “wash sale” rule. Since cryptocurrencies are treated as property by the Internal Revenue Service (IRS), they are currently not subject to the wash sale rule. This proposal attempts to close down a big crypto tax loophole. Crypto Included in New Proposal The Committee on Ways and Means, the chief tax-writing committee of the U.S. House of Representatives, proposed to subject cryptocurrencies to the wash sale rule Monday. If adopted, the rules will apply to crypto trades occurring after Dec. 31. The “wash sales” provision in the bill states: This section includes commodities, currencies, and digital assets in the wash sale rule, an anti-abuse rule previously applicable to stock and other securities. The wash sale rule in section 1091 prevents taxpayers from claiming tax losses while retaining an interest in the loss asset. The wash-sale rule was designed to discourage people from sel...

Ethereum options data suggests the battle for $4K ETH is at least a week away

Traders are long on Ethereum, but derivatives data suggests that $4,000 ETH is a long shot in the short term. For the past 40 days, Ether ( ETH ) traded in a modest uptrend, respecting a narrow channel most of the time. The absolute leader of the smart contracts sector enjoyed a brief rally toward $4,000 in the first week of Sept., but a subsequent crash brought the price into the ascending channel. Ether price at Bitstamp in USD. Source: TradingView During this time, NFTs posted record-breaking transactions in August, clogging the Ethereum network and causing average transaction fees to surpass $40 in early September. Although NFT trading volume has continued to subside in September, new items continue to be minted every minute regardless of whether they're being traded. On Sept.13, Cathie Wood, CEO of Ark Invest , a $58 billion north-American asset manager, commented that Ark aims for a 60% Bitcoin and 40% Ether allocation. Ark Invest holds relevant positions in Coinbase ...

Satoshi Nakamoto statue goes up in Budapest

“Whoever he or she was, Bitcoin creates value, and especially the technology behind Bitcoin, blockchain, creates value,” said András Győrfi. A bronze depiction of legendary Bitcoin creator Satoshi Nakamoto is now on display for visitors to Graphisoft Park in Budapest. In an unveiling ceremony on Sept. 16, András Győrfi, the co-founder of the statue project and editor of crypto news site Kripto Akademia, spoke to a crowd of journalists and Hungarian residents before revealing the shining face of Satoshi. The artwork shows the upper half of a figure with a featureless face wearing a hoodie with the Bitcoin ( BTC ) logo. Front of #StatueOfSatoshi pic.twitter.com/LvlDmtio1c — Disclose.tv (@disclosetv) September 16, 2021 “Whoever he or she was, Bitcoin creates value, and especially the technology behind Bitcoin, blockchain, creates value,” said Győrfi. Debreczeni Barnabás, CEO of Hungarian crypto exchange Shinrai, also spoke at the ceremony, adding: “Satoshi Nakamoto has cr...

Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion

On September 8, 2021, Dmitriy Berenzon, research partner at 1kxnetwork, an early-stage crypto fund that helps founders bootstrap token networks, published a comprehensive research post concerning blockchain bridges. Berenzon’s study highlights the current “multi-chain market structure” and bridges that are making a myriad of blockchains compatible. Researcher: ‘We Are Finally in a Multi-Chain Market Structure’ For quite some time now, multi-chain or cross-chain technology has been a holy grail of sorts in the cryptocurrency development space. People want to transact with other blockchains by leveraging bridges to different ecosystems. Dmitriy Berenzon published a detailed article about the subject of cross-chain tech and bridges, and he believes we’ve finally reached a watershed moment. “After years of research & development, we are finally in a multi-chain market structure,” Berenzon stresses in his blog post. Image of bridge technology “as of September 8, 2021; Illustrati...

Monsta Infinite Lists on AscendEX

PRESS RELEASE. AscendEX is thrilled to announce the Monsta Infinite token (MONI) listing under the trading pair USDT/MONI on Sept. 15 at 1 p.m. UTC. In celebration of the MONI listing, AscendEX and the MONI team will launch seven limited-time promotional events for users to earn token rewards. The events will take place between 12:00 a.m. UTC, on Sept. 16 and 12:00 a.m. UTC, on Sept. 23, 2021. By depositing and trading MONI, users will have the chance to share airdrop rewards worth up to 80,000 USDT . Monsta Infinite is a decentralized game universe where tokens are earned through participation. The project’s efforts are focused on bringing accessibility and decentralization to the gaming world. They believe that greater blockchain adoption can be achieved through gamification. The project is built on top of Binance Smart Chain, which they believe will improve the user experience by making gameplay affordable and accessible. Monsta Infinite implements a sidechain service with EV...

Multimillion-dollar investment rounds spark rallies in Avalanche and Audius

Increased use of cross-chain bridges and sizeable investments from a variety of venture capital firms are boosting the price of AVAX, CELR and AUDIO. Altcoins continue to book notable gains on Sept. 16 as a slew of celebrity endorsements, major investments and the growing popularity of cross-chain bridges catch investors' attention. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Audius (AUDIO), Avalanche (AVAX) and Celer Network (CELR). Superstars invest in Audius The Audius platform is a decentralized music-sharing and streaming protocol that aims to cut out the middleman from the music industry and allow fans, subscribers and creators to interact with each other directly. According to data from Cointelegraph Markets Pro , market conditions for AUDIO have been favorable for some time. The VORTECS™ Score, exclusive to Coin...