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Showing posts from November 15, 2021

Infrastructure bill can still be remedied: DeFi dev-turned Congress candidate

Matt West, DeFi developer by night and a Democratic candidate by day, believes there is still time to remedy the anti-crypto provisions of the U.S. Infrastructure Bill. The controversial U.S. infrastructure bill was signed into law by President Joe Biden this morning, with the legislation passing without amendments made to the broad provisions that could impose stringent reporting requirements on crypto network validators and software developers. However, DeFi strategist-turned Democratic congressional candidate, Matt West, believes there is still time to push back. Speaking to Cointelegraph, West said: “My understanding of this bill is that it has been signed, but it hasn't taken effect yet.” The crypto community has taken particular issue with section 6050II of the bipartisan legislation , which makes failing to report digital assets transactions a criminal offence. West, who otherwise supports the bill, says that section 6050II doesn’t make “a whole lot of sense”, citing ...

LBank Exchange Will List LMCSWAP on November 15, 2021

PRESS RELEASE. INTERNET CITY, DUBAI, Nov. 15, 2021 – LBank Exchange, a global digital asset trading platform, will list LMCSWAP (Limocoin Swap) on November 15, 2021. For all users of LBank Exchange, the LMCSWAP/ USDT trading pair will be officially available for trading at 21:00 (UTC+8) on November 15, 2021. In the ever-evolving African continent, blockchain technology and crypto are changing its economic landscape dramatically. Limocoin Swap (LMCSWAP) is a token created to allow, by the principle of crypto assets, the evolution of market solutions. The LMCSWAP token will be listed on LBank Exchange at 21:00 (UTC+8) on November 15, 2021, to further expand its global reach and help it achieve its vision. Introducing Limocoin Swap Limocoin Swap is based on a strong community built in four years by one of the subsidiaries of the parent company SIMTREX COMMERCIAL BROKERS LLC, GIT S.A. The premium product Liyeplimal is a private investment tool in the cryptocurrency industry, through ...

South Korean lawmakers push back against controversial “know-the-sender” rule

If passed, more stringent reporting requirements would apply to domestic and international transactions, which some say would damage the growth of the industry. South Korea’s crypto community coul soon face stringent reporting requirements on all cryptocurrency transactions, with the country’s National Assembly currently debating whether “know-the sender” (KTS) rules should be imposed. Arguments against the proposed KTS rule were heard before the Political Affairs Committee of South Korea’s legislature on Nov. 16, with lawmakers and industry experts pushing back against the proposed legislation. If written into law, the KTS rule would stipulate that businesses which receive any crypto assets must verify and report the name of the issuer and their location. In the case of business-to-business transactions, the issuer’s legal status and number of employees must be reported also. Choi Hwa-In of the Financial Supervisory Service (FSS) warned that the local blockchain industry could b...

Synthetic asset protocol for Polygon raises $1.5M from major investors

Polysynth aims to support trading for 100,000 different synthetic tokenized assets through its “virtual market maker” protocol. Polysynth, a Polygon-based synthetic asset platform, has secured investments from a number of DeFi venture capital firms and angel investors. The team announced a $1.5 million funding round as part of its seed round on Nov. 15, revealing participation from Jump Capital, DeFi Alliance, Hashed, and a number of individuals such as Alan Howard, co-founder of Brevan Howard Asset Management, and Polygon’s co-founders Sandeep Nailwal and Jaynti Kanani. Polysynth stated that it would be using the funding to expand its team of engineers, designers, and marketers, in addition to carrying out security audits for the protocol. The platform is currently in beta, testing just a handful of assets including BTC, ETH, and MATIC perpetual futures. When live on mainnet, the protocol aims to build out derivatives for 100,000 different mainstream and crypto. Polysynth will ...

AMC CEO Says Bitpay Will Support Shiba Inu — AMC Set to Accept SHIB Next Quarter

The CEO of the world’s largest movie exhibition company, AMC Entertainment, says that payment service provider Bitpay has agreed to support the meme cryptocurrency shiba inu (SHIB) at his request. AMC will be able to accept shiba inu crypto for payments within the next few months. AMC Says Bitpay Agrees to Support Shiba Inu: SHIB to Be Accepted for Payments at AMC Soon AMC CEO Adam Aron announced Monday evening that AMC will soon be able to accept the meme cryptocurrency shiba inu (SHIB). AMC is the largest movie exhibition company in the U.S., Europe, and the world. As of March 31, the company owned or operated about 950 theaters and 10,500 screens globally. He tweeted that crypto payment service provider Bitpay has decided to support shiba inu specifically because he asked them to. Therefore, AMC will be able to take SHIB for online payments of movie tickets and concessions in about 60 to 120 days. Aron added that AMC Theatres is set to become the first Bitpay client to accept sh...

Crypto poses imminent threat to financial stability: Bank of England Deputy Governor

Bank of England's Sir Jon Cunliffe has urged British lawmakers to think “very hard” about the disruption integrating cryptocurrency with traditional finance could wreak. Sir Jon Cunliffe, the Deputy Governor for Financial Stability at the Bank of England (BoE) crypto may pose an imminent threat to the traditional financial system. During a Nov. 15 interview with the BBC’s “Today” program, Cunliffe argued that the rapid growth of digital assets and their integration with traditional financial services could soon pose systemic risks, stating: “[Cryptocurrencies] are growing very fast, and they’re becoming integrated more into what I might call the traditional financial system.” “So the point at which they pose a risk is getting closer. I think regulators and legislators need to think very hard about that,” he added. While Cunliffe warned of integrating volatile crypto assets into the mainstream financial system, he dismissed adjacent concerns pertaining to the rise of stablec...

DFG piles $12.6M into Astar Network’s Polkadot parachain bid

Astar Network currently ranks third place in Polkadot’s first parachain auction behind Acala and Moonbeam. The first-ever parachain auction on Polkadot is heating up, with leading projects from the Polkadot ecosystem competing for the coveted first slot. On Nov. 15, DFG Group — a global blockchain investment firm controlling $1 billion in assets under management — announced it had pledged 300,000 DOT tokens (worth $12.65 million) in support of Astar Network’s parachain bid. Polkadot will use parachain auctions to realize its sharded proof-of-stake ecosystem. In order to secure a parachain or shard on the Polkadot network, projects compete in auctions by bidding to lock up large sums of DOT for the duration of a parachain slot’s lease. Projects competingfor parachain slots distribute governance to tokens to users who contribute dot to their parachain auction bids. Astar Network, previously known as Plasm , is vying to build a decentralized application hub on Polkadot that supports ...

Paradigm unveils new $2.5B crypto fund

Paradigms new $2.5 billion New Venture Fund has dethroned A16z as the largest venture fund in crypto. Crypto investment firm Paradigm has revealed a new $2.5 billion”New Venture Fund” to expand its investment into cryptocurrency companies and protocols. According to a Nov. 15 announcement , Paradigm co-founders Fred Ahrsam and Matt Huang stated that “the fund and its size are reflective of crypto being the most exciting frontier in technology.” The Financial Times reported that the funding pool is now the largest among VC crypto funds, edging out Andreesen Horowitz’s (a16z) $2.2 billion raise in June of this year. The announcement did not state which sectors within the cryptocurrency industry the New Venture Fund will be allocated to. Paradigm has historically invested in crypto projects that utilize Web 3.0 to deploy their applications, with roughly 11 of the 40 companies and projects in its portfolio comprising DeFi protocols. Paradigm has also invested in crypto-na...

‘Big Short’ Investor Michael Burry Says ‘I’ve Never Shorted Any Cryptocurrency’ — Warns of the Biggest Bubble

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, says that he has never shorted any cryptocurrency. He further warned that the current bubble is the biggest one. Michael Burry on Bubbles and Shorting Cryptocurrencies Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, has confirmed on Twitter that he has never shorted cryptocurrency. Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale. He tweeted Sunday: I’ve never shorted any cryptocurrency. This is my third bubble, and the biggest. I’ve learned a thing or two. 30 year Treasuries on the other hand… In October, he said, “I believe that cryptocurrencies are in a bubble.” However, he clarified in an interview with CNBC that h...

Institutional Bitcoin products tag record AUM despite volume pulling back

Institutional traders have locked $56 billion into Bitcoin investment products after inflows totaled $97.5 million last week. Institutional traders have locked a record sum of capital into Bitcoin investment products despite trade volume declining during the second half of 2021. According to CoinShares’ Nov. 15 “ Digital Asset Fund Flows Weekly ” report , Bitcoin ( BTC ) investment products saw total inflows of $97.5 million between Nov. 8 and Nov. 12 — pushing the sector’s assets under management (AUM) up to a record $56 billion. Year-to-date (YTD) inflows also tagged $6.5 billion last week. Bitcoin instruments represented 64.6% of the $150.9 million that flowed into digital asset investment products last week. While the record AUM coincided with BTC establishing a new all-time high of roughly $69,000 on Nov. 10, the markets have since pulled back by 10% to last trade hands for $62,100. Despite CoinShares noting that digital asset investment products have seen inflows for 13 co...

Mark Cuban says he is locking $50k in tokenized carbon offsets every 10 days

The billionaire investor believes DeFi degeneracy can be harnessed for the purpose of environmental social governance. Famed billionaire and reality TV star, Mark Cuban, has revealed he is using blockchain technology to lock up carbon offsets on the Polygon network. In a Nov. 13 tweet , the billionaire blockchain enthusiast revealed that he has been buying $50,000 worth of carbon offsets and placing them on-chain as Base Carbon Tonnes (BCT) roughly every 10 days since the launch of KlimaDAO. BCTs are digital assets bridged onto the Polygon Network by Toucan Protocol that represent one tonne of carbon from the Verified Carbon Unit (VCU) registry. KlimaDAO, a decentralized blockchain project that aims to drive appreciation of the price of BCT and has accumulated over 9 million BCTs , told Cointelegraph that it uses Polygon since it is a Proof-of-Stake (POS) network with negligible emissions that generates a low carbon footprint. Cuban indicated in the same twitter thread that he wo...

Google searches for NFTs spike to record highs

Search queries for “NFT” and “nonfungible token” have become even more popular than searches for “Dogecoin”, “blockchain” and even “Ethereum.” Google’s keyword search data shows interest in nonfungible tokens (NFTs) has surged to record levels, with traffic beating out search terms pertinent to many crypto assets ranked among the top ten. According to Google Trends, interest in NFTs saw a dramatic spike at the start of the year as Dapper Labs’ NBA Top Shot and vintage Ethereum-based NFTs saw frenzied speculation. While the bubble initially appeared short-lived — with search volume drying up by roughly 75% as of the end of June, interest began to bounce back in July before breaking into new highs at the end of October. Search volume for “NFT” (blue) and “non-fungible token” (red) over 24 months: Google Trends Since then, Google search traffic for NFT-related keywords has continued to surge, doubling over the past three months. The spike in interest has seen “NFT” overtake man...

Paradigm Launches $2.5 Billion Venture Fund to Invest in Next Generation of Crypto Companies and Protocols

Investment firm Paradigm has launched a $2.5 billion venture fund to invest in the next generation of crypto companies and protocols. The firm believes that the “new fund and its size are reflective of crypto being the most exciting frontier in technology.” $2.5 Billion Fund for Crypto Industry Investment firm Paradigm announced Monday the launch of a $2.5 billion venture fund to invest in the next generation of crypto companies and protocols. Matt Huang and Fred Ehrsam, who co-founded Paradigm in 2018, explained: Our conviction in these beliefs has only strengthened over the past three years, and we are pleased to announce a new $2.5 billion venture fund to continue investing in the next generation of crypto companies and protocols. “This new fund will invest alongside our existing flagship fund across all stages and geographies,” they noted. Ehrsam also co-founded the Nasdaq-listed crypto exchange Coinbase. Huang was previously a partner at Sequoia Capital focusing on early-s...

Bitcoin has stalled, but here’s why pro traders still expect $80K by January

Bitcoin price is hitting resistance while trading 7.75% below its all-time high, but derivatives data shows pro traders are still aiming for $80,000 by January. Selecting a timeframe for technical analysis is always a tricky topic, but usually, the longer the trend, the higher the odds it shall prevail. For example, those analyzing the 3-day Bitcoin ( BTC ) chart will unarguably identify an ascending channel pattern that initiated in late June. Bitcoin price in USD on FTX. Source: Tradingview Bears will also always find ways to justify their views despite the fact that Bitcoin has hit new all-time highs following the United States consumer price surge to 6.2%, which is the biggest inflation surge in 30 years. However, data from on-chain analytics firm Glassnode shows that long-term investors have stopped net accumulating and are now diversifying into altcoins. According to analyst Willian Clemente, the recent net selling from that class of investors was the first in 6 months, ...

CoinFLEX’s Stablecoin flexUSD Now Available to Hundreds of Financial Institutions With Copper ClearLoop Integration

PRESS RELEASE. SEYCHELLES, 15 November 2021 – CoinFLEX , leading crypto exchange and yield platform, has partnered with Copper.co, a global digital asset custodian and trading solutions provider by integrating with their ClearLoop instant settlement trading network. The partnership expands CoinFLEX’s crypto yield products to more institutional investors globally, starting with flexUSD, the world’s first interest-earning stablecoin. This partnership will help accelerate flexUSD to a US$1 billion market cap by Q1 2022. flexUSD is currently paying 16% APY and has distributed $11 million in interest to holders over the past 12 months. The partnership will enable Copper’s 300+ institutional asset managers to trade flexUSD on CoinFLEX while securely storing their assets offline and off the exchange. The integration with ClearLoop adds an extra layer of regulatory assurance for institutional investors, while providing more crypto trading options to Copper’s clients. ClearLoop connects e...

Bitcoin Hashrate Nears All-Time High Captured in May — BTC Mining Rigs Produced in 2016 Still Profitable

While bitcoin’s value has remained well above the $60K range, the network’s hashrate has surged to over 184 exahash per second (EH/s) as mining devices are far more profitable at these prices. The price has made it so that older generation mining devices manufactured over four years ago, with processing power of more than 8 terahash per second (TH/s), can make a daily profit mining the leading crypto asset. Bitcoin Hashrate Follows Ethereum’s Hashrate Toward All-Time Highs On November 15, 2021, Bitcoin’s hashrate climbed to 184 EH/s gathering 17.19% more hashpower than the network saw a mere two days ago on November 13 . Bitcoin’s (BTC) hashrate is getting close to nearing its all-time high (ATH), which was recorded on May 9, 2021, at 191 EH/s. Today’s Bitcoin hashrate metrics show that the hashpower is only 3.8% away from surpassing its ATH, according to coinwarz.com data. In addition to BTC ’s hashrate nearing ATH, the second-largest crypto asset in terms of market valuation, e...

OpenSea volumes go bananas as collectors pile back into Bored Ape Yacht Club NFTs

NFT sale volumes are a mere shadow of what they were in previous months, but renewed interest in Bored Ape Yacht Club NFTs and a new Lil Baby Ape Club derivative project could be reversing the trend. Crypto Twitter nonfungible token (NFT) influencers have been relatively quiet over the past two weeks as trading volumes on OpenSea dropped to a three-month low and analysts critical of the emerging sector say a bear market is at hand. While overall sale volumes do pale in comparison to previous months, certain projects have seen a significant surge in the last week. Data from Dune Analytics shows that on Nov. 14, the daily amount of Ether ( ETH ) traded on OpenSea catapulted from $48 million to $105 million and at the time of writing, $63.1 million in Ether has been traded. Daily Ethereum volume at OpenSea. Source: Dune Analytics The surge appears to be connected with a more than 900% uptick in the sell volume of Bored Ape Yacht Club (BAYC) NFTs and associated projects like...

President Biden signs infrastructure bill into law, mandating broker reporting requirements

Crypto was absent from every speaker's lips during the signing ceremony, with bipartisanship and jobs seeming to be the theme of the afternoon. After months of scrutiny from both the United States Senate and House of Representatives, the infrastructure bill — criticized by many crypto advocates — is now officially the law of the land. In a ceremony in front of the White House on Monday, President Joe Biden signed the $1 trillion infrastructure bill before an audience of reporters, lawmakers and union workers. While the bipartisan legislation is aimed at providing funding for roads, bridges, internet access, solar panels, electric vehicle charging stations and other major infrastructure projects, lawmakers included language applicable to cryptocurrencies prior to its passage in both chambers of Congress. The bill as it was passed will implement tighter rules on businesses handling cryptocurrencies and expand the reporting requirements for brokers. The bill mandates that going f...

DeFi traders cry foul after only 0.015% of active ParaSwap wallets receive PSP tokens

Airdrops are back in fashion as ParaSwap drops 5,200 to 10,400 PSP tokens to active users while also disqualifying airdrop hunters from gaming the system. Airdrops are once again back in style following the recent five-figure token drop from the Ethereum Name Service protocol that kicked off a flurry of protocol engagements from hopeful crypto enthusiasts looking to get in on the next "crypto stimulus check." Paraswap is the most recent project to reward early adopters, despite their early October statement that the project had no intention of conducting an airdrop. The decentralized exchange aggregator is designed to help decentralized finance traders and decentralized applications find the best rates currently available in the market. ParaSwap is not planning any airdrop — ParaSwap (@paraswap) October 1, 2021 This attempt to throw airdrop hunters was likely done to prevent crypto holders from trying to “game the system” by conducting a Sybil attack in which one acc...

Crypto mining stocks dip as SEC issues subpoena for Marathon Digital mining facility

Share prices of Marathon Digital stock dropped, as did those from major crypto mining firms including Riot Blockchain, Bitfarms, Bit Digital and Hut 8. The United States Securities and Exchange Commission (SEC) has ordered crypto mining firm Marathon Digital Holdings to produce documents and communications for one of its mining facilities in Montana. According to a Monday filing with the SEC, Marathon Digital received a subpoena regarding an investigation into possible violations of the federal securities law related to its Hardin, Montana data center. In the third quarter of 2021, the SEC ordered the mining firm to produce documents and communications for the 100-megawatt facility, for which it had made arrangements to develop and stock with Bitcoin ( BTC ) miners in October 2020. Marathon Digital said it was cooperating with the SEC’s investigation but did not go into details regarding the subpoena. A separate filing from October 2020 shows the company issued 6 million shares of...

Price analysis 11/15: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, LUNA

Bitcoin and large-cap altcoins are meeting strong overhead resistance, which could be a signal that bears are attempting to stall the next upward move. Bitcoin ( BTC ) could not sustain its gains and succumbed to profit-booking as the U.S. trading markets started the week, possibly indicating that bears have not given up yet. PlanB, creator of the popular BTC stock-to-flow model, does not seem to be perturbed by the dull price action of the past few days. The analyst believes that his worst-case scenario projection of $98,000 by Dec. 1 and $135,000 by Jan. 1 remains in place. However, long-term holders do not seem to be waiting for higher levels and have started booking profits, according to analyst William Clemente who cited Glassnode data. According to Clemente, “bull market distribution has begun.” Daily cryptocurrency market performance. Source: Coin360 Not everyone is bullish on Bitcoin. Billionaire fund manager Kyle Bass told Investor’s Podcast Network that making ...

Wall Street Journal Reporter Chastised Over Satoshi Nakamoto ‘Unmasking’ Editorial

During the last week, mainstream media outlets have been publishing reports that say “Bitcoin’s creator Satoshi Nakamoto could be unmasked at [a] Florida trial.” Alongside this, the name “Satoshi Nakamoto” has been trending in people’s discussions on social media for the last few days as well. The Internet Is Buzzing Over Conversations Concerning Bitcoin’s Mysterious Creator Last week, the long-awaited Kleiman v. Wright trial started in Florida and the court case has sparked significant interest from mainstream media publications like Fox News , the Daily Mail , and the Wall Street Journal . Vertical trends on Twitter also indicate that the name “Satoshi Nakamoto” has been in the midst of many conversations this week. Since October 2, interest in Bitcoin’s creator has increased 48.71%, according to Google Trends’ search query score for the topic “Satoshi Nakamoto.” The aforementioned media publications have been asserting in a few editorials that the Florida trial could uncover t...