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roadrunner

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  1. South Korea Considers Imposing Unified Listing Standard on Crypto Exchanges After the Collapse of LUNA, UST

    The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).

    Korean Government’s Meeting With Cryptocurrency Exchanges

    The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.

    The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.

    The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.

    Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:

    The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.

    Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.

    Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:

    When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.

    Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”

    An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:

    We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.

    The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.

    Do you think Korean crypto exchanges should have a unified listing standard? Let us know in the comments section below.

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  2. a16z

    A16z, one of the most influential VC firms in the crypto field, has announced the launch of a new cryptocurrency fund to invest in the development of Web3 startups. This fourth crypto fund from the firm, which will launch with a budget of $4.5 billion dollars, is set to focus on several key fields in the crypto environment, including blockchain games and decentralized finance.

    A16z Bets Big on Web3 and Crypto

    A16z, one of the most active VC firms in crypto, has revealed it is launching yet another crypto investment fund. The new endeavor of the company, which will have $4.5 billion at its disposal, will focus on Web3 investments in companies at any growth rate. This, according to the company, is a bet on blockchain as one of the important technologies of the future.

    A blog post written by Chris Dixon, a general partner at A16z and founder and leader of its crypto division, stated:

    We think we are now entering the golden era of Web3. Programmable blockchains are sufficiently advanced, and a diverse range of apps have reached tens of millions of users. More importantly, a massive wave of world-class talent has entered Web3 over the last year.

    With this capital, the funds invested by A16z in the crypto ecosystem go over the $7.6 billion mark.

    Investment Objectives

    A16z also explained how it is allocating the funds. In the blog post, Dixon clarifies that $1.5 billion will be put in seed investments, for companies that are still in the initial stages of their growth, and have to rely on investors to fund their operations. The other $3 billion will be put behind various venture investments not yet specified by the company.

    The scope of A16z is large, the firm stating its investments will encompass different areas of the crypto community, including “web3 games, Defi, decentralized social media, self-sovereign identity, layer 1 and layer 2 infrastructure, bridges, DAOs, governance, NFT communities, privacy, creator monetization, regenerative finance, new applications of ZK proofs, decentralized content & story creation.”

    The company also announced it will keep growing its operational team to offer better assistance to its portfolio companies, including research and engineering, security, talent and people, legal assistance, and marketing.

    A16z has also been active in other recent investments involving crypto and tokenization. It recently led an investment round in Flowcarbon, a carbon tokenization company backed by Wework co-founder Adam Neumann.

    What do you think about A16z’s new $4.5 billion crypto and Web3 fund? Tell us in the comments section below.

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  3. bitso

    Bitso, one of the biggest cryptocurrency exchanges in Latam, has announced a series of layoffs due to the recent downturn in the cryptocurrency market. The exchange, which has a workforce of 800 workers, has decided to let go of more than 10% of its staff citing a change in the long-term strategy for the company, just when it had announced its expansion to Colombia.

    Crypto Exchange Bitso Lays Off Over 10% of Its Employees

    Bitso, one of the first cryptocurrency unicorns in Latam, has announced it is taking measures to preserve the operation of the company during the current market downturn. The Mexico-based exchange announced a series of layoffs that will affect its presence in the 35 countries where it has operations. According to local media, the exchange will be laying off 80 employees out of its total 600-employee workforce, with most of the layoffs happening in Mexico.

    About these layoffs, which cut the employee count by more than 10% for the company, Bitso declared:

    Our decisions about the people who work for our company are made based on our long-term business strategy and to support our customers and our strategy as a company.

    The exchange also made reference to the speed of the crypto industry as a factor that has made it rethink its abilities and priorities in order to take action swiftly.

    Layoffs and Expansion

    The company, which recently announced its entrance into the Colombian market, denied that these layoffs would have any effect on its expansion goals at the moment. Earlier this month, Emilio Pardo, CEO of the company for Colombia, stated that while the market is uncertain at the moment, the cryptocurrency market is an already established industry with determined objectives.

    Pardo declared that “if crypto had no relevance no one would be talking about it. This is here to stay and care must be taken from the regulatory and educational aspects. You can’t do anything with prices but warn about what needs to be done.”

    Bitso is not the only exchange in Latam facing this kind of difficulty. Buenbit, an Argentinian exchange, has also announced a change in its hiring and expansion strategy, revealing it would be laying off part of its staff. Local sources declared that almost half of the employees of the company were fired, including some executives. Coinbase, a US-based crypto exchange, has also revealed that it is slowing down its hiring strategies during this market downturn.

    What do you think about Bitso’s layoffs? Tell us in the comment section below.

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  4. Elon Musk Announces Spacex Will Soon Accept Dogecoin for Merchandise, Starlink Subscriptions Could Follow — DOGE Rises

    Spacex and Tesla CEO Elon Musk says that dogecoin will soon be accepted at Spacex for merchandise, in the same way Tesla is accepting DOGE payments. Furthermore, Starlink subscriptions may also be paid with dogecoin “one day.”

    Spacex to Soon Accept Dogecoin for Merchandise


    Dogecoin got a little boost Friday when Tesla CEO Elon Musk announced via Twitter that Spacex will soon accept the meme cryptocurrency for merchandise. The Spacex boss tweeted: “Tesla merch can be bought with DOGE, soon Spacex merch too.”

    In addition, Musk said that Spacex’s Starlink subscriptions may “one day” be paid with dogecoin. Starlink provides “High-speed, low-latency broadband internet in remote and rural locations across the globe,” its website describes.

    musk-tweet-spacex.jpg

    musk-tweet-spacex2.jpg

    Following Musk’s tweet about Spacex accepting dogecoin, the price of the meme cryptocurrency spiked. At the time of his tweet, DOGE was trading at $0.078399 per coin. It quickly rose more than 8% to $0.084927. However, the meme coin soon lost most of its gains and is currently trading at $0.081469.

    Tesla began accepting dogecoin payments in January for some merchandise, and the electric car company currently accepts no other cryptocurrencies. The company used to accept bitcoin for products but stopped due to environmental concerns. Musk said in June last year that Tesla will resume accepting BTC when miners can confirm 50% clean energy usage. However, he has yet to revisit the subject.



    Musk has long been a supporter of dogecoin. He is known in the crypto community as the Dogefather. The Tesla boss previously revealed that he owns bitcoin, ether, and dogecoin. However, Spacex only owns bitcoin. In April, Tesla’s balance sheet shows $1.26 billion in digital assets.

    The Spacex chief said in May that dogecoin has potential as a currency while bitcoin is better suited as a store of value.

    The Tesla and Spacex CEO is currently trying to buy Twitter. However, the deal is currently put on hold pending details supporting the calculation that spam and fake accounts represent less than 5% of the social media platform’s users.

    What do you think about Elon Musk’s announcement that Spacex will soon accept dogecoin and Starlink subscriptions could follow? Let us know in the comments section below.

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  5. Senators Introduce Bill to Limit Use of China's Digital Currency in US

    Several U.S. lawmakers have introduced a bill to prohibit app platforms in the country from hosting apps that enable transactions using China’s central bank digital currency, the digital yuan. “The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance,” said the senator who introduced the bill.

    Defending Americans from Authoritarian Digital Currencies Act


    U.S. Senator Tom Cotton (R-Arkansas) introduced the “Defending Americans from Authoritarian Digital Currencies Act” Wednesday. The bill is co-sponsored by Senators Mike Braun (R-Indiana) and Marco Rubio (R-Florida).

    According to the text of the bill, the legislation seeks “To prohibit the use of the digital currency payment system operated by the government of the People’s Republic of China, and for other purposes.”

    Senator Cotton commented:

    The Chinese Communist Party will use its digital currency to control and spy on anyone who uses it. We can’t give China that chance.


    Specifically, the legislation prohibits “app platforms in the United States from hosting apps that enable transactions using the Chinese Communist Party’s digital yuan (e-CNY),” the announcement details.

    “The Chinese Communist Party’s digital yuan allows direct control and access to the financial lives of individuals. We cannot allow this authoritarian regime to use their state-controlled digital currency as an instrument to infiltrate our economy and the private information of American citizens,” said Senator Braun.



    Senator Rubio opined, “It makes no sense to tie ourselves to the digital currency of a genocidal regime that hates us and wants to replace us on the world stage,” emphasizing:

    This is a major financial and surveillance risk that the United States cannot afford to make.


    China has been actively developing and testing its central bank digital currency (CBDC).

    According to the latest data from the People’s Bank of China (PBOC), the digital yuan had 261 million unique users at the end of 2021. In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) have been made using the e-CNY. In April, the Chinese central bank added more test cities for the digital yuan.

    What do you think about the Defending Americans from Authoritarian Digital Currencies Act? Let us know in the comments section below.

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  6. Tether Launches on Polygon, USDT Stablecoin Now Hosted on 11 Blockchain Networks

    Following the company launching a fiat-pegged tied to the value of the Mexican peso, Tether, the stablecoin issuer has announced the firm has launched tether tokens on the Polygon network. The Polygon integration follows the stablecoin being added to the Avalanche and Kusama blockchain networks.

    Tether Joins the Polygon Blockchain Ecosystem

    • The largest stablecoin by market capitalization, tether (USDT), is now supported on the Polygon blockchain (formally called Matic). USDT’s market valuation today is $72.6 billion and the stablecoin trade volume is $59.15 billion out of the $106.34 billion in global trade volume on Friday.


    Tether Launches on Polygon, USDT Stablecoin Now Hosted on 11 Blockchain Networks

    • In addition to Polygon, USDT is supported on the Omni Layer blockchain, Ethereum, Tron, EOS, Liquid, Algorand, Solana, Bitcoin Cash (SLP), Kusama, and Avalanche. Furthermore, €195,998,829 worth of EURT, ¥20,503,468 worth of CHNT, and 226,289 XAUT (tether gold) have been issued by the firm.

    Expanding to the Polygon network’s layer two (L2) scaling solution on top of the Ethereum blockchain will provide tether (USDT) users with cheaper transfer fees. Polygon has more than 19,000 decentralized applications (dapps) and the network’s native token MATIC is the 21st largest by market valuation.

    “We’re excited to launch USDT on Polygon, offering its community access to the most liquid, stable, and trusted stablecoin in the digital token space,” Paolo Ardoino, the CTO at Tether said in a statement sent to Bitcoin.com News. “The Polygon ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive,” the Tether CTO added.

    The Polygon team confirmed the launch on Friday when the official Twitter page tweeted: “Tether USDT launches on Polygon.”

    In addition to tether (USDT) launching on Polygon, Polygon Studios CEO Ryan Wyatt explained that the team had put together a multi-million dollar fund to help Terra blockchain developers migrate to Polygon.


    • Tether says the Polygon announcement on Friday, “further solidifies Tether’s position as the most widely adopted stablecoin.”

    The news of tether (USDT) being implemented on the Polygon network follows the token’s market capitalization losing $10.4 billion since May 10, 2022. On that day, USDT’s market valuation was $83 billion and today it’s approximately $72.6 billion.

    Furthermore, Tether launched a fiat-pegged token tied to the Mexican peso called MXNT on May 26, and MXNT tokens will be available on Solana, Ethereum, and Polygon as well.


    What do you think about tether (USDT) launching on the Polygon network? Let us know what you think about this subject in the comments section below.

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  7. Study Shows the United States Is Home to 41% of the NFT Companies Worldwide

    According to a study called “A World of NFT Adoption” published by nftclub.com, the United States has the most non-fungible token (NFT) company headquarters in the world. While the U.S. captures more than 41% of the NFT companies worldwide, the second largest number of NFT startup locations stems from Singapore, as the country hosts over 10% in the region.

    91 NFT Companies Reside in the US, Singapore Follows With 24 Startups, Taiwan Leads the World in Terms of NFT Interest


    NFT Club published a research report that analyzes Google searches related to non-fungible tokens and the quantity of NFT companies worldwide. The study shows the country with the most interest in NFTs, according to NFT-related Google queries per 100,000 people. According to NFT Club’s statistics, Taiwan leads the world with 2,300,330 searches and a population of around 23,888,595 residents.

    “Using Google search data, we were able to identify which countries make the most NFT-related searches,” NFT Club’s study notes. “We looked at a range of common NFT search queries and found their total volumes over the last year for 50 different countries in order to reveal the place where people are the most interested in non-fungible tokens.”

    NFT searches are also popular in Australia, as the country holds the second-largest position in terms of interest. The number of NFT searches down under clocked in at 2,137,060 queries among a population of around 26,068,792 citizens. While Taiwan and Australia captured the top two positions in terms of NFT interest by country per 100,000 people, Canada, Iceland, and New Zealand follow.

    Study Shows the United States Is Home to 41% of the NFT Companies Worldwide

    NFT Club’s research also details that the United States is home to the highest-funded NFT company, Forte Labs, and the second-highest funded startup, Sorare, stems from France. The U.S. leads in terms of the most NFT companies worldwide with 91 firms recorded, which shows the U.S. is home to 41.55% of all the NFT startups. Singapore has 24 NFT companies located in the country, which equates to 10.96% of all the NFT startups globally.



    India today has the third-largest number of NFT companies located in the country, with 11 businesses total or 5.02% of the global aggregate. India is followed by Canada, Australia, Japan, and the United Kingdom, respectively. In addition to leading with the most NFT firms, the U.S. hosts five of the ten highest-funded NFT companies. The list of U.S.-based NFT firms includes Forte Labs, Opensea, Fancraze, Genies, and Pixel Vault, with a combined $1.6 billion in funding raised.

    What do you think about NFT Club’s recent study? Let us know what you think about this subject in the comments section below.

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  8. Bulgarian Crypto Trader Disappears Under Mysterious Circumstances

    The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enforcement officials are now investigating his possible abduction while some in the local crypto community speculate he might be hiding from disgruntled investors.

    Bulgarian Authorities Investigate Possible Kidnapping of Alleged Crypto Millionaire


    Police in Bulgaria are trying to locate a businessman who went missing under strange circumstances earlier this week. The 32-year-old Alexander Altunbashev is an IT specialist and entrepreneur who, according to media reports, made money from crypto trading.

    Prosecutors in Sofia are looking into his possible kidnapping as the main suspected reason for his disappearance. Quoting sources from the investigation, Nova TV reported that Alexander’s sister, Teodora, spoke with him before he left for Plovdiv, Bulgaria’s second-largest city.



    On Monday morning, Teodora gave him a ride to Sofia’s Mladost district. Later that day, she saw a man unlocking and entering her brother’s home, right next door to her own apartment. When she asked him who he was and what he was doing, he left telling her only he was “in a hurry” and getting in an SUV driven by a woman.

    Investigators found Alexander’s apartment turned upside down. They believe that whoever did it was probably trying to gain access to his bank accounts or cryptocurrency wallets. The last time Teodora managed to reach him over the phone, Alexander told her he was traveling towards Burgas, on Bulgaria’s Black Sea coast.

    Alexander’s atypical behavior and her failed attempts to talk to him again when his phone was switched off convinced Teodora to call the police. Investigators have also interrogated the crypto trader’s girlfriend, Kristina, who didn’t know of any threats against him or issues with his business relations.

    Altunbashev May Be Hiding From Clients, Crypto Community Suspects


    The missing IT expert’s cellphone was last used from a location just outside Sofia. The last person to speak with him was Ivaylo Borisov, a person with a criminal record known by his alias ‘Torino,’ who is a close friend of Alexander. The two were supposed to meet at noon on Monday but the crypto trader didn’t show up. Borisov is collaborating with law enforcement authorities.

    Meanwhile, speculations have emerged in the country’s crypto community that Alexander Altunbashev may have actually decided to go into hiding as he was probably investing funds for clients that may have been lost. “If he was indeed managing money for others, and you wake up one morning and the money has turned to zero — maybe there is a conflict with the people that are looking for their money,” commented Vladislav Dramaliev, director of Bithope Foundation, quoted by bTV.

    The case follows the recent crypto market slump that led to major coins like bitcoin (BTC) and ether (ETH) losing half of their value since last year’s all-time highs and the collapse of crypto projects. According to unconfirmed reports by other Bulgarian publications, Altunbashev made over €6 million (almost $6.5 million) in 2021 and allegedly boasted to friends about expensive real estate purchases in Greece and Dubai. His Facebook profile reveals he has visited other exotic destinations as well.

    Do you think Bulgarian authorities will manage to locate the missing crypto trader? Tell us in the comments section below.

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  9. Economist David Dodge Says Gold Is an 'Antique Instrument,' Thinks Digitizing the Canadian Dollar Is Interesting

    The economist David Dodge, the former seventh governor of the Bank of Canada, says gold is an “antique instrument,” and he believes Canada’s central bank got rid of its gold reserves for this very reason. Despite saying gold is an outdated financial tool, Dodge said that the leading crypto asset bitcoin (BTC) has no place in the Bank of Canada’s reserves.

    David Dodge: The Bank of Canada ‘Holding This Antique Instrument of Stability Called Gold Really Didn’t Make Any Sense’


    David Dodge, the former seventh governor of the Bank of Canada (BofC), thinks gold is an antiquated payment tool and that it’s costly to store. Dodge spoke with Kitco News correspondent David Lin on Thursday and discussed the shiny yellow precious metal.

    According to Dodge, gold is an archaic instrument and Canada’s central bank was correct to get rid of it all. Canada is the only G7 nation that does not hold any gold reserves. The Canadian central bank’s gold-selling trend started in the early 2000s and by 2016, Ottawa had sold most of its gold reserves.

    “[The] issue is quite clear, that it costs to hold gold, whereas holding U.S. or Chinese or Euro bonds yields you a return,” Dodge told Lin on Thursday afternoon. “…That was a strong view. And a view that our international monetary system was in a place that was sufficiently robust, that holding this antique instrument of stability called ‘gold’ really didn’t make any sense.”

    Dodge Believes in Reducing Transaction Costs, Says the Issue of Digital Currencies ‘Is a Very Important Issue’


    Canada followed in the footsteps of the United Kingdom when the region sold half of its gold holdings, or 395 tonnes of gold, between 1999 and 2002. U.K. citizens called the event “Brown’s Bottom,” named after the Chancellor of the Exchequer from 1997 to 2007, Gordon Brown. Canada getting rid of gold was dubbed “Poloz’s Bottom,” named after the ninth BofC governor, Stephen Poloz. Dodge also touched upon digital currencies like bitcoin during his discussion with Kitco News on Thursday.

    Dodge doesn’t believe bitcoin (BTC) deserves a spot in the BofC’s reserves, but the former central bank governor did not dismiss crypto assets. “The issue of digital currencies is a very important issue,” Dodge said. “[What] we would like to do, globally and [in Canada], is to reduce transaction costs… [The] Bank and the Department of Finance are working hard… on this issue of digitalizing our financial system to reduce transaction costs… The financial system is interested in digitizing the Canadian dollar.”

    What do you think about David Dodge speaking about gold and digital currencies? Do you agree with his opinions? Let us know what you think about this subject in the comments section below.

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  10. bitcoin-com-stablefund.jpeg

    UK-based StableOne’s newest venture, an app called StableFund, is spearheading a new outlook on crypto. This innovative app is all set to make the lives of crypto investors a lot better.

    Built on the Polygon chain and powered by sophisticated technology, this state-of-the-art AI trading bot is full of promise. StableFund gives users a platform to trade altcoins using its AI bot. Altcoins, short for alternative coins, are cryptocurrencies other than Bitcoin. The most popularly known altcoins include Ethereum, Ripple, NEO, etc. These cryptocurrencies are fast gaining momentum owing to their high potential rewards. Users can swap the top 200 coins with the help of this application, for example swapping BTC with USDT. Market investors looking to diversify their portfolios are buying large selections of altcoins.

    Users can earn 1.5% rewards daily with the StableFund app. It is cleverly designed to offer maximum profits on crypto trades. It leverages technical analysis and proven trading strategies shared by pro traders to build trades that ring in the highest profits.

    However, most platforms failed to offer secure, real-time services to trade these valuable currencies. Till now. StableFund is the emerging app investors have long been searching for. The user-friendly application has an inviting UI. Simple navigation breaks down otherwise complex systems, taking the user in and out of various dynamic features.

    On this app, users can have their own wallets. They can buy crypto using various payment options – credit card, debit card, and Apple Pay. Military-grade security measures are put in place to ensure that the users feel safe when trading large sums.

    To become an investor on the StableFund application, all that one needs to do is create a wallet, buy MATIC, connect it to your wallet, and make a deposit to start enjoying regular dividends on investments. Users can withdraw funds at any time they like by simply choosing the Withdraw option.

    The continued community support and love sustain the profit-making StableFund app. Within a few simple steps, new users can begin investing in altcoins. The AI bots run day and night to ensure that you keep gaining profits, including sizeable passive incomes that are sure to keep you coming back for more.

    For more information on the venture, go check out StableFund’s official website: https://stablefund.app




    This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

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  11. While Stocks Rebound, Analysts Discuss Bitcoin's Decoupling, Gold Markets Remain 'Under Pressure'

    U.S. equities markets jumped on Thursday as stock traders saw some relief after a number of weekly losses. All the major stock indexes rebounded after falling for nearly eight weeks in a row, while the crypto economy took some losses on Thursday, losing roughly 4% against the U.S. dollar during the past 24 hours. Meanwhile gold has been hanging below the $1,850 per ounce mark as Kitco’s Neils Christensen says gold markets remain “under pressure, seeing no major buying momentum.”

    Analyst Says ‘Doom and Gloom’ Predictions ‘May Have Been Overdone’ Amid Stock Market Rebound

    The Dow Jones Industrial Average, S&P 500, the Nasdaq, and NYSE composite all rallied during Thursday’s trading sessions. The S&P 500 rose about 2% reaching 4,057.84 by the closing bell, while Nasdaq spiked 2.7%, hitting 11,740.65.

    Markets check: It's a better day as stocks continued to rebound from the lowest levels in over a year.

    Nasdaq 100 is currently up 2.99% https://t.co/SvxNwDuX3N pic.twitter.com/gbsgAlPP8B

    — Bloomberg Markets (@markets) May 26, 2022

    The Dow Jones jumped around 1.6% on Thursday afternoon, as the index recorded gains for the fifth straight day in a row. Quincy Krosby, LPL Financial’s chief equity strategist, believes the rebound may be a sign that some of last week’s doom and gloom predictions were overhyped.

    “Although this was an expected, and highly talked about potential ‘oversold’ rally, the underpinning for today’s market climb higher, suggests that last week’s doom and gloom about the all-important U.S. consumer may have been overdone, along with the dire recession headlines,” Krosby told CNBC’s Tanaya Macheel and Jesse Pound on Thursday.

    Many Believe Cryptos Have Decoupled, Alex Krüger Says ‘Worst Case Scenario for Crypto Is Here’

    Meanwhile, amid the equities rebound, the cryptocurrency economy faltered again on Thursday, losing 4% during the past 24 hours of trading. Bitcoin (BTC) lost a small percentage on Thursday dropping roughly 0.7%.

    Ethereum (ETH), however, lost around 6.9%, alongside a number of alternative crypto assets that saw deeper losses than bitcoin. While stock markets have improved and crypto assets have not, a number of traders have been discussing crypto decoupling from stocks in terms of correlation.

    Crypto Twitter: crypto did not decouple!

    Nasdaq: +4% this week

    ETH: -3% this week (-13% open to trough)

    — Alex Krüger (@krugermacro) May 26, 2022

    The economist and trader Alex Krüger spoke about crypto decoupling from stocks on Thursday.

    “Worst case scenario for crypto is here,” Krüger said. “Apathy and decoupling. The correlation with equities is now broken. It’s been largely gone since Monday afternoon. Now equities bounce alone.” After his statement, Krüger doubled down on his commentary. “Watch people who don’t trade and barely watch charts or correlations disagree with this tweet. It’s ok. Everybody copes differently,” Krüger added.

    The bitcoin proponent Luke Martin, host of the Stacks podcast, also talked about digital currencies not bouncing back with equities markets.

    “Seeing lots of tweets about stocks [and] crypto decoupling, and crypto not bouncing with stocks,” Martin tweeted. “Charting gives a better picture of what’s happening: 1/ We had high correlation 2/ Luna collapse leads to more severe crypto selloff 3/ Post collapse crypto not making up the difference.”

    As Gold Markets Slump, Peter Schiff Discusses the US GDP Contraction and Bitcoin’s Decoupling

    Gold has also not increased in value and remains under the $1,850 per ounce price range against the U.S. dollar. 30-day statistics show an ounce of fine gold is down 1.67% and 0.27% was lost during the past 24 hours. On Thursday, Kitco’s Neils Christensen discussed gold’s slump in a report that highlights the recent U.S. Commerce Department report that notes the first-quarter gross domestic product (GDP) declined at a 1.5% annual rate. “The gold market is not seeing much reaction to the disappointing economic data,” Christensen explained on Thursday.

    Gold bug and economist Peter Schiff talked about the GDP shrinking 1.5% and also mentioned that bitcoin (BTC) has decoupled from Nasdaq. “The U.S. economy, supposedly the strongest it’s ever been, contracted by 1.5% in Q1, .2% more than analysts expected,” Schiff said on Thursday. “If [the] GDP contracts again in Q2, then the economy is officially in a recession. If GDP contracts when the economy is so [strong], imagine what happens when it’s weak,” the economist added.

    Schiff continued on Thursday and made sure to throw salt on bitcoin’s recent market wounds. Schiff remarked:

    Is bitcoin finally breaking free of its high correlation with the Nasdaq? While tech stocks are rising today Bitcoin is falling, almost breaking below $28K. My guess is that Bitcoin will continue to maintain its positive correlation with the Nasdaq, but only when it’s falling.

    What do you think about the current state of markets and the economy? Let us know what you think about this subject in the comments section below.

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  12. photo_2022-05-26_17-50-33.jpg

    Australian FX and CFD provider Eightcap has recently announced that it has partnered with TradingView, allowing crypto derivative traders to trade directly from TradingView’s charts into their Eightcap trading accounts. Crypto derivative traders will access Eightcap’s full suite of crypto derivatives, including altcoins, crypto-indices and crypto-crosses. Eightcap’s integration with TradingView is the next step for the award-winning broker as it continues to build a home for crypto traders.

    TradingView is a charting platform and social network that attracts over 30 million monthly users globally and has been rated the number one website for investing. The platform enables crypto traders to identify and analyse trading patterns using TradingView’s customisable charts and allows them to discover hundreds of crypto trade ideas daily by joining TradingView’s community of global traders. The integration also ensures that they never miss a price level with easy to set up trading alerts. Users will also be able to test and automate their trading strategy with TradingView’s Pine Script programming language.

    Eightcap’s integration with TradingView provides its clients with a wide range of trading tools to help make better-informed trading decisions and have the capability to trade directly via the TradingView charts. Clients will be able to access 12 chart types, including Renko and Point and Figure, rewind the markets, watch the price action unfold, and create custom formulas and timeframes. Furthermore, the TradingView platform comes with over 100 pre-built indicators, over 100,000 community built indicators, 50 drawing tools, and more.

    After depositing, clients will also have access to several tools specifically targeting crypto derivative trades. This includes exclusive use of CryptoCrusher, a tool that provides derivative traders with daily crypto trade ideas, indicators to identify crypto trading opportunities and live crypto-based educational resources. Crypto derivatives traders with Eightcap will also have the chance to automate their crypto trades code-free using Capitalise.ai.

    Joel Murphy, Eightcap CEO, commented: “Providing our clients with unique trading resources is a priority for us as we continue to build a home for our traders. TradingView is used by millions of traders worldwide, and we are excited about this partnership as it allows crypto derivative traders to make the most out of TradingView’s outstanding charting experience.”

    Marcus Fetherston, Director of Operations, added, “Our partnership with TradingView is another key milestone for Eightcap. We are committed to providing crypto derivative traders with an extensive range of tools and resources before they start trading the cryptocurrency market. This is yet another platform to choose from when opening an account with us. Our clients will be able to trade directly into their Eightcap trading account via the TradingView charts, but they will also have access to a large community of traders. This opens them up to a world of trade ideas and market analysis and works hand in hand with our competitive spreads across 300+ crypto derivatives.”

    This announcement comes hot on the heels of the broker’s latest product launch; the rollout of over 300 crypto derivatives, including altcoins, crypto-crosses and crypto indices, all with ultra-low spreads. Eightcap has also won several awards in the past year. The most recent one is where the broker was named Best Crypto Broker at the annual AtoZ Markets awards. Eightcap has more in the works as it continues into 2022 to provide its clients with an exceptional trading experience.

    About Eightcap

    Eightcap is an Australian CFD and FX broker founded in 2009 and offers its clients access to over 1000 financial instruments. Since then, the broker has rapidly expanded and offers derivative products worldwide across FX, Indices, Shares, Commodities and Cryptocurrency CFDs. Eightcap has won several awards over the past couple of years, including Best MT4 Forex Broker Global 2020. The latest addition to the accolades is Best Crypto Broker 2021. The broker is also regulated in multiple jurisdictions, including the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of the Bahamas (SCB). The award-winning support team gives their utmost to clients on a 24/5 basis. Signing up with Eightcap is done in three simple steps and requires a minimum deposit of $100. Deposits can be made in AUD, USD, GBP, EUR, NZD, CAD, and SGD, using credit or debit cards such as Visa/Mastercard, POLi, Wire transfer, BPAY, China UnionPay (uPOP), Skrill, Neteller, BTC, Tether, and PayPal.

    Eightcap also has an award-winning partner program. Rebates up to $6 USD per lot and CPAs up to $900 USD are a couple of the many rewards that affiliates gain access to through their partnership with Eightcap. TradingView’s integration is set to allow another level of in-depth analysis that can also be utilised for signal sharing. Bringing this option to the table means that more and more clients feel at ease settling down and continuing their trading journey with Eightcap.

     

     


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  13. Binance to Advise Kazakhstan on Crypto Regulations

    Cryptocurrency exchange Binance will assist the government of Kazakhstan in efforts to regulate the country’s crypto space. The global coin trading platform will also help with the integration of the domestic banking system with the expanding digital assets market.

    Kazakhstan to Cooperate With Binance on the Development of Its Crypto Sector

    Binance, the world’s leading crypto exchange by trading volume, has signed a memorandum of understanding with Kazakhstan’s Ministry of Digital Development, Innovation and Aerospace Industry. The major crypto platform and the department will collaborate in the crypto space.

    The memorandum was signed during a visit of Binance CEO Changpeng Zhao to the Central Asian nation, the crypto news outlet Forklog revealed, quoting the company. In Kazakhstan, Zhao met with high-ranking government officials, including the head of the digital development ministry Bagdat Musin and President Kassym-Jomart Tokayev.

    According to the report, Binance will advise the country on the regulation of cryptocurrencies. The Ministry of Digital Transformation and the exchange will also seek a solution allowing the integration of Kazakhstan’s banking infrastructure with the crypto market, the document details.

    Furthermore, Binance and the ministry have agreed to join forces in support of the Astana International Financial Centre (AIFC), the financial hub in the capital city Nur-Sultan, formerly Astana. The two sides have discussed the possibility of creating a blockchain-focused venture fund and an academy “to help local talent from the Astana Hub reach the global level,” Musin said.

    Kazakhstan wants AIFC to become a base for regulated cryptocurrency exchanges. Last summer, the country’s National Association of Blockchain and Data Center Industry unveiled that domestic commercial banks will be permitted to open accounts for crypto trading platforms registered at the hub as part of a pilot project.

    After China cracked down on its crypto mining industry last spring, Kazakhstan became a major mining hotspot, but the influx of miners has been blamed for a growing power deficit. To deal with the issue, the government plans to introduce differentiated tax rates depending on the cost of the consumed electrical energy. The necessary amendments to the Tax Code were approved this week on first reading in the Mazhilis, the lower house of parliament.

    Do you expect other crypto companies to help Kazakhstan with crypto regulations? Tell us in the comments section below.

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  14. Paraguay

    Cryptocurrency regulation in Paraguay is progressing steadily, as a crypto bill introduced in December has been approved by the Chamber of Representatives in the country. The bill, which contains definitions and rules for cryptocurrency mining, one of the hot topics in Paraguay due to the cheap electricity costs, will be passed to the Senate to be discussed.

    Paraguay Advances Crypto Bill

    Latam countries are taking cryptocurrencies in a more serious light, and are now working to approve cryptocurrency legal frameworks. This is the case of Paraguay, a country that has been traditionally seen as a mining haven by cryptocurrency mining companies due to the cheap electricity costs the country features. Now, a crypto bill project that seeks to bring more clarity to these companies has been approved in the Chamber of Representatives of Paraguay.

    The bill, which was approved in December last year by the Senate, was approved with a voting record of 41 votes in favor and 11 votes against. Carlitos Rejala, one of the biggest supporters of the bill, celebrated this development on social media, stating:

    A big leap for bitcoin in Paraguay. The second chamber of Congress just approved the bill proposal for creating a legal framework for bitcoin mining. 100% Hydroelectric renewable power.

    Regulation Specifics

    The new bill stipulates that cryptocurrency exchanges will now be regulated as entities, having the obligation of registering their operations as virtual asset service providers to SEPRELAD, the money laundering watchdog of the country. P2P traders will also have to register their operations because the rule applies to any person or company that is going to trade, manage, broker, exchange, or store crypto assets for third parties. This also includes crypto custody companies.

    Cryptocurrency mining will also benefit from this bill, as it would regulate matters related to the energy supply and the tariffs that the government will be able to collect, clarifying an activity that is still not regulated in the country. The bill transfers these responsibilities to ANDE, the National Electricity Administration, which will establish the power rates complying with the mandate in this bill, which says these cannot be over 15% of the industrial rates.

    The bill will now be passed again to the Senate of the country, which will have up to 90 days to discuss the contents and propose changes to the structure of the document. Then, if approved, the bill will be ready for presidential sanction.

    What do you think about the newly approved Paraguayan cryptocurrency bill? Tell us in the comments section below.

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  15. eurovision2022.jpg

    Kalush Orchestra, the winners of the Eurovision Song Contest 2022, are auctioning off an NFT for charity. The auction started May 25 on MetaHistory — the official Ukrainian charitable NFT museum – and will last only until the 28th. Bids will be accepted in both cryptocurrency and fiat currency (via Monobank), thus creating a friendly competition for what type of currency can bring the most donations.

    Kalush Orchestra Auction NFT for Ukraine


    The Eurovision Song Contest 2022 took place on May 14 in Turin, Italy. The event had a television audience of 161 million viewers in 34 measured markets, and 18 million viewers also watched the contest online on YouTube and TikTok. The winner was the song Stefania, performed by Kalush Orchestra. Now the band is auctioning an NFT of the Eurovision Glass Microphone Trophy awarded it to collect donations to help Ukraine.

    By purchasing the NFT with cryptocurrency, the lucky owner receives: A 100% unique digital NFT file featuring a microphone and Kalush Orchestra. An exclusive meeting and dinner with members of the Kalush Orchestra. As well as an opportunity to receive the physical object, the Crystal Microphone, as long as the bid is higher than the fiat currency bid.

    The voice of Ukraine will sound as loud as possible with our special NFT auction Stefania where you will be able to bid for a statue of Eurovision 2022 winners.
    Auction starts right now and lasts till May 28th 19:00. Get your 12 points from Ukraine now!https://t.co/Boh9SvhpwE pic.twitter.com/d2t6eELq6r

    — Meta History: Museum of War (@Meta_History_UA) May 25, 2022



    The raffle initiative is supported by the Ministry of Culture and Information Policy, the Ministry of Digital Transformation of Ukraine, and the European Broadcasting Union (EBU), the association of broadcasters that organizes the international Eurovision Song Contest. All of the money raised will go to the CO Charitable Foundation of Serhiy Prytula.

    Forty countries participated in the popular European cultural event, with Russia excluded from Eurovision this year. The Ukrainian song won by a large margin, and was the first written entirely in the Ukrainian language. As such, it is widely considered that voters for it supported not only the music of Kalush Orchestra, but the struggles of the country in general.

    The Ukrainian people, and even government, have embraced crypto donations and NFTs as a means to gather support in a way that on one could have expected before the events of the last 3 months. According to analytical group Crystal, crypto donations for Ukraine during the war were the largest in history. As of May 12, 2022, this amounted to more than $82 million. Considering this, it’s not that surprising that the first attempt to make the minting of the NFT trophy “Crystal Microphone” in Europe belongs to Ukraine.



     

    “Web3 allows to pool funds in unprecedented ways”, says Alona Shevchenko, co-founder of Ukraine DAO. The NFT of the Ukrainian flag, launched by Ukraine DAO, was auctioned off for $6.5 million in ETH, making it the 10th most expensive NFT ever sold.

    “The last three months of war has shown how powerful and creative Web3 could be when it comes to fighting for human freedom”, adds Rev Miller, one of the founding partners of Unchain Fund. To date, Unchain raised around $10m in crypto across 15 different blockchains.

    “MetaHistory stand for any undertakings and efforts to collect a charitable support for the benefit of Ukraine. So, when it comes to such a historical trophy and the precedence of the minting, it causes only admiration for MH and Kalush Orchestra teams” comments VK, CEO & founder of MetaHistory.

    What do you think about artists releasing NFTs for charity?

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  16. photo_2022-05-26-20-54-00.jpeg

    The government in crisis-stricken Sri Lanka has said it will print more money and cut spending on infrastructure as part of an attempt to pacify the restive population. The government, however, concedes that printing more money will likely see the inflation rate rise to 40%.

    Printing More Money as the Solution


    After defaulting on its obligations for the first time, the government in crisis-hit Sri Lanka now expects the country’s inflation rate to top 40%, Prime Minister Ranil Wickremesinghe has said. With the country now facing a steep revenue shortfall, authorities have said they intend to print money worth nearly $2.8 billion (one trillion rupees) which will be used to partly fund the government welfare programs.

    As per remarks published in the Business Standard, Wickremesinghe concedes that injecting one trillion rupees into circulation may lead to more hardship and further turmoil in the country. Nevertheless, the recently installed prime minister insisted the reforms being undertaken by his government are intended to improve the welfare of the population.

    Looking at the hard days ahead, there have to be protests. It’s natural when people suffer, they must protest. But we want to ensure that it does not destabilise the political system. With the interim budget, it is just about cutting down expenditure, cutting to the bone where possible and transferring it to welfare.


    According to the Business Standard report, Sri Lanka’s economic woes were triggered by the Covid-19 pandemic, which ruined the country’s tourism industry. Some critics have, however, placed the blame on President Gotabaya Rajapaksa’s government, which approved tax cuts they argue caused the income flowing into government coffers to drop further.


    Sri Lanka’s Debt Default


    Meanwhile, an Al Jazeera report suggested that the country’s failure to honor its debt obligation relating to coupon payments had led to Sri Lanka’s first default. A total of $78 million in outstanding coupon payments, initially due on April 18, were still not paid for when the 30-day grace period lapsed on May 18.

    Giving his rationale for concluding that Sri Lanka has already defaulted, the prime minister said:

    “We are in preemptive default. There can be technical definitions … From their side, they can consider it a default. Our position is very clear, until there is a debt restructure, we cannot repay.”

    In addition to printing more rupees, Prime Minister Wickremesinghe’s government is reportedly planning to cut spending on infrastructure. The funds raised from the spending cuts will be used to finance a two-year relief program.

    What are your thoughts on this story? Let us know what you think in the comments section below.

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  17. JPMorgan Foresees Increased Blockchain Use in Finance — Prepares to Offer Related Services

    JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.”

    JPMorgan’s Blockchain Plans


    JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday.

    The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as collateral and trade outside of market operating hours. The first such transaction took place on May 20.

    Ben Challice, JPMorgan’s global head of trading services, was quoted as saying:

    What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis.


    In addition to derivatives trading, repo trading, and securities lending, JPMorgan said it plans to expand tokenized collaterals to include equities, fixed income, and other asset types.

    Tyrone Lobban, head of JPMorgan’s Blockchain Launch and Onyx Digital Assets, explained that over time the bank’s blockchain could potentially be a bridge connecting institutional investors with decentralized finance (defi) platforms in the crypto economy.

    He continued that as the crypto sector grows:

    There will be a growing set of financial activities that happen on the public blockchain, so we want to make sure that we are able to not only support that but also be ready to provide related services.




    In February, JP Morgan opened an “Onyx by J.P. Morgan” lounge in the metaverse. The bank estimated the metaverse to be “a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.”

    JPMorgan CEO Jamie Dimon, while skeptical of bitcoin and crypto, is bullish about blockchain. He said in April: “Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not.”

    This week, JPMorgan’s strategists published a bullish report on bitcoin and cryptocurrency, stating that there is “significant upside” to the price of BTC. The bank has also replaced real estate with cryptocurrencies as its “preferred alternative asset class.”

    What do you think about JPMorgan’s blockchain plans? Let us know in the comments section below.

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  18. SEC Has Dropped the Ball on Crypto Regulation and 'There Are Long-Term Consequences,' Says Commissioner

    A commissioner with the U.S. Securities and Exchange Commission (SEC) has warned that the securities market regulator has dropped the ball on crypto regulation. “We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure,” said the commissioner.

    SEC Commissioner Warns About the ‘Failure’ of Crypto Regulation


    SEC Commissioner Hester Peirce expressed concerns that the U.S. has dropped the ball on the regulation of cryptocurrencies in an interview with CNBC on the sidelines of the DC Blockchain Summit this week.

    Peirce, who is also known in the crypto community as “crypto mom” for her support of the industry, discussed challenges in the crypto ecosystem from a regulatory standpoint. Firstly, the commissioner mentioned fraud, stating that “There’s a lot of fraud in this space because it’s the hot area of the moment.”

    However, she stressed that what concerns her more is that the SEC has dropped the ball on crypto regulation. Peirce stated:

    The other piece that does concern me is the way that we’ve sort of dropped the regulatory ball.


    “We’re not allowing innovation to develop and experimentation to happen in a healthy way, and there are long-term consequences of that failure,” the commissioner warned.

    The crypto market has suffered a massive loss over the recent weeks, shedding about $500 billion since the beginning of the month.

    The market downturn was exacerbated by the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST). The two cryptocurrencies lost almost all value within days. The catastrophe has prompted Congress to call for the urgent regulation of stablecoins.

    Following the implosion of the two cryptocurrencies, SEC Chairman Gary Gensler warned that a lot of crypto tokens will fail and investors will get hurt. He has repeatedly said that a lot of coins listed on crypto exchanges are securities and should be registered with his agency. However, Gensler also emphasized that the SEC does not have enough resources to adequately police financial markets, stating that the regulator is really “outpersonned.” He also said that crypto exchanges are trading against their customers often.



    The SEC under Gensler has so far been enforcement-centric. Since the securities watchdog launched a unit dedicated to crypto asset oversight in 2017, it has brought more than 80 enforcement actions against crypto companies. The agency recently announced that it will almost double the size of its Enforcement Division’s crypto unit.

    Peirce emphasized the need for regulatory clarity from the SEC, adding that there is a lot of work to be done within existing authorities. Citing that traditional financial institutions want to get involved in crypto, she stressed: “They need regulatory clarity from us in order to do that.”

    The commissioner opined:

    We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we’ve got to get working … I haven’t seen us willing to do that work so far.


    What do you think about SEC Commissioner Peirce’s comments? Let us know in the comments section below.

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  19. indonesia.jpg

    With over 270 million people, Indonesia is the fourth-most populous country in the world and its economy is one of the largest markets in Asia. It also has a large unbanked population, a receptive regulatory environment and additional factors making it stand out for crypto adoption. In the latest episode of the News Podcast we talk to a local expert that explains all about the Indonesian crypto community.

    David is the CEO of the Indonesia-based research platform, Republik Rupiah. He recently joined the Bitcoin.com News Podcast to talk about the local crypto market:

    Among the topics discussed in this episode are the importance of crypto education, people making a living from play-to-earn blockchain games, the growing crypto industry in Indonesia and much more.

    Republik Rupiah is an Indonesia-based research platform, designed to help investors understand and navigate the world of general finance, with a focus on crypto assets. This is done through community, research, and education.


    The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play.


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  20. Huobi Global Acquires Latin American Crypto Exchange Bitex

    The digital currency exchange Huobi Global has revealed it has acquired Bitex, a Latin American crypto platform that operates in Argentina, Chile, Paraguay, and Uruguay. Huobi details that the company is stepping up its presence in Latin America as it believes the region will be one of the most active crypto adoption areas worldwide.

    Huobi Aims to Step Up Its Presence in Latin America, Acquires Local Bitex Exchange

    On Thursday, the leading crypto asset exchange Huobi Global announced the company has acquired the Latin American cryptocurrency exchange Bitex. According to the announcement sent to Bitcoin.com News, the terms of the deal between Huobi and Bitex have not been disclosed.

    Bitex is an exchange that was founded in 2014 and while Huobi will be the parent company, the trading platform will retain its current branding and management team. Bitex offers digital currency services to residents located in Argentina, Uruguay, Paraguay, and Chile.

    “Since Huobi Group first entered the Latin American market, we have seen remarkable growth there and are bullish on our prospects for the region,” Jeffrey Ma, the global head of mergers and acquisitions at Huobi Group said in a statement. “We are pleased to partner with an established player like Bitex, as we look to grow our footprint in Latin America. Our partnership will enable more users to trade with Huobi’s proven security, liquidity, and stability.”

    Bitex to Keep Branding and Management, CEO Believes Huobi Will Help Expansion

    While Bitex will keep its team and branding, Huobi will integrate the company’s platform with the Bitex system. The integration will give all Bitex customers access to the digital currencies offered by Huobi’s Global’s trading engine.

    Huobi has been interested in stepping up its Latin American presence since 2019, when it launched Huobi Argentina. The company notes that from 2019 to 2021, Latin America saw crypto usage rise by 1,370%.

    Today, Huobi Global is the fourth largest exchange by crypto trade volume, and in terms of crypto reserves, Huobi is the third largest with $11.7 billion in assets under management (AUM). Bitex CEO Francisco Buero believes Huobi will help the company’s expansion efforts.

    “Bitex was founded to protect the value of our users’ money, in the wake of major financial crises in Latin America. Having grown rapidly after eight years of successful operations, we believe our partnership with Huobi Global will not only support our expansion but also help us better serve our customers, enabling them to access a broader range of digital assets on Huobi Global’s platform,” Buero detailed on Thursday.

    What do you think about Huobi Global acquiring the Latin American exchange Bitex? Let us know what you think about this subject in the comments section below.

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  21. Portuguese Parliament Rejects Crypto Tax Proposals During Budget Debate

    Two proposals to tax crypto assets have failed to gain support from Portuguese lawmakers who are now discussing the state budget. The bids came from minority left-wing parties, while the ruling majority is yet to put forward its own draft to regulate the matter.

    Portuguese Lawmakers Stop Motions to Tax Crypto Gains

    Members of the Assembly of the Republic, Portugal’s legislature, have rejected two separate proposals to tax profits from crypto investments. They came from the leftist parties Bloco de Esquerda (Left Bloc) and Livre, and were turned down by the majority of the ruling Socialist Party.

    The attempts to adopt rules for the taxation of capital gains from crypto assets were made during the ongoing discussions on the country’s 2022 budget, Eco reported. The Portuguese news portal has been following the parliamentary debate.

    The development comes after a recent statement by Finance Minister Fernando Medina, who revealed that the government is working on a legal framework allowing the taxation of crypto-related income. He indicated that it’s unacceptable to have tax loopholes for any capital gains, signaling Portugal is preparing to change its tax policy regarding cryptocurrencies.

    Portugal established itself as a crypto-friendly destination by maintaining a zero-percent tax rate on profits from private crypto investments. When these gains are not resulting from professional activities, they are not subject to income tax.

    Livre’s proposal envisages taxing capital gains from crypto exceeding a threshold of €5,000 ($5,400). The eco-socialist party insisted that the executive power in Lisbon should take the necessary steps to introduce an obligation to declare crypto assets for the purpose of their taxation.

    Portugal’s favorable crypto tax regime and relatively affordable costs of living have turned the country into a hub for tech innovations, attracting digital nomads and bitcoin enthusiasts from around the world, including Ukrainians working in the crypto space more recently.

    What’s your explanation for Portugal’s decision to change its crypto taxation policy? Tell us in the comments section below.

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  22. Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

    The stablecoin issuer Tether Operations Limited has announced the company has launched a new fiat-pegged token tied to the value of the Mexican peso. According to the team the newly launched MXNT tokens will be initially hosted on Ethereum, Polygon, and Tron.

    MXNT Stablecoin Is Pegged 1:1 to the Mexican Peso

    The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has launched MXNT, a stablecoin that is pegged to the value of the Mexican peso.

    Tether’s other fiat token offerings include the popular USDT, which is pegged to the U.S. dollar, and EURT, which is tied to the value of the euro. The company also offers CNHT, an offshore Chinese yuan-pegged token, and tether gold XAUT, a token pegged to the value of one ounce of fine gold.

    Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

    MXNT’s launch will officially start on Polygon, Ethereum, and Tron. Tether said it believes a digital peso will be quite beneficial to Mexico’s remittance industry. “The multibillion-dollar flow of remittances into Mexico and the difficulties involved with money transfers, have created a unique opportunity for stablecoin usage and adoption,” Tether’s announcement on Thursday details. The company added:

    The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.

    Tether USDT is the largest stablecoin in existence today, as it currently has a market valuation of around $73.2 billion. The token’s market capitalization represents 5.77% of the $1.27 trillion crypto economy.

    Out of the $86.43 billion in digital currency trade volume on Thursday, tether’s volume is around $45.42 billion, or 52.55% of today’s global trade volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trade volumes. Tether says the launch of MXNT will be a “testing ground for onboarding new users in the Latin American market.”

    Paolo Ardoino, the CTO of Tether, detailed during the announcement that the company has seen digital currencies rise in popularity in Latin America. “We have seen a rise in cryptocurrency usage in Latin America over the last year that has made it apparent that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

    The Tether CTO continued:

    Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT can minimize volatility for those looking to convert their assets and investments from fiat to digital currencies.

    Just recently, Tether published the firm’s USDT May 2022 assurance report after the recent Terra blockchain UST fallout. Circle, the usd coin (USDC) stablecoin issuer, also released an assurance report in May and recently explained its plans to publish USDC attestation reports on a weekly basis.

    What do you think about the stablecoin issuer Tether launching a token pegged to the Mexican peso? Let us know what you think about this subject in the comments section below.

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  23. untitled-1-4.jpg

    PRESS RELEASE. Miami, FL – VAST, the multimedia NFT marketplace that dropped the first-ever NFT sitcom featuring Snoop Dogg and The Harlem Globetrotters, has announced the completion of their strategic private investment round with leading blockchain venture capital firms: GHAF Capital, NGC Ventures, Skyman Ventures, Infinity Ventures Crypto, and Spartan Protocol.

    The VAST backers are made up of leading visionaries in the blockchain space whose portfolios form much of the backbone of blockchain infrastructure and innovation. Initial seed investors include: Huobi Ventures, Polygon Studios, HyperEdge Capital, GHAF Capital, SL2 Capital, PrimeBlock Ventures, GBV Capital, NGC, Spartan, IVC, Skyman Ventures, LD Capital and Quantstamp. “We are incredibly grateful to our investors for supporting the future of VAST,” says Michael Jurkovac, VAST co-founder and CEO. “With their help, we are providing amazing opportunities and experiences for creators and the millison of fans who support them.”

    “As the metaverse phenomenon grows, the potential for VAST – and the celebrity metaverse it is creating, is huge,” Sandeep Nailwal, Co-Founder and COO of Polygon says.

    The exciting news about this private round comes on the heels of VAST, built on leading decentralized blockchain Polygon, securing a credit card integration onto their platform, the first for any platform on Polygon. With this new integration, VAST users can easily purchase MATIC, Polygon’s digital currency, directly with their credit card to purchase NFTs.

    The completion of this raise enables VAST to put the finishing touches on their next product, VAST EngageFi™, the first-ever “Engage to Earn” decentralized NFT platform,. With VAST EngageFi™, creators can drop NFTs that will deliver direct value to fans who engage with their content. Details about VAST EngageFi™ will be announced in the coming weeks.

    “VAST is one of the most exciting investments I’ve made in the past three years,” says Hubertus Thonhauser, partner at GHAF Capital, “I can’t wait to see this platform, which cares so much about creating a better economy for artists, build a new rewards-ecosystem including creators, collectors and media.”

    ABOUT VASTx

    VAST is the first premium multimedia delivery platform for buying and selling highly collectible NFTs. VAST was developed to help Creators, Influencers, and Brands build deeper engagement with their social network by launching NFT-Enhanced Content through online channels they own and control. To date, VAST has generated over 5 billion audited media impressions for content on their platform from some of the top media sites around the world – including ESPN, Vogue, Vanity Fair, GQ, Architectural Digest, and Harper’s Bazaar.

    For more information about VAST, follow the project on Twitter and Instagram.

     


    This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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  24. Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

    It’s now 4.33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31.25 trillion to today’s 29.85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4.81% at block height 691,488.

    Bitcoin Mining Difficulty Dips 4.33% — The Largest Drop Since July 2021

    • Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4.33% reduction in difficulty.
    • Prior to the drop, Bitcoin’s difficulty was approximately 31.25 trillion and today, it’s approximately 29.85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday.

    Bitcoin Mining Difficulty Drops 4.33%, Biggest Reduction in 10 Months

    • Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4.33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9.24 per day in BTC profits.
    • Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577.
    • Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs.
    • Bitcoin’s current difficulty, the USD value, and a cost of $0.12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0.12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0.21 per day in BTC profits if electricity costs $0.12 per kWh.
    • Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Approximately 1.44% of the global hashrate is operated by unknown or stealth miners with roughly 3.04 EH/s of hashpower.
    • Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24.28% of Bitcoin’s global hashrate or 51.10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days.
    • Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30.86 EH/s of hashrate equates to 14.66% of the global aggregate.
    • With BTC’s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. At the time of writing, the DAA is estimated to reduce roughly 0.16% lower.

    What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Let us know what you think about this subject in the comments section below.

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  25. shutterstock_2079658837-1.jpg

    AVAX was one of the biggest movers in crypto markets on Thursday, as prices fell by over 10%, hitting a two-week low in the process. ATOM was also trading in the red, with its value dropping by as much as 13% in the day.

    Avalanche (AVAX)

    AVAX was one of today’s biggest losers, as prices fell by over 10% on Thursday, pushing them to a two-week low.

    Following a low of $23.72 during Wednesday’s session, AVAX/USD climbed to a peak of $28.54 earlier in the day.

    Today’s drop saw AVAX hit its lowest point since May 12, and comes as its recent support point of $29.20 was broken.

    Prices now seemed to have found a lower floor at the $24.10 level, which is not far off from a ten-month low of $22.30.

    Looking at the chart, the Relative Strength Index (RSI) is tracking below 30, after its ceiling of 32 was held earlier in the week.

    This has resulted in an increase of bearish strength, and an extension of an almost six-week down cycle.

    So far, the latest floor has held somewhat firm, and bulls will potentially look to use it to push prices back towards resistance at $28.

    Cosmos (ATOM)

    ATOM also dropped by double digits on Thursday, as it too fell below its recent price floor during today’s session.

    The floor of $10.00 was broken as prices of ATOM/USD fell to an intraday low of $9.37, which, like AVAX, is also a two-week low.

    Thursday’s drop follows a high of $10.90 during yesterday’s session. However, following four consecutive sessions of declines, prices are now in single digits.

    As can be seen from the chart, the 10-day moving average is no longer downward facing, which is a positive sign for those hoping for a rebound.

    Typically, price uptick comes when we see an upward cross between the 10-day and 25-day moving averages, so with the 10-day beginning to move closer to the 25-day, this possibility is slightly higher.

    Traders will now wait to see if ATOM can recapture the $10 level. If so, then we could likely see an influx of short-term minded bulls.

    Will ATOM drop even further before any future rebound in price? Let us know your thoughts in the comments.

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