roadrunner

In just four months, starting from February 7, 2023, non-fungible token (NFT) sales on the Bitcoin blockchain have soared to $463.68 million. This growth has propelled the network to secure the second-highest number of monthly NFT sales consistently since then. However, despite this impressive ascent within the past four months, Bitcoin’s overall NFT sales figures still trail behind those of seven other blockchain networks. Bitcoin Blockchain Gains Momentum in NFT Sales, Ranks Eighth Among Leading Networks Ethereum has long reigned as the dominant force in NFT sales and continues to hold that title. Nevertheless, Bitcoin has been making impressive strides in climbing the ranks among nearly two dozen blockchain networks when it comes to NFT transactions. According to data recorded by cryptoslam.io, out of the 22 blockchain networks that have documented NFT sales, Bitcoin currently stands as the eighth largest. It’s worth noting that NFT sales data for BTC started on February 7, precisely 148 days ago, whereas many other blockchains have been recording NFT sales for a considerably longer period of time. Outpacing Bitcoin in terms of total sales volume are several prominent chains, namely Ethereum, Ronin, Solana, Flow, Polygon, Cardano, and Wax. The sales generated from the Wax blockchain alone surpass Bitcoin’s overall figures by $25.59 million. Around 119 days ago, roughly on March 8, Bitcoin’s sales gained significant momentum. While Bitcoin-based NFTs do not currently claim any positions in the top ten most expensive NFT sales, an NFT rooted in BTC secures the 11th spot, having fetched $4.7 million three months ago. Furthermore, the BTC-based Space Pepe #8,253 claimed the 12th position, achieving a notable sale of $4.56 million just two months ago. Bitcoin NFTs also command the 13th and 14th position in terms of the top NFT collectible sales of all time. BTC Artifacts TNT #20,817 commanded a $4.48 million price tag three months ago, while an Uncategorized Ordinal fetched $4.45 million just two months prior. Additionally, another Uncategorized Ordinal secures the 20th spot among the most valuable NFTs of all time, having been sold three months ago for $3.83 million. Notably, while the other digital collectibles from alternative blockchains in the top 20 highest-valued sales were sold anywhere between a year to two years ago, the BTC NFT sales that amassed millions in value occurred more recently. When it comes to collections, BTC finds itself in a lower position, with the Uncategorized Ordinals collection ranking 27th in all-time statistics. Ronin takes the lead, securing the first spot, while Flow claims a respectable fifth position. The remaining 24 collections, positioned below 27th place, are all Ethereum-based NFT collections. Although Bitcoin blockchain sales have garnered attention in recent times, with a total of $463.68 million in all-time sales, the Bitcoin figure pales in comparison to Ethereum’s staggering $43.68 billion in all-time sales, as well as Ronin’s $4.2 billion and Solana’s $4 billion in NFT sales. What are your thoughts on Bitcoin’s rapid growth in NFT transactions? Do you believe it has the potential to catch up to Ethereum and other leading blockchains? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin dropped below $31,000 on Wednesday, as markets consolidated ahead of the upcoming U.S. Federal Open Market Committee (FOMC) minutes. The minutes of last month’s meeting are expected to show the Fed’s potential path to further hikes this year. Ethereum fell for a second straight session. Bitcoin Bitcoin (BTC) consolidated on Wednesday, as markets prepared for the release of last month’s FOMC minutes. BTC/USD dropped to an intraday low of $30,656.03 earlier in the session, following a peak at $31,106.00 the day prior. The decline resulted in bitcoin retreating further away from last Friday’s one-year high, which was at $31,443. Bitcoin chart by TradingView Overall, sentiment appears to have shifted bearish, and this comes after the relative strength index (RSI) failed to break out of a ceiling at 70.00. As of writing, price strength is tracking at 63.76, which is marginally below a support point at 63.99. The next visible floor appears to be at 59.00, and should momentum continue in this current direction, a collision could take place in the coming days. Ethereum Additionally, ethereum (ETH) was in the red for a second consecutive session, after failing to sustain a breakout of a key price ceiling. Following a high at $1,964.89 on July 4, ETH/USD moved to a low at $1,920.79 earlier in the day. Ethereum’s current downturn comes after it was unable to maintain Monday’s breakout of the $1,970 resistance level. Ethereum chart by TradingView In addition to this, the RSI also fell below a ceiling of its own at 61.00, and is now at a reading of 57.54. Bears had expected a shift in momentum after price strength rose deep into overbought territory in the past two weeks. Despite this, bullish sentiment could potentially return following this afternoon’s report. Register your email here to get weekly price analysis updates sent to your inbox: What are you expecting the FOMC minutes to show? Leave your thoughts in the comments below. View the full article

Hackers stole about $471 million in the first six months of 2023 and the theft of $197 million from Euler Finance in March was the single biggest hacking incident in the period, the latest Beosin Web3 report has shown. Contract vulnerability was the most common (60) type of attack during the period with losses of $264.1 million. The data indicates that most of the rug-pulling incidents occurred on the BNB Chain (80) and digital assets worth $53.4 million were lost in the period under review. Web3 Industry Lost $656 Million in H1 In the first half of 2023, the Web3 industry lost as much as $656 million to hackers, phishing scams and the so-called rug pulls, the latest Beosin Web3 security report has said. As shown in the report, hackings alone accounted for approximately $471 million, nearly 72% of the total losses. Phishing scams accounted for almost 17% of the total losses ($108.3 million) while rug pulls, which rocked decentralized finance in 2021, accounted for the remaining $75.87 million. The $197 million hack on Euler Finance, which was blamed on North Korea-backed cybercriminals, is the biggest in 2023 so far. On June 3, Bitcoin.com News reported an attack on Atomic Wallet and at the time it was believed that hackers had siphoned as much as $35 million. However, according to the Web3 report, the total funds lost in the Atomic Wallet hacking is in fact $67 million which makes this the second largest so far. In the rest of the top 8 hacking in the H1 of 2023, cybercriminals are believed to have made off with $25 million or less, the report data shows. Most Rug Pulls Occur on the BNB Chain When compared to the hacking losses in prior H1s, the report data shows that cybercriminals stole more in the first six months of 2022, about $1.9 billion. In 2021, hackers stole less, around $375.5 million. The report data also shows that a total of 85 decentralized finance (defi) projects account for the biggest portion of the losses — $292.6 million. Contract vulnerability was the most common (60) type of attack during the period with losses of $264.1 million. Arbitrage attacks, private key compromises, and misconfiguration were the other common tactics used by criminals. Meanwhile, the data indicates that most of the rug-pulling incidents occurred on the BNB Chain (80) and digital assets worth $53.4 million were lost in the period under review. The Ethereum blockchain had the next highest number of rug-pulls while the Dogecoin chain only had one such incident. According to the data, Fontech, which lost in excess of $30 million, was the top rug-pulled project in the first six months of 2023. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

PRESS RELEASE. In a world stifled by bureaucracy and conformity, anonymous Bitcoin ATM operator Shitcoins.club stands as a beacon of rebellion and disruptive technology. Their CEO, a visionary with a penchant for challenging norms, declared, “We’re here to break the mould and disrupt the status quo, one irreverent name at a time”. The company’s very existence is a testament to the fact that the blockchain revolution was ignited by a desire to defy the established order, not to capitulate to the corporate facade. Nothing proves this better than the carpet designs that have been laid down at over 200 of the company’s locations. Anonymous Bitcoin ATMs in an Age of Data Exploitation As the digital age ushers in an era of relentless data collection, storage, and sale, Shitcoins.club boldly champions the cause of privacy. With no account registration, no apps, no phone verification, no bank account integration and no marketing permissions required, this crypto ATM operator is a breath of fresh air for those weary of having their data exploited. The CEO observed: “We’re the crypto ATM for people tired of having their data hawked to the highest bidder”. Instead of paying a fee, you get a bonus at the anonymous Bitcoin ATMs And then, they are also known for setting their fees to 0%, enabling transactions at an even better price than the largest exchanges. The no fee discount is a marketing move that will be remembered for centuries to come! They run other great promotions like when the fee is +3% so you get extra cash value when you make a transaction, or when a QR code giving away free cash or crypto is sent out on Shitcoins.club’s social media. The first person to scan the code wins! Example of a social media post informing about a discount at these anonymous Bitcoin ATMs How to buy anonymously at a Bitcoin ATM If you’re looking to acquire any cryptocurrency through a Bitcoin ATM, follow this complete guide: Locate the nearest machine by using largest map of anonymous Bitcoin ATMs on Bitomat or use local aggregators of anonymous Bitcoin ATMs, such as Cajeros Bitcoin Barcelona Check the price on the screen, select the “Buy” option on the interface Insert banknotes Decide which cryptocurrency you wish to purchase (BTC, USDT on trc20, LTC, TRX, DASH, ETH) Scan the QR code of your cryptocurrency wallet (almost anything goes) Set the network fee for miners Confirm How to anonymously sell cryptocurrency at a commission-free Bitcoin ATM If you already have cryptocurrencies in your digital wallet and decide to convert them into cash, follow these instructions: Find the nearest Bitcoin ATM. You can use the ATM operator’s website Shitcoins.club where all available device locations are listed on the map, or Bitomat.com Select the “Sell” option Scan the QR code Send the crypto to the indicated address Collect your cash As you can see, both ways of buying and selling cryptocurrencies via a Bitcoin ATM are simple and intuitive. All you need is any crypto wallet. And if there are any difficulties, the anonymous Shitcoins.club support team will always help. Absolute limits of anonymity at Bitcoin ATMs Of course, in order for the operations to be legal, the KYC is still there, it is just set to the possible maximum in each of the respective countries. For example, in Spain it is 1000 EUR a day, in most European countries it is something between 1000 EUR and 15000 EUR while in Bosnia it is cheekily set to 999999999 EUR a day. Visit the operator’s social media or their website about Bitcoin ATMs in order to learn about the details for your country. Talk with the community about anonymous Bitcoin ATMs; do you own research Shitcoins.club’s active social media presence isn’t just about promotional blitz; it is an ecosystem pulsating with dynamic events, frequent discounts that can lower the fees 4x below the global average, and the latest news about ATMs and KYC. If you wish to know more about the quality of their services, you need only to reach out to any of their customers – each one a testament to the disruptive approach. Just talk to them, ask questions, see what they think! Final Thoughts: Join the Uprising Join the revolution and remember: the blockchain uprising won’t be televised, but it might just start at a discounted Bitcoin ATM near you. With Shitcoins Club leading the charge, the spirit of rebellion lives, with this disruptive technology poised to reshape the financial landscape for generations to come. 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. View the full article

According to Cameron Winklevoss, the co-founder of the crypto exchange Gemini, a lawsuit will be filed on July 7 against Barry Silbert and the Digital Currency Group if the latter two fail to accept creditors’ “best and final offer.” Winklevoss also vowed to work with the Genesis Special Committee “to advance a non-consensual plan that adheres to a strict timeline and provides for immediate distributions to creditors and Earn Users.” ‘Indefinite Forbearance’ Cameron Winklevoss, the co-founder of the crypto exchange Gemini, has warned Digital Currency Group (DCG) founder Barry Silbert that a lawsuit will be filed against him and his company on July 7 if refuses to accept creditors’ best and final offer.” In an open letter shared via Twitter, Winklevoss, who accuses Silbert of dragging the process to resolve DCG’s failure to make creditors whole, said a demand will also be made for the Genesis Special Committee (GSC) to file a turnover motion on or before July 7. Such a step will put DCG into default, the Gemini co-founder added. Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/ErsYpcEjQD — Cameron Winklevoss (@cameron) July 4, 2023 Winklevoss’ letter to Silbert is the Gemini boss’ latest salvo against DCG and its accused founder. As reported by Bitcoin.com News in May, Gemini co-founder claimed that DCG had failed to make a payment of around $630 million. At the time, Gemini suggested that it would extend “forbearance” to DCG in order to prevent a default. However, in the letter explaining why creditors and Earn users have taken such a step, the Gemini co-founder blamed Silbert’s alleged abuse of the mediation process. He argued that this process has given DCG a free and unending forbearance. “The mediation has given DCG an indefinite forbearance on the $630 million it owes Genesis — for free. This gratuitous forbearance has seriously damaged creditors and Earn Users in two significant ways. First, it has denied creditors, including Earn Users, the $630 million that they were owed in May,” Winklevoss explained in the letter. Unsecured Creditor Committee’s Fiduciary Duties According to the Gemini co-founder, DCG’s so-called indefinite forbearance has also undermined creditors and Earn users’ primary bargaining chip which forces Silbert to come to the negotiating table. Meanwhile, in addition to threatening to file a lawsuit as well as a turnover motion, Winklevoss vowed to work with the GSC “to advance a non-consensual plan that adheres to a strict timeline and provides for immediate distributions to creditors and Earn Users.” Winklevoss said a demand will be made for the Unsecured Creditor Committee (UCC) to fulfill its fiduciary duty of filing a “lawsuit and taking depositions related to their investigation into the various intercompany loans and transactions between DCG and Genesis entities.” In the so-called best and final offer, DCG is required to make a forbearance payment of $275 million on or before July 21. The payment must be comprised of 4,632 BTC and U.S. dollars. A payment of $355 million which is described as Debt Tranche 1 must be made two years from the plan support agreement (PSA) effective date. An amount of $835 million must be paid five years from the effective date. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Jinan, the capital of the Chinese province of Shandong, has recently included the digital yuan as a means of payment for its public transportation system. According to local sources, digital yuan payments were implemented on July 1 in all city buses after being tested in just two bus lines. Jinan Includes Digital Yuan Payments In Public Transportation System The city of Jinan, the capital of the province of Shandong in China, has recently announced the implementation of digital yuan payments in its public transportation system. According to local sources, the Jinan Public Transportation Group, a company that manages the bus system in the city, included the digital yuan as a payment means for bus fares on July 1. Now, almost 7 million citizens of Jinan will be able to use their digital yuan wallets provided by the People’s Bank of China (PBOC) to pay for bus rides in a push to accelerate the digital transformation of the city’s public transportation system. Before, the company had carried out a limited pilot program, only implementing these payments in two bus lines. Furthermore, to promote digital yuan payments, the city has partnered with Jinan’s PBOC branch to bring discounts as part of the second phase of the “Digital Spring City Low-Carbon Travel” program, which will be open until September 30. In August, digital yuan payments were implemented by Ningbo Rail Transit to pay for subway tickets in the city of Ningbo. Digital Yuan Promotion While experts had reported that the digital yuan’s usage had not picked up due to the existence of private, widely accepted digital wallets like Wechat and Alipay, the PBOC has focused on improving the compatibility and integration of the Chinese central bank digital currency (CBDC) with these alternatives. In March, Wechat announced the integration of the digital yuan in its payment services, paving the way for more than 1.2 billion users to pay using its system. Alipay, owned by the Alibaba group, also integrated this kind of CBDC payment in December. Furthermore, the PBOC has also been integrating the digital yuan as a form of payment where state institutions are involved. In Changshu, the city’s employees receive their salaries in digital currency. In June, one of Asia’s largest counterparty clearing institutions, the Shanghai Clearing House, included support for digital yuan for payments and settlements of commodities. What do you think about digital yuan-based payments in Jinan’s public transportation system? Tell us in the comments section below. View the full article

Warren Davidson, U.S. representative and part of the House Committee on Financial Services, has disregarded issuing a central bank digital currency (CBDC) in the country. Davidson explained that CBDCs corrupt money into a “tool for coercion” and detailed that there was no legal way of issuing such a currency without legislation. U.S. Representative Warren Davidson: CBDCs ‘Corrupt Money’ Warren Davidson, a U.S. representative for the state of Ohio and a member of the House Committee on Financial Services, has revealed its stance on central bank digital currencies (CBDCs) and the possibility of issuing a digital dollar in the country. Commenting on a recent article published by the Washington-based Cato Institute, where the institution criticizes the idea of CBDCs and lists the risk associated with their issuance, Davidson stated: Central bank digital currency (CBDC) corrupts money into tool for coercion & control. Thankfully, there is no legal way to implement CBDC in America without legislation. Davidson, who launched the “Sound Money Caucus,” which promotes sound fiscal and monetary policy in the United States, explained that “a bipartisan coalition in Congress is working to actively ban CBDC development or implementation.” The Move to Avoid a Digital Dollar in America Davidson is not the only congressman worried about the hypothetical issuance of a digital dollar in the U.S. In May, Congressman Alex Mooney introduced the Digital Dollar Pilot Prevention Act to close any regulatory loopholes on this issue. The bill was advertised as an instrument that would “prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC.” The July slated launch of Fednow, a payments system for banks and credit unions, has ignited worries about its relation with the digitalization of the U.S. dollar. However, the Federal Reserve has denied these allegations, stating that Fednow “is neither a form of currency nor a step toward eliminating any form of payment, including cash.” Others have also railed against the effects of a Fed-issued CBDC. Economist Jim Rickards recently warned about how tissuing a digital dollar could support creating a China-like social credit system. Presidential Candidate John F. Kennedy Jr. referred to this topic, stating that a “CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply.” What do you think about U.S. Representative Warren Davidson’s stance on CBDCs? Tell us in the comments section below. View the full article

Mark Cuban, a Shark Tank star and owner of the NBA team Dallas Mavericks, has slammed the U.S. Securities and Exchange Commission (SEC) for taking a wrong approach to regulating the crypto industry. “The SEC is not infallible. It makes mistakes,” the billionaire stressed, adding that if the SEC had taken a similar approach to Japan, no one in the U.S. would have lost money when the crypto exchange FTX collapsed. Mark Cuban Criticizes SEC and US Crypto Regulation Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has slammed the U.S. Securities and Exchange Commission (SEC) for choosing a wrong path to regulate the crypto sector. Many crypto proponents have criticized the SEC and its chairman, Gary Gensler, for taking an enforcement-centric approach to regulating the crypto sector. The securities regulator recently took action against major crypto exchanges, including Coinbase and . Cuban emphasized that the SEC “chose to litigate to regulate.” He stated, “You need to face the fact of the matter that crypto is one more technology that will succeed or fail based on its merits,” adding: It’s the SEC that chose the wrong path to regulate crypto and cost billions. The SEC is not infallible. It makes mistakes. In this case, it chose the wrong course. While many people in the crypto sector have urged the SEC to provide clear rules for crypto firms to comply with regulations, SEC Chairman Gensler has repeatedly said that the law is already clear and existing frameworks are sufficient to regulate crypto. Gensler has also said many times that crypto lending and trading platforms should come in and register. However, Coinbase CEO Brian Armstrong insisted that he and his exchange tried to register but it was not possible to do so. Commenting on Gensler insisting that the existing SEC regulatory framework is sufficient to regulate crypto, Cuban opined: It was arrogant in thinking that its framework covered every possible situation. Several Southeast Asian countries are viewed as more friendly towards cryptocurrencies compared to the U.S., resulting in a growing number of entrepreneurs leaving the country. Venture capitalist Tim Draper, famed for predicting that the price of bitcoin would reach $250K this year, for example, recently stated: “I think we’ve got a real problem because the SEC has been spreading fear and all of the innovators are leaving the country … This regulation by enforcement makes no sense.” The Dallas Mavericks owner highlighted the contrast between the regulatory strategies of the U.S. SEC and the approach adopted by Japan’s regulator for the crypto industry. Cuban pointed out that when crypto exchange FTX crashed, “no one in FTX Japan lost money.” The Shark Tank star stressed: If the USA/SEC had followed their example by setting clear regulations that required the separation of customer and business funds and clear wallet requirements, no one here would have lost money on FTX. The billionaire further explained: “In Japan, they were very loud in saying the obvious, that FTX wasn’t a crypto issue, it was a fraud issue.” He detailed that the best way to prevent crypto fraud is to “Set bright-line investor protection regulations, like Japan, that detail the protections required and require registration to confirm adherence. Anyone who doesn’t register is de-facto in violation, can’t operate and will be shut down. That’s how you protect crypto investors. The SEC has it wrong.” Last month, Cuban offered advice on how the SEC could regulate the crypto industry. He outlined the idea of implementing a crypto-specific registration process. In addition, he suggested that the SEC could develop a token registration framework to accommodate different types of tokens. Do you agree with Mark Cuban? Let us know in the comments section below. View the full article

Chinese President Xi Jinping and Russian President Vladimir Putin have pushed for the increased use of national currencies in mutual settlements as more countries shift away from the U.S. dollar. “I consider it essential to increase the share of settlements in national currencies” within the Shanghai Cooperation Organisation, said Xi at Tuesday’s SCO summit. Meanwhile, Putin shared that more than 80 percent of commercial transactions between Russia and China are carried out in Russian rubles and Chinese yuan. Putin: Use of National Currencies in Settlements Is Expanding Chinese President Xi Jinping and Russian President Vladimir Putin took part in a virtual summit of the Shanghai Cooperation Organisation’s (SCO) Heads of State Council on Tuesday. Indian Prime Minister Narendra Modi chaired the meeting. It was also attended by Kazakhstan’s President Kassym-Jomart Tokayev, Kyrgyzstan’s President Sadyr Japarov, Pakistan’s Prime Minister Shehbaz Sharif, Tajikistan’s President Emomali Rahmon, Uzbekistan’s President Shavkat Mirziyoyev, and Iran’s President Ebrahim Raisi. “We intend to further deepen ties with the members of the Shanghai Organization, and these ties are becoming stronger and more multifaceted,” Putin said at the summit (translated by Google). “Russia’s trade with the association’s member states last year increased by more than a third, 37 percent, reaching a record $263 billion. And in January-April of this year, it added another 35 percent,” the Russian leader continued, adding: The use of national currencies in mutual settlements is expanding. For example, more than 80 percent of commercial transactions between Russia and the People’s Republic of China are carried out in rubles and yuan. The share of the Russian currency in export transactions with all SCO countries in 2022 exceeded 40 percent. “Russia takes an active part in the implementation of the SCO road map on the transition to national currencies in mutual trade, approved at the previous summit in Samarkand in Uzbekistan. It is important to continue this work, to take coordinated measures to remove regulatory barriers, establish the necessary payment infrastructure, and create an independent financial system,” Putin emphasized. He also congratulated Iranian President Raisi on Iran becoming a full member of the SCO and expressed Russia’s support for Belarus to join the SCO as rapidly as possible. Xi Considers It Essential to Increase Share of Settlements in National Currencies Chinese President Xi Jinping stated at the opening of the SCO summit (translated by Tass): I consider it essential to increase the share of settlements in national currencies within the organization … We need to strengthen cooperation on sovereign digital currencies and work on establishing the SCO Development Bank. Countries worldwide are increasingly advocating for the use of their national currencies in trade settlements, shifting away from the U.S. dollar. The adoption of the Chinese yuan for trade settlements has gained momentum among some nations. Last week, the central bank of Argentina officially included the yuan as a recognized currency for making deposits in bank accounts. The BRICS group (Brazil, Russia, India, China, and South Africa) is leading a global de-dollarization trend. The economic bloc also has a proposal for a common currency that many expect to erode the dominance of the U.S. dollar if successfully adopted. Recently, ASEAN members also agreed to increase the use of national currencies in trade settlements. What do you think about the statements by Chinese President Xi Jinping and Russian leader Vladimir Putin? Let us know in the comments section below. View the full article

While Ordinal inscriptions continue to rise, nearing the 15 million range, a new token standard was revealed on July 3 called BRC69. According to the creators of the concept, it can reduce the costs of inscriptions for Ordinal collections by over 90%. The launchpad Luminex, which announced the BRC69 token standard, insists that the “brilliance of BRC69 lies in its simplicity.” BRC69 Token Standard Aims to Enhance Efficiency of Ordinal Inscriptions on Bitcoin There have been several new concepts created on top of the Bitcoin blockchain via Ordinal inscription technology, and things have progressed further with the advent of recursive inscriptions. On Monday, the crypto startup Luminex, a firm that helps projects initiate launchpads, revealed the BRC69 token standard on Twitter. “Today, we’re excited to introduce BRC69, a revolutionary standard for creating Recursive Ordinals collections with ease,” Luminex stated. “This standard will be instrumental in launching Recursive collections on Bitcoin.” Luminex also shared the BRC69 token standard’s Github, which discloses that the proposed standard employs recursive inscriptions to enhance the efficiency of inscribing on Bitcoin through the Ordinals protocol. By adopting this standard, onchain functionalities like pre-reveal collection launching and onchain reveals can become more accessible and captivating. The breakthrough lies in the automatic rendering of images on the Ordinals explorer, eliminating the need for extra steps. Consequently, the Github summary says, costs are optimized, while the potential for engaging experiences is maximized. “As the Ordinals protocol gains traction, more users are inscribing data into non-fungible Ordinals collections on Bitcoin,” Luminex details. “This increased usage has led to a higher demand for Bitcoin block space, subsequently causing a rise in Bitcoin network fees.” The crypto startup added: In order to continue encouraging creators to launch their innovative ideas on the Bitcoin blockchain, we must optimize the current standard for launching Image Ordinals Collections. Recursive inscriptions enhance the efficiency of inscriptions by enabling interconnectedness among them. Luminex detailed that with the BRC69 standard, it can “reduce the costs of inscriptions for Ordinals collections by over 90% — This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.” At the time of writing, ​​there have been 14,685,362 Ordinal inscriptions minted on the Bitcoin blockchain. Furthermore, a token standard called BRC20 was created, and to date, there are more than 35,500 BRC20 tokens. According to statistics collected by Dune Analytics, miners have collected 1,806.44 BTC, worth $56.14 million using today’s BTC exchange rates. What are your thoughts on the BRC69 token standard and its potential to reduce the cost and accessibility of Ordinal collections on the Bitcoin blockchain? View the full article

The U.S. Securities and Exchange Commission’s (SEC) former head of internet enforcement has called the creation of a central bank digital currency (CBDC) “the most absurd financial idea in the history of monetary policy.” He warned that a central bank digital currency not only creates “a multitude of unnecessary risks relating to global financial systemic stability,” but it also “opens up a Pandora’s box of global financial privacy problems, conflicts, and cybersecurity concerns.” Stark Slams CBDC Creation Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark criticized cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs) in a lengthy tweet on Tuesday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The longterm crypto skeptic wrote: The creation of a CBDC is perhaps the most absurd financial idea in the history of monetary policy. He argued: “First off, just like crypto and stablecoins, you must begin by answering the question of what problem does a CBDC actually solve. Why do we need a CBDC? There is no answer to that question.” The former SEC official opined: “There already exists a litany of digital currencies that work incredibly well and are also trusted because they are regulated, audited and overseen by democratic government authorities and run by regulated, FDIC or SIPC-insured, U.S. registered financial institutions.” He then criticized politicians and lawmakers who have voiced their support for crypto innovations, stating: “What is so incredibly disturbing is that under the auspices of ‘innovation,’ some politicians will preach the gospel of crypto while not only completely, ignoring crypto’s dire externalities, but also failing to understand that crypto is not innovative at all.” Stark proceeded to caution about the risks of a central bank digital currency. “The risks of a CBDC remain myriad and raise a variety of important policy questions, including how a CIBC might affect financial sector market structure, the cost and availability of credit, the safety and stability of the financial system and the efficacy of monetary policy,” he detailed. Concurring with Professor Hilary Allen of the American University Washington College of Law (AUWCL), who testified about stablecoins and CBDCs before the U.S. Senate Committee on Banking, Housing, and Urban Affairs in December last year, Stark stressed: Not only does a CBDC create a multitude of unnecessary risks relating to global financial systemic stability, but a CBDC also opens up a Pandora’s box of global financial privacy problems, conflicts and cybersecurity concerns. He concluded: “The bottom line: The mammoth costs and challenges of creating a CBDC could not possibly be worth the risks and costs associated with actually having a CBDC.” The former SEC internet enforcement chief agreed with U.S. Senator Ted Cruz (R-TX) who launched a bill in March “to prohibit the Federal Reserve from developing a direct-to-consumer” central bank digital currency. “Whatever his rationale, Senator Ted Cruz gets it right with his CBDC prohibitive legislation — it’s a bad idea that needs to be stopped dead in its tracks,” Stark emphasized. Several other lawmakers have introduced CBDC-related bills. In February, U.S. Congressman Tom Emmer (R-MN) introduced the Central Bank Digital Currency Anti-Surveillance State Act “to halt efforts of unelected bureaucrats” from “stripping Americans of their right to financial privacy.” U.S. Congressman Alex Mooney (R-WV) announced in May that he has introduced the Digital Dollar Pilot Prevention Act that prohibits the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC. Several states have also resisted CBDCs. Florida Governor Ron DeSantis, for example, signed legislation in May that bans the use of a central bank digital currency in his state. Do you agree with John Reed Stark about central bank digital currencies? Let us know in the comments section below. View the full article

A recent court filing from the now-insolvent Voyager Digital Holdings and its creditor committee revealed that legal expenses amounting to $16.5 million have accumulated from July 22, 2022, through May 18, 2023. The records indicate that between March and May 2023, roughly $5.17 million in legal fees were billed to the estate. Lawyers and Restructuring Officers Are Profiting From the Slew of Crypto Bankruptcy Cases Lawyers for Voyager’s creditor committee unveiled the legal costs concerning the company’s ongoing bankruptcy proceedings, which began in July 2022, on July 3, 2023. According to the filing, the third interim fee period (March-May 2023) has a compensation request of $5.17 million. The document states that this is the final provisional fee application invoiced by the law firm McDermott Will & Emery LLP. Furthermore, the filing asserts that the court granted the interim compensation order on August 4, 2022. The attorneys explain that Voyager’s Chapter 11 case was “the first to commence following a series of events in the cryptocurrency industry, which are collectively known as the ‘crypto winter.'” McDermott details that throughout the fee period, their litigation team advised the committee in all aspects of the Chapter 11 cases, including a variety of complex matters, which the committee took to maximize recoveries for general unsecured creditors. Responsibilities included counseling the committee, participating in meetings and negotiations, and “taking all necessary action to protect and preserve the interests of the committee.” In April, Voyager Digital was also billed $1.1 million in legal fees by its law firm Kirkland & Ellis. Attorneys from Celsius, 3AC, Voyager, and FTX are reportedly reaping significant financial rewards as a result of these bankruptcy cases. John J. Ray III, CEO of FTX, is said to be earning $1,300 hourly supervising his firm’s bankruptcy and restructuring. Should cryptocurrency companies be held accountable for the exorbitant legal and restructuring costs incurred during bankruptcy proceedings, or is it a necessary price to pay for the complexities of the industry? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. LBank Labs, the venture capital arm of the global exchange LBank, has today announced the establishment of a $10 Million MEME Special Fund. The move is intended to encourage high-quality early-stage innovative MEME projects, foster industry growth, and give back to the wider community. LBank Labs will seek innovative and quality-driven MEME projects globally, emphasizing LBank’s influence and commitment to the worldwide MEME project landscape. The creation of this fund is expected to further stimulate industry innovation and growth. Funding allocation will be based on the quality and influence of the projects, and the fund will be directly donated to eligible project teams. A leaderboard will be established to periodically announce the list of recipients, highlighting the accomplishments and contributions of the projects. It is anticipated that fund distribution will be completed within the next year, with the first list of donations to be released in early July. The application process is straightforward and clear. Details on how to apply and further information will be published on the LBank Labs official website in early July. LBank Labs extends an invitation to all globally outstanding MEME innovative projects to apply for this fund and join hands in driving industry growth. LBank Labs remains committed to promoting the development and innovation of the blockchain industry. LBank Labs believes that the establishment and operation of the MEME Special Fund will further stimulate MEME innovation on a global scale, bringing more vitality and development opportunities to the industry. About LBank Labs: LBank Labs is the venture capital arm of the global exchange LBank, dedicated to fostering technological innovation and application development in the blockchain industry. Currently, LBank Labs manages $100 million in assets to support startups and Web3 funds. As of the second quarter of 2023, LBank Labs has invested in 12 Web3 funds and plans to continue expanding its investments in startups and funds to strengthen the cooperation and network effects among its investment portfolio. LBank Labs firmly believes that through the power of technology, a more open, transparent, and fair world can be built. 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. View the full article

Following the aftermath of the United States’ three major bank collapses, several market observers argue that the banking crisis in the country persists. Bank of America has recently garnered significant attention, with the Federal Deposit Insurance Corporation (FDIC) reporting that the financial behemoth incurred paper losses exceeding $100 billion by the close of the first quarter. Unrealized Losses Haunt Bank of America: $109 Billion and Counting The banking industry remains under scrutiny as U.S. banks grapple with hundreds of billions in unrealized losses, with some estimates reaching as high as $1.7 trillion. Attention has particularly turned to Bank of America (NYSE: BAC), the second-largest financial institution in the United States boasting an estimated balance sheet of around $2.39 trillion. Recently, the FDIC released data indicating that Bank of America is confronting a loss of approximately $109 billion. During the Covid-19 pandemic, when interest rates were low and funds were readily accessible, Bank of America seemingly made a substantial investment in assets such as U.S. government bonds. At that point, the bank, along with many others, deemed these bonds as safe and risk-free investments, despite their comparatively modest yields. However, the situation altered as inflation surged and the approach to economic management shifted. The U.S. Federal Reserve transitioned from accommodating monetary policies to quantitative tightening, implementing the highest federal funds rate in 16 years. According to FDIC data, as reported by the Financial Times (FT), Bank of America’s losses reveal that the bank holds a fifth of the $515 billion in unrealized losses held by the nation’s banks at the end of Q1. Dick Bove, the chief strategist at boutique broker Odeon Capital, commented to FT that “[Bank of America CEO] Brian Moynihan has done a phenomenal job in handling the bank’s operations, but if you look at the bank’s balance sheet, it’s a mess.” Although Bank of America’s stock has seen a 3% increase against the U.S. dollar in the past 30 days, statistics spanning six months show a decline of over 13% in the bank’s shares. Financial institutions, such as Bank of America, have incurred unrealized losses that are much greater than the record losses recorded in 2008. Troubled balance sheets have been the driving force behind the financial turmoil experienced by Silicon Valley Bank, Signature Bank, and First Republic. Multiple market observers anticipate further bank failures, echoing the sentiments of Robert Kiyosaki, the author of the best-selling book “Rich Dad Poor Dad.” In April, Jamie Dimon, the head of JPMorgan Chase, asserted that the consequences of the U.S. banking crisis will reverberate “for years to come.” What do you think the long-term implications of Bank of America’s $109 billion in paper losses will be for the U.S. banking industry and the overall economy? Do you think the high rate environment will lead to more losses? Share your thoughts and opinions about this subject in the comments section below. View the full article

Over the past week, U.S. president Joe Biden has been engaged in discussions regarding his economic agenda, commonly referred to as “Bidenomics,” with the aim of establishing a strong groundwork for his 2024 reelection campaign. Emphasizing the potential to revive the cherished “American dream,” Biden has passionately advocated for his plan. Nevertheless, the president’s approval rating has been extremely lackluster, as indicated by a recent Realclearpolitics poll, which reveals that merely 24% of the adult population perceives his economic leadership as effective. Americans Are Skeptical and Doubt the Effectiveness of ‘Bidenomics’ The current president of the United States believes that emphasizing his administration’s economic plan called “Bidenomics” will aid in solidifying his re-election campaign for 2024. Biden’s approval ratings have been notably low lately, and his team believes that the highly skeptical American public will embrace his Bidenomics theme. “Trickle-down meant slashing public investment that helped drive long-term growth,” Biden tweeted on Tuesday, asserting that “under Bidenomics, we’re turning this around.” The responses to Biden’s tweet indicate that many Americans lack respect for the president and doubt the effectiveness of Bidenomics. One person responded with a meme stating, “The only thing deeper than our national debt is the Biden’s family corruption.” Another individual commented, “Fire whoever came up with Bidenomics.” Others highlighted that this Fourth of July weekend will be the second most expensive in the past decade. In an opinion editorial on Rollcall.com, author David Winston explains that Bidenomics will not address the president’s economic challenges. “Unfortunately, cherry-picking and manipulating data to serve Biden’s reelection efforts has become the hallmark of the administration’s communications strategy,” Winston detailed. Biden has faced criticism for selectively choosing and sharing “highly misleading” statements about his economic achievements on Twitter. On June 21, Biden tweeted, “I cut the deficit by 1.7 trillion dollars in two years – that’s more than any president on record.” However, Twitter’s Community Notes intervened to correct Biden’s false claims, stating that “fact-checkers have disputed its accuracy.” During the Biden administration, the United States experienced a surge in inflation, reaching the highest level in 40 years. Polls indicate that Americans perceive Biden’s plans as detrimental to the economy, and public sentiment towards the economy is at its lowest point in years. Criticism has been directed towards Biden for imposing increased taxes on American businesses, with concerns that his tax policies disproportionately affect the lower and middle classes instead of targeting the wealthy. Additionally, the federal funds rate has reached its highest level in over 16 years, leading to a credit-tightening situation nationwide. Furthermore, during Biden’s presidency, the United States experienced the second, third, and fourth-largest bank failures in American history. Last year, the Biden administration faced allegations of propaganda and altering the technical definition of a recession. The U.S. House Ways and Means Committee reported that the economy, under Biden’s policies, fell short of expectations in seven out of the last eight economic growth reports. Critics have raised concerns about the broad scope of Biden’s climate change policies and the associated high costs. Tackling climate change under Bidenomics is projected to cost approximately $400 billion, and some individuals believe that economic prosperity and climate change are unrelated. Many critics assert that Bidenomics has proven unsuccessful for the United States thus far, and they advocate for an alternative approach. Biden’s approval rating currently stands at 41%, with only 34% of Americans believing that he is effectively managing the economy. In an opinion editorial published in The Washington Post, one author contends that “Bidenomics” is ineffective. The author points out that a front-page article on June 29 presented a summary of the U.S. president’s plan, but neither the Biden administration nor newspapers address the concerns that occupy voters’ minds during polls. Is Bidenomics the key to economic revival or a recipe for disaster? We want to hear your thoughts. Share your perspective on the president’s economic agenda and its impact on America’s future in the comments section below. View the full article

Cardano was one of the notable gainers on July 4th, as the token jumped to a ten-day high in today’s session. The move came as the global cryptocurrency market was mostly in the green, despite the lower than usual market volume. Polygon also hit a multi-week high. Cardano (ADA) Cardano (ADA) climbed to a ten-day high on Tuesday, despite the market volume being low as a result of Independence Day in the United States. ADA/USD rose to a peak of $0.3009 earlier in the session, which comes a day after dropping to a bottom at $0.2917. Following today’s rally, cardano jumped to its highest level since June 25, when the token was above $0.305. As seen on the chart, Tuesday’s move pushed ADA marginally above a ceiling of $0.295, however bears have rejected a full breakout. The token is now hovering close to this point, with the relative strength index (RSI) below a ceiling of its own at 51.00. Price strength is currently at a reading of 49.91, after earlier momentum faded. Polygon (MATIC) Polygon (MATIC) remained near a four-week high in today’s session, following a five-day bulls run. MATIC/USD bulls pushed the price to a peak of $0.7193 late on Monday, with traders consolidating these gains today. The token dropped to an intraday low of $0.6829 earlier in the session, after reaching its strongest point since mid-June the day prior. One of the catalysts of the drop appears to be a collision with a ceiling at 55.00, which is on the RSI indicator. At the time of writing this, the index is now at a reading of 51.60, which is marginally above floor at 51.00. Should this floor fail to hold in the coming days, it is likely that more bears will reenter the market. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect polygon to slip further this week? Let us know your thoughts in the comments. View the full article

During the initial half of 2023, Coinbase shares experienced a significant surge, rocketing over 30% this week as Nasdaq and Cboe refiled spot bitcoin exchange-traded fund (ETF) applications on behalf of numerous fund managers. The revisions highlighted that, upon ETF approval, Coinbase has been asked to serve as a surveillance-sharing agreement (SSA) collaborator. Coinbase Stock Rockets Over 30% as ETF Managers Choose It as Surveillance-Sharing Partner Coinbase (Nasdaq: COIN) observed a 30.82% increase in its shares throughout the past week, and six-month data reveals that COIN has jumped 131% against the U.S. dollar. Despite this substantial growth, the firm’s shares remain down 79% from their all-time peak. On September 30, 2021, COIN’s value was $319 per share; currently, it stands at $79.93. This recent upswing likely stems from multiple ETF managers applying for a spot bitcoin ETF and designating Coinbase as their funds’ SSA associate. Nasdaq and Cboe performed this action for several fund sponsors, as indicated in the latest amendments. The San Francisco-based crypto exchange is concurrently contending with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC alleges that Coinbase violated numerous securities regulations and “failed to register its staking-as-a-service program as required by securities laws.” Coinbase submitted a motion to dismiss the case against the crypto exchange, asserting that it “is not, and has never been, a securities exchange, or a broker, or a clearing agency under the federal securities laws.” Coinbase further emphasized that although Congress is considering regulating digital currencies, no legislative measures have been implemented granting “the SEC any powers to regulate digital asset exchanges, much less retroactively.” While COIN has thrived this week against the greenback, multiple other publicly traded companies experienced rising stock prices following the crypto market’s recent surge. Alongside COIN, firms such as Riot Platforms, Microstrategy, Cleanspark, Bitfarms, and more have recently amassed double-digit returns. Nonetheless, COIN has outshined the competition regarding crypto-related shares registering gains in the past week. What are your thoughts on Coinbase’s recent surge in shares and its potential role as a surveillance-sharing agreement collaborator for upcoming bitcoin ETFs? Share your thoughts and opinions about this subject in the comments section below. View the full article

Bitcoin moved back above the $31,000 level on July 4th, as U.S. traders celebrated the Independence Day holiday. As a result of the rally, the cryptocurrency remained near a one-year high in today’s session. Ethereum consolidated after Monday’s gains. Bitcoin Bitcoin (BTC) moved closer to a fresh one-year high on Tuesday, as U.S. markets closed in celebration of the July 4th holiday. Following a low of $30,586.51 to start the week, BTC/USD raced to an intraday peak of $31,375.61 earlier in the session. The move saw bitcoin edge closer to last Friday’s high at $31,443, which was its strongest point since June last year. Earlier momentum has since faded, as the relative strength index (RSI) collided with a resistance level at 70.00. The index is now tracking at 68.43 and appears to be heading for a support point at the 66.00 mark. Should it reach this point, there is a strong possibility that bitcoin will be trading around the $30,500 level. Ethereum After moving towards $2,000 on Monday, ethereum (ETH) slipped in today’s session, falling below $1,950. ETH/USD dropped to a bottom at $1,949.15 earlier in the day, less than 24 hours after peaking at $1,974.78. The world’s second-largest cryptocurrency has since rebounded and is once again closing in on a multi-month high. In order to get there, ETH bulls will need to take price strength above an upcoming ceiling at the 64.00 zone. Currently, the RSI has a reading of 62.59, which is its highest level since April 19, when the price was above $2,100. Some believe that ETH could head back toward this point in the coming weeks. Register your email here to get weekly price analysis updates sent to your inbox: Will markets rally after U.S. traders return from the July 4th holiday? Leave your thoughts in the comments below. View the full article

According to Thailand’s securities regulator, digital asset service providers will be required to warn prospective investors of the risks that come with trading or investing in cryptocurrencies. The guidelines also state that starting on Aug. 30, 2023, digital asset business operators will be barred from “providing services or supporting deposit-taking [and] lending services.” The Crypto Risk Warning Thailand’s Securities and Exchange Commission has announced new guidelines that require digital asset service providers to warn of “potential risks associated with trading cryptocurrencies.” According to the securities regulator, all regulated digital asset platforms are to supposed to start displaying this warning on July 31. In its July 3 statement, the securities regulator added that the message must not only be visible but must ensure prospective investors fully understand the risks involved. “Cryptocurrencies are high-risk. Please study and understand the risks of cryptocurrencies thoroughly. because you may lose the entire amount invested,” the latest Thai SEC guidelines state. In addition to disclosing the potential risks, the guidelines state that starting Aug. 30 digital asset business operators will be barred from “providing services or supporting deposit-taking [and] lending services.” This means the Thai crypto industry participants will not be allowed to offer interest on deposits or lend user funds. Similarly, the advertisement or marketing of crypto assets encouraging the general public to “act in the manner of supporting the deposit-taking [and] lending service,” will be prohibited. The release of the latest guidelines by the securities regulator comes less than a year after the SEC approved a requirement stipulating that digital assets service providers are obliged to warn prospective investors of the risks involved. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

U.K. Finance, one of the largest finance membership organizations in the U.K., has issued its recommendations to the Bank of England regarding the issuance of a digital pound. The organization stated that individual holdings of the proposed central bank digital currency (CBDC) should be capped at £5,000 ($6350) to avoid panic and deposit flight. U.K. Finance Recommends Capping Digital Pound Holdings to £5,000 The proposal for issuing a digital pound, a UK-issued central bank digital currency (CBDC), is already being debated by financial organizations in the country. U.K. Finance, one of the largest financial membership organizations in the U.K., has issued its answer to a consultation of the Bank of England on the hypothetical launch of a digital pound. U.K. Finance, representing more than 300 firms in the financial industry, disagreed with the limits recommended by the Bank of England regarding the maximum amount of funds individuals should be allowed to hold in this proposed currency. While the bank proposed to cap off these holdings at a temporary limit of £10,000 – £20,000 ($12,700 – $25,400), U.K. Finance proposed this number to be way lower, capping it to £5,000 ($6,350) instead to avoid panic in financial stress situations. The organization further stated that a digital pound could “exacerbate” deposit flight in certain situations. The Digital Pound Project and Criticism While some central bank digital currencies are already in advanced stages of research and implementation, the digital pound was just announced back in January, when the U.K. government announced it was mulling issuing such a currency and informed about the start of a consultation period on the attributes that a digital pound should have. The digital pound, dubbed “britcoin” by U.K. Prime Minister Rishi Sunak, is now in its initial design phases and is estimated to be issued at the end of this decade. However, it has already started to worry British lawmakers, who consider that the country could use other resources in the war against the introduction. Michael Forsyth, chair of the Economic Affairs Committee chairperson in January, stated they “were really concerned” by several risks posed by issuing a CBDC. A recent survey conducted by cryptocurrency wallet company Trezor revealed that U.K. citizens are also concerned about the power a digital pound would give the government. 73% of the polled were concerned about U.K. authorities being able to control access to their funds, while 67% mentioned being worried about possible time limits on spending. What do you think about U.K. Finance’s recommendations on digital pound holdings? Tell us in the comment section below. View the full article

While metaverse and virtual world projects have nosedived, a recent report of Dappradar, a Web3 tracking site, has revealed that venture capital firms have invested $707 million in these projects since the start of 2023. This means that, even when the metaverse narrative was substituted by meme tokens and artificial intelligence (AI), 43.68% of these investments were directed to metaverse-linked initiatives. Interest in Metaverse Still Present, Though Severely Reduced Interest in metaverse projects is still present in some investors and venture capital companies that keep pouring millions into these initiatives since the start of 2023. A report published in June by Dappradar, a Web3 tracking site, found that the interest in virtual worlds fell enormously, with trading numbers hitting $56 million during Q2, falling more than 80% compared to Q1. The report attributes this fall to the public’s loss of interest in topics like the metaverse and virtual worlds while meme coins and artificial intelligence (AI) reached mainstream status. This is also evidenced by the strepitous fall in funding raised by startup companies developing activities in this sector. Dappradar found that the total funding received by metaverse projects since the start of 2023 fell to $707 million, a little less than 10% of what metaverse projects raked in during 2022 – $7.6 billion. However, the metaverse shows its strength in the Web3 environment, commanding 43.68% of all the investments in the sector, according to data presented in the report. The Future of the Market Is in Asia Dappradar’s report profiles Asia, including regions like Hong Kong, mainland China, and Japan, as a continent where the metaverse will thrive, as governments and companies are investing heavily in the sector and its development. Hong Kong is mentioned as an international metaverse hotspot, as the government has committed to creating an innovation-friendly environment with real estate and luxury goods sectors as a significant part of this nascent metaverse industry. On the other hand, Dapparadar notes mainland China has been one of the few countries that have formulated a metaverse plan that includes the implementation of initiatives in the education and tourism sectors. Furthermore, Chinese companies like Bytedance, Alibaba, Baidu, and Tencent have invested in developing metaverse hardware and software. Japan, quoted as a leader in the entertainment and gaming environments, is also poised to take advantage of the metaverse, as it integrates national intellectual properties (IPs) into virtual and augmented reality applications, such as Pokemon Go. What do you think about the falling interest in the metaverse? Tell us in the comments section below. View the full article

According to a recent interview with “Real Housewives of Atlanta” cast member Phaedra Parks, the reality TV star gave her son $150,000 to invest and learn about building wealth. Parks mentioned that her 13-year-old son, Ayden, is particularly interested in rental properties and he’s “big into cryptocurrency.” Kids and Crypto — Reality TV Star Phaedra Parks’ Sons ‘Love Anything About Making Money in Cryptocurrency’ While most cryptocurrency exchanges do not allow minors to trade digital assets, parents can open accounts on their behalf and permit them to engage in trading. Nowadays, it is not uncommon for the younger generation to invest in digital currencies, and there are numerous stories of children investing in crypto since the creation of bitcoin (BTC). For example, Erik Finman received a $1,000 investment when he was 12 years old, and by the time he reached 18, he had become a millionaire from his BTC investment. According to a study published last year by the teen neobanking platform Gohenry, 1.33 million children from the U.K. have invested in cryptocurrency. Furthermore, in April 2022, T. Rowe Price released the 14th annual Parents, Kids, and Money Survey, which revealed that 57% of children aged 8-14 are familiar with digital currencies. In fact, the survey’s research indicated that children were more knowledgeable about cryptocurrencies than their parents, as 47% of parents reported being familiar with the technology. Last week, in an interview with People magazine, reality TV star Phaedra Parks from “Real Housewives of Atlanta” revealed that she provided her 13-year-old son, Ayden, with $150,000 to invest. Parks, who comes from a middle-class family of educators, mentioned that her own parents would have aspired to provide such an opportunity, but lacked the financial resources to give a child $150,000 for a purchase. While discussing the investment, Parks specifically mentioned her son’s interest in cryptocurrency assets. “Ayden is big into cryptocurrency and big into researching how to become a millionaire before he is 25,” Parks stated during her interview. The cast member of the reality show added that both of her sons “love anything about making money in cryptocurrency.” Her other son, Dylan, aged ten, shares the same aspiration to be “financially stable” in the future, as explained by Parks. There is a multitude of guides and books available that explain how parents can introduce their children to digital currencies, as kids of all ages have embraced decentralized cryptocurrency technology. Moreover, there are dedicated applications aimed at helping kids begin their journey into cryptocurrency investing, such as the platform Earlybird Crypto. In November 2021, Earlybird raised $4 million from Seven Seven Six and Gemini, and on June 13, 2022, the firm secured an undisclosed amount of funding. In Los Angeles, an annual Crypto Kids Camp is held for children aged 5 to 7, where they learn about cryptocurrencies and artificial intelligence (AI). What are your thoughts on parents encouraging their children to invest in cryptocurrency at a young age? Do you believe it’s a valuable learning experience? Share your thoughts and opinions about this subject in the comments section below. View the full article

Singapore has implemented new regulations for crypto service providers in a bid to enhance investor protection and maintain market integrity within the cryptocurrency industry. The Monetary Authority of Singapore (MAS) will also restrict lending and staking activities facilitated by crypto service providers for their retail customers. Singapore Has New Crypto Rules The Monetary Authority of Singapore (MAS) announced on Monday “new requirements for Digital Payment Token (DPT) service providers to safekeep customer assets under a statutory trust before the end of the year.” Singapore’s central bank detailed: This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency. The central bank noted that these measures were introduced following a public consultation in October last year “on regulatory measures to enhance investor protection and market integrity in DPT services.” The monetary authority is now seeking public feedback on the draft legislative amendments to the Payment Services Regulations to put these requirements into effect. MAS started the consultation just before the collapse of crypto exchange FTX in November last year. Temasek Holdings, a Singaporean government investment company, invested $275 million in FTX and wrote down the entire value of its investment after the crypto firm filed for bankruptcy. In addition, the Singapore central bank stated Monday that it will also impose restrictions on crypto lending and staking activities. According to the announcement: MAS will also restrict DPT service providers from facilitating lending and staking of DPT tokens by their retail customers. The regulator emphasized that “these activities are generally not suitable for retail public.” However, MAS clarified that DPT service providers can continue to facilitate such activities for their institutional and accredited investors. MAS further cautioned investors that “while the segregation and custody requirements will minimize the risk of loss of customers’ assets, consumers may still face significant delays in recovering their assets in the event of insolvency of the service providers.” The central bank stressed: “Consumers must also remain vigilant and not deal with unregulated entities, including those based overseas, as they risk losing all their assets.” What do you think about Singapore’s new rules targeting custody, lending, and staking activities? Let us know in the comments section below. View the full article

According to Bank of America analysts, the Nigerian currency is currently undervalued and will likely end the year trading at around NGN680 per dollar. The analysts assert that higher oil revenues and a liberalized import regime will likely see Nigeria record current account surpluses in the medium term. Freely Floating Naira Just under a month after Nigerian monetary authorities abandoned the fixed exchange rate regime, analysts at Bank of America recently now argue that the local currency — the naira — is presently undervalued. However, according to analysts, the naira, which is hovering above NGN700 per US dollar, will likely end the year trading at around NGN680 per U.S. dollar. The latest forecast by Bank of America analysts came more than nine months after an economist with the financial institution predicted a 20% devaluation of the naira which would translate to an exchange rate of NGN520:USD1. However, as reported by Bitcoin.com News in mid-June, the Central Bank of Nigeria (CBN)’s decision to allow the naira to freely float initially saw the currency tumble from just under NGN470 per dollar to NGN634 per dollar. Since then the currency has continued to lose ground versus the dollar. As shown by the CBN’s June 26 data, the naira to dollar exchange rate stood at NGN753:USD1. Meanwhile, on the parallel market, one U.S. dollar was buying NGN768 on July 1, 2023. Nigeria’s High Debt Burden Meanwhile, in their latest note on Nigeria, the analysts shared some of the reasons which made them conclude that the naira will start 2024 trading at around 680 per dollar. They said: The caution is transition time, aligning rates and still to unlock more USD into the formal market will take some time. When the dust has settled, the value of the naira should be stronger and appreciating. Meanwhile, in their latest note on Nigeria, the analysts also stated that higher oil revenues ($12 billion more) and a liberalized import regime could still see the West African country recording consistent current account surpluses. The note also urged Nigerian President Bola Ahmed Tinubu to consider tackling oil theft because doing this could easily result in the country earning more from hydrocarbons. Doing this will in turn ease Nigeria’s high debt service burden. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

After the four firms that filed for spot bitcoin exchange-traded funds (ETFs) resubmitted their applications with the U.S. Securities and Exchange Commission (SEC), the asset manager Blackrock followed suit with an amended application. Similar to Cboe’s refiling of registrations from Fidelity, Vaneck, Invesco, and Wisdomtree, Nasdaq amended the Blackrock spot bitcoin ETF filing, by incorporating Coinbase as a surveillance-sharing agreement (SSA) partner. Nasdaq Amends Blackrock Spot Bitcoin ETF Application Alongside Industry Competitors Last week, a report from The Wall Street Journal revealed that individuals with knowledge of the situation said the Securities and Exchange Commission (SEC) expressed dissatisfaction with the numerous spot bitcoin ETF filings submitted in the past two weeks. The leading U.S. options exchange, Cboe, informed the WSJ that it intended to revise its filings. Subsequently, Cboe updated the spot bitcoin ETF filings for Wisdomtree, Vaneck, Invesco, and Fidelity. At that time, it remained undisclosed whether Blackrock had updated its registration for its spot bitcoin ETF. However, on June 29, 2023, records indicate that Nasdaq revised the Blackrock spot bitcoin 19b-4 filing. Like the other ETF resubmissions, Blackrock and Nasdaq designated Coinbase as the fund’s surveillance-sharing agreement (SSA) partner. In essence, an SSA partner is an organization that has consented to share surveillance information with another entity. Regarding an exchange-traded fund, an SSA cooperates with the manager to exchange surveillance information aimed at enhancing security and ensuring public safety. One of the primary concerns regarding a spot bitcoin ETF, as stated in the SEC’s numerous denials of spot bitcoin ETFs over the years, is market manipulation and insufficient investor protection. Nevertheless, Blackrock, being the world’s largest asset manager, carries significant credibility, leading some to speculate that the financial powerhouse’s credentials could facilitate the approval of Blackrock’s spot Bitcoin ETF. “The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the exchange’s market surveillance program,” according to details in Blackrock’s filing. In the ETF filing submitted for approval to the U.S. securities regulator, Coinbase is also designated as Blackrock’s custodian. Blackrock’s filing elaborates that there is an agreement and term sheet between Coinbase and Nasdaq, which took effect on June 16, 2023. Some market observers suggest that this could give Blackrock an advantage, as opposed to stating that the funds are simply “expecting to enter into an SSA,” as explained by Nate Geraci, co-founder of the ETF Institute. What are your thoughts on the resubmission of spot Bitcoin ETF applications by major players like Blackrock? Do you believe this renewed effort will pave the way for regulatory approval? Share your thoughts and opinions about this subject in the comments section below. View the full article