roadrunner

Okx, one of the largest cryptocurrency exchanges in the market, has announced the launch of its soccer-focused metaverse experience, called the “Okx Collective.” The immersive experience will include Jack Grealish, Rúben Dias, Ilkay Gündoğan, and Alex Greenwood, stars from Manchester City, the reigning champion of the Premier League. Okx To Launch Okx Collective Metaverse Sports clubs and their players are more and more inclined to tailor metaverse platforms to offer new immersive experiences to fans. Okx, one of the biggest cryptocurrency exchanges by volume traded, will launch its own metaverse experience specially tailored for soccer fans. The company has partnered with a group of players of the reigning champion of the Premier League, U.K.’s first-division soccer league, to create a platform for fans to engage with their stars and get a glimpse of their activities on and off the field. In a press release, the exchange explained the collective will provide a glimpse into the lives of these stars, who will lend their exclusive training music, content, and NFT-based digital experiences to the platform. Soccer clubs have been particularly interested and active when it comes to adding more experiences of this kind to enrich and tighten the relationship with their fans. On the intersection between soccer and metaverse tech, Haider Rafique, CMO at Okx, stated: Introducing elite footballers to our newly established metaverse is about sharing the boundless possibilities of Web3 and inviting fans to experience it first-hand. Web3 has the potential to be bigger than everything that came before it. Featured Players and Background The players in Okx collective come from diverse backgrounds. Four Manchester City will provide their content to the platform, including veteran Ilkay Gündoğan, Jack Grealish, Ruben Santos, and Alex Greenwood from the rows of the women’s Manchester City team. Grealish believes that bringing soccer to the metaverse will offer fans a new panorama of the sport. He explained: Combining football and the metaverse brings fans closer to the action! I’ve had a lot of fun bringing my digital profile to life with the support of the Club and Okx. Greenwood stated this connection with the metaverse and the digital world might be beneficial for the ecosystem. She stated: We talk a lot about the evolution of football, and it feels as though exploring this space is the next step. Other European soccer clubs like Real Madrid and FC Barcelona, and even leagues like the Spanish Laliga have also launched metaverse and NFT-based initiatives before, with mixed results. What do you think about the launch of the Okx Collective? Tell us in the comments section below. View the full article

The Ethereum scaling network Optimism, which operates as a layer two (L2) network, announced plans to upgrade its network in March. The upgrade, named “Bedrock,” aims to increase transfer speed, lower fees, and enhance compatibility with the Ethereum Virtual Machine (EVM). The Optimism Foundation stated in its proposal, “The Bedrock upgrade is a major step towards a multi-chain future.” Optimism’s Bedrock Upgrade: Optimizing Transfer Fees and Improving Node Performance Optimism, the L2 Ethereum scaling solution, plans to upgrade its network in mid-March 2023 with a new ruleset change called Bedrock. On Feb. 1, 2023, the Optimism Foundation tweeted about the proposal, stating, “The Optimism Foundation has proposed the first protocol upgrade to the Optimism Collective: Bedrock.” In another tweet, the official Optimism Twitter account expressed excitement about presenting the proposal to the Token House. Optimism’s tweet adds: We see Bedrock as the culmination of years of R&D—and the next crucial step towards a modular, simplified, and performant multi-chain future. The Optimism Foundation’s upgrade proposal details the first official release of the OP Stack, a set of modular components powering Optimism. Bedrock aims to improve transfer fees through optimized data compression, reduce deposit times by handling L1 re-orgs more efficiently, enable modular proof systems, and enhance node performance. The proposal highlights that Bedrock aims to maintain close compatibility with Ethereum. The Bedrock upgrade, the first official release of the OP Stack, will support Ethereum-centric design principles like EIP-1559 and modularity. According to Optimism’s Twitter account, the upgrade is expected to take approximately 4 hours and will not require a “regenesis.” End-users of Optimism do not need to take any action, and historic chain data will remain accessible after the upgrade. The Goerli testnet for Optimism has already undergone a successful upgrade to Bedrock without major issues, according to Optimism developers. What are your thoughts on Optimism’s upcoming Bedrock upgrade and its potential impact on the future of the L2 network? Share your thoughts about this subject in the comments section below. View the full article

The smart contract token economy rose 5.6% against the U.S. dollar on Thursday, reaching $332 billion. Additionally, the value locked in decentralized finance (defi) increased to nearly $50 billion, a record high not seen since the collapse of FTX. Smart Contract Economy and Defi TVL Bounces Back On Thursday, Feb. 2, 2023, the top smart contract platform coin economy increased to $332.86 billion, a rise of 5.6% in the last 24 hours. Currently, roughly $20.44 billion in global trading volume is paired with smart contract tokens. Of the top ten smart contract crypto assets by market capitalization, polygon (MATIC) led in 24-hour gains, rising 12% in the last day. Aptos (APT) followed with the second-largest increase, jumping 10.4% higher on Thursday. Polkadot (DOT), chainlink (LINK), and solana (SOL) all experienced notable gains in the last day, jumping 6% to 7.1% higher. Smart contract coins outside the top ten that saw significant increases include near protocol (NEAR), which rose 11.4%, and fantom (FTM), which jumped 17.5% on Thursday. Parsiq (PRQ) was the largest gainer with a 27.7% increase, while counterparty (XCP) was the biggest smart contract token loser, shedding 9.9% on Thursday. The value locked in decentralized finance (defi) has also risen and is near the $50 billion range, at approximately $49.48 billion. Lido Protocol leads the defi pack, as its total value locked (TVL) today represents 17.32% of the $49 billion on Thursday. Lido’s TVL increased by 5.79%, and the second-largest defi protocol, Makerdao, jumped 2.97% in 24 hours. Rocket Pool experienced one of the biggest defi protocol increases in the last day with a 7.38% rise. According to defillama.com statistics, the top 20 defi protocol TVLs have all seen double-digit increases in the last 30 days. Ethereum remains the top chain in decentralized finance today, as its defi protocols dominate the total value locked (TVL) by 59.4%. Ethereum is followed by Tron, Binance Smart Chain (BSC), Arbitrum, and Polygon, respectively, in terms of TVL size on Feb. 2, 2023. Changes over the past month show that the top ten blockchains in terms of defi TVL have also seen double-digit increases in TVL. The largest increase in the last month was Optimism’s TVL, which increased by 47.41% over the 30-day span. The last time the TVL in defi was this high was in Nov. 2022, just before the crypto exchange FTX collapsed. What do you think about the market performances of smart contract tokens on Feb. 2 and the rise in defi’s TVL? Share your thoughts in the comments sections below. View the full article

PRESS RELEASE. FIO Protocol, the leading decentralized solution for global blockchain usability, has announced the launch of FIO Domain wrapping on the Polygon blockchain. Wrapping is the process of taking a token from one blockchain and making it available for use on another. This launch moves FIO Protocol into the $31.4 billion NFT market by enabling users to buy, sell, and trade their FIO Domains as ERC-721 NFTs on all Polygon-enabled marketplaces. Founded in 2019, FIO Protocol offers NFT domain names that grant users full custody of their decentralized digital identity. FIO Domains are used to customize FIO’s flagship product, FIO Crypto Handles, allowing users to personalize their decentralized digital identity front to back without requiring the use of a standardized top-level domain (e.g. username@customdomain). At the time of writing, FIO Protocol has registered nearly 1 million FIO Crypto Handles, which can be mapped to any kind of cryptocurrency wallet and used as a single, user-friendly identifier in place of lengthy crypto wallet addresses. Eric Butz, VP of Engineering, FIO Protocol: NFTs have enormous potential to disrupt how creative industries operate and people control their Web3 identities. FIO Domain NFTs allow users to fully customize their Web3 identity by creating a personalized FIO Crypto Handle to replace complex wallet addresses with a human-readable name. FIO Crypto Handles can be used to send, receive, request, and even securely sign any type of crypto transaction as a way to simplify the cryptocurrency experience in support of mass adoption. Launching a wrapping solution on Polygon expands access to our FIO Domains and moves FIO Protocol directly into the rapidly growing decentralized identity market. All FIO Domains are non-fungible tokens, which means they are secured by private keys on the FIO blockchain and can be freely transferred between accounts, users, and wallets by the private key holder. The launch of FIO Domain wrapping scales the purchase, sale, and trade of FIO Domains to the widely adopted Polygon blockchain, an Ethereum layer two scaling solution with more than 135 million unique wallet addresses and 1.8 billion transactions as of January 2023. To get started with FIO Domains wrapped on Polygon, visit the FIO Dashboard or watch the demo video here. Future updates for FIO Protocol will be announced via the official FIO Protocol Twitter account and FIO Blog. To chat with the team, join FIO on Discord. About FIO FIO, the Foundation for Interwallet Operability, is a decentralized consortium of blockchain organizations and community members supporting the ongoing development, integration, and promotion of the FIO Protocol. The protocol is an open-source, decentralized usability solution that works across all blockchains, and uses human-readable Crypto Handles to replace the complexity, risk, and inconvenience that comes with blockchain-based transactions using public addresses. FIO Protocol is built on the FIO Chain, a dPoS blockchain fueled by ecosystem utilization of the FIO Token ($FIO). MEDIA CONTACT: press@fioprotocol.io, marketing@fioprotocol.io 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

Avalanche moved to its highest point since August, as the token rose by as much as 17% in today’s session. Cryptocurrencies surged across the board, following the latest Federal Reserve rate hike, with the global market cap 4.29% higher as of writing this. Polygon also hit a multi-month high on Thursday, rising by over 14% in the process. Avalanche (AVAX) Avalanche (AVAX) was one of Thursday’s notable movers, as the token rose to its highest point since August. AVAX/USD hit a high of $22.71 earlier in the day, and came less than a day after it traded at a bottom of $18.80. The move came as avalanche broke out of a long-term price ceiling at $21.65, on its way to its strongest point since August 26. Looking at the chart, the move took place following a breakout of a resistance level at 72.00 on the relative strength index (RSI) indicator. As of writing this, the index is tracking at 72.62, with the next visible resistance point around the 74.00 mark. Should this zone be hit, there is a strong chance that AVAX could move above $23.00, recording a fresh five-month high in the process. Polygon (MATIC) In addition to AVAX, polygon (MATIC) also rose significantly higher in today’s session, hitting a multi-month high in the process. Following a low of $1.07 on Wednesday, MATIC/USD moved to a peak of $1.25 earlier in the day. Thursday’s rally saw MATIC climb by as much as 15%, hitting its highest level since November 8. As of writing this, polygon has given up some of its earlier gains, and is currently trading at $1.23. This comes as bulls seem to be securing profits, as the RSI nears a resistance point at 70.00. Price strength is currently tracking at 69.90, and unless it moves well above this upcoming hurdle, upwards momentum in MATIC could begin to shift. Register your email here to get weekly price analysis updates sent to your inbox Will polygon extend today’s bullish momentum throughout the rest of the week? Let us know your thoughts in the comments. View the full article

Amid the controversy surrounding the Ordinals project and the debate over what types of data should be stored on the Bitcoin blockchain, the network mined its largest block, nearly 4 MB in size, containing just 63 transactions. One of the transactions was a 3.94 MB Ordinal inscription featuring an image of a wizard, and the Bitcoin-issued non-fungible token (NFT) has generated significant discussion. Small Block Advocates Speak Out Against the 4 MB Bitcoin Block With NFT Inscription On Feb. 1, 2023, the Luxor mining pool mined the largest block (#774,628) ever recorded on the Bitcoin network, approximately 3.96 MB. The coinbase parameter of the block contains a message indicating its discovery by Luxor. The mining pool also took to Twitter to inform the community about the discovery and the reason for the large size of the block. “Last night, Luxor harnessed its magic energy and freed an ancient wizard from his cosmic cage where he had been trapped for many epochs,” the mining pool tweeted. “Keen observers of the chain of time may have noticed a 4 MB anomaly, unlike anything seen before. Will there be others?” The tweet also included an image of the “Taproot Wizard,” an Ordinal inscription #652, attached to the block. Taproot, a feature applied to the Bitcoin network on Nov. 12, 2021, was activated at block height 709,632 and brought several new benefits to BTC users. A 3.96 MB block #774628 has been just added to Bitcoin by @LuxorTechTeam exploiting buggy Taproot! The previous record was just 2.77 MB. Here's the list of the largest blocks: https://t.co/LsavqjLFEq This will trigger many! Are we on the verge of a new blocksize war? 🤓 — Nikita Zhavoronkov (@nikzh) February 2, 2023 Essentially, Taproot allows multiple participants in a transaction to create a single combined digital signature, making transactions more efficient and private. Since the creation of Ordinals, it has been discovered that using a Segregated Witness (Segwit) “discount” in combination with Taproot allows for a full block to be 4 MB in size, bypassing the 1 MB limit encoded in the Bitcoin blockchain. It was previously known that Segwit slightly increased block sizes, with the largest block before Luxor’s 3.96 MB being 2.765 MB (#748,918) mined on Aug. 11, 2022. Concerns Raised Over Immutable Nature of Bitcoin and So-Called ‘Dangerous’ Content Meanwhile, Ordinals were already controversial among some bitcoin maximalists, and the 4 MB block mined with only 63 transactions and a Wizard JPEG caused further upset. For instance, bitcoin developer Luke Dashjr, who called Ordinals an “attack,” quickly created a node patch to filter or censor Ordinal “spam.” “NOT a protocol change or soft fork/hard fork, just a harmless (if it works right) spam filter,” Dashjr wrote. “Also a quick hack and NOT suitable for opening a PR to Core – please write a proper fix for that.” Many bitcoin advocates were dissatisfied with the record-breaking block size, and the topic was discussed on the Reddit forum r/bitcoin. The most upvoted comment in the thread read: “I would much rather see such a block full of real monetary transactions from thousands of people, instead of this idiocy.” Another individual agreed with this opinion and argued that the Taproot scheme that produced a 4 MB block was dangerous. “Yeah … This is rather dangerous. We’re one bad actor or one automated miner away from cementing vile and disgusting things to a permanent, globally distributed, uncensorable database. It will be interesting to see if there is a free market solution to this.” Someone has just uploaded DOOM to the BTC blockchain. Go here to try it out:https://t.co/DLuBYj06CS — Hector Lopez (@hlopez_) February 2, 2023 In addition to the stir caused by the Wizard-block Ordinal, an unsavory image was inscribed into inscription #668. Although the image was removed from the Ordinals website, it remains immutable and cannot be removed from the Bitcoin blockchain. Furthermore, a game, “DOOM,” was uploaded to the blockchain and can be found in inscription #466. Some bitcoin advocates expressed dissatisfaction with the mining pool Luxor, which mined the 4 MB block. One person responded to Luxor’s tweet, saying, “There’s nothing revolutionary in what you did. You stuffed a nasty JPEG with zero artistic value into the blockchain. Okay…you could have crafted the same stupid image 10,000 times smaller. Why did you make it 4 MB? Because it’s mischief; you are trolls.” What is your take on the 4 MB block controversy in the Bitcoin network? Do you believe it is a potential threat or a harmless addition to the blockchain? Share your thoughts in the comments section below. View the full article

Bitcoin surged above $24,000 on Feb. 02, as markets continued to react to the latest U.S. Federal Reserve policy decision. On Wednesday, the central bank moved to increase rates by 25 basis points, while signaling that further hikes could be on the cards. Ethereum also rallied, with prices nearing $1,700. Bitcoin Bitcoin (BTC) rose to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August. The move came as the Federal Reserve opted to increase interest rates by 25 basis points in its latest policy meeting. As a result, BTC/USD rose to an intraday high of $24,167.21, less than 24-hours after it was trading at a low of $22,877.75. Thursday’s surge saw the world’s largest cryptocurrency climb to its strongest point since August 16, when prices reached a peak of $24,448. This took place as the 14-day relative strength index (RSI) moved away from a recent floor at 68.00, and is now tracking at 74.10. Should price strength continue on this course, a resistance level of 77.00 will likely be a target for current bulls. Ethereum Ethereum (ETH) also made significant gains in the last 24 hours, as traders pushed prices close to the $1,700 mark. Following a low of $1,566.86 on Wednesday, ETH/USD raced to a peak of $1,689.07 earlier in today’s session. This rally in price saw ethereum move to its highest mark since September 12, when ETH reached a top at $1,761. Looking at the chart, today’s five-month high came as ETH broke out of its long-term price ceiling at $1,670. Although one point of resistance has been broken, ethereum bulls are fast approaching another, with the relative strength index (RSI) nearing a ceiling at 68.00. Currently, the index is tracking at 65.19, with earlier bulls likely to consider taking profits before a full collision occurs. Register your email here to get weekly price analysis updates sent to your inbox Do you expect ethereum to move above $1,700 this week? Leave your thoughts in the comments below. View the full article

Russia-linked cryptocurrency exchange Bitzlato, seized by Western law enforcement, plans to relaunch and permit partial withdrawals, a co-founder announced. Members of the trading platform’s team also intend to relocate the business to the Russian Federation. Co-Founder Says Exchange Will Provide Access to User Funds Crypto exchange Bitzlato is taking steps to restore operations and immediately permit customers to withdraw bitcoin, one of its founders, Anton Shkurenko, said in an interview with Satoshkin Live, a Youtube channel devoted to crypto investment and trading, quoted by major Russian-language crypto news outlets Forklog and Bits.media. In January, the Hong Kong-registered platform was busted as part of an international law enforcement action described by U.S. authorities as a “blow to crypto crime.” It allegedly processed $700 million of illicit funds received from criminal entities such as the darknet market Hydra and the Russian crypto Ponzi scheme Finiko. Its other co-founder, Anatoly Legkodymov, who is a Russian national residing in China, was arrested in Miami and several other team members were detained in Europe. The service was disrupted with the participation of French authorities who took control of its servers and took down its website. Shkurenko told Satoshkin’s host, Dmitry Stepanin, that French officers were able to seize Bitzlato’s hot wallet which at the time stored around 35% of user funds in various cryptocurrencies. He did not specify the exact amount but denied reports claiming that the total exceeds $1 billion. The executive also denied accusations that the company has evaded taxation and assured it has always complied with know-your-customer and anti-money laundering regulations under European laws while cooperating with law enforcement to prevent illegal activities. He also expressed hope that soon the charges will be dropped and the apprehended people released. Four Bitzlato employees have been arrested with the participation of Europol and Shkurenko revealed their identities – former Executive Director Mikhail Lunev, Marketing Manager Alexander Goncharenko, Pavel Lerner, a contractor working on the implementation of the Monolithos DAO, and a system administrator identified as Konstantin. The latter has been released on bail in Cyprus. Cryptocurrency Exchange Bitzlato to Relocate to Russia Bitzlato is currently auditing its losses, the co-founder said and further unveiled that the company plans to move to Russia and renew its activities under Russian jurisdiction. Right now, Bitzlato is looking for an infrastructure contractor, he said. As for the repayment of user funds, Anton Shkurenko assured that customers will be able to withdraw 50% of the BTC in Bitzlato wallets on the day the platform is launched again. Holdings in altcoins will be released gradually he added without specifying a timetable. The world’s largest crypto exchange, Binance, which was one Bitzlato’s biggest recipients, having reportedly processed $346 Million of funds from the platform, blocked some accounts of Bitzlato users in Eastern Europe and the Commonwealth of Independent States following the law enforcement operation. The leading exchange later said it has restored access to most of these accounts. Do you think crypto exchange Bitzlato will be able to refund users if it restores operations? Tell us in the comments section below. View the full article

Press Release. LONDON, ENGLAND – February 2nd, 2023 – Neon Link, a blockchain gaming company building a technologically robust and scalable environment, announced its opening of the presale of the $NEON token, taking place on the 15th February at 5PM UTC, which is set to fuel the next generation of games that sit on top of the project’s own cross-chain network. The $NEON pre-sale is only one side of the coin distribution – soon after that, the Neon Link public sales will follow. The earliest adopters to join in and participate may end up quite lucky in joining possibly one of the next big players in crypto gaming, which is to become apparent once the bulk of Neon Link’s products finally enters the market. The game-focussed $NEON token will power every product under Neon Link’s wing, including upcoming games like Ascend The End, as well as more utility-based tools such as the Neon Wallet, Neon NFT marketplace, Neon Gaming ID + Name Service (NNS), Neon Bridge, and others. Most of the aforementioned products and more will be launched at once since the Neon Link team has been building its foundational product suite ever since early 2022. To date, only a small number of projects, in crypto or otherwise, have been able to successfully launch multiple products simultaneously. The Neon Link ecosystem is surrounded by new up-and-coming tools and services aimed at both the gamer and the crypto enthusiast. For example, the unique and refined Neon NFTs will have games built around them, as well as integrations for transacting within. Neon Link will soon start welcoming people to become players, validators, farmers, and stakers through the $NEON token. Token holders will be able to vote on proposals, product development, and the future of the protocol itself since Neon Link’s governance closely resembles that of DAOs. $NEON, being the securer and runner of Neon Link platforms, will be launched for a limited private sale. The total supply of $NEON is 1 billion tokens. 55 million will be offered for the very first sale of $NEON tokens. The price will position the Neon Link ecosystem’s fully diluted valuation at only $80M (fully diluted valuation) in the beginning. The Neon Link team has turned this project into a product-producing behemoth, with several product launches expected to take place in the coming months. Their mission is to bring Web3 gaming to the mainstream by providing infrastructure and a truly scalable blockchain ecosystem to enhance the capabilities of game developers to offer their players incredible experiences and opportunities. This begins with the presale of the token that fuels and governs the entire Neon Link blockchain gaming ecosystem, $NEON. Visit The Presale Page to find out more, and sign up to receive important updates and take part on the 15th of February at 5pm UTC. For media inquiries, please reach out to roland@neonlink.io. Website: https://web3.neonlink.io/3Y9lITQ Presale: https://web3.neonlink.io/3WMO1WR Linktr: https://linktr.ee/neonlink 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

An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial systems. Chinese Economist Warns of Missed Opportunities Due to Crypto Ban A former adviser to the Chinese central bank, the People’s Bank of China (PBOC), has called on the Chinese government to reevaluate its cryptocurrency ban, the South China Morning Post reported Monday. Huang Yiping served as a member of the Monetary Policy Committee at the People’s Bank of China between 2015 and 2018. He is currently a professor of finance and economics at Peking University’s National School of Development. While acknowledging that a cryptocurrency ban may be practical for China for the time being, the former central bank adviser stressed that the government should consider whether such policies will be sustainable in the long run. He cautioned that a permanent ban on crypto-related products could result in missed opportunities in technologies like blockchain, which are “very valuable” to regulated financial systems. In September 2021, the Chinese government declared all crypto activities illegal, claiming that crypto disrupted the country’s economic and financial order while providing a breeding ground for criminal activity. Despite the ongoing crackdown by the Chinese government, a significant number of cryptocurrency investors are still in China. According to blockchain analytics firm Chainalysis, China is among the top 10 countries with the highest crypto adoption. In addition, FTX’s bankruptcy filing in November last year shows that Mainland users accounted for 8% of the collapsed crypto exchange’s customer base; FTX had over 5 million active users before it imploded. Furthermore, cryptocurrency mining activities have increased in China. According to data from the Cambridge Centre for Alternative Finance (CCAF), traffic from China accounted for approximately 20% of bitcoin’s total hash rate from September 2021 to January 2022. The center explained: “This strongly suggests that significant underground mining activity has formed in the country … As the ban has set in and time has passed, it appears that underground miners have grown more confident and seem content with the protection offered by local proxy services.” Huang noted that the PBOC is trying to drive the adoption of its central bank digital currency (CBDC). Although the digital yuan or e-CNY is still in its trial phase, the central bank started counting the digital currency as part of its money supply in December last year. However, former PBOC director-general of research Xie Ping recently said usage of China’s CBDC has been “low” and “highly inactive.” Do you think China will establish a more crypto-friendly crypto framework in the near future? Let us know in the comments section below. View the full article

The Indian government has introduced new crypto tax penalties, including for non-payment of crypto tax deducted at source (TDS). Much to the disappointment of the crypto community, Finance Minister Nirmala Sitharaman did not mention crypto in her Budget speech this year. Crypto income remains taxed at 30% while TDS stays at 1%. No Crypto Tax Relief in India Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in parliament Wednesday, one day after she presented this year’s Economic Survey which highlighted the need for “a common approach to regulating the crypto ecosystem.” Much to the disappointment of the Indian crypto community, Sitharaman made no mention of crypto during her Budget speech. Following her speech, many Indian crypto proponents took to Twitter to voice their opinions. Neeraj Khandelwal, co-founder of crypto exchange Coindcx, tweeted: No changes to crypto taxation in India in the Budget Session. It stands at 1% TDS and 30% on profits. This puts India at a web3 disadvantage for another year. Sathvik Vishwanath, CEO of Indian crypto exchange Unocoin, wrote: “There was no mention of crypto or blockchain in Budget this time. It has been a year since the announcement of 1% TDS was done and we all thought it would affect the industry. It did! Now we need reviving amendments.” Rajagopal Menon, vice president of crypto exchange Wazirx, opined: “The Indian Union Budget 2023 made no changes to existing crypto taxes, leaving Indian crypto companies on the Stairway to Heaven. There is lingering uncertainty because of high taxes and a lack of a solid regulatory framework which are stifling progress in the industry.” Indian Government Introduces Crypto Tax Penalties While the finance minister did not mention crypto in her Budget speech, the Finance Bill reportedly includes an amendment to the Income Tax Act that applies to crypto TDS. Crypto tax firm Koinx explained on Twitter that the penalty for failure to deduct or pay crypto TDS includes an amount equal to the unpaid TDS that will be imposed by a joint commissioner, noting that for late payments, a 15% interest per annum will be imposed. According to India Today, failure to pay TDS on crypto transactions can land one in jail for up to seven years. Ashish Singhal, co-founder and CEO of crypto trading platform Coinswitch, detailed on Twitter: The TDS of 1% for crypto transactions remains as it is. But there is a clarification. The onus of deducting TDS has been on crypto exchanges or on the user (if using P2P or other means), but until now, there was no penalty for non-deduction. When Sitharaman announced the taxation of crypto income at 30% and a TDS of 1% on crypto transactions last year, crypto trading volumes in India plummeted. The lack of a regulatory framework for crypto and the central bank’s continued crypto ban proposal contribute to the uncertainty that drives crypto companies and investors away from India. Crypto exchange Binance, for example, does not see India as a viable business opportunity. What do you think about the crypto tax penalties imposed by the Indian government? Let us know in the comments section below. View the full article

Non-fungible token (NFT) sales increased 41.96% from the previous month, according to data recorded on Feb. 1, 2023. NFT sales reached nearly $1 billion in 30 days, with an approximate total of $997.53 million. Additionally, the number of digital collectible transactions rose more than 22% in the past month. Bored Ape Yacht Club Dominates, Ethereum Leads With 78% of Total NFT Sales in January 2023 NFT sales mirrored those of crypto assets in January 2023, reaching $997.53 million, a 41.96% increase from December 2022. Data from cryptoslam.io shows that out of 20 blockchain networks, Ethereum led NFT sales with $784.87 million, or 78.681% of the total for the month. Solana followed with $150.4 million in NFT sales over the last 30 days, accounting for 15.07% of the total. The other top five blockchain networks in terms of NFT sales are Cardano, Immutable X, and Polygon, respectively. In terms of top-selling NFT collections in January 2023, Bored Ape Yacht Club (BAYC) NFTs generated $71.24 million in sales. BAYC sales increased 45% from December. Mutant Ape Yacht Club (MAYC) sales rose 47.91% last month, generating $58.85 million in NFT sales. Bored Ape Kennel Club (BAKC) NFT sales jumped 309% from the previous month, totaling $42.33 million in sales. The remaining top NFT collections in order are Azuki, Otherdeed, Art Blocks, Sorare, Degods, Captainz, and Hausphases. The top five NFT collections generated $242.56 million in sales in January, accounting for 24.31% of total sales. The top ten NFT projects combined for $336.26 million in sales, equating to 33.70% of the $997.53 million in total sales for the month. The most expensive NFT sold over the past month was BAYC #5,840, which sold for $796,444 four days ago. BAYC #4,025 sold 17 days ago for $613,501, and BAYC #8,483 sold for $581,845 three days ago. The fourth and fifth most expensive NFTs sold were Cryptopunk #9,092, sold for $496,903, and BAYC #8,483, sold for $490,333. In 30-day terms of sales volume, Opensea led the pack with 40% of last month’s sales executed on the NFT marketplace. The NFT market Blur captured 32% of the 30-day sales, and X2Y2 recorded 8% of the month’s sales. Magic Eden NFT sales were around 7% of the month’s settled transactions, and Looksrare accounted for 2% of the NFT sales in the last 30 days, according to dappradar.com statistics. What do you think about the rise in NFT sales last month? How do you see the future of NFTs and blockchain technology evolving in the coming months? Let us know what you think about this story in the comments section below. View the full article

According to research from Recap, a cryptocurrency tax software company, London has become the world’s leading hub for cryptocurrencies. The researchers analyzed eight indicators, including the number of cryptocurrency businesses and the quantity of cryptocurrency ATMs in each country. Key Findings of Recap’s Study on Global Cryptocurrency Hubs Crypto tax firm Recap released a research report on Jan. 25, 2023, highlighting the top global cryptocurrency hubs, with London named the “most crypto-ready city.” Recap used criteria from eight elements, including the number of cryptocurrency businesses and employees, research and development spending compared to each city’s GDP, the number of cryptocurrency ATMs, cryptocurrency ownership, and capital gains tax rates. Recap’s report details that London has the most people employed in the cryptocurrency industry compared to other global regions. The city is home to over 800 cryptocurrency-based companies and hosted the second-highest number of cryptocurrency-related events and conferences in 2022. The report states that London’s lead aligns with U.K. prime minister Rishi Sunak‘s goal to establish the United Kingdom as the world’s hub for cryptocurrency technology and investment. London is followed by Dubai, the most populous city in the United Arab Emirates, as the second largest cryptocurrency hub. According to Recap’s study, Dubai’s appeal as a residence for cryptocurrency investors is due to its 0% tax rate. The study notes that Dubai has 772 cryptocurrency-based companies. New York is the third largest hub, with 843 firms specializing in cryptocurrency and blockchain technology. The American city is also home to the largest investment in cryptocurrency research and development. “Crypto assets have grown massively over the past few years, and are becoming increasingly interlinked with the regulated financial markets, and the fact that so many cities are embracing it is a positive sign,” said Daniel Howitt, co-founder and CEO of Recap, commenting on the latest study. “London being the world’s leading crypto hub is good news for the government’s plans to make the U.K. a ‘global hub for crypto-asset technology and investment.’” London, Dubai, and New York are followed, in order, by Singapore, Los Angeles, Zug, Hong Kong, Paris, Vancouver, and Bangkok. “Hong Kong, Paris, Vancouver, and Bangkok complete the top ten due to low capital gains tax, high volume of crypto ATMs, and the number of people in the crypto field,” Recap’s researchers note. “Interestingly, San Salvador in El Salvador, came 41st in the table with only ten people working in crypto-based jobs – but is the only place where bitcoin is considered a legal tender. Residents are able to spend it like currency as shop prices are also quoted in bitcoin (BTC),” the study’s researchers add. You can check out Recap’s research report in its entirety here. What do you think sets London apart as the world’s leading cryptocurrency hub, and do you believe this trend will continue in the future? Let us know your thoughts about this subject in the comments section below. View the full article

The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while seeking to protect customers and grow its economy. In the next three months, British authorities will accept public feedback on the new regulatory proposals designed to govern digital assets like traditional finance. British Government Sets Out to Regulate Crypto Market, Remains Committed to Innovation The executive power in London has announced plans to regulate a wide range of crypto-related activities through new rules for the young industry that will be consistent with Britain’s regulations for the traditional financial sector. A public consultation on the proposals has been launched and will continue until the end of April. In the published paper, the U.K. Treasury reaffirms its belief that “crypto technologies can have a profound impact across financial services.” The document provides an overview of the consultation work ahead. The British government also insisted its approach to regulation “mitigates the most significant risks, while harnessing the advantages of crypto technologies” and expressed hopes to enable the crypto industry to expand, invest, and create jobs. Economic Secretary to the Treasury Andrew Griffith emphasized: We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto-asset technology. But we must also protect consumers who are embracing this new technology. The draft rules aim to ensure that crypto exchanges “have fair and robust standards.” They will be responsible for “defining the detailed content requirements for admission and disclosure documents,” an announcement revealed on Wednesday. Officials also indicated they want to strengthen the rules for intermediaries and custodians that facilitate cryptocurrency transactions and store customer digital assets. They believe this would help to establish a “world-first regime” for crypto lending. The move comes in the aftermath of several high-profile failures that shook the crypto space, including the collapse of major crypto exchange FTX. The British government has previously said that it intends to adopt regulations that would prevent market abuses. Majority of Crypto Asset Companies in the UK Fail to Receive Regulatory Approval The regulatory proposals follow last week’s announcement by the U.K.’s Financial Conduct Authority (FCA) that most entities that want to do business with crypto assets in Great Britain, 85% of all applicants, have failed to convince regulators they can meet the country’s minimum anti-money laundering (AML) requirements. The regulator said it had identified significant failures in spheres such as due diligence, risk assessment, and transaction monitoring. “In many cases, key personnel lacked appropriate knowledge, skills and experience to carry out allocated roles and control risks effectively,” the FCA said. Meanwhile, the Treasury Committee at the House of Commons is still looking into the potential threats and opportunities associated with crypto assets and the need for regulation. “We are in the middle of an inquiry into crypto regulation and these statistics have not disabused us of the impression that parts of this industry are a ‘Wild West,’” Harriett Baldwin, chair of the select committee, was quoted as stating. What effect do you think the upcoming U.K. rules will have on the development of the country’s crypto industry? Share your expectations in the comments section below. View the full article

The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100% certainty the Federal Open Market Committee (FOMC) would codify the quarter-point increase. The FOMC statement further detailed that ongoing rate increases are anticipated to bring inflation down to the target range of 2%. FOMC Outlines Expectations for Future Rate Hikes The central bank of the United States raised the federal funds rate on Wednesday, increasing it by 0.25% to the current range of 4.5% to 4.75%. The FOMC detailed in a statement that indicators show there has been “modest growth in spending and production” and job gains have been “robust in recent months.” However, the committee says that while inflation has dropped, it “remains elevated,” and it believes the conflict in Ukraine is “causing tremendous human and economic hardship.” “The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the FOMC statement details. “In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent. The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.” The federal funds rate has been increased eight consecutive times and is now at its highest level in about 15 years. The Federal Open Market Committee has stated that “ongoing increases” would be appropriate at every meeting since March. Market analysts and investors have shown conflicting signals over the Fed rate hikes, with some expecting the central bank to soften its stance, and others anticipating that Jerome Powell will continue to raise the benchmark interest rate. The Fed’s rate hike on Wednesday was the smallest since March 2022. On Wednesday, Powell said that monetary tightening will continue “until the job is done” and added that the “disinflationary process that is now underway is really in its early stages.” The crypto economy appeared unfazed by the Fed’s decision on Wednesday, and prices jumped 0.9% higher after Powell’s comments. Bitcoin (BTC) rose 1.4% and ethereum (ETH) jumped more than 2% higher. After sliding during the early morning trading sessions on Wednesday, U.S. stocks regained most of the losses following the Federal Open Market Committee statement. All four U.S. benchmark equity indexes are in the green as Wednesday’s closing bell nears. Precious metals such as gold and silver also saw gains, with gold up 0.79% and silver up 0.72% following the Fed’s statement. What are your thoughts on the Federal Reserve’s decision to raise the benchmark interest rate and how will it affect the economy in the long run? Let us know your thoughts about this subject in the comments section below. View the full article

On Jan. 26, 2023, the cryptocurrency asset aptos (APT) reached an all-time high and then lost 20% of its value over the next five days. In the past 24 hours, it also shed 8.3% against the U.S. dollar. Despite the decline from its all-time high, APT is still up 349% compared to last month’s exchange rate. Aptos Hits $20 Ceiling, Slides 20% Lower From All-Time High Aptos, a layer one (L1) blockchain created by two developers from the former Diem cryptocurrency project at Meta, saw significant growth against the U.S. dollar last month. Six days ago, it reached an all-time high of $19.92 per unit. However, in the past 24 hours, APT has lost 8.3% in value and traded between $15.89 and $17.48 per coin. Despite this decrease, Aptos was one of the top-performing cryptocurrencies in January 2023 and has increased more than 400% since its all-time low on Dec. 29, 2022. Out of the thousands of cryptocurrencies in the industry, worth a total of $1 trillion as of Feb. 1, 2023, APT is ranked 28th in terms of market capitalization. Currently, the circulating supply of 161,361,143 APT is valued at $2.55 billion in USD. The global trade volume for APT was $423.74 million in the past 24 hours. Of that volume, 57.32% was exchanged for Tether (USDT) and 18.15% was traded for the Korean won (KRW), making the Korean won APT’s largest fiat currency pair, surpassing the percentages exchanged for the euro or the U.S. dollar. About 1.46% of all APT trades today are exchanged against the Turkish lira. In the decentralized finance (defi) space, APT has $61.24 million total value locked (TVL) in defi on Feb. 1, 2023. On Wednesday, Pancakeswap dominated the APT value locked in defi with 59.76%. The Aptos team and community members are on the “Aptos World Tour,” recently completing a stop in Korea. “When considering where to have our first hackathon, there was no doubt that Seoul was our top choice,” Mohammad Shaikh, the co-founder and CEO of Aptos Labs said at the event. According to aptoscan.com stats, the largest wallet, controlled by the Aptos Foundation, holds 52.53 million APT, or 5.162% of the total supply. The top five APT wallets, including the largest address held by the Aptos Foundation, hold 11.22% of the supply among 3,101,008 unique addresses. What are your thoughts on the current state of APT in the cryptocurrency market? Do you think it has the potential to bounce back or will it continue to decline? Let us know your thoughts in the comments section below. View the full article

Litecoin raced to a nine-month high on Feb. 1, following a breakout of a key resistance level. The surge in price comes as the global cryptocurrency market cap rose marginally higher today, and is up by 0.57% as of writing. Cosmos was another notable mover, with prices up for a second straight session. Litecoin (LTC) Litecoin (LTC) surged to a nine-month high on Wednesday, as prices rose past a key resistance level. LTC/USD hit a peak of $97.73 earlier in today’s session, less than 24 hours after trading at a low of $93.05. As a result of the surge, litecoin rose to its strongest point since May 5, when prices were at a high of $106.86. Looking at the chart, the move took place following a breakout of a ceiling at $95.50, and came as the relative strength index (RSI) collided with a resistance of its own. As of writing, the index is tracking at 65.96, which is marginally below a resistance level at 66.00. Since approaching this point, earlier gains have somewhat declined, with LTC now trading at $95.58. Cosmos (ATOM) Cosmos (ATOM) was another notable mover in today’s session, with the token climbing for a second straight day. Following a low of $13.15 on Tuesday, ATOM/USD moved to a peak of $13.84 earlier in the day. Wednesday’s rally saw cosmos move above a ceiling at $13.50, nearing its highest point since November 8 in the process. Whilst this resistance level was broken, the 14-day RSI was approaching one of its own at 66.00. As of writing, the index is tracking at 61.77, after it bounced from a support point at 58.00 Should this ceiling at 66.00 be hit, it is likely that ATOM could be trading above the $14.00 mark. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cosmos to climb past $14.00 this week? Let us know your thoughts in the comments. View the full article

On Wednesday, 60 organizations involved in cryptocurrencies, open-source and free software, and human rights and privacy-preserving projects launched a new campaign calling on the 118th U.S. Congress to protect privacy. The groups, including Fight for the Future, Electric Coin Co., and the Tor Project, insist that Congress needs to deliver policies dedicated to standing up for privacy. Campaign Urges Lawmakers to Take Bold Stance on Pro-Privacy Policies A new campaign, launched by 60 organizations, carries the slogan “Tell Congress to protect privacy.” The groups are calling for the United States federal government’s legislature to stand up for privacy both online and offline. Supporting entities include Fight for the Future, Blockchain Association, Proton, the Tor Project, Mobilecoin, Protocol Labs, Filecoin Foundation, Electric Coin Co., the Defi Education Fund and Tutanota. The campaign follows Fight for the Future’s open letter to Congress, in which they stated that privacy is a fundamental human right. “Protecting the privacy of everyday people is key to ensuring safety, self-determination, freedom of the press, and other rights that compose the core of democracy,” the letter details. “We applaud recent interest in robust federal data privacy legislation to reinforce such rights. The technologies and software tools we build to preserve user privacy by design are just as essential. Such tools help users to guard against a diverse swath of harms including discrimination, intimidation, and abuse from authoritarian regimes.” The campaign’s website allows individuals to reach out to Congress and express their support for privacy and the technologies that enhance it. “Contact Congress now to demand they defend our right to privacy,” the website says. The site also displays a full list of organizations involved in the campaign. “The Tor Project’s mission is to promote human rights through the creation and deployment of free and open-source anonymity and privacy technologies,” said Isabela Fernandes, executive director of the Tor Project, in a statement. “We are co-signing this effort because we believe that everyone, especially elected representatives, must defend privacy.” Paul Brigner, head of U.S. policy and strategic advocacy at Electric Coin Co., said, “Electric Coin Co. has fully joined this global call for incoming U.S. lawmakers to defend privacy.” Electric Coin Co. is the company and developers behind the privacy-focused crypto project Zcash. “We urge lawmakers to take a strong stance in favor of pro-privacy policies, including end-to-end encryption, and reject any attempts to hinder the use or development of privacy-preserving tools. Only by defending the privacy of all individuals can we hope to build a truly democratic and free society.” What are your thoughts on the new campaign launched by 60 organizations calling on the 118th U.S. Congress to protect privacy? Share your opinion in the comments section below. View the full article

Ethereum was marginally higher on Feb. 1, as markets prepare for the upcoming Federal Open Market Committee (FOMC) meeting results. Many are expecting that the U.S. Federal Reserve will increase rates by 25 basis points, taking current rates to 4.75%. Bitcoin was in the green on Wednesday, as prices rose above $23,000. Bitcoin Bitcoin (BTC) was back above $23,000 in today’s session, as traders turned their attention to this afternoon’s FOMC meeting. After recording a low of $22,874.43 on Tuesday, BTC/USD moved to an intraday high of $23,225.02 earlier today. Today’s move saw the world’s largest cryptocurrency briefly move past an interim ceiling at the $23,200 level. However, with volatility today higher due to the Fed meeting, prices have since moved back below this point and are currently trading at $23,045.02. This took place as the 14-day relative strength index (RSI) continued to hover close to a floor at 68.00 As of writing, the index is tracking at 69.83, and could remain around this mark until after the Fed meeting concludes. Ethereum Ethereum (ETH) rose marginally higher on Wednesday, with prices moving closer to the $1,600 zone. ETH/USD rose to a peak of $1,598.52 earlier in the day, which comes following a move to a bottom at $1,569.04 the day prior. Like with bitcoin, ETH bulls were unable to push prices above resistance, with earlier momentum easing as of writing. From the chart, it appears that the shift in sentiment has come as the RSI was unable to move past its own ceiling at 58.00 Currently, the index is tracking at 57.64, with the 10-day (red) moving average also changing its trend, and now downward facing. Should this sentiment continue, it is highly likely that ETH will fall to a floor at $1,550. Register your email here to get weekly price analysis updates sent to your inbox: Will cryptocurrencies rally following this afternoon’s FOMC meeting? Leave your thoughts in the comments below. View the full article

Trends show that artificial intelligence (AI) will be a major topic in 2023, as data indicates a surge in interest. Since interest peaked and Microsoft invested billions into Chatgpt, demand for AI-focused cryptocurrency projects has risen dramatically. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen it’s token AGIX increase 293% against the U.S. dollar. There’s Been a Surge in Interest in AI-Focused Cryptocurrency Projects During the week of Jan. 22-28, 2023, the worldwide Google Trends score for the term “AI” was 94 out of 100. In the first week of Dec. 2022, the search term reached its highest Google Trends score of 100. It’s safe to say that the world has become increasingly focused on artificial intelligence (AI) since the release of AI-infused art platforms like Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe, and others. In the past two months, the Openai platform Chatgpt or GPT-3 has become a widely used AI phenomenon. Google Trends shows the worldwide score for the search term “Chatgpt” was 100 during the week of Jan. 22-28, 2023, and it has been rising since the first week of Dec. 2022. Reports also show that Microsoft has entered the third phase of its long-term partnership with Openai through a “multi-year, multi-billion dollar investment,” said to be as much as $10 billion in funding. The growing trend in artificial intelligence (AI) and demand for the technology has spilled over to blockchain projects integrating AI into their protocols. For instance, a crypto asset created by the project singularitynet.io has seen its native token AGIX rise 293% in the past month. Although singularitynet (AGIX) was down more than 6% on Jan. 29, 2023, it has increased 17.5% over the past two weeks. The project aims to support the next generation of decentralized AI. Another blockchain-powered AI project, Vectorspace AI (vspb.science), has a token called VXV that has risen 95.9% over the past month. The Fetch.ai project has experienced similar demand over the past four weeks. Over the past 30 days, the Fetch.ai project’s FET token has risen 212% against the U.S. dollar. The Fetch.ai team says the project creates “autonomous agent technology” for peer-to-peer applications with automation and AI capabilities, with or without direct blockchain access.” Another AI-based blockchain project, Ocean Protocol, and its OCEAN token have risen 130% against the U.S. dollar in the past 30 days. Ocean Protocol, named a technology pioneer by the World Economic Forum, aims to unlock data at scale through encrypted data monetization. It is uncertain how long the demand for AI-based crypto assets and the popularity of these tokens will last. All of the AI-related crypto assets are currently ranked below the top 75 in terms of market capitalization and have recently seen price surges due to increased interest in AI/Chatgpt. What do you think is driving the surge in demand for AI-focused cryptocurrency projects? Share your thoughts in the comments below. View the full article

Non-fungible token (NFT) assets have existed since at least 2014, but interest in them began to rise in January 2021, according to Google Trends data. Approximately one year later, the search term “NFT” reached its highest score on Google Trends. During that time the top five NFT collections, in terms of all-time sales volume, have collectively accrued $12.7 billion in sales volume. 5 Non-Fungible Token Projects Capture $12.7 Billion in Sales Two years ago, the search query “NFT” first appeared on Google Trends (GT), reaching a score of 1 out of 100 in the first month of 2021. Before that time, GT data shows little to no interest in NFTs, despite their existence since 2014. A year later, NFTs were quite popular and the search query reached a score of 100 as searches for the term skyrocketed. Another year later, interest in NFTs has decreased significantly, with the search query reaching a score of 11 out of 100 during the week of January 22-28, 2023. As January 2023 ends, metrics indicate that the top five NFT collections by all-time sales volume have recorded a total of $12.7 billion in sales volume since they began receiving significant attention. According to data from dappradar.com, the leader in NFT sales volume over the last two years is Axie Infinity, which has amassed $4.27 billion in sales volume. On January 28, 2023, dappradar.com reports that Axie Infinity’s market capitalization was $1.37 million. The website explains that “market capitalization is equal to the floor price multiplied by the collection total supply.” Cryptopunks follows Axie Infinity in overall sales volume, having accumulated $3.02 billion in all-time sales volume. Its current market valuation is larger than Axie’s market capitalization, at $1.04 billion. According to data, 7,503 traders have traded Cryptopunks NFTs in 23,259 sales. Next in the top collections is Bored Ape Yacht Club (BAYC), with $2.39 billion in all-time sales volume. BAYC has recorded 31,225 sales among 15,176 traders. Its current market capitalization is slightly lower than Cryptopunk’s, at $1.02 billion. The fourth largest NFT collection in terms of all-time sales is Mutant Ape Yacht Club, with $1.66 billion. Mutant Ape Yacht Club (MAYC) has an overall market capitalization of around $427 million, and 47,744 sales have been recorded among 30,475 MAYC traders. The fifth-largest NFT collection in terms of all-time sales is Artblocks, with $1.36 billion in global sales volume. Its current market capitalization is around $143 million, and the project has seen 227,294 sales recorded among 54,842 traders. While all five NFT collections have amassed $12.7 billion in sales volume, their collective value is around $2.619 billion. What do you think about the five NFT projects that have collectively recorded $12.7 billion in all-time sales? Let us know your thoughts about this subject in the comments section below. View the full article

JPMorgan CEO Jamie Dimon has reiterated his supposed skepticism of bitcoin, recently calling it a “hyped-up fraud,” and a “pet rock.” For it’s part, Bank of America has said that it views central bank digital currencies (CBDCs) and stablecoins as a “natural evolution of today’s monetary and payment systems.” This and more on inflation and the U.S. Federal Reserve’s next moves, just below. JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap JPMorgan Chase CEO Jamie Dimon calls bitcoin “a hyped-up fraud.” The executive questioned the cryptocurrency’s supply cap, expecting a picture of bitcoin’s pseudonymous creator Satoshi Nakamoto to pop up and laugh at us all when bitcoin’s supply hits 21 million coins. Read More Morgan Stanley CEO Says Inflation Has Peaked and China Has Made a Major Pivot Morgan Stanley CEO James Gorman says two changes have happened recently that “really matter” to the economy. The executive explained that inflation has clearly peaked and China has made a “major, major pivot” economically. Read More Bank of America: ‘Digital Currencies Appear Inevitable’ Bank of America says “digital currencies appear inevitable,” adding that central bank digital currencies (CBDCs) and stablecoins are “a natural evolution of today’s monetary and payment systems.” The bank expects “private sector beneficiaries to emerge in all phases of CBDC implementation.” Read More All Eyes on the Next Fed Meeting: Market Trajectories Hinge on Decision Equities, precious metals, and cryptocurrencies have been on a tear during the last few weeks of 2023, and all eyes are now focused on the next Federal Open Market Committee (FOMC) meeting. Federal Reserve governor Christopher Waller recently said that he favors a quarter-point benchmark rate increase at the next FOMC meeting. Analysts believe that current market trajectories will be dependent on the outcome of the next Fed meeting. Read More What are your thoughts on this week’s stories? Let us know in the comments section below. View the full article

The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors under the law.” The press release further detailed that Custodia is a special purpose depository institution which does not have federal deposit insurance and wants to engage in “untested crypto activities,” including issuing a crypto asset. In that context, the Board argued: The firm’s novel business model and proposed focus on crypto-assets presented significant safety and soundness risks. The Federal Reserve Board reminded it had previously determined that “such crypto activities are highly likely to be inconsistent with safe and sound banking practices.” It also said the bank’s risk management framework, “including its ability to mitigate money laundering and terrorism financing risks,” was not sufficient to address relevant concerns. “In light of these and other concerns, the firm’s application as submitted was inconsistent with the factors the Board is required to evaluate by law,” the body concluded in the statement, adding that the order will be released following a review for confidential information. Membership in the Federal Reserve System would have given Custodia, a bank chartered by the state of Wyoming, certain benefits, in terms of taxation and investment, for example. In a tweeted statement, CEO Caitlin Long said the company was “surprised and disappointed” by the Board’s move, insisting: Custodia offered a safe, federally-regulated, solvent alternative to the reckless speculators and grifters of crypto that penetrated the U.S. banking system, with disastrous results for some banks. Long emphasized that Custodia actively sought federal regulation, “going above and beyond all requirements that apply to traditional banks.” She also noted that the denial is consistent with the concerns raised by the company about the Fed’s handling of its applications and vowed that the bank will continue to litigate the issue. The executive was referring to a lawsuit filed by Custodia against the central bank system’s delayed ruling on its application for a master account. The latter remains pending, as the company pointed out on Twitter. Banks hold most of their reserves in master accounts at the Fed which allows them to make transfers between each other and settle payments. Also on Friday, the Federal Reserve Board issued a policy statement, according to which both insured and uninsured banking institutions will be subjected to limits on certain activities, including those associated with crypto assets. Do you think the U.S. Federal Reserve Board will change its stance in the future regarding applications like the one filed by Custodia Bank? Share your expectations in the comments section below. View the full article

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge. Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14. According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.” As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.” As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.” Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.” In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online. 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

A new survey shows that institutional investors expect “a strong year ahead for bitcoin” and are confident about the cryptocurrency’s long-term valuation. In addition, 65% of institutional investors surveyed agree that bitcoin could reach $100,000. ‘Strong Year Ahead for Bitcoin’ Nickel Digital Asset Management published the results of a survey Thursday showing how high institutional investors expect the price of bitcoin to reach. The London-based investment manager is registered with the U.K. Financial Conduct Authority (FCA) and the U.S. Commodity Futures Trading Commission (CFTC). The survey, commissioned by Nickel and conducted by market research company Pureprofile this month, interviewed 200 institutional investors and wealth managers across the U.S., U.K., Germany, Singapore, Switzerland, UAE, and Brazil. The respondents collectively managed around $2.85 trillion in assets. Sharing the results of the survey, Nickel detailed: Professional investors are forecasting a strong year ahead for bitcoin and are confident about its long-term valuation. Nearly nine out of 10 professional investors predict bitcoin price rise this year. Two out of three agree $100,000 valuation is possible but only for long-term investors. Regarding the price of bitcoin, the asset manager described, “The study found high levels of confidence about the long-term trend of the cryptocurrency,” adding that 23% forecasted that BTC will exceed $30,000 by the end of 2023. Furthermore, 65% of institutional investors surveyed agree bitcoin could still hit $100,000 in the long term. Among them, 58% expect BTC to reach this price level within three to five years while 25% say it would take five or more years. Meanwhile, 39% of total respondents predicted that the price of bitcoin will reach its November 2021 peak of $69,000 within three years while 76% said it will likely happen within five years. “Only 3% questioned whether bitcoin will ever reach previous all-time high again,” the asset management firm noted. Nickel CEO Anatoly Crachilov commented: Price predictions in the cryptocurrency market is always a daunting task, however the most significant finding in our survey is that only 3% of investors are questioning bitcoin’s future. When do you think the price of bitcoin will hit $100K? Let us know in the comments section below. View the full article