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The number of Ethereum Name Service (ENS) domains is nearing the two million mark as 1,888,209 ENS names have been etched into the Ethereum blockchain to date. The project recently detailed that July saw the largest monthly rise in revenue scoring 5,400 ether worth roughly $2.48 million during the course of the month. ENS Registrations Spiked Last Month with 378K Names Etched Into the Ethereum Blockchain ENS names are nearing the two million mark this week as registrations have steadily risen during the few months. Data from Dune Analytics indicates that after 67,095 ENS registrations in February, the following month the number kicked up to 85,272 ENS registrations. May saw a significant spike reaching 365,652 registrations or 328% higher than the month prior. The month of June saw a much lower count of ENS registrations as statistics show 122,327 names were registered that month. July, however, was an entirely different story as 378,804 ENS registrations were logged during the 31 days. On the first of the month, 1.86 million names have been recorded on the Ethereum blockchain and today, 1,888,209 ENS names are etched into the chain. The official ENS Twitter account tweeted about July’s milestones and noted that the project saw $6.8 million in protocol revenue that will all be directed to the project’s DAO. The protocol saw 5,400 ETH in revenue the “highest” month ever, according to the official Twitter account. ENS domain names are similar to the Internet’s Domain Name Service (DNS), but the project’s architecture adds an extensible naming system built on top of the Ethereum blockchain. Like DNS, Ethereum Name Service uses dot-separated hierarchical names (domains) and owners can leverage subdomains as well. ENS names can also act as an Ethereum address and other cryptocurrency addresses, but instead of a long string of alphanumeric characters, it can be a machine-readable name like bob.eth. There are other blockchain projects that operate name services on alternative chains like Bonfida’s Solana Name Service and Terra once had a popular name service platform called TNS before the Terra blockchain project imploded. ENS Governance Token Is Down 80% Since the Coin’s Price High, Project Prints 50 Limited Edition Slipcased Copies of the ENS DAO Constitution ENS also has a decentralized autonomous organization (DAO) for governance decisions and a native ecosystem token that’s currently exchanging hands for $16.24 per unit. The crypto token ethereum name service (ENS) has a circulating supply of around 25.78 million ENS coins. ENS is ranked 114 among more than 13,000 crypto assets in existence and has a market cap of around $418.30 million. While ENS has gained 9% during the last 24 hours, the crypto asset is down 80% since the token’s all-time price high nine months ago on November 11, 2021. At that time, ENS exchanged hands for $83.40 per unit and on June 14, 2022, ENS hit an all-time low at $7.45 per coin. Statistics powered by Intotheblock.com show the concentration of large ENS token holders is 86% in comparison to bitcoin’s (BTC) 10% concentration of large holders. During the last seven days, there were $41.60 million worth of ENS transactions greater than $100K recorded on the Ethereum blockchain. Data from cryptocompare.com shows that the largest trading pair with ENS is tether (USDT) as the stablecoin commands 79% of ENS trades on August 3. USDT is followed by BUSD with 7.94%, USD with 5.09%, USDC with 2.37%, TRY with 1.90%, and BTC capturing 1.54% of all ENS swaps. While ENS saw a significant spike in ENS registrations in May, the spike recorded in July saw significantly lower registration fees as Ethereum’s average and median-sized data fees have been the lowest in months. ENS just published its DAO constitution with its 48,823 signers, which is available for free digitally, and the project printed a set of 50 limited edition slipcased copies. What do you think about the ENS project nearing the 2 million mark with 1.88 million registered today? Let us know your thoughts about this subject in the comments section below. View the full article

Mastercard sees cryptocurrency as more of an asset class than a means of payment, according to the payments giant’s chief financial officer. Mastercard’s crypto strategy “has been fairly successful ever since crypto environments came up,” he added. Mastercard’s CFO on Crypto as Asset Class vs. Means of Payment Mastercard Chief Financial Officer (CFO) Sachin Mehra shared his view on cryptocurrency in an interview published Tuesday by Bloomberg. He was asked how successful Mastercard’s crypto strategy has been. “In the crypto world, we play the role as an on-ramp, with people using our debit and credit products to buy crypto. And we act as the off-ramp: When people want to cash it, we help them gain access to be able to use their crypto balances everywhere Mastercard is accepted,” he detailed, elaborating: That’s a revenue-generating capability which has been fairly successful ever since crypto environments came up. The company previously explained that it has plans to develop products and services in three key crypto-related areas: cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). Mehra was further asked how much traction crypto assets can get as a true form of payment. “For anything to be a payment vehicle in our mind, it needs to have a store of value,” he replied. “If something fluctuates in value every day, such that your Starbucks coffee today costs you $3 and tomorrow it’s going to cost you $9 and the day after it’s going to cost you a dollar, that’s a problem from a consumer-mindset standpoint.” The Mastercard chief financial officer added: So we view crypto more as an asset class. “But as a payment instrument, we think stablecoins and CBDCs potentially have a little bit more runway,” Mehra concluded. In February, Mastercard expanded its payments-focused consulting service to include cryptocurrency. The service covers “a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.” The payments giant filed 15 trademark applications in April for a wide range of metaverse and non-fungible token (NFT) services. In June, the company said it is bringing its payments network to web3 and NFTs. What do you think about the comments by Mastercard’s chief financial officer? Let us know in the comments section below. View the full article

Microstrategy (MSTR) has “outperformed every asset class and big tech stock” since the company adopted a bitcoin strategy and started accumulating the cryptocurrency in its corporate treasury, says CEO Michael Saylor. The pro-bitcoin executive will be stepping down as the CEO of Microstrategy and take the role of the company’s executive chairman to focus on bitcoin. Microstrategy’s Performance Since Adopting Bitcoin Strategy The Nasdaq-listed software company Microstrategy Inc. (Nasdaq: MSTR) released its Q2 financial results Tuesday. CEO Michael Saylor tweeted Wednesday: Since adopting a bitcoin strategy, MSTR has outperformed every asset class & big tech stock. He added that the price of bitcoin increased 94% during that time period while the S&P500 rose 23% and Nasdaq climbed 13%. In contrast, gold, bonds, and silver are down 13%, 14%, and 29%, respectively. Microstrategy adopted a bitcoin strategy in the third quarter of 2020. He explained in a different tweet: Since Microstrategy adopted a bitcoin strategy, its enterprise value is up +730% (+$5 billion) and MSTR is up +123%. When comparing the performance of Microstrategy’s stock to big tech stocks since the adoption of a bitcoin strategy, Saylor noted that MSTR outperformed Alphabet/Google (GOOG), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Facebook-owner Meta (META), and Netflix (NFLX). Microstrategy has two corporate strategies: business analytics and bitcoin. The bitcoin strategy is to “acquire and hold bitcoin long-term; purchase bitcoin through use of excess cash flows, and debt and equity transactions,” according to the company’s Q2 financial results presentation. The software company currently owns about 129,699 BTC, acquired at an average purchase price of $30,664 per bitcoin, net of fees and expenses, for an aggregate cost basis of $4 billion, the company said. Microstrategy reported bitcoin impairment charges of $917.8 million in the second quarter, which are non-cash charges due to BTC price volatility. Saylor Steps Down as CEO to Focus on Bitcoin Strategy Microstrategy also announced Tuesday that Saylor will step down as the CEO of the company and take the role of the executive chairman, effective Aug. 8. Phong Le, the company’s current chief financial officer, will become the new CEO. Saylor, who has served as the CEO of the company since 1989, will remain the chairman of the board of directors and an executive officer of the company. He detailed: As executive chairman, I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives. “I believe that splitting the roles of chairman and CEO will enable us to better pursue our two corporate strategies of acquiring and holding bitcoin and growing our enterprise analytics software business,” the outgoing CEO commented. “In my next job, I intend to focus more on bitcoin,” he tweeted Wednesday. What do you think about Microstrategy’s performance since adopting a bitcoin strategy? Let us know in the comments section below. View the full article

On Wednesday, Galoy, the firm behind El Salvador’s Bitcoin Beach Wallet, announced that the company raised $4 million in funding in an investment round led by Hivemind Ventures. On the same day, the startup launched a new product called Stablesats, a stablecoin concept that leverages derivatives contracts to create a bitcoin-backed synthetic dollar pegged to the U.S. dollar. The Stablesats product allows people to transact via the Lightning Network and hedge against crypto market volatility at the same time. Fintech Startup Galoy Raises $4 Million in a Funding Round Led by Hivemind Ventures Galoy, the startup behind the Bitcoin Beach Wallet, has made two announcements on August 3. The first announcement details that the company has raised $4 million from strategic investors in order to “advance bitcoin-native banking infrastructure.” The funding round was led by Hivemind Ventures, but the recent financing stemmed from Alphapoint, Valor Equity Partners, Timechain, El Zonte Capital, Kingsway Capital, and Trammell Venture Partners. Galoy also stated that “other leading bitcoin investors” joined in on the funding round. The founder of Hivemind Ventures, Max Webster, believes open source bitcoin banking is very important in order to bolster the global adoption of technologies like the Lightning Network. “Galoy dramatically lowers the barrier for any community or organization to become their own bank and plug into the world’s first open monetary and payments standard,” Webster explained in a press statement. The Lightning Network (LN) is a layer two (L2) protocol built on top of Bitcoin that aims to scale the payments network and allow for peer-to-peer transactions with lower fees than onchain transactions. The founder of Galoy, Nicolas Burtey, wholeheartedly believes LN is the future of BTC payments. “It’s no secret that bitcoin and Lightning are disrupting traditional finance,” Burtey remarked during the fund raise announcement. “We see the Galoy team, contributors and clients as a community working together to build a bridge towards a more open and inclusive global financial system.” Galoy Reveals Stablesats, a Lightning Network-Powered Bitcoin-Backed Synthetic Dollar Presently, the value locked in the LN system is roughly $79.60 million, or around ​​3,418.14 BTC. In addition to the fundraising announcement, Galoy also revealed a new product called Stablesats. Galoy detailed in a blog post that the Stablesats product is one of the latest features to be added to the crypto payment platform. “An alternative to stablecoins or fiat bank integration, Stablesats uses derivatives contracts to create a bitcoin-backed synthetic dollar pegged to USD,” Galoy’s blog post says. Galoy’s announcement adds: This enables dollar-equivalent USD accounts inside of Lightning wallets, solving one of the biggest problems for people using bitcoin for everyday transactions: short-term exchange rate volatility. Burtey thinks that technologies like the Lightning Network and Stablesats will help digital transactions flourish in regions all around the world. “Bitcoin has brought digital transactions to previously unbanked communities across Latin America, Africa and beyond,” Burtey remarked on Wednesday. “However, its volatility makes managing financial obligations difficult. With Stablesats-enabled Lightning wallets, users are able to send from, receive to and hold money in a USD account in addition to their default BTC account. While the dollar value of their [bitcoin] account fluctuates, $1 in their USD account remains $1 regardless of the bitcoin exchange rate.” The Stablesats product has its own website which gives a detailed summary of what it is and how to use the technology. Galoy’s open-source codebase for Stablesats and its other products can be seen on Github. Stablesats, specifically, uses “an instrument called perpetual inverse swap to create synthetic USD” and the team notes there are “other interesting avenues to explore.” What do you think about Galoy raising $4 million from strategic investors? What do you think about Galoy’s Stablesats product? Let us know what you think about this subject in the comments section below. View the full article

During the last few weeks, the total value locked (TVL) in decentralized finance (defi) has come awfully close to reaching the $100 billion mark again, but it fell short this week. Today, the value locked across the defi ecosystem is $86.22 billion as the TVL has lost 3.34% during the past 24 hours. Value Locked in Decentralized Finance Falls Short From Tapping $100 Billion On August 2, 2022, the value locked in decentralized finance (defi) protocols is around $86.22 billion, according to defillama.com metrics. Makerdao dominates the pack by 9.67% with the protocol’s $8.34 billion locked. Today’s defi TVL is down 3.34% but the value has been steadily rising since the low of $69 billion recorded in mid-June. The TVL has seen a 24.95% rise since that low in mid-June and the value locked managed to reach $89.84 billion on July 29. Out of all the defi supporting blockchains, Ethereum is still the dominant leader capturing 65.20% of today’s TVL with approximately $55.84 billion locked on August 2. Binance Smart Chain (BSC) follows Ethereum with $6.64 billion locked which equates to 7.75% of the $86.22 billion. Tron is the third largest today in defi, with $5.78 billion locked, which represents around 6.75% of the TVL in defi. While Makerdao is the largest defi protocol, the application’s TVL rose by 5.91% this past week. Instadapp, Lido Capture Double-Digit Monthly Gains — Cross-Chain Bridge TVL Slides More Than 60% This Past Month Seven-day statistics show that out of the top ten largest defi protocols in terms of TVL, Instadapp saw a 27.38% increase. The liquid staking defi protocol Lido jumped by 13.63% this past week and Convex Finance saw an 11.18% increase. All of the top ten defi apps saw TVL gains this week and also saw gains during the past 30 days. Instadapp, which is in the tenth position, saw a 49.14% monthly TVL increase, and Lido’s TVL swelled by 44.50% over the last 30 days. The cross-chain bridge ecosystem has cratered as 30-day statistics show that it’s down ​​60.4% and the Nomad bridge exploit contributed to this month’s losses. The smart contract platform token market capitalization today is $333 billion, which is a 2.2% drop in the last 24 hours. The biggest smart contract platform token gainers during the past week were ethereum (ETH) and ethereum classic (ETC). ETH jumped 10.5% and ETC increased 54.9% against the U.S. dollar. Besides ETC, neblio (NEBL) jumped 121.5% this past week and oasis network (ROSE) increased by 72.5%. What do you think about the recent decentralized finance (defi) market action and the cross-chain bridge TVL plummeting? Let us know what you think about this subject in the comments section below. View the full article

Polkadot dropped for a second straight session on Tuesday, as the token failed to break out of a key resistance level. This move saw the cryptocurrency fall by nearly 10%, as the global market cap was mainly in the red. Cronos, however, managed to rally despite this, hitting an almost seven-week high in the process. Polkadot (DOT) Polkadot (DOT) was one of today’s notable tokens to fall, as global crypto markets were predominantly in the red. DOT/USD dropped for a second consecutive day, leading prices to a floor of $7.70 earlier in Tuesday’s session. The move comes less than two days after the token was trading at a high around $9.23, which was the highest level for DOT since June 10. However, following this peak bearish sentiment rose, as traders moved to liquidate earlier positions, securing gains in the process. This coincided with the 14-day relative strength index (RSI) tracking at the 65.33 point, which was not only a ceiling, but its highest point since April 4. As a result of prices being overbought, bears likely saw this as an opportunity to reenter the market. DOT/USD is trading at $8.04 as of writing. Cronos (CRO) While DOT declined on Tuesday, cronos (CRO) was in the green during today’s session, with prices hovering near a seven-week high. Following a low of $0.136 to start the week, CRO/USD surged to an intraday peak of $0.1521 earlier today. The rally came as prices of CRO broke free of a recent resistance point at $0.1415, following a run of recent gains. Overall, the token is up nearly 30% in the last week, following a streak of gains which commenced at a support point of $0.1150 on July 26. As a result of this recent uptrend, price strength has now peaked, with the RSI tracking at 67.94, which is in overbought territory. This is also the highest point the index has hit in the last four months, and could potentially lead to a price reversal, similar to DOT. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect cronos to extend these recent gains this week? Let us know your thoughts in the comments. View the full article

While the global economy remains gloomy and the war in Ukraine continues, there’s been significant tension between China and Taiwan. The American representative from California, Nancy Pelosi, plans to visit Taiwan this week and White House officials say China is preparing to carry out “military provocations.” Moreover, during the last few weeks, reports note that the global economy could crater if there’s a Chinese military attack on Taiwan. Nancy Pelosi Is Visiting Taiwanese President Tsai Ing-wen This Week Despite Taiwan’s Tensions With China Sources have explained to Reuters that California representative Nancy Pelosi is expected to be visiting Taiwan on August 2, 2022. CNN also confirmed that Pelosi was going to visit Taiwan, even though there’s a risk of provoking China. While the country is governed independently of mainland China, Beijing has always considered Taiwan part of the Chinese territory. Taiwanese president Tsai Ing-wen and the Democratic Progressive Party, however, favor Taiwan’s independent government that’s been operating independently since 1949. In more recent times, tensions have grown sour between China and the island separated from continental Asia by the Taiwan Strait. China’s Xi Jinping classifies Taiwan the same way China classifies Hong Kong, with the “one country, two systems” formula. Tsai Ing-wen, the Democratic Progressive Party, and Kuomintang (KMT) reject the People’s Republic of China’s (PRC) concept often called the ‘One China’ rule. According to a Financial Times (FT) report, Pelosi is expected to discuss matters with the Taiwanese president on Wednesday. NOW – China's People's Liberation Army just posted a new video on WeChat ahead of Pelosi's potential visit to Taiwan.pic.twitter.com/QaiFcdGCn1 — Disclose.tv (@disclosetv) August 1, 2022 Pelosi’s visit has stirred a lot of discussions concerning China using its military to show force in the Taiwan Strait. An ABC report notes that the White House has warned of China carrying out “military provocations” against Taiwan during the visit. The strategic coordinator for the U.S. National Security Council, John Kirby, told the press “[America], and countries around the world, believe escalation serves no one.” “China appears to be positioning itself to potentially take further steps in the coming days and perhaps over longer time horizons,” Kirby said. Furthermore, Kirby added that “Beijing’s actions could have unintended consequences that only serve to increase tensions.” Reports Note a Conflict Between China and Taiwan Could Spark ‘Economic Chaos’ While a recession is bad enough, the world is already dealing with the military conflict taking place in Ukraine against Russia. Adding a conflict between China and Taiwan could make matters much worse. A top trade negotiator from Taiwan’s capital of Taipei told Reuters that global trade flow issues would be greater than the issues stemming from the Ukraine-Russia war. The Taipei trader said that one of the biggest problems that could occur would be semiconductor shortages. At the end of June, Bloomberg published a report that further verified the Taipei trader’s statements as the article said a China-Taiwan war could spark “economic chaos.” The report insists that China attacking Taiwan could “go well past semiconductors.” “A major war over Taiwan could create global economic chaos that would make the mess produced by Russia’s war in Ukraine look minor by comparison,” Bloomberg’s Hal Brands details. Last week, the New York Times’ (NYT) Dealbook editorial highlighted that “an escalation from Beijing would have far-reaching economic consequences.” Much like the financial calamity that arose during the beginning of the Covid-19 pandemic and the market volatility that started during the Ukraine-Russia conflict, escalated tensions between China and Taiwan could cause global financial markets to tailspin from a recession to a depression. Taiwan Strait Cut-off Fears and World War III Speculation Similar to the Ukraine-Russia war, the U.S. and other countries could get involved by enacting financial sanctions against China and funding Taiwan’s military. NYT’s Dealbook explains that one of the biggest fears is that “Beijing will cut off access to all or part of the Taiwan Strait, through which U.S. naval ships regularly pass.” The issues between China and Taiwan have also sparked speculation that these battles could start World War III. During the first week of July, the trends forecaster Gerald Celente spoke with Bitcoin.com News during an interview and he stressed that “World War III has already begun.” At the time, Celente discussed the conflict in Ukraine and the tensions between China and Taiwan. The trends forecaster and publisher of the Trends Journal has been tweeting about China and Taiwan during the last 24 hours. In response, Celente published a blog post that explains the “U.S., once again, sends mixed message on foreign policy” in regard to Pelosi’s visit with Tsai Ing-wen. What do you think about the economic consequences of a war between China and Taiwan? Let us know what you think about this subject in the comments section below. View the full article

Ethereum was once again trading in the red, as prices of the token fell below $1,600 during today’s session. Tuesday’s drop is the fifth consecutive day that prices of the cryptocurrency have moved lower. Bitcoin also extended its streak of declines, falling under $23,000 in the process. Bitcoin Bitcoin (BTC) was lower for a fifth straight day, as prices of the token slipped below $23,000 in today’s session. Following a peak of $24,121.64 to start the week, the world’s largest cryptocurrency plunged by over $1,000 on Tuesday. This latest decline saw BTC/USD hit a bottom of $22,710.08 earlier in the day, as prices neared a key support level. BTC is fast approaching a floor of $22,500, which historically has been a place where previous bearish spells significantly worsened. As seen from the chart, the last time this floor was broken on July 25, bears intensified downward pressure, moving prices from that point to a low of $20,737, all in a 24-hour period. Today’s drop comes as the 14-day relative strength index (RSI) fell below its own floor at the 53 level, and is currently tracking at 52.70. Ethereum Tuesday also saw ethereum (ETH) extend its recent downtrend for a fifth straight day, with the token falling below $1,600 in the process. ETH/USD moved to an intraday low of $1,567.85 during today’s trading session, as bears pushed prices below a support point. This was at the $1,620 floor which was tested on Monday, however on that occasion bulls were able to uphold the level, and in turn pushed price to a peak of $1,685.59. Since then, pressure has intensified, and like bitcoin, the 14-day RSI has moved below a support point of its own. As of writing, the relative strength index is tracking at 55.55, following a recent breakout of a floor of 58. The target seems to be a new support at 54.20. Should this be hit, we may see ETH trade around $1,500. Register your email here to get weekly price analysis updates sent to your inbox: What do you think is causing this latest downtrend in crypto? Leave your thoughts in the comments below. View the full article

The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which he said could have a negative impact on Nigeria’s underperforming economy. Central Bank Told to Intervene to Save the Naira The leader of a Nigerian association of bureau de change operators, Alhaji Aminu Gwadabe, has urged the country’s monetary authorities to consider allowing the local currency to freely float against the U.S. dollar. According to Gwadabe, doing this will help to prevent further depreciation of the naira. In an interview with the News Agency of Nigeria, Gwadabe is also quoted advising the Central Bank of Nigeria (CBN) to consider intervening in foreign exchange markets. He reportedly said: CBN should contemporaneously undertake a large-scale dollar intervention in the open market that can inspire confidence in the Naira and checkmate the current tailspin. Once there is a significant positive movement, the market will react and, in all probability, spur an avalanche of panic selling and further buoy the Naira. Gwadabe also reportedly said the CBN could still make a profit through a buyback of the dollars on the open market. The comments by Gwadabe, whose organization’s members were previously accused of fueling the naira’s freefall on parallel forex markets, followed recent reports of the naira’s plunge and the CBN’s subsequent call on Nigerians to stop using the greenback for speculative purposes. With the latest plunge, the naira’s parallel market exchange rate of slightly over N700 for every dollar versus the official exchange rate of N424 implies the currency may be overvalued by nearly 70%. Cashing Out Remittances in Dollars Exerts Pressure on Naira Meanwhile, the News Agency of Nigeria report also quotes Gwadabe questioning the CBN’s decision to adjust the monetary policy rate (MPR) to 13% per annum. According to Gwadabe, the adjustment is likely to have a negative impact on Nigeria’s underperforming economy. “Increasing the MPR contracts the supply side, it is the wrong prescription. Let’s not copy the Americans who target inflation with FED rates to curb money supply; their factors of production have been fully mobilized, ours is at less than 20 per cent and requires stimulation of the supply side,” Gwadabe is quoted explaining. Instead of hiking the rate, Gwadabe recommended cutting the rate to 5% which he said “looks more appropriate.” Concerning the CBN’s decision to allow recipients of remittances to cash out in dollars, Gwadabe claimed this “fuels currency substitution.” Besides exerting more pressure on the exchange rate and inflation, this central bank policy “does not have a statutory backing unlike domiciliary accounts, therefore, it is illegal.” Gwadabe also claimed that the solution to Nigeria’s currency woes “has to be psychological too” because the current “panic buying is driven more by psychology and less by economic fundamentals.” 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

According to Chandler Guo, an influential Chinese bitcoin miner, a proof-of-work (PoW) version of Ethereum is “coming soon.” The news comes as The Merge is expected to be implemented on Ethereum during the week of September 19, and the growing discussions of delaying the highly anticipated proof-of-stake (PoS) transition. Chinese Miner Chandler Guo Says ‘Ethereum PoW’ Is Coming Soon Chandler Guo has stated that an Ethereum proof-of-work (PoW) version will be “coming soon” ahead of The Merge that’s been penciled-in for the week of September 19. Guo is a known Chinese cryptocurrency miner and last week he wrote that he had forked once, and “will fork it again.” However, Guo’s statement is contradictory to how it officially played out in the summer of 2016, when the Ethereum Classic (ETC) chain was introduced to the world. I am Chandler Guo, a 51% attack on Ethereum Classic (ETC) is coming with my 98G hashrate https://t.co/9VM6vPa8CS — Chandler Guo (@ChandlerGuo) July 24, 2016 At that time, Guo threatened to 51% attack the ETC chain with roughly 98 gigahash of hashrate in July 2016. The following month, Guo told the public that he was “made a mistake” and added: “This is not a joke. This is a revolution. This is freedom. God bless ethereum classic,” Guo added at the time. Despite how it went down, Guo did play some kind of role during ETC’s early days. Individuals Respond to Guo’s Tweet Saying a PoW Version of Ethereum Already Exists in Ethereum Classic Most people were confused by Guo’s commentary that said a PoW version of Ethereum was coming soon. “There’s ETC already. The real immutable Ethereum,” one person responded to Guo while sharing an article that says Bitmain’s Antpool would support ETC by injecting $10 million into the Ethereum Classic ecosystem. Guo has been sharing other tweets about a PoW version of Ethereum and said “ETH PoW is DAO.” ETC has already received some PoW hashrate during the last few weeks as the chain’s hashrate is around 26.07 terahash per second (TH/s) of hashpower. ETH’s hashpower is coasting along at 1.01 petahash per second (PH/s) or roughly 1,000 TH/s. ETH is up 52% against the U.S. dollar during the last month and in the same time frame, ETC has gained 134% against the dollar. ETH POW is ETC. — OmniEdge – Free humanity 🌞🧡️🌋🔑⚡ (@CryptoHolon) July 31, 2022 ETC has seen support from various parts of the ecosystem and Grayscale launched an ETC trust in January 2017. Ethereum Classic has a much lower hashrate than Ethereum today and ETC has suffered from a 51% attack in the past. In fact, ETC has been 51% attacked on numerous occasions and faced delisting from several exchanges in January 2019 and August 2020. i fork ethereum once，i will fork it again！ https://t.co/3DdlZ3zMz9 — Chandler Guo (@ChandlerGuo) July 27, 2022 In addition to Guo’s commentary, the crypto hedge fund Galois Capital shared a survey on the same day that also discussed the possibility of an Ethereum chain split. At that time, Paolo Ardoino, chief technology officer of Tether explained that his company would support the PoS version of Ethereum following The Merge. What do you think about Chandler Guo talking about an Ethereum PoW chain? Let us know your thoughts about this subject in the comments section below. View the full article

The French cryptocurrency hardware wallet manufacturer Ledger is seeking to raise fresh new capital after raising $380 million in June 2021, according to sources familiar with the matter. The hardware wallet company Ledger is reportedly looking to raise at least $100 million from strategic investors. Crypto Hardware Wallet Manufacturer Ledger Is Reportedly Looking to Raise $100 Million in Funding According to Bloomberg, the French crypto hardware wallet manufacturer Ledger is seeking more funds after the firm’s Series C last June. At the time, Ledger raised $380 million in a finance round led by 10T Holdings, and it gave Ledger a post valuation of around $1.5 billion. Founded in 2015 by Éric Larchevêque and Thomas France, Ledger has propelled itself as one of the top crypto hardware wallet manufacturers worldwide. Ledger competes with other popular digital currency hardware wallet makers like Trezor, Ellipal, Coolwallet, Safepal, and Coinkite. The report published on July 30 says that “people familiar with the plans” said that Ledger is “in talks to raise at least $100 million in a funding round that will give it a higher valuation.” Bloomberg’s Gillian Tan, Hannah Miller, Anna Irrera, and Olga Kharif contacted Ledger and the company declined to comment on the alleged funding round. Research Says Crypto Hardware Wallet Market Projected to Grow to $1.72 Billion by 2030 Ledger sells the Nano S Plus and the Nano X series hardware wallets for prices between $79 to $149 before taxes. Both wallets are non-custodial cryptocurrency hardware wallets that can store, send and receive dozens of digital currencies. Ledger’s ostensible capital raise talks for $100 million follows the recent Straits Research report that indicates the hardware wallet market is projected to grow to $1.72 billion by 2030. The market intelligence company Straits Research says that the Asia-Pacific region shows the highest market share of hardware wallets worldwide and the highest potential of projected growth stems from the area as well. While Ledger enjoyed a $380 million capital injection in June 2021, that summer the company suffered blowback stemming from several leaks of information tied to customer data. At the time, scammers were reportedly attacking existing Ledger customers to steal their private seeds. Since then the company has continued to expand and last week Ledger Live, the company’s native software program added Cardano (ADA) token support with the ability to manage 100 Cardano-based tokens. ADA support was implemented in June this month the France-based hardware wallet maker introduced colorized Nano S Plus and Nano X series wallets. The new color names were chosen by the community and include “Mystic White, BTC Orange, Deepsea Blue, Ice, Cosmic Purple, and Blazing Orange.” What do you think about the report that claims Ledger is looking to raise $100 million from investors? Let us know what you think about this subject in the comments section below. View the full article

Imran Khan, a former prime minister of Pakistan and current chairman of one of the largest political parties in the country, has confirmed that his Instagram account was compromised and hackers used it to promote a cryptocurrency giveaway scam. Imran Khan’s Instagram Account Hacked, Used to Promote Crypto Scam Imran Khan, a former Pakistani prime minister and current chairman of the Pakistan Tehreek-e-Insaf (PTI), one of the largest political parties in the country, reportedly confirmed that his Instagram account was hacked Monday. He told Dawn publication that his account was soon recovered with the help of Meta, owner of Facebook and Instagram. He explained that he himself monitors the account, which has 7.4 million followers, noting that the hackers posted a cryptocurrency link and a screenshot of a tweet from Tesla CEO Elon Musk to the account. The cryptocurrency link posted on the politician’s account leads to a crypto giveaway site featuring Musk and his company Spacex. Scammers claim to be giving away bitcoin (BTC), ether (ETH), dogecoin (DOGE), and litecoin (LTC). Cryptocurrency giveaway scams are very common on popular social media platforms, including Youtube and Twitter. Many of them feature famous people and companies, such as Musk, Tesla, Spacex, Apple, Tim cook, Steve Wozniak, Warren Buffett, and Bill Gates. They sometimes feature executives of crypto companies, including Coinbase CEO Brian Armstrong. In July 2020, Wozniak sued Youtube and Google for promoting bitcoin giveaway scams using his image and name. However, he subsequently lost the lawsuit. “Youtube and its parent, Google LLC, are protected by the federal law that shields internet platforms from responsibility for content posted by users,” the judge on the case ruled. In July, the British Army‘s official Youtube and Twitter accounts were compromised and hackers similarly used them to promote their crypto giveaway scams. In an effort to fight scams, several crypto firms, including Binance and Circle, launched a crypto scam reporting platform in May to allow “anyone in the crypto economy to warn others about scams, hacks, or other fraudulent activity as they encounter it.” What do you think about Imran Khan’s Instagram account being used to promote a crypto giveaway scam? Let us know in the comments section below. View the full article

Bitcoin Valley, the first bitcoin city in Honduras, has launched in Santa Lucia. Businesses in the area will accept bitcoin for payments. “In Santa Lucia, we are all going to participate in this project … Accepting bitcoin will open us to another market and win more customers,” said a local business owner. Bitcoin Valley: First Bitcoin City in Honduras Bitcoin Valley, the first bitcoin city in Honduras, has launched in the small Honduran tourist town of Santa Lucia, located 20 minutes from the capital city of Tegucigalpa. The initiative was jointly developed by Blockchain Honduras, Guatemalan cryptocurrency exchange Coincaex, the Technological University of Honduras, Decentral Academy, and Santa Lucia’s municipality. Blockchain Honduras announced the launch of Bitcoin Valley Thursday. Cesar Andino, owner of Los Robles shopping square in Santa Lucia where several commercial establishments operate, will accept bitcoin in addition to U.S. dollars and Honduran lempiras. He told La Prensa publication last week that he is waiting to receive a point-of-sale (POS) device that would allow him to accept the cryptocurrency, adding: In Santa Lucia, we are all going to participate in this project … Accepting bitcoin will open us to another market and win more customers. “We have to globalize. We cannot close ourselves off from technology and we cannot be left behind when other countries are already doing it,” he added. Carlos Leonardo Paguada Velasquez, founder of Blockchain Honduras and a representative of the Central American Association of Cryptocurrency Users (Acucrip), told the publication a few days before the official launch of Bitcoin Valley: Around 60 businesses will start with the Bitcoin Valley project. He noted that owners of these businesses have received training by Decentral Academy on the use of bitcoin and the technology behind it. Coincaex is providing POS devices to merchants to allow them to accept BTC. Regarding the volatility of bitcoin, Paguada explained that Coincaex “assumes all risks.” For example, he said if a family buys pupusas in a restaurant in Santa Lucia and pays with bitcoin, the equivalent purchase amount in lempiras will be deducted from the family’s bitcoin wallet. Coincaex will receive BTC and transfer the payment in lempiras to the restaurant. “Business owners will not receive bitcoin. They will receive lempiras from Coincaex,” he clarified. Ruben Carbajal Velazquez, professor at the Technological University, was quoted by Reuters as saying: “Santa Lucia’s community will be educated to use and manage cryptocurrencies, implementing them in different businesses in the region and generating crypto-tourism.” What do you think about the Bitcoin Valley initiative in Honduras? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has charged four founders and seven promoters of Forsage, which it described as “a fraudulent crypto pyramid and Ponzi scheme.” The scheme allegedly raised more than $300 million from millions of retail investors worldwide, including in the U.S. SEC Takes Action Against Forsage Crypto Scheme The U.S. Securities and Exchange Commission (SEC) announced Monday that it has “charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme.” The securities regulator explained that the Forsage scheme raised more than $300 million from millions of retail investors worldwide, including in the U.S. The 11 defendants are four Forsage founders, three U.S.-based promoters of the scheme, and “several members of the so-called Crypto Crusaders — the largest promotional group for the scheme that operated in the United States,” the SEC described. The founders were last known to be living in Russia, the Republic of Georgia, and Indonesia. The securities watchdog detailed that Vladimir Okhotnikov, Jane Doe (aka Lola Ferrari), Mikhail Sergeev, and Sergey Maslakov launched the Forsage.io website in January 2020 to allow retail investors to enter into transactions via smart contracts on the Ethereum, Tron, and Binance blockchains. However, Forsage investors earned profits by recruiting others into the scheme, the SEC said, noting that “Forsage also allegedly used assets from new investors to pay earlier investors in a typical Ponzi structure.” Carolyn Welshhans, acting chief of the SEC’s Crypto Assets and Cyber Unit, commented: As the complaint alleges, Forsage is a fraudulent pyramid scheme launched on a massive scale and aggressively marketed to investors. Some regulators have tried to stop Forsage from operating in their jurisdictions. The Securities and Exchange Commission of the Philippines launched cease-and-desist actions against Forsage in September 2020 and the Montana Commissioner of Securities and Insurance took action against the scheme in March 2021. However, Forsage continued its operations, denying the allegations in Youtube videos. The SEC charged the defendants “with violating the registration and anti-fraud provisions of the federal securities laws,” the regulator noted, adding that it “seeks injunctive relief, disgorgement, and civil penalties.” Two of the promoters charged already agreed to settle the charges without admitting or denying the allegations. They will be required to pay disgorgement and civil penalties. Both settlements are subject to court approval. What do you think about the SEC taking action against Forsage’s founders and promoters? Let us know in the comments section below. View the full article

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has published a video explaining how the agency plans to regulate crypto exchanges. “I’ve asked our staff to work directly with the platforms to get them registered and regulated,” the SEC chief revealed. SEC Chairman Gary Gensler’s Video About Regulating Crypto Exchanges U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler published a video Thursday explaining how the securities watchdog plans to regulate crypto exchanges and provide investor protection. Gensler explained in the video the similarities and differences between crypto trading platforms and traditional exchanges like the New York Stock Exchange (NYSE). “When you trade on a stock market, you have certain protections,” he began, adding that investors are “protected against fraud, manipulation, running, and the like.” Noting that crypto platforms serve “millions, sometimes tens of millions” of retail customers who are directly buying and selling crypto assets without going through a broker, the SEC chairman detailed: “With so many retail customers trading on crypto platforms, we should make sure that those platforms offer similar protections” to traditional security platforms. He added: So I’ve asked our staff to work directly with the platforms to get them registered and regulated to ensure that those crypto tokens come in as well and register where appropriate as securities. “Imagine handing over all of your stock to the New York Stock Exchange, that would never fly,” he noted, reiterating: “Thus, I’ve asked staff how to work with platforms to best ensure your assets are protected.” Gensler then brought up another risk factor inherent to crypto exchanges. “Unlike traditional securities exchanges, crypto trading platforms also may act as market makers,” he described. “When you sell your tokens, one of the platforms may actually be buying on the other side,” the SEC chairman stressed, elaborating: Stock exchanges don’t do this, they don’t serve as their own market makers because that creates inherent conflicts of interest. “Thus again, I’ve asked staff to consider whether it would be appropriate to segregate out the market-making functions on these crypto platforms,” he said. In conclusion, the SEC chairman stressed: “There’s no reason to treat the crypto market differently just because a different technology is used. That would be like saying drivers of electric cars don’t need seat belts because they don’t use gas.” He also tweeted Thursday: “We have rules in our capital markets to safeguard market integrity & protect against fraud & manipulation. If a company builds a crypto market that protects investors & meets the standard of our market regulations, people will more likely have greater confidence in that market.” Gensler’s video received some criticism on Twitter. Some people accuse Gensler of spending time and resources promoting himself instead of doing his job regulating the crypto sector. Others slammed the SEC for using an enforcement-centric approach to regulating crypto assets. Congressman Bill Huizenga (R-MI) tweeted to Gensler, “The SEC should stop using regulation by enforcement to provide ‘clarity’ in the marketplace,” elaborating: No exchange wants to ‘come in and register’ without knowing what those market regulations are. Last week, the regulator charged a former Coinbase employee in an insider trading case, naming nine crypto tokens as securities in the process. What do you think about the video by SEC Chairman Gary Gensler on regulating crypto exchanges? Let us know in the comments section below. View the full article

A U.S. lawmaker has demanded answers from Apple CEO Tim Cook and Google CEO Sundar Pichai about their measures against fake cryptocurrency apps appearing in the Apple App Store and the Google Play store. “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Senator Sherrod Brown. “Reports have emerged of fake crypto apps that have scammed hundreds of investors.” U.S. Senator Questions Chief Executives of Apple and Google on Fake Crypto Apps Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Apple CEO Tim Cook and the CEO of Alphabet and Google, Sundar Pichai, regarding their measures against fake cryptocurrency apps on their platforms. He stressed that it is “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.” Senator Brown’s letters followed a warning by the Federal Bureau of Investigation (FBI) against fake cryptocurrency apps that have scammed hundreds of investors for losses of more than $42 million. The lawmaker told the chief executives of Apple and Google, “Millions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies,” noting that “Crypto mobile apps are available to the public through app stores,” including Apple’s App Store and the Google Play store. He added: While crypto apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors. Senator Brown concluded his letter to Apple and Google by asking five questions, requesting the executives to respond by Aug. 10. The questions ask the executives to describe their app stores’ app review process, the criteria used to determine whether to approve an app, the steps they take to prevent crypto apps from circumventing app store policies and turning into phishing apps, all the systems and the processes put in place for people to report fraudulent apps, and all actions their app stores have taken to alert people about actual or potentially fraudulent activity associated with cryptocurrency investment apps. The lawmaker told the CEOs that the purpose of the questions is “To better understand the measures your company is taking to prevent fraudulent activity in your app store.” What do you think about Senator Sherrod Brown questioning the CEOs of Google and Apple on fake crypto apps? Let us know in the comments section below. View the full article

PRESS RELEASE. July has seen a jump in crypto prices, and none more so than the utility token of Alchemy Pay, ACH. ACH saw a 43% increase in just 24 hours on July 20th, making it crypto’s biggest gainer. ACH has also broken into the TOP 10 most searched tokens on almost every crypto site over the past two weeks, including Coingecko and Coinmarketcap. The ACH token has seen so much interest that Binance is now supporting it for margin trading – unusual for a project of Alchemy Pay’s size. Alchemy Pay is a Singapore-based payment provider addressing some of the industry’s biggest barriers to entry with its crypto on/off ramp payment plugins, as well as its crypto acceptance for merchants and businesses. ACH Listed On Binance US, Crypto.com & KuCoin Part of the reason for the impressive price action is the token’s recent listings on Binance US, Crypto.com (website and app), KuCoin, and Kraken. As well as its availability across the world’s largest exchanges, ACH can now be staked on Binance and KuCoin, meaning the token is able to bring generous yields to its long-term investors. Alchemy Pay’s sizable online community has doubled in less than 12 months and now stands at around 200,000. The rapid growth demonstrates the momentum of the project, as do its partnerships with the many of crypto’s biggest layer-1 chains. Alchemy Pay (ACH) Partnerships Alchemy Pay has been partnering with the world largest payment providers, remittance firms, and blockchain projects (think Avalanche, Polygon, VeChain, Algorand, Binance) but the market downturn since November last year has been suppressing the price. After all their progress however, ACH is set to outperform the rest of the market on green days. Alchemy Pay has also integrated with Binance Pay and Crypto.com Pay to become one of the payment partners facilitating the apps so that users can use their crypto funds for real-world payments, both in-store and online. ACH Crypto Payment Solutions There is also excitement surrounding the crypto ramp payment solutions that Alchemy Pay is now beginning to widely integrate into web3 and crypto platforms. Onboarding users via payments with their own local currency has been challenging for these platforms, particularly those in their more nascent stages. To bring newcomers to blockchain gaming, NFTs, metaverses, socialfi, and DeFi though, it is necessary to enable the purchase of crypto using fiat funds. Alchemy Pay’s ramps do just that, by providing a simple and direct way to buy crypto with debit and credit cards, local mobile wallets, and bank transfers. The plugins also offer off-ramping facilities by remitting funds to any Mastercard and Visa card in the world, and to users’ bank accounts in 50+ local currencies. ACH on Ethereum and Binance Smart Chain ACH is available as an ERC20 token on Ethereum and, since January it has been available on Binance Smart Chain as a BEP20 token. Learn More Website： alchemypay.org Twitter： twitter.com/alchemypay 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

A group of economists evaluating the potential effects of a digital euro have insisted that restricting access to the upcoming currency is necessary to preserve the current financial system. Their study follows an earlier proposal to limit digital euro deposits at the European Central Bank (ECB) to €3,000 per person. Limited Availability of Digital Euro Expected to Prevent It From Becoming Too Popular Europeans’ access to a digital euro should be restricted to prevent a flight of capital from deposits at commercial banks, according to a report published by the European Central Bank. The paper has been produced by a team of experts led by Frank Smets who heads the regulator’s Directorate General Economics. The economists have tried to predict the impact of a central bank digital currency (CBDC) on Europe’s banking sector. In the absence of empirical data, they have taken into account public reactions to news about ECB’s plans to issue a digital version of the common European currency. As part of their study, which was published by the monetary authority on Thursday, the authors conclude that the optimal amount of digital euros in circulation should be between 15% and 45% of the eurozone’s quarterly real gross domestic product (real GDP), its economy’s inflation-adjusted output. The calculation comes after a previous suggestion that central bank digital currency accounts should be capped at €3,000 per person ($3,070 at current exchange rates). That limit, proposed by ECB Board Member Fabio Panetta to ensure there is enough fiat money to support lending, sits approximately in the middle of the range, at 34%. If the European CBDC is to be issued without limiting its quantity, the amount of digital currency in circulation would be much larger, potentially reaching 65% of the quarterly real GDP in the euro area. That would lead, the researchers say, to more sizable effects on banks’ valuations and lending. The ECB economists have partially based their analysis on public statements by European officials regarding the design of the digital euro. In June, Panetta said that maintaining the total digital euro holdings between €1 and €1.5 trillion would help avoid potential negative effects on Europe’s financial system and monetary policy. He also noted that this total would be comparable with the current holdings of banknotes in circulation. With the population of the eurozone countries currently standing at around 340 million, this would allow holdings of between 3,000 and 4,000 digital euro per capita. In mid-July, the ECB official and the bank’s President Christine Lagarde remarked in an article that the investigation phase of the CBDC project will take at least another year, but also marked some key principles in its realization that they consider already clear. Wide acceptance, ease of use, low costs, high transaction speeds, security, and consumer protection are the attributes that users would appreciate, the two bankers said, promising the digital euro will be a more efficient payment tool than cryptocurrency. Do you expect the ECB to limit the digital euro in circulation? Share your thoughts on the subject in the comments section below. View the full article

According to a report stemming from the blockchain intelligence company Chainalysis, the firm identified 54 pro-Russian groups that have “collectively received over $2.2 million worth of cryptocurrency.” The paramilitary groups in Ukraine primarily received bitcoin and ether donations but also got tether, litecoin and dogecoin as well, the Chainalysis study details. $2.2 Million in Crypto Sent to Pro-Russian Groups Located in Ukraine, Says Chainalysis Chainalysis believes more than $2.2 million worth of crypto assets have been acquired by pro-Russian paramilitary groups located in the Donbas region of Ukraine. More specifically, Chainalysis says the recipients were located in Donetsk and Luhansk. There’s been a conflict in Donbas and the Donetsk and Luhansk regions of Ukraine for quite some time. Separatists insist Donbas declared independence from Kyiv in 2014, and pro-Russian military groups agree with the separatists’ declarations. The blockchain intelligence company’s study notes that it discovered roughly 54 pro-Russian groups that have obtained donations in crypto assets. “Most of the cryptocurrencies donated thus far have been sent to just a few organizations in particular,” the Chainalysis report explains. “However, many more have received still-considerable sums. Five organizations have received over $100,000, 17 have received over $10,000, and 35 have raised more than $1,000 worth of cryptocurrency.” Since the start of the Ukraine-Russia war in February, the 54 pro-Russian entities in the Donbas region acquired $1.45 million in bitcoin (BTC) donations and $590K in ethereum (ETH) donations. “The accounts that support militias often publish pictures of the purchased equipment and descriptions of how future donations will be used,” the Chainalysis report says with an accompanying picture of military equipment purchased with crypto. “Sometimes the posts even itemize the purchases,” Chainalysis researchers wrote. Chainalysis Says Onchain Data Gives ‘Gleaning Insights Into Pro-Russian Activities’ The news from Chainalysis was published on July 29, 2022, as the Ukraine-Russia war continues with no end in sight. In recent times a specific mining study shows that Russia is a popular destination for crypto asset miners. The research published by Intelion Data Systems discovered that crypto miners are flocking to Moscow and Moscow Oblast, Karelia, and Buryatia. Furthermore, many believe that Russia, China, and the BRICS nations are targeting the U.S. dollar’s perceived hegemony by crafting a new international reserve currency. Just recently both Russia and Ukraine have traded blame over a deadly attack on a prisoner of war prison in a separatist region in Ukraine. The Chainalysis report further says that funds are being sent to people listed on the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned individuals list. For instance, “Alexander Zhuchkovsky, an OFAC-designated Russian national, has used social media to solicit donations for the Russian Imperial Movement.” While the $2.2 million in crypto is a significant sum, Chainalysis researchers remark that the information is useful. “Because public blockchains are transparent, we can follow each transfer in these accounts’ chains of payments, gleaning insights into pro-Russian activities that would be harder to extract from fiat money investigations,” the company’s report concludes. What do you think about the recently published Chainalysis report that discusses $2.2 million sent to pro-Russian groups in Ukraine? Let us know what you think about this subject in the comments section below. View the full article

Santander, one of the biggest banking institutions in the world, has announced it will start offering cryptocurrency services in Brazil. Its CEO, Mario Leão, made the announcement in an interview with local media, stating that the company was still seeking the best way of getting into the cryptocurrency services market. Other banks and fintech organizations are already offering crypto services in the country. Santander to Start Offering Crypto Services in Brazil Santander, one of the biggest financial institutions in the world, serving more than 153 million customers, has announced plans to start offering cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by Santander’s CEO in the country, Mario Leão, who stated that these new services might be introduced in the coming months. Leão stated: We expect in the next few months to have definitions about it, who knows in the next release of quarterly results, or even before. Leão further recognized that the cryptocurrency market was “here to stay,” and that this move was more than just a reaction to other competitors entering the crypto market earlier. He explained that this was a move driven by the demand of the company’s users in the country and that Santander was studying the best way of getting into the crypto services market. Crypto Offerings Thriving in Brazil While the company is still working on a comprehensive and clear law framework for the asset class, many banks and fintech companies are considering offering cryptocurrency-related services due to the demand of their customers for these investment products. One of these institutions is Itau Unibanco, one of the largest banks in Brazil, which reported it was mulling the introduction of such products earlier this month. In the same way, Picpay, a popular fintech wallet and payments company, announced it would introduce crypto in its services list. The company also explained it had plans to launch a stablecoin pegged to the value of the native fiat currency, the Brazilian real, later this year. Nubank, another Brazil-based financial company, brought this kind of crypto trading and custody service into its platform in May. Even Visa is now working with traditional banks to integrate crypto services directly into banking applications, according to statements given in September last year by Eduardo Abreu, Visa’s vice president of new business in Brazil. What do you think about Santander’s plans of offering crypto services in Brazil? Tell us in the comments section below. View the full article

On July 28, the bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, by adding roughly 18 megawatts (MW) of capacity to the operation. The mining facility dubbed “The Bunker,” now has approximately 3.8 exahash per second (EH/s), after the 18 MW increase boosted the computational power by 200 petahash per second (PH/s). Bitfarms Adds 18 MW to ‘The Bunker,’ Firm Says Daily Production Reaches 16.8 Bitcoin Bitfarms Ltd. (Nasdaq: BITF) has announced the company has improved The Bunker by adding 18 MW of capacity to the facility. The company completed Phase 2 of The Bunker’s construction and there’s a total of 9,450 bitcoin miners installed. The Bunker started operations in March 2022 and Phase 3 will see the data center built out. Phase 3 aims to add an additional 3,250 miners to the facility which will add 325 PH/s of hashrate. For now, Phase 2 was an 18 MW increase which added 200 PH/s to the operation, and the company claims to manage a total of 3.8 EH/s today or roughly 2% of the current global hashrate. “Completing Phase 2 of The Bunker expansion is a strategic milestone that contributed to growing our hashrate to 3.8 exahash per second (EH/s), up 5.5% from the beginning of July,” Geoff Morphy, the president and COO of Bitfarms said in a statement. Morphy added: Together with an additional 3 MW of low-cost hydropower that went online this month at our mining facility in Washington state, our total operating capacity is now 158 MW. Significantly, with our higher hashrate came an increase in our current production to 16.8 BTC/day, a 15% increase from 14.6 BTC/day at the end of June. Bitcoin Mining Industry Weathers the Storm, Bitfarms Exec Expects a ‘Gradual Increase in Hashrate’ to Reach Company’s August and Year-End Goals Bitfarms completing Phase 2 comes at a time when digital asset prices are much lower than they were a few months ago. Damian Polla, Bitfarm’s Latam general manager explained during the first week of June, that falling bitcoin prices constitute a challenge. “The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs,” Polla said at the time. There’s been a lot happening within the bitcoin mining sector and the network’s difficulty adjustment just recently made it 5% easier to find BTC block rewards. The bitcoin mining operation Marathon recently secured 254 MW of power to enhance operations and the mining company Cleanspark says crypto winter has shown “unprecedented opportunities.” In addition to The Bunker, the company’s Washington state farms just got an additional 3 MW of capacity and the low-cost hydropower and stable electricity rates give the facility an advantage over the company’s other mining sites. “This past week, we have been selectively redeploying some mining assets while continuing to bring new miners online,” Morphy added. “Coupled with slight delays in receiving new mining shipments, the net effect is we expect to experience a more gradual increase in our hashrate and reach our 4 EH/s goal in early August. In addition, we remain confident in executing our current international growth plan and achieving 6 EH/s by year-end.” What do you think about Bitfarms expanding The Bunker and reaping 16.8 bitcoin per day? Let us know what you think about this subject in the comments section below. View the full article

The graph was a notable mover in Friday’s session, as the token rallied to a multi-week high. Prices rose by as much as 16% in today’s session, with chainlink also seeing its price climb by a double-digit percentage. Overall, the global crypto market cap is up 1.92% as of writing. The Graph (GRT) The graph (GRT) was one of the big movers in crypto markets on Friday, as prices of the token surged by over 16%. Following a low of $0.1082 during Thursday’s session, GRT/USD rallied to an intraday high of $0.1373 earlier today. Today’s move saw the token breakout of a key resistance level at$0.1305, hitting its highest point since June 11 in the process. As a result of this increased bullish momentum, GRT saw its relative strength index of 14-day hit a three-month high of 64.89. Now that the token is moving into overbought territory, bears will likely be preparing for re-entry, with a ceiling at $0.1585 a possible entry point. Should this current run continue, this would likely be the destination bull’s target, with many likely to secure gains at that point. Chainlink (LINK) In addition to GRT, chainlink (LINK) was also in the green during today’s session, with prices climbing by over 10%. Friday saw the token climb to a peak of $7.83, as prices rallied beyond a recent ceiling of $7.40. Like with GRT, this point is the highest level LINK has traded at since June 11, and comes less than 24 hours after prices were at a low of $6.76. The 14-day RSI is now also at a three-month peak, with the momentum of the 10-day and 25-day moving averages trending upwards. Should this continue, the next possible target for bulls could be beyond $9, with a ceiling at $9.50 a possibility. Register your email here to get weekly price analysis updates sent to your inbox: Will we see chainlink possibly hit $10 in August? Let us know your thoughts in the comments. View the full article

Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and misleading, and the entity prohibits anyone from “representing or implying that an uninsured deposit is insured.” FDIC Insists Voyager Digital Published Misleading and False Federal Deposit Claims On July 28, 2022, the Federal Reserve Board and FDIC issued a letter to the publicly-listed company Voyager Digital Ltd. (TSE: VOYG). The letter claims the bankrupt Voyager misled investors with claims concerning FDIC deposit insurance and the company is accused of violating the Federal Deposit Insurance Act. “The FDIC and the Board of Governors of the Federal Reserve System have reason to believe that Voyager Digital, LLC, and its related-entities, by and through their officers, directors, and employees have made false and misleading statements, directly or by implication, concerning Voyager’s deposit insurance status, in violation of 12 U.S.C. § 1828(a)(4),” the letter sent to Voyager details. The FDIC details that Voyager made false and misleading statements on the website, mobile application, and social media that suggested “Voyager itself is FDIC-insured,” “customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage,” and the “FDIC would insure customers against the failure of Voyager itself.” The FDIC letter to Voyager highlights that these claims are false. The letter states: These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds. Voyager is now mandated to remedy the issue by removing any false statements suggesting in any form that Voyager is insured by the FDIC. Voyager has two business days to comply with the government’s request. If Voyager thinks the FDIC’s claims are inaccurate, the company can attempt to prove it via provided information and documentation. The FDIC wants a “prompt response” or it will have to take “further action, as appropriate, with respect to the foregoing or any other violations of law or regulation, or unsafe or unsound banking practice.” What do you think about the FDIC letter to Voyager Digital that claims the company made false and misleading statements that say Voyager was FDIC insured? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin rose for a third consecutive session on Friday, as prices rose above $24,000 to end the work week. Today’s rise comes as sentiment in crypto remains bullish, following Wednesday’s interest rate hike by the Fed. Ethereum was also higher, as prices approached $1,800. Bitcoin Bitcoin (BTC) was trading higher for a third straight day, as prices climbed over $24,000 in today’s session. The world’s largest cryptocurrency hit an intraday peak of $24,294.79 earlier in the day, which comes after BTC was at a low of $22,722.27 on Thursday. Friday’s high sees BTC/USD hit at its highest point since June 12, when prices were trading over $26,000. As a result of this move, bitcoin has now collided with a long-term resistance level at $24,200, with some earlier bulls opting to liquidate their positions. For this reason, previous momentum has momentarily fallen, with the token now sitting at $24,040.61 as of writing this. Although bulls will likely be targeting a move towards $25,000, they will need to overcome a ceiling of 62 on the 14-day RSI in order to reach this point. Ethereum Like bitcoin, ethereum (ETH) extended its recent winning streak, climbing higher for a third consecutive session in the process. This latest high saw ETH/USD rise to $1,774.58, which comes less than 24-hours after the token was trading at $1,604.89. This was the highest price for ethereum since June 10, when prices were trading at a high above $1,800. However, like bitcoin, earlier bullish momentum has given way as today’s session has progressed, with the token now trading at $1,604.89 Which comes as the 14-day relative strength index failed to break out of a ceiling at the 66 level, and subsequently has now fallen to a reading of 63.72. If bulls are to reach their target of $1,800 this upcoming weekend, price strength will need to surge beyond this hurdle. Register your email here to get weekly price analysis updates sent to your inbox: Will bullish sentiment in crypto markets remain this weekend? Leave your thoughts in the comments below. View the full article

PRESS RELEASE. ROLA, a community-driven platform for the crypto industry, allows users to participate in AI-based predictions on all market aspects while leveraging real-time market insights on top of professional analysts’ knowledge. The ROLA app enables users to consume market insights while improving from the users’ votes. The algorithm thus improves from the signals it receives from the community and, in return, provides accurate predictions. In this way, ROLA is strongly driving a Predict-To-Earn ecosystem. What ROLA Brings To The Web3 Community The crypto community has witnessed projects backed by a robust social community, and tokenomics that have survived every market cycle. One such project about to enter the blockchain ecosystem is ROLA.ai. When ROLA began to develop their Web3 project, the first thing they addressed was to be not only community-driven but also community-centric. Most projects after the successful ICO tend to cater less to the community that largely contributed to the success, but with ROLA, the community is always the priority. Read along about ROLA and how they are changing the dynamics of the Web3 community participation. Understanding The ROLA Ecosystem ROLA’s AI-based tools help members make informed decisions and learn how to trade cryptocurrencies while having plenty of fun. The ROLA ecosystem is laden with a plethora of features that users can leverage to their benefit. It offers AI-Based Signals ROLA presents users with AI-based signals for up to 120 crypto pairs with more pairs to be added in future. The real-time feed on crypto pairs keeps the ROLA community updated. Users can read the signals and community votes on the crypto pairs and track the price movement of their favorite coin. The reiterative open learning algorithm- ROLA is reiterative in the sense that it continually absorbs the wisdom of the community. The base layer of the Meta AI engines gains knowledge and makes improvements based on market data; The second layer contains user voices and forecasts and derives insights from them. The AI ​​accumulates and evolves as more predictive inputs are ingested into the ecosystem as ROLA’s social community and network grow, providing better insights to users. By doing this, we set up a feedback loop where the community informs an AI, which then assists the community in return. Game-fi: Prediction-To-Earn Gaming Ecosystem ROLA has incorporated an enticing experience in the shape of Predict-To-Earn games to promote user engagement and interactivity. The gameplay allows community members to enjoy and challenge other Rolarians in meme wars and other games. Predict 2 Earn is based on the concept of the play-to-earn game model, where users are incentivized for their gameplay. Users in the ROLA ecosystem earn $ROLA tokens by making predictions on top crypto assets like Bitcoin and Ethereum. The predictions are categorized into three sessions, each lasting 8 hours (and user predictions are closed 1 hour before the end of that session). Users need to predict whether the 8-hour session will end in green or red, which symbolizes the trade’s candlestick pattern. The reward is calculated based on the participation rate, the number of users and the number of close predictions of the outcome. A random draw takes place if too many users vote simultaneously to validate the predictions. In addition, all active participants are rewarded with Rolagram NFTs. Social-fi – The Social Media App The social-fi media app allows users to browse popular crypto trends. ROLA will introduce a subscription based service through which community members can also get in-depth information from seasoned cryptocurrency analysts and traders. Users can also join paid Alpha channels (to be introduced post the launch) and get in touch with premium KOLs. Another option is to join public channels where users can discuss new projects and share valuable insights. NFTs – ROLAGRAM To reward users for their participation and activity throughout the month, ROLA has developed a unique hologram NFT- ROLAGRAM. This NFT is user-exclusive and is designed based on the activities that a user has performed. The algorithm takes in account details such as inputs from their monthly activities, engagement and voting history to generate Rolagram. Each user gets one custom-designed NFT at the end of the month, which they can get by cashing in some $ROLA tokens. The company aims to make these NFTs tradeable soon after the launch. This also allows users to get more from the one-of-its-kind metaverse experience. ROLAVERSE Brings Users True Metaverse Experience ROLA, the first AI-based crypto community, aims to build a robust social ecosystem that includes all Metaverse features like Game-Fi and NFTs that will connect and empower the community. It transcends the conventional metrics of being limited to profit and strives for social connectivity. It gives users the authentic decentralized experience of a metaverse where users can connect using Social-fi. They can also play games and earn rewards by staking their $ROLA tokens in the ROLACoaster game. Furthermore, the platform goes one step ahead and allows users to generate a custom NFT. To Wrap It Up ROLA is a next-generation social platform that uses Artificial Intelligence to deliver signals about crypto pairs to users and in return enhances its learning from the user feedback and voting. In addition to AI-based recommendations, ROLA offers gamified predictions about future price movements for leading cryptocurrencies. As Rosalind Lee, the Chief Product Officer of ROLA mentioned “ROLA aims to build a rewarding community that is truly ‘WAGMI’. We are in it together and we all improve together.” A dynamic and connected community is what the ROLA (Reiterative Open Learning Algorithm) ecosystem tries to establish. With a comprehensive (A.I.) ecosystem, it adapts to the community’s collective wisdom and reciprocates enhanced and tailor-made information to the community to benefit the “Rolarians.” By utilizing the reiterative deep learning model and the web 3.0 framework, ROLA gives you insights and inputs that enhance the intelligence of your ROLA pet. Follow ROLA on Twitter, and Discord to keep up with the latest industry developments. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. 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