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A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira. Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes. Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation (TFF) is now examining the case as according to its rules, referees are only allowed to use either a 1-lira coin or a special referee coin with one side showing a goalpost, and the other a football. Former referee Murat Fevzi Tanırlı has been quoted describing the derby’s referee Arda Kardeşler’s coin choice as “monkey tricks.” Tanırlı accused his colleague of besmirching the profession’s reputation, expressed hope the investigation will shed light on his real intention and warned that Kardeşler may be punished for his act. In further comments on the incident, the veteran referee stated: This is not forgetfulness, it is a move. I really cannot understand why such an experienced referee has scandalized this event. In statement quoted by Anadolu Agency, the TFF said that Kardeşler flipped a “commemorative Bitcoin” without the knowledge or approval of the federation or Turkey’s Central Refereeing Committee. The 34-year-old, a FIFA-licensed referee with 25 matches in his record this season, is suspected of having signed an agreement with a cryptocurrency platform without the approval of the governing bodies. Turkish media outlets remark that the kick-off ceremony for the Beşiktaş – Fenerbahçe derby was also covered by many global sports websites, with commentators suggesting that FIFA, the International Federation of Association Football, and UEFA, the Union of European Football Associations, may also get involved in the case. Hürriyet notes that several online shopping websites sell commemorative coins of Bitcoin. The daily also points out that a number of cryptocurrency platforms have signed commercial and sponsorship agreements with sports teams and Turkish athletes have already participated in some of their advertisements in the past few years. Do you think the Turkish Football Federation will sanction the referee who tossed a Bitcoin coin at a soccer match? Share your expectations in the comments section below. View the full article

The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the UK HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite a crypto market meltdown last week, The Telegraph reported Saturday. The affirmation followed the collapse of Terra which saw algorithmic stablecoin terrausd (UST) lose its peg to the U.S. dollar and terra (LUNA) fall to near zero. A HM Treasury spokesman said: Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech. “This will create the conditions for issuers and service providers to operate and grow in the UK, whilst ensuring financial stability and high regulatory standards so that these new technologies can be used reliably and safely,” the spokesperson added. Prince Charles delivered the Queen’s Speech last week, outlining the British government’s legislative agenda for the next parliamentary year. Two of the bills put forward specifically mention crypto assets. The U.K. government unveiled a detailed plan in April to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by summer. Rishi Sunak, the British chancellor of the exchequer, has said the plan will “ensure the UK financial services industry is always at the forefront of technology and innovation.” However, the Treasury does not plan to include algorithmic stablecoins in the legislation, saying they do not guarantee stability. Terrausd (UST) is an example of an algorithmic stablecoin. The HM Treasury spokesperson further detailed: The government has been clear that certain stablecoins are not suitable for payment purposes as they share characteristics with unbacked crypto assets. “We will continue to monitor the wider crypto asset market and stand ready to take further regulatory action if required,” the spokesperson included. U.S. lawmakers also called for the urgent regulation of stablecoins last week following the fall of Terra. However, Treasury Secretary Janet Yellen believes that stablecoins are currently not a real threat to U.S. financial stability. What do you think about the U.K. government’s commitment to regulate stablecoins? Let us know in the comments section below. View the full article

Famed value investor and fund manager Bill Miller says he has “a lot” of bitcoin and has not sold any despite the recent crypto sell-off. He insisted that investors should put some of their liquid net worth in the cryptocurrency. Bill Miller Shares His Bitcoin Outlook Famed value investor Bill Miller is still bullish about bitcoin despite recent price declines. He confirmed in an interview with CNBC Thursday that he owns “a lot” of bitcoin and hasn’t sold any. Miller is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management. He explained that if bitcoin goes down to half its current price, he wouldn’t be surprised due to its volatility. However, “I would be grim because I own a lot of it,” the fund manager said. Miller was asked, “Are you selling any [bitcoin], have you sold any?” He replied: The short answer is no. However, he clarified that he sometimes sells “stuff” to meet margin calls. “I’ve sold stuff to meet margin calls because I’m always on margin and the stuff that you sell is the stuff that is very, very liquid, for me anyway,” he explained, without mentioning BTC specifically. At the time of writing, bitcoin is trading at $30,064, up 1.5% in the past 24 hours but down 15.5% in the last seven days and almost 25% in the past 30 days. Commenting on investors losing money amid crypto sell-offs last week, Miller said: “If people have lost a lot of money in crypto, they have been speculating on the stuff they don’t know anything about, especially if they are surprised to have lost money because most of the ICOs [initial coin offerings] that came around in 2017 have gone to zero.” There are currently almost 20,000 cryptocurrencies, according to Coinmarketcap. Miller said: “All except for bitcoin, including ethereum, have competition.” He noted that he does not have the expertise to evaluate all crypto projects but is “comfortable with bitcoin.” Miller was also asked if he thinks bitcoin is a buy at $29,000. He replied: I haven’t heard a good argument about why you wouldn’t put 1% of your liquid net worth in bitcoin. He added that it is especially true if you lived in countries like Venezuela, Argentina, Lebanon, Turkey, Nigeria, Iraq, Ukraine, and Russia. The famed investor noted: “Russia lost 50% of their reserves when the U.S. decided it was going to sanction them.” He said in March that this is “very bullish for bitcoin.” Miller previously called BTC an “insurance against financial catastrophe.” What do you think about Bill Miller’s comments? Let us know in the comments section below. View the full article

Goldman Sachs Senior Chairman and former CEO Lloyd Blankfein has warned that companies and consumers should prepare for a recession in the U.S. He stressed that it’s a “very, very, high risk.” Goldman’s Blankfein Warns About a Recession Lloyd Blankfein, a former Goldman Sachs CEO who is now the firm’s senior chairman, warned about an impending recession in the U.S. in an interview with CBS News, aired Sunday. He stressed that companies and consumers should be prepared for it. Blankfein served as chairman and chief executive officer of global investment bank Goldman Sachs from 2006 through September 2018. He remained chairman through December 2018 and is now senior chairman of the Goldman Sachs Group. He was asked, “Do you think we’re headed towards recession?” Blankfein replied: We’re certainly heading. It’s certainly a very, very high risk factor … If I were running a big company, I would be very prepared for it. If I was a consumer, I’d be prepared for it. However, the Goldman Sachs senior chairman explained that a recession is “not baked in the cake,” noting that there’s “a narrow path” to avoid it. Commenting on the Federal Reserve’s response to inflation, he said, “I think they’re responding well.” He added, “I think the Fed has very powerful tools.” Blankfein was asked if the Fed is doing what’s needed to control inflation. He replied: “there’s an imbalance, too much demand. And what you have to do is you have to slow down that demand.” The former Goldman CEO elaborated: You have to slow down the economy. And so they’re going to have to raise rates. They’re going to have to curtail, hopefully reduce the number of positions that are unopened … and increase the size of the labor force. “This inflation, some of it is sticky … we have something like 8% inflation. Some of that is transitory [and] will go away. You know, eventually, the war in Ukraine will be over. Some of the supply chain shocks will go away, but some of it will be a little bit stickier and will be with us for a while,” he concluded. A number of analysts have predicted that the U.S. will be in recession. Deutsche Bank said there will be a major U.S. recession next year. Blankfein’s own investment bank, Goldman Sachs, said the odds of a recession happening in two years is 35%. Furthermore, Bank of America‘s strategist warned in April that a “recession shock” is coming. What do you think about Lloyd Blankfein’s comments? Let us know in the comments section below. View the full article

Seven days ago, Bitcoin.com News reported on the Tron DAO Reserve purchasing $38 million in tron to safeguard the network’s stablecoin USDD. Since then and since the terrausd (UST) de-pegging event, the Tron DAO Reserve has continued to purchase large quantities of digital assets to bolster the project’s reserves. In addition to the tron purchases, the organization has been adding stablecoins and bitcoin into the mix as well. While Terra’s Stablecoin Imploded, Tron’s Algorithmic Dollar-Pegged Crypto Project Purchases Millions Worth of Tron, Bitcoin, and Tether to Defend USDD During the past week, all eyes have been focused on the Terra blockchain and its native crypto assets LUNA and UST. Both coins divebombed significantly in USD value and more than $46 billion in value disappeared from the crypto economy in roughly three days. Amid all the carnage, the Tron DAO Reserve has continued to purchase crypto assets for its digital currency-based forex reserves. On May 7, Bitcoin.com News reported on Tron’s founder Justin Sun and the Tron DAO Reserve purchasing $38 million in tron (TRX). Since then the project has continued to buy crypto amid the market carnage that took place because of the UST fallout. Tron’s stablecoin USDD is also an algorithmic dollar-pegged crypto asset that has similarities to Terra’s UST. After the purchase of 504.6 million tron (TRX), the Tron DAO Reserve tweeted that the team aims to “guard the overall blockchain industry and market, prevent panic trading caused by financial crises, and mitigate severe and long-term economic downturns.” The Tron DAO Reserve (TDR) further added: We also manage the permissions of USDD as its early custodian and ensure its price stability with reserves. After the 504.6 million tron purchase, the TDR continued to add funds into the reserve this past week. “To safeguard the overall blockchain industry and crypto market, Tron DAO Reserve have bought 500 BTC with an average price $31,031.35 for $15,515,675,” TDR detailed on May 10. The same day, the TDR said it purchased 595,729,832 tron for $45.6 million. While the crypto market was chaotic that day the TDR team noted “USDD holds steady in today’s market volatility.” Buying MOAR! https://t.co/DVG3sIWlic — H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) May 12, 2022 The following day on May 11, the TDR team tweeted: “To safeguard the overall blockchain industry and crypto market, [TDR] have bought 1,000 BTC with an average price of $30,096 for $30,096,000.” Following that purchase, the TDR organization bought 1,467,612,695 TRX for $97 million for the reserves. The TDR then started to buy stablecoins after the $97 million worth of tron was purchased. The TDR team explained on May 12: To safeguard the overall blockchain industry and crypto market, [TDR] have bought 100,000,000 USDT with an average price of $0.982 with $98,200,000. The TDR team did not stop there and has continued to purchase more coins to safeguard the Tron network’s stablecoin USDD. The TDR said on May 12, it purchased 200 million USDT for $0.985 per unit which added up to around $197 million in U.S. dollars. The Tron-based stablecoin reserve team then bought 1,249.57 BTC at an average price of around $29,394. Tron’s Justin Sun ‘Still Believes in Algorithmic Stablecoins’ Currently, on Saturday, May 14, 2022, the USDD stablecoin has a market valuation of around $272.36 million and there are 271,438,207 USDD in circulation at the time of writing. During the past day, USDD has seen $85.5 million in global trade volume and the crypto asset is 156th largest market cap. Similar to the Terra blockchain’s mechanism of burning LUNA to produce UST, to mint a single USDD it costs $1 worth of tron to issue the crypto asset. This means it can grow as large as the market allows it as it allows anyone to mint the stablecoin in a permissionless manner. However, with the market turmoil that took place because of the UST de-pegging event, it is safe to say the crypto community is leery of algorithmic stablecoin assets. Despite the issues this past week, Tron founder Justin Sun talked to Coindesk’s Tracy Wang and he said that he is still optimistic about the algorithmic stablecoin model. “I still believe in algorithmic stablecoins,” Sun explained to Wang during a Zoom interview. What do you think about the USDD stablecoin project created by the Tron team? What do you think about the TDR’s purchases this week? Let us know what you think about this subject in the comments section below. View the full article

After the collapse of Terra’s once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard’s (LFG) bitcoin went, as the funds were supposed to be used to defend UST’s $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was sent, according to the firm’s network surveillance tools. LFG Bitcoin Stash Deposited Into 2 Digital Currency Exchanges According to Elliptic’s Blockchain Analytics Software While reflecting on the recent crypto market chaos and the Terra stablecoin implosion, a great number of people on forums and social media asked the question: “Where is LFG’s Bitcoin reserve?” For instance, this weekend on Twitter one individual wrote: Luna Foundation Guard (LFG) had a bitcoin reserve that was worth over $3B before the UST and Luna crisis began. But the LFG reserve wallet is now empty but it was reported that Bitcoins weren’t used to calm the crisis. Then where did the Bitcoins go to? People need answers. Furthermore, on May 13, Terra’s founder Do Kwon told the public that the team was planning to update the crypto community on the subject of the bitcoin (BTC) reserves. “We are currently working on documenting the use of the LFG BTC reserves during the de-pegging event,” Kwon said. “Please be patient with us as our teams are juggling multiple tasks at the same time.” Following Kwon’s Twitter thread, the blockchain analytics company Elliptic published a blog post that explains the LFG’s BTC moves in more detail. When the nonprofit organization LFG decided to move the bitcoin on May 9, Elliptic’s blockchain analytics software monitored the situation. After LFG revealed it would loan $750 million in BTC to market makers, Elliptic’s blog post details that Kwon clarified LFG would use the BTC “to trade.” Then Elliptic’s software caught two transactions worth 52,189 BTC sent to a new address tied to the LFG stash. 80,394 Bitcoin Moved From LFG’s Stash In addition to the 52,189 BTC, LFG held another wallet with 28,205 BTC, and LFG’s entire bitcoin reserve added up to approximately 80,394 bitcoin (BTC) total. According to Elliptic, all the funds were sent to Binance and Gemini amid the market chaos. “The entirety of this 52,189 BTC was subsequently moved to a single account at Gemini, the US-based cryptocurrency exchange – across several bitcoin transactions,” Elliptic said on Friday. “It is not possible to trace the assets further or identify whether they were sold to support the UST price.” The blog post adds: This left 28,205 BTC in Terra’s reserves. At 1 a.m. UTC on May 10th, this was moved in its entirety, in a single transaction, to an account at the cryptocurrency exchange Binance. Again it is not possible to identify whether these assets were sold or subsequently moved to other wallets. Bitcoin.com News also looked into the onchain movements and confirmed that Elliptic’s summary was accurate. For instance, the LFG bitcoin wallet interacted with this bitcoin address, and the wallet is flagged as a Binance hot wallet. Oxt.me data has an annotation written by Ergobtc that says it’s the trading platform’s “central hot wallet.” The wallet was created on October 8, 2021, and 9.5 million BTC has passed through the wallet. LFG’s bitcoin wallet also interacted with this address which also has an oxt.me annotation that says it’s a Gemini exchange address. The address created on June 13, 2017, has seen a total of 1,284,918 BTC pass through the bitcoin wallet. While the Binance hot wallet still contains BTC for hot wallet services, the Gemini exchange address has a zero balance on May 14, 2022. What do you think about Elliptic’s summary of the LFG bitcoin stash and movements? Let us know what you think about this subject in the comments section below. View the full article

Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization. Ethereum’s Hashrate Continues to Climb Higher Proof-of-work (PoW) ethereum miners are working harder than ever before to mine ethereum before the upcoming Merge. While most of the attention was directed at the Terra blockchain meltdown this past week, Ethereum’s hashrate tapped an all-time high (ATH) on May 13, 2022, at block height 14,770,231. The network reached 127 petahash per second (PH/s) that day and the processing power is currently operating at 1.18 PH/s at the time of writing. Miners have been hashing away at the Ethereum network and plan to do so up until the network’s proof-of-stake (PoS) transition. Since June 28, 2021, Ethereum’s hashrate skyrocketed 124.33% from 0.526 PH/s to today’s 1.18 PH/s. Furthermore, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum miners are still profiting a great deal since the crypto market downturn, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can profit by $36.66 per day using today’s ether exchange rates. A 750 MH/s miner can get $17.82 per day in ether profits and 500 MH/s can get around $11.71 per day. Presently, Ethermine.org is the largest ethereum mining pool today with 303.12 TH/s of computational power. The second-largest ether mining pool is F2pool with 155.35 TH/s and Poolin commands the third-largest share of Ethash with 121.69 TH/s. Other notable ethereum mining operations include hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s). Ethereum has more than 80 mining pools or operations dedicating hashrate to the blockchain using the proof-of-work (PoW) algorithm Ethash. It’s likely ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place. However, the miners mining ether will not be able to hash away at the Ethereum network after The Merge completes the transition as the chain will be fully PoS. Ethereum developer Tim Beiko, has said The Merge is likely to be pushed to the third quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment at this point.” What do you think about Ethereum’s hashrate reaching an all-time high on May 13, 2022? Let us know what you think about this subject in the comments section below. View the full article

Law enforcement and other authorities in Dagestan have closed down two illegal crypto farms, confiscating more than 1,500 mining machines. Government agencies in the republic, considered one of Russia’s capitals of underground coin minting, carry out regular raids against such facilities. Cryptocurrency Miners in Dagestan Accused of ‘Illegal Entrepreneurship’ Officers from the Ministry of Internal Affairs of Dagestan and the Federal Security Service have uncovered a large crypto mining farm in the Russian republic’s capital city, Makhachkala, Tass news agency reported, quoting the ministry. The law enforcement agents have seized 1,476 devices producing digital currencies, a press release detailed. The department added that the owners of the illegal facility have been also providing services to other miners including installing mining rigs, connecting them to the power grid and providing security. Experts are now working to establish the market value of the confiscated mining equipment as well as the amount of consumed electricity. The law enforcement officials who raided the crypto farm further noted they are collecting evidence to charge the operators under Part 2 of Art. 171 of the Criminal Code of the Russian Federation, “Illegal entrepreneurship,” and part 2 of Art. 165, “Causing property damage by deception or abuse of trust.” In the past few years, Dagestan has become a hotspot for illegal and home crypto mining, along with Russian regions such as Krasnoyarsk Krai and Irkutsk Oblast that have maintained low electricity rates. As a result, they have suffered blackouts due to breakdowns, especially in residential areas where the electrical networks are not designed to handle the excessive loads. In another case, the local power grid operator and distributor, Rosseti Severniy Kavkaz, recently found 95 rigs minting cryptocurrency at a facility of the republic’s water supply utility, Мahachkala Vodokanal. The hardware was installed in a metal container at the Vuzovskoe Ozero pumping station. The crypto farm had a power capacity of 260 kW and its illegal electricity consumption exceeded 4.5 million kWh, worth more than 26 million rubles (over $400,000). According to an announcement by Rosseti, the farm was set up by a resident of the Dagestan capital who worked in collusion with employees of the water utility. Authorities in Moscow have been taking steps to regulate crypto mining as a business activity for which Russia has certain advantages like its cheap energy sources and favorable climatic conditions. Lawmakers at the State Duma are currently reviewing a new bill tailored to achieve that. Meanwhile, in an effort to curb mining with household electricity, the Russian anti-monopoly agency has suggested introducing higher electricity rates for those mining at their homes. Do you expect authorities in Russia’s Dagestan to continue to crack down on cryptocurrency miners? Tell us in the comments section below. View the full article

With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news. Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets. Read More Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law The Shanghai High People’s Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value. Read More 2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K’ While bitcoin’s price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written by bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the “greater fools” scenario. Read More As BTC Slides Toward Resistance, the Chance of a Rare Triple Top Formation Comes Into Play While crypto markets look extremely bearish these days, a few crypto advocates have theorized the bear market will be less harsh this time around. Furthermore, there’s also the rare scenario that bitcoin’s price could reverse and see a triple top even though it’s commonly said in the finance world “there is no such thing as a triple top.” Read More What are your thoughts on this week’s top stories? Let us know what you think in the comments section below. View the full article

Since the outbroke of the Russian-Ukrainian war, many celebrities, social activities, and visual artists joined the league of supporting Ukraine by cryptocurrency and NFT artworks. And the trend just doesn’t stop. Now, a group of top-notch artists bring the support and devotion to a brand-new level with long-lasting impact – the avatar NFT series. The absolutely stunning visuals, the breathtakingly painful images, the suffocatingly realistic resemblance of the ongoing cruelty, and the undying power of resilience truly set these artworks apart and earn them a solid place in the contemporary NFT art world. Avatars for Ukraine + MetaHistory A group of top video game industry professionals, credited for game hits Rainbow Six, Warframe, S.T.A.L.K.E.R., and a billion-downloaded Asphalt franchise, together with the most talented Ukrainian digital artists created a charity NFT collection to help Ukraine. The collection will be released MAY 19 2022 on MetaHistory, an official Ukrainian charity NFT platform that has already raised 260 ETH / $722k for Ukraine. Their initiative is supported by the Ministry of Digital Transformation of Ukraine, a Ukrainian government institution known for its pro-crypto position, that has already raised more than 60 million for Ukraine in crypto donations. The charity NFT collection is named Avatars for Ukraine. The title refers to the original meaning of the word ‘avatar’, translated from Sanskrit as “incarnation”. The stunning artworks capture the incarnations of everything free Ukraine stands for: its soul, spirit, wisdom and love. The collection is uniquely different from other avatars, not only in name. The artworks emerged during 2 months of war and were created by 50 of the most talented and acclaimed Ukrainian digital artists from both game and movie industries. Europe’s best science fiction illustrator Volodymyr Bondar, prestigious EuroCon award winner, contributed with an exclusive artwork. Volodymyr can be seen as an incarnation of spirit himself: he risked his life evacuating dozens of people from heavily shelled Kharkiv. Curators of the collection, lead artist and the art director behind a billion-downloaded Asphalt game franchise, both have the same name, Kateryna. One Kateryna spent days hiding from airstrikes in the subway with her cats, the other found shelter in Romania. Many NFT collections are exclusively interested in the money aspect of it, and the speculative mentality of both buyers and sellers fuels the controversy around the market. For the ideologists behind the Avatars collection, the purpose is noble. Alexey Savchenko (UK), former business development manager for Epic and former PR manager for GSC, says: “We thought if we were going to do NFT to help Ukraine, we should do it in the same way we build our game universes, with high production values and the best talents around us. Epic Games, the company that will most likely be the first one to build the ‘real metaverse’, raised $150 million for Ukraine”. Dmitry Tarabanov (Canada), game designer credited for game hits Rainbow Six and Warframe“: “Both game and movie industries allow you to experience universes worth millions in production, at a price of a few bucks, somewhat the opposite to the NFT culture. The stunning art created by these artists is free for all humanity to experience. Yet if there is a historic artwork, like a sketch of the first AT-AT walker from Star Wars, its original is priceless. The artworks in this collection are as historic. No matter the price, all money goes to Ukraine”. MetaHistory NFT platform helped the team by shaping the NFT technology to their high standards. MetaHistory has a success record as a charity NFT platform officially approved by the Ministry of Digital Transformation of Ukraine, pro-crypto government institution that has already raised millions in crypto for Ukraine, and earlier teamed up with Elon Musk to deliver Starlink to Ukraine. The level of cooperation between crypto industry, electronic entertainment and official institutions has made this NFT collection unprecedented, as well as the circumstances behind it. “We wish there will be no more artworks created in the largest war since WWII. We wish there will be no legendary artists painting while their cities are being shelled. We wish there will be no more than 70 items in this collection, because every day this war has been adding one more artwork. Still, these NFTs are here and now to fulfil their destiny, the noblest cause for this technology that one can think of: to help good prevail, to invest in the future we believe in, and to adopt the right direction of history”, their joint statement says. View the full article

An African regulator has told members of the six-nation Economic and Monetary Community of Central Africa (CEMAC) that a ban on cryptocurrencies is still effective. The regulator said the prohibition is designed to ensure financial stability is maintained within the economic bloc. COBAC to Set Up System to Identify Crypto Transactions An African regulator, the Banking Commission of Central Africa (COBAC), has reminded members of a regional economic bloc that includes the Central African Republic (CAR) that its ban on cryptocurrencies remains in effect. The regulator’s latest warning follows the CAR’s recent decision to adopt bitcoin as the country’s “currency of reference.” According to a Reuters report, COBAC — a regulator of the banking sector in CEMAC — believes the prohibition will ensure financial stability. In a statement issued after it held a special meeting on May 6, the regulator reportedly said it will also take steps to identify and report crypto-related transactions. “In order to guarantee financial stability and preserve client deposits, COBAC recalled certain prohibitions related to the use of crypto-assets in CEMAC. COBAC has decided to take a number of measures aimed at setting up a system for identifying and reporting operations related to cryptocurrencies,” the regulator is reported to have said. CAR’s Sovereignty Before the latest warning by the regional regulator, the Bank of Central African States had told the CAR to annul its decision to make bitcoin legal tender. Instead of adopting cryptocurrency, the regional central bank said the CAR should focus on implementing the monetary policies of CEMAC, which it said would reduce endemic poverty. Meanwhile, the report quotes a spokesman for the CAR government, Serge Ghislain Djorie, who insisted that COBAC has not yet formally notified his country of the regulator’s renewed pushback against cryptocurrencies. Djorie said his government will issue a response once it is in possession of the COBAC document. The spokesman, however, hinted his government will not be forced to change its position by an outsider. He said: “It must be understood that each state has sovereignty.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The tourism organization in Portorož, a summer resort on the Adriatic coast of Slovenia, has decided to promote the destination using non-fungible tokens (NFTs). The project represents the digital component of this year’s campaign to attract visitors to the region. Tourists in Portorož to Collect NFTs and Win Prizes Shortly after the Slovenian Tourist Board (STB) issued a “sLOVEnia NFT” last month, Portorož, in the southwestern municipality of Piran, has now become the country’s first resort with its own non-fungible tokens. The main goal of the initiative is to showcase the two coastal towns as progressive, digital, and sustainable destinations, local media reported. “The door to the metaverse is opening, which will be a new market for future generations,” Alexander Valentin, director of the Portorož Tourist Association, has been quoted as stating during a presentation devoted to the innovations in Portorož. The new “destination NFTs” are meant to win visitors’ loyalty. Tourists will be able to collect three tokens from three different collections, when they perform three activities: participate in a prize game, subscribe to a newsletter, and share a sticker on Instagram with the resort’s @portorozpiran account. 100 NFTs are available in each collection. On April 20, Slovenia launched a campaign under the “We Are Here” banner in the country and six other nations — Italy, Austria, Germany, Hungary, the Czech Republic, and Slovakia. It is aimed at spreading the country’s presence as a travel destination to more markets. Nine tourist service providers are participating and more are expected to join, the Primorske Novice news outlet reported. Besides entering the crypto world through the NFT initiative, Portorož and Piran are also increasing their promotional activities on social media. The towns have recently joined the short-form video platform Tiktok, the publication revealed. In recent years, the small, bitcoin-friendly nation of Slovenia established itself as a leader in crypto adoption in Southeast Europe. Thousands of cafés, restaurants, hotels, hair salons, and sports facilities across the country accept various cryptocurrencies. Last fall, the authorities in Ljubljana opened public consultations on a draft law regulating crypto taxation. Do you expect other resorts in Slovenia and the region to issue NFTs for promotional purposes? Tell us in the comments section below. View the full article

The Nigerian securities regulator has announced new rules that govern the issuing of digital assets. The new rules also include registration requirements for platforms that offer digital assets. Initial Assessment Filing The Nigerian Securities and Exchange Commission (SEC) has announced new rules that govern the issuing of digital assets as securities. The regulations also include rules on the registration requirements for digital assets offering platforms (DAOPs). Virtual asset service providers (VASPs) and digital assets exchanges are covered in the new set of rules that were recently published by the commission. According to the new regulations, individuals or entities seeking to raise funds via a coin offering or a private sale of tokens must first submit an initial “assessment form and the draft white paper.” In the draft white paper, the commission says an entity seeking permission to operate must furnish it with “complete and current information regarding the initial digital asset offering projects, business plan and feasibility study.” The draft document must also give a brief description of the initial digital asset offering, the value of each token, and the privileges it gives to the buyer. The use and allocation of the funds must also be stated therein, the SEC said. White Paper Disclaimer Concerning white papers of initial digital asset offering projects, the commission said the document should have a disclaimer stating this does not represent an offer to sell. Once the required documentation has been filed, the SEC will review it to make a determination. [The Commission shall] review same within 30 days from receipt to determine whether the digital asset proposed to be offered, constitutes a ‘security’ under the Investment and Securities Act 2007. After a determination is made, the SEC will communicate this to the issuer within five days of the conclusion of the review. Besides explaining the steps prospective issuers of digital currencies must take, the commission also lists the requirements and limits that must be adhered to. For an applicant seeking to register as a DAOP, the new rules say they must pay a filing fee equivalent to $241, a processing fee of $724, and a registration fee of $72,430. Elsewhere in its 54-page new rules document, the commission says a DAOP “shall maintain a register of initial token holders who subscribed for the virtual assets/digital tokens during the offer period and enter into the register.” On using another platform as a host, the SEC said an “Issuer shall not be hosted concurrently on multiple DAOP or on an equity crowdfunding platform.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, said a top executive of the International Organization of Securities Commissions (IOSCO). A Global Body to Coordinate Crypto Rules Top executives at the International Organization of Securities Commissions (IOSCO) discussed cryptocurrency regulation this week. Members of the global organization regulate more than 95% of the world’s securities markets in more than 130 jurisdictions. Emphasizing the need for a global group to align crypto rules, IOSCO Chair Ashley Alder said global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, Reuters reported. Noting that similar setups are already in place for climate finance, including one set up by the G20 countries, Alder described: There isn’t anything like that for crypto at the moment … But I do think now it’s seen as one of the three C’s (Covid, climate and crypto) so it’s very, very important. Citing the boom of digital currencies, including bitcoin, the IOSCO chair said crypto “has gone up the agenda” and become one of the three key areas authorities are focused on. She noted that there are multiple crypto-related risks that need to be addressed, adding that regulators are lagging behind on some key risk areas, including cyber security, operational resilience, and a lack of transparency in the crypto ecosystem. Martin Moloney, secretary-general at the IOSC, said at the International Swaps and Derivatives Association’s annual general meeting this week: We are on the cusp of something new, something important and something that requires a lot of work from us. He opined: “I don’t have to have a crystal ball to be able to say, ‘Will crypto still be around in 20 years’ time?’ It doesn’t matter. I do know, as you can see, that it has developed sufficiently that we have to begin to act as if it will still be around in 20 years’ time. We have to take it that seriously.” The secretary-general urged the crypto industry to engage with regulators, stating: Use your ingenuity, use your technology to solve the regulatory problem instead of telling us to go away, that you don’t want to engage with the regulatory problem. What do you think about regulators worldwide forming a global body to coordinate crypto rules? Let us know in the comments section below. View the full article

A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about cryptocurrency regulation Thursday during an event hosted by the London-based Official Monetary and Financial Institutions Forum policy think tank. Peirce, who is known in the crypto community as “crypto mom,” indicated that tighter regulations on cryptocurrency, particularly stablecoins, could be coming soon. She was quoted as saying: One place we might see some movement is around stablecoins … That’s an area that has obviously this week gotten a lot of attention. Lawmakers to Work With Treasury Department on Stablecoin Regulation U.S. lawmakers have emphasized the urgent need for stablecoin regulation. In her testimony before the Senate Committee on Banking, Housing, and Urban Affairs this week, Treasury Secretary Janet Yellen stressed that it is important and urgent for Congress to pass legislation governing payment stablecoins. Yellen also testified before the House Financial Services Committee this week, stating that for stablecoins: I wouldn’t characterize it at this scale as a real threat to financial stability, but they’re growing very rapidly and they present the same kind of risks that we have known for centuries in connection with bank runs. Both the Financial Stability Oversight Council (FSOC) and the Federal Reserve Board have warned about the risks of stablecoin runs that threaten the country’s financial stability. Do you think stablecoins should be regulated urgently? Let us know in the comments section below. View the full article

Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme. Officials Share Data on Global Crypto Crime The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity, Bloomberg reported Friday. The J5 was formed in response to the call to action from the Organisation for Economic Co-operation and Development (OECD) for countries to do more to tackle the enablers of tax crime. It’s comprised of the Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC), and the Internal Revenue Service Criminal Investigation (IRS-CI). During the meeting, the officials identified more than 50 crypto-related criminal leads, the publication conveyed. Jim Lee, chief of criminal investigations at the Internal Revenue Service (IRS), told reporters Friday: Some of these leads … involve individuals with significant NFT transactions revolving around potential tax or other financial crimes throughout our jurisdictions. He added that one lead “appears to be a $1 billion Ponzi scheme,” noting that this lead “touches every single J5 country.” Moreover, the officials have identified leads involving decentralized exchanges and financial technology companies, Lee said, adding that there could be announcements on “significant targets” as soon as this month. Niels Obbink, chief and general director of the Dutch Fiscal Information and Investigation Service (FIOD), told reporters: NFTs are one of the new modern digital ways of trade-based money laundering. Obbink noted that crypto has “less control and less supervision and a limited regulation that makes it vulnerable for fraud.” He stressed, “it must have our attention.” What do you think about countries sharing data on crypto crime? Let us know in the comments section below. View the full article

Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran. Iran Continues Crackdown on Unlicensed Cryptocurrency Mining Iranian officials have unplugged and disbanded a total of 6,914 crypto farms operating without a mining license. This since authorities started clamping down on the illegal extraction of cryptocurrencies in 2020, the English-language Iranian daily Financial Tribune unveiled this week. The newspaper quotes a report by Iribnews.ir, which details that these facilities have burned some 645 megawatts of electrical power while minting digital currencies without permission. It has been estimated this equals the annual consumption of three major regions — North Khorasan, South Khorasan, and Chaharmahal-Bakhtiari. Cryptocurrency mining has been a legal industrial activity in Iran for almost three years now, after the government approved regulations for the sector in July 2019. A licensing regime was introduced and companies that want to get involved in the business need to obtain authorization from the Ministry of Industries. However, as registered crypto miners are required to buy the electrical energy they need at higher, export rates, many Iranian miners have opted to remain under the radar. They usually connect illegally to the grid and use subsidized electricity to power their mining hardware. Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) has been going after underground crypto farms, closing them down and confiscating hundreds of thousands of mining machines. If identified, their operators can be fined for damages inflicted on the distribution network and a report revealed last month that the government is preparing to increase the penalties. The country’s electricity shortages last summer were partially blamed on increased electricity usage for coin minting and even licensed miners were asked to shut down their equipment. They were allowed to resume operations in September but then again ordered to suspend activities in the face of a growing power deficit in the cold winter months. Do you expect Iran to continue to crack down on unlicensed crypto mining? Tell us in the comments section below. View the full article

As markets slid in value during the past week, non-fungible token (NFT) floor values have dropped considerably. Blue-chip NFT collections like Bored Ape Yacht Club (BAYC), Cryptopunks, and more have seen their floor values drop between 2-25% in the last 24 hours. NFT Floor Values Take a Significant Beating NFT sales have dropped 64.84% lower than the week prior during the last seven days. Nearly every popular NFT collection is down considerably when it comes to week-over-week sales. Otherdeed sales are down 90.31%, BAYC sales have slid 63.73%, Mutant Ape Yacht Club (MAYC) sales are down 65.73%, and Cryptopunks sales are under by 3.39% this past week. NFT floor values have slid a great deal in value during the past 24 hours as the crypto market carnage has not been kind to digital collectibles. BAYC’s floor value today is 2.9% lower at 97 ether or $191K. The current Cryptopunks’ NFT floor has lost 7% and the floor value of the least expensive Cryptopunk NFT is 48.85 ether or $96K. Moonbirds NFTs are down 10.9% during the last day and the floor value is 21.5 ether or $42K. $1.7 billion in NFT sales volume was recorded seven days ago, and this week’s volume is down to $631.5 million. The NFT collection Azuki took the top sales this week with $102 million in sales volume which is an increase of around 208.55% since last week’s Azuki sales. 24-hour stats show Azuki’s floor value this weekend is 14.16 ether or $27.8K, which is 0.3% lower than the day prior. Doodle’s NFT floor value has increased 2.5% during the past day and currently, the Doodle NFT floor value is 13.95 ether or $27.4K. 16 different blockchains saw sales decline since last week except for Tezos-based NFT sales, up 15.07% this week. Metrics from cryptoslam.io show the most expensive NFT sold this week was BAYC 7,520, which sold 21 hours ago for 115 ether or $238K. What do you think about high-profile NFT floor values dropping? Let us know what you think about this subject in the comments section below. View the full article

A recent survey study has found that two out of five Americans in committed relationships have admitted to hiding a cryptocurrency purchase from their partner. The crypto-cheating partners believe disclosing the purchase would damage their relationship. Reasons for Not Disclosing Purchases A Circuit survey study that sought to determine the extent of financial infidelity among Americans has found that two out of five respondents hid cryptocurrency purchases from their partners. According to the survey findings, respondents that confessed to concealing crypto purchases from partners believe revealing such acquisitions would damage their relationship. As noted in a blog post that summarizes the survey findings, American partners in committed relationships often fail to disclose certain acquisitions because they feel such purchases are either insignificant or none of their partner’s business. The post notes that “parents were more likely than those without children to hide purchases from their partners.” Embarrassment or the fear of being judged are some of the other reasons why Americans choose to hide certain purchases. Besides hiding cryptocurrency purchases, the survey found that American partners also fail to disclose about nine other secret acquisitions. These acquisitions range from adult toys and pornography to food and grocery delivery. The Consequences of Lying Although respondents have their reasons for choosing to make the purchases secret, the blog post warns that lying about money matters “can lead to distrust, debt, fights and relationship trouble.” Therefore, to minimize the risk of getting caught, Americans are said to employ different tactics to stop keep their secret purchases from being discovered. One such tactic that was apparently used by 38.9% of respondents to prevent a partner from discovering a secret purchase is the opening of a secret credit card. In other instances, the respondents said they would request the delivery service to hide the purchase. According to the study findings, about 41.1% of men had asked the delivery service to hide a purchase, compared to 34% of women that did the same. On the other hand, the survey found that 1 in 3 women have intercepted a driver right before a delivery is made. Only 1 in 4 men admitted to doing the same. According to the survey findings, the most effective method used by Americans to hide purchases is the clearing of browsing history. About 45.7% of the respondents admitted to using this method. Special delivery requests are the next most effective method used by cheating partners. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

A survey carried out by the central bank of Israel has returned mostly positive responses from stakeholders regarding the possible issuance of a digital shekel currency. Many of the participants in the public consultations support the continued development of the project, the regulator said. Bank of Israel Releases Results From Consultations on Digital Shekel Project Israel’s monetary authority has recently published a paper detailing the outcome of public consultations held to gather opinions from interested parties on its central bank digital currency (CBDC) project. The regulator announced it had received 33 responses, half of which from abroad and the rest from the country’s fintech community. Most respondents have been supportive of the plan to issue a digital shekel, pointing to certain advantages such as the opportunity to encourage competition in the payments market. Then, the digital currency’s new infrastructure could spur innovation in Israel’s payments system, which critics say is now quite concentrated and features high entry barriers. Many of the participants believe that advancing financial inclusion, something the Digital Shekel Steering Committee considers an additional benefit, should be a main motivation for the issuance of the CBDC. Some have also suggested that developing the fintech industry and reducing costs in the cash system should also be among the priorities. The question of privacy has split the respondents, between those that insist the digital shekel should have cash-like features providing full anonymity and others who support some level of transaction confidentiality while maintaining anti-money laundering rules so that efforts to combat the unreported “black” economy are not hampered. A number of the participants have also suggested additional use cases for the digital shekel such as the transfer of government payments, including through designated tokens that would enable payments for specific purposes. Food supply and healthcare provision are two areas where institutions and non-government organizations could employ the CBDC for dedicated transfers. Bank of Israel announced it’s considering launching its own digital currency towards the end of 2017. The project was suspended the following year but then work resumed in the spring of 2021, when the regulator drafted a model of the CBDC, with most responses now favoring the employment of distributed ledger technology. Bank of Israel is yet to make a final decision on the digital shekel but in March it said it did not see the currency as a threat to the nation’s banking system. Do you expect Israel to eventually issue a digital version of the national fiat currency? Tell us in the comments section below. View the full article

The Argentinian Senate has approved a bill that would allow the government to tax non-declared assets held in foreign countries by citizens of the country. This includes stocks, properties, bonds, and even cryptocurrencies. The purpose of the legistlation would be to collect more funds to pay the $45 billion debt that Argentina has with the International Monetary Fund (IMF). Asset Tax Bill Approved by the Argentinian Senate The Argentinian Senate has approved a new bill that would allow the government to tax assets held by citizens in foreign countries. The approved text determines that the government will tax all kinds of assets that have not been declared to the tax authorities before, including real estate, stocks, cryptocurrency, and any assets with economic value. The policy establishes these funds collected will be directly managed by the Economy Ministry. Depending on the time period and the goods owned, if approved, Argentinian citizens will have to pay up to 50% on these assets. The fund, which will be denominated in dollars, will be active until Argentina pays its debt to the International Monetary Fund (IMF), of about $45 billion. The bill will have to be approved now by the Chamber of Deputies, where it has less of a chance of being passed, according to local media. Argentinians React The reaction in the country has been mostly negative, with many people criticizing many of the aspects proposed by the legislation. The project mentions cryptocurrency assets as part of its scope, and this is worrying people in the sector. Kim Grauer, Research’s director, thinks there is a good reason for this. According to her: The country has an overall cryptocurrency market valued at nearly $70 billion, well above Venezuela’s $28.3 billion, only second to Brazil in the region. This might provide the government with the needed liquidity to fund payments to the IMF loan. Other criticisms of the project have to do with the establishment of foreign banks as retention agents for this money, and how the government will use international treaties to acquire information about crypto holders. Sebastián M. Domínguez, Of SDC Tax Consultants, stated: There is an extensive list of countries reporting accounts of Argentinians abroad, known as ‘cooperators’. These are more than 120 nations, including crypto-friendly countries such as Malta, Seychelles, Virgin Islands, Liechtenstein, Gibraltar, and El Salvador. In this sense, the Argentinian Tax Agency announced last month its support for a global report system that will aid tax watchdogs to avoid cryptocurrency-related evasion at a worldwide level. What do you think about this new law project passed by the Argentinian Senate? Tell us in the comments section below. View the full article

Chainalysis, a cryptocurrency security and blockchain auditing firm, has announced it has completed a new funding round for its operations. The company raised $170 million in its Series F funding round, which was led by GIC — the Government of Singapore Investment Corporation — and also had the participation of earlier investors. With this capital influx, the company reached a valuation of $8.6 billion. Chainalysis Gets Investment From GIC Chainalysis, a cryptocurrency and blockchain auditing firm, has announced it raised $170 million in its latest funding round, with investments led by GIC, the Government of Singapore Investment Corporation. The Series F funding round also had the participation of earlier and new investors, including Accel, Blackstone, Dragoneer, Fundersclub, the Bank of New York Mellon, and Emergence Capital. With this new investment, the company reaches a valuation of $8.7 billion, in a context where crypto regulation is starting to be adopted by more countries and government bodies around the world. This funding round dwarves the latest raise of the company, which raised $100 million last June, giving it a valuation of $4 billion at that time. The investment comes to complement other blockchain-based investments from GIC, which was also involved in the earlier Series E round and has put funds behind Anchorage and the BC Group. On the subject, Chainalysis co-founder and CEO Michael Gronager stated: Our partners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our team of leaders, and the market opportunity before us. Furthermore, Gronager also stated the company would be expanding its business to the APAC zone. Expansion and Growth Chainalysis has also provided an overview of the objectives it wants to fulfill with the funds raised. The company stated that this investment will contribute to “product innovation and scale its global operations to meet customer demand as the asset class gains mainstream acceptance.” Chainalysis’ growth has been significant, according to the numbers given by the company. Its customer count has increased by 75% year-on-year. Furthermore, the company has included new business by adding NFT-related operations in partnering with Dapper Labs. It has also been involved in solving landmark crypto-related crimes, including the Colonial Pipeline attack, where it helped to seize $2.3 million, and the establishment of sanctions on several Russian-based services involved in money laundering processes. What do you think about the latest Series F funding round and the $8.6 billion dollar valuation reached by Chainalysis? View the full article

Veteran investor Mark Mobius, the founder of Mobius Capital, has cautioned cryptocurrency traders against using the “buy the dip strategy.” He expects the price of bitcoin to plunge further with some temporary relief happening at $20K. Mark Mobius’ Warning and His Bitcoin Price Prediction The founder of Mobius Capital Partners, Mark Mobius, warned crypto traders about buying the dip in an interview with Financial News Friday. He also shared his price prediction and future outlook for bitcoin. Prior to starting his own company, Mobius was executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios. While acknowledging that some crypto traders have previously been successful using the “buy the dip strategy,” he stressed that it is not a strategy that would pay off while the market still has some way to fall. Commenting on buying the bitcoin dip specifically, the 85-year-old founder of Mobius Capital told the publication: It will not work this time until bitcoin hits $20,000, from where there might be a bounce but then the next target will be $10,000. Some people have expressed similar warnings on social media, especially after the collapse of terrausd (UST) and terra (LUNA). UST lost its peg against the U.S. dollar and is currently trading at $0.11 while LUNA is near worthless. “Terra Luna provides a perfect example of why you shouldn’t always ‘buy the dip,'” Gold bug Peter Schiff tweeted Thursday. “Yesterday Luna was down 98%. If you bought that dip thinking the crash created a great buying opportunity you lost 99.3% today. This can happen to any crypto.” However, many bitcoin investors are not buying the dip to time the market for a quick profit; they plan to hold their BTC long-term. Those who believe that the price of the cryptocurrency will reach $100,000 this year, for example, are happy to get in at any price below that target. Mobius has long been a bitcoin skeptic. In October, he told the news outlet that cryptocurrency “could really blow up,” emphasizing that it was a risk that central banks “should be paying attention to.” He advised people in November not to look at cryptocurrency as a means to invest. “It’s a means to speculate and have fun. But then you’ve got to go back to stocks at the end of the day,” he said. What do you think about Mark Mobius’ warning? Let us know in the comments section below. View the full article

Tesla and Spacex CEO Elon Musk says that dogecoin has potential as a currency. However, his Twitter buyout deal has been put on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.” Elon Musk Says Dogecoin Has Potential as a Currency Tesla CEO Elon Musk has made another bullish statement about the meme cryptocurrency dogecoin (DOGE) despite massive sell-offs across the crypto market. Musk affirmed that dogecoin “has potential as a currency.” His tweet was in response to a comment by dogecoin co-creator Billy Markus, who said that the reason he likes the meme cryptocurrency is because “it knows it is stupid.” The Tesla CEO’s tweet reiterated his earlier statement that DOGE is the best crypto for transactions. In contrast, he said bitcoin is better suited as a store of value. Musk, who is known in the crypto community as the Dogefather, also said that dogecoin is “the people’s crypto.” A longtime supporter of DOGE, Musk tweeted in April 2019: “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” The Tesla boss also revealed that he personally owns dogecoin in addition to bitcoin and ether. Musk’s Twitter Deal Is on Hold The Tesla boss has offered to buy Twitter for about $44 billion, which the social media company accepted. Since then, he has been discussing various ways to improve the platform. However, Musk announced Friday that his Twitter buyout deal has now been put on hold, tweeting: Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users Nonetheless, he added that he is “Still committed to [the] acquisition.” One of the biggest problems he’s trying to solve concerns cryptocurrency spam bots. Musk called it the “single most annoying problem on Twitter.” Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has suggested using dogecoin as a solution to solve the Twitter spambot problem. Musk responded by saying it is “not a bad idea.” He also indicated that dogecoin might be accepted for the Twitter Blue service. What do you think about Elon Musk’s dogecoin comment and his Twitter deal being put on hold? Let us know in the comments section below. View the full article

The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank issued a report titled “Issuance of a Central Bank Digital Currency in Chile,” where it explores the possibility of the creation of a central bank digital currency (CBDC) in the future, the mechanism it might use, and how it will consult all sectors of the economy on this issue. Central Bank of Chile Considers CBDC Issuance More banks in Latam are considering the issuance of their own central bank digital currencies (CBDCs) to take advantage of the different opportunities they might present. The Central Bank of Chile has just issued a new report studying the opportunities and drawbacks that the issuance of a digital peso might bring. The report, titled “Issuance of a Central Bank Digital Currency in Chile,” also studies the different forms that such a currency might take. The document, authored by the payments group of the bank, was “framed in a context of increasing digitization of payments, which has been driven by rapid technological progress and the incorporation of new instruments and players in the payment market.” In this sense, the report concluded that: The issuance of a CBDC would enable the benefits associated with digital transformation to be enhanced, while mitigating some of its risks. In particular, a CBDC could contribute to the development of a more competitive, innovative, integrated, inclusive and resilient payment system. The report also calls for further analysis of the cost-benefit balance of issuing such a currency. More Studies Needed While many central banks in the world are studying and investigating the issuance of digital currencies, not many have moved to the execution phase. The document calls for more analysis and studies in this regard, as there are virtually no standards or best practice guidelines about how to proceed with the construction of such a project. Digitization of the currency could also cause unforeseen negative impacts on the national economy, so any implementation in the future would have to be “carefully analyzed.” However, the central bank considers that this is the time to face this task and start working on its technical capabilities, and advance in the development of projects directed to test different implementations of the currency. The bank also stated it will keep consulting and maintaining an open dialogue with all the institutions in the economic area. Brazil and Mexico are other countries in Latam also working to establish their own CBDC. What do you think about the report issued by the Central Bank of Chile? Tell us in the comments section below. View the full article