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The Central Bank of Russia has started to examine the operations of Russian banks with cryptocurrency exchangers, according to local media. Transactions between individuals through these platforms are of particular interest as the regulator believes these carry risks of financial losses and fraud. Central Bank Asks Russian Banks for Details on Crypto-Related Transactions In late December, the Central Bank of Russia (CBR) sent commercial banks a new reporting form for transactions, seeking information about money transfers related to crypto exchange websites. These are mostly payments between private individuals, including transactions with cards and wallets registered in the name of dummy persons. The regulator is asking the banking institutions to provide details about their interactions with crypto exchangers such as btc-obmennik.com, cleanbtc.ru, 100bitcoins.com, ultrachange.biz, 1wn.kz, cryptex24.com, openchange.cash, xchange.cash, vexel.com, and betatransfer.org, a new report by the Kommersant reveals. The leading business daily quotes sources from the crypto industry claiming that over 400 crypto exchangers now offer services to Russian residents on the internet. Their estimates suggest that the monthly volume of the over-the-counter crypto market in Russia and neighboring countries is around $1.3 billion. The Russian Federation accounts for about half of the total. The crypto exchangers often list on their websites the names and logos of established financial institutions and payment providers such as Sberbank, VTB, Tinkoff Bank, Western Union, Webmoney, and Koronapay as their partners. Two of them, Webmoney and Koronapay, have already denied any cooperation with the coin trading platforms. Crypto Exchangers Operate Without Registration, CBR Says Bank of Russia points out that the exchangers provide services for the purchase and sale of cryptocurrencies without registering their activities or bearing any financial obligations to their customers. At the same time, the transactions are being conducted anonymously, without studying their purpose and the sources of the funds to assess risks such as money laundering, for example. The monetary authority, known for its hardline stance on cryptocurrencies, also noted that the trading sites often accept payments not to their actual accounts but to bank cards and digital wallets issued to private individuals. This “creates the risk of citizens losing money and getting involved in fraudulent schemes,” the regulator warned. In a recent interview with the government-issued newspaper Rossiyskaya Gazeta, the head of the Investigative Committee of the Russian Federation Alexander Bastrykin remarked that the status of online platforms providing options to buy and sell crypto anonymously is yet to be determined. He also called for introducing mandatory identification for all cryptocurrency users in Russia. Authorities have been going after crypto exchangers for the past few years. Part of the problem is that a range of crypto-related activities, including trading, remain unregulated even after the adoption of the law “On Digital Financial Assets.” A working group at the parliament is now preparing proposals to fill the gap. Discussions on the future of crypto exchangers should end in 2022, Deputy Director of the Rosfinmonitoring watchdog Herman Neglyad was quoted as saying last month. Do you expect Russia to regulate or crack down on online crypto exchangers? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. According to Hoo users who participated in AMM (Automated Market Maker) test, each liquidity pool of Hoo has listed quantitative data, such as total liquidity, 24H transaction fee, 1 day and 7 days annualized return for users’ reference. Compared to on-chain DEX providing liquidity such as Uniswap, users can operate at the Hoo website without consuming Gas fees, and the operation is faster and without worrying about security issues such as smart contract vulnerabilities and hacker attacks. At present, Hoo has opened pools of BTC/USDT, ETH/USDT, SOL/USDT, DOGE/USDT, HOO/USDT and other trading pairs. And the exchange will add more trading pairs according to market demand, and add additional coin rewards, Hoo VIP rights and so on. Hoo AMM Pool Offers Users Commission of Fees Recently, Hoo Exchange has added the AMM pool feature after updating. It is known that the AMM pool is currently in the gray test phase, and some regular users can experience the scenario and gain benefits from it as a priority. For DeFi players, AMM (Automated Market Maker Mechanism) has long since ceased to be an out-of-the-way concept, and this mechanism is more commonly used by DEXs such as Uniswap and SushiSwap. It is characterized by supporting all market users to provide liquidity for asset trading pairs, which eventually constitute a liquidity-rich liquidity pool where the asset price varies according to the ratio of two assets in the liquidity pool, and accordingly, the liquidity provider can split the transaction fees generated by the pair. The AMM pool launched by Hoo is equivalent to the CEX evolution version of the Uniswap AMM mechanism. Back in 2020, Hoo had explored CeFi amid the popularity of DeFi and launched exchange and mining boards such as HooSwap and HooPool. According to the introduction, Hoo AMM pool is considered an iteration on top of HooSwap, except that the liquidity in the pool will be provided to multiple mainstream trading pairs in Hoo’s coin trading area. Some users who participated in the gray test said that Hoo APP can find the entrance of liquidity. There is a “liquidity pool” button in the top right corner of the Hoo Cryptocurrency trading page, after clicking into it you can inject the corresponding two assets for BTC/USDT and other trading pairs, and then the pool will automatically make a market and issue daily rewards according to the ratio of liquidity funds provided by the user to the total pool. Page of Hoo Liquidity Pool Take BTC/USDT trading pair as an example, users can deposit both BTC and USDT assets proportionally according to the current market price of BTC, at which time the liquidity will be automatically added by the system to the BTC/USDT trading pair in the Hoo spot trading area, and whenever investors makes a purchase or sale transaction in the pair, the users involved in providing the liquidity can divide the fee share proportionally. According to the rules, users can receive their rewards for liquidity issued on a daily basis. Since rapid liquidity in and out may cause the coin price to deviate from the market price for a short period of time, in order to avoid the risk of price fluctuations and to better manage the reward calculation and distribution, etc. Hoo has set some conditions in the redemption process of AMM liquidity pools. Currently, users need to provide liquidity before they can redeem funds after one hour, and only full redemptions are supported, with only one redemption operation allowed within 24 hours for a single pool. In accordance with test participants, on the liquidity pool page, each pool provides some visual quantitative data for users’ reference. This includes total liquidity, 24H transaction fees, annualized yield for the day, annualized yield for 7 days, etc. In this page, users can check the liquidity and percentage status of their offers at any time. The redemption operation is also relatively easy. Simply click the Redeem button to withdraw liquidity and dividend rewards, and the assets will be automatically transferred to the wallet account in about 3 minutes. How to Reduce AMM Costs While Ensuring Security? Some participants said that more guaranteed security has a great significance of Hoo liquidity pool. In the past few years, although the on-chain ecology is booming, the on-chain security issues have never ceased. Users have a high possibility to face great loss if they are not careful, for example, technical vulnerabilities in smart contracts, backdoors left by project parties, and hacker attacks to steal coins occurring from time to time. But now users give a positive comment that all of the user’s operations are within the Hoo site that is a centralized trading exchange, which is equivalent to being done in a controlled space. Users can enjoy high security. One head of Hoo said that the probability of a security incident occurring in the Hoo liquidity pool is almost 0. This is because the Hoo AMM liquidity pool is added to the spot module, which is theoretically safer than the DEX on the chain as long as the spot trading order book goes well. Users need to be aware that whether they are providing liquidity at a DEX such as Uniswap or making a market for a trading pair at Hoo, they will face a common problem of the AMM mechanism, namely incurring impermanent losses. In the case of BTC/USDT pairs, for example, when the price of BTC falls, the liquidity provider will have a corresponding increase in BTC and a corresponding decrease in USDT, resulting in wear and tear on the funds. However, operating on a centralized exchange is more convenient and immediate, so users can take out their assets at the beginning of severe market fluctuations in time to avoid large erratic losses. Some people in the loop believe that the launch of the AMM pool is a further exploration of CeFi and a benefit to users that is also relevant to the spiritual core of Web3. In this feature, users’ idle assets can be put into the pool to earn income, and exchanges get more abundant liquidity, forming a win-win situation.” It is expected that the Hoo AMM pool will be fully opened. And more users can experience the role of “Hoo shareholder”. Someone in the loop expects that this model of opening up the exchange construction portal for users and rewarding them may become a fad with the development of Web3, appearing more and more in centralized exchanges. Stay connected: Telegram | Twitter | Website | Medium 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

On Thursday evening around 10 p.m. (EST), the price of bitcoin fell beneath the $40K zone for the first time since September 21, 2021. During Friday’s early morning trading sessions, bitcoin plunged to a low of $38,250 per coin. Furthermore, the market capitalization of the entire crypto-economy has slipped under the $2 trillion mark, down 7.5% to $1.94 trillion. Bitcoin Sheds 8% Over the Last 24 Hours, Down 40% From November’s All-Time High The price of bitcoin (BTC) dropped below the $40K zone for the first time in 122 days. BTC lost roughly 8% during the last 24 hours and during the last month, bitcoin has shed 21% against the U.S. dollar. Bitcoin’s 24-hour price range has been between $43,508 and $38,250 per unit. At the time of writing, BTC has a market valuation of around $735.8 billion. Bitcoin’s market valuation is around 38% of the $1.94 trillion crypto-economy today, while ethereum’s (ETH) market cap is 17.7%. The top trading pair with BTC on Friday is tether (USDT) with 51.86% of all trades. Tether is followed by the U.S. dollar with 21.75% and the stablecoin BUSD with 7.71%. BUSD is followed by EUR (4.86%), JPY (4.25%), KRW (3.05%), and USDC (1.69%). The second-largest crypto asset, ethereum (ETH), is down 9.1% over the last 24 hours and 29.1% during the last month. ETH’s 24-hour price range has been between $3,271 and $2,809 per unit. While ETH’s dominance is 17.7% it represents $340.9 billion out of the $1.94 trillion crypto economy. The most dominant trading pairs with ETH on Friday include USDT (48.83%), USD (22.75%), BUSD (9.34%), BTC (6.07%), EUR (4.38%), and KRW (3.32%). Out of all 12,000+ crypto-assets in existence, only five coins are up in terms of weekly gains. Theta fuel, ftx token, bittorrent old, osmosis, and ecomi still hold single-digit seven-day price increases compared to the rest of the crypto economy. This week’s biggest losers include loop ring, pocket network, kadena, harmony, and near. All five of these coins lost 25% to 33% of their value during the last week. Delta Exchange CEO Says ‘Overall Outlook Remains Bearish,’ Globalblock Analyst Suggests Bitcoin May Be Undervalued On Friday morning, Pankaj Balani, CEO of Delta Exchange, shared his analysis of bitcoin’s current market price with Bitcoin.com News. Balani says that the current outlook continues to remain in the bear’s favor. “BTC slipped below the psychological support of 40K amid continued sell-off in risky assets. With this fall Bitcoin has corrected ~40% since hitting ATH in November last year,” Balani said. “We expect BTC to find a bid around the 35K mark, close to 50% from the top. In the short term, we can bounce to challenge the 45K-50K zone but the overall outlook remains bearish as liquidity remains tight.” Marcus Sotiriou, analyst at the U.K.-based digital asset broker Globalblock, suggests that BTC may currently be undervalued. “It is important to note that the crypto fear and greed index remains in extreme levels of fear – this usually represents a buying opportunity,” Sotiriou explained. “Also, on-chain metrics continue to be bullish, as net Unrealized Profit/Loss (NUPL), which shows the magnitude of Bitcoin holder unrealized profit and loss, as a proportion of the Market Cap, is currently trading at 0.43, the lowest level of network profitability since July 2021.” The Globalblock analyst added: This emphasizes the fear surrounding the market now, as many are capitulating at a loss. These metrics suggest that Bitcoin is undervalued at current price levels due to what has happened in previous episodes of extreme fear. What do you think about today’s bitcoin price action and the rest of the crypto market moves? Let us know what you think about this subject in the comments section below. View the full article

The central bank of Laos has issued licenses to two cryptocurrency trading platforms. Lao Digital Assets Exchange (LDX) and Bitqik are now the only two licensed entities that can offer full brokerage and trading services in cryptocurrencies and other digital assets in the country. 2 Cryptocurrency Exchanges Authorized in Laos Laos’ central bank, the Bank of the Lao P.D.R. (BOL), has reportedly issued licenses to two companies to trade in cryptocurrencies, local media reported Wednesday. The first authorized platform is Lao Digital Assets Exchange (LDX), a joint venture between the AIF Group and the Phongsupthavy Group. The second is Bitqik, a subsidiary of the Simuong Group. The two companies are the only licensed and regulated entities in Laos that can offer full brokerage and trading services in cryptocurrencies and other digital assets. Both platforms are expected to provide full services in April. They will operate in full compliance with the central bank’s regulations. BOL Governor Sonexay Sitphaxay said the central bank had put a lot of time and resources into establishing a regulatory framework for cryptocurrency, consulting with the business community, stakeholders, and government agencies. The central bank will now monitor the two licensed platforms’ activities to ensure investor protection and improve existing regulations. In August last year, the Lao central bank issued a notice warning the public about the use of cryptocurrencies, including bitcoin and ether. The central bank explained that cryptocurrencies are not a real currency and are unregulated in Laos. The BOL also urged investors to consider the risks associated with cryptocurrencies before investing in them. Nonetheless, Laos authorized the mining and trading of cryptocurrencies in September last year. The office of the prime minister said at the time that six companies had been authorized to mine and trade cryptocurrency while regulators worked to establish a full regulatory framework for crypto. What do you think about Laos’ central bank licensing cryptocurrency exchanges? Let us know in the comments section below. View the full article

Autograph, the NFT agency co-founded by famous NFL player Tom Brady, has raised $170 million in its series B funding round. The company revealed that the funding round was led by Andreessen Horowitz and Kleiner Perkins, with the participation of other notable companies in the field. The funds raised will contribute to the expansion of the company with new, undisclosed partnerships reportedly on the way. Autograph Raises $170 Million Autograph, the NFT firm that NFL star Tom Brady co-launched last year, has raised $170 million in its latest funding round. The Series B was led by two companies: a16z and Kleiner Perkins, with the participation of Katie Haun’s new fund and Lightspeed partner Nicole Quinn. This marks a milestone for the startup, which raised $35 million in its Series A funding round, reaching a valuation of $700 million at that time. The company did not disclose its new valuation this time. Tom Brady, co-founder of the platform, was very optimistic about the future of web3 and Autograph. He stated: Big news on the Autograph front. We are pumped to add some really knowledgeable people in the Web3 space to our team. The company, whose operation consists in being a link between entertainers, athletes, and fans to offer NFT memorabilia, has already managed to attract a number of participants to the NFT arena, including names like Tom Brady, Tiger Woods, Naomi Osaka, The Weeknd, Simone Biles, Tony Hawk, and Derek Jeter. On the performance of the company, Arianna Simpson, general partner at A16z, stated: Autograph has truly shown itself to be a rocketship in the past six months. Their NFT platform is delivering digital experiences that excite mainstream consumers, not just the crypto community. Expansion in Sight In the press release announcing the results of the funding round, the company stated it had the intention of expanding its community at scale, and noted that to achieve this objective it had also finalized other partnerships that would be disclosed soon. Last year, the company announced a deal with Draftkings, to launch a joint NFT marketplace with the objective of allowing users to take possession of and trade their NFTs acquired via Autograph’s drops. The market uses Polygon — an Ethereum expansion sidechain — to complete its operations. This is meant to help users avoid high fees that NFT owners often have to pay on Ethereum. What do you think about Autograph’s latest funding round? Tell us in the comments section below. View the full article

The creators of the Flow blockchain network and NBA Top Shot, Dapper Labs, announced the launch of a new non-fungible token (NFT) compilation called “UFC Strike.” According to Dapper Labs, the new NFTs will launch on Sunday, January 23, and feature “amazing displays of striking and grappling from UFC fighters.” MMA Entertainment Giant Partners With Dapper Labs to Introduce ‘UFC Strike’ NFT Collection Since 1993, the American mixed martial arts (MMA) promotion company Ultimate Fighting Championship (UFC) has grown to be one of the world’s most popular sports firms. According to the UFC, it has more than 625 million fans worldwide and broadcasts events on television to 900 million households across roughly 175 countries. In recent times, the MMA entertainment firm has been interested in crypto and blockchain solutions, as it partnered with Crypto.com during the first week of July 2021. Following the partnership announcement, UFC revealed the MMA company’s first NFT collection that showcased the UFC 268: Usman vs. Covington 2 event. Two days ago, the UFC Heavyweight Champion Francis Ngannou told his fans he partnered with Cash App. Ngannou further explained that he was going to take half of his UFC 270 purse paid in bitcoin (BTC). Moreover, on Thursday, January 20, the company Dapper Labs announced it is working with the MMA promotion company as well. UFC Executive: Dapper Labs Is an ‘Innovator in This Field’ Dapper Labs is the creator of the Flow blockchain network and NBA Top Shot NFTs. Since NBA Top Shot’s inception, it has seen $776.49 million in all-time sales among 492,039 traders. The company says that the UFC Strike drop will begin on January 23 and “MMA fans have the opportunity to own the most epic, talked-about fight moments in the history of UFC.” After finding success with NBA Top Shot, Dapper Labs launched a digital collectibles platform with the NFL. And now they are expanding into the UFC, with "UFC Strike" set to release its first set of NFT's this weekend. Every sports league will eventually do this. — Joe Pompliano (@JoePompliano) January 20, 2022 The announcement details that the UFC Strike NFT compilation packs will feature iconic moments and videos from epic UFC fights. “Launching first as an open drop of 200,000 total packs, UFC Strike will start with a first-round of 100,000 “Fully Loaded” packs, consisting of three NFT Moments capturing incredible finishes and amazing displays of striking and grappling from UFC fighters like Francis Ngannou, Amanda Nunes, Kamaru Usman, Rose Namajunas, Derrick Lewis, Justin ​​Gaethje and more,” the Dapper Labs announcement explains. According to Tracey Bleczinski, the UFC’s senior vice president of global consumer products, said that the UFC believes Dapper Labs is an “innovator in this field.” “Their vision for the potential of these products is the reason UFC chose Dapper Labs as an NFT partner,” Bleczinski remarked. “We’re thrilled to finally be able to offer these amazing digital collectibles to enrich the UFC experience for our fans.” Dapper Labs says that the NFT drop will be available via the website ufcstrike.com and people will be able to join a queue. NFT packs, while supplies last, will be $50 per pack according to the announcement. “As UFC Strike continues to evolve in the coming months, the experience will include additional drops closely aligned with UFC event calendar,” the announcement concludes. “It will also include additional features like a peer-to-peer marketplace for fans to connect, buy, and sell their moments.” What do you think about the Dapper Labs and UFC partnership and the upcoming NFT collection called UFC Strike? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. INTERNET CITY, DUBAI, Jan. 21, 2022 – LBank Exchange, a global digital asset trading platform, will list STEP on January 21, 2022. For all users of LBank Exchange, the STEP/USDT trading pair will be officially available for trading at 21:00 (UTC+8) on January 21, 2022. While being used to revolutionize the financial world, crypto can also be used to revolutionize the way for people to keep fit and healthy. As a revolutionary mobile App, Step makes it possible to get rewarded with cryptocurrency when working out and staying fit. Its native token STEP will be listed on LBank Exchange at 21:00 (UTC+8) on January 21, 2022, to further expand its global reach and help it achieve its vision. Introducing Step Step is a revolutionary mobile App that lets its users earn crypto for their fitness efforts. With Step, it’s easy to get fit and earn crypto at the same time, like a gym membership that pays back for every step taken. The mobile App tracks users’ steps and pay out in cryptocurrency based on how far they go each day, helping them become the best version of themselves. To use the Step to earn crypto, one can just simply download Step Tracker App from the Play Store or from App Store, buy Step tokens and store them in wallet, then the Step Tracker App will automatically measure user’s daily walking or running activity and send crypto to their wallet. The Step App has an intuitive and clean design, tracks user’s progress and payments balance automatically, and can be synced with Apple Health and Google Fit. Currently, it supports all activities that involve steps and distance, with a plan of extending to many other types of activities in the future. About STEP Token To receive crypto rewards, Step users must hold at least 20,000 STEP tokens in their wallet, and take at least 4,000 steps daily. The rewards are not provided in STEP tokens but directly in BNB, they are calculated on the steps % quota among all eligible holders, a multiplier is then applied depending on how much tokens are held by each user. The total supply of STEP is 1 billion (i.e. 1,000,000,000), it taxes a total of 10% on every buy/sell transaction, 5% of it is provided for reward pool, 2% is provided for liquidity pool, and the rest 3% is allocated for marketing. The STEP token will be listed on LBank Exchange at 21:00 (UTC+8) on January 21, 2022, investors who are interested in Step investment can easily buy and sell STEP on LBank Exchange by then. The listing of STEP on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market. Learn More about STEP Token: Official Website: https://walkwithstep.io/ Telegram: https://t.me/walkwithstep Twitter: https://twitter.com/walkwithstep Instagram: https://www.instagram.com/stepbsc About LBank Exchange LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 6.4 million users from now more than 210 regions around the world. Start Trading Now: lbank.info Community & Social Media: l Telegram l Twitter l Facebook l Linkedin Contact Details: LBK Blockchain Co. Limited LBank Exchange media@lbank.info 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

True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining. A consultation paper published by the regulator cites threats to financial stability and citizens’ wellbeing among the main reasons for the proposed restrictions. Russia’s Central Bank Seeks Public Opinion on Restrictive Crypto Policy The monetary authority of Russia is advocating a ban on an array of crypto activities in a report titled “Cryptocurrencies: Trends, Risks, Measures.” The document was published Thursday and the regulator awaits comments and suggestions on its contents until March 1. In the paper, the Central Bank of Russia (CBR) acknowledges the rapid growth of the global crypto market in the past year as well as the annual $5 billion in crypto transactions made by Russians. At the same time, the bank points out that the growth in value is determined mainly by speculative demand which is forming a bubble, and that cryptocurrencies have the characteristics of a financial pyramid. Their spread, it says, poses threats to the stability of Russia’s financial system, monetary policy sovereignty, and the wellbeing of its citizens. To reduce these threats and risk of illegal activity, Bank of Russia intends to collaborate with the Russian government and parliament in the coming months on a number of proposed legal amendments. These include the introduction of legal liability for violations of the ban on the use of crypto as a means of payment for goods and services. The authority has often referred to cryptocurrencies like bitcoin and stablecoins as “monetary surrogates” that are prohibited under current Russian law. It now wants to ban their issuance and circulation in the Russian economy, including through digital asset exchanges and peer-to-peer platforms. The central bank has also opposed crypto investments and intends to prohibit financial organizations from investing in cryptocurrencies and crypto-based financial instruments. It insists that the Russian financial infrastructure and intermediaries should not be used to facilitate cryptocurrency operations. Mining cannot be ignored either, Bank of Russia says, as it increases the involvement of the population and the economy in the crypto market. The regulator believes the current scale and further spread of the activity bring significant risks for the environment and energy supply. Prohibition is the best solution, the CBR says. Amid China’s crackdown on the industry, energy-rich Russia has become a mining hotspot. The minting of digital currencies is not only a profitable business but also an additional income source for many households that have access to subsidized electricity. Authorities in some regions have complained about rising energy consumption that strains power grids. Bank of Russia plans to improve its monitoring of crypto operations. It intends to work closer with financial regulators in other jurisdictions as part of these efforts, especially in order to gather information about transactions conducted by Russian citizens. The bank’s proposal, however, does not envisage restrictions on owning cryptocurrency outside of Russia, as noted by the head of the central bank’s Financial Stability Department, Elizaveta Danilova. In advance of presenting its view on crypto regulations in this report, the Central Bank of Russia stated last month that it sees no place for cryptocurrencies in the country’s financial market. Media reports have indicated that other Russian government institutions do not share its conservative position. A working group set up by the State Duma, the lower house of Russian parliament, is now preparing proposals to comprehensively regulate the Russian crypto space. Do you expect the Russian government to support Bank of Russia’s proposal to restrict crypto activities? Tell us in the comments section below. View the full article

Indian government officials reportedly said that India’s cryptocurrency bill will require more time because crypto is a complex subject. The bill is therefore unlikely to be introduced in the upcoming session of parliament. The government reportedly wants to hold more discussions to build a consensus on a regulatory framework for crypto. Crypto Bill Unlikely to Be Introduced in the Budget Session of Parliament The Indian government may not introduce a cryptocurrency bill in the upcoming session of Parliament, the Economic Times reported Wednesday. The government wants to hold more discussions and build consensus on the regulatory framework for cryptocurrency, the publication conveyed, citing unnamed government officials with knowledge of the matter. A senior finance ministry official told the publication: The crypto bill may not be introduced in the budget session. It is a complex subject. This will require more time. A cryptocurrency bill was listed to be considered in the winter session of parliament but it was not taken up. The government is now reportedly reworking the bill. The official further explained to the news outlet that the government wants to wait for technical inputs from the central bank, the Reserve Bank of India (RBI), after the pilot launch of its central bank digital currency (CBDC), the digital rupee. The pilot launch is expected to take place in the coming months. India’s central bank has recommended a complete ban on cryptocurrency. In its recent meeting of the central board of directors, the RBI said that a partial ban will not work. The central bank has repeatedly warned about the risks cryptocurrency poses to the country’s financial system. Earlier this week, Indian Prime Minister Narendra Modi called for a global collaboration to tackle the challenges brought by cryptocurrency. Meanwhile, the Indian crypto industry is seeking tax clarity in the Union Budget. The country’s Directorate General of GST Intelligence (DGGI) recently raided major crypto exchanges and found “massive” GST tax evasion. When do you think India will finally regulate cryptocurrency? Let us know in the comments section below. View the full article

JPMorgan has told its clients that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market due to sky-high transaction fees on the network. “It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains,” said JPMorgan. Ethereum Losing Ground in NFT Market, Says JPMorgan Global investment bank JPMorgan sent a note to clients last week explaining that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market. JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, detailed that high gas fees and congestion have pushed NFT apps away from the Ethereum network. The analysts noted that Ethereum’s NFT volume share has fallen from 95% at the start of 2021 to around 80%. Comparing NFT apps to decentralized finance (defi) apps, Panigirtzoglou wrote: It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains. JPMorgan’s global markets team found that the Solana network in particular has been seizing market share from ethereum in recent weeks. The analysts warned that if the trend continues, it could impact ethereum’s price. At the time of writing, the price of ETH is $3,250.28 based on data from Bitcoin.com Markets. Panigirtzoglou elaborated: If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation. Newer blockchains — such as Solana, Wax, or Tezos — are attracting NFT developers with much lower transaction fees, the JPMorgan report notes. JPMorgan is not the only major investment bank that sees potential in solana. Bank of America said last week that solana could take market share from ethereum and become the Visa of the digital asset ecosystem. Do you agree with JPMorgan’s analysts regarding ethereum losing market share in the NFT market and solana gaining ground? Let us know in the comments section below. View the full article

The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer’s Dogecoin Warning Jim Cramer, the host of CNBC’s Mad Money, warned about investing in dogecoin (DOGE) Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. “Please be careful with dogecoin,” he tweeted, adding that the meme cryptocurrency “is a security” and “will be regulated.” In addition, he wrote: “We will find out how many there are and how many are being created each day to make money for the exchanges.” Cramer’s comment about the popular meme coin, which also aired on CNBC Thursday, has drawn a lot of attention on Twitter. Many people disagreed with Cramer. Some expressed to the Mad Money host that dogecoin is not a security, questioning how he came to the conclusion that it is. Some people slammed Cramer for his lack of knowledge of blockchains and DOGE’s supply. Dogecoin co-creator Billy Markus replied to Cramer: Please learn how blockchain works. It’s already well known how many there are and how many are created everyday. It is in the public code on the public blockchain, easily viewable by anyone. “In terms of ‘security,’ it is a proof-of-work cryptocurrency so you have to put in work to retrieve the coins from the block. It doesn’t qualify under the Howey Test. It works the same as bitcoin. In fact, it’s 99.5% the same code as bitcoin. Please educate yourself,” Markus stressed. He further tweeted that Cramer’s warning is “The biggest bull signal ever for dogecoin.” SEC Chairman Gary Gensler is currently focusing on regulating cryptocurrency exchanges. He believes that many cryptocurrencies listed on exchanges are securities and must be registered. However, the SEC boss has refrained from discussing any particular crypto, including ether. The SEC is also currently in an ongoing lawsuit with Ripple Labs and its executives over the status of XRP. Dogecoin is the 11th largest cryptocurrency by market cap. At the time of writing, the price of DOGE is 16.60 cents based on data from Bitcoin.com Markets. Its market cap is about $22 billion. The meme cryptocurrency has many supporters, including Tesla CEO Elon Musk and Shark Tank star Mark Cuban. Musk sees dogecoin as the best cryptocurrency for transactions. Recently, Tesla began accepting DOGE for some merchandise. Musk, who is known in the crypto community as the Dogefather, also personally owns some dogecoins. What do you think about Jim Cramer’s dogecoin warning? Let us know in the comments section below. View the full article

Yield App – the official digital asset wealth management partner of premier league football club West Ham United – has unveiled the hotly anticipated Version 2 (V2) of its platform, just 11 months since it launched in February 2021. In this short time, Yield App has garnered more than 70,000 users and more than $420 million in managed assets. The platform currently offers market-leading rates on USDT, USDC, BTC and ETH, as well as attractive rewards for holders of its native token, YLD. This new, second version of the platform brings with it a much sleeker user experience along with a raft of exciting new features, some of which are listed below. Control over compounding and earning V2 brings greater convenience and control, allowing you to view the value of your digital assets in the currency of your choice – USD, EUR or GBP, for example. You can also now choose to have your earnings put automatically back into your portfolio using the “auto-compound” option, leading to higher long-term earnings, and choose to send new wallet deposits straight to your chosen portfolios with “auto-deploy”. Choose to earn rewards in base asset or $YLD The V2 product update enables users to earn all their rewards in Yield App’s native token, YLD, to boost their base returns by a further 2% per year. Full cycle swaps In V2 of Yield App, users will be able to swap any of their assets to another asset listed on the platform. The assets currently supported are stablecoins USDT, USDC and newly added DAI, as well as Ether (ETH) and Bitcoin (BTC). Tier changes With this update, Yield App has introduced a new Tier rewards system consisting of four tiers: Bronze, Silver, Gold and Diamond. The structure pays variable returns depending on a user’s Tier level, rewarding all users with market-leading APYs. Locking YLD tokens to boost rewards Unlike Version 1 of Yield App, where YLD could only be held in the wallet to boost earnings, Version 2 brings two options: stake or lock your YLD, available to Silver Tier and above. Staking YLD earns annual interest of 4% to 6% APY, while locking YLD for a year earns a flat rate of 12%. Security enhancements, better reporting and lots more Along with these major upgrades, Yield App V2 brings enhanced security features, including an automatic logout feature, more robust two-factor authentication and the ability to whitelist trusted addresses to minimize the risk of mistakes. Monitoring and reporting of digital asset activities is also much simpler in Version 2. From February 2022, users can download a report of all their transactions with one click that includes the time, ip addresses and location of transactions. The announcement has proven a huge hit with Yield App’s community, with YLD enjoying significant upward momentum as a result. V2 and the massive improvements it brings with it are a clear statement of Yield App’s intention to become a long-term leader in the world of digital wealth, making this platform one to watch. Here’s a detailed overview of all the new and exciting features of Yield App V2: Sign up to YIELD App today Find Yield App on: YouTube Twitter Facebook Instagram Telegram Discord 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

On Wednesday, U.S. president Joe Biden explained that the country’s central bank was dealing with a large share of the inflationary pressures the American economy is dealing with today. Biden welcomes the possibility of tightening monetary easing and noted that he “respects the Fed’s independence.” US President Joe Biden Says a ‘Critical Job in Making Sure Elevated Prices Don’t Become Entrenched Rests With the Federal Reserve’ Inflationary pressures have been building in the U.S. as consumers are paying far more for goods and services in 2022, and last year’s prices continued to grow worse. American consumers are paying more for housing, rentals, food, raw materials, lumber, and automobiles. Just recently, senator Rand Paul, R-Ky., published a report that said inflation or the “hidden tax” was “only going to get worse.” Furthermore, reports published on Thursday note that U.S. jobless claims have risen significantly to a three-month high. While inflation rose to 7% last month compared to 2020, over 6% for three months in a row prior, and while retail sales slipped significantly in December 2021, U.S. president Joe Biden thinks most of the pressure is on the American central bank. Speaking at a news conference on Wednesday, Biden said that Americans “faced some of the biggest challenges that we’ve ever faced in this country these past few years.” “But we’re getting through it,” Biden added. “And not only are we getting through it — we’re laying the foundation for a future where America wins the 21st century by creating jobs at a record pace, and we need to get inflation under control.” The U.S. president then declared that the coronavirus was to blame for much of the country’s economic issues. “Covid-19 has created a lot of economic complications, including rapid price increases across the world economy. People see it at the gas pump, the groceries stores, and elsewhere,” Biden stressed. While Americans are seeing the problem first hand, Biden remarked that lots of pressure falls on the U.S. Federal Reserve. “A critical job in making sure elevated prices don’t become entrenched rests with the Federal Reserve, which has a dual mandate: employment and stable prices,” Biden noted during the press conference. The American president continued: The Federal Reserve provided extraordinary support during the crisis for the previous year and a half. Given the strength of our economy and pace of recent price increases, it’s appropriate — as Fed Chairman Powell has indicated — to recalibrate the support that is now necessary. I respect the Fed’s independence. Peter Schiff: ‘POTUS Failed to Level With the American People About Inflation,’ Americans Disagree Most of the Inflation Burden Falls on the US Central Bank Following the message from the president of the United States (POTUS), the economist and gold bug Peter Schiff called out Biden for failing to be honest with Americans about inflation. “Today, POTUS failed to level with the American people about inflation,” Schiff tweeted. “It’s a tax that pays for government spending. If people want less inflation, then the government has to spend less so the Fed can print less. If Americans want [Build Back Better] they’ll pay for it with higher inflation.” Furthermore, many Americans disagree that most of the burden falls on the U.S. central bank as U.S. citizens and businesses are struggling with the loss of purchasing power. “One of my best friends owns a handful of restaurants,” the author of the Dialed in Men blog, Ryan Stephens tweeted on Wednesday. “The last 18 months have been hell. All paper products = 55% increase over the last 18 months,” Stephens added. Stephens continued to highlight that a case of bacon before the pandemic was $75, and it is now $187. A case of chicken was $35 pre-pandemic and today it is $90, while fry oil was $20 for a 35lb lug, today it’s $43. What do you think about the rising inflation in the U.S. and Joe Biden’s comments about the Federal Reserve handling the issue? Let us know what you think about this subject in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) is focusing on bringing cryptocurrency exchanges “inside the investor protection remit,” Chairman Gary Gensler has revealed. “If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable,” he stressed. SEC Focusing on Regulating Crypto Exchanges The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, talked about crypto regulation and the SEC’s priorities in a virtual press conference Wednesday. Gensler said that he’s hopeful cryptocurrency trading platforms will take steps to become more directly regulated in the coming months. The chairman emphasized that additional oversight of crypto trading platforms is crucial for crypto investors to get the same kind of protection they have when trading stocks or other regulated financial instruments. “I’ve asked staff to look at every way to get these platforms inside the investor protection remit,” the SEC boss revealed, elaborating: If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable. Gensler has repeatedly expressed the need to regulate cryptocurrency trading platforms. He believes that many of them are trading securities without registering. In May last year, he said crypto exchanges need more regulation and asked Congress to weigh in. “We don’t have enough investor protection in crypto finance, issuance, trading, or lending,” he warned in September. “At this time, it is more like the Wild West or the old world of ‘buyer beware’ that existed before the securities laws were enacted.” In December, the chairman said that the crypto asset class is “rife with fraud, scams, and abuse in certain applications,” emphasizing, “Right now, we just don’t have enough investor protection in crypto.” What do you think about the SEC going after cryptocurrency exchanges? Let us know in the comments section below. View the full article

Meta Platforms, Inc., formerly known as Facebook, Inc., is reportedly experimenting with non-fungible token (NFT) technology, according to unknown sources speaking with the Financial Times (FT). Allegedly, Meta is “readying” an NFT feature but it is “at an early stage and could yet change.” Meta and Instagram Are Reportedly Experimenting With NFT Tech A report stemming from the financial news outlet FT says that Meta and the firm’s subsidiary Instagram are currently exploring NFT technology. FT quotes unnamed sources familiar with the matter, that claim Meta and Instagram are conversing about “launching a marketplace for users to buy and sell NFTs.” However, there has been no official word about leveraging NFT tech from the American multinational technology conglomerate based in Menlo Park. The sources said both companies have been “readying” an NFT feature, but the concepts could change over time. Meta has been at the forefront of trying to be a leader in the metaverse trend and owns the virtual reality (VR) firm Oculus. Still, Meta has not mentioned anything about leveraging NFT tech going forward. Instagram, however, has been hinting at utilizing NFTs on the social media platform. Instagram’s NFT Hints, Report Claims Meta’s Novi Wallet Could Support NFT Functionality During an ask-me-anything (AMA) session on Instagram, Adam Mosseri, the company’s CEO, said Instagram wants to make NFTs “more accessible to a wider audience.” Last May, Instagram hosted its first annual “Creator Week,” which showcased non-fungible tokens and NFT artists. Not too long after the first Instagram Creator Week, software developer Alessandro Paluzzi shared screenshots of Instagram’s alleged plans to incorporate NFTs last June. Paluzzi further shared an alleged NFT feature that indicates Instagram could be building an NFT marketplace. While Instagram has been reportedly dipping its toes into the world of NFTs, Meta has been quietly rolling out the company’s crypto wallet Novi, and recently revealed a limited rollout for select users. FT’s report further notes that the Novi wallet could feature an NFT “supporting functionality,” according to one of the unnamed sources. What do you think about the unnamed sources who say that Meta and Instagram are readying an NFT feature? Let us know what you think about this subject in the comments section below. View the full article

Crypto.com has revealed that 483 user accounts were compromised in the recent hack that resulted in unauthorized withdrawals of about $34 million in cryptocurrencies, including bitcoin and ether. Nonetheless, the company stressed that customer funds were never at risk. Crypto.com’s Hack Postmortem and CEO’s Comments Crypto.com revealed Thursday the number of users affected by the unauthorized crypto withdrawals that occurred on Jan. 17 and the cryptocurrencies stolen. The company wrote: The incident affected 483 Crypto.com users. Unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other currencies. At the time of writing, the price of bitcoin is $42,083.95 and ether is $3,178.94 based on data from Bitcoin.com Markets. Therefore, the value of BTC and ETH stolen during the hack is over $34 million. The CEO of Crypto.com, Kris Marszalek, commented on the security breach on his platform in an interview with Bloomberg Wednesday. Noting that his company invests heavily in cybersecurity, he detailed, “We have 200 professionals around the world who collectively spend the last few years building a very robust infrastructure,” which he said has multiple layers. “In this particular incident, some of these layers were breached,” he admitted. However, he pointed out: “We were back up and running in about 13, 14 hours, and during the same day, all the accounts that were affected were fully reimbursed, so there was no loss of customer funds.” Marszalek said that the incident was a great lesson and his company will continue to strengthen its infrastructure. Regardless of the funds stolen, the CEO noted: One has to remember that given the scale of the business, these numbers are not particularly material and customer funds were never at risk. Marszalek was then asked what Crypto.com is doing to make sure that a security breach like this does not happen again in the future. The executive replied, “There are additional layers of security that we are implementing as well as some new programs.” One of the new security measures is the Worldwide Account Protection Program (WAPP) which Crypto.com announced Thursday with the postmortem. The company claims that the WAPP “offers additional protection and security for user funds held in the Crypto.com app and the Crypto.com exchange.” The program restores funds up to $250,000 for qualified users. Since the Crypto.com exchange is based in Singapore, Marszalek was asked whether he has been contacted by the Monetary Authority of Singapore (MAS), the country’s central bank, which regulates the crypto sector in the country. He replied: At this stage, we did not see any outreach from the regulator. “We are a regulated business in multiple jurisdictions so we expect this and we are putting together a report that we will share whenever an inquiry comes in,” the Crypto.com executive concluded. What do you think about the Crypto.com hack and 483 accounts compromised? Let us know in the comments section below. View the full article

Spellfire Re-Master the Magic, a modern take on classic collectible card games, has completed its private funding round, raising a staggering $3.8 million. Leading investors DAO Maker and Shima capital, are joined by Genblock, IBC group, Faculty group, IBA, Maven Capital, Autonomy Capital, Terranova ventures, x21 Digital and others who initially funded the project, and interest has since skyrocketed past all initial funding goals. The project is now close to being oversubscribed twice, marking a huge success for Spellfire’s development team, and leaving many of the industry’s top VC investors waiting in the wings. Continued expansion of Spellfire’s reach is now a top priority, and the project recently welcomed two highly respected crypto experts into it’s family. BitBoy Crypto and The Moon Carl join to ensure Spellfire becomes one of blockchain gaming’s hottest topics! Spellfire’s long-awaited, and much-anticipated Token Generation Event is coming soon and the team is almost ready to announce the huge news. Spellfire has Mass Appeal Prospective players can expect to find a beloved fantasy game that the development team has combined with modern design sensibilities. Spellfire now boasts a host of features that will appeal to a wide range of gamers, making it the NFT game to look out for. The game initially caught attention by announcing the first-ever touchable NFTs. Players will have the option to own both digital and physical cards with both forms being linked by QR code. This ensures that they can’t be faked and are playable on both tabletops and tablets. 2021 saw a meteoric rise in the popularity of Play-to-Earn games. Spellfire offers several ways to earn, the most notable is through owning NFT cards. Original NFT card owners will receive up to 10x return on investment from each subsequent sale of their card. The more sought-after the card, the more profitable it will become. Mass Adoption of NFTs is Close The gaming industry’s interest in NFTs continues to grow, as does its audience. The NFT space saw impressive results in 2021, with 1.4 million unique active wallets interacting with games, accounting for 49% of the industry’s usage. Game NFTs represent 20% of 2021’s $23 billion in NFT trading volume. Mass adoption of NFTs within the gaming industry looks increasingly likely this year and as this movement continues to gain momentum, games like Spellfire look set to capitalise on the influx of new players. Join the magic, explore Spellfire’s magical universe. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

PRESS RELEASE. Dvision Network is currently live on Polygon Mainnet, further solidifying their position as the definitive multichain metaverse protocol. It must be noted that Dvision Network recently had their first primary and de facto biggest LAND Sale on BSC (Binance Smart Chain), selling out in a matter of minutes across three platforms which included Binance NFT and NFTb. The addition of Polygon Network support foreshadows the imminent second round of the LAND NFT Sale for the Dvision Metaverse, which will reportedly take place in the first quarter of 2022 as per the official timetable. For those who may be unaware, Dvision Network is basically a blockchain-oriented metaverse content ecosystem that also supports NFT marketplace within its augmented reality. Dvision Network is hence ushering in a new environment in which mankind may live a prosperous existence at the epicentre of the 4th industrial revolution based on ICT (Information & Communications Technology). Huge milestone finally achieved In this business, being able to reach different milestones set by a corresponding roadmap is paramount to ensure long-term success. Dvision Network was therefore able to reach such a milestone thanks to it now being live on Polygon Mainnet. Dvision Network had stated its ambitions to incorporate Polygon back in 2020, as scalability concerns on the Ethereum Mainnet began to emerge, prompting numerous decentralised finance, gaming, and metaverse protocols to look for suitable alternatives. Dvision Network has therefore managed to obtain access to Ethereum’s flourishing ecosystem without being hampered by poor connection speeds thanks to the deployment on Polygon. Countless dApps like Aave, Curve Finance and SushiSwap have already been implemented on Polygon as well. Also, given Dvision Network’s complex token economy, the step was seemingly required to guarantee that the users within their respective ecosystem would be granted low-cost and exceedingly fast transactions. Moreover, support for the Polygon Network has been formally added to the initiative’s dApp (decentralised application) and marketplace as part of the multichain effort, which the team wants to launch in 2022 by joining multiple chains through bridges. Relationship with the metaverse and virtual land Even though Dvision Network has formed a sustainable path to their continued development via their initial LAND Sale, the digital estate market is red-hot at the moment and various other key players routinely contribute to it including the likes of Decentraland (MANA), The Sandbox (SAND), and many more. As a result, sales worth millions of dollars are being generated in addition to the ever-increasing widespread interest by mainstream celebrity icons, people of influence and other traditional entities. Furthermore, during Dvision Network’s first auction, LAND NFTs had been given to investors at relatively cheap rates, with their average 1×1 virtual plot being sold for roughly $100, with secondary bids reaching heights of $700 to $800, generating a massive 700% increase in their basic value. The Dvision Network also recently announced a second LAND NFT sale on their network. Those who are interested should brace themselves for fierce competition, as the last LAND auction sold out in less than 5 minutes. According to the Dvision Network’s whitepaper, its LAND NFTs may be used for a multitude of applications, including gaming, education, earning passive income, hosting conferences, and so much more. In this way, Dvision Network aims to cater to the needs of a wide variety of individuals with differing needs and preferences. Finally, the allure of the blockchain metaverse is that consumers may own their virtual objects as NFTs. Consequently, no single entity is in control of everything, however, many businesses are nevertheless greatly interested in the metaverse concept including but not limited to Nike, Epic Games, and even Facebook. The metaverse market would thus appear to be thriving, regardless of whether investors are multi-million dollar corporations or just everyday individuals. 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

On Wednesday, the crypto economy of 12,620 coins across 543 exchanges is hovering just above the $2 trillion mark. Ever since the crypto economy’s market slump, bitcoin’s market dominance among all the coins in existence has slowly risen from 37% zone back over the 38% range. Meanwhile, Ethereum’s market dominance has diminished as it has slid from 18.6% to 17.7% since January 6. Bitcoin and Ethereum Dominance Shifts, Top Stablecoin and Smart Contract Tokens Command More Than 44% of the $2 Trillion Crypto Economy Bitcoin’s (BTC) market dominance has increased while ethereum’s (ETH) crypto-economy dominance has decreased over the last two weeks. Market dominance is the crypto asset’s overall valuation compared to the entire $2.08 trillion crypto market economy. On January 6, 2022, BTC’s dominance slid to its lowest position in three years (37.7%) since June 3, 2018. The metric has increased to the 38% region while ethereum’s market dominance dropped from 18.6% to 17.7%. A myriad of other coins have seen market dominance changes and the crypto asset binance coin (BNB) has a market dominance rating (MDR) of around 3.37%. Tether (USDT) commands an MDR of 3.35% and cardano (ADA) has 2%. The stablecoin USDC’s MDR today is 1.95% and solana’s (SOL) market valuation is 1.85%. The distributed ledger technology token xrp’s (XRP) market cap represents 1.51% of today’s crypto market economy. Following XRP, is terra’s (LUNA) market valuation which commands 1.22% of the crypto economy, and polkadot’s (DOT) 1.03%. The $173 billion worth of stablecoins represent 8.30% of the crypto economy and the $738 billion worth of smart contracts platforms is 35.36% of the value of all the coins in existence today. The $11.8 billion in privacy coins is around 0.56% of the crypto economy’s net worth on Wednesday. Meme coins, however, command 2.15% of the digital currency economy with $45 billion. What do you think about the bitcoin and ethereum market dominance shifts in the last two weeks? What do you think about the 44% in aggregate value stable coins and smart contract tokens represent today? Let us know what you think about this subject in the comments section below. View the full article

According to statistics, Ethereum network transaction fees have dropped 35% from the transfer fees recorded seven days ago. At the time of writing, the average fee to transact with ethereum is 0.0099 ether or $30.85 to $33.04 per transfer. The cheapest Layer two (L2) method to transfer ether on Wednesday is $0.25 per transaction using Polygon Hermez. It’s Cheaper to Move Ethereum Today, Network Still Has Higher Transfer Fees Than Most Blockchain Networks While data transfer fees on the Ethereum network have slid 35% in the past week, fees are still considerably higher than most smart contract networks. Seven days ago, ETH fees were $51.24 per transfer and today, metrics indicate it costs $30.85 to $33.04 in gas per transfer. The fee data only accounts for moving ethereum (ETH) as it costs more to interact with a smart contract to move an ERC20 or swap tokens. The average transaction fees on the Ethereum network are some of the highest fees paid to miners. Median-sized transaction fees recorded on Wednesday are lower and l2fees.info indicates the median fee is around $6.82 per transfer. While stats from bitinfocharts.com show the median gas fee is 0.0047 ether or $14.78 per transfer. Metrics recording the median-sized ethereum gas fee on January 10, 2022, showed the fee was once $29 per transfer. Ethereum Miner Rewards 14% Higher Than Bitcoin’s Daily Rewards, Polygon Hermez the Cheapest L2 Method to Move Ether Today Data indicates that while Ethereum network fees have been cheaper, the blockchain still rakes in more fees per day. Metrics show on January 19, the Bitcoin network saw $76.3 million in miner rewards during the last 24 hours, while Ethereum captured $87.1 billion in miner rewards. At the time of writing, the current average fee to move bitcoin (BTC) is around 0.0000001 per byte or 0.000035 BTC or $1.50 per transfer. BTC’s median-sized network fee is lower at 0.0000078 BTC or $0.328 per transaction on Wednesday. L2fees.info indicates the cost to move an Ethereum-based token on Wednesday is $15.60 per transaction and to swap a token can cost $34.11 per transaction. The cheapest method of transferring ETH via an L2 solution, is by leveraging Polygon Hermez at $0.25 per transfer, according to l2fees.info data. The Polygon Hermez transfer fees are followed by Zsync ($0.30), Loopring ($0.32), Optimism ($1.42), Arbitrum ($2.14), and Boba Network ($2.38). What do you think about the current fee rate to move ethereum on Wednesday? Let us know what you think about this subject in the comments section below. View the full article

America’s media, central bankers, and bureaucrats continue to debate the rising inflation in the U.S. that has raised the cost of living and increased the prices of goods and services nationwide. Senator Rand Paul, R-Ky., believes the inflation is “only going to get worse” and he published a report on the issue and blamed excessive coronavirus relief spending by Congress. Furthermore, a new decentralized method of measuring inflation has been introduced called Truflation, a tool that provides a “daily, unbiased, data-driven, real-market inflation rate.” Rand Paul’s Inflation Report Uncovers the ‘Hidden Tax,’ Report Blames Excessive Coronavirus Relief Spending The price of living and the cost of goods and services has risen dramatically in the last two years following the onset of the coronavirus pandemic. The U.S. Labor Department’s data published last week showed that inflation is the highest it has been in 40 years at 7% and last month’s consumer price index (CPI) data was the third consecutive month over 6%. The rising inflation has caused bureaucrats from the Democrat party to worry about the issue as they believe it could hurt U.S. president Joe Biden’s leadership. The rising CPI rate spurred a number of market analysts, economists, central bankers, media pundits, and politicians to debate the inflation issue. Republican senator Rand Paul from Kentucky wrote a report called “The Hidden Tax,” which explains that inflation will likely get worse from here and that it’s hurting American families and small businesses. Paul blames the excessive spending the U.S. government has been involved in to help bolster the economy during the Covid-19 pandemic. Paul’s report highlights that 71% of American households who make $40K per year have “indicated economic hardships from rising prices” and 29% of people making $100K annually feel the same way. Paul’s report notes that the U.S. government spent $4.9 trillion for Covid-19 stimulus and now “Americans are faced with the hidden tax that is a risk with any form government spending: inflation.” The Kentucky senator’s report adds: $4.9 trillion in COVID-19 stimulus spending has led to one of the highest and sustained levels of inflation in U.S. history. Though government stimulus spending was intended as a form of relief, and low and middle-income families as well as small business owners were promised that their taxes would not increase as a result of these packages, Americans are now paying a ‘hidden tax’ for these policies. Chainlink Oracle Truflation Aims to Be More Accurate Than the CPI’s Cooked Rates In addition to Paul’s report, last week Gold bug and economist Peter Schiff published a blog post called: “The Inflation Freight Train.” The report explained that the government’s consumer price index is “cooked” and shared statistics from the inflation aggregation website shadowstats.com. Shadowstats data shows the inflation rate may not be 7% but much higher at 15%. Furthermore, a Chainlink proponent called Patrick Batelink tweeted about a “true inflation index” called Truflation, a tool that reportedly provides “the most objective, decentralized, and frequent inflation updates possible.” Speaking more about the tool, Batelink continued: It represents the U.S. inflation, with many more true fiat inflation indexes to come, as goods and services become significantly more expensive around the world. The Truflation Index API is served to the decentralized Chainlink Oracle on-chain and made available to compatible smart contracts. The Truflation Oracle is an on-chain feed of our custom inflation index available through the Chainlink ecosystem. On January 12, 2022, the official Truflation Twitter account tweeted about the government’s official CPI data published last week. “The official U.S. inflation rate is 40 years high,” the Truflation account tweeted. “Our data shows it is dramatically higher than the official rate. YoY % Change December 2021: Official CPI: 7.0%. Truflation index: 11.4%.” Essentially, Truflation is an oracle and in order to leverage the oracle, users must utilize Chainlink in order to request a smart contract. Moreover, Truflation’s oracle has documentation so users can learn how to leverage the index. Truflation’s web portal notes that governments reporting on calculated inflation rates often use methods and formulas that show lower rates. “Governments and central banks are responsible for gathering information, calculating metrics, and reporting to the public,” Truflation’s website details. “The way inflation is calculated changes often, favoring methods that report lower inflation rates.” The decentralized inflation index website further begs the question: If it were calculated using methods discontinued in the 80s and 90s, the official inflation would be around 14% and 10%, respectively. The newest inflation indexes currently being tested by the Bureau of Labor Statistics report even lower inflation. But why would the government lowball a metric so crucial for the economy? What do you think about the rising U.S. inflation rates and senator Rand Paul’s report saying that inflation will only get worse? What do you think about the new Chainlink inflation oracle called Truflation? Let us know what you think about this subject in the comments section below. View the full article

Cryptocurrency ATMs have closed down in Singapore following the guidelines issued by the central bank, the Monetary Authority of Singapore (MAS). “To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS,” said one crypto ATM operator. Crypto ATMs Shut Down in Singapore to Comply With the Central Bank’s Guidelines Cryptocurrency ATMs are closing down in Singapore to comply with new regulations published Monday by the central bank, the Monetary Authority of Singapore (MAS). Singapore’s biggest cryptocurrency ATM operator, Daenerys & Co., told Bloomberg Tuesday that it has ceased services to comply with the MAS request, adding: MAS’s new guidelines regarding ATMs were an unexpected surprise. The company operated five crypto ATMs, mostly located in malls around Singapore. The machines allow customers to buy and sell cryptocurrencies including bitcoin and ether using fiat currency. Daenerys told Reuters: To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS. Another operator, Deodi Pte., also shut down its crypto ATM on Tuesday. Both Daenerys and Deodi are among the companies that have applied to the MAS for a license to offer digital payment token (DPT) services. DPT is commonly known as cryptocurrency, the MAS has clarified. About 170 firms applied for a license but about 100 have either withdrawn their applications or have been rejected by the central bank. The MAS issued “Guidelines to Discourage Cryptocurrency Trading by [the] General Public” Monday. In its guidelines, the central bank said that it “has observed that some DPT service providers have been actively promoting their services through online and physical advertisements or through the provision of physical automated teller machines (ATM) in public areas.” The Singaporean central bank stressed: This could encourage consumers to trade DPTs on impulse, without fully understanding the attendant risks. The new guidelines state that “DPT service providers should not engage in marketing or advertising of DPT services” in public areas in the country, including through the “provision of physical ATMs.” Singapore is not the only country cracking down on cryptocurrency advertising. This week, the U.K. government announced that it is tightening rules on crypto advertisements to ensure that they are clear and not misleading. What do you think about cryptocurrency ATMs shutting down in Singapore? Let us know in the comments section below. View the full article

Facebook changes its name to Meta and the world suddenly becomes interested in the metaverse however the term has been around for some time, and is closely associated with Web 3.0. So what is Web 3.0, the Metaverse and how is GAIMIN involved? Web 3.0 Web 3.0 is the term used to describe the next paradigm shift in the Internet. In Web 1.0, Internet browsers connected everyone online – Netscape for example. Web 2.0 is where we were connected into online communities – Facebook. Web 3.0 is perceived to be the next stage in community engagement – connection of individuals and organisations into a community-owned virtual world. Grayscale recently aligned the key features of Web 1.0, Web 2.0 and Web 3.0 which helps describe how technological components fit into the categories: Web 1.0 Web 2.0 Web 3.0 Interact Read Read-Write Read-Write-Own Medium Static text Interactive Content Virtual Economies Organisation Companies Platforms Networks Infrastructure Personal Computers Cloud and Mobile Blockchain and Cloud Control Decentralised Centralised Decentralised The world is moving into digital activities; Gen Z ubiquitously embraces internet technologies and digital device interactions. They are expert communicators through social media, they play games and create virtual world-wide friendship groups, they collaborate with others who hold similar ideas and interests, and they embrace new technology quickly. Individual social lives are converging through digital interactions – again through social media and also now with gaming, creating a fast-growing virtual economy for goods and services – estimated to grow from $180bn in 2020 to $400bn by 2025. As individuals become more aligned with the technology they are also rebelling against current incumbent technology providers for the Web 2.0 environment. Web 2.0 is a closed corporate metaverse, controlled by organisation and big tech. Web 3.0 is taking over due to its user-led democratic control and ownership. The biggest issue faced by participants in Web 2.0 applications, especially gamers, is the investment made into the build up of costly in-game assets within a single game. When a gamer wants to move to a different game, or just try it out, their investment in other games remain within that environment and are not transferable. Investment and assets can be lost and new costs are incurred in building assets and inventory for a new game. Web 3.0 and the metaverse attempts to solve this problem through blockchain and NFT technology. NFTs allow a gamer to build assets independent of any game or games developer. NFTs are held in a separate wallet and can be used interchangeably across different games. When the gamer wants to play a different game, they own the NFT asset and can transfer it for use in a different game that supports NFTs. Additionally as NFTs are controlled through smart contracts within the blockchain network, NFT owners can transact their NFTs – buy, sell and rent them with other gamers, allowing them to retain their investment but also grow their digital worth. Web 3.0 allows gamers to create a new free-market internet-native economy that can be monetised in the physical world – the evolution of the “creator community”, known as “Pay to Earn (P2E)”. To survive in the Web 3.0 world, established Web 2.0 corporations will need to implement disruptive business strategies. Gaming is one of the most immediately addressable market segments for Web 3.0 to take hold and is being readily embraced by gamers who are already seeing benefit from this technology with value shifting to Web 3.0 compliant applications. Corporations starting out in the Web 3.0 economy will benefit from first mover advantage having developed business strategy around Web 3.0 concepts and not needing to transition products and services from Web 2.0 to Web 3.0. The metaverse opportunity extends beyond gaming. Metaverse related environments are forecast to be a trillion-dollar revenue opportunity encompassing advertising, social commerce, digital events, hardware and development/creator monetization. The Metaverse/Web 3.0 Economy Web 3.0 Metaverse economies are developing with a mix of digital goods, services and assets, paid for in both fiat and cryptocurrencies, generating real-world value for users. Blockchain technology is the underlying technology for recent implementations with game developers needing technology solutions to enable this technology into their software. Blockchain technology provides the basis for asset ownership, trading and value growth. The nature of Metaverse transactions and ownership is determining changes in associated financial services provision. Metaverse worlds integrate efficiently with larger interconnected crypto cloud economies – borderless, cheaper and quicker transaction processing. The metaverse is challenging traditional business practices in a number of areas including: Payment networks – metaverse economies can use their own digital currencies or more established digital currencies Decentralised finance – no one controlling body, provides transparency for transactions and offers new approaches – such as loans on virtual land NFT Sovereign goods – Purchase of NFTs from other creators which can then be used within metaverse environments Decentralised governance – Legal frameworks take back control from centralised corporations and allow the global user community to decide the rules collectively Decentralised cloud – Decentralised infrastructure to store and retrieve data How is GAIMIN powering the metaverse GAIMIN has already developed blockchain based applications and created its own crypto currency, GMRX. GAIMIN has created a supercomputer-level data processing network, monetising the unused capacity with a gamers PC and rewarding the gamer for the use of their device. Gamers can earn between $30 and $100 per month depending on the performance of their device and how long they participate in the GAIMIN network. Rewards are paid in GAIMIN’s GMRX cryptocurrency and stored in a gamer’s wallet and can be used for purchase of in-game assets, NFTs, or converted to other crypto or fiat currencies. GAIMIN’s Minecraft plug-in delivers blockchain technology, NFTs and crypto currency for use in Minecraft GAIMIN’s SDK for the Unreal/EPIC platform will allow game studios to incorporate blockchain technology, NFTs and crypto currency into their games. GAIMIN’s GMRX token will be listed on leading crypto exchanges in Q1/22 creating value and utility for holders of the token. About GAIMIN GAIMIN (GAIMIN.IO Ltd) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC whilst supporting the implementation of Web 3.0-based blockchain technology to game developers. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance. With a free to download PC-based application GAIMIN monetises the under utilised performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. Focusing initially on the powering of blockchain computations, the GAIMIN data processing network also supports a number of different large scale data processing applications, including video rendering. GAIMIN has extended its technology development to enable gaming studios to quickly and easily incorporate blockchain, NFT and crypto currency technology into games, through SDK’s designed to easily integrate with gaming solutions. GAIMIN pays users in its own crypto currency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories and merchandise, or it can be converted to fiat or a different crypto currency. Game developers can utilise GMRX technology in their games, with a key benefit being the ability to re-name the crypto within their game but retain the association with GMRX and its listed status, providing an immediate value to the crypto in their games. For more information: www.gaimin.io Instagram: gaimin_io Twitter: GaiminIo LinkedIn: gaimin Youtube: Gaimin Facebook: Gaimin.io Telegram: officialgaimin Discord: Gaimin This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Crypto exchange Bitmex is acquiring a German bank to create “a regulated crypto powerhouse.” The company plans to establish “a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland.” Bitmex Plans to Become a Regulated Crypto Powerhouse Cryptocurrency exchange Bitmex announced Tuesday a purchase agreement of Bankhaus von der Heydt, a German bank located in Munich, by BXM Operations AG, a company founded by Bitmex CEO Alexander Höptner and CFO Stephan Lutz. Bitmex tweeted Tuesday: We’re one step closer to creating a regulated crypto powerhouse in the heart of Europe with this purchase agreement by BXM Operations of German bank Bankhaus von der Heydt. “Bitmex Group is pursuing the ambitious goal of establishing a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe,” the announcement details. The exchange recently launched a crypto brokerage service in Switzerland. “The acquisition of Bankhaus von der Heydt is now the next step in the Group’s European expansion and product development,” the company added. The two entities have signed a purchase agreement and agreed not to disclose the purchase price or other financial details of the transaction. The deal is subject to approval by BaFin, the German financial services regulatory authority. The transaction is expected to be complete in mid-2022. “Once the purchase is finalized, the bank will continue to be operated as a standalone business unit,” the announcement adds. Bitmex’s CFO opined: “Germany, as the largest economy in Europe, combines an innovative approach to digital assets with strong regulatory oversight and rule of law — making it a prime market for Bitmex’s expansion in Europe.” Earlier this month, Bitmex announced the launch of its BMEX token in collaboration with Tokeny. However, “BMEX will not be withdrawable or tradeable until the Bitmex Spot exchange launches in early Q2,” the exchange noted. In October, the CEO of Bitmex predicted that by the end of this year, “we’ll have at least five countries that accept bitcoin as legal tender. All of them will be developing countries.” What do you think about Bitmex becoming a crypto powerhouse in Europe? Let us know in the comments section below. View the full article

The CEO of a Canada-headquartered gold mining company, Mark Bristow, has insisted that gold currently has little downside risk. He also highlighted the precious nature of the metal and how it is a better alternative store of value than cryptocurrencies. Better Inflation Hedge Mark Bristow, the CEO of Canada-based Barrick Gold Corp., recently argued that gold has little downside risk and investors seeking to hedge against inflation will pick the precious metal over cryptocurrencies, a report has said. The CEO made these comments despite some analysts predicting that the precious metal will average $1,683 in Q4 of 2022. As previously reported by Bitcoin.com News, the price of gold, which started the year 2021 trading above $1,900, ended the year nearly 4% lower. According to a report, the metal’s retreat in 2021 appeared to coincide with a period where inflation rates soared. Yet despite the precious metal’s notable decline since the start of 2021, Bristow insisted during an interview that gold is in fact headed for better times. “The risk is on the upside. I don’t think there’s very much risk on the downside,” Bristow is quoted stating. The Crypto-Versus-Gold Debate The CEO, who previously suggested that “no one believes in fiat anymore,” used the latest interview opportunity to once again share his views on the gold-versus-crypto debate. He explained: Look at gold and its precious nature — you can’t print it and you can’t make it. You can make cryptocurrencies, and there are many of them. When you’re in a dynamic phase like we’re in now and the world’s uncertain, it’s always good for gold. Still, despite Bristow’s optimistic views, the price of gold has averaged below $1,850 since the start of 2022, a figure that is more than $200 less than the metal’s all-time high price of over $2,070, seen in August 2020. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article