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Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that the price of cryptocurrencies, including bitcoin, could fall to zero. Noting that the crypto industry is “growing very fast,” he stressed: “We really need to roll our sleeves up and get on with it, so that by the time this becomes a much bigger issue, we’ve actually got the regulatory framework to contain the risks.” Bank of England’s Deputy Governor Warns Crypto Prices Could Tank to Zero Sir Jon Cunliffe, Bank of England’s deputy governor for financial stability, warned about cryptocurrencies becoming worthless Tuesday on the BBC’s Today program. Cunliffe began by acknowledging that cryptocurrencies have been “growing very fast,” and are becoming mainstream. He stressed that at this growth rate, they could pose a danger to the established financial system even though only about 0.1% of U.K. households’ wealth is currently in cryptocurrencies. Approximately 2.3 million people in the U.K. are estimated to hold cryptocurrencies, each holding an average amount of about 300 British pounds ($397). The Bank of England executive further pointed out that financial professionals, such as fund managers, want to know whether cryptocurrencies should be part of their portfolios. The deputy governor warned that if the value of cryptocurrencies fell sharply, it could have a knock-on effect, emphasizing that the Bank of England needs to be ready to contain those risks. He stressed: Their price can vary quite considerably and they could theoretically or practically drop to zero. “The point, I think, at which one worries is when it becomes integrated into the financial system — when a big price correction could really affect other markets and affect established financial market players,” Cunliffe opined. This is not the first time the Bank of England deputy governor has warned about cryptocurrencies losing their value. In October, Cunliffe said that crypto could collapse, urging regulators to act fast to establish a regulatory framework for them. “It’s not there yet, but it takes time to design standards and regulations,” he additionally told the BBC. “We really need to roll our sleeves up and get on with it, so that by the time this becomes a much bigger issue, we’ve actually got the regulatory framework to contain the risks.” Cunliffe has also previously warned about cryptocurrencies potentially posing risks to financial stability. In July, he said that cryptos were not big enough to pose a financial stability risk. However, in November, he said that they are getting closer to becoming a threat. In its Financial Stability Report published Monday, the Bank of England stated: Cryptoassets currently pose limited direct risks to UK financial stability. However, they will present a number of financial stability risks if they continue to grow at their current rapid pace, and as they become more interconnected with the wider financial system. What do you think about Sir Jon Cunliffe’s comments about bitcoin and crypto? Let us know in the comments section below. View the full article

The CEO of investment management firm Richard Bernstein Advisors warns that cryptocurrencies are the biggest financial bubble in history. He advises investors to stay away from “bubble assets,” which include cryptocurrencies. Investment Adviser Sees Cryptos as the Biggest Financial Bubble in History Richard Bernstein, CEO of Richard Bernstein Advisors (RBA), shared his view on where the crypto market is heading and how investors should approach 2022 in an interview with CNBC Friday. Bernstein is also the founder and chief investment officer of RBA, an independent registered investment manager. He has over 39 years of experience on Wall Street. RBA manages equity and asset allocation of portfolios at several of the world’s leading broker-dealer firms, such as Merrill Lynch, Morgan Stanley, Ameriprise, UBS, and Envestnet. The firm also manages assets on behalf of several large institutional investors. The CEO was asked what assets investors should be avoiding and how they should enter 2022. He explained that “the way to think about the markets is to think about it as a seesaw,” adding: On one side, we have all that I would call the bubble assets: tech, innovations, disruptions, cryptocurrencies — that whole group. And on the other side of the seesaw, you have literally everything else in the world. “Looking at 2022 into 2023, you want to be in the ‘everything else in the world’ side of that seesaw because that’s where the opportunity is. That’s where there’s scarcity of capital and when we have scarcity of capital that’s where your returns are higher,” the investment adviser described. Regarding bubbles, Bernstein was asked where the biggest risks are. He replied: I think cryptos are the biggest financial bubble ever in history. I think this is just a monster one. Bernstein speculates that cryptocurrencies could fall as much as 90% just like some tech stocks during the 2000 bubble. “Once again one has to look at history. In the tech bubble, people said the exact same thing when tech stocks were down 30%, 35%, 40% — except that was only the halfway point. They went down about 75%, 80%, 85%, 90%.” The founder of Richard Bernstein Advisors concluded: “I think one wants to wait to look at the true fundamentals and look at the valuations before deciding that this is all over.” What do you think about Bernstein’s advice? Let us know in the comments section below. View the full article

Nike, the American multinational footwear and sports apparel company has announced the acquisition of a startup called RTFKT Studios, a firm that leverages non-fungible token (NFT) assets, blockchain authentication, and augmented reality. Nike says the acquisition will allow the company “to deliver next-generation collectibles that merge culture and gaming.” Nike Steps Into the Metaverse by Acquiring RTFKT Studios On December 13, Nike announced the company has purchased the digital collectibles firm RTFKT Studios. The news follows Nike’s initial steps toward the metaverse during the first week of November, and the company’s recent integration with the virtual game Roblox. The footwear firm published a blog post about “Nikeland,” a Nike-themed virtual world located in the Roblox metaverse. Following Nike’s moves into the realm of the metaverse industry and blockchain world, the company’s competitor Adidas has been racing toward NFTs and the metaverse as well. RTFKT Studios was formed by three friends at the beginning of the Covid-19 era in January 2020, according to the website. The web portal also notes that RTFKT (pronounced artifact) is focused on non-fungible token (NFT) technology, blockchain authentication, and augmented reality (AR). In February, RTFKT and an NFT artist dubbed “Fewocious,” sold approximately 600 pairs of physical and virtual sneaker NFTs for $3.1 million at the time of settlement. RTFKT is also behind the Clonex NFT avatars project. Clonex NFT avatars are NFTs that allow people to leverage them in both the physical world and the metaverse realm. Clonex NFTs were designed by the Japanese artist Takashi Murakami and according to reports, the avatar NFTs sold out quickly but with the sales suffering from “attacks and controversy.” Nike President Says Acquisition Will ‘Extend Nike’s Digital Footprint and Capabilities’ John Donahoe, the president and CEO of Nike spoke about the RTFKT acquisition and the company’s steps toward the metaverse. “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture,” Donahoe said in a statement. “We’re acquiring a very talented team of creators with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.” RTFKT is now a part of the NIKE, Inc. family. 🌐👁‍🗨 pic.twitter.com/5egNk9d8wA — RTFKT Studios (@RTFKTstudios) December 13, 2021 In early November, Nike made sure a number of well-known trademarks like the “Just Do It” tagline, its SNKRS logo, and the Air Jordan “Jumpman,” were ready to be leveraged as “downloadable virtual goods.” “Nike is the only brand in the world that shares the deep passion we all have for innovation, creativity, and community, and we’re excited to grow our brand which was fully formed in the metaverse,” Benoit Pagotto, one of RTFKT’s co-founders said during the acquisition announcement. Nike’s RTFKT Studios purchase press release concludes that the terms of the sale “will not be disclosed” to the public. What do you think about Nike acquiring the NFT company RTFKT Studios? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Hololoot is the market-leading AR NFT generator, marketplace and metaverse designed for widespread adoption. Built by AR industry veterans, Hololoot combines the latest developments in 3D modeling with the unique properties of NFTs to produce an app that is simultaneously powerful and easy to use. Their native token HOL, which unlocks the full potential of their platform, was launched recently on three launchpads: Seedify, Synapse and Enjinstarter. These IDOs smashed launchpad records, with First Come, First Served pools filling at an average of under a minute each. Hololoot managed to successfully raise $600,000 across their three sales, adding to their private- and seed-round backing from high-profile investors such as Enjin, Ferrum Network, Otis Capital, Legion Ventures and more. Hololoot followed their fruitful IDO run with their TGE on December 13 and subsequent decentralized listing on Binance Smart Chain’s PancakeSwap. Hololoot also plans to launch high-APY staking pools to encourage liquidity provision, with further details on these pools being announced closer to their launch. The Hololoot app, which is currently undergoing rigorous public testing, is set to revolutionize AR and NFTs. With their IDO and TGE out of the way, Hololoot can continue to focus on building their unique application and tech stack. As a platform built with simplicity, scalability and utility in mind, Hololoot’s accessible AR solution appears set to take NFTs and the metaverse to the mainstream. With more than one billion AR-ready devices already in circulation, Hololoot’s technology has the opportunity to capture an enormous market that other products have so far struggled to reach. With HOL launching at a moment of heightened media interest in the industry, Hololoot’s IDO has been turning the heads of some of the biggest players in the space. All eyes are now on their product launch in early 2022. About Hololoot Hololoot is the world’s first AR NFT generator, marketplace and metaverse. By simplifying the NFT creation process and making generating AR assets easy, Hololoot brings virtual worlds to life with nothing but a smartphone. Powerful features and intuitive interfaces make Hololoot’s AR solution perfect for gamers, collectors, artists and anyone curious enough to dive into the rapidly expanding metaverse. The Hololoot marketplace makes trading AR NFTs easy, and their utility-rich token $HOL unlocks extra value for holders throughout the application. For more information visit hololoot.io. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

While the crypto economy has tumbled in value during the last two weeks, the managing partner at Multicoin Capital, Kyle Samani, recently shared his views on why he thinks the “next bear market will not be like the last one.” In fact, Samani remarks that there may not even be “a bear market at all.” Multicoin Capital Executive Claims the ‘Next Bear Market Will Not Be Like the Last One’ One thing is for sure, cryptocurrency investors are fearful of a full-on bear market like the past two crypto winters that shaved digital currency prices by more than 80% in value after each top. Currently, anywhere between 25% to 30% of the value since the crypto price highs on November 10, have been lost and bearish sentiment has put pressure on the crypto economy as a whole. However, despite the 30% drawdown in market values, Multicoin Capital’s managing partner Kyle Samani shared his thoughts in a recent Twitter thread published two days ago. “Why the next bear market will not be like the last one,” Samani said. “And in fact, we may not have a bear market at all. Or we may have half a bear market, depending on your perspective.” Samani further says that broadly speaking, there are two types of people in crypto: “money crypto” and “tech crypto.” In recent times, or since 2017, Samani claims that the tech crypto group has dominated. “Since 2017, tech crypto has come to dominate the zeitgeist,” Samani stressed. Samani remarked that these days, it is clearly evident that tech crypto dominates and he says “there are still lots of people who just think about BTC as an inflation hedge, but they represent an increasingly small [percentage] of press, social media, conference speaking, etc.” The Multicoin Capital executive added: Money crypto people think primarily about interest rates, the politicization of central banks, etc. Tech people care about building. Inevitably, politicians/CBs will do stuff that is bad for BTC as an inflation hedge. Whether that’s banning it (or trying to), or just raising rates, or whatever. There is a natural ebb and flow to the actions of these institutions, and BTC-USD will naturally respond to it. Samani Insists a Vast Amount of Capital out There That ‘Will Never Believe in Bitcoin’ — ‘Tech Money Doesn’t Care About Macro’ Samani further stated that tech people don’t care about those types of things and that “they just want to build cool new things.” If bitcoin dropped by 50% because of government enforcements, Samani claims tech people will continue to build and investors will “invest in tech crypto.” “It’s possible that crypto is still a few years too early from truly breaking into the mainstream,” Samani noted on Sunday. “But I think at this point, that no longer matters. The train has left the station: all of the tech builders and investors have underwritten tech crypto as having a meaningful probability of reshaping commerce, finance, and the fabric of society at large. And they are comfortable meeting on that and holding for years,” the Multicoin Capital executive said. Samani insists that there is a vast amount of capital out there that “will never believe in BTC because they don’t believe in owning non-productive assets.” The crypto advocate believes that if there is a bear market, he expects solana (SOL) and ethereum (ETH) to outperform bitcoin (BTC) significantly. “The tech money doesn’t care about macro,” Samani opined. “They just want to be long [on] the stuff that they think is going to change the world.” Samani Predicts ‘Once Bitcoin Is Flipped, It’s Pretty Much Game Over for Bitcoin’ Because “everyone knows that software is eating the world,” Samani predicts SOL and ETH demand will rise. He highlighted that everyone wants to be a part of the “next big tech wave, and crypto is credibly one of those waves.” The managing partner at Multicoin Capital further added that he believes “BTC will get flipped in the medium term.” He thinks as a tidal wave of tech money comes into the crypto economy, that it will crowd out the macro money group of people. Samani added: Once BTC is flipped, it’s pretty much game over for BTC. A large part of the value prop of BTC is that it’s the largest and most liquid. Once those stop being true, it has even less to offer. As people recognize that this is becoming true, a lot of the money in BTC will rotate out and into SOL and ETH and other more productive names. Following those statements, Samani surmised his theory by adding that the next bear market will not look like the last and stressed that the “decoupling is real.” “When BTC gets flipped, things get *really* interesting,” the Multicoin Capital executive concluded. What do you think about the Multicoin Capital executive Kyle Samani’s opinions about the bear market and certain cryptos outperforming bitcoin? Let us know what you think about this subject in the comments section below. View the full article

The American actress and businesswoman Gwyneth Paltrow has participated in an investment round involving the bitcoin mining operation Terawulf. According to reports, Paltrow and a group of investors made a “substantial, 8-digit equity investment” in the company. Paltrow is well known for her involvement with cryptocurrencies and joined the crypto firm Abra in 2017 as an advisor. Gwyneth Paltrow Joins Investors Making ‘8-Digit Equity Investment’ in Bitcoin Mining Operation Terawulf On December 13, Terawulf CEO Paul Prager tweeted about Gwyneth Paltrow investing in his bitcoin mining operation. “Thrilled for Gwyneth Paltrow, among others, to invest in Terawulf and support our team of energy entrepreneurs’ new paradigm for best-in-class [crypto mining] that uses 100% zero-carbon energy,” Prager said. Furthermore, reports disclose that investors like Paltrow and the Iranian-American CEO of Beautycon Media, Moj Mahdara, “made a substantial, 8-digit equity investment in Terawulf.” Seeking Alpha’s Joshua Fineman explains that Terawulf is in the midst of a reverse merger with a firm called Ikonics (NASDAQ: IKNX). The special purpose acquisition company (SPAC) merger will change the publicly listed ticker to “WULF.” A number of crypto firms have leveraged the SPAC method to raise capital through an initial public offering (IPO) in order to acquire an existing company. For instance, the vertically integrated bitcoin self-mining company Griid revealed at the end of November its plans for a public listing on the New York Stock Exchange (NYSE) via a SPAC deal. Paltrow Joined Abra as an Advisor in 2017, Businesswoman Features Crypto Subjects in Her Lifestyle Publication Goop The investment in Terawulf is not Gwyneth Paltrow’s first foray into the crypto industry as she’s been involved with crypto assets in the past. During the first week of August 2017, Abra CEO Bill Barhydt announced that Paltrow joined the company as an advisor. “She has been a huge value add,” Barhydt said of Paltrow at the time. “She’s opened up her network to us, given us valuable business advice,” Barhydt added. Paltrow’s “conversation-changing lifestyle brand” called Goop and the news publication Goop.com recently published an article at the end of August on “how to understand—and invest—in cryptocurrency. Paltrow discussed the subject with the entrepreneur and cryptocurrency expert Sophie Wiberg Holm. The American actress and Wiberg Holm conversed about “the rapidly changing landscape of digital currency, how NFTs work, and the long-term upsides of investing in cryptocurrency.” What do you think about Gwyneth Paltrow investing in the bitcoin mining company Terawulf? Let us know what you think about this subject in the comments section below. View the full article

Crypto exchange Binance is winding down its exchange operation in Singapore after the company decided to withdraw its application with the Monetary Authority of Singapore (MAS) to operate a digital asset exchange in the country. “Buying and selling of crypto from existing assets of users will be discontinued from 13 January 2022,” said Binance Singapore. Binance Withdraws Application to Operate Crypto Exchange in Singapore Binance announced Monday some changes affecting all users of its Singaporean platform, Binance.sg. Noting that “The decision has not been made lightly,” the exchange detailed: We are writing to you today to inform you that Binance Asia Services Pte Ltd (BAS) intends to withdraw its licensing efforts in Singapore and wind down its digital payment token (‘DPT’) services in Singapore by 13 February 2022. Binance explained that with immediate effect, no new user registrations will be permitted on Binance.sg and existing users will not be able to deposit crypto or fiat on the platform. However, the exchange clarified that “Users may continue to buy and sell crypto using their existing assets until 12 January 2022,” urging customers to start making plans to withdraw their fiat and cryptocurrencies from the platform. Between Jan. 13 and Feb. 13, 2022, “Users can only withdraw and move their crypto to third-party platforms or crypto wallets; and/or withdraw their SGD,” the exchange stressed, noting that “All accounts must be closed by 13 February 2022.” CEO Explains Why Binance Singapore Is Shutting Down Crypto Exchange Operation Binance CEO Changpeng Zhao (CZ) took to Twitter Monday to explain the reason his company has decided to withdraw the application to operate a local exchange in Singapore. He tweeted: Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore. Last week, Binance announced that it has acquired an 18% stake in Singapore-regulated private securities exchange, Hg Exchange (HGX). In September, Binance ended some services in Singapore after the MAS issued a warning telling the exchange to cease providing payment services. Binance then stopped providing fiat deposit services, spot trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels, and liquid swaps. Singapore is not the only country that has warned Binance about operating without a license. A number of other regulators have issued warnings against the exchange, including those in the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania. In August, Binance said it was making regulatory compliance a top priority. Zhao said last week: “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators … We’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places.” What do you think about Binance withdrawing its application to operate a crypto exchange in Singapore? Let us know in the comments section below. View the full article

The crypto-economy has been sliding in value this week and during the last 24 hours, it has lost 2.5% dropping to $2.3 trillion. The leading crypto asset bitcoin has slid 4.8% during the last seven days and ethereum has dropped 11.7% last week. The downward spiral has cryptocurrency advocates questioning whether or not the bull run is over and if the bear market has begun. Bears Continue to Claw the Crypto Economy Down Following all-time price highs on November 10, the crypto asset economy has shed an enormous amount of value and continues to sink lower every few days. After reaching $69K per unit on November 10, bitcoin (BTC) managed to stay above the $60K zone for six days after, and for just over two weeks, BTC managed to stay above the $50K region. After sliding below $50K on December 4, the same day it hit a low of $43,972 per unit but has managed to jump back above the $47K zone. Still, bitcoin (BTC) is trading for 149% higher than it was on this day last year. However, monthly stats show bitcoin is down 26.1% and more than 30% from the all-time high. The second leading crypto asset, ethereum (ETH), is down 11.7% this week and 30-day stats show ETH has lost 17.5%. Similarly, ether is still up year-to-date, as the price per ETH is over 550% higher than this time last year. The crypto asset is under the $4K zone and currently changing hands for $3,845 per ether. Bitcoin Falls Below 200-Day Moving Average, Analyst Suggests Further Declines Are Coming Speaking with Alex Kuptsikevich, Fxpro’s senior market analyst, Kuptsikevich told Bitcoin.com News that the cryptocurrency market “came under impressive pressure on Monday afternoon.” Furthermore, the Crypto Fear and Greed Index returned to the extreme fear territory from a score of 28 to 21. “It is not easy to pinpoint the new wave of pressure trigger, but it intensified and widened after the two largest cryptocurrencies gave up their key positions,” Kuptsikevich said. “Bitcoin has fallen below its 200-day average, trading below $47K at the time of writing. Excluding the intraday drop on the 6th of December, these are the lowest values since early October, and bitcoin has lost a third of its value from its peak levels just over a month ago,” the analyst further added. “By and large, the highs at 69k were the starting point for pressure on the BTCUSD. Should the decline develop, it is worth paying increased attention to the 40k and 30k levels, significant round levels where Bitcoin had previously turned to the upside.” Fxpro’s senior market analyst continued: The whole crypto sphere is in a bear market. Their total capitalisation is already more than 30% lower from their peaks, and attempts to consolidate beyond critical levels have failed. Last summer, cryptocurrency investor interest returned after capitalisation fell by more than half. This suggests the potential for a further 30% decline from current levels. Huobi Group Co-Founder: ‘Bitcoin Needs to Break Through Descending Trendline’ Speaking with Du Jun, the co-founder of Huobi Group, the analyst said BTC has started to stabilize after the decline, focusing on the support of $47,000. “According to data from Huobi Global, BTC maintained a sideways oscillation at midday, with the upper edge of the oscillation range at $47,500 and the lower edge at $46,200,” Du Jun told Bitcoin.com News. “From the 4-hour level K-line chart, the price began to stabilize after last night’s decline, and the pivot of the current oscillation is near the price low of December 11, which can be seen as a test of the short-term support level.” The co-founder of Huobi Group concluded: At the daily level, today is a slightly longer solid cross negative, with a clear downward trend in the price lows. The price is currently in weakness, stabilizing 47,000 can only make the declining trend temporary, to counterattack also need to break through the descending trendline and 50,800 block. What do you think about Kuptsikevich’s assessment of the crypto economy and saying the sphere is in a bear market? Do you think the crypto economy is in a bear market? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Metaverse Alliance has announced the launch of its online Metaverse Hackathon (Metathon) for all metaverse enthusiasts around the world. The Metaverse Alliance team believes that the metaverse will create long-term value in the future and that both real and virtual worlds will exist in parallel with little boundaries. Metathon comes from the portmanteau of metaverse and hackathon. It is seeking to create a viable platform for great and amazing developers who have the imagination and vision of the metaverse. The metathon is for those who believe that many protocols and Web 3 tools are necessary for everyone in terms of metaverse infrastructure. It is also open to artists who understand the future direction of non-fungible tokens (NFTs). Details About the Metathon The Metaverse Alliance has cooperated with leading funds such as Republic, Delphi Digital, LD Capital, YGG, HashKey Capital, IOSG, Binance Labs, Huobi Ventures, OKEx Blockdream Ventures, KuCoin Labs, MEXC Pioneer, DHVC, D1 Ventures, Maven Capital, Kardiachain and more (Find out more: https://metaversealliance.com/), top tier public chains such as Solana, Avalanche, Flow, Klaytn, Multiverse, active DAOs, experienced crypto experts, and project founders that have already made their mark in the crypto space. They will also be joining forces with leading artists to design amazing and limited-edition identity non-fungible tokens. Registration for the Metathon and submission runs from December 1, 2021 to January 3, 2022, while the preliminary judging is scheduled for January 4, 2022 to January 7, 2022. The finalists will be announced on January 8, 2022, while the preparation and submission for the final will run from January 9 to January 15, 2022. Also, the final judging will be from January 16 to 20, 2022. The winners will be announced on January 21, 2022. Welcome to apply here! https://www.metaversealliance.com/ Five Themes of the Metathon Metaverse Infrastructure The Metaverse Infrastructure track includes specific topics such as decentralized identity, productive tooling, and cross-chain transfer of NFT/FT assets, etc. GameFi This includes any and all kinds of GameFi projects. DAO Tool The manual management of DAO assets is grossly inefficient and untransparent, and current DAO tools have relatively high barriers and are not user-friendly. SocialFi This involves high-quality, on-chain content sharing. Financial NFT The use of NFT specialties to generate more flexible financial products. The Metathon Prize There is $410,000 in the prize pool, and each winner of the 5 themes will walk away with $25,000. The second and third runner up for each theme will also go home with $15,000 and $10,000, respectively. The most creative project will receive a prize money of $8,000, while the most promising project also receives $8,000. Also, the most popular project will be rewarded with $10,000, while $8,000 goes to the best tech project. The best design project and best prospect project will receive $8,000, respectively. There will also be “sponsor grant” prizes worth $110,000, which are distributed as follows: Klatyn sponsorship grant of $50,000 Cradles sponsorship grant of $40,000 NEO sponsorship grant of $10,000 Multiverse sponsorship grant of $10,000. Eligible Participants The Metathon is open to developers, entrepreneurs, and teams from across the globe. All participants must be at least 18 years of age. Although participants can submit projects individually, they are encouraged to do so as a team (3-5 members is ideal). To be officially eligible for the prize giveaway, all team members must provide their CVs as Metathon participants. None of the Metathon organizers or their family members will be allowed to participate. To apply, visit the Metaverse Alliance official website for more details and requirements. About Metaverse Alliance Metaverse Alliance is a team of metaverse enthusiasts and blockchain believers. They are on an adventure to explore the infinite possibilities of the metaverse, and they seek to bring all enthusiasts together. They want to support promising metaverse projects even if the idea is yet to fully take shape. Social Links: Website: https://metaversealliance.com/ Twitter: https://twitter.com/MetaAlliance_ Medium: https://medium.com/@MetaverseAlliance Discord: discord.gg/nzRuau6xwa Telegram: https://t.me/metaverse_alliance1 Media Contact Company Name: Metaverse Alliance Contact Person: Sona, Co-founder Company E-mail : sona@metaversealliance.com Website: https://www.metaversealliance.com/ SOURCE: Metaverse Alliance 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

Dogecoin got a boost Tuesday morning when Elon Musk announced that Tesla will be accepting dogecoin for some products. Musk has just been named Time Magazine’s Person of the Year and said that DOGE is more suitable for transactions than bitcoin. Tesla Will Begin Accepting Dogecoin Tesla CEO Elon Musk has announced via Twitter that his electric car company will accept dogecoin (DOGE) for some products. In a tweet Tuesday morning, Musk wrote: “Tesla will make some merch buyable with doge & see how it goes.” The announcement came just one day after Musk was named Time Magazine’s Person of the Year and said that dogecoin is better suited for transactions than bitcoin. The Tesla boss noted that BTC is more suitable as a store of value. The price of dogecoin popped 28.5% from $0.1699 at the time of Musk’s tweet to $0.2183 in just over an hour based on data from Bitcoin.com Markets. Meanwhile, Tesla still has not resumed accepting bitcoin. The electric car company began accepting BTC in March. However, it stopped accepting the cryptocurrency in May due to environmental concerns. Musk later said that Tesla will resume accepting BTC “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Nonetheless, Tesla still holds BTC on its balance sheet worth about $1.26 billion at the end of Q3. The company does not own any DOGE. However, Musk previously said that he personally owns dogecoin, bitcoin, and ether. Musk has previously hinted that Tesla will accept dogecoin. In May, he set up a poll on Twitter asking his followers if Tesla should accept DOGE. 78.2% said yes. Since then, he has revealed that he sees the meme cryptocurrency as the people’s crypto. In August, he agreed with Shark Tank star Mark Cuban, the owner of the NBA team Dallas Mavericks, that “The community for doge is the strongest when it comes to using it as a medium of exchange.” What do you think about Tesla accepting dogecoin? Let us know in the comments section below. View the full article

The chief of the Government Communications Headquarters (GCHQ), one of the big three intelligence agencies in the U.K., has raised concerns regarding China and its digital renminbi. Sir Jeremy Fleming stated that the already existent Chinese CBDC could be used to collect information from users and, hypothetically, to control and filter global transactions. UK Worried About Chinese CBDC Advancements The chief of the Government Communications Headquarters (GCHQ), one of the biggest intelligence agencies in the U.K., has warned of possible negative effects on global transactions related to the adoption of the digital renminbi. Sir Jeremy Fleming stated that if the currency extended to other countries, and other players use it like locals, it could have a bad effect on the health of the financial system. Fleming stated: If wrongly implemented, it gives a hostile state the ability to surveil transactions. It gives them the ability . . . to be able to exercise control over what is conducted on those digital currencies. GCHQ has the responsibility of securing the information of the U.K. and coordinating the cyber defense of the country in case of an attack. China Moving Forward Fleming further explained that China is promoting its digital renminbi wallet as one of the payment alternatives for the next Beijing Winter Olympic Games, for natives and foreigners alike. This might prompt foreigners to install and use the digital renminbi wallet to pay for goods and services during the event. The worries that Fleming shares are a result of developments and advancements China has been making during recent years in the field of digital currency. While some countries have penned essays about launching a central bank digital currency, and others have already done so, no country has established a pilot as advanced as China. Fleming stressed: China has stolen a march . . . [it’s] investing very heavily, overtly and covertly, and that’s because it is starting to exercise real influence on the way in which the rules of the road are going to operate in a technology and digital context. We have to work out what our response is to all of that. There is still a lack of a framework to manage these kinds of currencies globally, and Beijing has not shown intentions of collaborating with other countries when it comes to that issue. However, Fleming remarked on the importance of open trade and collaboration between the two nations. What do you think about Fleming’s concerns regarding the digital renminbi? tell us in the comments section below. View the full article

Gamesta is the smart contract-based guild enabling investors to connect and empower thousands of underprivileged players throughout the world. Gamesta Guild believes the value of any game is created by the network of players playing it. Each player, regardless of their wealth or means, represents the same value in a digital game, investing their time and contributing to an ever-evolving metaverse. Now, through blockchain technology, game developers can finally reward the loyalty of those players. Spencer Tarring is the founder and CEO of Gamesta. He recently joined the Bitcoin.com News Podcast to talk about the business: Founder of VMG & DopeWarz, Spencer comes with a wealth of experience in both startups & crypto, having exited 5+ businesses in a 20 year career of entrepreneurship. He also is an internationally renowned DJ and runs a successful youtube channel called Crypto Money Life. A regular guest on Bitboys ATB show, he is well connected within the crypto & influencer community. To learn more about the project visit Gamesta.ai, and follow the team on Twitter. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play. This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below. View the full article

The central bank of Russia intends to ensure that the digital ruble is convertible to foreign currencies and can be used by non-residents. In a document devoted to the digitalization of the Russian financial sector, the regulator reiterates its concerns over the risks associated with cryptocurrencies and insists that state-issued digital currencies are safer. Bank of Russia to Give Foreigners Access to Its CBDC The Central Bank of the Russian Federation (CBR) will facilitate the exchange of the digital ruble with foreign currencies and allow users residing outside its jurisdiction to open and use digital ruble wallets. The monetary authority revealed these intentions in its “Main Directions for Digitalization of the Financial Market, 2022 – 2024” project published recently. Bank of Russia started contemplating a central bank digital currency (CBDC) in 2018 and decided to explore the possibility of issuing one last year. A consultation paper was published in October 2020 to gather feedback from financial sector players. In April 2021, the regulator released a digital ruble concept outlining its principal architecture. In June, the CBR formed a digital ruble pilot group with over a dozen banks and other stakeholders. The authority wants to complete the platform’s prototype by the end of December and begin trials with the CBDC in January. It plans to gradually expand the range of participants and the types of transactions, Forklog and RBC reported quoting the draft document. At the first stage of the trials in 2022, Bank of Russia will invite credit organizations and carry out consumer-to-consumer operations. The Federal Treasury will join at the second stage, along with financial intermediaries such as non-bank payment service providers, exchanges, brokers, marketplaces, and insurance companies. Smart contracts and offline mode as well as the option to convert digital rubles into foreign currency will also be introduced. The CBR claims that using the digital ruble offline will increase the availability of financial services for the population. It says that uniform fees will bring transaction costs down. The platform will also be employed for targeted payments to citizens and businesses. In the document, the Russian central bank has once again drawn attention to the risks it sees in decentralized digital currencies like bitcoin. The CBR reiterates its position that cryptocurrencies cannot be used as a means of payment because of their high volatility. Recognizing there are different approaches to regulation, the bank nevertheless highlights a trend towards the tightening of rules pertaining to the crypto space. Bank of Russia also insists that CBDCs can respond to the need for safe digital payments. What do you think about Russia’s plans for the digital ruble project? Tell us in the comments section below. View the full article

Nested exchanges are becoming a popular tool for money launderers. Learn all about nested exchanges/services and what we’re doing to combat them as well as how to avoid them and why accounts get blocked or frozen because of them. Main Takeaways: A nested exchange provides crypto trading services through an account or wallet on an existing host exchange. Nested exchanges are attractive crypto platforms for money launderers looking to bypass KYC and AML requirements. In this article, you’ll learn how to avoid nested exchanges, the common security issues and how we combat this problem at Binance. A new trend is emerging in the world of cryptocurrencies, and it’s not pretty. They’re called nested exchanges, and it’s the latest vehicle of choice for money launderers worldwide. In short, a nested exchange provides crypto trading services through an account or wallet on an existing host exchange. The nested exchange typically operates in secret and is rarely associated with the host exchange. So why do people use them? Some users prefer nested exchanges because they enforce minimal know-your-customer (KYC) and anti-money laundering (AML) requirements. Perhaps they live an anonymous life off the grid, or even worse, they’re up to something nefarious. More often than not, it’s the latter situation. Here’s how nested exchanges work: Person A visits a nested exchange and decides to trade ETH for BTC Person A deposits the ETH on the nested exchange. The nested exchange sends the ETH to their account/wallet on the host exchange to complete the conversion. The nested exchange returns the newly-converted funds to person A and the trade is complete. However, the lax requirements make this process a very appealing gateway for bad actors looking to cover the tracks of their illegally-acquired funds and bypass requirements on centralized exchanges, like Binance. In this article, you’ll learn how to avoid nested exchanges, the common security issues and how we combat this problem at Binance. How to Avoid Nested Exchanges Nested exchanges can look just like your traditional crypto exchange. Some may have a false user interface, but this is less common. Users will typically know what nested service they’re using, but most won’t see or know the host exchange it’s operating on. If you want to avoid nested exchanges and all the associated risks, we recommend using a regulated, centralized exchange or a nested service that is legally compliant with proper KYC and AML procedures. It’s a telltale warning sign if your crypto exchange requires little to no verification checks or trading limits. If you suspect your provider is a nested exchange, you can always use a blockchain explorer to track if your funds came from a wallet on another exchange. Security Issues The significant risks with these services are the lack of supervision from the host exchange. Remember, by putting the complete trust of your funds in an exchange with minimal security, you are also taking on more considerable risk. Bad actors deliberately use these services to avoid the AML/KYC procedures at the host services. Even if you’re using a nested exchange for your day-to-day crypto trading, you may unintentionally be funding criminal and terrorist activities. In that case, the nested exchange could be subject to law enforcement takedowns. Your funds could be confiscated or blocked indefinitely, depending on the jurisdiction and duration. In the event that law enforcement has reason to believe that a nested exchange is conducting an unlawful operation, and is able to take legal action against it, the service, and it’s assets, may be frozen and/or seized. There are several reasons why law enforcement may take this action, but the user-side concern should be that their funds can end up being irrecoverable due to the legal action against a service. Even when they are recoverable, the effort could be burdensome in regards to time and financial resources. How Binance Combats Nested Exchanges In most cases, the host exchange compliance staff will contact customers regarding exposure to a nested exchange. Of course, this applies to many other situations besides just nested exchanges. If this happens to you, work with compliance to provide any requested documentation and answer all the questions truthfully. At Binance, we regularly audit our business and personal accounts that appear to be operating a business. These audits include risk scoring and analyzing the flow of funds. We’ve also recently implemented TRM Labs Chain Analyzer, an industry-leading security tool that identifies nested services living inside a macro exchange. If a nested service seems to be acting in bad faith, appropriate action will be taken, including offboarding and law enforcement and regulatory notification. Currently, nested exchanges are very popular in Ukraine and Russia, which have the largest concentration of money laundering per geographic region of all customers. Just recently, we de-platformed multiple accounts associated with Suex.io, an illegally-operating Russian cryptocurrency exchange, and shared all relevant information with the appropriate authorities. As an industry leader, we have a responsibility to combat bad actors and safeguard the crypto ecosystem. While we do our best to spot and flag nested exchanges on our platform, these accounts don’t always declare their status as a nested exchange. We recommend that our users follow best security practices, trade on KYC and AML-compliant exchanges, and look for nested exchange-red flags. This is a sponsored post. Learn how to reach our audience here. 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Public officials in South Korea are increasingly choosing career opportunities in the cryptocurrency sector. Some of them come from financial authorities which raises ethical questions, according to the findings of a Korean lawmaker, quoted by local media. Former Financial Officials Hired by Major Korean Exchanges A growing number of officials in Seoul are vacating their government posts and moving to the crypto industry, according to Roh Woong-rae, member of the Korean parliament from the ruling Democratic Party. On Sunday, he called for the introduction of stricter rules regarding their employment after leaving public service. Quoted by the Korea Herald, the lawmaker revealed that a Grade 5 employee at the country’s main financial regulator, the Financial Services Commission (FSC), has recently quit his position to join Bithumb, which is one of the leading digital asset exchanges in South Korea. Roh admitted that regulations now do not restrict such employment. At the same time, he believes that it’s quite inappropriate for a former FSC official to directly join a crypto company overseen by the regulatory agency he has been working for. Government officials in Korea are classified according to their seniority, with Grade 1 being the top level. Only Grade 4 and higher officials at the FSC and the Financial Supervisory Service (FSS), another major regulator, are currently required to undergo employment screening before getting a job at a private company. According to the Public Service Ethics Act, government employees above Grade 4 are not allowed to occupy a position in the private sector, when it’s relevant to their former work, for three years after the date they leave the state body. Korea’s antitrust watchdog, the Fair Trade Commission, screens the employment status of all officials at Grade 7 level and above, Noh added. However, the lawmaker slammed the public service ethics committee conducting the employment screening for not thoroughly reviewing all cases. He provided an example with a high-ranking FSS official who had been responsible for the fintech space before finding a new job at Upbit, another big crypto exchange in South Korea. Rep. Roh Woong-rae pointed out that the ethics committee had not seen any issues with the move. But in his view, it’s hard to understand the result of the screening as the official had been involved with matters closely related to digital assets. Such cases are not limited to financial regulators, the parliamentarian remarked. He further revealed that a police officer from the Seoul Metropolitan Police Agency, who led a team investigating crypto-related crimes, is now preparing to join Upbit, too. “Recruiting former and current personnel from the FSC and the police, which are in charge of regulations, is very unethical, in that they are more likely to serve as a shield than experts,” Roh commented. Do you think Korean authorities will tighten the rules for officials seeking employment with crypto companies? Tell us in the comments section below. View the full article

Analyst Mike McGlone with Bloomberg Intelligence has shared his outlook for the cryptocurrency market going forward. “We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications,” he detailed. Noting that “Bitcoin appears to be on a trajectory for $100,000,” the analyst added that we are likely to see “A paused, corrected and refreshed bull market.” Crypto Market Outlook and Bitcoin’s Price Prediction Bloomberg Intelligence (BI) published its 2022 crypto outlook report last week. “Incentivized by China’s ban and the proliferation of revolutionary technologies such as crypto dollars and non-fungible tokens (NFTs),” BI senior commodity strategist Mike McGlone explained: We expect the U.S. to embrace cryptocurrencies in 2022, with proper regulation and related bullish price implications. “The unlimited supply of fiat currency should sustain rising prices, notably in bitcoin and ethereum, which have limited supply,” he added. “We expect wider adoption to prevail and overcome most wobbles, like 2021’s near 50% correction.” Furthermore, “Some normalization in stock-market returns and a continued decline in U.S. Treasury bond yields may shine on Bitcoin and Ethereum in portfolios,” McGlone noted. The analyst further shared: “The key question facing bitcoin nearing the onset of 2022 is whether it’s peaking or simply a consolidating bull market. We believe it’s the latter, and see the benchmark crypto well on its way to becoming global digital collateral in a world going that way. It’s likely to be about key support around $50,000 and $100,000 resistance in 2022.” McGlone described: Bitcoin appears to be on a trajectory for $100,000 … A paused, corrected and refreshed bull market is how we see bitcoin approaching 2022. Regarding whether the price of BTC will hit $100K, the analyst emphasized: “We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply.” Do you agree with the analyst’s crypto outlook and prediction? Let us know in the comments section below. View the full article

While the non-fungible token (NFT) economy has exploded in value, another sector of the NFT industry called fractionalization has seen immense growth. A bunch of projects today are dealing with fractional NFTs, which are basically NFT assets chopped into a number of pieces and shared among a community of holders. According to statistics on Sunday, fractional NFTs have an overall market capitalization of around $212.6 million. Fractionalized NFT Markets Swell Non-fungible tokens (NFTs) have become a billion-dollar industry as digital collectible marketplaces are seeing tens of millions in sales every seven days. The leading NFT marketplace Opensea saw $483.62 million in weekly sales last week, and $13 billion in all-time sales. Seven-day metrics show Axie Infinity sold $89.83 million worth of NFTs last week, and $3.79 billion year-to-date. Another growing sector in the NFT industry is fractionalized NFTs, which are tokens that have been cut up into tradeable shards. The NFT is split into smaller pieces and people believe that it lessens the barrier to entry into otherwise a very expensive NFT collectibles market. Fractionalized NFTs have been around since the early days, and one classic example is the infamous LORDKEK from the 2016 Rare Pepe Trading Card collectible series. The LORDKEK card is one of the few divisible Rare Pepe trading cards and only ten LORDKEK cards were issued. While only eight LORDKEKs exist today, a number of people own 0.00042069 worth of a single LORDKEK card. Bitcoin.com News has further written about fractional NFT platforms like Otis, Unicly, Fractional, and Daofi. Moreover, number of other NFT projects have been fractionalized and reports disclosed last week that Amazon has backed a fractional NFT project built on the Wax blockchain called Dibbs. According to dappradar.com statistics on Sunday, December 12, there’s a couple hundred million dollars worth of fractional NFT markets. Fractionalized NFT Market Capitalization Surpasses $200 Million In fact, metrics show there’s currently a market capitalization of $212,666,688 on Sunday that is composed entirely of fractional NFT collectibles. The largest market valuation belongs to the Doge NFT (DOG) with $130.14 million or 61.32% of the aggregate $212.6 million. The second-largest market valuation belonging to a fractionalized NFT is Etherrock #72 (PEBBLE) which has a market capitalization of around $22.73 million. Feisty Doge NFT (NFD) has an overall market cap today of around $18.29 million and Ladypunk (LADY) has a $7.67 million market valuation. A dissected Meebit NFT (DSMB) has a $4.3 million market cap making it the fifth largest valuation of fractionalized NFTs. Other top fractionalized NFT contenders include Ape Punk ($3.13M), Antique Zombie Shards ($3.06M), BAYC History ($1.36M), R64X.com ($1.2M), and My Alpha Leaderboard ($1.18M). While the fractional NFT DOG has around ​​$20.48 million in liquidity, Etherrock #72 and Feisty Doge NFT are the only two fractional NFT markets with over $4 million in liquidity. LADY has $335.33K in liquidity on Sunday and DSMB has around $150.7K. What do you think about the fractional NFT markets today and the $212 million market capitalization of fractionalized NFTs? Let us know what you think about this subject in the comments section below. View the full article

A Kenya based fintech, Kwara has raised $4 million in a seed round that was led by Breega VC firm. The funds will be used to create an app that allows members of credit unions to access financial services. The Rising Demand for Financial Services by Credit Union Members Kwara, a Kenyan fintech that focuses on helping credit unions, has raised $4 million in its latest seed round. The startup plans to use the funds to build a “neobank” app that enables individuals to sign up with their preferred credit unions to access various financial services. The seed round was led by Breega VC firm, with the participation of Softbank Vision Fund Emerge, Finca Ventures, New General Market Partners, Globivest and Do Good Invest. Other investors include Rabacap, Launch Africa, Norrsken Impact Accelerator, Future Africa, Samurai Incubate, DOB Equity and fintech angels. Established in 2019, Kwara already avails its proprietary backend-as-a-service (BaaS) software to Kenyan savings and credit cooperatives societies. However, as the Techcrunch report explains, the rise in the fintech’s clientele from just two to over fifty in space of just over two years prompted Kwara to moot building the app. Explaining Kwara’s plan following the capital raise, co-founder and current CEO, Cynthia Wandia said: We want to make credit unions as efficient as they can be by giving their members the kind of neobank experiences they wish to have. The Techcrunch report adds that Kwara expects the app to open up new borderless avenues for the lending institutions to sign up new members. The app is also expected to help credit unions shift away from tedious paper-based systems and the need for elaborate brick-and-mortar branches. The Beta Test Already, Kwara’s existing clients have experienced a membership growth of over 19% year on year, about three times the global average. Concurrently, the loan base of credit unions using its technologies went up 46%, about five times the national average. Meanwhile, David Hwan, a fellow co-founder and COO, revealed that the beta version of the app has been tested for feasibility. The uptake of the app has ranged between 60% and 90% he said. The fintech, which also operates in South Africa and the Philippines, says it hopes to triple the number of credit unions using its software to 150 by the end of 2022. On the other hand, Kwara is also aiming to increase the number of credit union members it serves from 60,000 to 100,000 by the year’s end. What are your views on this story? Tell us what you think in the comments section below. View the full article

Ascendex, a cryptocurrency exchange, suffered a security breach that allowed hackers to take control of some of the wallets of the exchange. The attack focused on hot wallets, where funds are kept as a buffer to tend to customers’ withdrawals. The company announced that it would reimburse these funds to any affected user. Peckshield, a security and auditing company estimated losses of around $77 million. Ascendex Hot Wallets Ransacked Yesterday, Ascendex, a cryptocurrency exchange, reported a security breach caused by a hack attack that focused on the hot wallets of the exchange. The company acknowledged the attack quickly and ran a series of security procedures to safeguard its cold wallets. While the exchange has not released numbers on the attack, Peckshield, a security and blockchain auditing company, examined the hack and estimated the losses at around $77 million. The hack targeted hot wallets of the Ethereum, BSC, and Polygon networks, with the most value being withdrawn in ERC20 tokens. $60 million worth of these tokens were stolen in the hack, followed by $9.2 million in BSC tokens and $8.5 million in Polygon tokens. Peckshield provided a detailed report of which tokens were stolen and how much was stolen in each token. Ascendex Response Ascendex issued a statement on the event and informed the public about the actions it will take after the hack. First and foremost, Ascendex will reimburse all of the funds stolen for the affected users, as it declared that “the impacted assets are a relatively small percentage of total exchange assets.” The exchange transferred the nonimpacted assets to its cold wallets and has since suspended withdrawals for its customers. The second part of its response to this hack has to do with the investigation of how this happened and who might be the party behind it. In this sense, the company informed it is already working with blockchain forensic firms and law enforcement to ascertain what really happened and to block the stolen funds from being freely transferred between exchanges. Ascendex also reported that small projects have been affected by this hack, and that some of them are studying to reissue tokens to holders. This affects low liquidity and new projects that were listed on the exchange. This is the second high-profile hack that centralized exchanges suffer in December. Bitmart, another cryptocurrency exchange, lost $200 million in an attack performer on December 6. What do you think about Ascendex’s $77 million hack? Tell us in the comments section below. View the full article

While bitcoin prices have consolidated around the $50K zone, the network’s hashrate has reached an all-time high (ATH) on December 8, 2021, tapping 194.95 exahash per second. Bitcoin miners have increased their processing power a great deal despite the fact that mining bitcoin is 8.33% harder to mine since December 11. Bitcoin Hashrate Taps 194 Exahash per Second on December 8, Mining Difficulty Jumps Over 8% Higher 3 Days Later Bitcoin prices reached a few all-time price highs in 2021 breaking records from previous years. Similarly, Bitcoin’s hashrate has also seen record highs on two occasions this year as the SHA256 hash power has climbed exponentially. While BTC prices tapped an ATH of $64K in mid-April on May 9th Bitcoin’s hashrate hit a lifetime high at 191.42 exahash per second (EH/s). BTC prices once again reached another ATH on November 10, jumping to $69K per coin. As bitcoin prices have subsided around ​​26% since then, Bitcoin’s hashrate has skyrocketed to another lifetime high reaching 194.95 EH/s on December 8. Things have changed a great deal since the last hashrate ATH on May 9, as BTC saw the largest mining difficulty drop in its lifetime dipping 27.94%. After another 4.81% drop, the difficulty has increased nine times in a row since then. During the last four weeks, BTC’s mining difficulty slid 1.49% down and increased by 8.33% on December 11. In terms of mining difficulty, it is almost as hard to mine BTC as it was on May 13, with a 25 trillion difficulty parameter. Right now, the difficulty after the December 11 epoch change is 24.1 trillion which is just a hair lower than the difficulty’s ATH. Hashrate Distribution Changes, the Possibility of Thousands of Next-Gen Mining Rigs Coming Online Another change that can be seen since the May 9 hashrate high is the top mining pools have changed distribution significantly. Today’s top mining pool is Antpool with 19.39% of the global hashrate or 34.6 EH/s and the second-largest BTC mining pool is F2pool with 14.16% of the hashrate or 25.27 EH/s. Foundry USA has been a new top contender in recent months taking the third position on December 12, 2021, with 13.07% of the global hash power or 23.32 EH/s. During the last quarter of the year, unknown hashrate or stealth miners have been a prominent force in hash power distribution. Today, unknown hashrate is recorded as the fifth-largest mining entity with 12.20% of the global hashpower or 21.77 EH/s. BTC mining is still profitable as a machine that produces 110 terahash per second (TH/s) with $0.12 per kilowatt-hour (kWh) will get around $22 per day using today’s BTC exchange rates. During the last quarter in 2020 and first two quarters of 2021, there were many mining rig orders from enterprise mining operations. Many of which expected delivery of the top-of-the-line bitcoin mining devices by the year’s end and early 2022. Companies had ordered tens of thousands of next-generation mining rigs and it’s quite possible a fraction of these ordered machines are online now dedicating SHA256 hashrate to the network. What do you think about the bitcoin hashrate reaching an all-time high on December 8? What do you think about the changes bitcoin mining has seen in 2021 and what do you think is contributing to the recent hash power rise? Let us know what you think about this subject in the comments section below. View the full article

On December 9, Polygon co-founder Mihailo Bjelic announced that the project has acquired the Ethereum scaling startup Mir in a $400 million deal. The Mir team of cryptographers and engineers are joining Polygon in order to create a “highly-scalable, Ethereum-compatible ZK rollup” called Polygon Zero. Mihailo Bjelic: ‘Polygon Is Focused on Zero-Knowledge Cryptography as the End Game for Blockchain Scaling’ Following Polygon’s acquisition of the Hermez Network (now Polygon Hermez) for $250 million in August, the project has announced it has purchased the Ethereum scaling startup Mir. Polygon co-founder Mihailo Bjelic revealed the acquisition on Thursday and said the startup is “building groundbreaking ZK tech.” The $400 million deal will pave the way for Polygon’s new ZK Rollup project. “The Mir team is now joining Polygon in order to utilize this groundbreaking technology and build our new project – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup,” Bjelic said. “Polygon is focused on Zero-Knowledge (ZK) cryptography as the end game for blockchain scaling. We have committed $1B from the Polygon treasury to this effort, and we outlined our plans in our ZK Thesis,” the co-founder added. During the last 30 days, the Polygon network’s native token MATIC climbed 24% in value, and year-to-date, MATIC has jumped 11,750% in USD value. Furthermore, while the cost to transfer ether is $8.31 per transfer, the cost to do the same transfer using Polygon Hermez is $0.25, according to l2fees.info. Polygon has also announced several new rollups before the acquisition of Mir. Miden, Nightfall, Plonky2 The project recently revealed Polygon Miden, a STARK-based, Ethereum-compatible rollup on November 16, and Polygon Nightfall, a privacy-focused rollup. In addition to the Mir acquisition, Polygon’s co-founder details that the team plans to introduce efficient recursive proofs. “ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet,” Bjelic says. “The missing piece is efficient recursive proofs, as recursion allows us to parallelize proof generation for much better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.” Bjelic further added: This ends today. We are announcing plonky2, a recursive proof system that is incredibly fast, and Ethereum-friendly. We believe this engineering breakthrough will be a huge value-add to the community and will open new frontiers of Ethereum scaling. Bjelic further explains that plonky2 is “practical to use on Ethereum” and “plonky2 can generate recursive proofs in an incredible 170 milliseconds on a laptop.” The Polygon co-founder detailed that plonky2 will be officially announced in the next few weeks. In terms of total value locked (TVL) in decentralized finance (defi), Polygon has $4.88 billion. The 4.88 billion locked in Polygon defi protocols equates to 1.96% of the $248 billion locked in defi across all blockchains, according to defillama.com stats. Defi protocols leveraging Polygon include projects like Aave, Quickswap, Sushiswap, Curve, and Balancer. In regard to the Mir acquisition announcement, Bjelic post notes that part of the $400 million deal was made with MATIC tokens. What do you think about Polygon acquiring Mir in a $400 million deal? Let us know what you think about this subject in the comments section below. View the full article

The Federation Council of the Russian legislature is forming a working group expected to propose comprehensive regulations for cryptocurrencies. Officials from several ministries and government agencies, as well as members of the country’s expanding crypto industry, will join the body. Federation Council to Prepare New Regulations for Cryptocurrencies in Russia The Federation Council, the upper house of Russian parliament, is establishing a working group of experts to take on the task of developing additional regulations for Russia’s growing crypto space. Cryptocurrencies are now only partially regulated through the law “On Digital Financial Assets,” and officials have recognized the need to adopt more rules to cover various aspects such as circulation and taxation. Besides lawmakers, the group will comprise representatives of the Ministry of Finance, Ministry of Economic Development, Russia’s financial watchdog, Rosfinmonitoring, the Ministry of Digital Development, the Federal Tax Service, Bank of Russia, and law enforcement agencies. Quoted by Forklog, the Deputy Chairman of the Federation Council Nikolai Zhuravlev announced at the Finopolis 2021 forum that members of the cryptocurrency industry will also be invited. During his participation at the event devoted to innovative financial technologies, Zhuravlev remarked that the use of cryptocurrency as a means of payment is prohibited in Russia. But then he also commented that whether other operations with digital coins should be banned is a difficult and debatable question. According to an earlier statement by the First Deputy Chairman of the Federation Council’s Committee on Budget and Financial Markets Elena Perminova, the house is currently analyzing the presence of cryptocurrencies in the Russian financial market. Perminova said last month that the chamber intends to “seriously address this issue.” In late November, the lower house of Russia’s Federal Assembly, the State Duma, revealed it’s also forming a working group of lawmakers who will try to answer outstanding questions pertaining to the regulation of decentralized digital currencies in the Russian Federation. The group will hold its first meetings in the near future, the head of the parliamentary Financial Market Committee Anatoly Aksakov announced at the time. Its members will attempt to clarify crypto-related matters such as the legalization of mining and the introduction of taxation for crypto holdings and profits. Do you expect Russia to comprehensively regulate cryptocurrencies and related business activities? Share your thoughts on the subject in the comments section below. View the full article

Bank of Thailand’s officials say that using cryptocurrency as a means of payment is not illegal. However, they added that users “must be able to accept the risks,” including price fluctuation. Using Crypto to Pay for Goods and Services Is Not Illegal in Thailand Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, clarified the central bank’s cryptocurrency stance this week. He explained that the Bank of Thailand is currently discussing how to regulate cryptocurrency with the Thai Securities and Exchange Commission (SEC), related agencies, and stakeholders. The bank aims to limit consumer risks associated with using cryptocurrency for payments. Noting that some people are already using crypto to pay for goods and services in Thailand, the director emphasized: It’s not illegal … but [users] must be able to accept the risks. The Thai central bank previously said that cryptocurrency is not legal tender in the country and using it as a medium of exchange “constitutes barter trade between the owner of the digital asset and the provider of goods and services, where the payer and the receiver mutually accept all risks involved.” The director proceeded to say that “If other currencies are widely used, it will impact the central bank’s ability to oversee the economy.” Another senior director of the Bank of Thailand, Chayawadee Chai-anant, explained that many central banks worldwide share the same concern of crypto risking financial stability. While voicing concerns regarding financial stability, she clarified: Currently, the Bank of Thailand does not prohibit but is worried about the use of digital assets for payments of goods and services due to their price fluctuation. Meanwhile, the Thai central bank said Tuesday that it discourages commercial banks being directly involved in trading crypto assets due to the risks stemming from high price volatility. Chai-anant told a news conference: We don’t want banks to be directly involved in digital asset trading because banks are (responsible) for customer deposits and the public and there is risk. However, she noted that “If a company is a shareholder, that is another issue.” Siam Commercial Bank (SCB), one of the largest banks in Thailand, announced last month that it is acquiring a 51% stake in a cryptocurrency exchange. Cryptocurrency has been gaining popularity as a way to pay for goods and services in Thailand. In July, the Thai central bank issued a warning notice regarding the use of digital assets as a means of payment. In October, the country’s prime minister cautioned investors about investing in cryptocurrencies, stating that they are volatile and highly speculative. In November, the Tourism Authority of Thailand (TAT) revealed that it is working with the SEC and the central bank to make it easier and more convenient for visitors to spend cryptocurrencies in the country. “Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists,” said the TAT governor. What do you think about the Bank of Thailand’s crypto stance? Let us know in the comments section below. View the full article

The author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says a crash and a depression are coming, predicting that “Gold, silver, bitcoin, real estate will crash too.” He added that he is getting ready to buy all four types of investments after the crash. Robert Kiyosaki Predicts a Crash Is Coming Robert Kiyosaki, the author of Rich Dad Poor Dad, has once again warned of an impending crash, followed by a depression. He expects several markets, including bitcoin, to crash. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thursday that the Federal Reserve and President Joe Biden are “pushing fake inflation,” adding: Crash and depression coming. Gold, silver, bitcoin, real estate will crash too. Ready to buy more gold, silver, bitcoin, real estate after crash has crashed. Time to get richer after fake inflation crashes. The best-selling author also made a prediction last week about the Biden administration. “Biden to step down soon,” he predicted. “Kamala [Harris] will become [the] first female president. This was [the] plan all along. Trump ruined Hillary’s ascension following Obama.” The famous Rich Dad Poor Dad author has warned about a crash several times. In June, he said that the “biggest crash” in the world’s history is coming. In September, he reiterated his warning, expecting a “Giant stock market crash” in October. He then warned about the U.S. sliding into a depression. Amid his gloomy predictions, Kiyosaki recommends buying bitcoin. In August, he said bitcoin is the investment with the greatest upside. In October, he said bitcoin has a “very bright” future. Last month, he revealed that he was buying more bitcoin and ether as inflation concerns intensified. What do you think about Robert Kiyosaki’s advice? Let us know in the comments section below. View the full article

Many institutional investors are predicting a major correction in the cryptocurrency market next year, a survey published by Natixis Investment Managers shows. Despite seeing crypto as the top contender for a major correction, institutional investors are increasingly warming up to the asset class. Institutional Investors See Crypto as Top Contender for Major Correction Natixis Investment Managers published the results of a global institutional investor survey Wednesday. The company polled 500 institutional investors who collectively manage $13.2 trillion in assets for public and private pensions, insurance, foundations, endowments, and sovereign wealth funds worldwide. Nearly 100 institutional investors in the U.S. who manage $1.3 trillion in assets were included. Institutional investors were asked about which markets will see a major correction next year. While “institutions see the potential for corrections in a range of asset classes and sectors,” the survey findings state: They think the top contender for a major correction next year will be cryptocurrencies. Natixis detailed that cryptocurrency tops the list of correction concerns with more than half of institutions surveyed calling for a correction. Next on the list are interest-rate-sensitive bonds (45%), stocks (41%), and technology (39%). Despite predicting a major correction for the crypto market, institutional investors are increasingly warming up to the asset class, Natixis noted, stating: Even as crypto is the top contender for correction, institutions are beginning to warm to digital currency. Natixis added: “Four in ten consider crypto to be a legitimate investment option, and of the 28% who invest in crypto, 90% say they will maintain (62%) or increase (28%) their allocation.” Meanwhile, 87% of institutional investors expect central banks to eventually regulate cryptocurrencies. A growing number of institutional investors have shown interest in cryptocurrencies over the past months. In May, global investment bank Goldman Sachs said that fear of missing out (FOMO) is driving institutions to bitcoin. In July, a survey by Nickel Digital Asset Management shows that 82% of institutional investors and wealth managers are planning to increase their crypto exposure between now and 2023. Do you agree with the institutional investors surveyed about a major correction in the crypto market? Let us know in the comments section below. View the full article