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Save the Children in Rwanda recently became the latest member of the NGO community to endorse cryptocurrencies after it announced the establishment of a partnership agreement with the Cardano Foundation. ADA Donations According to a statement released by parties to the project, this arrangement became possible after Cardano “installed a payment gateway that allows ADA donations to come directly to the project without intermediaries.” Once received, the funds will be “invested in African-based social enterprises with a proven impact on children, families, or youth.” Already, some 22,000 ADA, worth nearly US$30,000, has been donated through the system within hours of its launch, according to the statement. Meanwhile, Maggie Korde, Save the Children’s country director in Rwanda is quoted explaining how cryptos and blockchain technology can help school children from the country. She said: Through Cardano, Save the Children in Rwanda now has a starter pot of the cryptocurrency ADA which we can deploy to projects for children. But there are also countless possibilities through blockchain to firstly directly impact children’s lives through initiatives such as digital school records and secondly to increase our efficiency and transparency as an organization. New Path for Save the Children Similarly, Ettore Rossetti, a senior advisor at Save the Children, also applauds the partnership, which has brought another “exciting new path for the organization.” She also discusses other solutions that are made possible by blockchain technology. Rossetti said: “Beyond cryptocurrency contributions, what if blockchain technology could be used to make supply chains more efficient, transactions more transparent, and end world poverty through decentralized universal basic income as a form of unconditional cash vouchers? That would be a dream worth holding onto.” Founded more than 100 years ago, Save the Children says it has now reached more than one billion children. Save the Children also claims to have been the “first global NGO” to endorse cryptocurrencies when it accepted bitcoin donations from well-wishers. These donations were used to fund the response to Typhoon Haiyan that struck Southeast Asia in 2013. The Rise of Crypto Donations Besides Save the Children, other NGOs that have received donations in digital currency include Give Well, which started accepting crypto donations in December 2017. Another NGO, India’s Crypto Covid Relief Fund, is reported to have recently received shiba inu tokens worth millions of dollars from Vitalik Buterin. Other bodies like UNICEF are accepting crypto donations because these provide an unprecedented level of transparency in the funding and NGO space. In addition to its embrace of cryptocurrencies, Save the Children in Rwanda is also involved in efforts to bring together innovation and impact investment across Africa via the recently launched Kumwe Hub. Under this initiative, “projects such as academic records for children crossing borders, digital IDs for refugees, and lending mechanisms for the financially excluded, are all in the pipeline to pilot through the project.” Do you foresee more NGOs accepting crypto donations? You can share your thoughts in the comments section below. View the full article

Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose interest. Trade Volumes Kept Falling in June Cryptocurrency trading volumes experienced a sharp decline in June, according to data from Cryptocompare. The data collected by the price and volume tracking organization shows that trading, in general, experienced a slump of at least 40%. Spot volumes suffered the most, with users trading 42.7% less compared to volumes in May. In total, $2.7 trillion was traded last month. Derivatives trading also suffered a sharp decline. Trading fell 40.7% month-on-month to $3.2 trillion. Analysts state this decline has to do with one key reason: the mining and cryptocurrency trading crackdown that happened in China last month. This caused crypto traders to be wary of the future of the market and precipitated the plunge in volume. Cryptocompare stated: Headwinds continued as China persisted with its crackdown on bitcoin mining. As a result of both lower prices and volatility, spot volumes decreased. Internet Traffic to Exchanges Also Fell Consequently, internet traffic to exchanges also fell drastically. Exchanges got 369.1 million visits in June, a drop of 42.2% month-on-month, according to research from The Block. While Binance experienced a sharper trading volume drop of 56%, it managed to retain the top position in spot trading volumes. There might be other reasons why customers are avoiding Binance right now. Multiple organizations have been blocking payments to the exchange since last week. Also, the exchange has faced opposition for not complying with local laws in several countries since last month. But perhaps the most likely catalyst for this fall is the decline in bitcoin prices affecting the cryptocurrency market. Bitcoin touched $60K+ in April, and it now trades in the $30K-$35K stripe. This has discouraged swing traders and chilled the cryptocurrency craze that was in full effect earlier this year. Some analysts believe this decline will continue in the near future. Scott Minerd, CIO of Guggenheim Partners, stated that bitcoin’s “real bottom” might be around $10K last week. At the time of writing, bitcoin is trading just under $33K. What do your think about the decline in trading volumes that happened in June? Tell us in the comments section below. View the full article

In 2019, a man with Fabio-like hair entered the cryptocurrency scene with questionable claims when he told a slew of people he helped co-found the creation of Bitcoin. The self-proclaimed Bitcoin inventor named Jörg Molt not only offered a “Satoshi School” but allegedly ran a number of scams on the side. The publication Bild reports the 48-year-old man was arrested by Bavarian police at Frankfurt Airport over accusations of fraud. Self-Proclaimed Bitcoin Inventor Jörg Molt Arrested in Frankfurt Jörg Molt once claimed he helped invent Bitcoin and also said he was good pals with ​​Andreas Antonopoulos after a wild appearance at the 2019 WCC Vegas Blockchain Week conference. Molt allegedly went around the conference in Las Vegas claiming to be the co-inventor of Bitcoin. After the story went viral, Antonopoulos discredited his claims and stressed that he didn’t know Molt at all. “Apparently, a German person called ‘Jörg Molt’ has been showing a selfie taken with me and telling people that we are friends — This is a LIE,” Antonopoulos tweeted at the time. “I don’t know him at all — I have heard from others that he claims to be the founder of Bitcoin and has thousands of BTC — A LIE.” Jörg Molt is professionally known as DJ Sun Love in Germany. The regional publication the Bild reports that Molt was recently arrested just as he was about to board a plane at Frankfurt Airport. Law enforcement officials believe Molt has been behind some scams also involving a 54-year-old woman who was allegedly his companion. The Bavarian police also searched Molt’s home and found evidence tied to the investigation. German ‘DJ Sun Love’ Started a Bitcoin Pension Fund That Closed Shop in 2020 Molt is being charged with defrauding 50 people for $2.14 million with a scheme dubbed the “Bitcoin Pension” project. Molt, who is also a well-known DJ in Germany, reportedly told investors that the funds he obtained would go to BTC miners in Sweden. 40% of the funds were allegedly kept in a safe account but in 2020, Bitcoin Pension stopped operations and investors called it a scam. Investigators claim the self-proclaimed Satoshi did not invest the funds into mining and he’s being charged for his promises of big returns. Back in 2019, during the WCC Vegas Blockchain Week event, Molt told people he held more than 250,000 bitcoin. However, despite Molt’s claims, his ex-wife filmed a Youtube video claiming Molt didn’t even own a computer in 2008 when the Bitcoin network launched. What do you think about Jörg Molt getting arrested in Germany? Let us know what you think about this subject in the comments section below. View the full article

Four alleged masterminds of the “Oz Project” have been arrested after duping investors across Japan for at least four years. According to investigators, the scheme raked in $55 million from about 20,000 investors, promising 2.5 times returns in four months. Police in Aichi Prefecture, Japan, said Monday that four men have been arrested for defrauding investors in a cryptocurrency investment scheme called the “Oz Project.” The police said the group had amassed at least 6 billion yen (approximately $55 million). According to local media, the number of victims is between 10,000 and 20,000. According to investigators, the four men arrested were Shoji Ishida (59), Yukihiro Yamashita (61), Takuya Hashiyada (46), and Masamichi Toshima (52). Ishida is allegedly the operator of the Oz Project. They allegedly lured investors by promising them that their crypto investments would increase 2.5 times in four months. Investigators suspected that the group began duping people four years ago, holding seminars across Japan. The group allegedly told investors that their funds would be invested in cryptocurrency using an automated AI trading system, which in fact did not exist. What do you think about this crypto investment scheme in Japan? Let us know in the comments section below. View the full article

Data shows a number of groups from major universities are participating in decentralized finance (defi) governance. For instance, out of 15 of the largest voters in Uniswap’s last governance proposal, six of the major voters were tied to universities like Harvard, Berkeley, Stanford, Penn, Michigan, MIT, and Columbia University. Blockchain University Groups Identified as Major Players in Defi Governance Decisions Just recently, messari.io researcher Jack Purdy tweeted about an interesting find he discovered while researching defi governance protocols. Purdy’s recent tweet showcased six prestigious universities that were involved in a recent Uniswap governance proposal voting process. “Universities are becoming some of the most active participants in crypto governance,” Purdy said. “Out of the 15 largest voters on Uniswap’s last proposal, 6 of them were Universities. That’s over $600 million of a useless governance token,” he added. Image shared by messari.io researcher Jack Purdy. Of course, the voters that are participating are not necessarily official representatives of the universities, but groups of students participating in blockchain projects. Verifying whether or not Purdy’s tweet is factual can be validated via the website withtally.com (Tally), a web portal that explores cryptocurrency governance systems. Tally explores governance tethered to projects like Compound, Uniswap, Indexed, Fei, and Gitcoin. For instance, Compound has 52 governance proposals, 1.72K eligible voters, and 41% engagement. Uniswap has only six governance proposals, 4.53K voters, and 18.62% engagement. The website withtally.com (Tally) explores governance protocols used with specific defi projects. Uniswap proposals include a defi education fund, reducing the UNI proposal submission threshold to 2.5 million, and Uniswap Grants Program v0.1. The defi education fund was executed with 79 million votes for the fund and 15 million votes against it. Uniswap voting power and top advocates. Harvard Law Blockchain holds the fifth position among top voters leveraging the governance system for Uniswap. The proposal meant to reduce the UNI proposal submission threshold to 2.5 million was also executed with 14.4 million votes for the threshold and two million votes against the threshold idea. Harvard Law Blockchain is a top voter on Uniswap according to Tally and captures the fifth position among the top Uniswap governance voters. The list of major Uniswap governance voters includes Blockchain at Berkeley (11), Stanford Blockchain Club (13), Blockchain at UCLA (16), and PennBlockchain (20). Meanwhile, corporate entities and venture capitalist funds represent a larger portion of Compound’s governance proposals. Compound voting power and top advocates. VCs hold the highest positions among top voters leveraging the governance system for Compound. University groups also participate in Compound’s governance voting. Compound voters are competing with firms like a16z, Polychain Capital, and Bain Capital Ventures. Despite the corporate entities, university blockchain groups also participate in Compound’s governance system. Compound voters from universities include Blockchain at Michigan, Blockchain at UCLA, Blockchain at Berkeley, Stanford Blockchain Club, and MIT’s Bitcoin Club. Ishaan Hiranandani, a member of Blockchain at Michigan, explained that the participants are mostly students. “[Blockchain at Michigan] is completely student-run, though we have advisors in the space for help,” Hiranandani said. In Today’s World of Political Bias Toward the Destructive Left/Right Paradigm — Do People Really Want Academics Governing Defi? Not everyone was pleased hearing about the university groups participating in significant defi governance proposals and some called the university participation “cringe.” “The last thing you want is woke, leftists academics ‘governing’ your defi protocol,” a Twitter account dubbed Defimoon said. “You also don’t want VCs with strong ties to leftist academic institutions with sizable governance stakes in your favorite defi protocol,” the individual added. However, not everyone agreed with Defimoon’s stance, and some people vouched for widespread participation in defi governance. “I don’t agree,” a Twitter account called Defibrillator replied to Defimoon’s tweet. “Often these are student-run groups and in any case, you don’t get to pick and choose who is involved in crypto. Broad participation is a good thing even if it offends your political bias.” What do you think about all the university groups participating in defi governance proposal votes? Let us know what you think about this subject in the comments section below. View the full article

A group of Binance customers are seeking to get their funds back after the platform froze in May. These users had leveraged positions and were unable to reduce them or close them. On May 19, Binance’s app crashed for more than one hour, leaving customers unable to manage their funds. These users are now pursuing legal action against the exchange in France and Italy. Users Organizing to Recover Funds From Binance A group of users affected by outages in the Binance service is organizing to battle the exchange. Hundreds are pursuing legal action in France and Italy after the exchange froze on May 19. This is the case for Anand Singhal, a freelance coder who entered a leveraged position with more than $50K dollars. When Singhal started checking prices and perceived the incoming fall, he tried to get out of his position. But he couldn’t. Due to the precipitous price fall that bitcoin and other cryptocurrencies experienced at that time, Binance’s platform was unable to cope with the transaction load. Hundreds of thousands of traders were trying to do the same thing at the same moment: exit the market. The platform crashed and left traders unable to handle their positions for more than an hour. Singhal and other traders lost their money as a result. And now they are fighting back. According to the Wall Street Journal, at least 700 users are searching for legal recourse to recover their funds from Binance in France. And in Italy, more users are petitioning Binance on the same issue. Crashes Happen Frequently However, these crashes are nothing new in the cryptocurrency exchange world. Even Coinbase, one of the biggest and most regulated cryptocurrency exchanges, has had to deal with similar issues. In fact, Coinbase faced difficulties at the same time Binance did. Robinhood, a fee-free exchange, has also had its share of problems with outages and has been fined $70 million Financial Industry Regulatory Authority (FINRA). But Binance is a “headquarters-less” exchange and due to this, it will be difficult for these users to recoup their losses. Binance stated it has contacted most of the affected users to offer compensation for the problems. In any case, disgruntled users still looking for reimbursement must present their complaints to the Hong Kong International Arbitration Center, according to Binance’s terms of service. This news comes at a time when Binance is facing an increase in regulatory oversight from world governments, with several institutions blocking payments to the exchange in the U.K. and Europe last week. To make matters more complicated, Binance has also received warnings from securities regulators in the U.K., Japan, the Cayman Islands, and Thailand just in the last month What do you think about the actions users are taking against Binance? Tell us in the comments section below. View the full article

A new survey finds that 35% of Australians believe bitcoin will eventually be transacted more than fiat currency. Almost the same number of respondents believe that bitcoin “has a significant role to play in the future of currency.” Comparison platform Finder published Tuesday the results of a cryptocurrency survey, which it described as a “nationally representative survey of 1,012 Australians.” The respondents were asked whether they agreed with various statements about bitcoin. They must either agree or disagree. One of the statements was “Bitcoin will eventually be transacted more widely than traditional money.” The company commented: The research revealed that 1 in 3 Australians (35%) believe bitcoin will eventually be transacted more than fiat (traditional) currency. Kate Browne, a personal finance expert at Finder, opined: “While only 17% of Aussies own cryptocurrency, twice that amount believe it has a significant role to play in the future of currency.” Overall, Gen Z (52%) were the most likely to believe bitcoin will be more popular than centralized currency, followed by millennials (45%) and Gen X (30%). Only 17% of baby boomers agreed. Respondents were also asked whether they agreed that “Bitcoin is a legitimate investment.” 50% said yes. Meanwhile, 63% believed that “bitcoin is purely speculative.” Another statement was “Bitcoin is a bubble that will eventually burst,” to which 73% agreed. The respondents were also asked if they have an app that lets them trade cryptocurrency. 15% said yes while 73% said that they did not have a crypto trading app and did not plan to get one. A further 12% said they did not have a crypto trading app but intended to get one. Do you think bitcoin will eventually be more transacted than fiat currencies? Let us know in the comments section below. View the full article

The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the world’s top 10 central banks. A growing number of central banks worldwide are working to launch central bank digital currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) revealed Monday its plan to issue a state-backed digital currency within the next five years. The announcement was part of the central bank’s “2023-2026 strategy” to “position it among the world’s top 10 central banks.” There are seven objectives in total, according to Gulf News. Among them was “issuing a digital currency and driving digital transformation in the UAE’s financial services sector, by utilizing the latest artificial intelligence and big data solutions.” The UAE’s Securities and Commodities Authority (SCA) published its decision on cryptocurrency regulation on Nov. 1, 2020, after consulting with the crypto industry and the public. The document describes the SCA’s licensing regime for anyone wanting to offer crypto-related services within the UAE. It covers initial coin offerings (ICOs), exchanges, marketplaces, crowdfunding platforms, and custodian services. Chainalysis’ Global Crypto Adoption Index published last September ranked the UAE fifth in the Middle East. What do you think about the UAE central bank launching a digital currency in five years? Let us know in the comments section below. View the full article

American inflation expectations have surged according to the results of the latest New York Federal Reserve Survey of Consumer Expectations. The presumed inflation rate tapped the highest point since 2013 and alongside the forecast of lower purchasing power, consumer debt and fears of a housing bubble in the U.S. are on the rise. New York Fed’s Consumer Expectations Report Expects Inflation to Be 4.8% Over the Next Year U.S. citizens are worried about inflation after the government locked down the nation for more than a year and the Federal Reserve increased the M1 supply by 30%. Inflation has been so bad in recent times, American supermarkets are buying up to 25% more supplies to get ahead of inflation and higher supply chain costs that could arise. From 2020 up until today, bacon is up 14%, bread is up 7%, milk increased by 8%, and oranges are up 8% as well. There’s been a significant rise in lumber costs, the cost of gas has jumped, and the real estate market is frothy from the likes of hedge funds and Wall Street types. Though the members of the U.S. Federal Reserve remarked inflation will only be “transitory,” the New York Fed said in its latest Survey of Consumer Expectations that inflation is expected to be 4.8% over the next 12 months. This metric is the highest level recorded since 2013 and the perception of an American’s state of personal finances has degraded. “Perceptions about households’ current financial situations compared to a year ago deteriorated, with more respondents reporting to be worse off compared to a year ago,” the report notes. The New York Fed’s survey adds: In contrast, respondents were slightly more optimistic about their households’ financial situations in the year ahead. American Consumers Are Borrowing More, Uncertainty Range Around Next Year’s Housing Market the Highest Ever Consumers surveyed by the New York Fed also had shown that the rate of borrowing either one or more types of credit has jumped to 45% in February 2021 from 35% in October 2020. “The increase was broad-based across loan types and credit score groups, although it was largest for mortgage refinance applications,” the Survey of Consumer Expectations report notes. Despite the rising number of Americans looking for credit, the overall rejection rate for credit jumped to the highest recorded rate since October 2018. Meanwhile, as stimulus money has run out, Peter Schiff’s web portal schiffgold.com published a report on how “Americans are whipping out their credit cards.” The Federal Reserve data from the report shows that consumer debt jumped 10% in May and the report stressed that “Americans collectively now owe $4.28 trillion in consumer debt.” The numbers stem from debt instruments such as student loans, credit cards, and auto loans. The data does not include mortgages and the report shows that consumer debt figures increased by $35.3 billion in May. The economist and gold bug Peter Schiff doesn’t believe the U.S. central bank will be raising interest rates anytime soon with the economy’s foundations solidified by borrowing. “The reason that they are not going to fight inflation in the future is the same reason they’re not fighting it now — because they can’t do it without collapsing the economy,” Schiff said. The New York Fed’s latest Survey of Consumer Expectations also shows that Americans may be concerned about the U.S. real estate market as consumers disclosed that home prices will remain seeing a steady increase at 6.2% per annum, but doubtfulness surrounding that outlook was the highest the New York Fed survey has ever recorded. Americans are noticing that there are buyers out there today trying to bid on properties they have never seen or visited. In April, 47% of the homes listed in the U.S. moved to pending in less than seven days. What do you think about the New York Fed’s latest Survey of Consumer Expectations hitting records in this series? Let us know what you think about this subject in the comments section below. View the full article

On July 12, an old whale from 2012 spent 740 bitcoin worth roughly $26 million at the time of transfer after nine years of choosing not to move the coins. The whale acquired the bitcoin on May 31, 2012, when the stash of crypto was only worth $3,700. Old School Whale Moves 740 ‘Sleeping Bitcoins’ Bitcoiners noticed a whale move 740 bitcoin (BTC) on Monday after the coins sat idle for over nine years. The bitcoin sat for approximately 3,330 days as the BTC was acquired on May 31, 2012. The address saw life in the spring of 2012 and the wallet has been stacking small increments of BTC since the first large deposit of 740 BTC nine years ago. At the time of acquisition, bitcoin (BTC) was trading for $5 per coin so the 740 BTC was worth $3,700. Today, however, the stash was worth over $26 million when it transferred on Monday. The whale movement was caught by whale-alert.io that stated on Twitter that a “dormant address containing 791 BTC (26,147,621 USD) has just been activated after 9.1 years.” Roughly 640 BTC went to one address while 100 BTC went into another address according to blockchair.com’s transaction statistics. The transaction hash and details show that the transfer was sent with a low privacy score rating (45 out of 100) according to Blockchair’s Privacy-o-meter. After the transfer sent the bitcoins to two addresses, the coins were then siphoned into a tree of BTC addresses. Many Idle Whales From the Early Days Have Stirred in 2021 Whale sightings are a favorite pastime for bitcoiners and there’s been a lot of big moves this year. For instance, on June 9, Bitcoin.com News reported on the “mystery whale” from 2010, which has moved over 10,000 BTC that sat idle for over a decade. Moreover, data shows that in the early days, a great number of people mined bitcoin alongside the crypto asset’s creator Satoshi Nakamoto. Last June, at block height 687,847 an old 2010 mining whale spent 100 BTC that sat idle for over ten years mined on July 15 and then the next day in 2010. What do you think about the 2012 whale that moved 740 bitcoin on Monday? Let us know what you think about this subject in the comments section below. View the full article

Grayscale Investments has engaged the oldest bank in the U.S., BNY Mellon, to provide asset servicing for its bitcoin trust. The bank will also provide ETF services for the bitcoin trust upon its conversion to an exchange-traded fund (ETF). Grayscale Teams up With BNY Mellon Grayscale Investments announced Tuesday that it has selected the Bank of New York Mellon (BNY Mellon) as an asset servicing provider for Grayscale Bitcoin Trust (OTCQX: GBTC). The announcement explains: Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration effective October 1, 2021. Additionally, it is anticipated that BNY Mellon will provide transfer agency and ETF services for the Grayscale Bitcoin Trust upon its conversion to an ETF. “The agreement will offer Grayscale improved scalability, resiliency, and automation through BNY Mellon’s market-leading platform,” the company claims. Michael Sonnenshein, CEO of Grayscale Investments, commented: “Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF.” The oldest bank in the U.S., BNY Mellon is a global investments company with a presence in 35 countries. As of March 31, the bank had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management, according to its website. BNY Mellon set up a crypto unit to offer bitcoin services in February. Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, opined Tuesday: “Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation.” He added: It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the center of everything we do. What do you think about Grayscale choosing BNY Mellon to provide asset servicing and ETF services for its bitcoin trust? Let us know in the comments section below. View the full article

S&P Dow Jones Indices, the world’s leading index provider, announced Tuesday the launch of five new cryptocurrency indices. The company now has eight cryptocurrency indices in total. The first newly added index is the “S&P Cryptocurrency Broad Digital Market (BDM) Index,” which “provides a wide performance snapshot of the cryptocurrency market and includes more than 240 coins at launch,” the announcement details. The other four new crypto indices are subsets of the BDM. The first of the four is the “S&P Cryptocurrency Largecap Index” which “measures the performance of the constituents with the largest market capitalization.” The second subset is the “S&P Cryptocurrency BDM Ex-Megacap Index” which excludes the constituents of the S&P Cryptocurrency Megacap Index. The crypto megacap index measures the performance of bitcoin (BTC) and ether (ETH). Another index being launched is the “S&P Cryptocurrency BDM Ex-Largecap Index” which excludes the constituents of the S&P Cryptocurrency Largecap Index. The fifth index launched is the “S&P Cryptocurrency Largecap Ex-Megacap Index” which measures the performance of the constituents of the S&P Cryptocurrency Largecap Index, excluding the constituents of the S&P Cryptocurrency Megacap Index. The new indices join three existing “S&P Digital Market Indices” launched in May. They are the “S&P Bitcoin Index,” “S&P Ethereum Index,” and the aforementioned “S&P Cryptocurrency Megacap Index.” Peter Roffman, global head of Innovation and Strategy at S&P Dow Jones Indices, commented: “The expansion of our Digital Market Indices family gives one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap. We’re excited to bring this significant level of additional transparency to the cryptocurrency market.” What do you think about S&P Down Jones launching 5 new cryptocurrency indices? Let us know in the comments section below. View the full article

While most digital currency markets are down in value, a token called axie infinity, the native coin tethered to the blockchain-based trading and battle game of the same title, has reached new price highs jumping to $21.55 on Tuesday. The Axie Infinity platform has seen massive demand in recent days, and other tokens from the gaming economy like “smooth love potion” have also seen significant buying pressure. Axie Infinity Token Values Surge Last week, Bitcoin.com News reported on the booming Axie Infinity economy, as the project’s non-fungible token (NFT) assets and its native token have skyrocketed in value. The project is basically an Ethereum-based game that also offers a digital marketplace and governance protocol. The token, axie infinity (AXS), is leveraged for governance and other actions within the game. The game involves a battle between token-based creatures called “Axies,” and players can collect items, breed the creatures, and train them similarly to Pokemon or Hearthstone game characters. Data shows that the token axie infinity (AXS) tapped an all-time high on Tuesday morning (EDT), July 13, 2021. On Tuesday morning (EDT), axie infinity (AXS) tapped an all-time price high at $21.55. The token has been on a market rampage in recent weeks, outpacing coins like BTC and ETH in terms of percentage gains. Seven-day statistics show AXS is up 86.72% against the U.S. dollar and 410.11% over the trailing 30 days. Coingecko stats and nomics.com data show the market capitalization for AXS is around $1.3 billion and there’s $1.2 billion in 24-hour trade volume on Tuesday. At 0.00062 BTC per AXS, the axie infinity token has gathered 18.11% on Tuesday against bitcoin (BTC). Out of the thousands of cryptocurrencies in existence, Coingecko shows AXS holds the 74th position ranking on July 13. Smooth love potion (SLP) is also a token tied to the Axie Infinity economy and has seen major demand. The attention lately has not just been focused on AXS, as the Axie Infinity economy’s other tokens are seeing demand as well. One specific token called smooth love potion (SLP) is one of the Axie Infinity tokens seeing buying pressure. Axie Infinity players can earn SLP as rewards and when they battle in the game’s adventure mode. SLP too tapped an all-time high (ATH) on Tuesday morning, reaching $0.39 per unit on Binance. Besides earning and collecting SLP and AXS, the Axie Infinity economy’s tokens can be purchased and sold on exchanges like Uniswap, Binance, Bkex, Digifinex, and Huobi. While the Play-to-Earn Structure Is Popular, Some Call It a Pyramid Scheme The Axie Infinity universe was developed by a game studio created in 2018 called Sky Mavis. The game leverages a play-to-earn structure and players can collect rare Axies and breed them by leveraging SLP. Axie Infinity players earn more resources by competing in PVP battles hosted in the game’s adventure mode. Players need to download the game, Ronin wallet and Ronin bridge to get started, and the web3 ETH wallet Metamask is also used to connect with the game. In addition to all those steps, users also have to have at least three Axies sold on the Axie marketplace to begin gaming. NFT Games will be a GAME CHANGER, get it? get it??? Games like #AxieInfinity will bring finance into games and also gamify finance. The border to gamified Ponzi schemes will also blur, though 🤷‍♂️ — Holger 🌈 (@rohmeo_de) July 9, 2021 Blockchain-based games have become very popular in recent times especially with the emergence of NFTs. With the play-to-earn structure, people can earn funds in the Axie Infinity economy but they still have to fork over some ether to get started. For this reason, some people have begun to think of Axie Infinity as a borderline Ponzi scheme. “Is it just me or [does] Axie Infinity feel like a Ponzi/pyramid scheme?” one individual said on Twitter on Tuesday. Twitter is littered with comments from other individuals saying the same thing. What do you think about the Axie Infinity blockchain gaming universe and the project’s associated tokens swelling in value? Let us know what you think about this subject in the comments section below. View the full article

The Advertising Standards Authority (ASA), the U.K. advertising watchdog, declared it would crack down on misleading ads promoting cryptocurrency investments. The organization will include cryptocurrency campaigns as a “red alert” priority in the financial marketing department. The organization will be more proactive regarding these ads, it claims, contacting companies and issuing warnings in the future. UK Advertising Watchdog to Increase Vigilance on Crypto Campaigns The U.K. advertising watchdog is not happy about how cryptocurrency campaigns are being carried in the country. The Advertising Standards Authority said it will toughen its standards to crack down on ‘misleading’ cryptocurrency ads. Consequently, any ad that doesn’t comply with the standards issued by the regulator will be taken down. Miles Lockwood, director of complaints and investigations at the ASA, stated: We see this as an absolutely crucial and priority area for us. Where we do find problems we will crack down hard and fast. The agency has put cryptocurrency marketing campaigns as a red alert priority and will increase the oversight on all kinds of crypto-related ads. According to its rules, most of these ads do not fulfill the conditions required by the regulator. However, the ASA relies mostly on consumer complaints to act against third parties. But now the regulator will play a more proactive role in the oversight of these marketing activities even on social media. Louise Maroney, Financial Complaints Lead for the ASA, stated: We do recognise that there are some types of media that we haven’t been able to address fully until now. Confusing Rules The ASA has jumped into the public eye now that cryptocurrencies have become more popular for potential retail investors. For this reason, the agency took action when Luno, a cryptocurrency trading app, displayed ads on public transportation all across London in May. At the time, the ASA called the firm out to be sure other ads “did not irresponsibly take advantage of consumers’ lack of experience or credulity by implying that bitcoin investment was straightforward or accessible.” The problem is that most times, these rules are not as straightforward as players in the crypto field would wish. According to Luno, this lack of clarity is causing problems for cryptocurrency companies running these campaigns. Luno’s CEO Marcus Swanepoel stated at that time: Honestly, we were under the impression that these ads were OK. The FCA released a research note in June starting that consumers buying cryptocurrency as a result of advertising are much more likely to regret the purchase. What do you think about the actions of the U.K. advertising regulator on cryptocurrency ads? Tell us in the comments section below. View the full article

According to Tom Jessop, president of Fidelity Digital Assets, the company is planning to increase staff by 70% because demand for cryptocurrencies continues to keep the firm busy. Fidelity Digital Assets, the subsidiary of the wealth management firm Fidelity Investments Inc., has also seen a significant amount of demand for ethereum. Crypto Demand Pushes Fidelity Digital Assets to Increase Staff Fidelity Digital Assets is looking to increase staff at its locations in Boston, Salt Lake City, and Dublin, according to a Bloomberg interview with Tom Jessop. The new hires will be dedicated to building new products that extend into other areas of crypto assets besides bitcoin. “[2020] was a real breakthrough year for the space, given the interest in bitcoin that accelerated when the pandemic started,” Jessop said. But Jessop also added: We’ve seen more interest in ether, so we want to be ahead of that demand. The company will be trading digital currencies more often as well, Jessop stressed. He explained that crypto trading is a 24/7 environment, unlike traditional markets. “We want to be at a place where it’s full-time for most of the week,” the Fidelity Digital Assets explained during his interview. Fidelity Digital Assets President Describes New Types of Institutional Demand Jessop further explained that Institutional fervor for crypto assets still exists and is rising. The president clarified that hedge funds and family offices approach the company for services. These days, however, Jessop detailed that corporations and retirement agencies are stepping into the crypto world as well. The Fidelity Digital Assets president conducted his interview with Matthew Leising, a Bloomberg contributor that covers the crypto scene regularly. A few years ago, Leising, wrote an article that claimed Satoshi Nakamoto was allegedly writing a book. Last year, Jessop explained that bitcoin is not a true store of value just yet, but he remained positive the leading crypto asset will attain this status. The Jessop interview with Leising highlights that Fidelity Digital Assets seems to have a focus on other digital assets besides bitcoin (BTC). “Bitcoin has been the entry for a lot of institutions,” Jessop concluded in his interview. “It’s now really opening up a window on what else is going on in the space,” he added. What do you think about the recent interview with Tom Jessop, president of Fidelity Digital Assets? Let us know what do you think about this subject in the comments section below. View the full article

PRESS RELEASE. Toronto––Coinchange is diversifying its portfolio of offerings with a move into the DeFi space. The High-Yield Account will provide all users with returns of up to 25% per annum on their USDC balances. This unique opportunity is paired alongside Coinchange’s existing fiat gateways and crypto brokerage, which will allow users to buy and sell BTC, ETH, USDC and USDT with 0% trading fees for a limited time. Easy Access to DeFi The Decentralized Finance (DeFi) sector has grown exponentially over the course of the last year, with over $60 billion now locked in DeFi protocols. Investors have been drawn to these new technologies – which can offer double-digit returns – due to low interest rates and the lack of attractive opportunities in the traditional financial sector. However, DeFi can be difficult to access for new users who are not familiar with the blockchain space, crypto wallets, and specialized tools. Additionally, finding the best opportunities requires users to move funds between protocols at short notice and constantly research to keep up with the market. Founded in 2018, Coinchange – a rapidly-growing digital asset platform that is licenced and regulated in Canada and 33 US states – has already proven a popular choice for purchasing crypto coins and tokens. Their new High Yield Account feature enables clients to access DeFi’s outperforming returns utilizing yield farming strategies, without the downsides of having to constantly monitor the market: Coinchange’s experts and automated strategies deal with this complex and time-consuming process behind the scenes and provide high returns and automated risk-hedging. Unique zero-fee brokerage combined with a safe, high-return DeFi product. Existing and new Coinchange customers can already enjoy the benefits of 0% fees on all deposits to the platform, as well as conversions between BTC, ETH, USDC and USDT. Coinchange’s High Yield Account, currently scheduled for launch on July 26, will enable users to lock their USDC and receive a yield of up to 25% APY – the highest of any comparable platform in the space. Later this year, ETH and BTC will be supported within the High Yield Account – meaning that customers will be able to hold crypto assets that have a strong record of appreciating in value while continually generating significant income from them. “Thanks to zero commission fees for trading, Coinchange is already the most competitive crypto brokerage service in the market,” says Maxim Galash, CEO of Coinchange. “With our High Yield Account paying users up to 25% on their holdings, we are proud to offer both the lowest fee and the highest earnings in the industry. And it’s not just about the fees. We are a safe, licenced, and regulated company that does a great job of simplifying a difficult user experience, democratizing access to new financial instruments currently unavailable to most people. We believe this will prove highly attractive to all types of customers searching for low fees and high yields.” Algorithmic Yield Farming Coinchange High Yield Account builds on centralized and decentralized financial technologies to give customers the best of both worlds. The user-friendly platform makes depositing and managing funds easy and straightforward. Behind the scenes, automated strategies designed by Coinchange’s experts ensure that customers’ money is always working as hard as possible, locked in the highest-yielding protocols. Aggregation of multiple different platforms further increases returns beyond those available to all but the best-informed yield farmers – while Coinchange’s emphasis on security protects users from the risks and uncertainties the DeFi space can pose for newcomers. The result is a safe and seamless bridge into the crypto and DeFi world, leveraging all the advantages of the emerging DeFi industry while reducing stress and complexity – meaning customers can sit back and watch their money grow without worrying. Coinchange advantages: – Time-saving, automated high-yield strategies, designed by experts – Zero commission fees (Limited time offer) – Secure, simplified access to DeFi with 25% APY – One-stop control of funds with just a few clicks – Withdraw funds at any time with no restrictions – No need to manage wallets and private keys – No gas payments required by users About Coinchange Coinchange Financial is a one-stop digital asset management platform. The company is licenced and regulated in Canada, most US states and working towards licenses in the rest of the US, as well as other major countries around the world. The service was launched in 2018 as a crypto brokerage, and in late 2020 began to incorporate DeFi yield farming strategies, providing a bank-like application that merges traditional finance with digital currencies and assets in a safe, convenient, and profitable way. The mission of the company is to bring DeFi and crypto wealth management to the general public and provide high-yield passive income, making everyone a successful investor. Follow Coinchange on: – Twitter – Telegram – Facebook – LinkedIn 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

Woori Financial Group, one of the biggest financial conglomerates in South Korea, will offer crypto custody services. The bank will develop a joint venture effort with Coinplug, a blockchain-based developing company. This conglomerate signals the third bank entering the market in the country, after KB Kookmin Bank and Shinhan Bank. Woori Financial to Develop Joint Venture to Offer Custody Services Woori Financial Group, one of the biggest banks in South Korea, will soon offer cryptocurrency custody services. According to reports from Korea Economic Daily, Woori will establish a joint venture with Coinplug, a blockchain solutions developing company with more than 300 blockchain patents. While South Koreans have traditionally been attracted to cryptocurrency, their regulatory framework forbids them from relying on exchanges for custody. This has spurred interest from banks in stepping up and including cryptocurrency custody in their services. However, from a legal standpoint, banks cannot offer these services independently and need to enter the market via joint ventures. Still, banks are well-positioned to be the main providers of crypto custody in the country. Banking institutions are generally well trusted in the country, and crypto is an incumbent industry. A Woori official stated: In overseas markets, the digital asset custody has become a successful, established practice among the new services offered by the banks. Banks Offer Crypto Custody as New Revenue Source With Woori’s move, all three main banks in the country are now offering crypto custody services. The biggest bank conglomerate in the country, KB Kookmin Bank, was the first to enter the space. It established a joint venture in November 2020, Korea Digital Asset Co. (KODA), with other blockchain-related companies. The second Korean bank to dip its feet into the new field was Shinhan Bank. Shinhan Bank inked a joint venture this year with Korbit to establish their own custody service, called Korea Digital Asset Custody Co. Custody is more akin to the traditional services banks offer for fiat currencies, and some think this is why banks are incorporating this activity as another relatively stable source of revenue. South Korean regulators have taken a hard stance on crypto, proposing new regulations that could severely affect cryptocurrency exchanges in the country. They also banned police officers from buying cryptocurrency in May. What do you think about Woori financial getting into the cryptocurrency custody business? Tell us in the comments section below. View the full article

JPMorgan has offered its view on the bitcoinization of El Salvador, the country which recently made bitcoin legal tender alongside the U.S. dollar. JPMorgan says, “It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender.” JPMorgan on the Bitcoinization of El Salvador JPMorgan & Chase’s Latin American research team published a report titled “The Bitcoinization of El Salvador” Thursday. El Salvador recently passed legislation making bitcoin legal tender alongside the U.S. dollar. The JPMorgan analysts who authored the report wrote: It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender. The report also points out that “Recent surveys suggest widespread skepticism and hesitance of bitcoin as a medium of exchange … with extreme volatility posing a particularly acute challenge in a bimonetary system alongside official dollarization.” JPMorgan noted that bitcoin’s daily trading volumes often exceed $40 billion to $50 billion. However, a large portion of BTC is locked up in illiquid entities, with more than 90% not changing hands in more than a year, the analysts explained, adding: Only a small fraction of circulating supply mobile and available for use in everyday transactions; daily payment activity in El Salvador would represent -4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year. The JPMorgan report further adds that the illiquidity and nature of the volume are “potentially a significant limitation on its potential as a medium of exchange.” However, many bitcoiners were quick to point out that the JPMorgan report does not mention the Lightning Network. Bitcoin advocate and Avanti Financial Group CEO Caitlin Long commented: “‘The Bitcoinization of El Salvador’ written by its Latam research team & it doesn’t mention Lightning Network even once. It’s clear they don’t even understand the basics.” Three major bitcoin wallets used in El Salvador utilize the Lightning Network: the government’s upcoming Chivo wallet, the Bitcoin Beach wallet, and Jack Mallers’ Strike app. The report continues: “A persistent imbalance on demand for BTC/USD conversions on the government platform (Chivo) could cannibalize onshore dollar liquidity and eventually introduce fiscal and balance of payments risk.” In addition, the JPMorgan team believes that adopting bitcoin as legal tender “may imperil negotiations with the IMF” for El Salvador, stating: We believe the Bitcoin Law is complicating talks around IMF aid which we continue to believe is necessary to put El Salvadorian debt on a more sustainable path. The International Monetary Fund (IMF) has warned of “a number of macroeconomic, financial, and legal issues” surrounding El Salvador making bitcoin legal tender. What do you think about JPMorgan’s view on the bitcoinization of El Salvador? Let us know in the comments section below. View the full article

Grayscale Investments now has three SEC reporting funds, with the newest addition being the Digital Large Cap Fund. The company has also filed to make three other funds SEC reporting companies. Grayscale Investments, the world’s largest crypto asset manager, made two announcements Monday. The first was that the registration statement on Form 10 filed with the U.S. Securities and Exchange Commission (SEC) for the Digital Large Cap Fund (OTCQX: GDLC) has become effective. The fund is, therefore, an SEC reporting company, the company confirmed, elaborating: The fund is Grayscale’s first diversified digital currency investment fund to become an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended. Grayscale Digital Large Cap Fund will now file its reports and financial statements with the SEC, along with current reports, in addition to complying with all other obligations under the Securities Exchange Act. The Digital Large Cap Fund’s components as of the end of the day on July 9 comprised 67.49% bitcoin (BTC), 25.35% ethereum (ETH), 4.30% cardano (ADA), 1.03% bitcoin cash (BCH), 0.96% litecoin (LTC), and 0.87% chainlink (LINK). The second announcement on Monday was that Grayscale has filed registration statements on From 10 to make three other crypto investment products SEC reporting companies. They are Bitcoin Cash Trust, Ethereum Classic Trust, and Litecoin Trust. Besides the Digital Large Cap Fund, Grayscale has two other SEC reporting products: Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). What do you think about Grayscale filing to make its funds SEC reporting companies? Let us know in the comments section below. View the full article

On Monday, the global payments solutions provider Clear Junction announced it ceased processing transactions for Binance. The move by Clear Junction was brought on by the Financial Conduct Authority’s (FCA) recent warning, according to a blog post written about the decision. Clear Junction Ceases Processing Payments for Binance Citing the Recent FCA Warning The Financial Conduct Authority’s (FCA) warning against Binance operating in the UK has caused a lot of issues for the company. On Monday, the global payments solutions provider Clear Junction revealed it was no longer processing payments for the crypto firm. “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” the company’s blog post on Monday states. Additionally, the blog post also cites the FCA’s recent warning. “We have decided to suspend both GBP and EUR payments and will no longer be facilitating deposits or withdrawals in favour of or on behalf of the crypto trading platform,” the blog announcement explains further. “Clear Junction acts in full compliance with FCA regulations and guidance in regards to handling payments of Binance.” The Clear Junction news follows the recent moves by Barclays and Santander Bank. Moreover, on July 6, 2021, Binance suspended euro deposits via SEPA bank transfers, while also hiring a U.S. regulator. Binance CEO Changpeng Zhao recently discussed regulatory policy and explained that “compliance is a journey – especially in new sectors like crypto.” On Monday, Changpeng Zhao also referred to as CZ tweeted a picture of himself all dressed up and said: “Do I look more regulated already? Just found out I don’t have dressing shoes at all. So went with sneakers.” Binance has also had issues with the regulatory climate in Thailand, Cayman Islands, Japan, Ontario, and South Africa. What do you think about Clear Junction explaining that it won’t process payments for Binance? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Panther Protocol has joined forces with StackOS, a decentralized cloud protocol, to deliver privacy and data protection tools. As a meta-protocol focused on end-to-end privacy for any digital asset, Panther is of great interest to virtually all DeFi users looking to benefit from personal financial data protection and confidential cryptocurrency transactions. Panther zAssets are 1:1 backed representations of the underlying assets they represent, offering users all of the benefits of private transactions in this emerging asset type. Under the Partnership agreement, Panther Protocol’s DeFi privacy services will be deployed on StackOS’ decentralized cloud. This is easily done in minutes through its easy-to-use interface after the applications have been containerized. Applications running on StackOS become unstoppable and more secure as the infrastructure is automatically being maintained, resulting in the removal of DevOps costs. Panther Protocol CEO and co-founder Oliver Gale comments: “We are delighted to work with StackOS and its innovative platform. StackOS is leading the way in the containerized deployment of applications. This partnership will assist in the advancement of privacy and data protection tools.” StackOS.io is a decentralized cloud protocol on which full-stack applications can be deployed anonymously and securely. Together with Panther Protocol fully collateralized privacy-enhancing digital assets, both platforms can leverage each other’s technologies bringing StackOS users complete anonymity and making Panther’s services unstoppable. StackOS CEO and Chief Architect, Vishnu Korde say: “Currently every payment on the platform with $STACK tokens through the Ethereum chain is public. The transactions will now be made private with Panther’s technology, making payments for cloud resources and apps in the App Store completely anonymous. We welcome this great pairing of our technologies to deliver real benefits for both users.” StackOs will soon be introducing NFTs to its platform. Currently, NFT’s are public as they are on a public ETH chain, but StackOS will use Panther’s service to encrypt the NFT data, making NFT interaction within the StackOS platform private. About Panther Protocol Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARKs technology. Users can mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been: private. Stay connected: Telegram | Twitter | LinkedIn | Website | Medium | Blog About StackOS StackOS is a cross-chain open protocol that allows individuals and organizations to share their computing resources and collectively offer a decentralized cloud; where developers around the world can deploy any full-stack application, decentralized app, blockchain private nets, and main net nodes. It aims to provide the world with “The Unstoppable Infrastructure Protocol”, which will allow any person across the world to deploy their application without incurring heavy cloud management costs and freely run any application they wish to run. StackOS furthermore intends to help brick and mortar businesses around the globe, to go online cost-effectively and securely with minimal technical overhead. StackOS has already gained heavy early traction from the market and is soon preparing to launch its native STACK token on the Mainnet for the general public to use and govern. Twitter | Telegram | Demonstration Video | Explainer Video | Website | Apply (Early Access) 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

The entire market capitalization of all 10,800 cryptocurrencies in existence is down 2.8% on Monday as bitcoin has lost over 2.4% during the last 24 hours. Meanwhile, bitcoin shorts are rising again after bitcoin shorts tapped a two-year high on the derivatives exchange Bitfinex on June 25. Bitcoin Shorts Climb Higher Bitcoin (BTC) and digital markets, in general, have seen better days as BTC tapped an all-time high above the $64K handle three months ago but is still down 48.66% since then. Roughly 17 days ago, on Bitfinex, the number of BTC/USD short positions skyrocketed to levels not seen since June 17, 2019. Stats from datamish.com/btcusd/7d Around 20 days ago, BTC reached its lowest price point in quite some time at $28,600 per coin, and today the cryptocurrency is only 13.72% up from that low price point. Now after the June 25th spike in short positions, things settled on June 27 and shorts remained low. Today, however, short positions held on Bitfinex are starting to climb once again and some spectators believe it’s a bearish signal. BTC/USD shorts on July 12, 2021. At the time of writing, BTC/USD shorts recorded on the derivatives exchange Bitfinex have spiked at least halfway toward the high recorded on June 25. 13,600+ BTC/USD shorts have been recorded while BTC/USD long positions on Bitfinex have surpassed 2019’s all-time highs. 51,000 Bitcoin Long Positions Hope for a Quick Pump Over 51,100 long positions on the exchange have been played so far on Monday and both longs and shorts continue to climb. The number of long positions doesn’t necessarily give a bullish impression either, but it kind of shows some optimistic sentiment, one where market participants are hopeful about a rise in the future. BTC/USD longs on July 12, 2021. The ethereum short position chart pattern is a bit different than bitcoin’s as shorts have risen in recent times but have also started dipping today. ETH/USD long positions also show a different path than BTC’s current long records on Bitfinex, as ETH/USD longs on the derivatives exchange is low on Monday. Etoro market analyst Simon Peters places a lot of the crypto market carnage blame on the digital currency mining issues in China and the regulatory climate worldwide. “Both crypto assets (BTC & ETH) have been hit by crypto crackdowns in China and regulatory changes in different jurisdictions around the world,” Peters said in a note to Bitcoin.com News on Monday. Bitcoin breakout will come, just not now. – As said yesterday, Bitcoin shorts keep going up. – No notable onchain outflows. – $31k & $36k major levels. No need to get chopped up, patience pays. — Joseph Young (@iamjosephyoung) July 12, 2021 The number of BTC/USD shorts also may not be considered bearish, as a short squeeze could be in the cards. A “short squeeze” in BTC/USD markets is not unusual and when it happens, it triggers an extremely fast pump that leaves short sellers in the dust and in the land of liquidations. Usually short squeezes occur in the world of bitcoin trading when there’s an unusually high amount of BTC/USD short positions recorded. The same thing can happen to those playing longs in what’s called a “long squeeze.” Similarly, a significant and sudden dive in bitcoin’s value incites panic selling and longs are also forced to liquidate. What do you think about the current rise in short positions and the significant long positions at the moment? Let us know what you think about this subject in the comments section below. View the full article

The Miami-based Nifty’s, Inc. announced the launch of the project’s website which aims to reveal a non-fungible token (NFT) social platform focused on gathering mainstream attention. The company has also revealed it raised $10 million in a seed round from well-known investors like A&T Capital, Polychain Capital, Ethereal Ventures, Liberty City Ventures, Dapper Labs, Topps, Polaroid, and Samsung Next. Nifty’s Partners With Warner Bros, Launches Space Jam NFTs The new NFT venture Nifty’s announced Monday the launch of the project’s website niftys.com and further detailed that the company has partnered with Warner Bros., the American multinational mass media and entertainment conglomerate. Nifty’s will be working with Warner Bros. on NFTs tethered to the upcoming animated film “Space Jam” featuring LeBron James and the Looney Tunes characters. In four days, “Space Jam: A New Legacy,” will release in theaters and on HBO Max. “We are excited to partner with Nifty’s on this new way for our audiences to engage with their favorite characters, connect with other fans and enjoy our movies on and off the screen,” Pam Lifford, president of Warner Bros. global brands and experiences, said in a statement. “Space Jam: A New Legacy is fun for everyone and it was important to us to give audiences new and exciting ways to celebrate their fandom.” According to the announcement, Warner Bros. will distribute a single limited-edition NFT to anyone who registers on Nifty’s and also visits the Space Jam NFT collection page. Warner Bros. says the NFTs will feature the Los Angeles Lakers’ James and the Looney Tunes’ “Tune Squad.” The Space Jam: A New Legacy NFTs were produced by Palm NFT Studio which uses advanced blockchain tech that claims to reduce “energy consumption by 99%.” “The digital collectibles will include two-dimensional and three-dimensional versions with five levels of rarity,” the entertainment company and Nifty’s announcement details. “Awards will be randomized and include all levels of rarity, including a chance to receive one of the ten legendary versions of each. Collectors will be able to purchase additional NFTs individually for only $2.99, with a randomized assignment of character and rarity.” “The speed and strength of our platform’s development is a testament to the incredible talent of our team and was made possible by a group of investors who have given us the resources to accomplish our goals,” Jeff Marsilio, CEO and cofounder of Nifty’s, noted during the announcement. “We are thrilled to introduce Nifty’s to the world with exciting content from Warner Bros. and to launch our community as an inviting home base for new and experienced explorers of the NFT universe.” Warner Bros Joins Prominent Brand Names Entering the NFT Industry The announcement from Nifty’s comes as NFTs remain in the spotlight and major brand names and celebrities like Playboy, MLB, Mike Tyson, UFC, DeLorean Motor Company, TIME, USA Today have joined the NFT craze. David Lee, the executive vice president of Samsung Electronics and head of the VC firm Samsung Next, believes the team behind Nifty’s will help mold future trends. “What Nifty’s has developed in such a short time deeply impressed us, and we cannot wait to see how they shape the future of NFT engagement,” the Samsung Electronics president concluded. Just recently, rumors went viral on the web that said Warner Bros. was planning on selling both Mortal Kombat’s Netherrealm Studios and LEGO dev TT Games. Warner Bros. is in the midst of a $43 billion merger and it was suspected that the company was offloading some intellectual property and subsidiaries. However, Warner Bros. denies the claims that it plans to offload Netherrealm Studios. What do you think about Nifty’s partnership with Warner Bros.? Let us know what you think about this subject in the comments section below. View the full article

The popular meme token baby doge has slid quite a bit in value even after the token’s image was plastered all over Brandonbilt Motorsports’ No. 68 Chevrolet Camaro at the NASCAR Xfinity Series in Atlanta this past weekend. On Monday, baby doge statistics show the coin has dropped 42% in value over the last seven days and over 2% in the last 24 hours. Baby Doge Spanked by Grown-Up Markets, Donates Six-Figures to Animal Shelter Over the last two weeks, the cryptocurrency community has been focused on a meme-based cryptocurrency called baby doge (BABYDOGE). There are a couple of reasons why baby doge has made it into the spotlight, and Elon Musk’s July 1st tweet about the token probably hasn’t hurt. Still, its value has climbed a whopping 931% in 30 days. Bitcoin.com News reported on Musk’s incoherent baby doge tweet and how the dog token came awfully close to a $2 billion market capitalization. Baby doge (BABYDOGE) stats on Monday, July 12, 2021. However, since then baby doge has dropped considerably and currently trades for $0.000000002993 per unit. Data from coingecko.com shows the token has $8,239,318 in 24-hour trade volume. The volume is spread across Pancakeswap versions 1&2, Xt.com, and Lbank. On Monday, the BABYDOGE market valuation is $1.2 billion after dropping from $1.925 billion a week ago. While the baby doge token has shed enormous value, the social community has nevertheless grown significantly. The Baby Doge community has donated to organizations like Pawswithcause and Furkids Animal Rescue, two programs that work with 45 different shelters across the USA. Photo credit: Brandonbilt Motorsports. The project’s Telegram channel has 122,654 members and over 18,000 are online at the time of writing. The token’s official Twitter account now has 131,500 followers and there are 4.1K subscribers on the r/babydogecoin subreddit. The team has also tried to gain recognition through marketing schemes and charitable causes. For instance, the Baby Doge community has donated over $100K to the Metro Atlanta animal shelter to help save dogs. The community also helped the organization Furkids Animal Rescue and Shelters obtain a new van for the shelter’s “Transfur” program. The Furkids’ van sports the BABYDOGE logo and website as well. Baby Doge Goes to NASCAR Following the Dogefather’s lead in NASCAR, the baby doge token team had also partnered with NASCAR racer Brandon Brown and Brandonbilt Motorsports. This past weekend in Atlanta, Brown’s car featured the babydogecoin.com domain name and the baby doge logo as well. Brandon Brown being interviewed at the Atlanta Motor Speedway race this past weekend. Photo credit: Brandonbilt Motorsports. At the Atlanta Motor Speedway, Brown took the checkered flag from the 31st position on Saturday. Brown’s Camaro sustained “heavy right front damage” while only a handful of laps remained. “It was a tough break for Brown as the No. 68 Chevrolet Camaro ran in and around the 10th position for the majority of the event,” Brandonbilt Motorsports said. Brandonbilt added to the statement by thanking some of its new sponsors: “Nonetheless, we would like to thank Baby Doge Coin, The Erosion Company – TEC and Furkids Animal Rescue and Shelters for joining us this weekend for their very first NASCAR Xfinity Series race.” The Collision Course of This Week’s Meme Coin Markets The famous meme token dogecoin (DOGE) had entered the NASCAR scene long ago when DOGE fans decided to raise 68 million DOGE in order to sponsor Josh Wise’s Ford Fusion in 2014. The dogecoin emblazoned vehicle recently made headlines on June 19, 2021, when Stefan Parsons crashed it at the Nashville Superspeedway race. On Monday, July 12, data shows that meme-based cryptocurrencies have also crashed in value over the last week. Shiba inu (SHIB) is down over 12% this week and dogecoin (DOGE) is down 14.6%. Baby doge’s 42.4% loss is much larger than these two but a coin called alaska inu (LAS) has lost 70% this week and jejudoge (JEJUDOGE) dropped over 60%. However, elon doge token (EDOGE) has gained over 48% this week and keanu inu (KEANU) jumped 35.4% in value. What do you think about baby doge coin shedding more than 40% in value this week and the NASCAR sponsorship? Let us know what you think about this subject in the comments section below. View the full article

The U.S. has arrested a man on criminal charges after he allegedly defrauded the government’s Covid-19 loan programs and used the money to buy cryptocurrency and Tesla. Using PPP Loan to Buy Cryptocurrency and Tesla The U.S. Department of Justice (DOJ) announced Friday that Lebnitz Tran was arrested Thursday “on criminal charges related to his alleged scheming to submit fraudulent loan applications seeking millions of dollars in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Covid-19 relief funds.” According to an indictment unsealed Friday, the 40-year-old man from San Jose, California, submitted at least 27 PPP loan applications and at least seven EIDL loan applications on behalf of multiple persons and business entities. The indictment alleges that “Tran sought in excess of $8 million in PPP and EIDL funds, obtained over $3.6 million in illicit loan proceeds, and ultimately netted approximately $2 million from the scheme.” The DOJ noted: Tran and others used these illicit loan proceeds to make purchases at restaurants and retail stores, make deposits into personal investment accounts, buy cryptocurrency, and, in one instance, to purchase a $100,000 Tesla from a luxury car dealership. He allegedly used “false and fictitious information and documents, including falsified employee information, fictitious or grossly exaggerated payroll figures, and fake tax documents,” the Justice Department detailed, adding: Tran is charged with six counts of wire fraud and three counts of bank fraud. If convicted, he faces a maximum penalty of 30 years in prison as to each count of bank fraud, and 20 years in prison as to each count of wire fraud. This is not the first time someone has been charged with using Covid-relief funds to buy cryptocurrency. In July, Joshua Thomas Argires of Houston, Texas, was charged with Covid relief fraud for using a PPP loan to invest in cryptocurrency, among other things. In April, Darryl Corradini and Vicki Hackenberg, both of Bloomsburg, Pennsylvania, were similarly charged. They used over $350,000 of fraudulently obtained government loans, including a PPP loan, to purchase bitcoins. In March, a Los Angeles-based fraud ring was indicted for exploiting Covid-relief programs after submitting over 150 fraudulent loan applications seeking over $21.9 million in Covid-19 relief funds. The fraudulently obtained funds were used to buy cryptocurrency, among other things. Do you think Tran should go to jail? Let us know in the comments section below. View the full article