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According to this week’s data, cryptocurrency trade volume touched an all-time high on May 20, reaching $1.76 trillion in reported 24-hour volume. Daily trade volume statistics for Monday have been high, as reported volume from crypto market aggregators shows over $300 billion in 24-hour volume. Meanwhile, stablecoins capture 50% of Monday’s global trade volume with tokens like tether, binance usd, and usd coin leading the pack. Reported Crypto Exchange Volumes Worldwide Capture Lifetime Highs Out of all the volume reported across the crypto economy’s lifetime, May 2021 saw the highest cryptocurrency trade volume in history. In fact, on May 20, the reported volume across hundreds of crypto exchanges shows an all-time high (ATH) of $1.76 trillion in daily volume. The reported volume for bitcoin (BTC) on Monday is around $71 billion in global swaps. Statistics indicate that April saw a significant amount of trade volume as well, nearing a trillion when it tapped a 30-day high at $708 billion in daily swaps. The recently captured $1.76 trillion last Thursday, also took place when the entire crypto market capitalization dropped in fiat value from well over $2 trillion to $1.4 trillion. Data from coincheckup.com’s global stats show that after May 19, 2021, nearly every day exceeds $1 trillion in worldwide swaps. On Monday, stats from Coingecko show reported global trade volume is roughly $304.9 billion and an overall $1.6 trillion crypto-economy valuation. Coingecko’s data is roughly the same as coinmarketcap.com, which essentially shows what exchanges are reporting in real-time. The $100 Billion Stablecoin Economy Commands More Than Half the Global Trade Volume Coingecko’s fiat-pegged token index also shows the stablecoin market valuation increasing and at press time, it shows more than $202 billion in 24-hour global trade volume. If the reported numbers are precise, around 50% of the global trade volume on Monday is with stablecoins. It’s worth noting that reported trade volumes have been contested in the crypto economy for more than eight years. While the U.S. dollar commands 17.9% of today’s BTC trades, cryptocompare data shows 55.28% of BTC’s market share volume is paired with tether (USDT). Tether and its stablecoin economy valued at $60 billion has settled much of the crypto trades on a daily basis during the last 30 days. Paolo Ardoino, CTO at Tether Limited explained on Monday that the company has seen “enormous volatility in the crypto markets” in recent days. “During these extreme episodes, we’ve historically seen an uptick in stablecoin activity, made evident by Tether’s recent US$60 billion milestone as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.” Tether is not the only stablecoin showcasing its ability during the recent market downturn as USDC and BUSD have grown to be sizable competitors. USDC now has a market valuation of around $20 billion on Monday and BUSD has around $8.6 billion. While USDC does have a larger market cap, BUSD has higher trade volumes today. At the time of writing, Binance’s stablecoin BUSD has around $9.9 billion in 24-hour trade volume and USDC has $6 billion. Other notable players in both market cap and stablecoin daily trade volumes on Monday include tokens like DAI, UST, PAX, and TUSD. What do you think about the trillion-dollar reported trade volumes recorded during the end of May? Let us know what you think about this subject in the comments section below. View the full article

Global investment bank Goldman Sachs now considers bitcoin an investable asset. “Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class,” said Goldman Sachs’ analyst. Goldman Sachs Now Considers Bitcoin an Investable Asset Goldman Sachs published a research note on cryptocurrency this week stating that bitcoin has become an investable asset, a reverse of its earlier stance. Mathew McDermott, the bank’s global head of digital assets, wrote: Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase. “And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets,” he continued, elaborating: Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class. In February, when Coinbase filed with the U.S. Securities and Exchange Commission (SEC) for a direct listing on Nasdaq, Goldman Sachs said that bitcoin was not yet an investable asset class. The firm also initiated its coverage of the Coinbase stock (NASDAQ: COIN) on Monday with a buy rating and a price target of $306. Coinbase is currently trading at $227.88. The Goldman Sachs analyst also acknowledges in the research note that regulation of the crypto space poses a significant risk to further price appreciation. Nonetheless, McDermott said institutional clients remain keen on adding crypto exposure to their portfolios. He further noted that now “discussions with institutional clients revolve around how they can learn more on the topic and get access to the space.” In contrast, a few years ago, institutions were asking about what bitcoin or cryptocurrencies were. Goldman Sachs has been bullish about bitcoin lately. The bank formally established a cryptocurrency trading team earlier this month and said that institutional demand for crypto “continues to grow significantly.” What do you think about Goldman Sachs’ view of bitcoin now? Let us know in the comments section below. View the full article

Elon Musk, the CEO of Tesla and Spacex, has, at last, reaffirmed his cryptocurrency allegiance, after a series of contradictory signals that collaborated with the market plunge this past week. Musk affirmed he ultimately favors cryptocurrency against fiat-issued money on Twitter, something that was seen as a clear rebuff from his earlier statements where he criticized the Bitcoin network due to energy inefficiency claims. Elon Musk Reaffirms His Crypto Allegiance Elon Musk, CEO of Tesla and Spacex seems to be on the crypto bandwagon again, at least if we take his latest statements seriously. The entrepreneur now turned cryptocurrency influencer reaffirmed his allegiance with cryptocurrency and his preference for crypto assets via Twitter. While answering a tweet that asked what he thought about the people criticizing him for his recent take on the subject, Musk stated: The true battle is between fiat & crypto. On balance, I support the latter. This was taken as a clear endorsement of cryptocurrencies from Musk after a period of harsh criticism due to how the Bitcoin network uses vasts amounts of energy to achieve decentralization. Musk went from hero to villain earlier this month, when, after being a clear supporter of Bitcoin’s economic proposal, he raised important questions about the sustainability of the cryptocurrency in the future, and how the network could grow too big and consume too much power in the process. These critics were seen by some as one of the key reasons why the market took a plunge, with the recent ostensible news of China banning cryptocurrency trading and mining again. Both claims seem to be “reiterated FUD” from the Chinese government. However, this doesn’t mean that Musk is a hardcore crypto supporter but he is actively trying to change how cryptocurrency works to make it cleaner for the environment. Musk’s Take on Crypto Musk has also recently criticized the centralization of bitcoin, citing recent articles stating how the flooding of one coal mine in China caused Bitcoin’s hashrate to plunge heavily. At the time, Musk stated: Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. Tesla stopped accepting bitcoin as payment for its vehicles earlier this month, due to environmental concerns. But the solution to Bitcoin’s dilemma, according to Musk, might be dogecoin (DOGE). Or at least what he wants to make of DOGE in the future. Musk is in talks with Dogecoin protocol developers to improve the throughput of the cryptocurrency and make it more efficient and decentralized than its proof-of-work (PoW) counterparts. He is a big believer in this cryptocurrency and has also talked about what he wishes to achieve in the near future with these proposed improvements. So, yeah, Musk is indeed a cryptocurrency supporter, but understanding his thought process is a whole different story. What do you think about Elon Musk’s latest take on cryptocurrency? let us know in the comments section below. View the full article

Digital currency markets have shed billions once again, as the entire crypto-economy has been cut down from well over $2 trillion to today’s $1.44 trillion market valuation. Bitcoin was coasting along just above the $38k handle before 9 p.m. (EST) yesterday evening but after that point, sellers started capitulating and the price dropped under $34k. Crypto Economy Shaves Billions Crypto prices are down on Sunday after a number of markets tried to regain strength on Friday and Saturday. Bitcoin (BTC) and a number of other digital assets have lost significant value, as last week’s crypto market losses were some of the biggest in history. On Sunday, bitcoin (BTC) is trading for $35,385 per unit and is down 7% today and down 23% during the last seven days. BTC/USD on Sunday morning at 8:00 a.m. Eastern Standard Time (May 23, 2021). BTC dominance has increased since dropping to a low of 40%. Sunday’s stats show BTC dominance is 45.9%, while ethereum (ETH) captures 17.3%. The second-largest crypto asset, ethereum (ETH), is down over 11% today and down 39% for the week. ETH/USD on Sunday morning at 8:00 a.m. Eastern Standard Time (May 23, 2021). Out of the top ten crypto assets, the two biggest losers include binance coin (BNB) which shed 53% during the last week and polkadot (DOT), which dropped 53.82% during the last seven days. On the other hand, the top ten digital coins that saw the least amount of losses last week include bitcoin (BTC) and dogecoin (DOGE). While Participants Focus on the Crypto Market Carnage, The Stablecoin Economy Blasts Past $100 Billion in Value A number of people on Twitter have been discussing the crypto market carnage. The popular crypto Twitter account Alex Krüger said: “This is how a bear market feels like. Sellers capitulating, spot positions getting liquidated, bitcoin futures curve moving towards backwardation. Be great if this were a ‘bottom signal,’” he added. The Twitter account that goes by the name “Light” shared a chart and said: Starting to lever up long here on BTC and ETH. 50% drawdowns are indicative of full capitulation, as is sentiment, with retail panic dumping into low liquidity on the weekend.” The chart shared by the Twitter account and trader called “Light” on Sunday, May 23, 2021. Meanwhile, while everyone has been looking at the crypto market’s ‘blood in the streets,’ the entire capitalization of fiat stablecoins has crossed the $100 billion mark. Tether (USDT) commands the largest valuation with $59 billion today and usd coin (USDC) holds a valuation of around $19.9 billion. The Director of Research at The Block Crypto, Larry Cermak, discussed how market players are using the stablecoin market. “One of the most bullish things about this cycle compared to the previous one is that people are not taking out as much cash but rather letting it sit in stablecoins but still in the ecosystem,” Cermak tweeted on Sunday. “The mentality now is that at the very least you can earn some yield and deploy later.” What do you think about Sunday’s crypto market action? Let us know what you think about this subject in the comments section below. View the full article

Iran is using Bitcoin mining to circumvent and lessen the effect of the economic sanctions that the U.S. and other countries have applied to the country since 2006, according to a new study by Elliptic, a blockchain analytics and financial crime compliance firm. The country is indirectly using bitcoin mining to export part of its energy reserves, whose exports are being hampered by the said sanctions. Report: Iran Is Using Bitcoin Mining to Circumvent Sanctions Iran is leveraging bitcoin (BTC) as a tool to circumvent and lessen the impact of the harsh sanctions that the country is facing, according to a new study from Elliptic, a blockchain crime analysis firm. The investigation, which estimates Iran houses 4.5% of all the bitcoin hashrate in the world, states that the country is using bitcoin indirectly to export its energy reserves. Iran is one of the few countries with abundant oil reserves in the world. However, its capacity to export and use these has been severely limited due to the almost total embargo on oil exports that the U.S. has exerted over the country during the last decade. This has made the government turn to bitcoin mining, as one potential tool for transforming its energy potential into a product the country can profit from. Seemingly, it has worked. Iran’s aging electric structure has had problems handling the load that mining puts on it. The electric tariffs are pretty cheap, a fact that has fueled the cryptocurrency mining craze. Elliptic’s report state that Chinese mining companies have been attracted by this fact, and have even partnered with the military to bring their facilities to the country in a safe way. But how exactly is Iran using Bitcoin to sidestep its limitations? As part of a globalized economy, Iran is effectively getting its energy reserves out to the world by using its oil to produce electricity that is turned into bitcoin through the action of miners in Iran. In this way, Iran is getting an indirect exposure of its oil reserves through potential bitcoin buyers and users. The Transactional Risks While Iran and Iran-based miners are benefiting from this, the report also raises important alerts about compliance, while using the Bitcoin (BTC) network to transact. Elliptic states that any institutions and individuals sending bitcoin could be breaking these international sanctions. The report states: There is a… chance that any bitcoin transaction will involve the sender paying a transaction fee to a bitcoin miner in Iran. Financial institutions should also be on the lookout for crypto deposits originating from Iranian miners that are seeking to cash out their earnings. There are a number of initiatives that are seeking to thwart this potential illegal activity down. Marathon, a bitcoin mining company based in North America, launched the first OFAC compliant bitcoin mining pool recently, which is now mining only compliant transactions. Other similar initiatives might come in the future due to the institutionalization of BTC as an asset class, that is now fueling institutions to shield themselves from carrying these illegal actions unknowingly. What do you think about Elliptic’s last report? Tell us in the comments section below. View the full article

Greenpeace, the ecological NGO, has stopped accepting bitcoin donations due to the big impact the cryptocurrency network has on the environment. The organization, which was one of the first NGOs to add bitcoin to its donations arsenal, has now backpedaled due to the growing energy consumption of the underlying network powering the asset. Greenpeace Stops Accepting Bitcoin Donations Greenpeace has stopped accepting bitcoin donations due to the big environmental impact that the energy consumption that the Bitcoin network is having. The NGO declared in an article earlier this week that they would be scraping this payment functionality, though they didn’t receive many donations in the form of cryptocurrency. Greenpeace stressed: “As the amount of energy needed to run bitcoin became clearer, this policy became no longer tenable,” Greenpeace was one of the first environmentally-focused NGOs of its kind to adopt and embrace bitcoin as a way of getting more support behind its green flag. It announced back in 2014 it was using Bitpay as their payment provider for this action, and they didn’t have any concerns with energy consumption at the time. However, times have changed, and this is now this kind of issue the environmental activist group is rallying behind. The concerns that Bitcoin can grow too big using too many resources in the process. Elon Musk, the CEO of Tesla, was one of the first ones that raised alarms concerning the carbon footprint of Bitcoin recently. Tesla also stopped accepting bitcoin payments due to environmental concerns surrounding the currency. Proof of Work in the Spotlight However, more than Bitcoin, it is its consensus mechanism that’s being criticized as being too dirty and energy-consuming. Bitcoin is a proof of work-based currency, meaning that participants in the network musk confer a certain kind of effort to the network to operate. These participants are called miners, and they use specialized hardware to maximize their gains over others miners in the network. It’s this vast amount of specialized hardware that makes Bitcoin secure, and paradoxically, the one that spends vasts amounts of energy doing so. According to Digiconomist, the whole network has a carbon footprint comparable to Portugal’s carbon footprint and consumes as much power as the Netherlands currently. Other reports disagree with the estimates recorded by the Digiconomist and the Cambridge Centre for Alternative Finance’s (CCAF) estimates as well. Both estimates have large discrepancies between each recorded number, and Bitcoin.com News was told that the “CBECI map hasn’t been updated for some time now,” in December 2020. But it could be worst in the long run: Digiconomist’s last report claims that bitcoin could consume as much energy as all of the data centers in the world, and have a carbon footprint comparable to London’s. Yet bitcoin advocates wholeheartedly believe that proof of work-based currencies can be energy efficient. This is also the case with Elon Musk, who is working with Dogecoin developers to achieve better energy numbers for the meme-centric currency. What do you think about Greenpeace not accepting bitcoin donations anymore? Tell us in the comments section below. View the full article

FC Dynamo Kyiv, the top team in the Ukrainian Premier League, is launching NFT tickets for the 2021 season. The legendary football club, which has the biggest fan following in Ukraine, is also going to offer supporters unique collectible items through a partnership with a blockchain company. Dynamo Kyiv Tickets to Be Listed on Binance NFT The NFT tickets will be listed on the Binance NFT marketplace at the end of June. The sale is part of the “100 Creators Campaign” organized to celebrate the launch of the platform. Dynamo Kyiv plans to continue to regularly offer NFTs, including collectibles. Its ticketing initiative is facilitated by Moonwalk, a U.S.-based blockchain company. Moonwalk’s platform enables the integration of non-fungible tokens (NFTs) into physical and virtual event ticket sales, e-commerce, consumer reward schemes, and payment networks. Since January, the company is developing Dynamo’s digital economy which includes a token ecosystem within the team’s stadium and throughout the Ukrainian capital. FC Dynamo Kyiv Vice President Mark Ginzburg, who leads the team’s innovation efforts, stated: The tokenization of the legendary club is not a tribute to fashion and not following an opportunistic hype. We have a well-calculated strategy and follow a clear goal – to make Dynamo, the best club in Ukraine, the greatest technological leader of football in Europe within the next two years. “Dynamo Kyiv has established itself as an incredibly forward-thinking franchise as the team has developed new ways to engage with their fans, communities, and partners,” commented Moonwalk co-founder Greg Consiglio. The executive noted that the tickets are part of a wider reward ecosystem that will also allow fans to collect NFT game memorabilia. Dynamo to Offer 25% of Its Home Game Tickets as NFTs Binance NFT and Moonwalk will be the exclusive NFT ticket providers for Dynamo Kyiv, the football club announced on its website. With the start of the new season, game-related NFTs will also be launched on Binance NFT. Gleb Kostarev, Binance Director for Eastern Europe, commented: Dynamo Kyiv has an outstanding history and one of the biggest fan bases in Ukraine. We are excited to announce this collaboration, and for sure, the users have been looking forward to it as well. The regional executive of the leading global crypto exchange expressed his belief that NFT tickets will soon become something ordinary for football fans. Kostarev is convinced that Binance NFT Marketplace will be one of the leading platforms for NFT ticketing. Dynamo plans to offer over a quarter of its tickets for home games as NFTs. Even during the shorter 2019-20 season, the team managed to sell more than 400,000 tickets for matches in Kyiv, where its 70,000 capacity Olimpiyskiy stadium is located. The press release details that fans can use the NFTs to unlock game tickets, exclusive rewards, and drops through the team’s Moonwalk digital wallet. What do you think about Dynamo’s initiative to launch NFT tickets? Let us know in the comments section below. View the full article

Crypto’s anarchic nature, with the emphasis on decentralization, lacks any regulatory bodies so far. But sooner or later it will have to adopt standards of some kind because when money moves in and out from the blockchains to and from the traditional financial system, some kind of compliance must exist. And that’s the very problem that Sekuritance aims to solve. Sekuritance: One-Stop Compliance and Regulatory Shop Sekuritance is a one-of-a-kind project in Regulatory Technology (RegTech) that could help the blockchain environment move closer into the mainstream. The new platform offers a wide range of services in a single place that allows any user to ensure regulatory compliance, monitor programs, and queries. It’s useful for both individuals and institutions. Any user can use Sekuritance to run end-to-end cyber risk assessments, blockchain wallet address checks, card processing MFA checks, CECL, FCPA, and AML/CTF operations. In other words, it’s a single platform that can bring respectability to any blockchain operation at the cost of a few clicks. The new platform is built with security, flexibility, and scalability in mind. The internal engine includes multidimensional risk and advanced holistic screening. The project includes SKRT, a cryptocurrency that will support enterprise-class regulatory compliance, increased security, and all the other features in Sekuritance. SKRT is an ERC-20 token and it leverages the consensus-driven mechanics within the blockchain. SKRT’s role is processing and logging on the regulation technology-related data and payment-related verification services. All is done employing smart contracts. The company will soon join the ranks of the Ethereum Enterprise Alliance. While there are many ways to tackle the compliance problem in blockchains, Sekuritance’s take is unique in that its various services bring compliance, fraud and transaction monitoring, and anti-money laundering verification under a single roof. The technology is not linked to any specific blockchain, so it’s blockchain agnostic. That means it can work on any public protocol as well as private or restricted ones. Ethereum, Bitcoin, or Hyperledger make no difference for SKRT. So compliance with regulations is Sekuritance’s main thing, but there’s plenty more. Data tokenization, forensic analysis, MPI services, activity transactions monitoring, and 3D enrollment are in the mix. Also, it enhances its users’ KYC profile. Even better for prospective users and clients, third-party customization is in the project’s mind since the beginning so that widespread adoption can happen quickly. The Future Sekuritance is one of many much-needed blockchain projects that are pushing cryptocurrencies into the real physical world. While the theoretical potential inherent in the crypto-sphere is not in doubt, its practical utility is still limited by the lack of the correct technologies and ideas that can turn a great idea into a set of great solutions to everyday problems that everybody can use as easily as checking the weather on their mobile. Sekuritance seems to be the one step in the right direction as it helps to bridge that gap. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Citing a need to maintain a stable electricity supply for other users, Iran will be pulling the plug on cryptocurrency mining farms whenever power consumption peaks. The measure intended to deal with shortages will target licensed facilities despite the government admitting that illegal crypto miners burn much more energy. Licensed Crypto Miners Use 300 MW, Illegal Farms Burn 2,000 MW According to official data, entities that are authorized to mine cryptocurrencies in the Islamic Republic use up to 300 megawatts (MW) daily, ISNA news agency reported. This amount of electricity can be saved to maintain the balance and stability of the electricity network, said Mostafa Rajabi Mashhadi, spokesman of the Iranian Ministry of Energy responsible for the electricity sector. At the same time, estimates based on registered loads show that unlicensed crypto mining centers currently consume more than 2,000 MW of electricity. The Iranian government considers these operations illegal and points out that such facilities are rarely connected to the grid properly. That overloads distribution transformers and causes other damages to the infrastructure. Unauthorized miners have been blamed for blackouts in Iran and according to Mashhadi, illegal consumption is responsible for fluctuations in the supply. The official called on those who mine cryptocurrencies using household electricity to turn off their equipment immediately. He warned that when such miners are identified, their hardware will be confiscated and their property will be cut off from the grid. They also face hefty fines. Electricity Shortages in Iran Amount to 5,000 MW Earlier this month, the state-owned power utility, Tavanir, revealed that Iran is facing a daily shortage of around 5,000 MW of electricity. The company CEO Mohammad Hassan Motevalizadeh listed cryptocurrency mining among several key factors causing an imbalance in the system, with the other three related to climate and agriculture. Low rainfall has increased the need for irrigation and suppressed hydropower generation, while high temperatures have pushed electricity consumption up. Motevalizadeh stated that authorized cryptocurrency miners will be cut off from the grid during periods with high consumption, while Tavanir will work with other government institutions to deal with illegal mining operations. He asked Iranians who want to get involved in the mining of digital currencies to do that after obtaining the necessary licenses from the government. Mostafa Mashhadi further called on vigilant citizens to report any illegal mining-related activities and unauthorized use of electricity. Tavanir’s website now has a dedicated page for this purpose and Iranians who share verifiable information about unlicensed data centers will be rewarded, said the Energy Ministry spokesman. What’s your opinion about Iran’s measures regarding cryptocurrency mining in the country? Share your thoughts on the subject in the comments section below. View the full article

Crypto trader Scott Melker, also known as the “Wolf of All Streets,” says dogecoin is a good way for new investors to get into cryptocurrency. Sharing his own experience in investing in the meme cryptocurrency, he now has some advice for new dogecoin investors. ‘Wolf of All Streets’ Scott Melker to Dogecoin Investors Crypto investor Scott Melker has shared his experience in dogecoin investing, the Insider reported Friday. He also shared some advice he has for new dogecoin investors. Melker is a trader and investor both privately and at Texas West Capital. He is the host of “The Wolf of All Streets Podcast,” the author of “The Wolf Den” newsletter, and an advisor to a number of blockchain-based projects. He also had a 20-year music career. In June last year, Binance awarded him the Influencer of the Year Award for North America. Focusing on crypto investing, 70% of Melker’s own portfolio is allocated to long-term investment strategies. He believes that holding cryptocurrency long-term is the best way to make money. Regarding dogecoin, Melker said that the meme cryptocurrency has been a very effective strategy for a long time. He believes that DOGE is a good entry point for investors to the crypto market since its price is currently less than a dollar and it is heavily touted by a growing number of celebrities and influential individuals, such as Tesla CEO Elon Musk, who calls himself the Dogefather. The price chart for dogecoin. Source: Markets.Bitcoin.com Melker revealed that at one point he owned tens of millions of dogecoins, if not more, the publication conveyed. “I did it again [recently] and I traded against bitcoin, when it was all the way down a few months ago,” he said. When he sold, the meme coin reached the top of its normal cycle at just under a cent, he detailed. Currently, dogecoin is trading at about 40 cents. Melker opined: It just continued and obviously went up another 70 times from there, or something absurd. But I don’t fault myself for making decisions based on information that I don’t have. And if you do that as a trader, you’ll drive yourself absolutely insane. The Wolf of All Streets trader is aware that dogecoin does not have any fundamental value. “It’s absolutely a joke, it’s a beautiful joke, a beloved joke in the community,” he said. He proceeded to give his two top tips for anyone interested in investing in dogecoin. Firstly, he said to do your homework and get good information. “There’s just endless information on crypto in the market right now,” he noted. “It’s very easy to find and I think the mainstream is being served that information, whether they like it or not at this point.” Secondly, he said it is important to learn from your mistakes, emphasizing that everyone makes them. “If you can’t learn from your own mistakes, you shouldn’t be trading at all,” Melker exclaimed, adding that one way to learn from mistakes is by maintaining a trading journal. “If you write down your trade plan before you take it and say I took the trade here, there is no way to lie to yourself about the fact that you decided to change mid-trade,” Melker noted. Reiterating that “you can’t hide that from yourself if you keep a trading journal,” he concluded: So I think it’s really, really essential because you’ll never learn unless you record them. What do you think about Melker’s advice about dogecoin investing? Let us know in the comments section below. View the full article

NYU Professor Scott Galloway says that Tesla CEO Elon Musk is drawing additional scrutiny and regulators to the crypto space. He expects the U.S. Securities and Exchange Commission (SEC) to respond to Musk’s action in the next 30 days. Furthermore, the professor expects to see a Musk coin or a Tesla coin launching soon. Elon Musk Drawing Regulators to Crypto Professor Scott Galloway shared his view on the cryptocurrency market in an interview with CNN this week. A professor of Marketing at NYU Stern School of Business, he was named “One of the World’s 50 Best Business School Professors” in 2012. He also founded several firms, including L2, Red Envelope, and Prophet. The professor calls what’s happening in the crypto market “interesting” as “We now have two entities competing for who has the influence, or more influence, over the markets.” The first is the world’s second largest economy, China, which recently reiterated its crypto crackdown from 2017, creating FUD all over again. The second is the Tesla CEO, Elon Musk, “who is literally making and destroying small fortunes 280 characters at a time,” the professor described. “I wonder if this gets the SEC into clarifying their viewpoint in what feels like, if you don’t call it market manipulation, market shaping, influence from individuals, specifically Elon,” Galloway opined. While acknowledging that the price of bitcoin is “still up for the year,” he affirmed: There’s no doubt about it. This is going to draw additional scrutiny. He proceeded to describe a healthy market where no one individual or company controls any sector, which creates confidence for players to come in and invest. However, for the crypto market, he said, “We are seeing that, in fact, one individual does have incredible influence over the market,” expecting the SEC to respond at some point. Noting that “It feels like Elon Musk is waving, thumbing his nose in their face,” he said, “It doesn’t feel like a healthy market.” Bitcoin is not a security, however, so there is a question of whether it falls under the jurisdiction of the SEC, the professor noted, adding that BTC is classified as a type of commodity. “When you see $200 billion wiped off of an asset class because of a tweet, it’s going to inspire some people to reach out to the regulatory agencies and say ‘You need to do something,’ even if it’s clarifying the language on market manipulation,” the professor detailed, elaborating: I wouldn’t be surprised if they [the regulators] come out and clarify it and don’t even mention Mr. Musk’s name but it will be clear who they are talking about. Something is going to happen here, I think, in the next 30 days. He added that the regulators could provide “clarification of what the definition of market manipulation is or something more aggressive … I think in the next 30 days we are going to see some sort of a statement or clarification or action.” Professor Expects to See Tesla Coin or Musk Coin Soon Galloway also expects Tesla or Musk to issue their own coins. “Elon musk is absolutely setting up a Tesla coin or a Musk coin,” he said. “The reason why is despite how much money these individuals have, I think, every morning they wake up and say ‘hello wealthiest person in the world.’” The professor described, “Elon musk can probably produce a coin right now and increase his wealth by $50 billion – $100 billion, which is a pretty large incentive.” He then recalled that the Tesla CEO gave an indication last week that he could be launching his own coin when he responded to a tweet that suggested he should consider creating his own cryptocurrency from scratch. Musk wrote: “Only if DOGE can’t do it. Big pain in the neck to create another one.” Galloway said: I read as ‘stay tune, coming soon.’ Galloway disclosed that he does not own a single coin. “I am embarrassed to say I am a nocoiner,” he admitted. “I wish I had. Call me a boomer but I can’t wrap my arms around it.” He believes that he understands bitcoin better than 90% of the general public but he still feels like he does not understand cryptocurrency. Nonetheless, he said he is going to invest in Ledger, a company in the crypto space. The professor concluded: I think this is a phenomenon I don’t think is going anywhere. But I think we are in a stage where we are going to see a decent amount of fallout and regulatory intervention, which I think will make for a healthier market. Do you agree with Professor Galloway? Let us know in the comments section below. View the full article

Toward the latter half of 2020 and during the first quarter of 2021, a mystery miner spent 200 block rewards from 2010 by transferring 10,000 bitcoin during the year. Since the whale’s last 1,000 bitcoin spend on March 23, the patterns of 20 decade-old strings of coinbase rewards are seemingly over. Meanwhile, only eight block rewards from 2010 have been spent since the whale’s last string of spends. Alongside this, approximately 21 block rewards from 2011 have been spent since the March 23 report. 2010 Mega-Mining Whale Goes Missing 60 days ago, Bitcoin.com News caught the last spend from the mega-whale miner who transferred 10,000 sleeping bitcoins mined back in 2010. The 10,000 bitcoin was spent during the course of a 12-month period with 200 blocks from 2010 moved. The mystery whale has not returned since then, and it seems that the entity may be done transferring strings of 20 consecutive block rewards that were well over ten years old in age. The whale was notable because each string of 20 block rewards from 2010 was spent in a single block and most likely stemmed from the same miner. The spending pattern of 10,000 bitcoin (BTC) from the 2010 era was always the same and never deviated from the prior spending schemes. The last time the mystery whale from 2010 spent a string of 20 block rewards in one block, was on March 23, 2021. On May 21, 2021, a single 2010 block reward was spent and another coinbase reward mined on July 15, 2010, was spent on May 14. The research in those reports was bolstered by the blockchain parsing engine Btcparser.com, members of the Telegram channel “gfoundinsh*t,” the blockchain researcher Issak Shvarts and the gfoundinsh*t leader Taisia. At the time, Shvarts had said he believed that the thousands of bitcoin from the 2010 block rewards were sold to Coinbase customers. Taisia was also instrumental during the recent move by the Bitfinex hackers. The hackers recently moved thousands of BTC from the August 2016 breach. Since the last 20 block spend on March 23, which saw 1,000 BTC mined in 2010 move to another address, only eight 2010 blocks have been spent since then. It’s also interesting to note that the mystery miner leveraged the most opportune selling times to transfer the BTC if he/she or they decided to sell the coins. BTC’s price has since retreated from a high of $64k per unit to a $30k bottom on May 18, 2021. Bitcoin’s value managed to jump back above the $40k zone, but since then the value has been riding a couple of thousand dollars below that rate. Out of the eight, 2010 block rewards spent during the last 60 days, three of the blocks worth 150 BTC total were likely mined by the same owner. Strange Activity from 2013 Bitcoins, Whale Alert Sends Dozens of the Same Telegram Message Repeatedly, 21 Block Rewards from 2011 Spent In between that 60-day spread, there’s been some strange activity from coins obtained in 2013. On May 4, the Telegram channel operated by the blockchain parser known as “Whale Alert,” published dozens of messages that repeated the same messages. It said: “A dormant address containing 500 BTC (26,960,325 USD) has just been activated after 7.4 years (valued at 429,542 USD in 2013).” On May 4, 2021, Whale Alert’s Telegram channel sent out dozens of the same messages about strange activity from a dormant whale address stemming from 2013. At the time BTC was exchanging hands at prices between $57k to $59k. Not too long after the dormant 2013 address transfer, bitcoin’s average price plummeted to roughly $53k per unit on May 12. Two-month stats also show that approximately 21 random block rewards from 2011 have been spent since the mystery whale transfer at the end of March. While 2010 block reward spends are taking place less, especially since the mega whale is ostensibly complete, coinbase rewards from 2011 have been far more prominent. Although, a 2010 block was transferred on May 21, and it was mined on September 18, 2010, while another 2010 coinbase reward mined on July 15, 2010, was spent on May 14. What do you think about the frequency of old sleeping bitcoin spends in 2021? Let us know what you think about this subject in the comments section below. View the full article

Non-fungible tokens can be sold to raise funds and two independent initiatives are now going to use proceeds from NFT auctions to finance charity projects. The tokens will represent one of the best known American landmarks, the Hollywood Sign, and a New York photograph of the late singer Amy Winehouse. Hollywood Sign to Be Sold as NFT to Raise Funds for Charity The Hollywood Sign, a world famous landmark in the hills above Los Angeles, will be offered as a non-fungible token (NFT) to collect funds in support of charitable initiatives. The NFT will be launched by Sugar23, an emerging management and creative platform founded by Oscar-winning producer Michael Sugar. The company has partnered with the Hollywood Chamber of Commerce and is now looking for an artist or filmmaker to complete the digital art project. The token will be sold this summer, although no specific time frame has been established yet. Quoted by the Hollywood Reporter, Sugar stated: As storytellers who recognize the power of social impact, we’re committed to exploring all types of global opportunities and are excited by the potential of NFTs to transform the creative landscape. “When we thought about what could be the most iconic opportunity possible, we naturally thought of the most iconic image in the world – the Hollywood Sign,” he added. His team sees the project as an opportunity to do something good for the city of Los Angeles. “And what better way to give back than by raising money for those who need it most,” the producer emphasized. The funds collected from the token sale will be used to finance various charitable activities of the Hollywood Chamber of Commerce. The organization is working to address issues related to homelessness, education, diversity, and inclusion through its Hollywood Chamber Community Foundation. Amy Winehouse NFT Sale to Support Musicians Struggling With Addictions Another charity initiative involving a cultural icon and a digital token has been launched by Musicares. The non-profit organization, which helps musicians with financial, health problems and artists in need of rehabilitation, has created an NFT of a unique photograph of the late British singer Amy Winehouse. The photo taken by Charles Moriarty shows Amy in a phone booth in New York. It has been animated by visual artist Mark Palkoski. The digital artwork comes with a limited-edition print of the original picture autographed by Moriarty. “Charles has captured a fresh faced Amy full of life and fun, I treasure those photos,” Amy’s mother, Janis Winehouse was quoted saying in a press release. The token is listed on the Opensea marketplace until May 30 with a reserve price of 3 ETH, or around $8,400 at the time of writing. It’s also available through concert livestreaming platform Mandolin. All auction proceeds will go to Musicares and the Amy Winehouse Foundation and will be used to support musicians with problems related to mental health, addiction and substance abuse. Amy Winehouse was struggling with drug and alcohol addictions. The Grammy award winner died of alcohol poisoning on July 23, 2011 when she was only 27. The NFT launch is part of the “Back To Amy” exhibit and live stream on July 23, on the tenth year since her passing. The exhibit will feature performances in celebration of Amy’s legacy. What do you think about the two initiatives using NFT auctions to raise funds for charity? Tell us in the comments section below. View the full article

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing and auction of the Freela token (FREL) under the pair USDT/FREL. The auction will take place on May 26 at 1:00 p.m. UTC. and the listing will go live on May 27, one hour after the IDO. Freela is a first-of-its-kind Defi-powered and self-governed DAO designed to act as a broad decentralized platform for freelancing transactions. It provides platform features for both B2B and P2P (Peer to Peer) commission-free transactions with its intuitive user interface, matching skilled freelancers with job postings worldwide. In the digital asset space, it’s pretty hard to find the right freelance talent for startups. Freela aims to be a one-stop solution for various professional freelancers with diversified skill sets, including writing, marketing, designing, and coding, just to name a few. Freela brings in a unique, innovative model with professional mediation, supporting a win-win transaction between the employer and employee for the best quality possible work for the employer, and most remuneration for the employee. The product that Freela has developed is one of a kind decentralized platform for freelancing and professional mediation. Its DeFi liquidity pools and DAO governance on Blockchain technology are some of the key features of the product. One major challenge their team faced in development was high ETH chain transaction costs which led them to integrate with Polygon (Matic) for the final version. The market that Freela has opened up provides users and organizations with the greater ability to find the talent they need or get hired for a project. Teams and individuals will benefit from Freela using P2P, B2P, and even B2B contracts and transactions. Companies of all sizes can find that using the Freela platform is imperative to their businesses. About AscendEX Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. The venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings. For more information and updates, please visit: Website: https://ascendex.com Twitter: https://twitter.com/AscendEX_Global Telegram: https://t.me/AscendEXEnglish Medium: https://medium.com/ascendex About Freela Freela is a first of its kind Defi powered and self governing DAO designed to act as a decentralised broad platform for freelancing transactions. It provides a platform for both B2B (Business to Business) and P2P (Peer to Peer) commission free transactions with its intuitive user interface matching skilled freelancers for the job postings worldwide. For more information and updates, please visit: Website: https://thefreela.com Twitter: https://twitter.com/Freela_official Telegram: htps://t.me/FreelaOfficialht 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

Jim Cramer, otherwise known as the ‘stock guru,’ has weighed in how the latest cryptocurrency market correction can affect the stock markets. Cramer thinks this contingency will benefit stock markets, with some investors taking profit and moving them to less volatile, less transient investments. But some volatile stocks also felt the correction in crypto, now that some tech shares are more correlated than ever. Jim Cramer Thinks Crypto Correction Will Benefit Stock Markets Jim Cramer, the host of CNBC’s Mad Money, and one of the most recognizable stock gurus stated the current correction the cryptocurrency economy experienced recently could benefit the stock market. According to him, this shakedown can cleanse the market from speculators, driving serious traders and investors to more value-driven stocks. Cramer stated: This speculative meltdown can temporarily weigh on the entire market, sure, but once the speculators get shaken out, I’m betting it’s a win for the Dow and definitely the S&P Cramer criticized investors who really believe in this kind of asset in the long term, observing this profound correction as a reality check. He put in doubt the real value of these assets, stressing that: The people who still have conviction in assets like the Woodstocks or cryptocurrencies or bogus non-fungible tokens or the SPAC-and-scams, they have no discipline whatsoever. Cramer then went on to give advice on how to profit during market corrections. He recommended traders and investors they should dump a good part of their cryptocurrency holdings and NFT’s for less volatile, tangible investments, like industrial stocks, minerals stocks, or just plain consumer product companies with good dividends. Cramer’s POV Cramer is known for having a critical approach to the real value that cryptocurrencies offer. However, he doesn’t criticize speculating with cryptocurrencies, as long as they are treated as such: speculative assets. Cramer stated last month he had sold some of his bitcoin to pay for his house mortgage, creating a critical reaction in the cryptocurrency community. At the time, he declared: “From the chart, I may be the only natural seller, but it was so great to pay off a mortgage. It was like, kind of, phony money paying for real money,” He also declared this month he had sold half of his ethereum (ETH) to buy an electric Hummer, stressing to viewers at that time about the relevance of taking profits on stocks and cryptocurrencies owned. What do you think about Cramer’s take on the last market correction? Tell us in the comments section below. View the full article

The South Korean government seems to be easing its anti-crypto tone, as the Deputy Prime Minister came forward with a statement that opened the doors for future open dialogue on virtual currency topics. Hong Nam-ki unveiled that officials are assessing ways to get young people into “domestic asset markets” and thus bringing more opportunities in that regard. Economic Agenda Also Targets Stock Market Investments With a Focus on Youth According to the statement released by Hankook Ilbo, Hong Nam-ki – who is also the country’s finance minister, said that it’s necessary to “reinforce policy details and support efforts for the domestic asset market, where the interest of young people is high,” referring to cryptocurrency markets. Such words came forward in the wake of the government’s plans to approach three aspects of the economy, said the Deputy Prime Minister, including youth employment, housing, and “asset formation.” Furthermore, Hong highlighted the “high interest” among the South Korean youth in domestic digital asset market policies. That said, the media outlet stated that the Deputy Prime Minister also included the stock markets within the government’s economic agenda that targets younger people. Interestingly, the fact that Hong has addressed the cryptocurrency topic, which had become a hot potato for the lawmakers, is a surprising move. In March 2021, he referred to cryptocurrencies with harsh words, saying that it’s an “overheated market” that “can be problematic.” At that time, Hong commented: Virtual assets and the crypto asset sectors are overheating compared to their actual value. Democratic Party Seeking to Catch Youth Vote Also, the government’s rhetoric on targeting younger citizens in their economic plan is, on the contrary, not a surprising move. Considering that national elections will occur in 2022, the Democratic party is the ruling one. A political party that is now battling to catch these voters amid the disappointment that arose due to the stricter crypto regulations. As Bitcoin.com News reported early this month, Koh Yong Jin, the Secretary of the ruling party of the National Assembly’s Strategy and Finance Committee, stated they’re contemplating ways to postpone the timing of the new financial rules on cryptocurrencies. “I’ll hear if it’s right to delay,” he said. What do you think about the words from the South Korean Deputy Prime Minister? Let us know in the comments section below. View the full article

The CEO of Ark Investment Management (Ark Invest), Cathie Wood, still predicts that the price of bitcoin will be $500K. She says that all indicators “are all suggesting that we are in a capitulation phase, which is a really great time to buy, no matter what the asset is.” Ark Sees Bitcoin Reaching $500K Ark Invest CEO Cathie Wood has shared her view about the current bitcoin market and her prediction of where the price of the cryptocurrency will rise to in an interview with Bloomberg Wednesday. Wood has previously predicted that the price of bitcoin will increase to $500K. With the current market turbulence and sell-offs across a broad range of cryptocurrencies, she was asked if she still stands by her forecast. Referencing work done by her firm’s crypto analyst, Wood replied, “We do. I do,” emphasizing: Yes, our conviction is as high. She continued: “The one thing that has changed here, however, is the environmental concerns around bitcoin, in particular, have caused people like Elon Musk to pull away and say, ‘Woah, let me make sure I understand this.'” Musk’s electric car company, Tesla, recently announced that it has suspended accepting bitcoin for payments due to environmental concerns. However, Musk has confirmed that Tesla has not sold its bitcoins. Furthermore, when the price of bitcoin plummeted this week, Musk tweeted diamond hands emojis suggesting that Tesla will not sell its bitcoins. Referring to the environmental concerns some people, like Musk, have, Wood detailed: “We believe that even this is going to change because, first of all, right now the percentage of bitcoin mined with renewables and hydroelectric power is quite substantial. I think in China it’s over 50% in renewables.” She also referenced a paper Ark Invest wrote with Square Inc. arguing that “Bitcoin is key to an abundant, clean energy future.” This week, Ark also argued that bitcoin mining could be a net positive for the environment. When asked how low the price of bitcoin could fall to from its current level, Wood said, “You never know how low is low when the market gets very emotional.” She added that “A lot of traders see bitcoin dropping below the 200-day moving average, which was at $40,000. So traders, once that happened, they just dump. Some just dump and run.” Nonetheless, the Ark Invest CEO said, “I think we are in a capitulation phase.” She elaborated that all the indicators “are all suggesting that we are in a capitulation phase, which is a really great time to buy, no matter what the asset is. A capitulation phase is buy. It’s on sale.” While acknowledging that some traders may continue to sell their crypto holdings, Wood emphasized: All of our indicators are saying this is capitulation right now. Do you agree with Cathie Wood about bitcoin? Let us know in the comments section below. View the full article

On Wednesday, the firm Bit Mining Limited, formerly known as 500.com, announced it has entered into a binding investment in a cryptocurrency mining data center located in Texas. The binding investment worth $25 million is with Dory Creek, LLC as the two companies will construct and operate a 57.2 MW mining facility powered by 85% low-carbon energy. Bit Mining Pledges $25M to Build a Texas Mining Facility With Bitdeer The Chinese company Bit Mining Limited has been making a number of moves into the cryptocurrency mining industry after the business used to be dedicated to lottery operations. Back in mid-February, Bitcoin.com News reported on Bit Mining when the company was called 500.com and the firm announced it acquired the mining company Btc.com. In April, the company revealed it had rebranded and Bit Mining Limited (NYSE: BTCM) also said it acquired the mining rig manufacturer Bee Computing. The partnership with Dory Creek, a wholly-owned subsidiary of Bitdeer, was announced on May 19. The company Bit Mining Limited used to be a Chinese lottery company but recently transitioned to a bitcoin mining firm. Bit Mining has acquired Btc.com, Bee Computing, and is now partnering with Bitdeer to construct a Texas mining facility. The two firms will invest $25.74 million in order to “jointly construct and operate the Texas Mining Center.” The Shenzhen-based company highlights in the announcement that the business operation is focused on “lowering its carbon footprint” and “protecting the environment.” “The total power capacity of the Texas Mining Center is 57.2MW, with more than 85% of its power generated by clean and low-carbon energy,” Bit’s Texas Mining Center announcement states. “As the electricity supply is further optimized in Texas, the Texas Mining Center will use higher proportions of electricity generated by clean energy.” Bit Mining’s Texas Crypto Mining Center Announcement Focuses on Carbon Neutrality Bit’s current data centers in Sichuan Province, China “run 100% on clean energy,” the company claims. The new operation in Texas can help the local economy and further “provide local employment opportunities,” Bit Mining says. The company’s announcement is littered with commentary about carbon neutrality as if it’s taken notice of the recent energy drama sparked by Tesla in recent times. Meanwhile, following the announcement on Wednesday, the following day, BTCM shares jumped over 7% during the last 24 hours. “Upon completion of the Texas Mining Center,” Bit’s announcement concludes. “Over 98% of the company’s total power capacity would be generated by clean and low-carbon energy. Going forward, Bit Mining intends to do its part, fulfill its obligations to achieving carbon neutrality and proactively seek out additional high-quality mining resources overseas.” What do you think about Bit Mining investing in a Texas mining facility with Bitdeer? Let us know what you think about this subject in the comments section below. View the full article

The Central Bank of Russia (CBR) is preparing to release a digital prototype of the national fiat towards the end of 2021, a high-ranking official has confirmed. Transfers between private individuals will be free of charge with the digital ruble, which is going to have legal tender status on par with Russia’s traditional currency. Bank of Russia to Work With Financial Sector on Digital Ruble Project The monetary policy regulator of the Russian Federation, also known as Bank of Russia, has been working to digitalize the ruble since mid-October when its plan was announced to the public. The Russian central bank digital currency (CBDC) will be designed as a unique digital code stored in dedicated electronic wallets. The coin will become a fully-fledged means of payment that Russians will be able to use alongside the regular ruble. The bank has already published a consultative report and presented the concept of the new digital ruble. “We’ll make a prototype at the end of the year,” CBR Deputy Governor Olga Skorobogatova said this week, quoted by RIA Novosti. Speaking at an open meeting of the parliamentary Financial Markets Committee, Skorobogatova noted that Bank of Russia is going to work with the Russian financial sector to determine the different stages of the project’s implementation. Russia’s CBDC to Facilitate Free P2P Transactions Russian policy makers and regulators have been mulling over the need for a national digital currency for years but developments in other countries have convinced authorities in Moscow to accelerate the project. With decentralized cryptocurrencies rapidly gaining popularity, dozens of central banks have started exploring options to launch their own CBDCs. China has been advancing with its digital yuan while the U.S. Federal Reserve now plans to unveil digital dollar prototypes in July. Meanwhile, the European Central Bank is deepening its analysis of how to digitalize the common European currency and its Governing Council will decide around mid-2021 whether to initiate a digital euro project. According to a poll released last month, half of Russian residents feel ready to start using a digital ruble. In April, Skorobogatova revealed that peer-to-peer (P2P) transfers between private individuals will be free of charge on the new network. The commission on payments for goods and services will be similar to the current rates of Russia’s Faster Payments System (FPS), developed by Bank of Russia and the National Payment Card System. Commercial banks have not raised any objections to the planned digital ruble, the central bank noted earlier this year. Quoted by Forklog, CBR Deputy Governor Alexei Zabotkin stated in January that the Russian CBDC will serve as an alternative payment method expected to cut costs and lower rates of payment services offered in the country. Bank of Russia has also opened its regulatory sandbox for projects related to cryptocurrencies which were regulated with the adoption of the Law “On Digital Financial Assets.” What do you think about Russia’s project to launch a digital ruble and CBDCs in general? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. B2BinPay, one of the industry’s leading crypto processing providers, has announced the launch of version 2 of its award-winning payments solution. The new version is a highly-anticipated upgrade to the current offering and includes a series of feature enhancements and the inclusion of many new capabilities to fulfill all transaction requirements at top speed. Version 2 delivers to clients an industry-first with a vast number of options available for the fastest and easiest user-experience possible. About B2BinPay B2BinPay is a cryptocurrency payment provider offering solutions for both Merchant and Enterprise Clients enabling businesses to send, receive, store, exchange and accept crypto payments online safely, securely and cost-effectively across the globe in a matter of minutes. B2BinPay services a wide spectrum of clients including Forex brokers, cryptocurrency exchanges, hedge funds, online stores and other merchants, enabling cryptocurrency payments via a blockchain based payment gateway as follows: Cutting-Edge Technology for Blockchains B2BinPay enables businesses to integrate digital assets into their operations securely and at scale. The multi-functional solution is the perfect fit for any business, offering the following benefits: Coins, StableCoins and Tokens Automatic withdrawals Reach API Multilingual Interface 24/7 technical support Advanced security Notification System Secure fund storage Alerts system Authorisation logging DDoS protection Address book Suspicious activity monitor Full white-label integration Detailed statistics Feature-Rich Invoices A super-responsive payment page available in 20+ languages with real-time data provides users with everything needed to generate and send detailed invoices to their customers. Payment Statuses This useful feature allows users to check their transaction status in real-time, using their transaction ID to check for confirmations. Explorer Detailed information relating to all users’ transactions are just one click away with the blockchain explorer function. Transaction History A full cryptocurrency report with detailed transactions history is available at your fingertips. QR Code & Address A QR code is available to enable fast and hassle-free transfers with ease. Role-Based System Access Set access to your financial manager, compliance, etc. A view only mode is also available, as well as withdrawals with confirmation for extra security and to avoid fraud ensuring you are always safe. Advanced Wallets Configuration Multi-functionality and flexible wallet settings at your fingertips. A cutting-edge solution that gives you the power to configure things the way you want. Custom labels Access rights for each wallet Notifications & logging Flexible tracking Custom callbacks/webhooks Wallet activity monitoring Tokens Supported ETH, NEO, NEM and Omni Based, making it around 90% of all available tokens on the market today. Automatic Token Collection & Custom Tokens Integration An automatic token collection bot gathers tokens from multiple addresses and accumulates them into one single address. Hassle-free token management provides the possibility of adding your tokens directly from the admin area. A quick and straightforward process for integrating your own NEO, NEM, ETH and Omni-based tokens. Liquid and Non-Liquid Tokens All types of tokens are supported, both liquid tokens that are listed on top exchanges as well as only issued tokens. Custom Addresses: A scalable and secure solution for processing tokens with the opportunity to customize addresses for deposits and withdrawals. 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Crypto analytics enhance due diligence and AML compliance procedures for all businesses involved with cryptocurrency. Exchange When You Need To Exchange when you need to make payouts in another currency. Actual Exchange when you send one crypto and get another right into your wallet. Supported Currencies: Coins, StableCoins & Tokens Security and Reliability Security is always of paramount importance with no room for compromise. B2BinPay are experts in this field and offer clients a safe, secure and reliable environment at all times. Secure and Safe B2BinPay ensures your safety at all times with the following procedures: 2FA API Access management DDos protection Role managements Authorization loggin Ongoing/Scheduled node updates White list IP addresses Choose B2BinPay v2.0 The addition of the latest features, including new blockchains and tokens, coupled with an attractive new price structure, makes B2BinPay v2.0 an all-round better solution that is easy to set up and use. 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

Blockfi, a cryptocurrency lending platform, wrongly distributed a set of payments to a group of customers, who found deposits of up to 700 BTC in their accounts. While most weren’t able to withdraw these funds, in the confusion, other customers that applied for withdrawals are now being threatened with legal actions against them. Blockfi Messes up Promo Payments Blockfi, one of the most popular cryptocurrency lending and borrowing platforms in the cryptocurrency sphere, mistakenly overpaid bonuses to a group of customers, with some receiving up to 700 BTC in their accounts. According to reports, these payments were related to a stablecoin promotion Blockfi is running, that would give additional benefits to customers to maintain a determinate balance of dollars in their Blockfi Interest Accounts. The bonuses also included income from enrolling partners into the platform. Seems that Blockfi issued stablecoins sums of payments, but in bitcoin, sending some users BTC instead of GUSD, the currency the mentioned promotion advertised. The issue first blew up in social media, where customers of the company gloated about the payments, while others were concerned about the financial stability of the platform after issuing these oversized bonuses. It seems that a part of these funds was indeed withdrawn from the platform. But this problem has also affected customers that did not have intentions of taking advantage of this whole situation. This is the case exposed by a customer in Reddit. The client has been accused of wrongdoing, and Blockfi is allegedly threatening to pursue legal actions against him. However, this issue seems to have affected the whole operative capacity of the platform, with customers complaining about a whole slew of different issues in the subreddit of the company. The Company Answers After all of this happened, Blockfi addressed the fact by issuing a statement via Twitter, in which the company acknowledged the problem. It informed that the vast majority of these funds were quickly identified and reversed immediately, but approximately 100 customers were able to withdraw these funds. However, Blockfi stressed that: The company’s exposure is currently approximately $10M and decreasing quickly as clients are returning funds. We are incredibly grateful for our clients understanding the mistake and returning funds that did not belong to them. While the company declared this mistake doesn’t imply any financial risks, having over 15 billion AUM, and that customers’ funds are safe, the confidence that many had in the company has eroded for some individuals. After this troublesome affair, some users have reported they are leaving the platform altogether as a result of this issue. The company further declared it will learn from its mistakes, having “implemented procedures to prevent issues like this from occurring in the future.” What do you think about Blockfi’s erroneous promo payments mistake? Tell us in the comments section below. View the full article

While bitcoin prices plummeted this week, the network’s hashrate has also dropped considerably since tapping a high on May 9. Since then, the hashrate has seen swings between 10-15% because of the crypto market downturn, alleged issues with power outages in Sichuan, China, and the upcoming difficulty change. Similar to the Price, Bitcoin Hashrate Sees Wild Fluctuations Bitcoin’s hashrate has been fluctuating in recent days after the price of BTC dropped significantly in value during the last week. After some recovery, bitcoin (BTC) market data shows that seven-day stats indicate a weekly loss of 15% on Thursday afternoon (EST). The network’s hashrate or processing power has also followed the downward slide. There are numerous factors that show why the hashrate has slumped, as bitcoin’s price drop is just one of the reasons. On May 16, the Bitcoin hashrate of the entire network plummeted, with Antpool -16%, F2pool -11%, Binancepool -14%, and Huobipool -23%. People in the Sichuan industry pointed out that it should be a temporary phenomenon. pic.twitter.com/s3fb37t2mK — Wu Blockchain (@WuBlockchain) May 16, 2021 Another reason for the hashrate fluctuations stems from reports in China. According to the reporter Colin Wu or “Wu Blockchain” on May 16, “the Bitcoin hashrate of the entire network plummeted.” Wu said that Antpool, F2pool, Binance Pool, and Huobi Pool all saw hashrate percentage losses. “People in the Sichuan industry pointed out that it should be a temporary phenomenon,” Wu remarked. In fact, the hashrate started climbing northbound again after Wu’s Twitter statements. Wu said, however, that the power consumption in China is in heavy demand at the moment. Wu further stressed: The main reason is that the local weather is hot and the industrial power consumption is large, but the water flow of hydropower is insufficient, which is 30% less than in rainy years. The power company decided to start a temporary blackout of the mine at 2 pm on the 16th. With a Difficulty Spike Expected in 9 Days, Miners May be Laying Low Grid issues in China have always plagued miners throughout the years, especially during the wet season in Sichuan. The wet season helps the flow of hydropower, but the natural elements can also cause flooding and power outages as well. Bitcoin hashrate on May 20, 2021. China’s mining dominance is not the only reason the hashrate dip has been in play. Another reason why the hashrate is dropping lower might be because of the predicted difficulty spike coming up in nine days. Bitcoin mining difficulty on May 20, 2021. Bitcoin’s mining difficulty tapped a lifetime high as Bitcoin.com News reported last week, and at the time of the report, the difficulty change was an estimated 13 days away. BTC miners might be ‘gaming the network’ in order to drop the difficulty to a lower metric. If BTC miners let the hashrate ride high above the 180 to 200 exahash per second (EH/s) range to this day, then the difficulty would have jumped to an estimated 30.30 trillion. At the time of writing, BTC’s mining difficulty is 25.0 trillion and instead of jumping to 30.30T, current estimates show a smaller 2.90% spike to 25.77T. What do you think about Bitcoin’s hashrate dropping following issues in China, the price drop, and the upcoming difficulty spike? Let us know what you think about this subject in the comments section below. View the full article

The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury Proposes Measures to Crack Down on Tax Evasion via Cryptocurrency The U.S. Department of the Treasury published a report on Thusday entitled “The American Families Plan Tax Compliance Agenda.” The report outlines President Joe Biden’s proposed tax compliance measures. Among the proposals is “Increased information reporting.” The report explains that “The President’s proposal requires information reporting on financial accounts to increase the visibility of gross receipts and expenses to the IRS,” adding that “The reporting regime would also cover foreign financial institutions and crypto asset exchanges and custodians.” The report notes that “Another significant concern is virtual currencies, which have grown to $2 trillion in market capitalization,” emphasizing: Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion. “This is why the President’s proposal includes additional resources for the IRS to address the growth of cryptoassets,” the Treasury report continues. “Despite constituting a relatively small portion of business income today, cryptocurrency transactions are likely to rise in importance in the next decade, especially in the presence of a broad-based financial account reporting regime.” Emphasizing that “Within the context of the new financial account reporting regime, cryptocurrencies and cryptoasset exchange accounts and payment service accounts that accept cryptocurrencies would be covered,” the proposal details: As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on. What do you think about the new measures announced by the Treasury? Let us know in the comments section below. View the full article

America’s currency has been flirting with lows again, as the U.S. Dollar Index (DXY) dropped to a low of 89 on Tuesday and the following Thursday. This is the third time since April 2018, the DXY has been this weak, and some analysts think the currency could drop even lower. US Dollar ‘Is a Bit Extended,’ RSI Levels Indicate ‘Oversold’ Territory Analysts and economists have been concerned about the U.S. dollar during the last year, after Covid-19 guidelines shook the global economy and wreaked havoc on the supply chain. Following more than 12 month’s worth of coronavirus mandates and business shutdowns, the American economy is still having a very hard time trying to recover. Market Insider Fellow, Ben Winck, recently explained that analysts are puzzled by the U.S. economy “stumbling,” as “experts badly misjudge the labor market.” Furthermore, the U.S. dollar has been spiraling downward for two months, losing 3.7% since the end of March. On Tuesday, the U.S. Dollar Index (DXY) slid to 89, a data point the USD has not tapped in three years since April 2018. It’s the weakest level the DXY has seen since February and it also quickly hit 89 in December 2020 as well. The DXY chart also shows the dollar has tapped 89 once again, two days later on Thursday morning (EST). Back in April 2018, when the DXY dropped to 89, not too long after, the greenback skyrocketed to new heights. However, analysts have predicted that this time around, the USD could further slide another 10% down from 89. Rich Dvorak, an analyst from dailyfx.com further explains that the greenback looks “extended” and “oversold.” “The broader U.S. dollar is looking a bit extended here as the relative strength index flirts with ‘oversold’ territory,” Dvorak wrote on Tuesday when the DXY hit 89. “Also, there appears to be two glaring technical support levels that U.S. dollar bulls might look to defend. First and foremost is the 89. 70-price level on the DXY Index, which is underpinned by the 25 February swing low,” Dvorak added. The market strategist from dailyfx.com continued: The bottom Bollinger Band might help stem U.S. dollar selling pressure as well. Invalidating technical support provided by the 89. 70-price level, however, would likely open the door for U.S. dollar bears to target the 06 January swing low. US Treasury Bonds Remain Stagnant, UK Bonds See Percentage Increases by Tapering QE Policy The greenback’s negative weight has also pressed bond yields into a corner, as Dvorak and a number of market strategists have noticed this trend. The U.S. dollar’s lack of strength is blamed on “softer Treasury yields due to less fear of Fed tapering,” Dvorak further noted. The finance publication Barron’s explains that the dollar is “near a key level” at 89 and 10-year Treasury notes have dropped to “1.65% from 1.75% on March 31.” But in Europe and the UK, recovery has been slightly better, as UK 10-years bonds have seen a percentage increase. While speaking with Barron’s, the founder of Sevens Report Research, Tom Essaye highlighted how the Bank of England (BoE) has already curbed quantitative easing (QE) policy. ”As the EU has recovered and vaccination rates have risen… and the fact that the Bank of England already tapered QE [quantitative easing] (and now there’s growing expectations the ECB will taper QE this summer), that has pushed the pound and euro higher vs. the dollar as the Fed remains adamant it won’t even start to think about tapering,” Essaye stressed to the financial columnist Jacob Sonenshine on Wednesday. Fed Chair Speaks on Curbing the Central Bank’s Asset Purchases: ‘We’ll Let the Public Know When It Is Time to Have That Conversation’ This hasn’t been the case with Federal Reserve officials until recently, as central bankers in the U.S. are now just starting to talk about tapering QE efforts. On Wednesday, the Fed released a transcript of the recent April 27-28 policy meeting, and a “number” of members of the Fed started to discuss reducing the central bank’s economic support. Although a great majority of the central bank’s policymakers stressed that the Fed needs to witness “substantial” economic progress in order to ease up on QE. Fed officials believe the $120 billion in monthly bond purchases has cushioned the American economy and sped up recovery so far. Fed Chair Jerome Powell stressed that the Fed would let the American public know when the central bank was ready to have a conversation about curbing monetary easing policy. Furthermore, Fed Chair Jerome Powell was faced with the pressing question of when the QE tapering would begin at a monetary policy news conference. “No, it is not time yet. We have said we’ll let the public know when it is time to have that conversation, and we’ve said we’d do that well in advance of any actual decision to taper our asset purchases, and we will do so,” Powell told reporters at the C-Span conference that followed the April policy meeting. Analysts, economists, and financial pundits believe the weak U.S. dollar, rising inflation, and poor bond yields are mainly due to the Fed’s massive QE policy to battle the country’s Covid-19 economy. Although, not everyone is bearish about the U.S. dollar and some believe a recovery is in the midst. The economics editor for Bloomberg, Peter Coy, published an article this week about the Fed’s April policy meeting as well. The economist noted that “Federal Reserve officials were optimistic about the economy.” Coy’s editorial further stressed that the “U.S. dollar is not crashing, no matter what the bears say.” The Bloomberg economics editor seems to believe that the stimulus and businesses opening back up has “paved the way for a rebound.” Coy says that this has caused “a number” of them to talk about “dialing back some support for the economy.” Despite a few media pundits saying that Fed members have begun to “tiptoe toward a conversation” of tapering back QE, the central bank has stressed it won’t do so right now. Greenback bears continue to be right about the Fed’s lust for monetary easing, and the U.S. dollar cannot adjust fast enough against rising inflation. Purchasing power in the U.S. has decreased rapidly and looking at the current state of the U.S. Dollar Index (DXY) chart, the greenback’s future reliability looks awfully dismal. Data and numbers clearly show Coy’s USD optimism is unfounded. On Thursday morning, the greenback’s DXY chart shows the dollar has slipped under 90 again and back to 89.887. What do you think about the U.S. dollar dropping to key levels this week? Let us know what you think about this subject in the comments section below. View the full article

The new Acting Comptroller of the Currency, Michael Hsu, has requested a review of the cryptocurrency standards established by the top U.S. banking regulator. He is also urged to “reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities” during the review. Top Banking Regulator Reviewing Crypto Policy Michael Hsu, the new administrator of the federal banking system and chief executive officer of the Office of the Comptroller of the Currency (OCC) has requested a review of the regulator standards for cryptocurrencies. Hsu took office on May 10. The OCC is an independent bureau of the U.S. Department of the Treasury. It charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. Hsu revealed his plans for cryptocurrency before the Committee on Financial Services Wednesday. “At the OCC, the focus has been on encouraging responsible innovation,” he began. “For instance, we created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking.” The new Acting Comptroller noted, “I have asked staff to review these actions,” elaborating: Shortly after I started, I requested a review of key regulatory standards and matters pending before the agency. Those items include … interpretative letters and guidance regarding cryptocurrencies and digital assets, and pending licensing decisions. “For each, the review is considering a full range of internal and external views, the impact of changed circumstances, and a range of alternatives,” he clarified. Former Acting Comptroller Brian Brooks previously warned that some of the pro-cryptocurrency guidance issued by the OCC under his leadership would be rolled back. Meanwhile, Senator Sherrod Brown, who serves as Chairman of the Senate Banking, Housing and Urban Affairs Committee Sherrod Brown, sent Hsu a letter on Wednesday regarding cryptocurrency regulation issued by the OCC. Brown raised concerns “about a number of national trust charters granted by the prior leadership of the OCC.” He wrote: “Shortly after former Acting Comptroller Brian Brooks left the OCC to join Binance, a cryptocurrency exchange, several nontraditional firms that specialize in digital and cryptocurrency activities – including Paxos, Protego, and Anchorage – received conditional national trust charters from the OCC.” The senator believes that “the OCC is not in a position to regulate these entities comparably to traditional banks,” emphasizing: A firm that cannot meet the rigorous requirements applicable to other banks should not be allowed to present itself to the public as a bank. Referencing that “Former Acting Comptroller Brian Brooks actively encouraged cryptocurrency companies to apply for a national trust charter because it had ‘relatively easy requirements’ and is ‘just a faster charter to get,'” Brown asserted that “Not only could these charter approvals lead customers to underestimate the risks related to these assets, but it could undermine faith in the safety and stability of the entire banking system.” The senator’s letter to the Acting Comptroller concludes: “I request that you reassess any conditional national trust charters and halt the approval of any additional charters to nonbank entities while you review,” adding: I urge you to review the procedures and guidelines followed within the OCC regarding the evaluation and approval of the Anchorage, Paxos and Protego charters to ensure that the OCC’s supervision and licensing standards remain both rigorous and equitable among charter applicants. Do you think the OCC will come up with more strict crypto regulations after the review? Let us know in the comments section below. View the full article