roadrunner

The comparison website that operates in 83 countries, finder.com, has recently published its quarterly bitcoin price prediction report for 2021 and the panellists are very optimistic about bitcoin’s future value. A number of Finder’s panel of 35 fintech specialists believe that bitcoin is set to crack $100k this year. Finder’s Q1 Predictions Study Shows Panellists Believe Bitcoin Prices Will Hit Six-Digits This Year Bitcoin proponents and crypto enthusiasts believe that the cryptocurrency economy will continue to blossom after 2021’s climactic year wraps up the first quarter. On Monday, the comparison website finder.com published another predictions report that is tied to the value of today’s leading crypto-asset, in terms of market capitalization. BTC has seen a spectacular run-up in 2021 and Finder has asked 35 panellists for their expert opinions on just how high it will go this year and when the bull run might end. Finder spoke with Samantha Yap, Founder and CEO of YAP Global, Tony Guoga, CEO of Cypherpunk Holdings Inc, Sagi Bakshi the CEO of Coinmama, Lex Sokolin the head economist at Consensys, Vladislav Ginzburg the CEO of Blockparty, and many more crypto executives. Out of the 35 panellists, nearly half (48.48%) said that “now is the time to buy BTC.” 39.39% of the participants noted that people should hold and 12.12% said it would be “best to sell.” During this quarterly panel, Morpher CEO Martin Fröhler and Cake Pte Ltd CEO and director Julian Hosp gave Finder’s survey the highest BTC predictions. The executives believe the price of bitcoin (BTC) could tap “$250,000 and $200,000 respectively, attribute their bullishness to BTC’s parity to gold.” “Bitcoin is the ultimate long-term store of value and will gradually replace gold and bonds in that role,” Fröhler commented after sharing the prediction. Meanwhile, following the two high predictions the Origin Protocol cofounder Josh Fraser chose an above-average end-of-year prediction of “$150,000.” Fraser said it all comes down to supply and demand and stressed that “demand will only continue to increase while supply diminishes.” Over a Third Believe the Bull Run Will End in Q4, Nearly a Third Say It Ends in Q3 Another prediction that’s below the $100k mark is from Rouge International managing director Desmond Marshall. The Rouge executive says “the scarcity will push BTC up, up to a point where people hoard like gold and limit the actual normal trading as people may refuse to sell.” Marshall’s end-of-year finder.com forecast is $65,000 per unit. Additionally, over a third (36.36%) of the respondents believe that the BTC bull run will lead into Q4 2021. Nearly a third (30.30%) stress that it will only last until the third quarter of this year. Finder’s participants think there could be a possibility of a major hack in 2021, as 26% say this is a strong possibility. Moreover, 32% of the 35 panellists think that a major company like Paypal or Tesla could “retract from the market.” Still optimistic developments in the space have pushed the price of BTC higher so far. This trend will continue to propel bitcoin, the assistant professor at the City University of Hong Kong, Simon Trimborn said in the study. “Developments like the listing of Coinbase and the investments of companies into Bitcoin have the potential to push prices higher,” Trimborn wrote. Bitcoin Is Considered Undervalued and Could Reach $1 Million by 2025 Even though bitcoin (BTC) has risen higher consecutively for the last six months, approximately 51.52% say that BTC is still undervalued. 24% remarked that they believe bitcoin is overvalued, and around the same amount of panellists think it’s currently fairly priced. Bitbull Capital COO Sarah Bergstrand said that someday BTC will be priced at a million dollars per coin. She said that 2025 might be too far away to predict such a price, but in her opinion, the forecast could come to fruition. “She’s not the only panellist to give this forecast,” Finder’s report emphasized. Two panellists agreed with Bergstrand’s million-dollar forecast, as the Coinmama CEO Sagi Bakshi and LMAX Group cryptocurrency strategist Joel Kruger also predicted a $1 million BTC price-tag for the year 2025. “The only question that needs asking in terms of longer-term valuation is whether you think bitcoin will be around in 2025. If the answer to this question is ‘yes,’ the economics support a much higher valuation. It’s as simple as that,” Kruger said. Toward the end of Finder’s report, the study shows what the panellists think in regard to who owns the most BTC. “Institutional investors currently own the smallest chunk of the market (25.07%),” the report notes. “[This is] followed by retail investors (28.23%) and whales (46.70%), according to the panel average.” Finder’s study with 35 fintech specialists can be read in its entirety here. What do you think about Finder’s poll and the panellists’ predictions for 2021 bitcoin prices? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin options markets are set to see a large expiry on Friday as more than 77,000 BTC worth over $4 billion in derivatives contracts are set to expire. The lion’s share of bitcoin options stems from the derivatives trading platform Deribit, as the exchange has more than $11 billion in open interest today. Sizzling Hot Bitcoin Options Markets Continue to Bubble, Traders Brace for Max Pain Crypto derivatives markets, particularly futures, perpetual swaps, and options have continued to see relentless demand in recent weeks. As far as options are concerned, a great number of puts and calls will expire in two days and a touch over 12 hours from now. On April 26, the data analytics company Skew.com tweeted about the 77k BTC worth over $4 billion that will be expiring this week. “77k bitcoin options expiring this week,” Skew tweeted. “$50k and $52k strikes open in good size,” the analytics provider further noted. Image via Skew.com’s Twitter account. “This is a very huge indicator in comparison with other expiration dates, which can have a significant impact on the market,” one person replied to Skew’s tweet. Data from both Skew.com’s main web portal and Deribit’s order book shows that a lion’s share of expiries is happening on Deribit. Following the hefty weight of Deribit’s BTC options open interest, exchanges like Bit.com, Okex, Ledgerx, CME, and Huobi have seen rising demand. Data indicates the point where options players will stand to lose the most money is around $54k. If the expiry hits the ‘maximum pain’ inflection point, the market could see bitcoin option sellers reaping the most rewards. In terms of bitcoin options’ daily volume, Deribit has the most in that arena as well. Crypto Exec Warns Not to Draw Conclusions From Short-Term Price Fluctuations Industry executives and analysts believe that in terms of spot market action bitcoin (BTC) will see a lot of growth. The leading crypto asset’s climactic rise and swift drops have given critics a chance to bash the cryptocurrency’s volatility. Paolo Ardoino, CTO of Bitfinex told Bitcoin.com News that people shouldn’t draw conclusions over short-term action. “Critics taking comfort from Bitcoin’s recent dip may realize the folly of seeking to draw any conclusions from rapid short-term price fluctuations,” Ardoino explained to Bitcoin.com News. “In a similar vein, those comparing bitcoin to a gimmick or Ponzi scheme should reconsider their views,” he added. Ardoino continued: The rapid ascent of technological innovation is putting the foundations in place for a new decentralized world. Those whose thinking is intertwined with a dissolving paradigm may crumble on shifting sands. Meanwhile, while spot markets have bounced back, derivatives contracts from both bitcoin futures and options have stayed frothy. Analytical data from Skew shows that futures open interest continues to see demand as well. Binance leads the bitcoin futures markets race and is followed by Bybit, Okex, CME, and FTX Exchange in terms of open interest in the billions. On April 21, Skew revealed that CME Group has been seeing a lot of volume as far as bitcoin futures are concerned. “CME ether futures saw record volumes on Monday,” the analytics provider said. What do you think about the $4 billion bitcoin options expiry set for Friday? Let us know what you think about this subject in the comments section below. View the full article

Mastercard is launching a new cryptocurrency rewards credit card featuring real-time rewards in partnership with crypto exchange Gemini. Cardholders will earn up to 3% back in real-time in bitcoin or a number of supported cryptocurrencies. Payments giant Mastercard is launching a new crypto rewards credit card this summer in partnership with cryptocurrency exchange Gemini, the two companies announced Tuesday. Mastercard will be the exclusive card network with Webbank as the bank issuing the card. Holders of the new credit card will earn up to 3% back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies supported by the exchange. Cryptocurrency rewards will automatically be deposited into the cardholders’ accounts at the exchange. There is also no annual fee for the card. The project was introduced early this year and so far more than 140,000 people are on the waitlist. When launched, those who are on the waitlist will receive first access to apply for the card. The new credit card offers “real-time crypto rewards available in all 50 U.S. states and will be accepted wherever Mastercard is accepted,” the announcement details. It further emphasizes that unlike most cards, which pay rewards out monthly, holders of this credit card “will receive their crypto rewards as the transaction occurs for most of their purchases.” Mastercard has been working on several crypto projects. The company teamed up with Wirex and Bitpay last year and then joined forces with crypto exchange LVL this year. The payments giant announced in February that it will start supporting cryptocurrencies directly on its network. What do you think about this new Mastercard credit card? Let us know in the comments section below. View the full article

Tesla CEO Elon Musk has confirmed that he owns bitcoin and has not sold any of his holdings. His company Tesla, however, has sold some of its bitcoins, which Musk says it’s “essentially to prove liquidity of bitcoin.” Tesla’s Master of Coin says the company believes in the value of bitcoin and will keep holding the cryptocurrency long term as well as accumulating from car sales. Tesla Sold 10% of Its Bitcoin Holdings, Made $272 Million Elon Musk’s electric car company, Tesla, announced its first-quarter earnings results on Monday. Prior to the earnings call, bitcoiners were hoping to hear how many more bitcoins Tesla had purchased since its original investment of $1.5 billion early this year. However, Tesla revealed that it actually sold some BTC during the quarter. Zachary Kirkhorn, Tesla’s chief financial officer whose title was changed to Master of Coin, said during the earnings call: We also invested $1.5 billion in bitcoin during the quarter, then trimmed our position by 10%, which contributed to a small gain in our Q1 financials. Tesla’s statement of cash flows (unaudited). Source: Tesla Tesla’s unaudited statement of cash flows shows an entry for “Proceeds from sales of digital assets” that amounted to $272 million. Its balance sheet shows a net digital asset entry of $1.331 billion. Tesla’s balance sheet (unaudited). Source: Tesla Elon Musk Owns Bitcoin and Has Not Sold Any The news of Tesla selling some of its bitcoins went viral on social media and many people on Twitter are upset with Elon Musk, the CEO whose title was changed to Technoking of Tesla. Stock trader Dave Portnoy, who recently became a proud owner of one bitcoin, commented in a tweet: “So, am I understanding this correctly? Elon Musk buys bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune.” Musk replied: “No you do not.” He proceeded to reveal, “I have not sold any of my bitcoin,” confirming that “Tesla sold 10% of its holdings.” The Tesla technoking claims that the BTC sale was “essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.” Tesla’s Bitcoin Strategy Going Forward Kirkhorn explained during the earnings call: “Elon and I were looking for a place to store cash that wasn’t being immediately used, trying to get some level of return on this, but also preserve liquidity … Bitcoin seemed at the time and so far has proven to be a good decision.” He continued, “Thinking about it from a corporate treasury perspective, we’ve been quite pleased with how much liquidity there is in the bitcoin market.” Kirkhorn elaborated: “Our ability to build our first position happened quickly. When we did the sale later in March, we also were able to execute that very quickly. And so as we think about kind of global liquidity for the business in risk management, being able to get cash in and out of the market is something that I think is exceptionally important for us.” Tesla’s Master of Coin emphasized: We do believe long term in the value of bitcoin. So it is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles. How many bitcoins do you think Elon Musk owns and what do you think about Tesla selling some to prove liquidity? Let us know in the comments section below. View the full article

Part-collateralized, part-algorithmically stabilized stablecoin, FRAX is the world’s first fractional-algorithmic stablecoin. The Frax protocol is ideologically pure, extremely stable, and highly scalable on-chain money that consists of a two-token system. The stablecoin Frax (FRAX), and the governance token Frax Shares (FXS). As Cryptocurrencies Rise so Too Stablecoins Amongst economical uncertainty and global financial instability, cryptocurrencies have been evolving rapidly. Cast aside as ‘fake’ online money by the masses for years, the canyon between fiat and crypto was stark until stablecoins began to bridge the gap. Paired directly to fiat currency prices, stablecoins have provided the much-needed stability required for many merchants, global institutions, and countries to participate in the crypto space. As the demand for cryptocurrencies continues to rise, so too does the demand for stablecoins and their development. This is evidenced by the current stablecoin market capitalization (market cap) of almost $80 billion – up over 70,000 percent since mid-2017. Though stablecoins have revolutionized the world of crypto and provided interoperability, there are always pros and cons. For example: The stability of a stablecoin is directly linked to the asset it is tied to. If the asset falls, so too does the stablecoin. In the event of a fiat ‘flash-crash’, the stablecoin too will plummet in value. The aim of the crypto space geared towards decentralization. Stablecoins aim to reduce volatility, but in doing so, become in part centralized – thus opposing the purpose of crypto. Investors are not as interested in stablecoins in comparison to cryptocurrencies due to minimal change in price fluctuations. Custodial risk/ on-chain over-collateralization of collateralized stablecoins. FRAX attempts to remedy these aforementioned pitfalls and risks by providing the first trustless stablecoin protocol. The Frax protocol utilizes algorithmic central banking which, conceptually, algorithmically modifies supply to ensure that price stability remains constant. This article will break down the complexity of the Frax protocol and portray the impact of FRAX on the adapting world of stablecoins. What Is FRAX? Part-collateralized, part-algorithmically stabilized stablecoin, FRAX is the world’s first fractional-algorithmic stablecoin. The Frax protocol is ideologically pure, extremely stable, and highly scalable on-chain money that consists of a two-token system. The stablecoin Frax (FRAX), and the governance token Frax Shares (FXS). A stablecoin is a cryptocurrency that aims to provide price stability by linking with a reserve asset – usually fiat. As opposed to standard stablecoins, algorithmic stablecoins maintain price stability by generating or burning the number of stablecoins/digital tokens available. If the price rises above $1, the algorithmic system produces new stablecoins until the price returns to $1. This process works in reverse via the burning of available stablecoins/tokens. How Does It Work? The Frax stablecoin protocol is both fractional and algorithmic. Receiving its name (FRAX) from the protocol’s fractional-algorithmic stability mechanism, the FRAX stablecoin supply is the first collateral-algorithmic of its kind. This symbiotic combination functions to maintain stability like so: If FRAX trades below $1, the protocol decreases the collateral ratio – in steps of 0.25% If FRAX trades above $1, the protocol increases the collateral ratio – also in steps of 0.25% Through governance, the refresh rate and step parameters can be adjusted to suit the stablecoin purpose and ensure stability through economic changes. Rather than obtaining a USD price by averaging the prices of stablecoin pools on Uniswap, FRAX does it differently. Calculating a time-weighted average of the Uniswap pair price and the ETH:USD Chainlink oracle, the Frax protocol is able to obtain a true USD price. Moving the Stablecoin Space Forward As opposed to other stablecoins, FRAX’s fractional-algorithmic protocol ensures that price fluctuations are met with fractional algorithmic responses to maintain true USD price stability. Amalgamating the combination of fractional stability and algorithmic mechanism, the Frax protocol aims to further develop the stablecoin space through FXS. The FXS governance token recently introduced the Algorithmic Market Operations Controller (AMO). An AMO automates the arbitrary FRAX monetary policy to ensure collateral ratio does not decrease and alter the price (and stability) of FRAX. For the first time in human history, FXS facilitates a completely decentralized system that is not hindered or controlled by a National State or Corporation. Performing open market operation algorithmically, AMO controllers cannot mint FRAX and therefore break the peg. This ensures FRAX’s base layer stability remains untouched and ideologically pure. Many stablecoin errors and instabilities have appeared since their creation. When compared to Tether – whose price lacked all stability at moments – the Frax protocol prevents price slipping below or above $1. Though the stablecoin Tether’s history has always shown quick recovery, that never prevented the price from collapsing to lows of $0.9 or rising to highs of $1.21. When compared to the likes of DAI and other collateralized stablecoins, the clear advantage of the FRAX stablecoin is reduced risk of over-collateralization. When stablecoins like DAI and others rely wholly on collateral, they risk moments of instability when rapid changes such as flash-crashes occur. Furthermore, collateral-backing the supply of stablecoins can be a very expensive venture. The Frax protocol consistently reduces this expense and replaces it with algorithmic measures – effectively cutting costs on the supply side by reducing DAI’s hyper collateralization with a CR settled by the market (86% at the moment). Algorithmic Central Banking Algorithmic stablecoins bring forth a new asset class that is both automation-driven and mathematically precise. Utilizing a part-fractional, part-algorithmic composition, FRAX stablecoins are the first blend between collateralized and algorithmic stablecoins – assimilating all benefits of both types. This new and developing class of stablecoin directly drives innovation towards the pioneering of algorithmic central banking. The concept of algorithmic central banking is a fairly new and evolving concept, but with endless potential, it aims to revolutionize modern monetary policy. As a mathematical, automated, and stable programmatical system that is price aware of itself, algorithmic central banking stabilizes price without human input. If the price rises, supply is automated to increase and balance out until reattaining the stable level of $1. The same applies again in reverse. In comparison to Fei Protocol – an incentive stablecoin that aims to maintain a liquid market in which ETH/FEI trades closely to the ETH/USD price – FRAX functions quite differently. Where FRAX stabilizes price through its fractional-algorithmic protocol, FEI employs direct incentives (DI) which can actually cause FEI price to lack any stability. The DI of FEI can often punish sellers and reward buyers during times of volatility. For example, buying FEI in early April 2021 would lead to buyers receiving more than 1 FEI per $1. On the other hand, sellers at that same time would be losing out by selling FEI below $1 in value. This instability effectively prevented FEI from functioning as a stablecoin: FEI has failed to maintain its $1 peg, and protocol governance token TRIBE has dropped by around 50% since launch. FRAX’s algorithmic stablecoin features automation that fractionally returns the FRAX price to $1 – ultimately ensuring the $1 value is maintained regardless of market action/swings. FRAX has maintained the peg since its inception in December 2020. A New Dawn for Stablecoins? The Frax protocol addresses the many risks associated with stablecoins while building upon their benefits. By deploying the use of AMOs, FRAX stablecoins alongside the FXS governance token ensure trustless stability that is both a completely decentralized and highly scalable on-chain solution to market instability. When compared to the likes of Tether or DAI, the risk of over-collateralization and rapid market fluctuations impacting FRAX are non-existent. Developing upon the schematic of purely algorithmic stablecoins such as FEI, FRAX, and FXS stand as two pillars upon the foundation of algorithmic central banking. With each development, stability continues to improve in a market as volatile as crypto: the recent Curve AMO, for instance, puts FRAX and USDC collateral to work providing liquidity for the protocol and tightening the peg. Recent introductions of the Float Protocol – which fluctuates similarly to fiat currencies – and the Rai Reflex Index – which algorithmically maintains its own stability – continue to show the ongoing evolution of the stablecoin market. As this market adapts to economical needs and obstacles, the mainstream adoption of crypto and stablecoins increases. Among the latest in crypto innovation, FRAX is pioneering a new approach to stablecoin mechanisms and as such, leads the stablecoin space. For more about FRAX and its unique fractional-algorithmic approach to stability visit their website here. Read FRAX’s documentation: https://docs.frax.finance/v/en/ Follow FRAX on Twitter: https://twitter.com/fraxfinance Join the FRAX community on Telegram: https://t.me/fraxfinance Stay up-to-date on FRAX’s latest developments on Github: https://github.com/FraxFinance This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Digital currency markets have been regaining some of the losses felt last week as the entire crypto-economy has jumped back over the $2 trillion valuation mark. Bitcoin has risen above the $55k zone, while other digital assets have seen more precipitous gains. Out of the top ten leading crypto assets on Tuesday, XRP and UNI have amassed double-digit percentage gains during the morning trading sessions. Crypto Markets Rebound Bitcoin and a number of crypto assets have been doing much better during the first couple of days this week in comparison to last week’s losses. Currently, bitcoin (BTC) is swapping for $55,178 per unit and is up 2.9% during the last 24 hours. Seven-day stats show BTC is still down a touch over 1.3%. Top five digital asset markets on Tuesday, April 27, 2021, at 8:00 a.m. EST. Tuesday’s data shows that bitcoin (BTC) markets have around $20 billion to $51.70 billion in global trade volume, while messari.io stats show “real volume” could be around $9.16 billion worldwide. Exchange pairings show that the top five fiat currencies paired against BTC today include USD, JPY, EUR, KRW, and GBP. BTC/USD prices on Tuesday, April 27, 2021, at 8:00 a.m. EST. The second leading crypto asset is ethereum (ETH), which is up 2.17% today. ETH is swapping for $2,574 per unit, and during the last seven days data shows ETH gained 9%. While BTC’s dominance among the 9,458 crypto coins spread across 370 global exchanges is 49.5%, ETH’s ratio is around 14.3% today. ETH/USD prices on Tuesday, April 27, 2021, at 8:00 a.m. EST. Out of the top ten crypto leaders, in terms of market cap, XRP has seen the most gains during the course of the day. The crypto asset jumped over 18% during the last 24 hours and each token is exchanging hands for $1.446 per unit. DOGE/USDT prices on Tuesday, April 27, 2021, at 8:00 a.m. EST. The second-biggest gainer on Tuesday is uniswap (UNI), which has jumped 12% during the last 24 hours. Each UNI is exchanging hands for $40.25 per token during the morning trading sessions (EST). A Ripple Run-up, Dogecoin Slumps, Analyst Believes Ether Bulls Ready to Charge Meanwhile, after the crypto asset dogecoin (DOGE) saw an incredible run-up, the token has been consolidating at around $0.27 per DOGE. The meme-flavored crypto is up over 2% today but the token lost 13% over the week. Despite having weekly gains slide by 13%, monthly statistics show that DOGE is still up a whopping 413.26%. Similarly, XRP has gained 157.29% during the last 30 days of trading, and is the highest 30-day gainer besides dogecoin. As far as monthly gains from the top ten leaders, BNB is under XRP with a 107% gain during the last 30 days. Speaking with Bitcoin.com News on Tuesday, Tim Frost the CEO of the defi project yield.app says he’s very optimistic about ethereum prices. “As BTC loses its historic market dominance (the flagship coin is now sitting at 49% of the market according to Coingecko), the currency of the ‘world’s computer’ is starting to fly – showing hints of the decoupling long predicted by ethereum bulls,” Frost said. The crypto executive also added that he thinks ETH prices hitting $3,500 could be on the horizon. “BTC has been unable to hold a level anywhere near its all-time high of more than $62,000 while ETH is showing signs of pushing through the $2,500 resistance that has been holding it back. Once it does, we could see it head to $3,500 very quickly,” Frost concluded. What do you think about today’s crypto market action? Let us know what you think about this subject in the comments section below. View the full article

A new survey revealed the different stances of Russians toward cryptocurrencies and fiat currency. Specifically, some of the respondents believe digital assets will replace fiat in ten years. Residents in Moscow Believe Cryptos Will Replace Fiat, While Others Are Skeptical According to Nord News, the research was conducted by Otkritie Bank, a Moscow-based financial institution and one of the top ten banks in the country. It found that 14% of the 1,000 surveyed had an optimistic belief in digital currencies and the future years ahead. The bank collected responses from people aged 18-65 across the largest cities in Russia between April 12 and April 16. Although 8% of the respondents from the Northwest region think crypto assets will oust fiat currency in ten years, 21% of the residents in Moscow believe otherwise. In fact, four out of ten in the Russian capital city foresee banks reinventing themselves into “digital ecosystems,” as the crypto industry keeps developing and extending its arms. The traditional thinking on fiat still lies among the Northwestern Federal District, as 34% of the respondents “believe that cryptocurrencies cannot replace traditional currencies in anything,” stated the survey. Furthermore, a neutral stance came from the whole Moscow region, where 46% of the surveyed residents believe that people should always have the chance to pick on whether using cryptos or traditional money. However, 39% of the respondents think that “it is impossible to give up cash because not all over the world will be able to do without it.” Crypto Assets Gain Ground in Russia as an Investment Despite the Gloomy Regulatory Environment Overall, the survey goes in line with the recent ones published by the World Gold Council (WGC). As Bitcoin.com News reported in October 2020, cryptocurrency is listed in Russia as the fifth-most popular investment vehicle with a percentage rating of around 17%. The WGC authors pointed out that crypto investment is taking place in Russia even though regulations are pretty gray in the region. What do you think about the survey? Let us know in the comments section below. View the full article

A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin scam. Sequestration Not Final According to a report, the order was reportedly served on the Steynbergs’ residential address at Eagle Crest in Polokwane. However, the report adds that the Steynbergs still “have until the return date of July 20, 2021, to give reasons why final sequestration should not be granted on that date.” Meanwhile, a copy of this court order was also delivered to the South African Revenue Services. As previously reported by Bitcoin.com News, MTI collapsed after Johann Steynberg, who reportedly fled to Brazil in late December 2020, blocked fellow co-founders from accessing the firm’s bank accounts. However, before fleeing, the CEO had ceded control of the company’s funds to his wife Nerina. An Attempt to Save MTI In the meantime, the same report states that certain investors are attempting to save MTI. The report says: MTI will be back in court next month (May) as certain investors try to save it from final liquidation and rather put it under business rescue or restructure its debts in terms of a Section 155 compromise under the Companies Act. Nevertheless, this last-ditch effort to save MTI comes even after both the liquidators and the Financial Sector Conduct Authority (FSCA) said they do not see “much chance of the company being saved from liquidation.” Meanwhile, despite being uncertain of “how much will be recovered from the estate of Johann and Nerina Steynberg”, liquidators say they have a better understanding of where some of the MTI assets may be stashed. This new understanding follows the use of section 417/418 inquiry of the Companies Act which is used “to help track down and recover assets in insolvent companies.” Liquidators have urged MTI members to lodge their claims with the insolvency practitioners at investrust.co.za. Do you think this sequestration order will prove the recovery chances of MTI investors? Tell us what you think in the comments section below. View the full article

The European Central Bank President Christine Lagarde is keeping the central bank’s monetary easing policies unchanged according to her statements from a press conference last Thursday. Moreover, the central bank’s Twitter account recently shared a video of Lagarde defending negative interest rates, as the bank’s President stresses that they “support companies and people in the eurozone.” ECB President Christine Lagarde Wants to Preserve Favorable Financing Since well before Covid-19, a great number of central banks started to initiate monetary easing practices and pushing interest rates down to zero or below. On Thursday, Lagarde spoke during a press conference after the European Central Bank (ECB) decided to keep policies the same after keeping rates below zero and issuing lots of fiat. Lagarde says that the financing conditions must be maintained to fend off the economic effects of the global pandemic. “Preserving favorable financing conditions over the pandemic period remains essential to reduce uncertainty and bolster confidence, thereby underpinning economic activity and safeguarding medium-term price stability,” the ECB President Lagarde emphasized on Thursday to members of the press. The ECB also said last month that the central bank was planning on increasing government bond purchases and data shows the bank did just that. Statistics from Deutsche Bank indicate that the ECB acquired 74 billion euros in bonds in March after it only purchases 53 to 60 billion euros during the first two months of 2021. On Thursday, the ECB highlighted that the increase in government bond purchases would continue to expand. “The Governing Council expects purchases under the PEPP over the current quarter to continue to be conducted at a significantly higher pace than during the first months of the year,” the ECB said during the press conference last week. Lagarde Speaks About the Resentment of Savers, ‘We Have to Look at the Whole Economy’ Further on April 23, the ECB’s official Twitter account wanted the public to “watch” a video featuring Lagarde defending negative interest rates in a video-tweet. “President Lagarde responds to criticism about negative interest rates and describes how they support companies and people in the eurozone,” the ECB account stated. In the video, Lagarde does defend negative interest rates as she believes they are good for the people who need them. “I completely appreciate that people who are saving are not satisfied with being charged the negative consequences of negative rates, but we have to look at the situation from a global point of view,” Lagarde said in the video. “We cannot look at a particular depositor, or a particular category, we have to look at the whole economy.” Lagarde further added: And we know that by putting in place those negative interest rates, we are effectively supporting the economy, encouraging enterprises, families, households, young couples, to actually borrow at very low rates in order to invest… In order to buy their first apartment, in order to buy some equipment, and you know, the contribution makes sure that jobs are kept. In order to make sure that corporates can continue to operate and produce is clearly a trade-off. Against some aspects that are resented by those that are only savers and are not borrowers. The ECB’s tweet didn’t go over so well on Twitter as the commentary Lagarde made was controversial, to say the least. “Sure, don’t incentivize savers, but encourage borrowers,” one person replied to the tweet. “The only way to make sure that a slave society is firmly in place,” the individual added. Another person responded: “The frantic gasps of a drowning system. The saving/borrowing/interest rate/taxation levers used to steer capitalism quite well.” The individual who remarked about the slave society stressed: Yep. The balance is now fully broken. Not sure what the end game is but it won’t be pretty. For us anyway. What do you think about Largade’s commentary about negative interest rates and resentment from savers? Let us know what you think about this subject in the comments section below. View the full article

The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities. Using Cryptocurrencies to Pay for Imports The Central Bank of Iran (CBI) has announced that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports, the Financial Tribune reported on Saturday. The publication described: The central bank says that lenders and licensed currency exchange offices have been notified about the regulatory framework for crypto payment. In October last year, the Iranian government amended its cryptocurrency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country. Licensed crypto miners are required to sell their coins directly to the central bank. The measure was proposed by the CBI and the Ministry of Energy. Iran has issued over 1,000 licenses to crypto miners, including one to the Turkish bitcoin mining giant Iminer. Power plants in Iran are allowed to mine cryptocurrencies and bitcoin miners have been granted exclusive access to electricity generated from three of them. In January, Iran shut down 1,620 illegal crypto mining farms. Meanwhile, Mohammadreza Pourebrahimi, head of the economic commission, said the commission has done a comprehensive examination of crypto activities in Iran and will present its results next week. “We plan a bill in which a new mechanism for cryptocurrency-related activities is laid out,” he was quoted by Tasnim News Agency as saying. The bill will define the obligations of administrative bodies, namely the Central Bank of Iran and the ICT, industries, energy and economy ministries. What do you think about this new directive by the central bank about using cryptocurrencies to pay for imports? Let us know in the comments section below. View the full article

Bitcoin prices have dropped below the $50k region during this week’s trading sessions sinking to a low of $47,555 on Friday. The popular creator of the stock-to-flow (S2F) bitcoin price model, Plan B has discussed the recent price dip and stressed that “nothing goes up in a straight line.” Plan B believes this price drop might be a “mid-way dip,” similar to the crypto bull runs in prior years. ‘Looks Like the Mid-way Dip,’ Says Plan B During the first week of March, Bitcoin.com News reported on Plan B’s popular but also controversial stock-to-flow (S2F) price model. In that report, Plan B was very confident and BTC’s price surpassed the model by 26%. People believe that the S2F price model predicts bitcoin’s price reaching six-digit price ranges in the future. Since that report in March, however, BTC’s price has dropped -26.72% after the crypto asset’s all-time high of $64,895 per unit. Plan B doesn’t seem phased by the drop and after prices fell, the S2F creator consoled his followers in a tweet. “Nothing goes up in a straight line. Bitcoin has gone up 6 months in a row, until this month. This looks like the mid-way dip that we also saw in 2013 and 2017,” Plan B emphasized. A number of people agreed with the S2F creator, as they believe the dip is just temporary for now. “Right on schedule,” tweeted the Kraken representative Dan Held in reply to Plan B’s assessment tweet. In fact, Bitcoin’s S2F model has been a topical conversation again in recent times. “So let us take a look at Plan B’s S2F model,” one individual called Waro recently wrote. “You can see that bitcoin always has this mid-way bear period in its bull cycle and the correction we would see is at a minimum of 40%. This is quite in line with the untapped liquidity that the Elon pump has left behind,” he added. The financial reporter Wu Blockchain also spoke about the S2F model this week. Wu Blockchain remarked: According to Crypto Quant’s S2F Reversion data, with bitcoin’s sharp drop, the index plummeted to 1.827126. Compared to bitcoin’s decline, the index has fallen significantly more, [which may imply] a reliable buying opportunity. Plan B’s Recent Survey Shows 44% of Votes Think Bitcoin Will Reach $100K A bunch of crypto proponents think drops in bitcoin’s value should be expected during the bull runs and people still are confident six-digit BTC prices are coming. “10%-30% dips are to be expected in any bitcoin bull run [and] are exactly what happened in 2017 [and] 2012,” a Plan B fan said on Twitter. “Currently, BTC has dipped to the exact price level predicted by [Plan B’s] S2F model, so [it] is still nicely on track to hit $100k by Sept,” he added. Further, Plan B did a survey on Twitter and the poll saw 67,881 votes since April 24, 2021. The survey asked people their opinions about the S2F model what future BTC prices might come to fruition. “Do you think bitcoin will reach $500k, $288k (S2FX model), or $100k (S2F model) before December 2021… or will BTC stay below $100k?” Plan B asked his 405,000 Twitter followers. 44.6% voted for $100k, 25.5% voted for $288k, and 21.8% voted for the price staying below the $100k range. 8.6% of the 67,881 votes predicted prices could reach as high as $500k per bitcoin (BTC). What do you think about Plan B’s recent tweets about bitcoin’s price dip and the S2F model? Let us know what you think about this subject in the comments section below. View the full article

Ripple Labs cofounder Chris Larsen has a bone to pick with bitcoin and crypto networks that leverage proof-of-work (PoW). Larsen’s latest write-up explains that the crypto industry needs to reconsider PoW because of the effects on the environment. The Ripple executive believes that other types of consensus algorithms have been effective at being secure while only “using a tiny fraction of the energy.” Ripple Cofounder Believes Crypto Networks Leveraging Proof-of-Work Should Consider Alternatives While the global economy struggles after a year of Covid-19 lockdowns and business shutdowns, a great number of people are very interested in tackling climate change. Ripple Labs cofounder Chris Larsen has written a blog post about the environment and why the crypto industry should reconsider leveraging PoW. Larsen believes that if the Bitcoin (BTC) network’s verification model doesn’t get addressed, then at some point, it will lose out to a crypto asset network that does. “With more individual investors and corporations taking significant bitcoin positions— PoW is heading for levels society will find tough to tolerate as the world works to avert a climate disaster,” Larsen’s blog post says. The Ripple cofounder notes that Bitcoin network participants have been committing to renewable energy and green sources of fuel, but Larsen stresses this is only “part of the solution.” In a proof-of-work (PoW) system, miners secure the system and get rewards by using computational power and specialized machines. With proof-of-stake (PoS) systems, in some cases, the probability of securing a block is tethered to the amount of stake a validator has within the system. Like miners, validators collect a reward but are energy efficient because there’s no need for costly machinery and using significant energy resources. However, the security of PoS is far less proven in comparison to Bitcoin’s Nakamoto consensus or PoW systems. To Larsen, consensus algorithms that leverage proof-of-stake (PoS) have “proven effective in securing their stored value while using a tiny fraction of the energy.” He understands that a consensus algorithm is necessary to validate transactions and keep the blockchain secure. Larsen says that the crypto industry has had a decade to review these alternatives and also noted that many PoS and non-PoW coins have captured over 43% of the entire market capitalization. “Today, non-PoW-based coins (including Ethereum’s anticipated switch) make up 43% of all cryptocurrencies by market cap, and the majority of new cryptocurrencies introduced today choose to eschew PoW. It’s clear which way the trend is moving,” Larsen explains. The Ripple executive adds: The XRP Ledger has been using Federated Consensus to validate transactions and secure its public ledger for almost nine years. It’s closed 62+ million ledgers without downtime, uses the energy equivalent of just 50 U.S. homes per year, and is already carbon neutral. A Myriad of Studies Claim PoW’s Security Strength Is Superior to Federated and PoS Systems Larsen’s blog post covers a comprehensive look at all the negatives involved with PoW consensus algorithms. However, the blog post doesn’t go over any negative arguments against the security and vulnerabilities associated with PoS and non-PoW coins. There’s a myriad of papers and studies that have been written over the last decade that indicates PoS algorithms have not proven to be as secure as PoW. For instance, Ripple’s Federated Consensus or any type of federated blockchain mechanism has been considered centralized in comparison to networks like BTC. For instance, blockchain and fintech attorney Nikhil Mehta from Smithamundsen LLC has said that Ripple’s issues with the U.S. Securities and Exchange Commission (SEC) were invoked because the regulator thinks XRP is a security due to centralization. “The SEC has already indicated that bitcoin and ethereum are not securities due to their decentralized nature, which is a hallmark of blockchain applications”, Mr. Mehta stressed in his paper. “Ripple, on the other hand, is viewed differently by the SEC, which has taken the position that the development and distribution of XRP was conducted by Ripple in a centralized way,” he added. Further, Larsen’s paper fails to mention the PoS coin networks that have been attacked on various occasions during the last decade. One example is how Tron’s Steemit acquisition exposed vulnerabilities within delegated-proof-of-stake networks. PoW and PoS systems also have different attack costs, and one paper notes that the attack costs for a PoS protocol can be down to zero. “In fact, if the attacker’s motivation is large enough (and this is common knowledge), he will succeed in his attack at no cost,” the paper highlights. Ripple’s Chris Larsen addresses in his paper that he wouldn’t consider PoW models outdated, but that maybe these types of networks should be separated from those that provide low energy/low carbon verification systems. “We should see PoW for what it is — a brilliantly designed technology that is becoming outdated in today’s world,” Larsen’s blog post details. “In no way does this suggest that bitcoin and other PoW cryptos themselves are outdated. Their widespread adoption speaks for itself. But they need to separate themselves from this early technology that is not built for today’s climate needs, and embrace low energy/low carbon alternatives to secure their ledgers,” the executive adds. Plenty of Papers Have Knocked Bitcoin’s Use of Energy There has been a myriad of papers, studies, and complaints in regard to PoW’s use of energy. Much of which has been highlighted more often during 2021’s thrilling crypto bull run. However, most of these arguments have been debunked and just recently one bitcoin miner claimed that “Bitcoin is one of the most environment-friendly financial networks.” Moreover, there are not that many academic papers that have found security loopholes, attacks, or vulnerabilities when it comes to Satoshi Nakamoto’s proof-of-work system. Still, Larsen believes that the energy issues could be the Bitcoin network’s Achilles heel in the future. “I would argue that such a change is critically important for Bitcoin to remain the world’s dominant cryptocurrency,” Larsen says. “PoW’s current energy demands and carbon footprint are already unsustainably high, with Bitcoin alone consuming an average of 132 TWh a year (equivalent to roughly 12 million U.S. homes), and releasing an estimated 63 million tons of CO2 annually,” the Ripple Labs executive’s paper concludes. What do you think Chris Larsen’s opinion about PoW networks like Bitcoin and reconsidering PoW consensus? Let us know what you think about this subject in the comments section below. View the full article

On May 3, tokens stemming from the Chia network, a smart transaction blockchain created by the Bittorrent creator Bram Cohen, will start trading and transactions will be fully enabled. Rather than leveraging the proof-of-work consensus algorithm, Chia will utilize a model called proof-of-space which relies on storage. With Chia’s transactional launch pending, the project has sparked shortages over the demand for hard drives and solid-state drives (SSDs). Chia Network Fuels High-End Hard Drive and SSD Shortages Bram Cohen, the inventor of the popular torrenting application Bittorent has created a cryptocurrency that’s set to launch next month. Because Cohen is behind the Chia project, the pre-stages of the digital currency network have seen significant exposure since Chia was announced. Chia’s team believes that the project can allow anyone the ability to verify transactions without being dependent on “single-use hardware or a big electricity bill.” Chia released the project’s Business White paper in February 2021 and the mainnet launched on March 19. This allowed participants to begin accessing farming rewards, but it also spurred the start of demand for hard drives and SSDs. Transactions will be enabled on May 3 and at that point in time, exchanges and brokerage services can allow people to trade chia tokens. The closer the Chia network’s transactional launch gets, the more demand grows for storage components. The South China Morning Post (SCMP) explains that there’s been a major shortage in China when it comes to SSDs and hard drives. Chinese hard drive and SSD manufacturers are selling out quickly and product prices have skyrocketed on secondary markets. Chia documentation says “a Proof-of-Space protocol is one in which: a Verifier can send a challenge to a Prover, and the Prover can demonstrate to the verifier that the Prover is reserving a specific amount of storage space at that precise time. The proof of space protocol has three components: plotting, proving/farming, and verifying.” Chinese e-commerce markets like JD.com and Taobao have seen high-grade hard drive models sell out fast since the Chia mainnet launch. A customer service agent for Taobao has seen the demand spike and underscored that the customers are chia miners. “Many people have inquired about large hard drives for chia mining in the past few days,” the Taobao agent noted. The agent also explained that brand-name equipment from Western Digital and Seagate has been experiencing shortages. A visual explanation of the Chia network’s Proof-of-Space protocol. On Chinese e-commerce platforms Taobao and JD.com, multiple models of enterprise-grade hard drives with large capacity have sold out. A hard drive and SSD seller in Shenzhen called Qin explained that on secondary markets, prices on this equipment can be up to 50% to 60% higher than retail. “You can mine chia with 4TB hard drives as well because we don’t have any hard drives over 4TB in stock,” Qin stressed. “At peak times, prices have been at least 60 percent higher than usual. Prices dropped a bit recently but they are still about 50 percent (higher than normal) now,” another vendor named Chen detailed. The Chia network’s storage incentives have increased storage product requests considerably and hard drives between 4TB and 18TB are seeing the highest demand. Cohen’s Success With Bittorrent Has Fueled Chia Hype Besides the hype stemming from the creator Bram Cohen and the speculation forming within the crypto community, venture capital seems interested in Cohen’s crypto as well. In 2018, Chia raised $3.4 million from Greylock, Andreessen Horowitz, and Angellist’s Naval Ravikant. Chia could also be an Ethereum competitor as it has its own onchain programming language called Chialisp. Cohen has explained that the smart transactions Chialisp will allow range from colored coin tech, atomic swaps, multi-sig wallets, recoverable wallets, authorized payees, and more. Cohen’s previous project which cemented his fame, Bittorrent, was sold to Justin Sun and is now owned and operated by the blockchain firm Tron. The file-sharing operation Bittorrent was reportedly sold to Tron for $126 million in 2018. What do you think about the demand for hard drives and SSDs skyrocketing over the upcoming Chia network’s transaction launch? Let us know what you think about this subject in the comments section below. View the full article

A Kenya-based digital media company, Picha Images, is reportedly set to hold one of the first non-fungible token (NFT) auctions in Africa. The auction event, which is set to be held between April 26 through May 3, 2021, will initially feature the works of Rich Allela, the award-winning photographer and filmmaker from Kenya. Perpetual Royalties According to a report, in return for purchasing the NFTs, the buyers will get a “hacker-resistant proof of ownership of a digital piece of art.” Inversely, the NFTs give artists, who have been getting “a raw deal,” a chance to earn more. Meanwhile, in its own statement, Picha Images claims the creation of NFTs shows that the company is “placing the wellbeing of their creative artists first by exposing them to a way to secure their work, maintain the copyrights to their creations and earn royalties in perpetuity.” NFTs Empower Artists On the other hand, Allela is quoted commending Picha Images, which harnesses artificial intelligence and big data, for making it possible for artists like himself to earn more from their works. Allela, whose works are famously described as Afro-renaissance, also said: By launching The Rich Allela’s Afro-renaissance collection on NFT, Picha Images aims to empower artists to maintain the copyright of their work and earn from secondary sales. Through this auction, the public will place their bids where the highest bidder will walk away with a piece of digital art and send a message to the world on the value of art as an investment worth making. In the meantime, the report states that Opensea, a non-fungible token digital marketplace, will host “the NFT auction and artwork.” Do you agree that NFTs help artists earn money from their works? Tell us what you think in the comments section below. View the full article

A dogecoin investor has shared his story of how he became a crypto millionaire in a little over two months after learning about the meme cryptocurrency and pouring all his savings into it. He said he was inspired by Elon Musk’s tweets about dogecoin. A Doge Millionaire Shares His Story Glauber Contessoto, a 33-year-old who works at a music company in Los Angeles, has shared his story of how he became a dogecoin millionaire in just a little over two months. He invested over $180,000 in dogecoin on Feb. 5 when its price was about 4.5 cents, the investor told CNBC Make It in an interview published Friday. He learned about the meme cryptocurrency on Reddit and was inspired by Tesla’s technoking Elon Musk who tweeted about DOGE on several occasions. Contessoto explained that he was drawn to dogecoin for a few reasons. Besides loving the Reddit community surrounding dogecoin, he said he appreciates that the crypto was inspired by Shiba Inu “Doge” meme. He is also very bullish on the coin’s growth, believing that it could help him build “generational wealth” to pass on to his future family. “I grew up really poor, so this is a huge deal for me,” he opined. Furthermore, like many dogecoin holders, he said: A reason why I put my savings into dogecoin is Elon Musk … I think the guy is a genius. To invest in DOGE, Contessoto sold all of the stocks he owned, including shares of Tesla and Uber, and poured all his savings into the cryptocurrency. He then invested on margin by borrowing money from Robinhood via the app. The price of dogecoin has skyrocketed over the past months. Source: Markets.Bitcoin.com A number of experts have warned about investing in dogecoin. Bitcoin bull Mike Novogratz of Galaxy Digital, for example, told CNBC this week that dogecoin “literally has two guys that own 30% of the entire supply.” He added that bitcoin also has an extensive and well-funded ecosystem that does not exist with dogecoin, which does not have a supply cap like bitcoin does. It was a huge risk for Contessoto as he invested and held onto the cryptocurrency despite warnings from his friends, one of whom cautioned: “Dude, it’s a pump-and-dump [scheme]. It’s going to zero, eventually.” About two months later, on the night of April 15, the price of dogecoin began to surge. It then spiked 400% and hit a market capitalization of $49 billion on April 16. Dogecoin ultimately reached a record high of around 45 cents. Contessoto’s balance on April 16 on Robinhood was $1,081,441.29, which he posted on Reddit for others to see. Insisting that he doesn’t intend to sell his dogecoins anytime soon, he said: My plan is, once I hit $10 million, then I’ll take out 10%. This stuff is going to continue to grow. The price of dogecoin is currently $0.284006 based on data from markets.Bitcoin.com. Despite the recent drop in price, Contessoto said his DOGE balance is still over a million dollars. What do you think about this dogecoin investor’s story? Let us know in the comments section below. View the full article

SEC Commissioner Hester Peirce believes that the U.S. government cannot ban bitcoin, stating that “it’s very difficult to ban something that’s essentially a peer-to-peer technology.” The commissioner is hopeful that with the new chairman who has deep knowledge of bitcoin and cryptocurrencies, the SEC can take a fresh look at some of the reasons used to reject bitcoin exchange-traded funds (ETFs). SEC Commissioner Says ‘Very Difficult’ to Ban P2P Technology Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC) who is also known in the crypto community as “crypto mom,” was asked whether there is a possibility that the Biden administration could ban bitcoin in an interview with Fox Business’ Charles Gasparino on Thursday. With new cryptocurrency regulations in the works, investors are concerned whether the government will ban cryptocurrencies, including bitcoin. Some people have warned that governments can outlaw bitcoin if it becomes a risk to their financial systems. Among them are Bridgewater Associates founder Ray Dalio, The Big Short’s Michael Burry, and Ron Paul. A bitcoin proponent, Peirce has been advocating for the SEC to approve bitcoin ETFs. Regarding the possibility of banning bitcoin in the U.S., the commissioner opined: I think it’s very difficult to ban something that’s essentially a peer-to-peer technology. I think the goal, as with any technology, is to prevent people from using it for illicit purposes and only allow them to use it for legal purposes. That’s what I expect to happen. Commissioner Peirce previously said that the government would be “foolish” to try to ban bitcoin, likening it to shutting down the internet. The U.S. government is concerned about cryptocurrencies being used in illicit activities. Treasury Secretary Janet Yellen has said several times that cryptocurrencies are mainly used for illicit financing. She also said previously that the Treasury will work with other regulators to come up with appropriate regulations for the crypto space. Fox Business recently reported that crypto regulation may start from the Treasury and the SEC is waiting for direction on broad regulatory policies on cryptocurrencies from the Treasury. The SEC also has a new chairman; Gary Gensler was confirmed to lead the commission last week. He has deep knowledge of bitcoin and cryptocurrencies, having taught classes on the subject at the Massachusetts Institute of Technology (MIT). Gensler is also a former chairman of the Commodity Futures Trading Commission (CFTC). He is expected to impose a fair amount of regulation on cryptocurrencies. Last week the U.S. House of Representatives passed a bill mandating that the SEC and the CFTC establish a working group focused on digital assets. Regarding the possibility of the SEC approving a bitcoin ETF this year, Peirce said, “With the new chairman, we will be able to take a fresh look at some of the reasoning that we used to deny bitcoin exchange-traded products in the past.” She added: “Frankly, Canada is ahead of us now. Not only they have bitcoin exchange-traded products, but they also have exchange-traded products based on ether.” Do you think the government can ban bitcoin? Let us know in the comments section below. View the full article

The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency (OCC). The OCC published information on the conditional approval on April 23, 2021, showing authorization of the company’s application to charter the Paxos National Trust. “The OCC granted a national trust bank charter to Paxos after [a] thorough review of the company and its current operations,” the OCC’s press release notes. “In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications. The OCC granted preliminary conditional approval to Paxos after [a] thorough review of its application.” Paxos was founded in 2012 in New York City, but the company also has offices in Singapore and London as well. At the end of December 2020, documents show that Paxos has raised roughly $240 million in financing since the company’s inception. Paxos is also known for issuing a stablecoin based on the value of the U.S. dollar and a token backed by the precious metal gold as well. The preliminary approval status aims to provide Paxos the authority to exercise fiduciary powers under 12 USC 92a and 12 CFR 5.26. Paxos National Trust Must Obtain the Regulator’s Final Approval Paxos General Counsel Dan Burstein is addressed in the OCC’s preliminary approval letter. The OCC’s letter stresses that the regulating entity plans to process background checks and other reviews of the Paxos’ executive staff. “Accordingly, the continued service of these individuals will be dependent on satisfactory completion of the background investigation process,” the OCC letter states. “Prior to the Bank’s opening,” the OCC’s approval letter concludes. “The bank must obtain the OCC’s prior written determination of no objection for any additional organizers or executive officers or directors appointed or elected before the person assumes the position.” Further, if the OCC finds any issues it can modify, suspend, and rescind the preliminary conditions if any material information changes before the OCC’s final decision. What do you think about Paxos getting conditional approval for a bank charter in the U.S.? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Blockchain-powered supply chain management platform, Morpheus.Network, has launched an updated platform, forged an Agribusiness agreement with the Argentinian government, and was a winner in the 2021 “Future of Ports” competition. Burlington, ON — Morpheus.Network is one of the world’s leading supply chain ecosystems and is changing the face of the global trade industry in 2021. The company has just launched its updated enterprise-grade, next-generation supply platform, agreed to a global Agribusiness project with SENASA and was one of the 5 winners of this year’s prestigious Gulftainer “Future of Ports” competition. What is Morpheus.Network? Morpheus.Network is a supply chain ecosystem with the ability to extend itself on top of existing industry technologies through its blockchain technology. The Morpheus.Network platform exists on the cloud in between blockchain and IoT, with the potential to be integrated with different technologies and devices in one single format. The Morpheus ecosystem is uniquely able to streamline the supply chain process of thousands of companies and has tremendous potential to revolutionize various processes used by leaders in multiple industries, such as trade and logistics. Evolving Industry With The Argentine Government In November 2020 Argentina became a global technology leader in the Agribusiness Industry with the help of established national software provider Polaris Network. Polaris believes that Morpheus.Network blockchain technology-backed software is perfect to meet the new regulations put out by National Food Safety and Quality Service, SENASA. The Morpheus.Network platform provides enterprise-grade, flexible solutions to support and onboard Agribusiness clients in Argentina. The supply chain ecosystem will provide the perfect network to grow Argentina’s Agribusiness sector and establish itself as a leader in a market worth $60 billion. With Polaris & Morpheus.Network already working on one project with SENASA, the two companies are now looking to implement blockchain and IoT technology to leverage the Morpheus.Network solution for animal management and certification. The Agribusiness sector involves thousands of companies and with these two upcoming projects Morpheus.Network could prove instrumental in helping the Argentine government become a global technology leader. “Future Of Ports” Winner This year Morpheus.Network has been selected as one of the 5 winners from the finalists of the “Future of Ports” competition, from a total of 10 finalists from 2,000 start-ups across 6 continents and over 200 cities. The competition identified the most promising, cutting-edge startups with the potential to disrupt the ports and logistics sector. The goal was to identify strategic long-term partners to co-develop solutions with Gulftainer, the world’s leading private port management company, and OneValley, a global accelerator based in Silicon Valley. Enter Morpheus Black The new “Morpheus Black” platform is the culmination of continued development and enterprise-grade implementations by Morpheus.Network in collaboration with its growing industry partnerships. The Morpheus Black platform offers a significant upgrade in capabilities and showcases the company’s strong progress towards expanding its use case, its token utility and global adoption. Tireless work by the Morpheus development team in unison with its technology and business partners has resulted in a slew of game-changing functionalities to the company’s software, including but not limited to: Document Handling System: Immutable documentation of production, processing, and all subsequent handling stages in digital format. Digital ID: Full vendor transparency within their supply chain. Products equipped with unique digital identifiers at the production level using multiple types of scanning technology Fraud Prevention Protocol: Morpheus.Network Joined the “Co-Innovated with SAP” program to certify its Fraud Prevention Protocol (FPP) running SAP infrastructure. Big Data Analytics: Housing all supply chain-related datasets into one format to create a holistic monitoring interface for supply chain performance and deploy efficient algorithms for optimization. The updated platform will serve as a launchpad for Morpheus.Network, as the growing supply chain leader plans to see its blockchain technology become further integrated into multiple industries throughout 2021 and beyond. Following recent achievements Morpheus.Network is continuing on its current trajectory towards mainstream adoption. The blockchain-powered supply chain enterprise will forge more partnerships throughout the year and also announce new paying clients. Media Contact Details Contact Name: Bitcoin PR Buzz Press Team Contact Email: press@bitcoinprbuzz.com Learn more about Morpheus.Network — https://morpheus.network/ Follow on Twitter —https://twitter.com/MRPHSupplyChain Read about the project on Medium — https://medium.com/morpheus-network Find on Facebook — https://www.facebook.com/themorpheusnetwork/ Buy MRPH on Bittrex — https://bittrex.com/Market/Index?MarketName=BTC-MRPH Morpheus.Network is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. About Bitcoin PR Buzz Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 9 years. Get your Bitcoin Press Release Distribution today. 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

Bitcoin’s global hashrate dropped ten days ago following a coal mine accident that caused significant grid blackouts in Xinjiang, China. While initial estimates had shown more than 40% of the hashrate dropped, statistics from a five-day average show the hashpower only lost around 25%. Meanwhile, Chinese miners located in Sichuan may put more pressure on hydropower resources, as province officials have revealed electricity rates are scheduled to increase 150% this year. Sichuan Electricity Trading Division Report Notes Electrical Prices in the Region Will Increase by 150% Mining bitcoin is extremely competitive and miners are spread out all around the world in order to obtain the cheapest electricity rates they can acquire. Because electrical costs in China are far less than a great number of regions around the world, a large portion of bitcoin miners reside in the country. At one time years ago it was estimated that more than 65% of the hashrate was in China, while more recent studies have shown the concentration has dropped to around 50% of the hashrate. Following a recent hashrate drop in the province of Xinjiang, a regional report notes that people leveraging electricity in Sichuan may see an electrical cost increase. Financial columnist Priyeshu Garg explains that Sichuan electricity powered by carbon materials will increase by 150% this year. The revelations stem from the Sichuan Electricity Trading Division who revealed the increase on April 10, 2021. However, the increase will likely be felt by non-mining entities leveraging Sichuan’s grid first, because officials want to decrease dependency on the use of thermal power from coal mines. As Coal Mine Electric Prices Increase and Carbon-based Power Facilities Are Decommissioned, Demand for Hydropower Is Expected to Rise China’s carbon-neutral policy aims to reduce the dependence on carbon-based power, making it so non-mining entities will be forced to use hydropower too. Bitcoin miners in Sichuan already use the region’s hydropower and can get around $0.02/kWh. Priyeshu Garg says the relatively inexpensive $0.02/kWh rate in Sichuan increased by 16% since last year. The Sichuan Electricity Trading Division’s report estimates that bitcoin miners alone will consume 11.3 billion kWh in 2021. The regional reporter notes that with the rainy season starting soon, more bitcoin miners are expected to migrate to Sichuan in mass numbers. Accordingly, this will boost the dependency on all hydropower resources and if other non-mining entities are competing for this type of power, hydropower could see a price increase follow suit. The Sichuan Electricity Trading Division notes that the current amount of hydropower available is already short in supply. What do you think about the electricity prices in Sichuan increasing to 150% this year? Let us know what you think about this subject in the comments section below. View the full article

The U.S. state of Louisiana has passed a resolution to commend bitcoin for its success as well as commend the cryptocurrency’s pseudonymous creator, Satoshi Nakamoto, “for his contribution to economic security.” State Resolution Recognizing Satoshi and Bitcoin The Louisiana House of Representatives resolution by Representative Mark Wright entitled, “Commends Bitcoin and the cryptocurrency industry,” has been enrolled and signed by the Speaker of the House. House Resolution 33 (HR 33) reads: Resolution to commend Bitcoin for its success in becoming the first decentralized trillion dollar asset and to encourage the state and local governments to consider ways that could help them benefit from the increased use of this new technology. The resolution proceeds to describe various attributes of bitcoin, starting with its creation in 2008 “by the pseudonymous author Satoshi Nakamoto.” Noting that the cryptocurrency “could potentially replace gold as a monetary reserve,” the document highlights bitcoin’s finite supply, noting that it is “completely decentralized” and allows for secure transactions without the need for a trusted third party. It additionally notes that “not only has Bitcoin proven to be a critical tool for businesses, it has proven to be a critical tool for citizens around the world to protect themselves from currency debasement.” The resolution mentions another cryptocurrency other than bitcoin, Moxey, which it describes as “a proprietary digital community currency invented in Louisiana.” Its website describes that “Moxey is a community of thousands of business owners who support one another and, most importantly, are able to buy and sell among each other without spending cash. Instead, they use their very own community currency; Moxey dollars.” In conclusion, Louisiana’s House Resolution 33 states: The House of Representatives of the Legislature of Louisiana does hereby commend Satoshi Nakamoto for his contribution to economic security. What do you think about this House resolution commending Satoshi Nakamoto and Bitcoin? Let us know in the comments section below. View the full article

The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going after hundreds more taxpayers who are delinquent on paying their taxes. Crypto Seizure for Tax Payments The Seoul metropolitan government announced Friday that it has seized cryptocurrencies from hundreds of individuals who are delinquent on their tax payments, Yonhap reported. Cryptocurrencies belonging to 1,566 individuals, including heads of companies, have been identified by the city government’s tax collection department at three cryptocurrency exchanges. So far, the tax authority has seized the coins from 676 people who owe the government 28.4 billion won (approximately $25.47 million) in overdue taxes. It will soon go after the crypto assets of the other 890 people. Since the crypto seizure, 118 taxpayers have paid back 1.26 billion won, the city government said, elaborating: We are continually being asked by delinquent taxpayers to refrain from selling their cryptocurrencies as they will pay their taxes. “We believe the taxpayers expect the value of their cryptocurrencies to increase further due to the recent spike in the price of cryptocurrencies and have determined they will gain more from paying their delinquent taxes and having the seizure released,” the government described. The city government gave an example of the head of a hospital whose cryptocurrencies were confiscated. He asked the authorities not to sell his coins and immediately paid 580 million won out of the 1 billion won he owed in unpaid taxes and provided security for the rest. Similarly, another taxpayer asked the government not to sell his seize cryptocurrencies worth 3 million won, pleading that in two years, their value will grow substantially and will more than cover his delinquent tax of 20 million won. According to the tax authority, the most popular cryptocurrency among delinquent taxpayers is bitcoin (19%), followed by Dragonvein and XRP, both at 16%. The next most popular crypto is ethereum (10%) and then stellar (9%). What do you think about the local South Korean tax authority seizing cryptocurrencies for tax payments? Let us know in the comments section below. View the full article

Sevilla is becoming a crypto-friendly city in Spain at a fast pace, with two prominent local hotels announcing they will start accepting crypto payments. Hotel Bécquer and Hotel Kivir have joined the crypto adoption bandwagon by allowing customers to book rooms with digital assets. Hotels Will Receive 100% of Funds in Fiat Euros According to Diario de Sevilla, both hotels signed a partnership agreement with the domestic exchange Criptan to enable crypto payment gateway for their customers. Bécquer is a 134-room hotel located in the former place of the Marquises of Las Torres while the 31-room Hotel Kivir is based in the city’s Old Town. With both four-star hotels partnering with the exchange, Criptan has increased its portfolio of retail stores and even tourism businesses across Spain that now accept cryptos, such as bitcoin (BTC), as a means of payment. Alejandro Rodríguez, general manager of both hotels, is optimistic about the extensive future adoption of cryptos across the tourism sector that has been heavily hit by the coronavirus pandemic: It is very significant that the tourism sector is one of the first to adopt this new payment methodology with what it represents for the economy at an international and national level and the possibilities of cryptocurrencies that can be used globally. Per the agreement, Criptan will process such crypto payments but both hotels will receive 100% of the money in fiat euros. Pandemic Drives Hotels Administration to Target Crypto Users Criptan’s representatives told Diario de Sevilla that such integration in hotels, like Bécquer and Kivir, follows the European regulation PSD2 of electronic payment services, whose objective is to “increase security in Europe, promote innovation and favor the adaptation of banking services to new technologies.” Rodríguez also cited a restructuring of the business model to follow the emerging technologies, as the economic crisis boosted by the pandemic made him think about targeting new segments. As Sevilla becomes even more familiar with crypto, Bitcoin.com News reported in December 2020 that a municipality in Sevilla launched its own cryptocurrency, which aims to encourage residents and merchants to transact with it in the midst of the coronavirus-driven economic impact. What do you think about this announcement? Let us know 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 of the Crowny Token (CRWNY) under the pair USDT/CRWNY on Apr 21 at 1:00 p.m. UTC. Crowny has created a new platform by aligning blockchain and digital assets with the world of advertising. The platform will allow brands to develop effective campaigns to reach audiences who are enticed to listen to their messages. Users will be able to connect to their favorite brands through a smartphone application without the risk of privacy breaches. It has become a challenge for brands to reach and interact with their potential customers through digital and traditional media. The Crowny proposition brings the right tools to help advertisers reach customers with ease while rewarding the customers with tokens for engaging with ads. Rewards play a key role on the Crowny platform driving users to interact with brands. Crowny offers a variety of product features, including a free loyalty system for business owners, and the most compelling part of their product offering is the CRWNY token. Users can convert tokens to fiat currencies, use them to purchase products, or set them aside to be held in a wallet. The CRWNY token will first launch on the Ethereum blockchain as an ERC-20 token. Crowny will be using the Wormhole bridge to Solana to support the functionalities on their platform. Crowny connects and rewards users for engaging with their favorite brands, supporting brands to reach the right target audience while protecting users’ privacy. Users receive relevant content and offers based on their preferences, allowing them to earn CRWNY and loyalty points for interacting with those brands. 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. Our 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 Crowny Crowny has created a new platform within the world of advertising. A platform that will allow brands to create effective campaigns in order to reach audiences who are enticed to listen to their message. Users will be able to connect to their favorite brands through a smartphone application, without the risk of privacy breaches. For more information and updates, please visit: Website: https://crowny.io/en Twitter: https://twitter.com/crownyio Telegram: https://t.me/crownyio 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

South Korea’s crypto-sphere has been witnessing a volatile environment in terms of regulatory moves, as bitcoin prices and other altcoins are also having wild moves. Such a scenario hasn’t stopped the country’s middle class to profit from the crypto market, even with very successful stories. One of the Interviewees Risked His Life Savings in Cryptos According to a report published by TV network JTBC, employees from major companies such as Shinhan Card, Samsung, and LG Electronics claimed they collected enough profits to quit their jobs. Testimonies featured in the video report show that the individuals managed to collect millions of dollars worth of cryptos. One of them, a former Shinhan Card worker, told JTBC that he managed to gain almost 3 billion won ($2.7 million) but clarified that he took a high-risk move by achieving such astonishing profits. In fact, he invested his life savings and some loans onto crypto trades, and after he earned the millionaire amount in profits, he quit his job role at Shinhan Card last month. Interestingly, he became a full-time Youtuber to feature his success on crypto investments. Former Samsung Employee Earned Around $36M in Profits But his story is far to be the most successful one featured in the report. Another of the former workers interviewed by JTBC, who was part of the staff at Samsung, claimed to have earned around 40 billion won ($36 million) in profits after investing just 50 million won ($44,670) worth in cryptocurrencies. As a note, none of the above interviewees disclosed which cryptos they invested their money in. However, a worker from the financial district of Yeoido – who didn’t disclose the name of the company – hesitated from investing in bitcoin (BTC) as she told JTBC that many people were investing in crypto. She claimed to have felt “anxious” about such kind of investment. Bitcoin.com News recently reported that South Korea’s crypto market keeps booming across the board, as a study unveiled that domestic crypto investors transacted around $7 billion per day in the period ranging from January 1 to February 25, 2021. What do you think about this report on the South Korean middle class making astonishing profits from cryptos? Let us know in the comments section below. View the full article

Bitcoin dominance, the metric that measures bitcoin’s overall market capitalization against all the other crypto asset valuations has dropped considerably in recent weeks. At the end of February, bitcoin dominance levels started sliding downward from 61% to today’s 50%. Meanwhile, from the same point in time ethereum’s market capitalization has increased from 11.8% to today’s 14.5%. Bitcoin Dominance Sinks to 50% Ever since the birth of alternative crypto assets, people have used a metric called bitcoin (BTC) dominance, a measurement that records BTC’s entire capitalization against all the market capitalizations held by other coins. Interestingly, minus a few small dips, BTC’s dominance was above the 80% range from the day it was conceived to February 2017. BTC/USD hourly chart on April 23, 2021. During the first week of January 2018, BTC’s dominance dropped to an all-time low of 33%. This year, bitcoin dominance levels have been mostly above the 60% region and in January 2021, it neared 70%. However, since February 28, BTC dominance has slid from 61% to a low of 50% on April 23. At the same time from February 28 until now, ethereum (ETH) has climbed from 11.8% to 14.5%. A Myriad of Competitors Push Bitcoin Dominance Levels Lower Ethereum’s market cap is not the only coin eating away at BTC’s dominance levels. Binance coin has captured the third position in terms of crypto market valuations and commands 4.33% of the crypto economy’s entire $1.87 trillion market cap. The stablecoin tether (USDT) holds 2.8%, XRP has 2.25%, and cardano (ADA) has 1.9% today. The top 15th position held by solana (SOL) and all the way to the seventh position dogecoin, commands .50% of the entire crypto-economy or more. ETH/USD hourly chart on April 23, 2021. From October 2020 until today, the overall crypto capitalization excluding bitcoin has increased a great deal from $145 billion to close to a trillion. A great number of coins have seen gains alongside BTC’s climactic bull run, but a few coins, in general, have eaten a lot more than most. Tokens like ethereum, binance coin, cardano, XRP, and tether (USDT) as well have done the most damage to BTC’s dominance levels. What do you think about BTC’s dominance levels dropping to record lows for 2021? Let us know what you think about this subject in the comments section below. View the full article