InputOutput (IOKH), the technology company behind the Cardano open-source blockchain project, announced in the ongoing Cardano Summit 2021 that it has partnered with decentralized blockchain oracle network Chainlink.
Tremendous Respect for Cardano
As per the announcement, the partnership will see Cardano integrate Chainlink’s oracles to support developers as they prepare to start building smart contracts for decentralized finance (DeFi) applications.
Recall that Cardano became compatible with smart contracts for the first time after the Alonzo network upgrade, which went live on September 12, 2021.
Commenting on the partnership, Niki Ariyasinghe, head of blockchain partnerships at Chainlink Labs, noted that the oracle network has a “tremendous amount of respect for the Cardano ecosystem,” especially the technical team behind the project and the collaborative nature of the community.
Ariyasinghe believes the timing is perfect for the collaboration considering smart contracts are only just coming to Cardano, while Chainlink helps facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
“A lot of this comes down to timing. Cardano obviously has had an extended period where it had different drops of upgrades and the most recent is Alonzo – really about enabling smart contracts. So for us this is really like the right time to engage with the Cardano ecosystem,” he added.
He added that the integration could enable hundreds of billions of dollars of value locked to be secured on the Cardano Protocol, especially in the DeFi sector.
Cardano Unveils Multiple Partnerships
Meanwhile, Day 1 of the ongoing Summit has ushered in several announcements and strategic partnership deals between Cardano and other entities.
As reported earlier, Charles Hoskinson announced that the project has teamed up with DISH’s telecom services, in an effort to boost adoption for the blockchain while transforming the entire model of the telecom industry.
The project also revealed that global land restoration and tree planting verification company Veritree will now secure its records using Cardano’s blockchain following a strategic partnership.
Others on Cardano’s list of partnership announcements include leading esports and gaming platform Rival, a fintech venture studio and fund UBX, and finance identity-based solution AID:tech.
With the number of crypto millionaires on the rise, fear of missing out is driving bigger audiences to the world of crypto trading. However, users will need to choose a crypto exchange that facilitates trading in digital tokens like BTC, ETH, DOGE, LTC, and more to get in on the action.
Currently, there are hundreds of crypto exchanges, both centralized and decentralized. Each comes with its benefits and drawbacks; some are highly regulated while others aren’t. Then again, some list hundreds of cryptocurrencies while others offer just a handful. Selecting the right crypto exchange from a slew of promising platforms can be overwhelming, especially for those just venturing into the volatile world of digital assets.
A beginner choosing their first crypto trading platform should be extremely clear about individual requirements and preferences. For instance, a user might want to opt for a platform that offers an intuitive user experience (UX), guarantees the security of funds, has a rich performance history, is geographically available, and most importantly, follows region-specific KYC and AML policies.
Here are three of the most prominent global crypto exchanges that are extremely beginner-friendly and operate globally.
One of the largest and most dominant crypto exchanges in the Asia-Pacific, AAX or Atom Assets Exchange, is a privately-held digital asset exchange and the world’s first cryptocurrency exchange to be powered by LSEG Technology’s Millennium Exchange. This is the same technology that powers the London Stock Exchange, Borsa Italiana, and Oslo Stock Exchange. It is also the first crypto exchange to join the London Stock Exchange Group’s (LSEG) Partner Platform.
Launched in 2019, AAX is purposefully designed with the needs of retail investors in mind, all while lowering entry barriers. The platform offers advanced trading features, including crypto spot trading, futures contract exchange, crypto savings interest accounts with up to 60% APY, P2P trading, cash to crypto conversion for over 20 cryptocurrencies, BTC and USDT settled contracts, and DeFi mining.
As a leading crypto exchange, AAX offers state-of-the-art security paired with an extraordinarily intuitive UX and zero trading fees, making it one of the most preferred choices for beginners. Using LSEG technology, AAX also allows traders to fill orders instantly and obtain the best execution price.
When it comes to security, AAX has implemented several security measures to safeguard user data and funds, all of which comply with the Cryptocurrency Security Standard (CCSS). Besides the website, AAX users can also download the mobile app and set up a mandatory 2FA to start using their account. AAX also has its native token, AAB, an ERC-20-based token that helps users unlock additional benefits like optional trading signals, airdrops, trading bots, and discounts on trading fees.
Singapore-based peer-to-peer (P2P) cryptocurrency derivatives trading platform, Bybit, operates under Bybit Fintech Limited – a company registered in the British Virgin Islands.
With up to 100x leverage on selected trading pairs, a wide range of advanced trading tools, a risk-free test environment to learn the basics of trading, and a massive library of educational resources, Bybit currently supports more than 2 million registered users. The platform also offers top-notch security, the lowest trading fees, and zero-downtime commitment while maintaining an easy-to-use and user-friendly interface.
Unlike traditional cryptocurrency exchanges, Bybit offers an advanced charting platform for helping traders engage in leveraged trading. Aside from supporting buy and sell activities using cryptocurrencies and stablecoins as collateral, Bybit offers many additional features. These include a highly intuitive mobile app, support for market, limit, and conditional orders, an insurance fund to protect trader’s investments, fast order matching speeds of up to 100,000 transactions per second (TPS), and no charges on deposits. Other than this, Bybit also allows users to earn additional income through its referral and affiliate programs.
In essence, Bybit is a user-friendly platform, catering to both beginner and experienced traders, allowing easy switching between wallets, account management, futures market access, and other valuable embedded features.
Operational since March 2020, CoinZoom, is a US-based cryptocurrency exchange that is fully regulated and licensed with financial regulators of several jurisdictions. The platform is registered as a Money Services Business with FinCen in the US. Additionally, all CoinZoom subsidiaries also have specific US Money Transmitter Licenses and the organization carries a Digital Currency Exchange license in Australia.
When it comes to trading, CoinZoom offers its users access to more than 120 trading markets while allowing them to deposit fiat in their CoinZoom wallet via ACH, Wire Transfer, and debit or credit cards. The platform supports fiat-to-crypto conversion, thus allowing beginners to get started on their journey into the promising crypto market.
CoinZoom also offers three additional products designed to help accelerate the mainstream adoption of cryptocurrencies:
- The ZoomMe feature allows CoinZoom users to send both fiat and cryptocurrencies to their friends and families anywhere in the world without paying any fee.
- Five different CoinZoom Visa Cards help users to spend over 40 different cryptocurrencies across 53 million global merchant stores while offering cashback and rewards.
- CoinZoom also offers a crypto savings interest product called Earn, allowing users to earn as high as 10% APY. VIP users can yield up to 20% additional bonus interest on over 40 cryptocurrency pairs and USD deposits.
CoinZoom offers a range of crypto-centric services for seasoned traders and crypto novices in over 192 countries, thus cementing itself as more than just an exchange. Additionally, it has competitive trading fees, which can be reduced further using ZOOM tokens, the platform’s native currency.
Backed by some of the most prominent investors and VC firms, PARSIQ, a real-time blockchain monitoring and workflow automation solution connecting bridging the on-chain and off-chain ecosystems have been on a rolling spree since its inception.
Furthering its contribution to blockchain technology, the team behind PARSIQ launched their revolutionary IQ Protocol on the Ethereum mainnet on June 30th. The launch marks PARSIQ’s entry into the decentralized finance (DeFi) ecosystem, cementing IQ Protocol as the world’s first collateral-less and risk-free DeFi protocol to help businesses tokenize software-as-a-service (SaaS) subscriptions using blockchain technology.
The launch of IQ Protocol on the mainnet was made possible after years of extensive testing and optimization of new features based on community feedback. One of the most promising projects, PARSIQ, raised $3 million from its funding round led by the Solana Foundation and Axia8 Ventures just days before the mainnet release, marking the first time the company fundraised outside of its 2019 token sale.
Laying The Groundwork For Decentralized Subscription Economies
As a blockchain agnostic solution, IQ Protocol allows SaaS businesses to implement subscriptions on-chain in a cost-efficient and flexible manner while maintaining all the essential aspects of the subscription-based business model.
The IQ Protocol introduces the novel concept of Power Tokens, which allows businesses to tokenize their services. By assigning LifeTime Value (LTV) to these tokens, IQ Protocol transforms conventional utility tokens into ‘Power Tokens,’ which generate utility over a predefined period.
As a result, these tokens enable businesses to tokenize their services and features while building a circular economy on-chain. For example, take a look at the growing Play-to-Earn (P2E) gaming market within the blockchain ecosystem. Game developers can introduce fully customizable tokenomics via IQ Protocol to provide more value to users. Several in-game activities can be managed with Power Tokens, including the concept of recurring purchases of in-game assets, monthly passes, and experience points.
With tokens assigned a particular value for a limited period, developers can provide users with a new set of incentives while unlocking in-game assets. Furthermore, these in-game assets or tokens may be traded in secondary markets to generate returns for users.
The same model can also be applied to the growing NFT gaming market. As of now, players must first buy an NFT before they can use it in-game. Once purchased, the only way of recouping the invested amount is by listing the NFT for sale on the supported open marketplaces. However, with IQ Protocols, developers can enable players to try out in-game NFTs for a limited time by paying a nominal fee using Power Tokens.
Compatible with several prominent blockchains, including Solana, Polkadot, Ethereum, Binance Smart Chain, Aave, Algorand, Elrond, and more, IQ Protocol also binds together PARSIQ’s other available subscription services. IQ Protocol not only works in favor of businesses but also offers add-on value to consumers. PARSIQ will be creating a pool attached to an audited smart contract, allowing users to lend the excess Power Tokens to others and earn returns based on the perceived value of the assets.
The PARSIQ concept enables blockchain technology to be utilized within almost every subscription-based business model. Since the IQ Protocol is open-source and decentralized, there is plenty of room for customization in tokenization models, which enables the implementation of unique services and features. For instance, a content producer can issue LTV tokens, which allow users to stream content for a fixed period, thus eliminating the need for recurring top-ups.
IQ Protocol has cemented itself as a bridge connecting Web3 to Web2. As the demand for blockchain-based SaaS business models continues to cloud the DeFi space, PARSIQ has emerged as the only solution that enables seamless connectivity between on-chain and off-chain ecosystems. This reality is underscored by the eight promising new projects already using IQ Protocol to upgrade their business models and tokenomics.
Nayib Bukele, El Salvador president, has claimed that 2.1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied the apparent success of Bitcoin in the country. El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so.
Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet
On Saturday afternoon, president Nayib Bukele shared this update with his 2.9 million Twitter followers. He claimed that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. He also said that despite Chivo not being a bank, it already has more users than any bank in El Salvador and that it is only a matter of time before the wallet’s adoption surpasses all banks in El Salvador combined.
2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
This is wild!#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 25, 2021El Salvador’s Chivo Wallet
The state-issued wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender. Chivo enables individuals and businesses to send and receive payments in Bitcoin (BTC) or dollars (USD) from anywhere in the world. Merchants must offer the ability to use both currencies. However, some merchants saying they would rather lose sales than accept bitcoin payments.
Related Reading | El Salvador’s Chivo And Bitcoin Adoption In Mindblowing Facts And Stats
The wallet is available on both Android and Apple devices. Latin American cryptocurrency exchange Bitso is the core service provider for the Chivo wallet. There are now over 200 bitcoin ATMs in El Salvador, the third-largest number of ATMs after the U.S. and Canada.
President Bukele’s goal is 2.5 million Salvadorans, which is approximately 39% of the population. As an incentive, the government offers $30 in bitcoin when people download the wallet app.Bitcoin Adoption In The Country
President Bukele’s latest update implies that the Bitcoin Law is being received positively by the citizens of El Salvador. However, many protestors have taken the streets to assert their disapproval.
As reported, some protesters even set fire to a brand-new Bitcoin machine, while others held signs reading “Bukele Dictator”. According to the protesters, the president is using authoritarian means to tighten his grip on power. They gathered in the capital San Salvador on the 200th anniversary of the country’s independence, with placards that read “No to Bitcoin” and “Respect the Constitution”.BTC trading at $43.2K | Source: BTCUSD on TradingView.com
Apart from the protests, there were reported glitches during the initial rollout. In the first week, one machine completed only three successful transactions out of many. A lot of Salvadorans also do not trust bitcoin because of its volatility.
According to a recent survey from Sherlock Communications, an agency in Brazil, 54% of Salvadorans are not familiar with Bitcoin.Featured image from Nairametrics, Chart from TradingView.com
Recently, LBank Exchange held an AMA session with Nobility team, discussed about Nobility’s advantages in the esports industry and crypto filed, future plans, holding mechanism and so on. Here’s the summary of this AMA.
Esports has become one of the biggest global markets in recent years, and so has crypto. A project called Nobility (NBL) has noticed these two booming markets, and is trying its best to merge them into one humongous market, by disrupting the esports industry with its unique smart contract capabilities, offering the industry a fairer, more balanced, and sustainable revenue system.
Esports + Crypto: A Match Made in Heaven
Esports industry shares a lot of similarities with crypto space, they both emerged just a few years ago, and has grown exponentially since then, now they are two of the biggest markets in the entire world. As a global market, esports can be participated in by anybody from any country. With teams spanning the globe in countries and regions like North America, India, South America and Australia, Nobility believes that combining esports market with cryptocurrency is a match made in heaven.
Sometimes crypto space could be lack of transparency, but Nobility is able to offer its users full transparency with its 24/7 support system on its website. People can get help from Nobility’s team in things like buying, selling, or learning about its token by visiting its website anytime they want.
As a revolutionary esports platform and utility token on Binance Smart Chain (BSC), Nobility continues to focus on revolutionizing the esports landscape by organizing and providing tournaments with large prize pools, helping content creators earn more from playing the game they love, and more use cases that will fill glaring holes within the community.
Building an Ecosystem in Gaming Industry
Last month, Nobility just did a $50,000 Call of Duty: Warzone tournaments, which was a huge success with various celebrities and influencers involved, such as Max Holloway, Chase Claypool who’s an NFL wide receiver, Temperrr who’s one of the owners of FaZe Clan, Jccaylen who’s one of the biggest streamers in the world and so on. Nobility is talking to some big names right now for Fortnite tournament with a $25,000 prize this month and there is an APEX tournament coming up in November.
Community tournament will start next month so that Nobility’s holders will be able to participate and win prize from $5,000 to $10,000. There will also be one-off tournaments in foreign countries such as India and South America, to hit all these different markets and regions in the world to try to spread NBL token.
Nobility plans on doing monthly tournaments at the end of every month, it is Nobility’s main focus at the moment. For building more infrastructures in esports space, Nobility has many future plans such as putting tournaments and players in the contracts on the blockchain, working on its own streaming platform, esports betting platform, skins marketplace and so on.
Nobility has many knowledgeable and experienced developers on board that are working on its website and products right now who have a lot of experience with other very successful projects. Besides all these talented team members on the development end, Nobility also has Rostik Rusev as advisor, who has a deep connection in the crypto space, helping Nobility get in touch with and eventually be listed on LBank Exchange. Cory Fenix, the CEO of Noble, has also been crucial for Nobility with his connections in esports and tournament organizations.
With a well-experienced team like this, Nobility is able to revolutionize the filed of esports and NFTs and bring new ideas that have never been done before. For example, by putting players in the contracts on the blockchain, and potentially doing tournaments on the blockchain, Nobility can make everything in the esports filed runs smoothly and efficiently, replacing the PayPal used in esports nowadays which is inefficient and charges a lot of fees.
NFT is another filed that Nobility wants to explore in the near future. The team members are talking to different artists right now so that winners of the tournaments can win NFTs, in addition, Nobility plans on giving NFTs to community members as well.
Why Invest in Nobility?
Nobility believes esports is the future, some of today’s worldwide esports tournaments are even bigger than the super bowl and NBA championships, by mixing it with booming cryptocurrency market, it’s going to spread globally. Besides, Nobility is the only token that backed by esports organizations, which can bring it a lot more credibility than other projects.
In addition, Nobility holders can earn BUSD by just holding over a certain amount of NBL tokens, which is pretty much passive income. Users don’t have to do anything but just hold to earn money, which is almost like staking, but completely automated and passive.
Investors can buy NBL token at LBank Exchange and PancakeSwap right now. For those who believes in the future of esports and crypto, Nobility surely provides a great opportunity to get into both worlds at once.
The post Nobility Is Integrating Crypto Into eSports, Would It Be a Match Made in Heaven? appeared first on Live Bitcoin News.
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have recently issued a staff notice addressing improper marketing practices from Crypto Trading Platforms (CTPs) in the country and offered clarity on what rules to keep in mind.
Cleaning Up CTP Advertising
The regulators’ notice was released earlier this week on the OSC’s website. It begins stating their concerns over “certain advertising activities and marketing strategies by platforms that trade crypto assets,” emphasizing that these practices could violate securities legislation requirements, and raise public interest concerns. The specific platforms of concern were left unnamed.
It later elaborates on some of the regulators’ concerns with “gambling style” promotions and schemes these CTPs have allegedly engaged in:
“We have recently noted some CTPs using advertising or marketing strategies that include contests, promotions, bonuses and time-limits to encourage investors to engage in trading and to act quickly for fear of missing out on an investment opportunity or a reward.”
The CSA and IIROC claim that such promotions could encourage investors to make more risky investment decisions than they normally would in a non-time-sensitive environment. This activity could, therefore “violate the registrant’s obligation to treat clients fairly, honestly and in good faith.
The notice concludes with a list of example claims from CTPs that would violate Canadian securities laws, and for what reason. These include claims like “We are your cheapest and best source for Bitcoin,” should the platform be unable to substantiate such a claim with hard evidence.
Many others are presented as well, such as those involving promotion from a particular individual, or use of the words “exchange” or “marketplace” to describe their platform.
Regulatory Clarity in Canada
Though it may seem like a burden, the document shows remarkable clarity from Canadian regulators on what changes they would like to see from Crypto Trading Platforms in the country. It even presents a list of staff members from the CSA and IIROC that CTPs can contact with further questions.
This is in contrast to the United States, where regulatory clarity has been difficult for exchanges to obtain. Brian Armstrong – CEO of Coinbase – has claimed that US watchdogs have no interest in clarity, instead engaging in “intimidation tactics behind closed doors.”
Similarly, the SEC has been slow compared to Canada to implement a Bitcoin ETF, though chairman Gensler has expressed openness to a futures ETF.
The ETHUSDT price finally slumps by roughly 21% after trading within an expanding channel formed by a bearish and bullish divergence setup on 03 Sep ’21 16:00 and 05 Sep ’21 04:00.
ETHUSDT 4 Hr Chart
This price move was eventually felt on the Daily time frame ending the mid-term uptrend trend bias, and a transition into a downtrend. A first attempt by the bulls gave in to another 25% sell off that started on 17 September ’21 20:00.
Bullish and Bearish Scenario
The recent bullish divergence on 21 Sep ’21 20:00 led to a slowing of the earlier price drop and a possible hike in the ETH price may just be around the corner. Negative statements towards cryptocurrency transactions by China’s Central Bank (PBOC ) appears to be losing steam and traders may start scaling up a buy position after an advance above the $3174.50 resistance.
On the other hand, a breach of the $2,652.00 support may hint continuation of the down trend.
ETH Intraday Levels
- Spot rate: $2916.71
- Trend: Bearish bias
- Volatility: Low
- Support: $2652 and $2733
- Resistance: $3676.28 and $3174.50
The post ETH Price Analysis: A Slowing Mid-Term Bearish Trend Hints Bullish Comeback for Ethereum appeared first on Coingape.
The recent bearish statement by the People’s Bank of China labeling all cryptocurrency related transactions as illegal followed by a decline in Bitcoin-Blockchain Miners’ revenue [BCHAIN/MIREV] suggests the recent slump in the Bitcoin BTC price.
Earlier this month, the BTCUSDT crypto pair traded above the 200-period Moving Average on the H4 time frame as shown above.
BTCUSDT 4 Hr Chart
As early buyers scamper to exit their positions following the regular bearish divergence on the H4 time frame, the BTC price plummets by roughly 19%, signaling a switch to a bearish trend.
The RSI  on the daily time frame traded above level-25 for 44 days and for the first time, slumped below the level on 05 September, indicating a change in trend triggered by the bearish divergence setup mentioned earlier.
The daily time frame dictates the trend bias of the BTCUSD at the moment, while the H4 time frame signals entry levels with overbought or oversold.
At this point, the overbought level of the H4 time frame and bearish divergence setups now serves as entry into the newly formed downtrend. An attempt by the bulls to force the price above 14 September bearish divergence trend line [H4 time frame] gave in to another bearish divergence pattern on 18 September, which again caused the BTC price to nosedive by another 18%.
Recently, the bulls now have a support level established at the $39571.00 mark. Further price close below this level indicates a strong presence of the bears. Conversely, a price close above the 24 September resistance [44978.40], and a close above the MA200 should confirm the long-awaited upbeat trend.
Most importantly, the RSI  value above level-75 on the daily time frame confirms the current mid-term bearish trend of the BTCUSDT.
Bitcoin BTC Intraday Levels
- Spot rate: 42572.80
- Mid – Term Trend [H4]: Bearish bias
- Volatility: Low
- Support: $39,571.00 and $40,683.00
- Resistance: $52667.20, $48,623.4 and $44978.40
The post BTC Price Analysis: Bitcoin Bulls look to scale Into a Break of $43200 As Leverage Piles Up Again appeared first on Coingape.
Implementing artificial intelligence and blockchain technology into healthcare and medicine is key to unlocking human longevity.
In the past 60 years, the life expectancy of the average newborn has increased by nearly 20 years — from 52.5 to 72, as of 2018. We’ve seen an incredible wave of technological innovation in this time: The introduction of the internet, medical breakthroughs and an enhanced understanding of public health initiatives have transformed the course of human life. And with new technologies like blockchain and artificial intelligence now taking the stage, we know that even more radical transformation is coming. These disruptive technologies are paving the way for both longer and healthier lifespans.
To show you just how much healthcare has advanced thanks to these technologies, I want to highlight a case study of two unique companies, Insilico Medicine and Longenesis. Together, they show how the development of AI for medical care has grown in tandem with the advent of blockchain healthcare applications.
In 2014, longevity innovator Alex Zhavoronkov and their company, Insilico Medicine, reached out to me. The company was based on a simple but radical premise: using AI to accelerate drug discovery and development. At the time, the use of AI was still nascent, both in public awareness and its applications to medicine. But in the seven years since I invested in this company, it has used AI to transform research and development in the therapeutics sector completely. Its rapid discovery and development of new therapies result from the incredible amount of data they process searching for the next best cure. Rich in source and scope, this data comes from the genomic and proteomic sequences of actual healthcare patients. Through dozens of new drug candidates, they have shown tremendous potential in using AI for data-driven healthcare.
However, the groundbreaking progress made by Insilico was not without obstacles. Working with massive amounts of data presented unique challenges regarding centralization and security. Data in healthcare tends to be scattered and siloed. Each doctor, medical center and hospital maintains its silo and, due to privacy regulations, data is typically only shared when necessary for patient care. Having access to synthesized patient data was critical for Insilico’s AI algorithms to be successful, and it just wasn’t available.
Privacy and blockchain tech
In looking for solutions to the security and centralization concerns associated with this type of data, Alex and the team at Insilico Medicine soon discovered blockchain and distributed ledger technology. The immutability of entries on the blockchain and the ability to have multiple decentralized nodes contributing data to a shared ledger offered a solution to the complex problems associated with patient data. This technology was what they had been looking for, but they needed a partner to build it with them. Insilico formed a joint venture with leading European blockchain company Bitfury (now one of the largest emerging technology companies on the continent) and launched a new company named Longenesis. Longenesis’ aim was clear: to create a blockchain healthcare ecosystem that considered the sensitive requirements of health data and the application needs of biotech research.
Longenesis designed a blockchain-based environment for stakeholders across the healthcare/biotech industry, including patient organizations, biomedical research groups, and research partners and sponsors. The beauty of Longenesis’ solution is that there is always a record of consent. When patients agree to share their data for any purpose, there is immutable proof of their permission.
Its first product, Curator, is used by hospitals and other care organizations to safely and compliantly present the data available for researchers without compromising patient privacy. This function empowers researchers to review datasets without endangering the security of patient information. When a researcher or company is interested in using the data, Longenesis’ second product Engage provides it. Engage also allows hospitals and researchers to quickly onboard patients into new medical trials and research, recording ongoing patient consent. Regardless of whether AI is being used to analyze new data from a medical trial or “old” data from medical records, patients know about it and can decide to consent at their convenience. Longenesis has deployed this solution in state hospitals, government biobanks and more. Its work empowers AI companies such as Insilico Medicine to access vast amounts of data that can be used for artificial intelligence analysis, leading to even more treatment and drug discovery.
Data, blockchain and human longevity
While I’ve highlighted two companies here, there are thousands of outstanding startups, research institutions and physicians working tirelessly to improve the human lifespan. They could all benefit from blockchain-unlocked data and the analytical power of artificial intelligence.
The average hospital generates 760 terabytes of data annually, yet 80% of this valuable data is unstructured and unavailable to researchers. It needs to remain secure, and patients need to provide ongoing consent for its use. This disconnect is holding back progress across every aspect of medicine. The pairing of blockchain and AI can unlock this data for analysis, facilitate patient consent, track usage of clinical data and more.
Without blockchain, artificial intelligence lacks the ethically sourced and protected biomedical data it needs to find new solutions. Without artificial intelligence, the vast amounts of data protected by blockchain remain secure but unusable for research. Progress happens when these innovations work together, just as critical public health initiatives of past decades succeeded thanks to the advent of the World Wide Web. Then, our goal must be to bring these technologies more fully to market so longevity-focused care can be accessible to all.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Author’s note: Both entities, Insilico Medicine and Longenesis, are portfolio companies of our longevity-focused VC firm, LongeVC.
Bitcoin’s near $1 trillion feasible market valuation and its potential for further growth have made it impossible for banks to continue ignoring its validity, according to Marion Laboure, a research analyst at Deutsche Bank.
Laboure, a senior economist and market strategist at Deutsche Bank, said that people have always sought to store their wealth in assets not controlled by governments, like gold. However, Bitcoin has the potential to become the digital version of gold.
“Gold has had this role for centuries. And yes, I could potentially see Bitcoin become the 21st-century digital gold.”
She added that many people view Bitcoin as protection against fiat inflation because it has a fixed supply at a time when central banks are exponentially increasing the supply of traditional currencies. At a maximum supply of 21 million, about 89 percent of Bitcoin is already in circulation.
Crypto’s significant role in the future of payments
Laboure who is also a finance and economics professor at Harvard University believes that cryptocurrencies will help shape the future of payments. Currently, Bitcoin’s limitation as a means of payment mainly comes from the few merchant outlets that support it, its slow settlement time, and high transaction fees.
However, these factors will change with increased adoption and technology improvement to allow cheaper and faster transactions.
”But it is important to keep in mind that Bitcoin is risky: it is too volatile to be a reliable store of value today. And I expect to remain ultra-volatile in the foreseeable future.”
Three primary reasons cause Bitcoin’s volatility, Laboure points out. The first reason is that Bitcoin is used for investments and speculation. Secondly, despite increased adoption, Bitcoin still has limited tradability, which leads to volatility when a few large purchases or dumps occur in the market. Lastly, Bitcoin’s value is dependent on what people think it is worth, making it susceptible to a change in investor sentiments.
Laboure also compared Bitcoin to Ethereum:
“If Bitcoin is sometimes called “digital gold,” Ethereum would then be “digital silver.”
Crypto’s Biggest Issue Is Lack of Regulation
The subject of regulation has become a hot topic in the cryptocurrency industry. Laboure said that while lax regulation worked for early adopters, it has become a limitation for potential investments from businesses and institutional investors.
Cryptocurrencies also consume enormous and unsustainable amounts of energy to process transactions.
Both issues can be solved by adopting greener crypto technology and introducing stronger regulatory frameworks as early as 2021.
Laboure concluded that contrary to popular opinion, cryptocurrencies, central digital currencies, and cash will coexist in the future.
“CBDC, cash, and cryptos will coexist. Cash will certainly not disappear, but we expect it to decline as a means of payment.”
JPMorgan, Deutsche Bank, and other world-leading banks have opposed new banking regulations that would force them to match one dollar in capital for every dollar of bitcoin they hold.
Banks are traditionally required by Basel rules to assign risk weightings to different kinds of assets they own. The resulting outcome, in turn, determines the overall capital requirements for each bank.
According to the rules, the risk weightings could range from 0% for very low-risk assets such as a tokenized sovereign bond to 1250% for extremely risky assets.
The Swiss-based BCBS committee consists of a group of regulators from the world’s most influential financial centers. It sets minimum capital risk requirements to minimize credit risk.
BCBS: Bitcoin poses “unique risks” to the global financial stability
The Basel Community on Bank Supervision (BCBS) proposed the tough capital rules for bitcoin in June 2021, Reuters reported. The proposal said that Banks must set aside enough capital to cover in full any losses on bitcoin holdings to prevent financial ruin through insolvency.
In its consultation letter, BCBS said that while many banks are careful with their approach to crypto-assets, continued growth could increase the risk to the global financial stability if financial requirements do not limit their exposure.
This could be triggered by cyber-attacks, fraud, and money laundering, and terrorist financing. However, the move could prevent widespread crypto adoption by big lenders.
Basel classified stablecoins on the group 1 crypto-assets tied to a traditional asset, like the dollar or the Diem Stablecoin project proposed by Facebook.
The second group consists of crypto assets like Bitcoin with “unique risks” that could be subject to “conservative prudent treatment” and a risk weighting of 1250%.
Under these regulations, banks would need to hold capital of at least or equal in value to their exposure to bitcoin or other groups of crypto assets, including Ethereum. However, The BCBS does not force any regulations on banks directly. Instead, it sets the minimum standards to be implemented by its members, including the Federal Reserve and the European Central Bank.
Banks: Strict Basel Rules are unnecessary for Bitcoin
The rules, if passed, will affect all traditional banking institutions seeking exposure to Bitcoin. In retaliation, members of the Global Financial Markets Association (GFMA), including JPMorgan, Deutsche Bank, and five others, published a letter on Tuesday pushing against the new regulations, according to a report by the Wall Street Journal.
The banks said that they find the proposals in the consultation to be so “overly conservative and simplistic” because they would debar banks from participating in the cryptocurrency market. They added that such a high-risk weight was not necessarily for Bitcoin.
The letter was signed by the Global Financial Markets Association, the Financial Services Forum, the Futures Industry Association, the International Swaps and Derivatives Association, the Institute of International Finance, and the Chamber of Digital Commerce.
- Dogecoin price analysis is bullish.
- DOGE/USD still holds above $0.20.
- DOGE is set to reverse today.
Dogecoin price analysis is bullish today as the market found support at the $0.20 support again today and the market currently looks to reverse. Therefore, we expect DOGE/USD to move higher over the next week and potentially return above the $0.23 local swing high.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 1.62 percent, while Ethereum is up by 3.06 percent. Meanwhile, Cardano is the worst performer, with a loss of more than 5 percent.
Dogecoin price movement in the last 24 hours: Dogecoin still holds above $0.20
DOGE/USD traded in a range of $0.1945 – $0.2119, indicating mild volatility over the last 24 hours. Trading volume has increased by 17.32 percent and totals $1.5 billion, while the total market cap trades around $27 billion, ranking the coin in 10th place overall.
DOGE/USD 4-hour chart: DOGE set to reverse next week?
On the 4-hour chart, we can see the Dogecoin price refusing to move lower, indicating a potential reversal to come next week.
Dogecoin price action has continued to trade in a bearish momentum over the past week. After a strong decline on the 7th of September, DOGE/USD saw consolidation last week above the $0.23 mark.
However, on Monday, DOGE finally broke lower and rapidly dropped to $0.20. From there, a retest of the $).23 previous support as resistance was seen during the middle of the week.
Bears took over the Dogecoin price action again on Friday, resulting in another drop to the $0.20 support. Since further downside could not be reached again today, we expect that bears are finally exhausted, and Dogecoin is up for a significant reversal next week.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish for today as another rejection for further downside was seen earlier today as the $0.20 mark was tested again. Therefore, we expect DOGE/USD to increase over the next 24 hours and potentially move past the $0.23 swing high early next week.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Right from the very first year bitcoin came into existence, the Chinese government has gone after the primary cryptocurrency, hammering it with bans after bans while citing countless risks supposedly associated with it.
In over a decade, the Republic of China has also managed to increase its FUD (short for fear, uncertainty, and doubt) in the industry, and each time, crypto had seen a massive hit. Just last week, bitcoin’s price fell by more than 5% within hours, owing to another regulatory reiteration from the Chinese authorities to ban cryptocurrencies.
Before we dive into the long history of China FUD, there is good and bad news to this story. The bad news is that this kind of Chinese FUD is likely to continue, at least over the next years. However, the good news is that the effect on the price of Bitcoin seems to be decreasing over time, as BTC is becoming more and more resistant.
China FUD Vs. Bitcoin
With the endless bans and unnecessary repetitive threats, one might think it’s a well-coordinated effort to bring bitcoin’s price down. But that is perhaps a story for another day.
For now, let’s walk down memory lane and see all the times China has raised FUD levels in the crypto market through its endless hostile stance and vows to end crypto activities and how the industry continues to triumph.
2009 – Ban on Digital Currencies
In June 2009, just a few months after bitcoin was launched, China’s Ministry of Commerce and Ministry of Culture banned the use of digital currencies in making payments for real-world goods and services.
The move, however, was not explicitly targeted at bitcoin, instead, it was to curtail several video-game currencies that were supposedly devaluing the yuan.
2013 – China Pops Following Bitcoin’s First Major Bull-run
Four years later, in December 2013, the world’s most populated nation made its first direct attack on the use of bitcoin, calling it ‘a currency without real value.’
The People’s Bank of China (PBoC) and the IT Ministry published a note mandating every Chinese financial institution to stop processing bitcoin transactions.
The effect of that notice was immediate, forcing bitcoin’s price, which had just crossed the $1k mark, to plummet massively – the first price impact out of many to follow.
2014 – The Bear Market Driven by China FUD
After bouncing back from the 2013 China FUD, the crypto industry was once again struck with another devastating report that the “PBoC has placed an outright ban on Bitcoin transactions.”
While that news, which was published in March 2014 by Weibo, turned out to be false, its effect on the market was catastrophic. Thousands of traders and investors liquidated their positions, and bitcoin’s price took a nosedive. BTC, which was trading above the $1k mark by end of 2013, was heading towards $400 just three months after.
2017 – Exchanges Forced to Leave China
2017 will always remain a memorable year in the history of crypto. It was the first time that bitcoin hit $20,000 in December, yet, it was ridden with more FUD from the Chinese government than in previous years.
In mid-2017, the PBoC dropped two regulatory bombs in the same month. The first ban was on Initial Coin Offerings (ICOs), which were trending at the time. The second was targeted at cryptocurrency exchanges.
The authorities insisted that every ICO actively going on in the country should immediately be discontinued, citing that they were illegal forms of public financing and were not authorized by China’s financial regulators.
By mid-September, the PBoC hit the crypto market with the notice of yet another ban. Every cryptocurrency exchange operating in the country was mandated to discontinue its services by end of September 2017, citing risks of their use in facilitating criminal activities like drug trafficking, money laundering, and smuggling.
Several top crypto exchanges, including Binance – which was operating from China back then, had no other option but to relocate and crypto traders across the country had to move their trading activities to overseas platforms via VPNs.
The prices of the leading cryptocurrencies suffered. But as always, the market recovered within three months, and it even turned out to be a breaking point for crypto worldwide as BTC hit its then all-time high (ATH) of $20,000 in December 2017.
2018 – Targeting Mining
In early 2018, Bitcoin suffered one of its biggest price crashes in history. Shortly after ending 2017 with highs of $20,000, the value of the primary digital asset fell by more than 65% against the USD around February of that year.
In August 2018, China reportedly issued another document officially banning all crypto activities in the region. The paper focused on communication channels as it prohibited commercial venues like WeChat accounts, media outlets, and others from hosting any crypto-related events or activities.
2019 – Bitcoin Mining Ban Confirmed
Rumors of a massive crackdown on bitcoin mining were confirmed in April 2019, when a draft warning from the country’s National Development and Reform Commission (NDRC) noted that the regulator was planning to eliminate these activities in China.
The draft argued that bitcoin mining did not adhere to relevant laws and regulations set in place and polluted the environment. BTC’s price, once again, dropped significantly.
2020 – Power Stations Ordered to Halt Power to Miners
With the outset of the COVID-19 Pandemic, several Chinese miners liquidated their crypto holdings, resulting in the massive bloodbath in March, which saw bitcoin and almost all altcoins losing more than 50% of their value.
Despite the global pandemic, in May 2020, local government authorities in the Chinese province of Sichuan were seeking to ban cryptocurrency mining operations in the region.
In October, the market was struck again by a ban on crypto trading. Offenders were threatened with fines that were five times the value of their crypto funds.
In December, power stations in the Yunnan province, where many of the largest crypto mining hubs in China were located, received mandates from the local authorities to stop providing power to miners in the city. This resulted in a sharp drop in bitcoin’s hash rate.
However, bitcoin was able to break the $20,000 mark and end 2020 with a new ATH of over $30,000. The hashrate also recovered somewhat rapidly.
2021 – Miners Leave China: Crypto is ‘Illegal’
2021 started off for bitcoin and the crypto market at large. After ending the previous year with a high of 30,000, BTC continued to chart new records until it peaked at around $65,000 in mid-April.
However, things quickly became dark for crypto traders as the Chinese government embarked on a nationwide campaign against crypto mining and trading. It reiterated its warnings for the 20th time to citizens about the risks associated with investing in such “speculative” assets.
Even though every financial service provider and payment gateway in the country has already been prohibited from working with crypto entities since 2013, the news resurfaced in May 2021 and sent the crypto market crashing down the hill. Bitcoin lost nearly half its value in weeks.
Within the last four months, China has intensified its fight against crypto activities like never before. In June, officials reiterated the bitcoin mining ban (again) and went on a massive crackdown on bitcoin mining facilities, forcing miners to shut down their machines.
The clampdown on such operations not only affected several key on-chain metrics and caused prices to drop but also prompted the still-ongoing Great China Mining Migration, as miners in the region started moving to other crypto-friendly locations.
In July, another report emerged that the PBoC shut down a tech firm allegedly providing software services to local cryptocurrency entities. Bitcoin’s price immediately fell as soon as the news broke.
In August, China went after crypto influencers, and the government shut down the website and social media handles of the country’s high-profile blockchain center.
On September 24, the market took another hit as the PBoC supposedly declared that all crypto-related transactions in the country are illegal. Even though the news was from September 3, it did not stop bitcoin’s price from shredding $4,000 within hours, causing massive liquidations.
Verdict: Bitcoin Always Triumphs
For the past years, the Chinese authorities have often tried to bully bitcoin and force it out of existence, but all its efforts – so far – have always proved a failure. The crypto industry continues to thrive as the market usually recovers from whatever blows it receives from the giant Asian nation.
Bitcoin has retained its position as the largest cryptocurrency, with an influx of large institutional investors fueling its adoption rates.
Judging by the patterns of the previous cases caused by the Chinese government, bitcoin often goes on a massive bull run within a few months after suffering the effects of the same old regulatory song from China.
Will China’s latest attack spur bitcoin to another ATH? Only time will tell.
- Bitcoin price analysis is bullish today.
- BTC/USD saw another spike to $41,000.
- BTC bulls start to gain momentum again.
Bitcoin price analysis is bullish today as the support at $41,000 saw another retest with a rejection for further downside. Therefore, we expect BTC/USD to reverse next week and look to finally set higher highs.
The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 2.31 percent, while Ethereum is up by 3.69 percent. Meanwhile, the rest of the top altcoins trade with mixed results, with Uniswap (UNI) being the top performer, with a gain of almost 23 percent.
Bitcoin price movement in the last 24 hours: Bitcoin bounces from $41,000 again
BTC/USD traded in a range of $40,848.46 – $43,657.30, indicating a substantial amount of volatility over the last 24 hours. Meanwhile, the total trading volume has declined by 8.81 percent and totals $32.8 billion, while the total market cap trades around $816 billion, resulting in market dominance of 42.6 percent.
BTC/USD 4-hour chart: BTC set to break higher?
On the 4-hour chart, we can see the Bitcoin price action approaching the $44,000 mark, which, if broken, could lead to a lot more upside.
Bitcoin price action has traded in a bearish momentum so fat this month. After setting a new swing high at $53,000, a sharp reversal followed on the 7th of September, setting the trend for the rest of the month.
After some consolidation above $44,000 during the middle of the month, BTC/USD saw a slight advance to $48,500, where a lower major swing high was set. What followed was another sharp move lower on Monday, with support found at $41,000.
The $41,000 has since been retested three times, with the last retest strongly rejected earlier today, indicating bullish momentum forming. Overall, we expect the Bitcoin price to start pushing higher as bears are likely exhausted.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as another rejection from $41,000 support was seen today. Therefore, we expect that BTC/USD is ready for further upside, and a break above the previous local high could be seen early next week.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.