‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action ‘Meh’

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action 'Meh'

Precious metals (PM) markets have been trading a bit higher in recent days, while cryptocurrency markets have been seeing gains as well. Spot gold prices have jumped to $1,805 per ounce, up more than 1.3% during the last 24 hours, while silver prices have increased by 2.5%. As PMs have gathered strength this week, crypto-asset markets are still inching closer toward gold’s and silver’s market valuations. In fact, bitcoin’s market capitalization is just below silver’s $1.47 trillion market.

Precious Metals Rise, But Investors See Digital Gold Eclipsing These Markets

Ever since the U.S. Federal Reserve said last week that it would allow inflation to rise moderately above the 2% mark and the central bank will also continue its monetary easing policy, crypto assets and precious metals like gold and silver have been on the rise.

Gold prices have jumped over 1.3% during the last day and as the PM has crossed the psychological $1,800 price per ounce zone on Thursday. Gold prices are also up more than 1.2% over the course of the last week.

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metals Spike, Strategist Mike McGlone Calls PM Action 'Meh'

However, even though PMs have been on the rise, Bloomberg Intelligence senior commodity strategist Mike McGlone is calling gold price action “meh,” in a recent interview.

“Right now, I view the gold market as a ‘meh’ market. It’s just stuck, and it’s clearly being replaced by digital gold. Every day that goes by, everybody who knows and holds gold understands that their greater risk is not allocating a small portion of that gold into bitcoin. And it’s just getting started,” McGlone stressed.

Still, after the Fed’s meetings last week and the recent comments from Eric Rosengren the president and CEO of the Federal Reserve Bank of Boston, PMs like gold, copper, palladium, and silver have jumped during Asia’s trading sessions on Thursday. Rosengren stated that it was too early to stop or curb quantitative easing (QE) policy and the economy needs to improve a great deal before those conversations can happen.

Further, Bloomberg strategist Mike McGlone is not alone in his beliefs, as a great deal of investors believe the crypto economy will eventually eclipse PM market caps.

Just recently, Fundstrat Global Advisors’ lead digital asset strategist, David Grider said his firm maintains that bitcoin (BTC) can reach six-digit prices. At the same time, Fundstrat also thinks ethereum (ETH) could spike to $10.5K per unit.

‘Gold Is Clearly Being Replaced by Digital Gold’- Precious Metal Markets Spike, Strategist Mike McGlone Calls PM Action 'Meh'

According to statistics, the entire crypto-economy at $2.22 trillion is worth more than silver’s entire market valuation of around $1.47 trillion. Bitcoin (BTC)’s valuation alone, is coming awfully close to eclipsing silver. This puts bitcoin (BTC) in the eighth position of the most valued assets in the world and gold is number one.

The shiny yellow metal has an estimated market cap of around $11.382 trillion at current prices per ounce of .999 fine gold. Still, while BTC has captured close to 73% of silver’s market cap, the crypto asset also now commands more than 9% of gold’s overall valuation.

Delta Exchange Executive: ‘Bitcoin Has Lost Short-Term Upward Momentum’

Despite the positivity in recent days, the crypto derivatives trading platform Delta Exchange’s CEO Pankaj Balani says “bitcoin (BTC) has lost its short term upward momentum after crossing below 50 DMA (Displaced Moving Average).”

“Price action in the last few days confirms that view,” Balani told Bitcoin.com News on Thursday. “Despite bouncing sharply from the $48-$50k range, Bitcoin couldn’t sustain above $58k; $60k is the major resistance here. BTC got heavily sold from the $58k level and has crossed below 20 DMA. On the other hand, [altcoins] continue to show strength with blow-off moves in DOGE and ETH. This price action indicates that we have most likely hit a short-term top at $64k,” the Delta Exchange CEO added.

What do you think about precious metal and cryptocurrency market action this week? Let us know what you think about this subject in the comments section below.

Crypto Analytics Firm Coin Metrics Raises $15 Million, Goldman Sachs Leads Funding Round

Crypto Analytics Firm Coin Metrics Raises $15 Million, Goldman Sachs Leads Funding Round

On May 5, the cryptocurrency data and analytics provider Coin Metrics announced the firm has raised $15 million in Series B financing round. The funding was led by Goldman Sachs and a number of other venture firms, as digital currency data has become a hot commodity in recent times.

Digital Currency Data and Analytics Firm Coin Metrics Raises $15 Million

The Boston-based Coin Metrics has revealed the company has raised $15 million in a Series B financing round that was led by the American multinational investment bank and financial services company, Goldman Sachs.

The company Coin Metrics provides analytical market data, indexes, and network risk solutions for a myriad of digital currencies like bitcoin (BTC) and ethereum (ETH). In addition to Goldman Sachs, the financing round was also bolstered by Collab+Currency, Castle Island Ventures, Highland Capital Partners, Avon Ventures, Communitas Capital, and Fidelity Investments.

Coin Metrics details that the company has “institutionalized their network and market data offerings over the past 18 months.” Some of the largest names in the world of finance and the cryptocurrency industry leverage Coin Metrics’ products, the announcement notes.

Firms like Fidelity Investments, Osprey Funds, and Blockfi have been utilizing several analytics products. Fidelity recently launched its own data and analytics platform called “Sherlock.” Coin Metrics has also revealed that the firm has launched two new products called FARUM and ATLAS.

“FARUM and ATLAS are perfect complements to our network and market data products,” Tim Rice, cofounder, and CEO of Coin Metrics explained during the announcement. “The tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets.”

Crypto Data and Analytics Products Swell

The company adds that since the Series A funding round in 2019, Coin Metrics has built a team of crypto veterans and individuals involved in traditional financial services. For many years now, Goldman Sachs has been interested in the innovation cryptocurrency solutions and blockchain technology provides.

“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,” Mathew McDermott, Global Head of Digital Assets of Goldman Sachs said.

Coin Metrics’ recent Series B financing round follows the recent acquisition of Skew analytics, as the firm joined Coinbase last week. Crypto data companies have swelled during the last 12 months a great deal, as companies like Cryptoquant, Dune Analytics, Glassnode, and Messari are giving cryptocurrency investors detailed data sets and deep analysis.

What do you think about Coin Metrics raising $15 million in a Series B financing round led by Goldman Sachs? Let us know what you think about this subject in the comments section below.

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform

On May 6, 2021, the total locked value (TVL) held by decentralized finance (defi) is more than $77 billion. Much of this money is used by decentralized exchange (dex) platforms and liquidity pools. With dex platforms capturing over $2 billion in trade volume daily and $18 billion during the last seven days, a project called the Dechart DAO aims to provide traders with the ability to make “the most informed, efficient trades.”

Dechart – Decentralizing Defi Data

The cryptocurrency ecosystem has swelled this year and defi platforms and Web3 applications make up quite a bit of the value. Moreover, participants have been able to find a lot more value with concepts like oracles, automated market makers (AMMs), decentralized exchange (dex) platforms, liquidity pools, decentralized stablecoins, and more. With all the trading action happening in real-time, traders find that it’s hard to get insight into all the markets in one place.

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform
Dechart recently launched the 1.0 version of its trading platform and dashboard. This means Dechart participants can trade all of Pancakeswap pairs in one place, with Uniswap and Sushiswap coming to Dechart soon.

However, a decentralized autonomous organization (DAO) called Dechart aims to fix this problem and democratize the process of accessing reliable defi data. Moreover, Dechart is removing the need for expensive institutional-grade trading platforms. For instance, the Dechart team explains that popular dex platforms like Uniswap, Pancakeswap, and Sushiswap have seen massive growth. But solutions for people who want real-time trading data for these dex platforms are practically non-existent.

“Most [dex platforms] were not built to perform sophisticated financial analysis,” the Dechart litepaper notes. “They provide very simple insight into the tokens that trade on their platforms. Due to this, there are a number of platforms in the space currently providing third-party tools to aggregate these broad data sets in a scattered and disorganized way.”

The litepaper adds:

Dechart aims to be the world leader in the aggregation of data from decentralized exchanges and the most concentrated, advanced data solution for users seeking trading resources.

Dechart App Version 1 Launches

Dechart is a community governed DAO and has released the first iteration of the project’s version 1.0 trading platform and dashboard. The protocol allows any user to easily connect and consume diverse data sets within an intuitive user interface. “Traders can utilize an enormous set of data that has immense aggregative value existing in an even more fragmented scatter all across the various data outlets of Web 3.0,” the Dechart team says. “Within this are major opportunities to enhance data consumption.”

The team adds:

Dechart exists to fulfill the simple vision of facilitating a truly transparent global digital marketplace where information is unbounded and freely available, and barriers for exchange are non-existent.

Democratizing Defi Data- Dechart DAO Launches Version 1.0 Trading Platform

The team’s litepaper stresses that Dechart is focused on becoming a world leader in the aggregation of data from decentralized exchanges and the most concentrated, advanced data solution for users seeking trading resources. Defi and dex users can leverage Dechart’s 1.0 application here and get updates from the project coordinators on Dechart’s official Telegram channel. Dechart’s DAO will also utilize a native token in order to bolster the autonomy and security of the project.

Furthermore, as a DAO, Dechart is designed to function independently of traditional trust schemes and centralized governance models. Stakeholders of Dechart’s DCH token will be able to participate in governance decisions, from deciding on new features to rewarding the community to controlling the revenue model for premium features.

What do you think about the Dechart DAO? Let us know what you think about this subject in the comments section below.

The NFL Gets a Taste of Crypto as Grayscale Partners With the New York Giants

The world’s largest cryptocurrency asset manager Grayscale Investments has announced the first partnership with a National Football League (NFL) team. Grayscale will be the official digital currency asset management partner for the New York Giants and will sponsor a number of events.

Grayscale Investments Partners With the New York Giants

Following a number of NBA teams getting in on crypto-asset acceptance and partnering with crypto companies, Grayscale Investments has revealed a partnership with the NFL team the New York Giants.

Grayscale, a crypto asset manager with over $46 billion in assets under management (AUM) will join the Giant’s list of corporate sponsors. Additionally, Grayscale will provide the Giants a service by becoming the team’s official digital currency asset management partner.

Grayscale CEO Michael Sonnenshein explained during the announcement that the company’s origins are tied to New York. “Our partnership with the Giants is incredibly meaningful because our roots are in New York,” Sonnenshein said.

“We’re excited to partner with such a forward-thinking franchise, to work together on philanthropic initiatives, and to continue to support the New York metropolitan community,” Sonnenshein added.

Grayscale’s partnership with the NFL team follows the recent deal FTX Exchange made at the end of March. FTX won the rights to rename the NBA’s Miami Heat arena to “FTX Arena.” The deal to rename the Miami arena cost FTX around $135 million, reports disclose.

Crypto Manager to Work With the Giants Foundation

Grayscale’s deal details that the crypto asset manager will work with the Giants Foundation, an organization that gives financial assistance in the tri-state area to organizations. Grayscale plans to present at the upcoming Giants Foundation Golf Outing.

“Grayscale will also be a Presenting Home Game Sponsor, a Supporting Sponsor of Giants Training Camp, and will host voluntary, educational seminars on cryptocurrencies for Giants personnel each year,” the announcement notes.

The New York Giants Chief Commercial Officer Pete Guelli detailed that the team is looking forward to the partnership with the crypto asset manager. Moreover, Guelli said that the company aligns with the Giants’ brand.

“During our extensive evaluation of the space, we determined that we not only wanted a partner that understood the value of aligning with the Giants brand, but also could guide us in navigating the cryptocurrency ecosystem,” Guelli said.

What do you think about the partnership between the NFL’s New York Giants and Grayscale Investments? Let us know what you think about this subject in the comments section below.

Climate Change Targets Bitcoin Mining: NY Lawmaker Proposes 3-Year Moratorium on Mining Operations in the State

Climate Change Targets Bitcoin Mining: NY Lawmaker Proposes 3-Year Moratorium on Mining Operations in the State

U.S. bureaucrats, particularly Democrats, are concerned about climate change and have introduced lots of legislation in order to address these concerns. Now a lawmaker from New York wants to establish a moratorium for bitcoin mining facilities located in the state, which means cryptocurrency miners in New York would have to halt operations. Senator Kevin Parker (D) believes bitcoin mining has a negative environmental impact and businesses would have to pass state greenhouse gas emission targets in order to continue.

New York Lawmaker Proposes a 3-Year Halt on Crypto Mining Operations

Mainstream media and politicians worldwide are concerned about the environmental impact bitcoin (BTC) or cryptocurrency mining will produce in the future. Bitcoin mining leverages large amounts of electricity in order for miners to process blocks and secure the network.

The United States has increased its population of bitcoin miners in recent years, and there are a number of bitcoin mining facilities in upstate New York. Bureaucrats from the state do not like cryptocurrency mining because it is “energy-intensive.”

In the recently submitted legislation proposed in the New York Senate called “Bill 6486,” Senator Kevin Parker and Rachel May (D) stress that crypto mining “threatens not only New York’s climate goals, under the CLCPA, but also global energy policy, such as the Paris Agreement.”

New York Senate Bill 6486 states:

[This Bill] establishes a moratorium on the operation of cryptocurrency mining centers; provides that operation of a cryptocurrency mining center shall only be authorized following completion of a full generic environmental impact statement review and a finding that such center will not adversely affect the state greenhouse gas emission targets in the climate leadership and community protection act of 2019.

NY Lawmakers Aim to Conserve and Protect the State’s Environment

The halt on mining operations would be a “three-year moratorium” and the “Environmental impact statement shall be subject to 120 days of public comment from the date of issuance,” the bill notes. Further, New York’s Department of Environmental Conservation will conduct a public hearing in each of the seven regions located in the state.

The bill says that the main reasoning for the three-year moratorium on crypto mining is because of the threats climate change can do to New York’s environment.

The bill highlights things like “flooding, sea level rise, heat waves, coastal erosion, erratic and unpredictable weather patterns, shifting climatic zones, loss of wildlife, increased harmful algal blooms and invasive species, and increased risk of disease, in part, which leads directly to loss of life, property damage and reduction in value, ecological damage, and increased infrastructure costs.”

Democrat Senators Kevin Parker and Rachel May insist that it is the policy of New York to improve such things and conserve and protect the state’s environment.

What do you think about New York placing a possible three-year moratorium on crypto mining? Let us know what you think about this subject in the comments section below.

How Did Satoshi Nakamoto Remain Anonymous? A Detailed Look at the Bitcoin Creator’s Opsec

How Did Satoshi Nakamoto Remain Anonymous? A Detailed Look at the Bitcoin Creator’s Opsec

The creator of the world’s first successful blockchain network has been an enigma ever since the mysterious inventor released the white paper over 12 years ago. Interestingly, Satoshi Nakamoto worked on the Bitcoin project publicly for 25 months and 13 days, all while being able to remain completely anonymous.

What the Public Knows About Satoshi Nakamoto Is Different Than What Is Assumed

Satoshi Nakamoto is a very interesting mystery and the inventor of the technological revolution that was invoked by the birth of the Bitcoin network. We don’t know much about Satoshi, except for what the creator told the public while he/she or they were around. Satoshi Nakamoto managed to stay anonymous, while releasing the protocol’s white paper, kickstarting the network, and even dealing with development contributors. Satoshi continues to remain anonymous to this day.

There are hard facts that we do know about Satoshi, and many things we simply assume. For instance, it is assumed that this past April 5th, Bitcoin’s inventor turned 46-years old. But that date, of course, is only if that’s Satoshi Nakamoto’s legitimate age.

The thing is, Satoshi managed to stay unknown the whole time, and to this day people believe the inventor either disappeared for good or is possibly dead. If Satoshi is alive, Bitcoin’s creator is one of the wealthiest individuals alive today because it is estimated that the inventor holds 1 million BTC.

Of course, the approximate number of how many coins Satoshi holds is also unknown, and we really don’t know if the creator still has access to the keys. What we do know for sure, is that Satoshi was exceptional at staying anonymous. Just recently, Bitcoin Magazine’s editor, Pete Rizzo, published a comprehensive report on the alleged final message Satoshi sent on April 26, 2011, and the creator’s last days in the public eye.

According to former Bitcoin Core developer Gavin Andresen and Pete Rizzo’s report, after Satoshi released his final message in December 2010 and published Bitcoin version 0.3.19, Nakamoto asked if Andresen could refer to him more as a “tech lead” than a “mysterious shadowy figure.”

Rizzo’s report says in April 2011 Satoshi wrote:

The press just turns [the mysterious shadowy figure description] into a pirate currency angle. Maybe instead make it about the open-source project and give more credit to your contributors; it helps motivate them.

How Did Satoshi Nakamoto Remain Anonymous? Bitcoin’s Creator Used a VPN, Tor, Anonymous Domain Registration, Anonymous Email

One of the biggest questions people often ask is: How did Satoshi Nakamoto remain anonymous? Well, Satoshi did a great number of things to stay private like not revealing his real name and identity, and choosing to leverage a pseudonymous Japanese surname called “Satoshi Nakamoto.”

Bitcoin’s inventor further chose to associate with people who respected privacy a great deal, and the creator appealed to the libertarian mindset right away. The introduction of Bitcoin was perfectly timed following the 2008 financial crisis that shook the world.

In a number of social media posts on Reddit and bitcointalk.org, it is assumed that Satoshi utilized a virtual private network (VPN) and even Tor. Nakamoto had spoken about Tor before and told the public it was a good way to obfuscate where a bitcoin transaction came from.

In one archived Reddit post published seven years ago, a Redditor explains how Satoshi also registered domains anonymously. The person said that there may be a weakness in the way Satoshi Nakamoto registered with anonymousspeech.com.

“At this time however bitcoin did not exist so he had to either make a wire transfer with Western Union, use Paypal, a bank transfer, or send a check. So they may know who he is,” the now-deleted account said.

Besides Tor and a VPN, it is also assumed that Satoshi Nakamoto leveraged a number of other ideas to conceal his identity. Nakamoto leveraged things like a free hosting company, free webmail, and anonymous webmail too.

“Some [people], including myself, have looked at the timestamps on his Sourceforge commits and mail and forum posts to make guesses of location. Nothing is really definitive,” the deleted account’s comment from seven years ago insists.

The Redditor added:

Even though his efforts to remain anonymous are not bulletproof, they are extreme. He clearly had reason to want to avoid being found. Reasons beyond making an idea more widely attractable through non-attribution.

Why Did Satoshi Remain Anonymous? Was it Because Bitcoin Endangered the Inventor? Or Maybe the Possibility of Death or Imprisonment?

The reasons as to why Satoshi Nakamoto chose to stay anonymous are also assumed and unknown. Predominantly, people believe it was for the inventor’s own safety. Being the inventor of a technology that can bypass corporate control, government manipulation, and work above and beneath the current monetary system has made Nakamoto extremely famous.

People have been hunting for Nakamoto for a very long time and some individuals have even claimed to be Bitcoin’s inventor on many occasions.

Although, none of them have succeeded in proving they are Satoshi Nakamoto, even though a few have tried incredibly hard to do so. Satoshi’s initial years of anonymity have made it so people highly doubt rambunctious individuals doing everything they can to prove they created the protocol.

So how did Satoshi Nakamoto remain anonymous all these years? Well, the inventor was not only clever at designing the protocol, but was also smart enough to leverage great operations security (opsec) while remaining in the public eye.

Satoshi Nakamoto applied and deployed many tools that kept his/her or their identity a complete secret that has lasted the test of time. One thing people assume is that after Satoshi said farewell between December 2010 and the ostensible April email in 2011, is that it is very possible Nakamoto had passed away and remains anonymous because of death.

For instance, some assume Satoshi could have been the now-deceased Hal Finney. Others have pointed at the criminal mastermind Paul Le Roux, who is in jail and cannot communicate to the public even if he was Satoshi in any anonymous manner.

Whatever the case may be, Satoshi deserves a great deal of credit for creating Bitcoin, but also for being able to stay anonymous for more than 12 years if the inventor is still alive.

What do you think about Satoshi Nakamoto and how the inventor was able to remain anonymous for so long? Let us know what you think about this subject in the comments section below.

Mogo Adds 146 ETH to Firm’s Balance Sheet, Plans to Turn 5% of Its Portfolio Into Crypto Assets

Mogo Adds 146 ETH to Firm's Balance Sheet, Plans to Turn 5% of Its Portfolio Into Crypto Assets

On Tuesday, the Nasdaq-listed Canadian company Mogo revealed the firm has purchased 146 ether at an average price of $2,780. The move follows the firm’s corporate investment in bitcoin, as well as offering bitcoin rewards for the company’s mortgage and card clients. The company plans to keep 5% of its balance sheet assets in digital currencies.

After Adding Bitcoin to the Balance Sheet, Mogo Stacks Ether

The Vancouver-based Mogo (Nasdaq:MOGO), a fintech firm that provides various financial services has announced the corporate purchase of ethereum (ETH). The ethereum investment follows the company’s initial bitcoin purchase back in December 2020.

Mogo has been interested in blockchain and crypto solutions for a few years now. At the end of March, Mogo mortgage clients were offered bitcoin rewards if they got a mortgage through the company or refinanced an existing property.

On May 3, Mogo explained that it obtained 146 ETH for around $2,780 per unit. Both the bitcoin and the recent ETH investments are part of the firm’s plans to increase the company balance sheet with fintech and blockchain investments.

5% of Mogos Portfolio Will be Valued in Crypto Assets

Last week, Mogo sold the firm’s investment in Vena Solutions for $4.7 million and saw a yield of 116%. The company made decent money on the 18 BTC it purchased back in December as well, as Mogo paid an average price of $33,083 per unit.

“Mogo plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies,” the company said on Tuesday.

“This initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform,” Greg Feller, President and CFO of Mogo detailed during the announcement.

Mogo is one of many firms represented on the website bitcointreasuries.org and the added ETH is not represented on that web portal, as the site only focuses on bitcoin-based treasuries. One company that does have ethereum on its balance sheet is the China-based smartphone and internet app maker Meitu. Mark Cuban’s Dallas Mavs’ online shop ostensibly holds dogecoin (DOGE).

As far as the numbers on bitcointreasuries.org are concerned, the entire lot of companies and hedge funds hold over $77 billion worth of BTC, more than 1.4 million bitcoins, and approximately 6.78% of the entire BTC supply.

What do you think about Mogo’s investment in ethereum? Let us know what you think about this subject in the comments section below.

Digital Yuan Launch Draws Near: JD.com Employees Paid in e-CNY, Tencent, Ant, Mastercard Engage With PBoC

China, the world’s most populous country, has jumped leaps and bounds in comparison to a great number of other countries when it comes to the creation of a central bank digital currency. As each day passes, China’s digital yuan is seemingly getting closer to large-scale adoption, as big-name corporations like the e-commerce giant JD.com, Mastercard, Ant Group, and Tencent have been bolstering the venture.

China’s Digital Yuan Is Seemingly Near Completion, JD.com Employees Paid in e-CNY

China’s central bank digital currency (CBDC) that’s being crafted by the People’s Bank of China (PBoC) has many names. Some are calling it the “e-CNY,” others call it the “digital yuan” or “digital renminbi,” and it’s also been called “Digital Currency Electronic Payment” (DCEP).

The country has been developing a CBDC for years now and in more recent times, the PBoC has unveiled the project via banks and businesses accepting it and giving away digital red envelopes.

At the end of March, it was announced that Chinese citizens could apply for a digital yuan wallet through six state-owned financial institutions. The PBoC is now working with the e-commerce firm JD.com and with the help of Alibaba, as some of JD.com’s staff have been getting their salary in the form of the digital yuan.

Digital Yuan Launch Draws Near: JD.com Employees Paid in e-CNY, Tencent, Ant, Mastercard Engage With PBoC

Reports note that JD.com employees who are participating in the trial started the program back in January. It’s not JD.com’s first test run with the CBDC either, as the company participated in airdrop promotions and Chinese citizens could use the digital currency to pay for items hosted on the online store.

Additionally, Alibaba Group has been involved as well prior to the employees getting paid with the CBDC, as the central bank has been working directly with a fintech affiliate of Alibaba Group called Ant Group.

Alibaba Group, Tencent, and Ant Group Are Some of the PBoC’s Key Players

A recent voanews.com report insists that both Tencent and Ant Group have been bolstering the CBDC build for the last three years. In addition to working with Ant Group, reportedly the digital yuan leverages Ant’s database called “Ocean Base.” Ant Group spinned off Ocean Base in June 2020, when it launched a self-developed database service and mobile development platform called mPaaS.

In March, Bitcoin.com News reported on when the head of the People’s Bank of China-run Digital Currency Research Institute, Ma Changchun. The PBoC official said the digital yuan won’t be fully anonymous, but may offer “controllable” privacy protection. In the end, however, the Communist Party is in control, Francis Lun, CEO of Geo Securities Ltd. in Hong Kong recently explained.

“The Chinese authorities are telling Ant that you should hand over your big data to the central bank,” Francis Lun emphasized. “The data won’t remain in private hands since the Communist Party is the boss.”

Mastercard Wants to Process Cross-border Digital Yuan Transactions

JD.com, Ant Group, and Tencent have all been key players when it comes to China’s CBDC, but now Mastercard wants in as well. The South China Morning Post (SCMP) has detailed that Mastercard wants a role in China’s CBDC by helping with cross-border transactions.

Mastercard’s co-president for Asia-Pacific, Ling Hai, explained to SCMP in an interview that the payments company is waiting for regulatory approval to invoke an onshore card business with the digital yuan. Mastercard is already doing this with the central bank in the Bahamas as the Caribbean island recently issued a sovereign digital currency called the “sand dollar.”

In 2020, the PBoC approved Mastercard’s application to join the venture and currently, the payment company is working with China’s regulators to obtain a license.

“Once we get the license, our priority is to help people understand that our brand is also synonymous with the domestic Chinese market,” Mastercard’s Asia-Pacific executive Ling Hai concluded.

What do you think about China’s CBDC? Let us know what you think about this subject in the comments section below.

The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance

The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance

The popular meme-based crypto-asset dogecoin has seen incredible gains during the last 24 hours jumping over 40% since yesterday. After just recently capturing a $50 billion market valuation, Dogecoin’s market cap now exceeds $71 billion. Moreover, the meme-coin has been eating away at bitcoin’s market dominance, as dogecoin captures 3% of the entire crypto-economy at the time of publication.

Can’t Keep a Good Dog Down

  • Dogecoin continues to rise higher as the crypto asset DOGE has touched an all-time high on Tuesday reaching $0.57 per unit. Dogecoin is up over 45% today and 97% during the last seven days. There is $15.91 billion in global DOGE trade volume on Tuesday morning (ET).

The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance

  • Against bitcoin (BTC), dogecoin has gained over 41% during the last day and 51% against ethereum (ETH) during the last week. Doge has captured the fourth position in the crypto economy among the 9,000+ crypto assets in existence today. The meme asset’s valuation is worth more than Honda Motor Company.

The $70B Meme Coin Market: Dogecoin Skyrockets Past a Half Dollar, DOGE Market Cap Eats Into BTC Dominance

  • DOGE has gained a whopping 944% against the U.S. dollar and over 1,000% against bitcoin (BTC) in just 30 days. 90 day stats show that DOGE has jumped 1508% against the USD and more than 900% against BTC over the course of the last three months.
  • Now the BTC network has a little inflation but it is considered a deflationary crypto asset by the community. Dogecoin on the other hand has 129,461,434,269 DOGE currently in circulation and is considered inflationary.
  • A single dogecoin (DOGE) address has 36,711,937,077 in the address at the time of writing and is the wealthiest dogecoin owner today. This address holds more than 28.38% of the entire dogecoin supply.
  • On social media and forums, Dogecoin (DOGE) is trending alongside the hashtags #hodl and other Dogecoin related social media trends.
  • DOGE recently started rising again, after Tesla’s Elon Musk tweeted about his appearance on Saturday Night Live (SNL) on May 8. Last week, Musk’s tweet said “Dogefather SNL May 8” and the Tesla executive has been asking Twitter for SNL skit ideas.
  • “Dogecoin continues to defy expectations within the crypto market. I believe that part of the reason is the hype that surrounds it, which comes from celebrities like Elon Musk and Mark Cuban,” Konstantin Boyko-Romanovsky, CEO and Founder of Allnodes told Bitcoin.com News. “Since the coin has an inflationary supply, it is affordable.”
  • “Mark Cuban sees it as an alternative to Bitcoin for payment transactions. It appeals more to the general public because it costs so little. $60,000 for a single Bitcoin may be intimidating to some. In a way, Doge then is more like a USD but in a digital form,” Boyko-Romanovsky added.
  • At the time of publication, DOGE is exchanging hands for prices between $0.48 to $0.553 per unit, dropping a hair after it touched the recent ATH just a few hours ago.

What do you think about dogecoin’s climactic run-up? Let us know what you think about this subject in the comments section below.

Fidelity Investments Launches Crypto Analytics Platform Sherlock for Institutional Investors

Fidelity Investments Launches Crypto Analytics Platform Sherlock for Institutional Investors

The American multinational financial services corporation based in Boston, Massachusetts, Fidelity Investments has announced the introduction of a new comprehensive data and deep analytics solution for digital assets. The new product is called Sherlock and it’s meant for institutional clients so they can streamline “fundamental and technical data” tied to cryptocurrencies.

Fidelity Investments Introduces Crypto Analytics and Tools Platform Called Sherlock

The data and analytics space tethered to the cryptocurrency world is exceptionally hot right now, as firms like Skew, Glassnode, Messari, Dune Analytics, Cryptoquant, and others have been turning heads. This past weekend, Bitcoin.com News reported on the Skew acquisition, as the analytics firm joined the Coinbase family of businesses. Skew’s data will be leveraged for Coinbase Prime customers, the San Francisco exchange’s institutional clients.

Fidelity Investments Launches Crypto Analytics Platform Sherlock for Institutional Investors
Sherlock benefits according to Fidelity Investments.

On Monday, Fidelity Investments introduced a crypto platform for its institutional clients called “Sherlock.” The new product offers “comprehensive data and deep analytics on digital assets in one central location to help inform investment decisions,” Fidelity’s announcement says. The Sherlock web portal says interested users can request a demo and states:

Crypto is difficult enough to navigate – the data shouldn’t be— Sherlock provides you with the data and tools you need to identify investment opportunities and create trading strategies.

Sherlock Developed by Fidelity Center for Applied Technology

Fidelity details that Sherlock users can obtain “in-depth asset analysis, discover insights and monitor market developments” so they can make the best decisions when it comes to crypto-asset investments.

“Users can also explore the data off-platform for modeling and back-testing,” Fidelity’s announcement explains. Furthermore, Sherlock was developed in FCAT (Fidelity Center for Applied Technology), a blockchain solution center and distributed ledger incubator team that handles blockchain analytics, proofs of concepts, and use cases.

“While the market is maturing rapidly, we’ve heard from institutional investors that there’s still a need for a comprehensive and accessible data solution,” said Kevin Vora, vice president of product management at FCAT. “That’s what we’re introducing with Sherlock – robust and insightful datasets paired with highly intuitive tools to help clients make data-driven digital asset investment decisions,” the executive added.

What do you think about Fidelity Investments releasing a data and research tool for institutional investors? Let us know what you think about this subject in the comments section below.

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says ‘Enough is Enough’

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough'

On April 26, 2021, the Danish multinational banking and financial services corporation Danske Bank published a press release explaining that the institution has changed the threshold for personal customers and standard interest rates for business customers in Denmark. The Bank plans to lower the threshold for charging negative interest on deposits from DKK 100,000 to DKK 250,000 ($16k to $40k USD).

Denmark Savers Will Feel the Brunt of Negative Rates This Summer

A number of large financial institutions in Europe have been embracing negative interest rates. Bitcoin.com News recently reported on ECB President Christine Lagarde’s opinion of the situation and how she defended negative interest rates. Lagarde noted that it might bother savers, but people need to put the global economy ahead of savers. Moreover, the Bank of England (BoE) wants British banks and building societies in the region to have negative bank rate solutions ready by August 2021.

At the end of April, following financial institutions like ING, Barclays, and a number of Swiss banks, the Danish financial services corporation, Danske Bank, introduced negative rates for certain deposit sizes. In fact, Denmark was the first country to introduce negative rates on a large scale back in 2012.

With the new terms, Dankse Bank deposits from DKK (Danish crowns) 100,000 to DKK 250,000 ($16k to $40k USD) will fall into the category of negative rates.

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough'
The picture above is the rates for Dankse Bank business customers. For personal customers, the threshold for the charging of negative interest will be “DKK 100,000 and will be calculated on the basis of the aggregate amount of deposits in all of the customer’s accounts. Any share of deposits in jointly held accounts is included in the DKK 100,000 threshold. The interest rate applicable to deposits will not change and will therefore still be -0.6% p.a,” the bank’s terms note.

On July 1, 2021, both personal and business customers will see the interest rate terms change for standard deposits. Mark Wraa-Hansen, Danske Bank’s head of personal customers in Denmark explained that higher interest rates have become an expense for the institution.

“We have experienced highly unusual interest rate levels for a long time now, and there is no prospect of this changing. At the same time, we see a significantly increasing deposit surplus, which in the current interest rate environment results in a considerable expense for the bank,” Wraa-Hansen wrote. “This is obviously not sustainable for us in the long term, and we are therefore lowering the threshold for the charging of negative interest on deposits,” he added.

Denmark’s Business Minister Says Banks Are ‘Too Greedy’

Negative rates are not normal and they are not considered good finance for those looking to save funds long term. Big savers, with large amounts of funds sitting in a bank, expect a return for storing their money with the institution, but gone are the days where the wealthy could make decent passive income from traditional interest rates. A negative rate of -1% for someone who deposited 1,000 at the beginning of the year, would only get $999 by the year’s end.

Danske Bank Lowers Negative Rate Threshold, Denmark’s Business Minister Says 'Enough is Enough'
Denmark’s Business Minister Simon Kollerup is not pleased with Danish banks imposing negative rates on customers and he recently called the financial institutions “greedy.”

Proponents of negative rates believe that it helps first-time home buyers, businesses, and loans. It is believed that those who benefit from negative rates (borrowers) will consume more, and invest in the economy more often. However, a number of people are totally against the banks introducing negative rates and Denmark’s Business Minister Simon Kollerup has said “enough is enough.”

Reuters reports that the Danish central bank started the invocation of negative rates which has in turn “forced lenders to deposit funds at the central bank at negative rates – prompting most Danish banks to start introducing negative interest rates on private clients.’”

In a Facebook post, Kollerup explained his angst with the new trend. “I think it should stop now. The limit has been reached,” Kollerup stressed. “It simply becomes too greedy when the banks deliver large profits, but still continue to impose negative interest rates on more and more Danes.”

The Business Minister said that he has asked the banking association Finance Denmark to figure this out as soon as possible. Finance Denmark retorted that it was “fundamentally wrong” for bureaucrats to get involved with pricing the monetary system. “I expect to hear the industry’s response on how we can stop this spiral,” Kollerup emphasized in his social media post.

Although, Ulrik Nodgaard, head of Finance Denmark disagrees with Kollerup’s assessment. “Danish banks did not invent negative interest rates. They come from Denmark’s central bank,” Nodgaard remarked.

Of course, the negative rates from worldwide banks have caused crypto-asset proponents and precious metals enthusiasts to push harder. Bitcoin proponents believe that digital currencies give people the ability to save again without their funds being taken by the bank’s negative rates and erroneous fees.

Banks can also stop you from accessing funds held there and with help from the state it can be taken away as well. Alternative assets like bitcoin and precious metals have been attractive because people can save money without interference and gather yields that today’s financial incumbents cannot offer.

What do you think about Danske Bank adding negative rates? Let us know what you think about this subject in the comments section below.

Hip Hop Star Nas Calls Himself ‘Cryptocurrency Scarface,’ Mentions Coinbase Investment in New Video

Hip Hop Star Nas Calls Himself 'Cryptocurrency Scarface,' Mentions Coinbase Investment in New Video

Hip hop legend and recording artist Nasir Jones, known by his stage name “Nas,” recently released a new video with record producer DJ Khaled and rapper Jay-Z. The songwriter mentioned being a “cryptocurrency Scarface” and also mentioned the San Francisco company Coinbase in his rhyme. Nas was an early Coinbase investor back in 2013 and it is estimated that Nas raked in over $100 million from his investment with the company.

Nas Dubs Himself the ‘Cryptocurrency Scarface’

Nas is a very well known hip-hop recording artist and since 1994 he’s released twelve studio albums that have been certified platinum and multi-platinum in the U.S. Nas has also been considered one of the greatest rappers of all-time, up there with Eminem, Jay-Z, Andre 3000, Lil Wayne, the Notorious B.I.G., and Tupac. In addition to being a songwriter, Nas is also an entrepreneur and he’s invested in numerous projects over the years.

One lucrative investment Nas has made was with the San Francisco company Coinbase (Nasdaq: COIN), a crypto firm that was just listed publicly. Nas didn’t invest in Coinbase directly, as his investment was made via his portfolio company Queensbridge Venture Partners. Queensbridge revealed it was an investor in Coinbase back in 2013, when it helped raise $25 million in a Series B funding round. Coinbase was valued at $100 to $200 million in 2013, and since then the company has gathered an enormous amount of value.

Back in 2014, Nas told former Coindesk reporter Pete Rizzo “[Bitcoin] will evolve into an industry as big, if not bigger, than the Internet.” At the time he also disclosed that Queensbridge Venture Partners had invested in Coinbase. Now that Coinbase has been listed on Nasdaq and is currently trading for $297 per share, early Coinbase investors like Nas and NBA star Kevin Durant have made a lot of money. Analysts think Queensbridge Venture Partners could have gathered around $50 million to even $150 million when COIN shares came out the gate.

‘Long Crypto Forever’

Following COIN’s debut on Nasdaq and the shares trading among market participants, Nas mentioned his Coinbase investment in his latest video with Jay-Z and DJ Khaled. The song is called “Sorry, Not Sorry” and the song also features James Fauntleroy and Harmonies. The lyrical content Nas provides mentions betting on cryptocurrency rather than a coin toss.

The crypto mention in the “Sorry, Not Sorry” video says:

Winner in life, f**k a coin toss / I’m Coinbased, cryptocurrency Scarface.

Fellow New York rapper Curtis Jackson, known by his stage name “50 Cent,” also congratulated Nas and the Brooklyn Nets star player Kevin Durant for winning big with their Coinbase investments. “I love to see my people win,” 50 Cent said about the Coinbase investment in mid-April.

On April 15, Nas’s official Twitter account wrote:

Long crypto forever…. in sickness & in health.

Nas is not the only hip-hop mogul who likes cryptocurrencies and even 50 Cent himself sold his album for bitcoin years ago. However, 50 Cent claims he sold his crypto assets after the rapper filed bankruptcy. Other crypto-focused hip hop artists include Snoop Dogg, Talib Kweli, DJ Khaled, Murda Beatz, Logic, Kanye West, and Pitbull.

What do you think about the new video Nas released with Jay-Z and DJ Khaled that mentions cryptocurrency and Coinbase in the lyrics? Let us know what you think about this subject in the comments section below.

Gold Bug vs. Bitcoin Bug: A Look at the Curious Relationship Between Peter and Spencer Schiff

Gold Bug vs. Bitcoin Bug: A Look at the Curious Relationship Between Peter and Spencer Schiff

For years now the well known economist and gold bug Peter Schiff has continuously spoken out against bitcoin, as he claims precious metals are far superior. A great number of people have rebutted Schiff’s statements about bitcoin but during the last year, the gold bug has had a different thorn on his side. In recent days, Schiff’s nemesis on Twitter is his own son Spencer Schiff, a young entrepreneur who is “interested in finance, Austrian economics, libertarianism, [and] anarcho-capitalism.”

Gold Bug vs. Bitcoin Bug

During the last year, Bitcoin.com News has reported on Peter Schiff on numerous occasions and one time our newsdesk did a report on his father Irwin Schiff. His now-deceased father Irwin was a very popular libertarian and tax resistance advocate who published a number of books.

In other instances this year, our newsdesk also covered Peter’s son as well. Peter’s son, Spencer Schiff, is an advocate for bitcoin (BTC) and he always has something to say when his father tweets about the leading crypto asset.

On Sunday morning (ET), when his Father tweeted a reply to a Zerohedge article about inflation, Spencer wrote: “Better get yourself some sats,” in reply to his Dad’s tweet.

When Peter wrote a tweet about the Federal Reserve and its Chair Jerome Powell not showing concern about inflation, Spencer replied with a laser eyes picture of his dad and said “join us.”

However, when someone told Peter that he raised a smart kid the gold bug wrote:

He may be smart, but when it comes to Bitcoin, he’s a complete fool.

Spencer Questions Listening to His Father’s Advice About Bitcoin

A few days prior, Peter Schiff tweeted about his other favorite precious metal, silver, while also sharing an article about the subject. His son responded to the tweet, as he often does every few days, with a tweet about bitcoin coming after silver.

In another instance, a person was discussing with Spencer how he would likely have more bitcoin if he didn’t listen to his father.

“I’m sure I would’ve had more sats had I stopped listening to his bitcoin advice earlier,” Spencer said.

When his father shared an article that talked about the beginning or the end of the so-called bitcoin bear market, Spencer replied without reading the article. “I’ll go out on a limb and bet you think it’s the beginning,” his son remarked.

They Agree on One Thing: Libertarianism

Let’s just say, similar to Peter Schiff’s constant tweets about how much he dislikes bitcoin, Spencer tweets back at his dad just as much.

“If [Microstrategy’s] Michael Saylor is correct that the higher the bitcoin price rises the less risky it is to buy, then it must also be true that the lower the bitcoin price falls the riskier it is to own. That’s an extremely dangerous characteristic for an asset to have during a bear market,” Peter wrote on April 22 tagging the Microstrategy CEO.

Like clockwork, a few hours later, Spencer Schiff gave his father an amusing response, and oftentimes Spencer gets a lot more likes and retweets.

Spencer replied:

Do you need a reminder that bitcoin has appreciated 600% in the past year?

Peter Schiff and his son Spencer seem to have a solid and fun-loving relationship, and everything said is mostly an attack against BTC or gold. The gold bug has been against bitcoin for a very long time and it doesn’t seem like he will be convinced any time soon, even by his own son.

Bitcoiners have formed an alliance with Spencer Schiff to a degree, as they know he is quick to respond to one of his father’s anti-bitcoin tweets. Despite the disagreements about bitcoin, both Spencer and Peter are free-market advocates and both have followed Irwin’s libertarian ideals.

What do you think about Peter and Spencer Schiff’s bitcoin relationship? Let us know what you think about this subject in the comments section below.

Bitcoin Miners Start Signaling for Taproot Activation, People Prep for BTC’s Largest Update in 4 Years

Bitcoin Miners Start Signaling for Taproot Activation, People Prep for BTC's Largest Update in 4 Years

Bitcoin miners have started to signal for Taproot activation and crypto supporters are looking forward to the largest bitcoin update in almost four years. The mining operation Slush Pool mined the first block signaling for Taproot and since then the pools Foundry and F2pool have joined in on signaling as well.

Bitcoin Block: 681,458 Signals for Taproot

It’s been a long time since the Bitcoin network has seen a major upgrade and the last time it happened was in 2017, back when BTC participants activated Segregated Witness (Segwit). Since then, bitcoiners have been discussing the next major upgrade Taproot. The Taproot proposal was introduced in January 2018 by software developer and Bitcoin Core contributor Gregory Maxwell.

Last October, Taproot was introduced into the Github repository as a pull request initiated by Bitcoin Core programmer Pieter Wuille. Ostensibly, Taproot can help BTC scale and bitcoin transactions can become more private. The protocol that will be deployed if it comes to consensus, is a soft fork that improves the blockchain’s scripts for privacy-centric and complex transactions.

“Taproot is a proposed Bitcoin protocol upgrade that can be deployed as a forward-compatible soft fork,” the Github “Taproot-Activation” documentation notes. “By combining the Schnorr signature scheme with MAST (Merklized Alternative Script Tree) and a new scripting language called Tapscript, Taproot will expand Bitcoin’s smart contract flexibility, while offering more privacy by letting users mask complex smart contracts as a regular bitcoin transaction.”

In Order to Upgrade Network Participants Must Come to Consensus

Following the traditional rules, in order for the Taproot activation to happen, miners need to adopt the new consensus rules by a certain period of time. At the time of writing, more than a dozen blocks have been mined with blocks signaling for the activation of Taproot. The three distinct pools known as F2pool, Foundry, and Slush Pool have all started signaling. F2pool is currently the largest mining pool by hashrate on the BTC network, as far as hash distribution is concerned.

While a great number of BTC supporters are positive about Taproot activation, how to upgrade BTC has already come with controversy. In mid-April Bitcoin.com News reported on software developer Luke Dashjr and his angst against miners upgrading with the “Speedy trial” activation method. In a post six days ago, Gregory Maxwell otherwise known as “nullc” on Reddit, got into a heated debate in a thread called “Taproot activation status.”

It’s been a while since Bitcoin (BTC) has upgraded and per usual, people are skeptical about blockchain participants coming to consensus following the Segwit2x battles in 2017. The stubbornness and length of time have led people to talk about things like ossification, bitrot, and bitcreep. Moreover, at the end of 2020 Blockchair’s lead developer, Nikita Zhavoronkov ferociously criticized Taproot on Twitter.

Despite some disagreements, many people think that coming to consensus over Taproot and even with the debatable activation methods, the upgrade will happen this year. Krakenfx Editor Pete Rizzo recently wrote a comprehensive Twitter thread about the Taproot consensus subject after doing a Clubhouse event in March.

“Yes, there are differences in opinion. No, this does not resemble debates that have led to past network splits,” Rizzo said.

As of Sunday, May 2, 2021, around 25% of the network’s SHA256 hashrate approves of the Taproot activation. There is a signaling period of 2,016 blocks and “1,802 Taproot blocks left until [the] soft fork is locked in,” the web portal taproot.watch says. “Taproot will not lock in with the current signaling ratio (7.14%),” the page adds.

What do you think about the Bitcoin network upgrading? Let us know what you think about this subject in the comments section below.

2021’s Largest Epoch Drop: Bitcoin Network’s Mining Difficulty Dips Over 12%, Hashrate Nears 200 Exahash

Bitcoin’s mining difficulty has seen a massive drop this week, as the metric slid 12.6% and was the largest difficulty drop in 2021. The mining difficulty decline follows the recent electrical outages in China which had affected the network’s hashrate to some degree. Following the difficulty drop, Bitcoin’s hashrate is climbing northbound again nearing the 200 exahash per second zone.

Bitcoin’s Mining Difficulty Drops 12% Allowing the Hashrate to Climb Higher

On April 18, 2021, Bitcoin.com News and a number of crypto publications reported on Bitcoin’s (BTC) hashrate dropping after reports noted that in China the Xinjiang grid is having electrical blackouts. Initial reports estimated the loss of hashrate was above 40% but other reports mention the loss could have been between 12.61% to around 25%.

On April 21, 2021, Coin Metrics’ founder Nic Carter said five-day stats had shown the Bitcoin (BTC) hashrate only lost around 25%. Whatever the exact number may be, BTC’s network hashrate at the very least dropped over 10% or more at that time.

The hashrate drop has made it so the network difficulty has declined making it easier for miners to find blocks. BTC’s difficulty is the parameter the network uses to keep block times steady and consistent.

The mining difficulty is basically the measurement of how difficult it is to find a hash below a given target. When BTC’s hashrate is high the difficulty will increase, and when the hashrate drops like it did in recent times, the mining difficulty will drop. Bitcoin’s network difficulty changes every 2,016 blocks or roughly every two weeks.

Two days ago, BTC’s mining difficulty dropped 12.6% to 20.61 trillion after the large hashrate drop that took place more than a week ago today. The 12.6% decline is the largest difficulty drop in 2021 and after the metric changed, hashpower started kicking into high gear.

Ever since the initial Bitcoin mining difficulty drop two days ago, the network’s hashrate has started to climb upwards again.

The last massive mining difficulty drop was around 16% during the first week of November 2020. On Sunday, May 2, 2021, BTC’s hashrate has climbed to almost 200 exahash per second (EH/s), according to a few hashrate aggregators.

Absolute hashrate intervals from Fork.lol shows that BTC’s hashrate climbing toward the 200 EH/s range. Fork.lol’s seven-day stats still show 160 EH/s at the time of writing.

Today, Coinwarz.com stats shows the hashrate on Sunday jumped above the 190 EH/s zone and data from Fork.lol indicates absolute hashrate in exahashes touched 204 EH/s three hours ago. A number of other SHA256 aggregators have similar daily statistics and they all show BTC’s hashrate jumping since the difficulty drop.

The Top 7 Mining Pools Capture 72% of Bitcoin’s Hashrate

It’s good to note that using hourly and even daily averages for hashrate, might not be the most reliable way of measuring hashrate data. This is why the lower-bound hashrate estimates from the recent electrical outages in China came in a week later. Most analysts would leverage seven-day stats or longer in order to determine absolute hashrate metrics.

At the time of publication, there are 18 bitcoin mining pools dedicating SHA256 hashpower at the BTC network. A majority of the top ten pools stem from China and the mining pool F2pool captures around 29.6 EH/s or 18.51% of the overall network’s hashrate.

F2pool is followed by Antpool, Poolin, Binance Pool, Viabtc, Btc.com, and Huobi Pool respectively. The aforementioned mining pools command 72% of BTC’s network hashrate.

What do you think about the recent difficulty drop two days ago and the hashrate starting to climb again? Let us know what you think about this subject in the comments section below.

Dogecoin Nears All-Time Highs, Price Launches Higher After Elon Musk’s ‘Dogefather’ SNL Tweet

Dogecoin Nears All-Time Highs, Price Launches Higher After Elon Musk's 'Dogefather' SNL Tweet

The infamous meme-crypto dogecoin has seen double-digit gains in recent days after Tesla’s Elon Musk tweeted about his upcoming Saturday Night Live appearance on May 8. On Wednesday, Musk tweeted “The Dogefather SNL May 8,” and a great number of people assume dogecoin will be mentioned to some degree on the show.

Dogecoin Captures a $50 Billion Market Cap

This weekend, dogecoin (DOGE) has started to surge again, as the token featuring the likeness of the Shiba Inu dog is nearing the asset’s all-time high (ATH). The last dogecoin ATH was two weeks ago when the cryptocurrency reached $0.44 per token.

Dogecoin Nears All-Time Highs, Price Launches Higher After Elon Musk's 'Dogefather' SNL Tweet

DOGE has jumped more than 45% during the last seven days, and 30-day stats show dogecoin gained 537.92% against the U.S. dollar. In recent times, Federal Reserve Chair Jerome Powell was asked about dogecoin at a press conference, and Shark Tank star Mark Cuban talked about DOGE with Ellen Degeneres.

Just before the weekend, Tesla’s Elon Musk, who tweets about dogecoin often, mentioned his upcoming SNL appearance scheduled for May 8. In fact, Musk has been fielding Twitter for ideas for certain skits he could do on the show.

A few days prior on April 28, the Tesla executive tweeted “The Dogefather SNL May 8,” which could be a reference to an upcoming DOGE mention on the show. Close to 10,000 people quoted Musk’s tweet on Twitter, it was retweeted more than 72,000 times and has over 422,000 likes at the time of writing.

A great number of people replied to Musk’s tweet that day. “Your words give life and energy to dogecoin,” one woman from India wrote. “I have invested 5k Indian rupees in doge. Bought at 27 INR. Just 184 doge coins. Now in a little dip. This 5k is very very small for big investors. But it’s hard earned money for me,” she added.

The woman’s tweet got over 4,541 likes on Twitter and was retweeted quite a bit. Since Musk’s tweet, the hashtag trends #dogefather and #DogecoinToTheMoon have been quite viral on Twitter.

Queries for Dogecoin Reach the Highest Score on Google Trends

Of course, members of the Shibe Army helped fuel the dogecoin (DOGE) trends on Twitter as well. “Elon Musk is bringing Scooby Snacks to SNL. I suppose I’ll give in and get a small bag of DOGE,” one individual said.

“Thank you #Dogefather,” another person tweeted. “You made me make back what I lost. Wishing you guys hit that dollar mark.”

Dogecoin is not only making the rounds via shills on Twitter, as there are also thousands of DOGE videos on Youtube, lots of Shiba Inu posts on Facebook, and plenty of dogecoin mentions on Reddit and Instagram as well.

Dogecoin Nears All-Time Highs, Price Launches Higher After Elon Musk's 'Dogefather' SNL Tweet

Meanwhile, on Google Trends (GT) worldwide statistics, the term “dogecoin” recently tapped a score of 100, which is the highest a search query can get on GT.

Now the term “dogecoin” captured that score on the week of April 11 through the 17th. However, from April 18 to the 24th, the term dipped under the 100 mark to 99 and the platform forecasts an upcoming trend dip. On Saturday evening, the overall dogecoin (DOGE) economy officially captured a $50 billion market valuation.

What do you think about the recent dogecoin rally and Elon Musk’s “Dogefather SNL” tweet? Let us know what you think about this subject in the comments section below.

Fundstrat Briefing Maintains Six-Digit Bitcoin Price Forecast, $10K Ethereum Target

Fundstrat Global Advisors’ most recent “Weekly Crypto Briefing” and the company’s lead digital asset strategist, David Grider, opines a target bitcoin price of $100k per coin is still “intact.” Moreover, Fundstrat believes that the price of ethereum will reach a $10k target, while the entire crypto-economy is “on pace to hit $5 trillion.”

Fundstrat Maintains $100K Target for Bitcoin

The independent financial research firm Fundstrat has a very bullish view of the current trajectory of cryptocurrency markets in the future. Fundstrat’s digital asset strategist, David Grider explains in the company’s weekly briefing covering digital assets that bitcoin (BTC) has rebounded after a “healthy cooling-off period last week.”

Grider’s report further says that “the macro backdrop remains accommodative [and the] bull market remains intact.” The Fundstrat briefing stresses:

We believe the bull market remains intact, and we are maintaining our $100k Bitcoin price target.

One of the accommodative reasons for the bullish view Fundstrat mentions is that the Federal Reserve met this week and decided to keep its monetary easing policies intact. “The Fed’s recent guidance that it plans to remain accommodative should be supportive for risk assets like crypto,” Grider remarked.

The digital asset strategist said the company said it had predicted a rush of corporates entering the crypto space back in January and Fundstrat claims this has come to fruition for the most part. Grider noted that the company thinks this will “happen more and will be one new source for capital flows into the crypto economy.”

‘Ethereum Continues to Outperform Bitcoin’

After the report discussed bitcoin (BTC) and corporates entering the crypto industry, Fundstrat’s Grider detailed that the firm maintains a price target of $10.5k per ether, and mentioned the crypto asset “continues to outperform BTC.” Ethereum’s digital economy gives Fundstrat executives a bullish outlook and the report notes “large amounts of development happening” on the ETH network.

“These applications are generating ~3x the fees for the Ethereum network vs. Bitcoin which trades at ~3x the market cap— Ethereum and others are enabling new financial applications which have grown significantly in scale over the last year,” the Fundstrat report highlights.

Ethereum Towers Over Competitors

Fundstrat is not the only ones predicting ethereum (ETH) prices can make it to $10k per coin. The popular digital asset proponent and investor, Spencer Noon, also discussed ether blasting off to the $10k region this week. Noon tweeted about a list of “10 signs ETH is well on its way to $10k.”

“Ethereum dwarfs every blockchain in terms of fees paid, with a current run rate of nearly $7 billion— confirming massive demand for ETH block space,” Noon added. The Twitter thread continued:

Ethereum settles $30.5 billion worth of value per day, far more than Bitcoin and every other blockchain— to put this into context, Paypal settles ~$2.5 billion daily. Ethereum has 625k daily active addresses (90-day MA) — a figure that continues to climb and now sits comfortably at ATHs.

Noon’s Twitter thread continues to list the advantages ETH has had over BTC in recent times. Bitcoin.com News recently reported on how ethereum’s market valuation has been eating away at BTC dominance. In fact, in recent days, ETH dominance has jumped over the 15 percentile zone, but today is 14.6%.

At the start of 2021, BTC dominance was in the 60 percentile range and even bumped up to 70% this year. However, BTC dominance, partly due to ETH’s market cap but also a number of other crypto assets, have been nibbling away at bitcoin’s lunch.

What do you think about the financial research firm Fundstrat’s recent briefing? Do you think ethereum will get to $10k per unit? Let us know what you think about this subject in the comments section below.

Bitmain Cofounder Jihan Wu Says ‘Crypto Industry May Surpass the Internet’

Bitmain Cofounder Jihan Wu Says 'Crypto Industry May Surpass the Internet'

During the Second 421 Wet Season Festival and Mining Ecology Conference the Chairman of the Bitdeer Group and cofounder of Bitmain, Jihan Wu spoke about institutions flocking to cryptocurrency mining. During the event Bitdeer outlined the company’s computing partnerships and its plans to make digital currency mining greener.

Bitmain’s Cofounder Jihan Wu Is Optimistic About the Future of Cryptocurrencies and Mining

Two weeks ago, Bitdeer Group, the corporate organization behind the web portal bitdeer.com, announced the firm has been granted funding for $12 million from the Hong Kong subsidiary of Genimous Technology, Genimous Investment.

The funding aims to be allotted toward the development of Bitdeer’s cloud mining services. Bitdeer was founded by Jihan Wu and is backed by Sequoia Capital, IDG, and other financial institutions.

Bitmain Cofounder Jihan Wu Says 'Crypto Industry May Surpass the Internet'

At the Second 421 Wet Season Festival and Mining Ecology Conference, Jihan Wu, spoke to the crowd about institutions stepping into the digital currency mining realm.

Wu said at the conference:

In the long run, the blockchain industry is bullish and is the biggest opportunity. The innovations in this industry may even surpass the Internet itself.

‘Creating Credible Value’

The Bitmain cofounder stressed at the event that well known firms entering the crypto space would continue and he expects the crypto economy to swell. While talking about a lot of positives in the cryptocurrency space, Wu said there will be some challenges and emphasized the industry needs to build “credible value.”

Wu further explained that digital assets are not fringe anymore and have become recognized by the world’s financial powers.

“This is good for the industry as it indicates that it’s being increasingly recognized by mainstream finance,” Wu remarked during his presentation. “Be it as a new operational direction for the company or as a new type of financial investment, I believe that more and more big-name companies will continue to enter this industry in the future.”

The event also featured Bitdeer’s Matt Kong, Ye Jiejie, Liang Baoqing, and Matrixport’s Ge Yuesheng, vice president at Bit Mining Meng Xiaoni and the CEO of Btc.top Jiang Zhuoer.

“Bitdeer Group has made preparations in order to adapt to the mining industry trends and market changes head-on,” Matt Kong, Bitdeer Group’s CEO said during the conference.

What do you think about the statements Jihan Wu made at the conference? Let us know what you think about this subject in the comments section below.

Billionaire Mark Cuban’s Million-Dollar Bet: BTC or ETH to Outpace the S&P 500 in 10 Years

Billionaire Mark Cuban's Million-Dollar Bet: BTC or ETH to Outpace the S&P 500 in 10 Years

The American billionaire entrepreneur and television personality, Mark Cuban, has waged a bet with Creative Planning’s founder Peter Mallouk over the performance of cryptocurrencies versus the S&P 500. Cuban said on Twitter that the two should put $1 million into a stablecoin-based smart contract, in order to place a bet over the return performance of either ethereum or bitcoin in ten years against the Standard and Poor’s 500 index.

Mark Cuban Backs His Statements With a $1 Million Bet With Peter Mallouk

One of the investors on the ABC reality television series Shark Tank, Mark Cuban has been talking about cryptocurrencies a lot lately, and recently the billionaire told Ellen Degeneres about the potential of dogecoin (DOGE). Being the owner of the National Basketball Association’s (NBA) Dallas Mavericks, Cuban now has the Mavs accepting digital currencies for goods and services.

Just recently, however, Peter Mallouk the founder of Creative Planning, a financial management group, said that people listening to Cuban’s dogecoin tweets are not too intelligent.

“So many people are going to lose so much money listening to this. Straight out of Dumb and Dumber,” Mallouk stressed in his tweet. “If you buy a hundred stocks, odds are most go up. If you buy a hundred cryptocurrencies, most will go to zero. Big difference,” the Creative Planning founder added.

Cuban then replied to Mallouk’s tweet saying:

Only a fool would buy 100 stocks or 100 crypto assets. But let me ask a question. What rights do you have as a shareholder in any public company stock you have bought?

‘Only a Fool Would Invest in 100 Stocks’

From this point on, the Twitter conversation started turning into a friendly wager. “How about this,” Cuban wrote to Mallouk.

“We set up an ETH smart contract. You put in $1m in a stablecoin. I put up $1m in a stablecoin. We write the contract to pay you if the increase in the S&P 500 is higher at the end date than the increase in YOUR choice of BTC or ETH. You can pick the custodian,” Cuban further remarked.

The conversation seemed to have invoked a bet and Mallouk seemed interested in participating.

“The probability of a diversified portfolio beating someone picking a handful of stocks is very high,” Mallouk said, trying to convince Cuban. “Only a fool would bet on a few stocks. Over the next 10 years, I’ll take the SP 500 return against any group of stocks you want to pick and feel very good about it. I’m in on putting our money behind the debate. Mark Cuban you can choose the amount and proceeds go to charity of choice of the winner. I’ll take the SP500. You can pick and trade any stocks any time,” Mallouk emphasized.

After Cuban tweeted about leveraging a stablecoin-based smart contract held by a custodian, Mallouk again said he was interested. “This is interesting. This started with you promoting Doge. I’ll take the S&P 500 and you can take Doge. Loser of 10-year return donates $1m to winners charity. But, if you aren’t confident Doge will prevail,” Mallouk said.

“Then we can move onto the next thing we disagreed on,” the Creative Planning founder added. “You mentioned ‘only a fool’ would invest in 100 stocks. I’ll take a 100 stock index or 100 stocks and you can pick whatever stocks you want. I feel pretty good about this too based on your market calls.”

What do you think about Mark Cuban’s wager with Creative Planning’s founder Peter Mallouk? Do you think this bet will transpire? Let us know what you think about this subject in the comments section below.

Fed Chair Jerome Powell Says Dogecoin and Gamestop Hype Highlights ‘Froth in Equity Markets’

Fed Chair Jerome Powell Says Dogecoin and Gamestop Hype Highlights 'Froth in Equity Markets'

Federal Reserve Chair, Jerome Powell, discussed a number of topics this week such as inflation and central bank digital currencies (CBDCs) following the multi-day Federal Open Market Committee (FOMC) meetings. The central bank’s lead executive was asked about feverish stocks like Gamestop shares and the crypto asset dogecoin. Powell said that the Federal Reserve aims to provide financial stability but notes there are some things in capital markets that are a bit frothy.

Fed Chair on Inflation: The committee Seeks Inflation Moderately Above 2%

This week the FOMC meetings have shown that the U.S. central bank plans to continue its monetary easing policies until it is satisfied the economic effects of the pandemic are dealt with. The FOMC meetings were also followed by press conferences where the Fed Chair Jerome Powell answered questions from a number of different news agencies. Powell discussed the benchmark interest rate and inflation, while he was also asked about digital currencies and things like Gamestop shares and the recent dogecoin (DOGE) rally.

At first, Powell was inundated with questions about inflation and one reporter stressed that some people believe “the Fed might let things get out of hand with the new policy stance.” The reporter asked the Fed Chair if the central bank will be able to get ahead of inflation before it gets well ahead of the 2% target. Powell noted that since the Fed has been able to maintain an inflation rate below 2% for “some time,” he highlighted that “the committee seeks inflation moderately above 2% for some time.”

Powell further remarked:

[The Fed is] strongly committed to achieving our objectives of maximum employment and price stability.

Despite China’s Lead Creating a Central Bank Digital Currency, Powell Says ‘USD Is Still ‘the World’s Reserve Currency’

The Fed Chair was also asked about the U.S. falling behind countries like China in the race to create a central bank digital currency (CBDC). “We feel an obligation to understand the technology and all of the policy issues very, very well,” Powell said in response to the CBDC questions.

“Central bank digital currencies are now possible, and we’re going to see some of them around the world,” Powell added. “And we need to understand whether that’s something that would be a good thing for the people that we serve. How would it work in our system? And there are some very, very difficult questions to answer, and we are engaged in a serious program to understand both the technology and the policy issues.”

The Federal Reserve’s Chair explained that the dollar is still very powerful in his eyes, and he emphasized that the USD is “the world’s reserve currency.”

“That means that the dollar is used in transactions all around the world, far more than any other currency. And that’s because of our rule of law, our democratic institutions, which are the best in the world, our economy, our industrious people, all the things that make the United States the United States,” Powell said.

Gamestop Shares and Dogecoin

One reporter noted the hype that has surrounded certain markets like dogecoin (DOGE) and Gamestop shares. The journalist said that people are searching for “yield in this market” and he wondered if the Fed felt responsible for the current financial stability in America. “Is there a financial stability concern from the Fed’s perspective at this time?” the reporter asked the Fed Chair. Powell responded and said that the financial stability the Fed provides is quite broad, and the central bank doesn’t jump on a certain issue and then move to the next.

“Financial stability for us is really, we have a broad framework. So we don’t just jump from one thing to another,” Powell replied. “I know many people just look at asset prices and they look at some of the things that are going on in the equity markets, which I think do reflect froth in the equity markets. But really, we try to stick to a framework for financial stability so we can talk about it the same way each time, and so we can be held accountable for it,” the Fed Chair added.

Just as Powell has protected the mega banks by alluding to the financial incumbents’ so-called “strength” in the past, he positioned the Wall Street banks once again as strong financiers this week.

“Leveraging the financial system is not an issue. We have very well capitalized, large banks,” Powell stressed at the press conference.

What do you think about Jerome Powell’s commentary about inflation, CBDCs, and capital markets being frothy? Let us know what you think about this subject in the comments section below.

Coinbase Buys Data Firm Skew, Company’s First Acquisition Since the Nasdaq Direct Listing

Coinbase Buys Data Firm Skew, Company's First Acquisition Since the Nasdaq Direct Listing

On April 30, the crypto-focused data analytics company Skew announced the firm has been acquired by the San Francisco company Coinbase. The exchange will leverage Skew’s data with the firm’s institutional subsidiary Coinbase Prime. The goal is to make “cryptocurrency markets more transparent and accessible for institutional investors.”

Coinbase Acquires Analytics Company Skew

Skew, the company behind the crypto data and analytics website skew.com has been acquired by Coinbase according to a recently published blog post. Bitcoin.com News and a myriad of other crypto industry service providers have leveraged Skew’s analytics for reports in regard to cryptocurrency derivatives markets. Skew’s comprehensive data showcases both bitcoin (BTC) and ethereum (ETH) spot, futures, and options market data.

The platform was founded three years ago by Emmanuel Goh and Tim Noat and during the last two years the analytics Skew provides has been quite popular. The Skew team says that it looks forward to joining the Coinbase family and it believes that it will expand the company’s long-term growth.

“Joining Coinbase represents an unparalleled opportunity for skew’s continued growth,” Skew said on Friday. “We remain acutely focused on supporting our clients and working with our ecosystem partners. We believe our client commitment and offering will only be further enhanced by partnering with Coinbase.”

Skew Becomes the Publicly-Listed Firm’s Seventh Acquisition Since 2018

Coinbase has made a number of acquisitions during the last two years, but the Skew acquisition follows the company’s recent listing on Nasdaq. Since 2018, Coinbase has acquired six different startups and one of them was “transitioned out” (Neutrino) after the acquisition became controversial. In addition to that acquisition, Coinbase obtained Distributed Systems, Blockspring, Routefire, Tagomi, and Bison Trails on January 19, 2021.

The team behind Skew has noted that the company had already formed a relationship with the San Francisco crypto giant and “witnessed first-hand their impressive product-led culture.” The blog announcement, however, does not disclose the monetary value of the Skew acquisition. “There is a strong alignment between Skew and Coinbase and as a result, Coinbase makes a great home for our team,” Skew’s announcement concludes.

What do you think about Skew being acquired by Coinbase? Let us know what you think about this subject in the comments section below.

Never-Before-Seen Pictures of Kurt Cobain’s Iconic Photoshoot to Be Sold a NFTs

Never-Before-Seen Pictures of Kurt Cobain's Iconic Photoshoot to Be Sold a NFTs

In less than three days, the renowned photographer Jesse Frohman will be holding an auction featuring a non-fungible token (NFT) collection of his last photoshoot with the now-deceased Nirvana frontman Kurt Cobain. On May 3, at 12 p.m. (ET) Frohman’s iconic photos that were transferred into NFTs will be auctioned for ethereum. A portion of the auction’s proceeds will go to the JED Foundation, a suicide prevention nonprofit for teens.

‘The Last Session’ NFT Auction Featuring Over 100 Kurt Cobain Images to Start at 27 Ethereum

Nirvana’s Kurt Cobain changed the lives of many people with his awe-inspiring music, as the American singer, songwriter and musician took the world by stage back in the early nineties. Often heralded as one of the pioneers of alternative rock, Cobain’s legacy has lived on long after he committed suicide on April 5, 1994. The now-deceased spokesperson for Generation X will soon have his photographs sold as non-fungible token assets.

The photographer Jesse Frohman will be selling a collection of his iconic pictures from “The Last Session” stemming from a photoshoot taken a year before Cobain’s death in July 1993. Frohman has launched a website called “nft.jessefrohman.com/the-last-session,” which showcases more than 100 pictures in low-resolution thumbnails so people can view Frohman NFT collection. The NFTs feature never-before-seen negatives and contact sheets from Frohman’s private collection and high-resolution versions will be distributed to the NFT auction winners.

Never-Before-Seen Pictures of Kurt Cobain's Iconic Photoshoot to Be Sold a NFTs
Some of the photos from the collection of over 100 shots taken by Jesse Frohman in July 1993.

Moreover, the auction winner of the “The Last Session Edition of 1” gets approximately “104 images sold as a single bundle” and “one print of their choosing from the collection.” The “The Last Session” NFT collection is selling for 27.27 ETH, which is a homage to Cobain’s age before he passed. Using today’s ethereum (ETH) exchange rates, the “The Last Session” collection NFT auction will start at over $74k.

“The winning bidder will take ownership of more than a collection of art,” Frohman’s website says. “They will become a custodian of an enduring moment in music and culture.”

The auction will also see the sale of two other collections of NFTs like the “Nevermind Editions,” which feature 10 NFTs in total. The “Nevermind” NFTs will sell for 2.7 ETH the website details. The “In Utero Editions” will feature 20 NFTS with the price starting at 1 ETH. Frohman’s auction website explains that the photoshoot itself was a notable time in history cinematically archiving one of the greatest musicians of all time in still frames.

Frohman’s website highlights:

What was to be a sprawling Central Park photoshoot had dwindled in scope to stealing 30 minutes in a drab hotel conference room with his two assistants and a Pentax 6×7 camera. When Kurt finally emerged from his hotel room, it was in a shroud of residual catatonia. He broke the silence by asking for a bucket — just in case. There was no time for small talk. There was no need. The photos speak for themselves.

A Cinema Study of the Iconic Rockstar

The non-fungible token landscape continues to grow, as a great number of well known companies and celebrities have been joining the NFT bandwagon. For instance, hip-hop legend Eminem launched beat-inspired animated NFTs for Stans last week. The popular artist Doctor Troller from south London, launched his digital collection of NFTs via his website doctortroller.com and sold £14,500 in NFTs in under a minute. In other news, $1.68 million in cryptocurrency was recently leveraged to purchase a Tom Brady NFT autographed rookie trading card. Frohman’s Cobain photo collection aims to be different.

Frohman told Rolling Stone that he wanted to sell his photos in the form of a collection. “Everyone was doing an individual picture here, an individual picture there, maybe a group of three here, but I wanted to do something that other people hadn’t done before,” the photographer said. “It’s something so special that won’t be offered again… It’s like a cinema study,” he added.

What do you think about the Kurt Cobain collection of NFTs from the last photoshoot with photographer Jesse Frohman? Let us know what you think about this subject in the comments section below.

Digital Asset Marketplace Apifiny Prime Granted FINRA Broker-Dealer License Approval

Digital Asset Marketplace Apifiny Prime Granted FINRA Broker-Dealer License Approval

On Thursday, Apifiny, a global digital asset trading and mining network, announced the company’s subsidiary Apifiny Prime has been granted a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). The firm now joins the ranks of brokerage and exchange businesses like Coinbase, Etoro, and Circle.

FINRA Grants Apifiny Prime a Broker-Dealer License

The leading regulator that oversees American broker-dealers, FINRA has granted a broker-dealer license to Apifiny Prime. The license allows Apifiny to make private investor placements and vend securities, cryptocurrencies, stocks, and other types of financial products. Apifiny was founded by Haohan Xu in 2018 after he saw inefficiencies across global bitcoin exchanges, and said that he “took advantage of this by buying and selling bitcoin across different exchanges.”

Haohan Xu detailed in the company announcement concerning the FINRA approval, that his firm has grown significantly and saw a “4x increase in monthly trading volume from November ‘20 through March ‘21, reaching nearly $1.4B.” Since the company started, it has expanded across five continents and 12 countries.

In order to keep the inefficiencies across global cryptocurrency exchanges at bay, Apifiny is partnered with 24 exchange partners. Ten of the two dozen are new and include top trading platforms like Hbtc, Huobi, Ascendex, and Crypto.com.

“As we accelerate our product development, partnerships, hiring, and overall growth toward a public offering, securing this first phase of our broker-dealer license is a major milestone,” Haohan Xu remarked about the FINRA broker-dealer license approval.

Haohan Xu added:

This new license will allow us to better serve innovative crypto startups seeking capital and is another point of validation that we’re well-positioned to capture an enormous market opportunity in global digital asset trading. The license granted to Apifiny by FINRA also demonstrates the strength of our internal controls and compliance.

Apifiny’s Bitcoin Hashrate Token

Back in February, Apifiny’s founder told the financial columnist Nate DiCamillo that the company aims to go public by the end of 2021. On April 22, the wholly-owned subsidiary of Apifiny, Hash Hive, launched the “Hash Hive Standard Hashrate Token” otherwise known as “BTCHV.” The token is a “perpetual, compliant, and standardized token collateralized by Bitcoin hashrate,” the recently published Apifiny BTCHV summary explains.

A great number of companies have stepped into the bitcoin mining foray, and Apifiny said that the firm entered bitcoin mining in order to “accelerate the growth of its global trading platform.”

The company believes the FINRA license will expand the acceleration of Apifiny Prime as well, as the licensure will provide the company with a myriad of different choices. While the trading platform will face the likes of competition such as Gemini, Coinbase, Etoro, and Circle, the operation will continue to leverage the firm’s distributed trading network (DTN).

What do you think about Apifiny Prime getting a broker-dealer license from FINRA? Let us know what you think about this subject in the comments section below.

The Benefits of Coupling Ethereum With Bitcoin Cash: Smartbch Sidechain Testnet Is Now Public

The Benefits of Coupling Ethereum With Bitcoin Cash: Smartbch Sidechain Testnet Is Now Public

On Thursday, the Smart Bitcoin Cash team announced the launch of the Smartbch testnet explaining that developers and decentralized app makers can now experiment and develop with the high-performance, EVM-compatible Bitcoin Cash sidechain. Further, Bitcoin.com News spoke with Wang Kui the lead developer of the Smartbch project. The Smartbch tech lead told our newsdesk about the inner workings of the sidechain that can connect with the Ethereum network.

Testnet for Smart Bitcoin Cash, a Bitcoin Cash Layer-2 Project Is Live

During the last few weeks, the Smartbch project has been a topical conversation within the Bitcoin Cash (BCH) community. The reason for these conversations is because the Smartbch team has revealed a project that is EVM and Web3 compatible, but far cheaper in terms of transaction fees. This is because the Smartbch project is a sidechain built on Bitcoin Cash and it leverages the BCH chain’s lower transaction fees. Bitcoin.com has reported on the project on a few occasions since it was announced and on April 29, the team has revealed the Smartbch testnet is now live.

The Smartbch testnet will allow decentralized application (dapp) creators and programmers the ability to test and deploy experimental projects using the testing framework. Developers should read the recently published Smartbch testnet documentation before getting started. The team’s testnet announcement notes that the BCH community has been waiting for this project to go live, and said the project Telegram channel has swelled with members.

The Power of Ethereum Coupled With Bitcoin Cash: Smartbch Sidechain Testnet Is Now Public

For instance, the Coinflex exchange has had its development team testing the testnet of Smartbch while it was still private. “Metamask is connecting without issue and solidity code is working well. We set up a DEX on our private testnet, created tokens…and it’s all going smoothly,” Mark Lamb, CEO of Coinflex said. The Smartbch team says the concept is the first-of-its-kind sidechain for Bitcoin Cash and there are many benefits BCH offers.

“Bitcoin Cash itself is not specifically equipped for smart contracting functions, preferring use cases centered around peer-to-peer cash,” the Smartbch team said on Wednesday. “However, as a sidechain to Bitcoin Cash, Smartbch aims to build a new playground for the Bitcoin Cash ecosystem and enlarge the user base.” Wang Kui the lead developer of the Smartbch further discussed the protocol with Bitcoin.com News this week.

Wang Kui stresses that the protocol provides an EVM and Web3 compatible sidechain for Bitcoin Cash, staking its hash power while utilizing BCH as the native gas-paying token. “What’s more, by incorporating hardware-friendly components, vastly increased scalability is unlocked,” Kui remarked. Moreover, the Smartbch tech lead discussed the project in great detail with Bitcoin.com News in an exclusive interview transcribed below.

An In-Depth Interview With the Smart Bitcoin Cash Tech Lead Wang Kui

Bitcoin.com News (BCN): What made you decide to start such a venture and why did you choose to leverage the Bitcoin Cash network?

Wang Kui (WK): I have been talking about the project background, since the second half of 2018, I have been working on how to maximize TPS (Transactions Per Second). But the work has been on and off as I was assigned with other tasks. By the second half of 2020, I finally found a feasible way after many failures. After discussing the idea with industry leaders, we decided to deliver my research results by launching Smartbch.

The Power of Ethereum Coupled With Bitcoin Cash: Smartbch Sidechain Testnet Is Now Public

The main reason for choosing the Bitcoin Cash network is that it features big blocks. Based on my professional background and work experience, I think optimization measures should be taken to give full play to the ability of the computing system itself. You can call it ‘brute force.’ However, Ethereum prefers ‘subtle’ ways like sharding and layer2. The reason I choose to leverage the Bitcoin Cash protocol is because I’m a big supporter of Bitcoin Cash, and I think it is the most in line with the original vision of Satoshi, which is to “serve as many people as possible.

BCN: Can you explain to our readers how Smartbch aims to enhance EVM throughput and Web3 apps?

WK: First we abandoned the single-thread semantics defined in Ethereum’s yellow paper. Single-thread semantics is not a must to support EVM and Web3 and it blocks many optimizations. Second, we developed a lot of low-level libraries which support parallel execution of EVM transactions to exploit the potential of modern CPU and SSD. Last but not least, we optimized the EVM execution engine and storage engine, which makes each EVM instruction run faster.

BCN: Have third-party BCH developers been looking into the SmartBCH protocol?

WK: Yes, we will have several companies confirmed and will join our testnet and participate to be the validator. And we have several new applications developed and dedicated for Smartbch and several existing applications being ported to Smartbch.

BCN: The throughput is quoted as being “one billion gas every 15 seconds.” Can you explain how that will work?

WK: Ethereum’s consensus engine and execution engine must be run in serial and in the block interval the new block must be executed several times on different peer-to-peer nodes, because it uses the proof-of-work (PoW) consensus algorithm. By optimizing the consensus algorithm and allowing the consensus engine and execution engine to run concurrently, we must speed it by about five times.

By executing the EVM transactions in parallel, we can speed up the execution by about ten times. And by reducing each EVM instruction’s time consumption, we can further speed it up by about two to three times. So overall we are confident to speed up ethereum by 100 times.

BCN: How will Bitcoin Cash miners be affected by Smartbch?

WK: Bitcoin Cash miners can vote for their validators on Smartbch and get gas fee rewards, such that they can benefit from decentralized finance (defi) applications on Smartbch.

BCN: Would you say that Smartbch will be able to produce the same results as a myriad of the defi apps built on Ethereum? Like Stablecoins, AMMs, liquidity pools, decentralized exchanges (DEXs), and tools of that nature.

WK: All the Ethereum defi apps can be ported to Smartbch with negligible efforts. Also, we are expecting new applications which require high-throughput and low-gas-price to run will emerge on Smartbch.

BCN: When you say “Smart Bitcoin Cash’s innovation lies in libraries” what does that mean?

WK: Instead of inventing fancy consensus and cryptographic algorithms, we decided to adopt another methodology: to develop low-level libraries with an aim to fully uncover the hardware’s potential, especially its inherent parallelism. Ordinary users and developers are provided with a compatibility layer supporting EVM and Web3, so the optimized low-level ‘close to the metal’ libraries themselves remain concealed by this layer of abstraction. During the implementation, we used the codename ‘Moeing,’ which is added to the libraries’ names as prefix.

These libraries follow the UNIX philosophy: simple, short, clear, modular, and extensible. Other projects can reuse them and benefit from them.

BCN: As far as cryptocurrency in general, do you envision the industry seeing exponential growth going forward as we have seen during the end of 2020 and into 2021?

WK: I am not sure about what will happen in the near future. But in the long run, the population of the cryptocurrency community will surely grow exponentially. And Smartbch is getting ready for the next 100x growth of onchain users.

What do you think about Smartbch launching its testnet this week and the interview with the project’s tech lead Wang Kui? Let us know what you think about this subject in the comments section below.

Canaan to Sell $93 Million in Next-Generation Bitcoin Miners to Genesis Digital Assets

Canaan to Sell $93 Million in Next-Generation Bitcoin Miners to Genesis Digital Assets

The ASIC bitcoin mining rig manufacturer and chipmaker, Canaan has announced the company has signed a $93.63 million purchase order with the mining firm Genesis Digital Assets. Genesis will be acquiring Canaan’s A1246 Avalonminer rigs that produce 90 terahash per second (TH/s) and deliveries will be shipping during the second half of 2021.

Canaan and Genesis Digital Assets Announce a Strategic Partnership

According to an announcement from the Beijing, China-based company Canaan (Nasdaq: CAN) a new strategic partnership has been unveiled between the firm and Genesis Digital Assets. The two companies have signed a purchase agreement worth $93.63 million as Canaan plans to deliver the firm’s next-generation A1246 Avalonminer devices to Genesis. The machines will be shipped to Genesis during the second half of 2021 the company’s announcement details.

Canaan’s application-specific integrated circuit (ASIC) A1246 Avalonminer is a device that processes the SHA256 consensus algorithm. This means the machines are capable of mining the most mined SHA256 tokens like bitcoin (BTC), bitcoin cash (BCH), and bitcoinsv (BSV). The Avalonminer A1246 series boasts a hashrate speed of around 90TH/s and an efficiency rating of around 38 joules per terahash (J/TH).

The partnership announcement notes that Genesis will add 117 megawatts (MW) of bitcoin computing capacity which will add to the firm’s current 140MW.

“This has been a very exciting year for mining businesses as we see sustained interest in crypto assets,” the founder of Genesis Digital Assets Abdumalik Mirakhmedov said during the announcement. “With its combination of power and cost efficiency, leveraging Canaan’s A1246 miners will give us a strategic advantage in meeting current demand. In working together, we look forward to strengthening our position as a leading player in the global bitcoin mining ecosystem,” the Genesis executive added.

CAN Shares Decline 8% Since Canaan’s Recent Deal With Mawson Infrastructure Group

Canaan’s deal with Genesis follows the company’s recent sale of 11,760 Avalonminers to the U.S.-listed Mawson Infrastructure Group (WIZP:OTCQB). Canaan’s shares had jumped after the Mawson announcement, but have since seen a -8.56% decline dropping from $13.77 a share to today’s $12.59 per share price.

Nangeng Zhang, CEO and Chairman of Canaan said that the company is pleased to partner with Genesis and remarked that the deal furthers Canaan’s presence globally.

“2021 has been an exceptionally fruitful year for the bitcoin mining sector amid increasing interest among institutional players and new geographic hotspots emerging for mining activities,” Zhang remarked on Wednesday.

What do you think about Canaan’s strategic $93.63 million deal with Genesis Digital Assets? Let us know what you think about this subject in the comments section below.

European Investment Bank Distributes $121 Million in Ethereum-based Digital Bonds

European Investment Bank Distributes $121 Million in Ethereum-based Digital Bonds

The European Investment Bank (EIB), the investment bank owned by the EU Member States, has announced the issuance of the organization’s first-ever digital bond built on a public blockchain. The bond was issued using Ethereum and the issuance invoked $121 million two-year bonds placed with key market investors.

EIB Issues Digital Bonds Built With Ethereum Technology

The EIB, a not-for-profit organization and lending arm of the European Union announced on Wednesday that the bank has issued a new type of digital bond built using blockchain technology.

On April 28, 2021, the EIB explained that the bank had also worked on the digital bond project with the financial institutions Goldman Sachs, Santander, and Societe Generale. The EIB also disclosed that the Banque de France participated and said “the payment of the issue monies from the underwriters to the EIB has been represented on the blockchain in the form of CBDC.”

“Innovation at the EIB goes beyond the projects we are supporting. As a global leader in the green and sustainability bond markets, the EIB is clearly well‑placed to lead the way now in the issuance of digital bonds on [a] blockchain,” EIB Vice President Mourinho Félix remarked during the announcement. “These digital bonds will play a role in giving the Bank a quicker and more streamlined access to alternative sources of finance to boost finance for projects across the globe.”

The EIB is considered one of the largest backers of green finance in the world. The financial institution thinks that the digitalization of capital markets will benefit market participants in the future. Benefits include the reduction of third-party costs, transparency, and “faster settlement speed.” A person familiar with the matter told Bloomberg that “the notes have a zero percent coupon and will be registered in the public Ethereum blockchain network after pricing.”

The EIB announcement further notes:

Similar to the EIB’s role in green bonds or risk-free rates, the new digital bond issuance may pave the way for market players to adopt blockchain technology for the issuance of financial securities.

Blockchain to Help the Bank’s Position in Capital Markets’ Innovation

The Director-General Finance at the EIB, Bertrand de Mazières, believes this is a milestone for the European lender and thinks it cements the bank’s “position in capital markets’ innovation.” The EIB Director thinks the steps taken by the bank will pioneer more blockchain innovation when it comes to issuing financial securities.

“By helping to create a framework for a new market ecosystem, the EIB believes this will bring value added for both issuers and investors, while contributing to an innovative, efficient and secure market infrastructure,” the EIB Director’s statement concluded.

What do you think about the European Investment Bank issuing blockchain bonds via Ethereum’s technology? Let us know what you think about this subject in the comments section below.

Fed to Keep Rates Near Zero, Treasury Purchases to Continue, Powell Expects ‘Transitory’ Inflation

Fed to Keep Rates Near Zero, Treasury Purchases to Continue, Powell Expects 'Transitory' Inflation

In a policy meeting on Wednesday, the U.S. Federal Reserve told the public that monetary easing will continue and the benchmark interest rate will be kept near zero. Just like previous statements from Federal Open Market Committee (FOMC) members, the committee within the central bank is not concerned about inflation and says that it should only have “transitory effects” on the American economy.

Inflation to Have ‘Transitory Effects,’ While ‘Recovery Is Uneven and Far From Complete’

The most recent FOMC meeting held on Wednesday was no different than the past number of committee gatherings which explained that the central bank is still dealing with pressure from the pandemic. A press release that followed the meeting highlighted that the “pandemic is causing tremendous human and economic hardship across the United States and around the world.”

The Federal Reserve, however, has seen indicators that “economic activity and employment have strengthened,” but Fed Chairman Jerome Powell stressed the recovery is “uneven and far from complete.”

The press release also admits that inflation has increased and states:

The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors.

Fed to Keep Rates Near Zero, Treasury Purchases to Continue, Powell Expects 'Transitory' Inflation
“Some asset prices are high. You are seeing things in the capital markets that are a bit frothy. That’s a fact. I won’t say it has nothing to do with monetary policy, but it also has a tremendous amount to do with vaccination and reopening of the economy,” Fed Chairman Jerome Powell said during a press conference held after the FOMC announcement. The National Association of Home Builders has said that since April 2020, lumber costs have spiked 180%. The Consumer Price Index (CPI) spiked 0.2% from February of this year to March 2021 and was 3.3% more than March 2020 statistics.

The FOMC summary notes that financial conditions have stayed “accommodative” because of the measures the central bank has taken. The policies, the Fed believes, have allowed the “flow of credit to U.S. households and businesses.” Powell also noted that inflation could spike in the future and said these “one-time increases in prices are likely to only have transitory effects on inflation.”

“It will take some time before we see substantial further progress,” Powell insisted.

The Wall Street Mega Banks So-Called ‘Strength’

Meanwhile, investigative journalists, Pam and Russ Martens from Wall Street on Parade, published damning evidence against the Fed misleading the public when it comes to the Wall Street mega banks’ so-called “strength.” The Martens say that the scheme the Fed has been pulling in 2020 and into 2021, is the same as the “horror” mega banks pulled in 2008. As Bitcoin.com News has reported in the past, well before Covid-19 made headlines, central banks worldwide invoked massive monetary easing policy changes.

The Federal Reserve led the monetary easing movement and Powell stressed before Congress in 2020 that the mega banks were “a source of strength” to the American economy.

“What caused the Wall Street bank stocks to tank so much worse than the broader market in March 2020 is the same thing that caused the banks to tank much worse than the broader market in 2008 – interconnectivity via derivatives and leverage,” the Martens scathing report details.

The Martens’ data shows that financial incumbents like JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley saw heavy losses from the start of 2020 upwards of 40 to 50%. Citigroup had seen losses upwards of 56% and by March 23, 2020.

“These five banks are highly interconnected via derivatives because they have exposure to the same counterparties (the entities on the other side of their trillions of dollars in derivative trades),” the report highlights. “Sophisticated traders on Wall Street understand these risks and want to run from these banks in any crisis situation.”

Fed Will Continue Large-Scale Securities Purchases, Hold Down Near Zero Rates

The U.S. central bank’s FOMC press release further reveals that the bond purchasing will continue alongside the near-zero percent benchmark interest rate. Further, the Fed is sticking to the typical 2% inflation mark as a target to watch closely, and the bank knows it will exceed that rate for a transitory period.

“[The FOMC] decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range,” the Fed announcement specifications note. The Fed will also increase the amount of Treasury securities the central bank holds.

“In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee’s maximum employment and price stability goals,” the FOMC press release concludes.

What do you think about Fed Chairman Jerome Powell’s recent statements and the FOMC announcement concerning rates and bond purchases? Let us know what you think about this subject in the comments section below.

Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC

Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC

U.S. law enforcement arrested the alleged operator of Bitcoin Fog, Roman Sterlingov in Los Angeles on Tuesday. Documents show Sterlingov is accused of laundering over 1.2 million bitcoin via the Bitcoin Fog mixer, a tool that allows users to mix transactions together. According to federal investigators, Sterlingov ran the operation for ten years and processed $336 million in BTC transactions.

US Government Charges Alleged Bitcoin Fog Kingpin With Money Laundering

The U.S. government has charged and arrested a Russian and Swedish citizen Roman Sterlingov with money laundering using a bitcoin mixer. Ostensibly, Sterlingov was the lead administrator in the Bitcoin Fog operation which used a Coinjoin-based mixing tool to blend BTC UTXOs.

Bitcoin Fog could be found on Tor via an onion address, it required mandatory registration, and a minimum deposit of 0.01 BTC to use the platform. However, the registration process was not tied to an email and simply required a username and password.

The U.S. Internal Revenue Service (IRS) has accused Sterlingov of allowing money laundering without tracing any of the payments. Federal prosecutors believe Sterlingov took in around $8 million in BTC for his services, getting around a 2% fee per mix on Bitcoin Fog. Sterlingov is accused of processing 1.2 million BTC, which was worth around $336 million at the time of all the payments.

“Analysis of bitcoin transactions, financial records, Internet service provider records, e-mail records, and additional investigative information, identifies Roman Sterlingov as the principal operator of Bitcoin Fog,” said Devon Beckett, the IRS’s Criminal Investigation special agent. Sterlingov is charged with “Money Transmission without a License,” “Money Laundering,” and “Unlicensed Money Transmission.”

Blockchain Analysis Exposed the Bitcoin Fog Operator in 2011

Wired contributor, Andy Greenberg, spoke with the Chainalysis cofounder Jonathan Levin about the situation. Greenberg’s report details that alleged transactions stemming from Sterlingov in 2011 gave the IRS the clues they needed to catch him. Sterlingov apparently used these transactions to set up Bitcoin Fog’s server.

“This is yet another example of how investigators with the right tools can leverage the transparency of cryptocurrency to follow the flow of illicit funds,” the Chainalysis executive told Greenberg.

What do you think about the alleged Bitcoin Fog operator being charged with money transmission without a license? Let us know what you think about this subject in the comments section below.

Ethereum’s Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance

Ethereum's Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance

The second-largest cryptocurrency in terms of market valuation, ethereum, has seen significant gains this week in comparison to the rest of the crypto economy. On Wednesday, ethereum tapped an all-time high at $2,736 per unit as the crypto asset has gained 11.48% during the last seven days.

Ethereum Cracks a New ATH

While a great number of digital assets dropped in value last week, ethereum (ETH) prices rebounded much quicker than most. On April 27, after climbing more than 11% during the course of the week, ETH tapped an all-time high (ATH) at $2,706 per ether on Tuesday. Then again, on Wednesday, ether prices touched an ATH of around $2,736 per coin.

During the last seven days, ether prices have jumped 10% higher against bitcoin (BTC) as well. Bitcoin’s current dominance index is being drained too as it’s dropped to 49.2% while ethereum now captures 14.9%.

Ethereum's Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance
The ETH/USD chart on Wednesday, April 28, 2021. 1-Hour, Bitstamp.

Against the U.S. dollar during the last month, ether is up 48.3% today and 102% for the last three months. 12-month stats show that ethereum has gained a massive 1,270.57% against the USD. Over the last 30 days, ETH has gained 55% on bitcoin (BTC) and 22% against BTC during the 90-day span. Since tapping the new ATH, ETH is down 2.55% from that high price point during the early morning trading sessions on Wednesday.

Ethereum's Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance
Since the Berlin upgrade on April 15, gas prices to transact with ETH have dropped.

Following Ethereum’s launch of the “Berlin” upgrade on April 15, ethereum users have noticed that gas prices have dropped considerably. This has ramped up decentralized finance (defi) action this week and the total value locked (TVL) in defi today is a colossal $63.2 billion in value. Maker dominance captures 15.83% of the $63.2 billion held in defi today. Additionally, ethereum settlement volume is slowly catching up with BTC.

Ethereum's Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance

While BTC transactions settled $75.1 billion during the last 24 hours, the ETH network processed $23.57 billion over the course of the day. Still, the amount of transactions per day on the Ethereum network is much larger than BTC’s.

1.45 million ethereum transactions were processed in 24 hours while only 289,613 BTC transactions were confirmed. BTC’s median fee to get into the next block on Wednesday is around $14.31 per transaction while ETH’s median fee is only $5.89 per send.

Ethereum Is BTC’s Number One Sidechain, Ether Settlement Surpasses Paypal

ETH is also considered BTC’s number one sidechain as no other chain holds as many wrapped or synthetic BTC tokens as ETH does. Today there’s a whopping 201,058 and the Wrapped Bitcoin (WBTC) project captures 156,936 of the current circulating supply.

Ethereum's Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance
There’s currently 201, 058 bitcoin (BTC) or $11 billion worth of BTC using the Ethereum network for transaction speed, lower fees, and defi applications.

While a lot of digital assets have been eating away at BTC’s dominance index, ETH has been taking the most off the leader’s plate. Besides hashpower, Ethereum is outshining BTC on most metrics and has outpaced Paypal as well.

“Paypal settled $936 billion in payments last year,” explained the popular Twitter handle @spencernoon. Ethereum settled $1.5 trillion in transactions just last quarter. This figure is also growing exponentially. Paypal’s market cap is $310 billion, while the ETH market cap is $263 billion,” he added.

Since Spencernoon’s tweet, ethereum has gathered an overall market valuation of around $311 billion today.

What do you think about ethereum prices climbing in recent days? Let us know what you think about this subject in the comments section below.

America’s Fifth-Largest Banking Institution US Bank to Offer Cryptocurrency Custody

America's Fifth-Largest Banking Institution US Bank to Offer Cryptocurrency Custody

On April 27, the American bank holding company U.S. Bank revealed in a blog post that the financial institution plans to offer cryptocurrency custody services. The bank’s chief strategy officer for U.S. Bank Global Fund Services, Christine Waldron, says she is proud of her company’s steps toward blockchain and cryptocurrency practices.

US Bank to Offer Cryptocurrency Services Pending Compliance Approval

During the first week of January 2021, The Office of the Comptroller of the Currency (OCC) revealed that national banks and savings associations in the U.S. could deal with stablecoins and public blockchains. Following that announcement, The oldest bank in America, Bank of New York Mellon (BNY Mellon) disclosed in mid-February that it created a digital currency unit. On Tuesday, the fifth-largest banking institution in the country, U.S. Bank published a blog post that details new cryptocurrency offerings.

Although, the blog post does not reveal when the bank will deploy these products, but the bank mentioned three types of services. The bank will offer a “new cryptocurrency custody product for customers with the engagement of a sub-custodian for fund servicing.” At the moment, the company is finalizing the arrangement for a sub-custodian. U.S. Bank also says that the company is also working on strategic relationships.

“We recently announced our investment in Securrency – a developer of institutional-grade blockchain-based financial and regulatory technology,” the bank said. U.S. Bank will also be working with NYDIG’s exchange-traded fund. “U.S. Bank has been selected to administer NYDIG’s ETF bitcoin fund this year, pending regulatory approvals. It expands on the bank’s long-standing private fund servicing relationship with NYDIG,” the announcement notes.

‘Driving Innovation in Our Blockchain and Cryptocurrency Practice’

U.S. Bank’s Christine Waldron explained that she is proud of her financial institution for its forward-thinking practices. “I am proud of how we came together from all areas of banking and brought forward our best thinking across our digital capabilities, product development, and technology to drive innovation in our blockchain and cryptocurrency practice,” Waldron detailed.

“We’ve been active in this space for years – ensuring we are always best situated to serve our institutional clients – and these latest initiatives demonstrate our ongoing commitment and enthusiasm to grow this market,” the chief strategy officer for U.S. Bank Global Fund Services concluded.

What do you think about U.S. Bank offering cryptocurrency services in the near future? Let us know what you think about this subject in the comments section below.