Binance Is Hunting for a New CEO — Exchange’s US Venture ‘Looks at Potential IPO Route’

Binance Is Hunting for a New CEO — Exchange's US Venture 'Looks at Potential IPO Route'

Binance CEO Changpeng “CZ” Zhao has explained in a recent interview that the company is looking to launch a U.S.-based initial public offering (IPO) in the future. The crypto exchange has been stuck in regulatory crosshairs during the last few weeks and has had issues with payment providers. CZ also noted during his interview that the firm was looking for a new chief executive officer with a “very strong regulatory background.”

Binance Cheif Executive Says Company Is Looking for a New CEO

At the blockchain virtual summit Redefine 2021, Binance CEO Changpeng “CZ” Zhao discussed some of the company’s regulatory problems and the possibility of a future U.S.-based IPO. Binance has had issues with the UK’s Financial Conduct Authority (FCA) when the regulator issued a consumer warning against the crypto trading platform.

Besides the UK, Binance has received warnings from Italy, Lithuania, Thailand, Japan, Ontario, and South Africa. Payment providers like Visa and Mastercard are monitoring Binance, and financial institutions like Barclays, Santander, Clear Junction, and others have suspended services with the company. CZ spoke in another interview while all the regulatory crackdowns were happening and said: “compliance is a journey – especially in new sectors like crypto.”

CZ still seems to have an optimistic outlook and Binance, despite all the regulatory issues, is still the world’s largest spot and derivatives crypto exchange worldwide. Speaking at the blockchain virtual summit Redefine 2021, CZ explained that crypto infrastructure construction is hard and a long process. In order to “build products people use” CZ says that it is a “long journey as infrastructure will have to be built along the way.” Additionally, the Binance CEO suggested the company was looking for another CEO.

The new leader will have a “very strong regulatory background,” CZ explained at the “Redefine Tomorrow” event hosted by SCB 10X, a Siam Commercial Bank subsidiary.

Binance Is ‘Setting Structures to Make It Easier for an IPO to Happen’

Furthermore, Binance is looking at an initial public offering (IPO) in the United States. The company’s subsidiary Binance US is already setting up the needed requirements to fulfill this goal.

“Our partner in the U.S. is looking at the potential IPO route. Most regulators are familiar with a certain pattern, or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen,” CZ said. He also mentioned that the IPO was not “100%.”

In addition to the United States, CZ talked about other global regions with significant potential. The Binance CEO sees “huge potential for growth in Asia and SEA.” He also noted that “Africa is also a blank-slate for development.” Each region has different strategies for different places the Binance executive emphasized. As far as digital currencies are concerned, he understands that his company has to operate as a financial institution with accountability.

“[Cryptocurrencies] are very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” CZ explained during the Redefine 2021 summit.

What do you think about Binance looking to IPO in the United States? Let us know what you think about this subject in the comments section below.

Reddit Chooses to Leverage Arbitrum’s Layer-2 Tech With Community Point ETH-Based Tokens

On July 22, developers working on the platform Reddit, the social news discussion aggregation forum, revealed that the team was scaling Reddit’s community points program with the Ethereum Layer-2 solution Arbitrum. Currently, Reddit developers are testing the community point tokens on top of the Rinkeby testnet and will migrate to the Ethereum mainnet after testing is complete.

Reddit Leverages Ethereum-Compatible Layer-2 Scaling Solution Arbitrum

Reddit developers detailed on Thursday that the programmers are planning to leverage the Layer-2 scaling solution Arbitrum, a cryptocurrency platform that claims to make smart contracts scalable, fast, and private. Last year, Reddit launched the company’s community points on Ethereum in order to make the point system “decentralized.” Then Reddit hosted a Scaling Bake-Off in order to best scale the project on Ethereum’s mainnet. Following the scaling event, Reddit developers said they were impressed by Arbitrum’s rollup technology. The Reddit programming team wrote:

“Today, we are launching our own Layer-2 rollup using Arbitrum technology. We will be testing this scaling network on top of Rinkeby, before migrating to the Ethereum mainnet.”

A number of other projects have utilized Arbitrum’s technology like Bancor, Mcdex, and Arbiswap. Arbitrum’s blog posts claim that the technology has made things more efficient, citing Arbitrum supported Bancor users seeing a 55% gas reduction when doing swaps on the decentralized exchange (dex). The Arbitrum rollups project is one of many ideas that leverage rollups as the technology has been making waves within the crypto development community.

‘138,000 Subreddits Just Became Proto-DAOs’

Arbitrum’s white paper purports to achieve goals like scaling, speed, and privacy “through a unique combination of incentives, network protocol design, and virtual machine architecture.” Reddit developers stressed in the announcement that community point token users will notice the difference. “You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons/Bricks every month. They’ll just show up in your Vault like magic,” the developers said.

Ethereum proponents were pleased with the fact that Reddit is choosing to leverage an Ethereum-compatible technology. Ethereum evangelist Ryan Sean Adams explained on Twitter that Reddit choosing to use Ethereum was a big deal. “Reddit has 430 million monthly users,” Adams tweeted. “Reddit is using Ethereum for its tokens. Do you know what this means? 138,000 subreddits just became proto-DAOs.” Reddit developers believe the transition is a milestone.

“Today’s launch is a big step forward, but our work is far from done,” the Reddit developers’ announcement concluded. “Our goal is to cross the chasm to mainstream adoption by bringing millions of users to blockchain.”

What do you think about Reddit choosing to utilize the Ethereum-compatible Arbitrum Layer-2 rollup solution? Let us know what you think about this subject in the comments section below.

Ethereum Gaming Token Axie Infinity Taps Another All-Time Price High

Ethereum Gaming Token Axie Infinity Taps Another All-Time Price High

On Friday, the game token utilized within the Axie Infinity gaming realm has once again captured another all-time price high at $32.17 per unit. The game token has outperformed a great majority of crypto assets by commanding more than 844% in gains during the last month.

Axie Infinity Outperforms Crypto Competitors

The cryptocurrency community is chatting about the token axie infinity (AXS) again this week as the crypto asset has captured new price highs. On July 23, 2021, during the early morning trading sessions (EDT), AXS tapped an all-time high (ATH) at $32.17 per unit. The price of AXS has slid more than 3% from the ATH since, and is currently trading for $31.55 per unit at the time of writing. Over the last 24 hours, AXS has jumped a whopping 28.6% and 150.0% in two weeks.

Ethereum Gaming Token Axie Infinity Taps Another All-Time Price High
AXS/USD on July 23, 2021, at 9:30 am EDT.

Out of the more than 10,000 crypto assets in existence, the AXS market valuation is currently ranked in the 53rd position. The AXS market cap is around $1.9 billion on Friday and there’s $3.1 billion in global trades dedicated to this coin. Interestingly, statistics from cryptocompare.com show the top trading pair with AXS is tether (USDT) which commands 83% of AXS trades today. This is followed by the BUSD (10.34%), BTC (4.46%), BNB (0.68%), USD (0.58%), and ETH (0.18%) trading pairs.

Smooth Love Potion Follows Axie Infinity’s Run-Up With Lighter Gains

Out of the entire crypto market capitalization of around $1.37 trillion, the axie infinity (AXS) market commands a 0.14% dominance rating. That’s a far cry from the dominance rating held by bitcoin (BTC) at 45.8% and ethereum (ETH) at 18.1%.

The other token tied to the Axie Infinity gaming universe, smooth love potion (SLP) has also seen some gains during the last 24 hours. The percentage gains are not nearly as large as AXS’s market performance but SLP is still up over 42.1% across the last two weeks. Smooth love potion is ranked 208th out of the 10,000 cryptocurrencies in existence today.

Ethereum Gaming Token Axie Infinity Taps Another All-Time Price High
SLP/USDT on July 23, 2021, at 9:30 am EDT.

SLP has an overall market cap of around $155 million on Friday and there’s $229 million in 24-hour global swaps. At the time of writing, SLP is swapping for $0.287, down 27% from the coin’s ATH at $0.399 over ten days ago. SLP has a much different set of pairs than AXS, as the top trading pair with SLP is the stablecoin BUSD with 66.93% of trades. This is followed by ETH (28.85%), USDT (3.57%), USD (0.66%), and BTC (0.01%).

What do you think about the recent axie infinity (AXS) token ATH? Let us know what you think about this subject in the comments section below.

Sotheby’s to Auction Never-Before-Seen Muhammad Ali Artwork NFT

Sotheby’s to Auction Never-Before-Seen Muhammad Ali Artwork NFT

On Friday, coinciding with the Summer Olympics opening ceremony, Muhammad Ali Enterprises and the fine auction house Sotheby’s will be auctioning a non-fungible token (NFT) that features a never-before-seen piece of original artwork created by Muhammad Ali. According to the announcement the digitized NFT artwork depicts Ali’s interpretation of the infamous 1971 ‘Fight of the Century.’

Luxury Auction House Unveils the Olympic Collection Featuring a Rare Muhammad Ali Piece of Digital Art

This week Sotheby’s and Muhammad Ali Enterprises, the owner of all intellectual property and publicity rights attached to boxing legend Muhammad Ali, revealed a new NFT auction that will be displayed and auctioned on July 23. According to the announcement, the 1-of-1 NFT is a never-before-seen piece of artwork the boxer created himself. The art is to be revealed for the first time ever using NFT technology.

Sotheby’s to Auction Never-Before-Seen Muhammad Ali Artwork NFT
The never-before-seen NFT art is estimated to achieve $10/20,000, according to the press announcement from Sotheby’s and Muhammad Ali Enterprises.

Muhammad Ali’s wife, Lonnie Ali explained that the art her husband created was displayed in the couple’s home for two decades. “This mixed media illustration by Muhammad has been hanging in our home for almost 20 years and was a part of his personal art portfolio that he amassed throughout his life,” Lonnie Ali said during the announcement. “It’s so exciting to see this piece transformed into an NFT. My husband was such an extraordinary person, and like NFTs that live forever, he will too.”

The Muhammad Ali collectible NFT is meant to coincide with the Olympics opening ceremony on Friday alongside Sotheby’s “Olympic Collection.” The collection features “50 of the rarest pieces of Olympic history and sports memorabilia,” Sotheby’s reveals. Ali’s special NFT is the boxing legend’s interpretation of the 1971 ‘Fight of the Century.’ The fight at Madison Square Garden in New York between Muhammad Ali and Joe Frazier is considered one of the greatest fights in history.

“The NFT will be a 50-second loop honoring the 50th anniversary of the legendary fight, with the crowd erupting in applause for 15 seconds to symbolize the fight’s 15 rounds,” the announcement from Sotheby’s and Muhammad Ali Enterprises discloses.

Sotheby’s First Sports-Related NFT Auction

Sotheby’s head of streetwear and modern collectibles, Brahm Wachter, commented on the upcoming Muhammad Ali NFT auction and he says the sale will be the luxury auction house’s first sports-related NFT.

“This marks the first sports-related NFT Sotheby’s has offered for sale,” Wachter said. “We cannot think of a more perfect way to enter the market than through this unique NFT, which shows Muhammad Ali’s creative side, exploring the boundaries between highly valued sports memorabilia and art,” the Sotheby’s executive added.

Wachter said that the Ali NFT compliments the Olympic Collection sale because the famous boxer was also an Olympian. Ali won the gold medal in 1960 at the Summer Olympics and Ali was given the honor of being able to light the Olympic Cauldron in 1996.

A Muhammad Ali NFT collection was introduced last March called “The Ali Collection,” which also featured his bout with ‘Smokin’ Joe Frazier in 1971. Ethernity Chain revealed the NFT collection in a partnership with the museum the Muhammad Ali Center.

What do you think about the upcoming Muhammad Ali NFT auction at Sotheby’s? Let us know what you think about this subject in the comments section below.

Texas and Alabama Regulators Crackdown on Blockfi’s Interest Bearing Account Product

Texas and Alabama Regulators Crackdown on Blockfi's Interest Bearing Account Product

Fresh off the heels of Blockfi’s issues with the ​​New Jersey Bureau of Securities, the company is now having problems in the state of Alabama. The director of the Alabama Securities Commission (ASC), Joseph Borg, explained on July 21 that he issued a show cause to the firm. Borg wants Blockfi to explain why the ASC should not copy New Jersey’s cease and desist as Alabama regulators also seem to believe they might be selling unregistered securities. Blockfi has received another order from the Texas State Securities (TSS) Board for the same reason.

Alabama Securities Commission’s Show Cause Order Calls Blockfi Accounts Unregistered Securities, Texas Joins the Crackdown

  • The director of the Alabama Securities Commission (ASC) Joseph Borg told the press on July 21 that Blockfi was sent an official show cause order. A show cause order is different from the cease and desist issued against Blockfi in New Jersey, as it gives the firm a chance to explain whether or not the order is justified.
  • A press release stemming from the ASC’s director Joseph Borg highlights that the show cause order requires Blockfi to explain “why they should not be directed to cease and desist from selling unregistered securities in Alabama.”
  • “There are thousands of entities registered with the ASC, as required by law, to sell securities to the people of Alabama,” ASC director Borg stated in the press release. “Most of those registered to sell securities live outside of Alabama, but anyone offering securities must be registered before making an investment offer to an Alabama resident,” he added.
  • Blockfi has responded to the allegations and the show cause order. “We are aware of the show cause order issued by the Alabama Securities Commission,” the official Blockfi Twitter account details. “We have active dialogues with regulators worldwide, including those in Alabama, to share details about our products, which we believe are lawful and appropriate for crypto market participants.”
  • “Our stance hasn’t changed – the Blockfi Interest Account is not a security,” the company further stressed.
  • Both orders stemming from Alabama and New Jersey seem to indicate that regulators believe Blockfi interest-bearing accounts are unregistered securities offerings. The two states also stress that aggressive regulatory actions are meant to protect retail investors.
  • Following the show cause order from Alabama, Texas has become the third state to join the crackdown on Blockfi’s interest-bearing account product (BIAs). The Texas State Securities (TSS) Board published the order on Thursday explaining Blockfi’s product is not protected by Securities Investor Protection Corporation (SIPC).
  • “The BIAs are not protected by Securities Investor Protection Corporation, otherwise known as the SIPC, a federally mandated, non-profit, member-funded United States corporation created under the Securities Investor Protection Act of 1970 that mandates membership of most U.S.-registered broker-dealers,” the TSS order notes.
  • “The mere fact an investment is tied to a cryptocurrency, blockchain technology, or some type of digital asset does not remove it from securities regulation if it constitutes an investment contract, note, evidence of indebtedness, or other type of security,” the TSS order adds. “Based on the information and allegations set forth herein, the BIAs constitute investment contracts, notes, or evidences of indebtedness regulated as securities as that term is defined by Section 4.A of the Securities Act.”
  • The head of over-the-counter options trading at Kraken, Juthica Chou, asked why securities regulators were being this aggressive. “Have state securities regulators always been this aggressive or are they just finding such easy and opportunistic targets in Robinhood and Blockfi,” Chou tweeted.
  • Blockfi also stressed on July 19, after the New Jersey cease and desist order, that a Blockfi interest account (BIA) is not a security. “BIA is not a security, and we therefore disagree with the action by the New Jersey Bureau of Securities,” the company said at the time.
  • “The ASC action comes amid rising concerns over the proliferation of decentralized finance platforms like Blockfi that seek to reinvent traditional financial systems such as banks and brokerages for digital asset investors,” the ASC press release details.
  • “The Show Cause Order alleges that, despite advertising on its website that Blockfi is a ‘U.S. regulated entity’, Blockfi fails to disclose to investors that its BIAs are not registered with the ASC or any other securities regulator,” the ASC’s statement concludes.

What do you think about Blockfi’s issues with securities regulators? Let us know what you think about this subject in the comments section below.

Goldman Sachs Survey Shows Family Offices Are Flocking to Crypto Investments

Goldman Sachs Survey Shows Family Offices Are Flocking to Crypto Investments

High net-worth families are turning to cryptocurrency investments, according to a recent Goldman Sachs survey that found close to half of the company’s family office clients are inquisitive about crypto-asset investments. A Goldman Sachs executive further said that a large portion of the company’s family office clients are asking about blockchain and cryptocurrency technologies.

Following the SPAC Boom, Family Offices Target Crypto Investments

A recent report from Bloomberg suggests that the ultra-rich families of the world are interested in blockchain and crypto-asset investing. The report stems from the New York-based multinational investment bank and financial services company Goldman Sachs, which conducted a study that polled over 150 family offices.

The findings suggest high net-worth families are turning to crypto because of “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”

A private wealth management executive for Goldman, Meena Flynn, told Bloomberg that a lion’s share of the families want to discuss “blockchain and digital ledger technology” and alongside this, that family offices believe “this technology is going to be as impactful as the internet has been from an efficiency and productivity perspective.”

Out of the polled respondents who think the macroeconomic developments and higher inflation is an issue, 45% are inquisitive about crypto assets to hedge against these problems.

Crypto Industry Sees an Uptick in Family Office Participation

According to Goldman, 22% of the family offices that responded manage $5 billion, while asset managers with $1 billion to $4.9 billion represented 45% of the polled participants. Furthermore, the Goldman survey shows that out of all polled, 15% of respondents have already invested in cryptocurrency and blockchain products.

While some are curious about investing in cryptocurrencies, Goldman’s survey also noted that some respondents have concerns. One of the biggest concerns being whether or not crypto assets have long-term staying power.

Goldman’s survey also noted that while many of the investors are investing in real estate and equities, a great portion of these family offices are participating in special purpose acquisition company investments, otherwise known as SPACs. Family offices were also very interested in cryptocurrency investments during the bull run of 2017 as well.

This year, Fidelity Investment’s crypto subsidiary Fidelity Digital Assets has seen an uptick in family office participation. Tom Jessop, president of Fidelity Digital Assets, recently explained the company noticed institutional investors and high net-worth offices have accelerated demand for ethereum (ETH).

What do you think about Goldman’s survey showing family offices are interested in crypto investments following the SPAC boom? Let us know what you think about this subject in the comments section below.

John McAfee’s Widow Is Still Extremely Skeptical of Her Husband’s Alleged Suicide

John McAfee's Widow Is Still Extremely Skeptical of Her Husband’s Alleged Suicide

Following a report from John McAfee’s biographer, the former antivirus tycoon’s widow Janice McAfee has taken to social media to disclose a number of findings. During the first week of July, McAfee published a note that said there was “no sense of urgency” toward the investigation into John’s death by Spanish authorities. A week later, Janice McAfee shared the alleged suicide note “found in John’s pocket” and she believes it “does not sound anything like someone who has no hope and is contemplating ending their life.”

Janice McAfee Questions Suicide Narrative

Janice McAfee, the widow of the famous software mogul John McAfee, is very skeptical of her husband’s ostensible suicide. She has published a series of tweets that suggest she doesn’t believe the suicide story and the last time she spoke with John was on “June 23rd … at 11:30 am.”

“He was found sometime after 6pm,” John’s widow said. “That means he had more than five hours to write the alleged suicide note [and] they want us to believe that note was the best he could come up with? I’m not buying it,” she added.

John McAfee was found dead in a Spanish prison cell and allegedly hanged himself after the Spanish court approved extradition requests from the United States. Following his death, a dead man’s switch theory started to surface and his mysterious ERC20 token called “Whackd” climbed over 700% in value.

Then reports also said that John may have been hiding out in a secret bitcoin mining facility called the “Ghost Hotel.” Janice had spoken out against the suicide theories right away and told the press that she did not accept the mainstream media’s narrative.

Janice McAfee: ‘It Wasn’t John’s First Time Being Without Money’

Following the report from McAfee’s biographer, who claimed the software mogul was broke after his wealth peaked at $100 million in 2007, his widow said on Twitter that it was “hardly news.” Janice further explained that after he left the antivirus company in 1994 he “was not involved with the company for over thirty years.”

She noted that the 2008 financial crisis helped deplete his funds and revealed that John actually did have 47 children. His widow stressed that all of them were cared for financially. Janice also highlighted that a lot of McAfee’s wealth was spent on lawyers to fight “countless lawsuits.”

Moreover, individuals looked at John in a parasitic way and “all they could see [in John] was a dollar sign and an opportunity to make a quick buck.” On July 21, John’s widow took to Twitter once again and described how he kept a few notebooks in jail. She said that over half of the notebooks’ pages were removed. Janice said:

Only four of John’s personal writings were part of his belongings given to me from the prison. The notebooks I did receive had more than half the pages ripped out. It wouldn’t surprise me if more notes began surfacing to further push the suicide narrative. #JusticeForJohnMcAfee

In another tweet, Janice explained that after three weeks of waiting, the family finally received the police report regarding the events surrounding John’s death. “Once the lawyers and myself have had a chance to go over them I will share with you all what I can,” she said on Twitter. Furthermore, Janice talked about the reports of him being broke after his death and she emphasized that it “was not John’s first time being without money.”

“He was not suicidal because of it. Actually it was quite the opposite. He never felt more free,” Janice explained.

What do you think about Janice McAfee’s disbelief in her husband’s alleged suicide? Let us know what you think about this subject in the comments section below.

Tom Brady’s NFT Platform Inks Deal With Draftkings and Lionsgate

On Wednesday, the non-fungible token (NFT) platform called Autograph, co-founded by the Super Bowl champion, Tom Brady, announced a strategic partnership with the companies Draftkings and Lionsgate. Draftkings Inc. also revealed on Wednesday that the publicly listed company is launching an NFT marketplace dedicated to NFT digital collectibles.

Tom Brady’s Autograph Brings Star-Studded Lineup, Signs Deal With Lionsgate and Draftkings

The company Autograph is an NFT platform that aims to meld iconic brands and well-known names from sports, entertainment, and culture into digital collectible experiences. The seven-time Super Bowl champion Tom Brady co-founded the project, based in Los Angeles, which was revealed in mid-April.

Tom Brady's NFT Platform Inks Deal With Draftkings and Lionsgate

Brady has recently shown his appreciation for bitcoin and he and his wife, Brazilian model Gisele Bündchen, recently signed a long-term deal with crypto exchange FTX. On July 21, Autograph revealed the company has partnered with the entertainment firm Lionsgate (NYSE: LGF.A, LGF.B) and the digital sports company Draftkings Inc. (Nasdaq: DKNG).

Derek Jeter, Naomi Osaka, Tony Hawk, Tiger Woods, and Wayne Gretzky are founding partners at Autograph, and the popular athletes have also inked exclusive multi-year NFT deals with the company.

Draftkings to Launch NFT Marketplace, Lionsgate to Release Iconic NFT Film Collectibles

In a separate announcement, Draftkings announced the launch of its own digital collectibles ecosystem that will offer NFT drops and secondary-market transactions.

Draftkings will support Autograph’s official lineup of non-fungible token assets. All the sport-related officially licensed Autograph NFT content will be distributed via the upcoming Draftkings Marketplace. Autograph’s co-founder and CEO Dillon Rosenblatt said the company aims to provide users with digital value.

“Autograph brings users closer to the world’s most legendary sports and entertainment icons by working hand in hand with our partners to co-produce exclusive digital collections and experiences that can’t be found anywhere else,” Rosenblatt said in a statement.

Tom Brady's NFT Platform Inks Deal With Draftkings and LionsgateLionsgate will launch Autograph’s entertainment vertical line of NFTs, which will feature well-known television shows and iconic films. Initially, Autograph and Lionsgate will center on franchises like the films “Dirty Dancing,” “Mad Men,” “John Wick,” “Hunger Games,” and the “Twilight” Saga.

“NFTs present a tremendous opportunity for mixed-reality world-building experiences,” Jenefer Brown, EVP and head of Lionsgate Global Live said. “Deepening user engagement and interaction and fostering a community for our hundreds of millions of global consumers to create one-of-a-kind digital collections and Autograph is the optimal destination for this discovery.”

What do you think about Autograph partnering with Lionsgate and Draftkings? Let us know what you think about this subject in the comments section below.

NFT Marketplace Opensea Raises $100 Million — Firm Becomes a Blockchain Unicorn

NFT Marketplace Opensea Raises $100 Million — Firm Becomes a Blockchain Unicorn

Opensea has become the latest non-fungible token (NFT)-focused firm to raise funds this year as the company announced raising $100 million in a Series B this week. The venture capital firm Andreessen Horowitz led the Opensea financing round alongside investors like Kevin Durant, Ashton Kutcher, and Tobi Lutke.

NFT Marketplace Opensea Joins the Blockchain Unicorns, Project Now Supports Polygon

One of the largest non-fungible token (NFT) marketplaces today, Opensea, has announced the company has raised $100 million in a Series B funding round. Additionally, the project also announced it was expanding its features to “cross-blockchain support” and Opensea will start supporting the Polygon blockchain. The funding round led by Andreessen Horowitz (a16z) puts Opensea into the unicorn status of blockchain startups with a valuation of $1.5 billion after the Series B.

NFT Marketplace Opensea Raises $100 Million — Firm Becomes a Blockchain Unicorn

“At Opensea, we believe NFTs are emerging as one of the first consumer-oriented killer applications for blockchains,” the company said during the funding announcement. “NFTs are a simple primitive for digital goods (think digital art, game items, domain names, and more) with brand new properties: they’re unique, provably scarce, liquid, user-owned, and usable across multiple applications,” the firm added.

In addition to a16z, Opensea’s Series B saw participation from Coatue, as well as investors like Michael Ovitz, Kevin Hartz, Dylan Field, Kevin Durant, Ashton Kutcher, and Tobi Lutke. “NFTs represent the building blocks for brand new peer-to-peer economies, where users have greater freedom and ownership over their data, and developers can build powerful, interoperable applications to provide real economic value to users,” Opensea’s funding announcement emphasizes.

Opensea Swims in an Ocean of NFT Marketplace Competitors Raising Money

According to 30-day statistics from Dune Analytics, Opensea’s sales volume is the highest ever for the month of July surpassing last month’s record-breaking data. July has seen $174.6 million in volume but daily volume is lower than usual at $4.4 million.

Daily statistics from Dune Analytics indicate that during the first week of May, Opensea saw $23.1 million on May 4. As far as Polygon Opensea support, users can test it out today by visiting Opensea’s Matic web page. “Buyers no longer have to pay blockchain fees when making trades on Opensea, and creators can fully earn their way into crypto for the first time,” the company noted.

Opensea’s Series B follows a number of NFT-focused markets that have been able to raise millions to expand the NFT industry. Enjin raised $20 million in a token sale for the Efinity NFT marketplace that supports the Polkadot blockchain. The NFT market Rarible raised over $14 million recently and it plans to launch on the Flow blockchain.

The Mark Cuban-backed non-fungible token (NFT) marketplace Mintable raised $13 million in a Series A funding round during the first week of July. Investors and venture capital firms seem to believe that the NFT hype will stick around for quite some time, and Opensea’s latest funding shows the trend continues.

What do you think about Opensea raising $100 million? Let us know what you think about this subject in the comments section below.

Crypto Fear and Greed Index Taps Low at ‘Extreme Fear,’ BTC Technicals Point to Uncertainty

Crypto Fear and Greed Index Taps Low at 'Extreme Fear,' BTC Technicals Point to Uncertainty

On Wednesday, following the drop below the $30,000 region, bitcoin’s price has rebounded more than 8% since Tuesday’s low. Meanwhile, the sentiment metric recorded by the Crypto Fear and Greed Index (CFGI) is extremely low, pointing to “extreme fear” in the market. Despite being a scary term, the time is usually the best time to obtain assets for a lower price. However, data from Tradingview’s technicals show bitcoin is still in the “sell” range, while bitcoin market oscillators are more “neutral.”

CFGI Sentiment Metric Reaches ‘Extreme Fear’

The price of bitcoin (BTC) tapped a low of $29,300 on July 20, 2021, and since then the price has managed to jump back above the $32,000 handle. Despite the rebound, there’s a lot of uncertainty within the crypto space as far as short-term bitcoin price predictions are concerned.

Crypto Fear and Greed Index Taps Low at 'Extreme Fear,' BTC Technicals Point to Uncertainty
BTC/USD chart shows bitcoin managed to climb back above the $32K zone on Wednesday.

Some believe the price may plunge to the $20,000 zone again and others believe a rebound is in the cards and the next trajectory will be well above the $64K all-time high. Most traders who believe this rebound could happen, think that today’s bitcoin price movements are eerily similar to the prices BTC saw in 2013. At that time, BTC plunged to $50 per coin after skyrocketing well above the $200 handle in mid-May 2013.

 

Crypto Fear and Greed Index Taps Low at 'Extreme Fear,' BTC Technicals Point to Uncertainty
Crypto Fear and Greed Index (CFGI) hosted on the website alternative.me on July 21, 2021.

Bitcoin’s price then jumped close to 2,400% after the summer 2013 low, and surged to the crypto asset’s first four-digit USD all-time high. After BTC dropped to $29,300 on Tuesday, the Crypto Fear and Greed Index (CFGI) tapped a low of ten on the charts. The score of ten is not the lowest point the CFGI metric has recorded but it is very low in comparison to most days. The last time the CFGI metric recorded a ten was in mid-June and at the end of May as well. Since the end of May, the CFGI metric hasn’t been this low in over a year as the last time the CFGI hit a ten or lower was during the March 12, 2020 market rout, otherwise known as ‘Black Thursday.’

While the extreme fear sentiment may seem dismal, traders believe it is one of the best entry points to get into any market. A market filled with panic sellers and “extreme fear” is sure to see cheaper assets than one filled with “extreme greed,” which is the highest end of the CFGI spectrum. Essentially the CFGI analyzes “emotions and sentiments from different sources and crunches them into one simple number,” the website details.

Oscillators and Moving Averages Tell a Similar Story

In contrast to the CFGI, Tradingview’s BTC/USD technicals show a similar story but some of the indicators can be perceived as a different outlook. A single-day summary of Tradingview’s BTC/USD technicals shows a scale toward the “sell” range.

Crypto Fear and Greed Index Taps Low at 'Extreme Fear,' BTC Technicals Point to Uncertainty
Tradingview’s BTC/USD technicals on July 21, 2021, at 12:00 p.m. (EDT).

Moving averages (MA) are different and Tradingview’s MA technicals point to the “strong sell” range. Alongside this, BTC/USD oscillators are a bit warmer and are indicating a “neutral” range. For instance, the relative strength index (RSI 14) shows “neutral” and stochastic (14, 3, 3) also indicates things are “neutral.”

Crypto Fear and Greed Index Taps Low at 'Extreme Fear,' BTC Technicals Point to Uncertainty
Tradingview’s BTC/USD technicals, specifically oscillators and moving averages on July 21, 2021, at 12:00 p.m. (EDT).

All the moving average indicators suggest the “sell” range while the simple moving average (SMA 10) and the exponential moving average (EMA 10) are in the “buy” range. As far as BTC/USD oscillators, the only signal for “buy” is the momentum indicator but the moving average convergence divergence (MACD), a trend that follows momentum, is recorded as a “sell” on Wednesday.

Delta Exchange CEO Says ‘$30K Has Proven to Be Reliable Support Since May’

Meanwhile, despite the plunge on Tuesday morning, bitcoin (BTC) continues to hold a support zone. In a note sent to Bitcoin.com News, Delta Exchange CEO Pankaj Balani explains the current support, at least so far, has been reliable.

“Bitcoin has been grinding lower since the start of this month,” Balani said. “Volatility has compressed significantly with a lower range. Bitcoin is trading in a significant support zone of $29 – $31K USDT. $30K has proven to be very reliable support since May. A breakdown of this level is likely to result in a significant increase in volatility and a final capitulation of crypto assets. That said, BTC is still in the $30K – $40K rectangle until a conclusive breakdown takes place,” the Delta Exchange executive added.

What do you think about bitcoin’s CFGI metric tapping “extreme fear” and the technicals from today’s Tradingview stats? Do you agree with Pankaj Balani’s reliable support comment? Let us know what you think about this subject in the comments section below.

Former Ethereum Developer Virgil Griffith Arrested for Signing Into His Coinbase Account: Report

Former Ethereum Developer Virgil Griffith Arrested for Signing Into His Coinbase Account: Report

According to reports stemming from investigative journalist Matthew Russell Lee, from Inner City Press, former Ethereum developer Virgil Griffith has violated the terms of his bail and has been taken into custody. According to the reports, the U.S. Attorney’s Office revoked Griffith’s bond because he allegedly tried to access the crypto exchange Coinbase.

Report Says Virgil Griffith Violated His Bond Terms

At the end of November 2019, the United States Attorney’s Office for the Southern District of New York (SDNY) arrested the former Ethereum Foundation member Virgil Griffith for allegedly “assisting North Korea in evading sanctions.”

After the Manhattan U.S. Attorney revealed the news, the cryptocurrency community erupted in outrage. A year and eight months later, Griffith was released on bail but reports from Matthew Russell Lee of Inner City Press note that he’s recently been taken into custody. Allegedly, Griffith violated the terms of his bail and the SDNY judge presiding over his case had him arrested.

“Virgil Griffith was surrounded by two U.S. Marshals and took off his belt before being taken into the holding cell,” Russell Lee wrote on Tuesday. “His lawyer Mr. Klein, when the [Inner City Press] asked, said he had no comment. Virgil’s father, whom Inner City Press previously spoke with, nodded.”

Reportedly Griffith’s Mother Logged-in and Login Was a ‘Misunderstanding’

A report from mon-livret.fr written in French and shared by Russell Lee, explains what happened to Griffith. Allegedly, the former Ethereum developer attempted to access the cryptocurrency exchange Coinbase via his account, but reportedly had his mother sign into the account.

His bail terms noted that he was not allowed to access any of his cryptocurrency accounts while he was under house arrest in Alabama. Griffith’s attorney argued that the login was a “misunderstanding” and Griffith’s lawyer reportedly asserted he didn’t need his mother to log in.

The report highlights that Judge Castel, of the SDNY court, refused to hear the lawyer’s arguments. Castel explained that because of the rising price of ethereum (ETH) the bond terms were created for a reason so Griffith wouldn’t be a flight risk.

Following the judge’s statements and Klein’s arguments, Castel ordered that Griffith should be taken into custody immediately. If convicted of the conspiracy charges for allegedly teaching North Korea “how to use blockchain technology,” Griffith will face up to 20 years in a federal penitentiary.

A petition to the Federal Bureau of Investigation (FBI) hosted on the website Change.org indicates that there’s a formal request to get Griffith out of prison. The petition was created in November 2019, after Griffith’s arrest, and it has only managed to acquire 319 signatures out of 500 during the last year and a half.

“We seek to have Virgil Griffith released from prison and all pending charges dropped,” the Change.org petition creators detail.

What do you think about Virgil Griffith getting taken into custody for accessing his Coinbase account? Let us know what you think about this subject in the comments section below.

Viking Silver Found on Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin

Viking Silver Found on the Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin

Off the coast of the Irish Sea, humans have lived on the Isle of Man since before 6500 B.C. The island has a robust history of Viking Age treasures. According to a recent announcement from Manx National Heritage, a heritage agency located there, an amateur treasure hunter recently discovered a hoard of Viking silver on the island. U.S.-based researcher and numismatist, Dr. Kristin Bornholdt-Collins, said the unearthed Viking silver hoard was similar to today’s cryptocurrency and embodied a 1,000-year-old comparison to Satoshi Nakamoto’s Bitcoin.

Viking ‘Hack’ Silver Hoard Was Modern-Day Equivalent to a Cryptocurrency

Just recently, an amateur treasure hunter searching for trinkets on the Isle of Man found a hoard of Viking silver otherwise known as “hack silver.” Manx National Heritage disclosed that the stash of ancient money contained 87 silver coins, 13 pieces of silver arm-rings, and a small fraction of other numismatic artifacts. The Viking stash was discovered in April when Kath Giles was hoovering around with a metal detector on private land.

Giles’ discovery was the third major treasure find on the Island of Man in less than six months, and Giles has managed to dig up at least four significant treasure finds in three years. Dr. Kristin Bornholdt-Collins, an independent researcher and numismatist based in New Hampshire, U.S., explained that the silver includes Dublin-minted pennies and “long cross” pennies which could be cut in half.

Viking Silver Found on Isle of Man Represents 1,000-Year-Old Analog Version of Bitcoin
The latest stash of Viking silver may have stemmed from the age of the famous Viking called “Silkbeard.” Image credit: Manx National Heritage.

The Manx National Heritage announcement notes that the Viking coins have a “90% silver content.” The stash of coins Giles discovered is referred to as a “mixed hoard of Viking Age silver coins.”

‘A Currency Without Borders or Political Affiliation’

Experts believe mixed hoards of money stemmed from owners who planned to reclaim the stash of money at a later date. Bornholdt-Collins says the stash is used like a “piggybank” and could be considered a 1,000-year-old analog version of cryptocurrency.

“The Northern Mixed hoard is the fourth Viking-Age coin hoard to be found in the Isle of Man in the last fifty years,” Bornholdt-Collins said. “It may have been added to over time, like a piggybank, accounting for some of the older coins, though for the most part, it is a direct reflection of what was circulating in and around Man in the late 1020s/c. 1030.”

“In addition to the array of coins,” Bornholdt-Collins added, “both hoards contain a significant hack-silver or bullion portion, which would have been weighed out and possibly tested for its quality in the course of transactions. This is generally expected in finds dating to the ninth and tenth centuries from Viking regions, but appears to be a special feature of the later Manx hoards, too. This may be because bullion was especially convenient for international trade since it was practical for any size transaction and was decentralized, a currency without borders or political affiliation.”

The New Hampshire-based numismatist further said:

In this sense, it was a modern-day equivalent to a cryptocurrency — We might even say it was something like the original ‘Bitcoin.’ It seems only logical, then, that it was so popular in a cosmopolitan trading hub like Man, even several decades into the 11th century, when closely regulated minted silver was well on its way to becoming the norm across Northern Europe.

The Manx National Heritage team believes the coin stemmed from around A.D. 1035 and researchers believe the Viking silver was “built up over a period of a few years, perhaps representing a short-term savings account.” According to the Isle of Man heritage agency, the Viking silver will be showcased at the Viking Gallery at the Manx Museum.

The stash will then be reviewed by the Treasure Valuation Committee at the British Museum in order to provide advice to the heritage agency on caring for the antiquities found. It is assumed that the latest treasure hoard of Viking silver derived from the time of the Hiberno-Norse king Sihtric Silkbeard.

What do you think about the Viking silver found on the Isle of Man and why it is considered an analog version of Satoshi Nakamoto’s Bitcoin? Let us know what you think about this subject in the comments section below.

FTX Closes $900 Million Series B — Capital Raise Pushes Exchange Valuation to $18 Billion

FTX Trading Ltd. announced the firm has closed the largest capital raise in crypto exchange history in a Series B funding round for $900 million. The financing gives FTX a valuation of around $18 billion and the crypto firm aims to expand its global presence.

FTX Closes Largest Capital Raise in Crypto Exchange History

FTX has seen a number of partnerships and growth in 2021 and following the firm’s Series A financing round last year, the company raised $900 million from over 60 investors for its Series B. The company details that since the last funding round, FTX revenues have increased tenfold and it now has over one million users.

Investors that participated in the $900 million Series B include Paradigm, Sequoia Capital, NEA, Coinbase Ventures, Willoughby Capital, the Paul Tudor Jones family, Izzy Englander, Alan Howard, Vaneck, Hudson River Trading, and Circle Financial. The newly injected funds will be dedicated to expansion and increasing both FTX users and products. FTX will also make its own “strategic investments,” the funding announcement details.

The announcement further explains that FTX handled the financing via the company’s in-house venture team alongside participation from BTIG, Ribbit, and Paradigm. Sam Bankman-Fried, the CEO of FTX explained in a statement that he was grateful for all the help his company has seen.

“I’m incredibly humbled by the support we’ve gotten,” Bankman-Fried detailed. “It’s our first large fundraise, but through it, we’ve formed a hugely valuable set of partners. I’m excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become.”

FTX has made a great number of strategic partnerships this year and with a significant focus on professional sports. During the announcement, FTX said that it plans to “further expand the network of partnerships” going forward. The company also highlighted that it plans to grow the firm’s FTX NFT (non-fungible token), FTX Liquidity program, and FTX Pay business lines.

What do you think about FTX raising $900 million on Tuesday? Let us know what you think about this subject in the comments section below.

Circle Publishes USDC Attestation, Reserve Report Reveals Segregated Accounts in USD-Denominated Assets

On July 20, the CEO of Circle Internet Financial LLC., Jeremy Allaire, published a blog post that explains the firm’s dollar-pegged stablecoin is backed by “prioritized trust, transparency, and accountability.” Allaire’s blog post follows a letter from the Centre Consortium’s accountant, Grant Thornton explaining that the stablecoin’s reserve account information matches the accompanying reserve account report, which is “correctly stated.”

Circle Publishes Stablecoin Reserve Transparency Blog Post, Letter from Grant Thornton, and the Latest Reserve Attestation

At the end of May, the cryptocurrency community started discussing the stablecoin usd coin (USDC) as the project’s reserve backing attestations were running late. At the time, USDC’s token issuance was swelling rapidly and at the end of the month, the Centre Consortium partner Coinbase revealed interest-bearing USDC accounts with 4% APY.

A few days later, Circle disclosed that the project expanded to the Tron network, and plans to reside on ten different blockchains. At the time of writing, USDC is the second-largest stablecoin under tether (USDT), as the market valuation commands $26.72 billion in value on Tuesday. At press time, 30-day statistics show USDC in circulation on July 20, 2021, is 10% higher than the latest attestation, as the reserve report only covers USDC accounting until the end of May.

In the blog post published on Tuesday, Allaire says that Circle and the Centre Consortium have ensured the “pillars of trust” so the public understands that USDC remains backed on a 1:1 basis with dollar-denominated assets. Allaire’s blog post stresses that the “pillars of trust” include:

  • Ensuring the highest levels of regulatory and prudential standards governing the USDC ecosystem.
  • Providing assurances demonstrated by reserve attestations issued by Grant Thornton, one of the world’s leading accounting firms, that dollar-denominated assets can meet circulation for USDC outstanding. Today marks the 33rd such reserve attestation since the first USDC entered circulation, showing our unwavering commitment to fundamental trust in the USDC ecosystem.
  • Core economic activities underpinning USDC are built inside the perimeter of the U.S. financial system, and not outside of it. Building an open medium of exchange on the internet that imports the fundamental trust of the U.S. dollar and the fundamental oversight and first principles of the U.S. financial system. For this, our commitment to openness, competition, and responsible financial services innovation remain a cornerstone for both the Centre Consortium and Circle.
Circle Publishes USDC Attestation, Reserve Report Reveals Segregated Accounts in USD-Denominated Assets
USDC reserve segregated accounts in USD-denominated assets as of May 28, 2021.

Circle’s attestation and the letter from Grant Thornton gives the public a perspective on how the USDC backing is actually calculated. While a majority of USDC backing is made up of cash, USDC backing also includes fractions of corporate bonds, U.S. Treasuries, and Yankee Certificates.

Globally, Grant Thornton is the seventh-largest by revenue operating as an independent accounting firm. The London company’s letter concerning USDC reserves notes that as of May 28, 2021, there was approximately 22,176,182,251 USDC in circulation. Grant Thornton’s letter states:

The total fair value of U.S. dollar denominated assets held in segregated accounts are at least equal to the USDC in circulation at the report date.

Jeremy Allaire Says Circle Embraces ‘Greater Transparency, Accountability and Disclosure’

Allaire also details in his blog post that the latest attestation keeps records of a breakdown of dollar-denominated assets. “With this latest reserve attestation, we are now including a breakdown of dollar-denominated reserve assets, which are all held in the care, custody and control of U.S. regulated financial institutions and in line with laws and guidelines from our U.S. state money transmission regulators,” the Circle CEO noted.

“As we continue our journey to becoming a public company,” Allaire’s blog post concludes. “We will have increasing opportunities for greater transparency, accountability and disclosure around our broader business and operations. Altogether, this expanding public accountability can help to strengthen trust in Circle, USDC and companies building on the standards and market infrastructure that we have been delivering over the past several years.”

What do you think about Circle’s blog post, the letter from Grant Thornton, and the stablecoin’s latest reserve attestation? Let us know what you think about this subject in the comments section below.

Grooming Products Firm Axe Releases Limited Edition ‘Crypto Scented’ Doge Body Spray

Grooming Products Firm Axe Releases Limited Edition 'Crypto Scented' Doge Body Spray

On Tuesday, the company that owns the brand of male grooming products, Axe, announced the launch of a dogecoin-themed and “crypto scented” body spray. The release was limited and currently, the body spray featuring the image of the cartoon Shiba Inu is no longer available to U.S. residents.

‘Much Disappointment’ — Doge-Themed Body Spray Is No Longer Available

Around 1,000 lucky Americans entered a giveaway of a limited edition dogecoin-themed body spray called “The Dogecan.” The body spray was released by the brand of male grooming products, Axe, a subsidiary of the firm Unilever. Axe scents are created for young male consumers and the Dogecan product allegedly contains a “crypto scent,” which lasts up to 48 hours.

The Dogecan product was released to U.S. residents only, as Axe is branded “Lynx” in China, New Zealand, Ireland, Malta, Australia, and the United Kingdom. The official Axe Twitter account teased the dogecoin-themed body spray last week and on Monday dropped the official product. “Just gonna drop this drop here,” the official Axe Twitter account said. Following the tweet, the website’s campaign page now shows the dogecoin body spray products are all gone.

The page also saw a significant amount of traffic as one individual noted on Twitter, saying that the “Doge army is so strong that their website is down.” Axe’s website tells visitors that the product is all gone in a humorous manner. “Much disappointment,” the Axe Dogecan promotional campaign says. “Sorry, people. All the Dogecans are gone. But we’re still going to the moon.”

Meat Stick Vendor Slim Jim and Mars Brand Candies Are Also Doge Fans

Axe is not the only brand that has jumped on the dogecoin (DOGE) hype train. The smoked meat stick vendor Slim Jim was all about dogecoin in mid-April when the company tweeted about the meme-based crypto asset.

Conagra Brands (parent company of Slim Jim) detailed in a company earnings call that Slim Jim saw an “uptick in audience interaction” since the tweets. To this day, the official Slim Jim Twitter account still tweets about DOGE.

“One word: #Doge Four words: #DoOnlyGoodEveryday,” Slim Jim’s Twitter account tweeted on Tuesday.

The same month the account tied to the chocolate bar brand made by the American company Mars, Snickers, also tweeted about dogecoin. In fact, the online marketplace Newegg teamed up with Snickers and Milky Way (both owned by Mars) to celebrate “Doge Day” last April.

While Newegg revealed it was accepting dogecoin (DOGE) for online purchases, the candy bar brands Snickers and Milky Way tweeted about “Doge Day” on April 19 in anticipation of the meme currency’s special day.

What do you think about Axe’s campaign of dogecoin-themed body spray? Let us know what you think about this subject in the comments section below.

Blockfi Ordered to Stop Offering Interest-Bearing Crypto Accounts in New Jersey

Blockfi Ordered to Stop Offering Interest-Bearing Crypto Accounts in New Jersey

On July 19, the CEO of the crypto financial services firm Blockfi, Zac Prince, told the public that the New Jersey Bureau of Securities has told the company to “stop accepting new BIA clients residing in New Jersey beginning July 22, 2021.” New Jersey’s acting attorney general Andrew Bruck also tweeted about the issue and said “we’ve been closely monitoring activity involving cryptocurrencies for compliance.”

New Jersey’s Bureau of Securities Cracks Down on Crypto

  • On Monday, an unpublished draft of a cease and desist order was discovered by the Forbes staff writer Michael del Castillo. The order was sent to the crypto-financial services firm Blockfi, a company that provides users with interest-bearing crypto accounts and crypto debit cards. The same day, Blockfi’s CEO Zac Prince confirmed the cease and desist order from the New Jersey Bureau of Securities (NJBoS) was real.
  • “Late Monday evening Blockfi received an order from the New Jersey Bureau of Securities regarding Blockfi Interest Account (BIA) operations in the State of New Jersey,” Prince tweeted on Monday. “We remain fully operational for our existing clients in New Jersey. All aspects of the Blockfi platform continue to be accessible to our clients in New Jersey. The order calls for Blockfi to stop accepting new BIA clients residing in New Jersey beginning July 22, 2021,” Prince added.
  • The following day, New Jersey’s acting attorney general Andrew Bruck also tweeted about the situation and shared a press release stemming from the Garden State’s financial authorities. “We’ve been closely monitoring activity involving cryptocurrencies for compliance with NJ’s investor protection laws. Our Bureau of Securities ordered a NJ-based company – Blockfi – to stop offering interest-bearing accounts,” Bruck said on Tuesday.
  • A number of cryptocurrency supporters were displeased by the state of New Jersey’s actions and responded to Bruck’s tweet. “None of the cryptos offered on Blockfi represent ownership in a company or anything else,” one individual remarked. “They are just commodities. This makes absolutely 0 sense to the point that it’s laughable. Did the NJBoS do its homework before doing this or does it just not like cryptocurrency?”
  • The press release published by the New Jersey attorney general’s office explains that the entity is stepping up to “protect investors” as new financial service business models come under scrutiny. “Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws,” said the acting attorney general Bruck. “No one gets a free pass simply because they’re operating in the fast-evolving cryptocurrency market. Our Bureau of Securities will be monitoring this issue closely as we work to protect investors.”
  • “Cryptocurrency investment products offered and sold on decentralized finance platforms carry significant risks, even beyond those associated with the volatility of cryptocurrency,” Kaitlin Caruso, acting director of the New Jersey Division of Consumer Affairs stressed. “Platforms like Blockfi may mirror the traditional financial structures that we know and trust, but in reality, they can leave investors extremely vulnerable.”

What do you think about the state of New Jersey’s actions against Blockfi? Let us know what you think about this subject in the comments section below.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes

The price of bitcoin has slid under the $30K zone on Tuesday, dipping to $29,300 per unit during the early morning trading sessions (EDT). The global cryptocurrency market capitalization of all the crypto coins in existence is $1.19 trillion as it decreased by more than 6% in the last day.

Bitcoin’s Market Cap Sees $19 Billion Shaved in 24 Hours

Digital currency markets have lost considerable value during the last week and seven-day stats show a number of coins have shed double-digit percentages. Bitcoin (BTC) is currently trading for $29,656 per unit at the time of writing, down 5% during the last 24 hours. Weekly statistics show BTC is down more than 10% and holds a $556 billion market valuation. BTC’s market cap has shaved off $19 billion since yesterday.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
BTC/USD on Bitstamp on Tuesday, July 20, 2021.

Today, BTC commands 46.7% of the $1.19 trillion, while ethereum (ETH) captures 17.1%. Ethereum is swapping for $1,757 per unit, down 5.7% on Tuesday and seven-day statistics show ETH is down 11.9%. The biggest loser in the top ten crypto market cap positions is polkadot (DOT), which has bled 26% this past week. Cardano (ADA) has lost 19.3% and dogecoin (DOGE) over 18% this week.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
ETH/USD on Deribit on Tuesday, July 20, 2021.

Besides the coin unus sed leo (LEO), the top market performers today are all stablecoins. These include DAI, TUSD, BUSD, USDC, USDT, HUSD, UST, and PAX, respectively. 52.18% of BTC’s market share is traded in USDT, and 51.09% of ETH trades are also in tether (USDT). 24-hour volume between all crypto assets in existence has jumped over 15% today and is around $67.7 billion. Tether (USDT) commands $47.7 billion of that volume, which is 70.45% of all the global trades recorded on Tuesday morning, according to cryptocompare.com data.

Google Trends Indicates Interest in Crypto Is Lackluster

In addition to markets seeing a slump, interest in digital assets has been lagging a great deal according to data from Google Trends. Coin Metrics’ authors Nate Maddrey and Kyle Waters explain in the latest “State of the Network” issue 112, that crypto Google search trends have been lackluster.

Bitcoin Slides Under $30K, Stablecoins Eclipse Trade Volumes, Crypto Interest Depletes
Google Trends data vs. the price of bitcoin – Coin Metrics’ State of the Network report, issue 112.

“Worldwide Google search volume for bitcoin shows that interest levels closely followed BTC’s rapid price movements this year and tend to track major changes in price historically. While Google Trends data is not absolute search volume for bitcoin, it does show the relative level of popularity for bitcoin searches over time,” the author’s report explains. Coin Metrics adds:

Relative search interest this year for bitcoin has not yet surpassed levels achieved in late 2017. This might be a sign that many retail investors and the general public were already aware of bitcoin prior to the recent price movements this year. Institutional adoption is a big reason for bitcoin’s recent successes in 2020/2021 which will not be captured easily from Google search interest.

Similarly, ethereum (ETH) searches on Google Trends are also lower than the number of queries three months ago. No one knows exactly where the crypto market is going and the latest downfall has been attributed to the issues with bitcoin mining in China and the regulatory crackdown worldwide. This week in the U.S., the New Jersey Bureau of Securities told the crypto firm Blockfi that it needs to stop accepting new interest account users in New Jersey.

“All aspects of the Blockfi platform continue to be accessible to our clients in New Jersey,” Blockfi’s CEO and founder Zac Prince said. “The order calls for Blockfi to stop accepting new BIA clients residing in New Jersey beginning July 22, 2021.” Furthermore, on Monday afternoon, senator Elizabeth Warren, D-Mass., explained that the Consumer Financial Protection Bureau needs to supervise cryptocurrency risks.

What do you think about the recent crypto market action and bitcoin price downturn? Let us know what you think about this subject in the comments section below.

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Axie Infinity Down 40% Since Last Week's Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours.

Axie Infinity Down More Than 40% Since All-Time High

Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days.

The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin.

Axie Infinity Down 40% Since Last Week's Price High, Protocol Revenue Outshines Competitors
AXS/USD on July 19, 2021.

Another token that’s used within the game is a coin called smooth love potion (SLP) and the crypto asset has also seen its value drop since tapping an all-time high (ATH). However, SLP tapped an ATH two days before AXS did when it reached $0.39 per unit.

While battling in Axie Infinity’s adventure mode, players can earn SLP as rewards. SLP has lost 4.3% during the last week and 24-hour statistics show SLP is down 8.6%. SLP has a market capitalization of $133 million on Monday while AXS commands a market valuation of around $922 million.

Axie Infinity’s protocol revenue Towers Over Competition, Tether Is Axie Infinity Token’s Biggest Pair Capturing 83% of AXS Trades

Meanwhile, statistics from tokenterminal.com indicate that as far as protocol revenue is concerned, Axie Infinity towers over the competition. Axie Infinity’s protocol revenue eclipses projects like Pancakeswap, Metamask, Maker DAO, Sythetix, and Sushiswap.

Axie Infinity Down 40% Since Last Week's Price High, Protocol Revenue Outshines Competitors
Statistics from tokenterminal.com during the last 30 days.

While the second-place position Pancakeswap’s 30-day statistics show $11.9 million in protocol revenue, Axie Infinity’s is 84.9 million. Seven-day records show Axie Infinity’s protocol revenue was 38.3 million while Pancakeswap saw $2.3 million. AXS is 42.8% down from the coin’s ATH and SLP is down 38.4% from its ATH.

The biggest pair with AXS on Monday is tether (USDT) as it commands 83.88% of all AXS trades according to cryptocompare.com stats. Tether is followed by BUSD (7.71%), BTC (6.41%), USD (0.97%), and BNB (0.84%). While SLP is down more than 38% today, the token is still up 93.6% during the last three months. AXS has done a lot better as the token is up 87.5% in just two weeks, and three-month data shows AXS is still up 281.4% despite this week’s losses.

What do you think about the Axie Infinity blockchain gaming universe and the project’s associated tokens? Let us know what you think about this subject in the comments section below.

As the Stock Market Dives Report Shows ‘US Households Now Have Record High Exposure to Stocks’

While inflation has kicked up in the U.S., following the massive stimulus issued by the Federal Reserve, investor and financial writer Lyn Alden Schwartzer published a report that shows “U.S. households now have record high exposure to stocks.” The news comes at a time when many analysts and economists believe equities markets are in a colossal bubble.

Dow Sheds 900 Points, Financial Expert Lyn Alden Schwartzer Publishes Report on US Household exposure to Stocks

Stock markets saw some significant carnage on Monday as the Dow Jones Industrial Average lost 900 points in the morning (EDT) or 2.3% as it was the largest decline in value this year. Similarly, the Nasdaq Composite came awfully close to losing 1% and the S&P 500 index shed 1.5% on July 19. Mainstream media reports are blaming the market downturn on the recent surge of Covid cases worldwide and the delta variant.

Meanwhile, Travis Kling, the crypto proponent and executive at Ikigai Asset Management shared a tweet from the financial expert Lyn Alden Schwartzer that said: “U.S. households now have record high exposure to stocks.” Kling also spoke about the issue at hand and stressed that the Fed could make this a national security problem.

“Been saying for over a year now- the SPX going up is a matter [of] national security for the United States. The Fed has the ability to make that happen (for now). What do you think they’re going to do?” Kling asked.

As the Stock Market Dives Report Shows 'US Households Now Have Record High Exposure to Stocks'

Schwartzer didn’t just tweet about the equities U.S. households own, as the investor also published a blog post about the subject on Seeking Alpha. The financial analyst said that last May, the researcher published a report that highlights how the United States is currently fueled by “fiscal-driven inflation.” In the latest report, the analyst says that this “is what the U.S. is experiencing at the moment.”

“Due to stimulus effects and a rapid growth in the broad money supply,” Schwartzer’s report notes. “Consumers have more money in their pockets to spend, while the production of certain supplies and services remains constrained in various ways. That combination results in prices going up for whichever goods and services are constrained, until those prices go up enough to curtail demand.”

Schwartzer: ‘Treasuries Are Not Keeping up With Inflation, and Thus Are Losing Purchasing Power’

Schwartzer further explains that the “effects of fiscal-driven inflation are still occurring, with 5.39% year-over-year average price increases.” Meanwhile, bank account interest rates and Treasury notes (T-bills) are considerably low.

As the Stock Market Dives Report Shows 'US Households Now Have Record High Exposure to Stocks'

While showing a St. Louis Fed 3-month T-bill chart, Schwartzer remarks: “If we zoom out, here’s the real interest rate of 3-month T-bills over the long run, meaning the interest rate that T-bills pay minus the prevailing consumer price inflation rate.” Schwartzer’s analysis adds:

Those T-bills tend to be a pretty good proxy for bank account interest as well. Basically, whenever that blue area is below zero, it means that interest rates for bank accounts and short-duration Treasuries are not keeping up with inflation, and thus are losing purchasing power.

In addition to the U.S. household allocations of equities, Schwartzer remarks that a big risk facing markets right now is “this new wave of delta-variant virus cases.” The economist also highlights that this “is the first time that the U.S. stock market reached 200% the size of U.S. GDP.”

The investor is bullish on the energy sector but sees Covid cases and “government lockdown responses to it as a near-term risk factor for a correction in the industry.” This means the energy market could stop swelling for a brief period of time, Schwartzer explains. While Schwartzer is bullish on the energy sector, the investor has also mentioned diversifying in bitcoin (BTC) as well in a recent video published by the Youtube channel Financial Monster.

In addition to the fiscal-driven inflation, the number of U.S. homes allocating stocks is also driven by rising prices and speculative investing, Schwartzer’s report details. “U.S. household allocations to stocks are currently at a record high percentage of total US household assets, from a combination of high valuations and speculation.”

What do you think about Lyn Alden Schwartzer’s assessment and U.S. households’ current record exposure to stocks? Let us know what you think about this subject in the comments section below.

As the Stock Market Dives Report Shows ‘US Households Now Have Record High Exposure to Stocks’

While inflation has kicked up in the U.S., following the massive stimulus issued by the Federal Reserve, investor and financial writer Lyn Alden Schwartzer published a report that shows “U.S. households now have record high exposure to stocks.” The news comes at a time when many analysts and economists believe equities markets are in a colossal bubble.

Dow Sheds 900 Points, Financial Expert Lyn Alden Schwartzer Publishes Report on US Household exposure to Stocks

Stock markets saw some significant carnage on Monday as the Dow Jones Industrial Average lost 900 points in the morning (EDT) or 2.3% as it was the largest decline in value this year. Similarly, the Nasdaq Composite came awfully close to losing 1% and the S&P 500 index shed 1.5% on July 19. Mainstream media reports are blaming the market downturn on the recent surge of Covid cases worldwide and the delta variant.

Meanwhile, Travis Kling, the crypto proponent and executive at Ikigai Asset Management shared a tweet from the financial expert Lyn Alden Schwartzer that said: “U.S. households now have record high exposure to stocks.” Kling also spoke about the issue at hand and stressed that the Fed could make this a national security problem.

“Been saying for over a year now- the SPX going up is a matter [of] national security for the United States. The Fed has the ability to make that happen (for now). What do you think they’re going to do?” Kling asked.

As the Stock Market Dives Report Shows 'US Households Now Have Record High Exposure to Stocks'

Schwartzer didn’t just tweet about the equities U.S. households own, as the investor also published a blog post about the subject on Seeking Alpha. The financial analyst said that last May, the researcher published a report that highlights how the United States is currently fueled by “fiscal-driven inflation.” In the latest report, the analyst says that this “is what the U.S. is experiencing at the moment.”

“Due to stimulus effects and a rapid growth in the broad money supply,” Schwartzer’s report notes. “Consumers have more money in their pockets to spend, while the production of certain supplies and services remains constrained in various ways. That combination results in prices going up for whichever goods and services are constrained, until those prices go up enough to curtail demand.”

Schwartzer: ‘Treasuries Are Not Keeping up With Inflation, and Thus Are Losing Purchasing Power’

Schwartzer further explains that the “effects of fiscal-driven inflation are still occurring, with 5.39% year-over-year average price increases.” Meanwhile, bank account interest rates and Treasury notes (T-bills) are considerably low.

As the Stock Market Dives Report Shows 'US Households Now Have Record High Exposure to Stocks'

While showing a St. Louis Fed 3-month T-bill chart, Schwartzer remarks: “If we zoom out, here’s the real interest rate of 3-month T-bills over the long run, meaning the interest rate that T-bills pay minus the prevailing consumer price inflation rate.” Schwartzer’s analysis adds:

Those T-bills tend to be a pretty good proxy for bank account interest as well. Basically, whenever that blue area is below zero, it means that interest rates for bank accounts and short-duration Treasuries are not keeping up with inflation, and thus are losing purchasing power.

In addition to the U.S. household allocations of equities, Schwartzer remarks that a big risk facing markets right now is “this new wave of delta-variant virus cases.” The economist also highlights that this “is the first time that the U.S. stock market reached 200% the size of U.S. GDP.”

The investor is bullish on the energy sector but sees Covid cases and “government lockdown responses to it as a near-term risk factor for a correction in the industry.” This means the energy market could stop swelling for a brief period of time, Schwartzer explains. While Schwartzer is bullish on the energy sector, the investor has also mentioned diversifying in bitcoin (BTC) as well in a recent video published by the Youtube channel Financial Monster.

In addition to the fiscal-driven inflation, the number of U.S. homes allocating stocks is also driven by rising prices and speculative investing, Schwartzer’s report details. “U.S. household allocations to stocks are currently at a record high percentage of total US household assets, from a combination of high valuations and speculation.”

What do you think about Lyn Alden Schwartzer’s assessment and U.S. households’ current record exposure to stocks? Let us know what you think about this subject in the comments section below.

Despite Negative Press, Binance Is Still the World’s Largest Crypto Spot and Derivatives Exchange

While Binance has had a few issues with payment service providers and regulators from a few countries, the centralized cryptocurrency exchange is still the largest trading platform in terms of trade volume. During the last 24 hours, Binance has recorded roughly $8.6 billion in swaps and the trading platform commands the highest trade volume out of all the derivatives exchanges worldwide.

Binance’s Trading Platform Towers Over Competitors

The cryptocurrency exchange Binance is the largest crypto trading platform in the world, in terms of trade volume on both spot and derivatives markets. Binance has been in numerous headlines in recent times as it has been dealing with regulatory complaints from government entities and financial institutions like Barclays and Santander.

Despite all the negativity, the crypto asset exchange still dominates the pack in regard to the myriad crypto trading platforms worldwide. Binance holds the highest 24-hour crypto trade volume and at the time of writing, it commands $8.6 billion in swaps. The trading platform deals with 320 cryptocurrencies in total and 1,150 pairs.

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
The top crypto spot markets in terms of 24-hour global trade volumes on Monday, July 19, 2021. Statistics via Coingecko.

The $8.6 billion doesn’t account for the United States either, as Binance also operates a separate trading platform for U.S. residents. At the time of writing, Binance US captures $202 million in global trade volume with 53 cryptocurrencies and 110 pairs.

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
The top crypto derivatives markets in terms of 24-hour global trade volumes on Monday, July 19, 2021. Statistics via Coingecko.

Binance also commands the most trade volume in crypto derivatives markets as the platform’s cash-settled cryptocurrency futures has $35 billion in global volume on Monday. In terms of 24-hour trade volume, there are not that many exchanges that even come close to Binance.

Where cryptocurrency spot markets are concerned, Hitbtc commands the second-largest position in terms of daily trades. However, Hitbtc’s $2.1 billion is 75% less than Binance’s spot market volume. Hitbtc’s spot volume is followed by Upbit ($2B), Huobi ($2B), Changelly ($1.93B), Bitcoin.com Exchange ($1.92B), and Okex ($1.87B).

Binance Derivatives Commands $35 Billion in Volume, Transparent Exchange Balance Rankings Show Binance Holds $14 Billion in Reserves

Moving on to cryptocurrency derivatives exchange volumes, Binance once again takes the lead. With a whopping $35 billion in 24-hour futures volume and $6.4 billion in open interest, no other exchange comes close to Binance. Following Binance in derivatives exchange volume is Okex with $8.5 billion in 24-hour volume and $2.4 billion in open interest. Binance and Okex are followed by Huobi ($7.9B), Bybit ($6.1B), Cointiger ($5.5B), Bitz ($4.2B), and FTX ($4.1B).

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
The company’s decentralized exchange (dex) platform captures $3.5 million on Monday, July 19, 2021. Statistics via Coingecko.

Binance’s cash-settled derivatives exchange offers 43 futures and 138 perpetuals in comparison to Okex’s 139 perpetuals and 1,408 futures products. The cryptocurrency exchange Binance doesn’t stop with just crypto spot and derivatives offerings either, as the company also operates a decentralized exchange (dex). While Binance is the largest centralized crypto spot exchange and derivatives platform, the company’s Binance Dex holds the 32nd position among the top dex platforms today.

Binance Dex pulls in $3.5 million in global trade volume between 105 coins and 158 trading pairs. The firm’s dex also saw 12,869,668 unique visitors on Monday and the top trade is currently BNB/BUSD. Still, by market share by volume, Binance only captured 0.1% of all the dex trade volumes during the last 24 hours.

Despite Negative Press, Binance Is Still the World's Largest Crypto Spot and Derivatives Exchange
In terms of crypto reserves held, Binance holds the second-largest crypto reserves just below the trading platform Coinbase. Statistics via Bituniverse.

Despite Binance having numerous issues over the last few weeks and all the negative headlines, the company is still a major force to be reckoned with in terms of crypto spot and derivatives volumes. Another thing people may not know about Binance is that the platform is the second-largest crypto exchange in terms of reserve balances.

Only Coinbase towers over Binance with $34.75 billion in BTC and ETH reserves. However, between BTC, ETH, and BUSD, data from Bituniverse shows Binance holds a massive $14.66 billion in crypto reserve assets on July 19, 2021.

What do you think about Binance and the platform’s performance while it has been scrutinized by regulators and financial institutions? Let us know what you think about this subject in the comments section below.

Bitcoin’s Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto

Digital currency markets have slipped in value this week as bitcoin has shed more than 8% of its value over the last seven days. The entire market capitalization of all 10,000+ crypto assets has also dropped 3.4% in value to $1.25 trillion on Monday. Crypto markets are following the trend of large drops seen across stock markets on Monday morning, as equities have significantly decreased in value.

Crypto Markets Follow Monday’s Stock Market Rout, Entire Crypto Market Cap Sheds Over 3%

Bitcoin dropped to a low of $30,400 on July 19, losing approximately 8.64% during the last week as the leading crypto asset slid 3.3% in 24 hours. Bitcoin’s market valuation is $575 billion at the time of writing and there’s $19 billion worth of BTC trade volume on Monday.

The top five trading pairs with BTC include USDT, USD, BUSD, JPY, and EUR. The stablecoin tether (USDT) commands over 56% of today’s BTC trades. Out of the $1.25 trillion, BTC captures 46.4% of the overall valuation, while ethereum (ETH) commands 17% of the entire crypto economy.

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto
BTC/USD on Monday, July 19, 2021.

The second-largest crypto asset, in terms of market capitalization, is ethereum (ETH) and ether has lost over 13% this week. ETH is also down over 6% during the last 24 hours and has around $14 billion in global trade volume.

The biggest seven-day losers on Monday include thorchain (RUNE) which is down over 40% and synthetix (SNX) down over 37%. The top three leading crypto assets on Monday include nem (XEM) up 6.8% this week, unus sed leo (LEO) up 1.9%, and hedera hashgraph (HBAR) which is up 1.4%.

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto
ETH/USD on Monday, July 19, 2021.

In a note sent to Bitcoin.com News, Pankaj Balani, CEO of the crypto trading platform Delta Exchange, explains the risk of dropping below $30K is now higher.

“Bitcoin failed above $33,000 and is trading around $31,800 on the spot market,” Balani said. “Bitcoin has been in a consolidation phase and is trying to settle in the $30,000-$40,000 range. Having said that, BTC has found it challenging to move higher and the upper end of this range has been converging gradually.” The Delta Exchange executive further added:

Bitcoin failed above $36,000 last week and $33,000 this week. We have also continuously tested the bottom end of the above range which shows weakness in price and opens up the risk of a breakdown below $30,000. Overall, the risk of downside below 30,000 on Bitcoin is much higher now than what it was in the months of May and June.

Equities Correction Could Impact Crypto Markets Negatively Short Term, Long-Term Confidence Remains High

Alex Kuptsikevich, the Fxpro senior financial analyst, told Bitcoin.com News that an S&P 500 correction could negatively affect the overall crypto economy. At the time of writing, the Dow Jones Industrial Average is down 700 points, while Nasdaq, NYSE, and tech stocks have also shed significant value on Monday.

Bitcoin's Value Dropped 8% This Week, Analyst Says Equities Correction Could Impact Crypto

“The Bitcoin network’s hash rate has never recovered to its peak and is currently at levels of late October 2019,” Kuptsikevich said. “An automatic decline should soon follow this in complexity. It is accepted that Bitcoin’s price follows the hash rate/complexity of mining, so the investment outlook is deteriorating for now.” Kuptsikevich’s analysis continued:

A correction in the S&P 500 could negatively contribute to the short-term dynamics of the crypto market. In this case, a correlation of the benchmark equity index and Bitcoin may well show its full potential, as similar cautionary sentiment prevails in both markets.

Etoro’s senior analyst, Simon Peters, says that despite short-term corrections, long-term outlooks are still quite positive.

“Recent harsh conditions for bitcoin and ether continued last week as both crypto assets saw significant sell-offs continue,” Peters explained to Bitcoin.com News on Monday. “Bitcoin’s recent woes deepened as the crypto asset slumped across the week, starting trading above $34,000 before losing ground. Likewise, ether has come down heavily from recent highs. ETH began the week above $2,000 but saw a quick sell off to trade below $1,900 at times,” the Etoro analyst added.

“With yet another poor performing week,” Peters added, “speculation on the short-term price direction of major crypto assets is rife, with mixed opinions on price depending on what metric/indicators analysts are looking at.” Peters’ investors note to Bitcoin.com News concluded: “Long-term confidence remains high, however, with a recent survey of Fintech experts revealing more than half believe bitcoin is capable of becoming the global reserve currency by 2050.”

What do you think about the crypto economy’s recent downturn? Let us know what you think about this subject in the comments section below.

Former Heavyweight Boxing Champion Mike Tyson Asks Fans if They Prefer Bitcoin or Ethereum

On Saturday, former heavyweight boxing champion, Mike Tyson, asked his 5.6 million followers on Twitter which crypto asset they prefer: bitcoin or ethereum. Tyson is no stranger to the world of crypto and just recently stepped into the realm of non-fungible token (NFT) collectibles.

Iron Mike Asks His Fans: ‘Which do you prefer, Bitcoin or Ethereum?’

The former professional boxer, otherwise known as “Kid Dynamite” and “Iron Mike,” tweeted about bitcoin and ethereum on Saturday and asked his followers which crypto asset they preferred. Tyson is quite familiar with bitcoin and on July 25, 2015, he tweeted about a bitcoin automated teller machine (ATM) that featured his image. He also shared a website called miketysonbitcoin.com which is now offline. At the time, Tyson connected with a firm called Bitcoin Direct LLC but the venture was quickly forgotten after some drama.

In more recent times, Tyson has teamed up with the full-service creative agency, NFT studio 1ofone. According to the announcement, Tyson will drop his first official NFT collection with 1ofone this August and it will be available via opensea.io. The former heavyweight champion collaborated with digital artist Cory Van Lew and the NFT collection will present “iconic moments from his career,” unlockable content, and a limited release as well.

“The more I learn about NFT’s the more excited I am to be a part of the crypto/tech community,” Tyson said in a statement about the NFT project. “It’s the future and I chose to partner with 1ofone to help me navigate through the NFT community with something truly innovative and creative that tells a story about who I am.”

Tyson’s tweet on Saturday not only got attention from a great number of crypto supporters but also legendary rapper Busta Rhymes. Rhymes has been intrigued by cryptocurrencies as well recently and tweeted about his curiosity to his Twitter followers. After Tyson asked: “Which do you prefer, BTC or ETH?” Rhymes replied and said: “Mike, I’m right there with you. Spent the last 30 min reading the comment section.”

In the comment section of Tyson’s tweet, there’s a myriad of responses from the crowd. Microstrategy’s CEO Michael Saylor responded and said: “Mike, I spent more than a thousand hours considering this question and chose bitcoin. So far, I have purchased $2.9 billion in BTC because I think it’s the future of digital property.” Even Twitter’s Jack Dorsey replied to Tyson and shared a website called hellobitco.in.

Tyson’s Question Sees a Number of Responses

Of course, a number of people shilled other crypto assets and a wide variety of cryptocurrencies are mentioned in Tyson’s thread. The official Baby Doge Coin Twitter account said: “Mike let’s talk #BabyDoge” with a boxing glove and dog emoji. Paxful executive Ray Youssef also responded to Tyson’s question. “Great to have you with us Mike,” Youssef remarked. “Bitcoin is halal and peaceful, honest money.”

Youssef further added:

[Ethereum] is a platform for defi which is permissionless protobanking. Both have their place but I hold most in bitcoin and the people of Africa are using it everyday as a way out of economic apartheid.

Others simply implied that Tyson didn’t have to choose if he owned both crypto assets. Of course, the Tyson tweet also led to a number of bitcoin fans and ether supporters battling. Most of which stemmed from the bitcoin maximalist crowd, while other crypto asset fans claimed there are superior coins Tyson didn’t mention.

Another individual said: “ETH is an entire decentralized secure economy. BTC is [a] decentralized secure orange coin. So I prefer ETH.” The number of replies to Tyson’s question is very large and like Busta Rhymes said, one could easily spend thirty minutes reading them.

What do you think about Mike Tyson’s recent tweet about bitcoin and ethereum? Let us know what you think about this subject in the comments section below.

From $100 Million to Nothing — Biographer Claims John McAfee Was Broke When He Died

From $100 Million to Nothing — Biographer Claims John McAfee Was Broke When He Died

Just before the antivirus tycoon John McAfee was found dead in Spain, he told the public from prison that U.S. federal authorities seized all of his assets and he had “nothing.” Now a biographer who is writing a McAfee-based biography has corroborated McAfee’s story. The author Mark Eglinton says that McAfee was also unable to pay for the requested biography.

McAfee Wasn’t Able to Pay for Requested Biography Expenses

In 1987, John McAfee wrote the first commercial-grade antivirus software and by 1994 he sold his stake in the company and resigned. By 2007, reports show that McAfee’s net wealth peaked at $100 million but allegedly his funds quickly evaporated in the 2008 financial crisis.

From $100 Million to Nothing — Biographer Claims John McAfee Was Broke When He Died
A picture of John McAfee when he lived in Belize for a number of years. McAfee’s antivirus firm called McAfee was bought out by Intel in 2010 for $7.6 billion. After Intel changed the name of the company to “Intel Security,” McAfee made a statement that he was freed “from this terrible association with the worst software on the planet.” In 2016, Intel rebranded again and reverted the name back to McAfee.

McAfee started close to ten companies after leaving the antivirus software firm and he resided in Belize for a number of years. In 2013, McAfee came back to the U.S. when it was discovered he was being questioned for murder by the authorities in Belize.

Speaking with the publication the dailymail.co.uk, Mark Eglinton, an author who was working on McAfee’s biography said the former antivirus tycoon was broke. The author’s book is called “No Domain: The John McAfee Tapes” and it contains a large quantity of interviews with McAfee.

Eglinton explained to Dailymail this week that toward the end, McAfee wasn’t able to pay for the requested biography’s expenses. “I don’t doubt that if he could have helped he would have,” Eglinton insisted. McAfee told him at the time:

I can’t do it, my financial situation is worse than yours.

Biographer Claims McAfee Built Extravagant Homes and Bought ‘Absolutely Bizarre Properties’

Reports have noted on countless occasions that McAfee lost his fortune during the financial crisis in 2008 but Eglinton rebuffed this theory. “We got a lot into where he spent his money over the years,” Eglinton said during his interview. “He had his money in very safe investments, but he built houses, absolutely bizarre properties. Some of them, he never slept a night in the property,” the biographer added. Because of the Great Recession, some of McAfee’s properties were sold at significant losses.

From $100 Million to Nothing — Biographer Claims John McAfee Was Broke When He Died
John McAfee pictured at his extravagant home in Woodland Park, Colorado.

For instance, the report notes that McAfee once owned a Woodland Park, Colorado compound, which was once valued at $25 million when he purchased the property. The property was later auctioned in 2007 to a commodities trader for $5.72 million. The Dailymail reporter Keith Griffith asked Eglinton about McAfee’s last tweet from prison when he told people the U.S. seized all of his wealth.

“The U.S. believes I have hidden crypto,” McAfee tweeted before he passed. “I wish I did but it has dissolved through the many hands of Team McAfee (your belief is not required), and my remaining assets are all seized. My friends evaporated through fear of association. I have nothing. Yet, I regret nothing.”

Eglinton told Griffith that McAfee liked to brag about being wealthy rather than admitting he was broke. Before McAfee’s final tweet and his issues with U.S. law enforcement, one could assume McAfee still had lots of money at his disposal.

“Rather than pretend he didn’t have it, I think he was pretending he did,” Eglinton said. The biographer further noted that the book will showcase a side of McAfee people haven’t really seen. “What will surprise people about this book is the deep philosophy of John McAfee,” Eglinton’s interview concluded.

What do you think about the biographer that says John McAfee was broke before he passed away? Let us know what you think about this story in the comments section below.

Jackson, Tennessee Mayor Praises Bitcoin’s Benefits Against Inflation, Aims to Create a BTC Hub

Jackson, Tennessee Mayor Praises Bitcoin's Benefits Against Inflation, Aims to Create a BTC Hub

Jackson, Tennessee’s mayor is a fan of bitcoin and he wants the city to become a bitcoin hub in order to entice technology companies and innovation. Jackson’s mayor Scott Conger is in the midst of discussing creating legislation that allows Jackson residents to pay property taxes with bitcoin.

Jackson, Tennessee’s Mayor Is a Fan of Bitcoin, He Wonders Why We Accept Inflation

Miami mayor Francis Suarez is not the only bitcoiner trying to get bitcoin companies and technological innovation to reside in his city. Jackson, Tennessee’s mayor is also a bitcoin fan and Scott Conger is the third member of his family to be Jackson’s mayor.

Conger has noticed inflation creeping higher after the federal government and central bank created massive quantities of stimulus during the last year and a half. In Conger’s opinion bitcoin is the only solution to this problem. Three days ago Conger tweeted:

Why do we accept inflation? Why don’t we demand more from our federal government 6.3% in 2 years? 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound. There is only 1 fix for this… Bitcoin.

Scott Conger: ‘Let Us Not Accept Any Inflation’

In a recent interview, Conger said he’s been keeping an eye on Mayor Suarez of Miami and he believes bitcoin can benefit Jackson. Bitcoin is ideal for remote workers leveraging the city of Jackson and it could give the Tennessee city an edge. In another interview, Conger mentioned inflation again and started looking at things priced in satoshis (the smallest denomination of bitcoin).

“It really hit home once it was pointed out the price of lumber in dollars… massive inflation vs the price in [satoshis],” Conger detailed. Conger is also known for saying:

Let us not accept any inflation as well as the increasing carbon footprint.

Conger has also initiated a task force dedicated to studying blockchain benefits and how payments with bitcoin can help bolster Jackson. “Our blockchain task force is looking into how the city of Jackson TN can accept property tax payments in bitcoin and allow our employees to DCA in bitcoin,” Conger tweeted on Thursday.

Earlier this year, Eric Adams also joins Conger and Suarez as the New York City (NYC) mayoral candidate wants New York to be a bitcoin hub as well and “the center of all technology.” Prior to Eric Adams, another NYC mayoral candidate, Andrew Yang, also promoted bitcoin during his campaigning in February. As far as Jackson, Tennessee, and Conger, he’s following the footsteps of Suarez.

“I’m taking pointers from Francis Suarez,” Conger tweeted. “In the coming weeks I will be forming a Blockchain Task Force to explore how to best position the city of Jackson TN for the future,” the mayor of Jackson added.

What do you think about the mayor of Jackson, Tennessee promoting bitcoin for his city? Let us know what you think about this subject in the comments section below.

Analyst: ‘Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While’

Analyst: 'Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While'

The analytics provider Ecoinometrics has published a tweetstorm that shows the current downward spiral from bitcoin’s all-time high is one of “the longest drawdowns bitcoin has had to deal with during a post-halving bull market.” Furthermore, the same day, analyst and economist, Julio Moreno, highlighted in a recent blog post that “in bitcoin, volatility is your friend.”

Analyst Discusses Bitcoin’s Second Longest Drawdown Before the Next Price Move

Most people in the industry understand that bitcoin (BTC) prices have seen better days and many spectators are wondering when the crypto asset will rebound. The fact of the matter is, we really don’t know, but people do leverage previous chart patterns from prior bull markets and have measured a number of timespans.

In recent times, Bitcoin.com News has published at least two market reports that show speculators believe this bull run resembles the action that took place in 2013. According to the analytics provider Ecoinometrics, the current downturn is the second-longest drop since 2013 and there’s still a lot more time left on the clock.

Analyst: 'Bitcoin Correction Very Similar to 2013 — BTC May Remain Stuck at $30K for a While'
Plot chart via Ecoinometrics on Twitter.

“Bitcoin after the Halving [on] Jul. 17, 2021,” Ecoinometrics tweeted. “431 days after the 3rd halving [and] BTC at $31,678. One more week stuck in this drawdown, 95 days since the last ATH, bottom -55% below the ATH, and volatility continues to decline,” the analyst added. Ecoinometrics further stressed:

This is one of the longest drawdowns bitcoin has had to deal with during a post-halving bull market. But 95 days is still only half the duration of the big drawdown of 2013… In terms of price trajectory, this correction also looks very similar to 2013. If we continue like that, BTC will remain stuck around $30k for a while.

The analyst also added that bitcoin’s one-month volatility was also down but “historically speaking, it isn’t particularly low.”

“So from that perspective it is possible for the trading range to stay pretty tight for longer,” Ecoinometrics concluded.

‘In Bitcoin, Volatility Is Your Friend’

Analyst and economist Julio Moreno agreed with Ecoinometrics’ volatility assessment, and shared a recent blog post he wrote about bitcoin volatility. Moreno’s report explains how people try to discredit bitcoin over price volatility, and his study asks whether or not “volatility [is] a bad thing.”

The analyst notes in his report that he doesn’t believe volatility is necessarily a bad thing. “I would say it is not, as it increases within each cycle along with price gains. When is bitcoin’s price more volatile? Mostly at market tops, after significant price appreciation,” Moreno’s report emphasized. His bitcoin volatility report concludes:

What does changes in bitcoin’s price volatility imply about its future trend? Accumulation has been better at low levels of volatility and this is typically reached before a big price movement.

What do you think about the assessments from Ecoinometrics and Julio Moreno’s reports? Let us know what you think about this subject in the comments section below.

These Are the Crypto Economy’s 5 Most Expensive Assets per Unit

These Are the Crypto Economy's 5 Most Expensive Assets per Unit

On July 18, the most valuable cryptocurrency in terms of dollars per unit, is bitcoin which is currently trading for $31,693. Besides all the wrapped bitcoins and synthetic bitcoin pegs, the second-highest valued crypto-asset per unit is yearn finance and maker follows behind. Removing the market capitalization positions and viewing crypto assets in this way gives a user an entirely different perspective.

A Look at the Top Digital Currencies by Price per Unit

At the time of writing, there are only two crypto assets worth five-digits and only two worth four. Looking at the price of each coin per unit shows a view of how many coins are trading at certain price ranges. Price per unit recorded in this report was accounted for at 8:55 a.m. (EDT) on Sunday, July 18, 2021. Data was collected from the crypto market aggregation sites markets.bitcoin.com and coingecko.com.

These Are the Crypto Economy's 5 Most Expensive Assets per Unit
The top five most expensive crypto assets per unit include bitcoin, yearn finance, maker, ethereum, and bitcoin cash. Price per unit was recorded on Sunday, July 18, 2021, at 8:55 a.m. (EDT).

Currently, a person must spend five-digits in U.S. dollars to purchase bitcoin (BTC) and yearn finance (YFI). While BTC is swapping just above $31K per unit, YFI is exchanging hands for $27.9K per token. Similarly, there are only two coins that are priced at four-digits per unit with maker (MKR) and ethereum (ETH).

Market aggregation sites show there are eleven crypto assets at three-digits per unit and bitcoin cash (BCH) lead the pack. BCH is followed by coins like compound (CMP), binance coin (BNB), and aave (AAVE) respectively.

23 Crypto Assets Trade for Two-Digits, 20 Coins Are in the Single-Digit Range

The last coin in the three-digit position is bitclout (CLOUT) which is trading just above the $100 region at the time of writing. There are only 23 crypto assets that are worth two-digits in value and the leader of the two-digit positions today is zcash (ZEC) running just under a hundred dollars.

Horizen (ZEN) and filecoin (FIL) are the only two coins in the $50 range out of the 23 two-digit cryptos. Kucoin token (KCS) holds the 23rd position and is the last two-digit coin out of the batch.

27 coins are in the single-digit range between $1 and $9 and seven of those crypto assets are stablecoins like USDT, USDC, DAI, and TUSD. Only 21 crypto coins have unit values between $0.50 and $0.99. The leader of the 21 is klaytn (KLAY) at the time of writing and the final position belongs to tron (TRX).

Of course, a number of crypto market cap aggregators are a touch different as coingecko.com has 8,545 coins recorded and coinmarketcap.com has 10,939 crypto assets recorded. Other aggregators like markets.bitcoin.com and messari.io have different numbers of recorded crypto assets as well.

Despite a few discrepancies, most of the market websites show roughly the same number of crypto assets per USD value for every unit. From this perspective, the top five coins in terms of the highest value per unit include BTC, YFI, MKR, ETH, and BCH.

What do you think about looking at the crypto economy from this perspective? Let us know what you think about this subject in the comments section below.

Report Claims Nayib Bukele’s Regime May Issue a Salvadoran Stablecoin

Report Claims Nayib Bukele's Regime May Issue a Salvadoran Stablecoin

According to regional reports, El Salvador’s current leadership is in the midst of developing a stablecoin backed by the U.S. dollar. Meanwhile, others believe the stablecoin idea was scrapped now that Nayib Bukele’s government chose to leverage bitcoin.

Some Say the Colón-Dollar Is Being Developed, Others Claim the Salvadoran Stablecoin Idea Was Scrapped

There’s lots of debate going on concerning a report published by the regional news outlet El Faro. The investigation claims the Salvadoran president Nayib Bukele and his regime plans to issue a stablecoin. The El Faro report references videos that show the president’s brothers discussing the stablecoin dubbed “Colón-Dollar.”

The report from El Faro does note a spokesperson from the Bukele regime says the stablecoin plans were scrapped, but “sources familiar” with the matter told El Faro they disagree. This is because it has been said that meetings about the Colón-Dollar are still continuing and happened after Nayib Bukele passed the new bitcoin tender law.

“El Faro has a copy of several videos that add up to more than two hours of virtual meetings, in which different negotiations appear with delegates from at least five technology companies and where the Bukele brothers are protagonists,” the reporters Sergio Arauz , Nelson Rauda and Roman Gressier wrote.

“El Faro also obtained documents in which the action plan proposed by foreign companies to leverage the implementation of a new financial system and the new currency is registered,” the report adds.

In a discussion on Twitter, the owner of the Twitter account tied to the bustling Bitcoin Beach community at Playa El Zonte believes the stablecoin idea was scrapped. The statement was in response to an individual from El Salvador that said the stablecoin idea reminded them of the petro from Venezuela.

“From my understanding, they were considering going this route (which would have been very concerning) but chose to embrace Bitcoin instead,” the Twitter account @bitcoinbeach tweeted. “From what I am hearing this is no longer a consideration. They gave up control to instead embrace an open protocol,” the account added.

However, another individual disagreed with the Bitcoin Beach account and believes otherwise. The person said that “several” of his “Salvadoran correspondents” corroborated the El Faro article, but he could not “vouch for their accuracy.”

Colón-Dollar Could be Integrated With Chivo, Alleged Meetings With Blockchain Teams

The El Faro source notes that the stablecoin called the Colón-Dollar may be introduced by the end of the year. Financial reporter Frances Coppola believes she predicted the creation of a Salvadoran stablecoin in a tweet she wrote on June 9, 2021.

“I reckon that’s what he will do. It won’t be backed with actual USD, it will be backed with a ‘USD-equivalent” stablecoin,’” Coppola said at the time.

In addition to people disliking the idea that Nayib Bukele’s regime may be creating a stablecoin, bitcoiners, as well as citizens from El Salvador, have taken issue with Bukele’s recent vaccine mandates.

A great number of Salvadorans said they were displeased with Bukele’s vaccine mandates and said the Salvadoran “population does not want” these Covid-19 vaccines. One individual tweeted to Bukele and said: “The Bitcoin community does not support you in this.”

Furthermore, the regional source that claims the stablecoin creation is still a go noted that Bukele’s brothers were in charge of the concept, and that the Colón-Dollar would be integrated with the government wallet dubbed “Chivo.”

In addition to the video meetings, the sources also detailed that members of Bukele’s regime met with blockchain teams from Whizgrid, Alogrand, and Cardano.

What do you think about El Salvador reportedly building a stablecoin backed by the U.S. dollar? Do you think the concept was scrapped after the country adopted bitcoin? Let us know what you think about this subject in the comments below.

Dolce & Gabbana to Launch High Fashion-Inspired NFT Collection in Venice

Dolce & Gabbana to Launch High Fashion-Inspired NFT Collection in Venice

This week the Italian luxury fashion house founded in 1985 in Legnano by Italian designers Domenico Dolce and Stefano Gabbana has announced the firm is launching a non-fungible token (NFT) collection. Dolce & Gabbana also known as D&G will reveal the first-ever Alta Moda NFT collection called “DGGenesi.”

D&G to Reveal Alta Moda-Inspired NFT Collection

Well known name brands have invaded the crypto space in order to join the non-fungible token (NFT) revolution. Brands like Topps, Warner Bros., UFC, DeLorean Motor Company, Playboy, MLB, TIME, and USA Today have all entered this new industry.

On July 14, the popular fashion brand and Italian luxury fashion house Dolce & Gabbana explained that it too was joining the NFT craze. D&G has a crafted a large assortment of products like clothes and perfume, but this will be the firm’s first NFT product.

“Dolce & Gabbana proudly reveals DGGenesi,” D&G tweeted. “The first ever Alta Moda NFT exclusive collection in partnership with luxury marketplace unxd.com. The marketplace unxd.com explains how D&G NFT bidders can “reserve a spot in line.”

D&G’s Collezione Genesi Collection Follows High Fashion NFTs by Clothia and Gucci

According to a report stemming from the fashion publication Vogue, the D&G NFT collection will premiere at the August 28-30 Alta Sartoria and Alta Gioielleria shows in Italy. The term “alta moda” means “high fashion” and DGGenesi or the “Collezione Genesi” collection was inspired by this trend.

Usually, Alta Moda is otherwise known as “Haute Couture,” which is basically when a fashion designer leverages hand-made fabrics with an attention to detail. In the 1880s and late 19th century, Alta Moda in Milan also meant ​​”fashion conscious.”

D&G followed the high fashion brand Gucci when the company recently sold its NFT “Gucci Aria” using the auction house Christie’s. The Gucci brand NFT sold for $25K and proceeds from the Gucci Aria NFT will be directed toward Unicef USA. Clothia, a luxury online retailer has also recently announced an NFT collection based on high fashion dresses.

What do you think about Dolce & Gabbana joining in on the NFT craze? Let us know what you think about D&G’s wearable high fashion NFT collection in the comments section below.

Busking for Bitcoin: Report Finds Street Performers Depend on Digital Payments

Street performers, or buskers, are leaning more toward digital platforms these days compared to the old method of accepting loose change. A report recently published by economists at RMIT University in Melbourne, Australia has found that in certain areas, buskers get more donations via digital payment methods like Paypal and bitcoin from people passing by, than by traditional means.

Buskers Leaning Toward the Digital World

Economists at RMIT University in Melbourne and data collected from The Busking Project indicate that digital methods of payment are becoming the norm for street performers. According to statistics from the study, the research combed through the payments stemming from 3,500 buskers from 121 countries.

Street performers getting payments via digital avenues have been leveraging different methods for quite some time. A myriad of stories and forum posts show bitcoiners have been busking for bitcoin throughout the last ten years.

In April 2018, ABC interviewed a busker named Josh Thompson who was “busking for bitcoin.”

At the time, Thompson said in Australia people passing by were “hesitant to make electronic payments to buskers.” However, Thompson remarked that it wasn’t the case everywhere, as other regions were more receptive to paying by digital means than loose change.

“In Europe and the UK, with apps and Paypal and everyone getting into bitcoin, people actually are paying buskers with digital currency,” Thompson said.

The most recent study compiled by RMIT economists was led by Dr. Meg Elkins, a senior lecturer in the School of Economics, Finance, and Marketing at RMIT. Elkins detailed that the report’s findings suggest street artists have more of an “entrepreneurial” spirit these days.

“Buskers performing in public for coin is a centuries-old practice, but they have to move online as our society becomes increasingly cashless,” Elkins said. The economist further added:

We know many street performers become personalities in their own right and we wanted to uncover how they could use digital payment systems to increase their online earnings and create more sustainable careers.

Digital Payments Simplify the Process

The Busking Project itself is an application that street performers and fans use to connect. The platform enables tipping from bank transfers in a few different fiat currencies. However, a few of The Busking Project’s blog posts highlight the use of bitcoin for payments as well.

In one particular article, The Busking Project gives the reader six digital methods to choose from and one of them is bitcoin. In the bitcoin section of the post, the author says the digital currency is: “My absolute favorite way to get tipped.”

The author of the post, written in 2017, further highlights that bitcoin (BTC) “transaction fees are getting higher” and “it’s in the early adoption phase.” The author adds that bitcoin is well worth learning about and BTC’s value could rise over time.

“So, if you get paid with bitcoin and keep it in your bitcoin wallet, you could end up making more than the tip amount,” the author of the six digital payments article adds.

The RMIT economist believes digital payments and QR codes are an excellent way for buskers to get paid. RMIT’s study also shows circus acts obtained the largest donations. The probability of musicians getting donations is the highest, but musicians get the smallest payments as well.

“In the future, we could see QR codes as part of the street performance, which would simplify the payment process even further,” Elkins remarked. The RMIT report’s author concluded:

More than 40 QR code trails are underway across Europe, the US and Australia. Digital platforms can potentially allow street performers to generate more generous donations beyond cash tips.

What do you think about buskers getting more in digital tips than by the traditional spare change method? Let us know what you think about this subject in the comments section below.