What are the chances of XRP seeing an upside of 11%

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice At the time of writing, recovery had set in across the cryptocurrency market, with XRP already bouncing from the lows of $0.5156 to $0.5946. This was a rally worth 15.60%, with XRP likely to […]

Report: Nigeria to Start Piloting Digital Currency in October

The Central Bank of Nigeria (CBN) has reportedly set October 1 as the commencement date for the trial phase of its digital currency project. Dubbed project Giant, this digital currency project, or the “e-naira,” is expected to use the Hyperledger Fabric blockchain.

CBDC Comes to Life

The revelation of the launch date for Nigeria’s central bank digital currency (CBDC) comes just a few months after central bank governor, Godwin Emefiele, said the digital currency will soon “come to life.” It also comes after the CBN suggested in June that Nigeria would have its own CBDC by the end of the year.

With this revelation — when confirmed officially — Nigeria will become the second West African nation to announce the pilot phase of its own digital currency in 2021. As previously reported by Bitcoin.com News, the Bank of Ghana is the other country from the region to announce a start date for its digital currency project.

Culmination of a Long-Running Study

As the Nairametrics report quoting Central Bank of Nigeria IT director Rakiya Mohammed explains, the announcement is the culmination of the central bank’s research into digital currencies which started in 2017. The director added that the CBN might still “conduct a proof of concept before the end of this year.”

In the meantime, the report reveals some of the focus areas that stand to benefit from the rollout of the e-naira. Some of these areas include cross-border trade, monetary policy, tax revenue collection, and remittance inflows.

Do you agree that the CBDC will be beneficial to the broader Nigerian economy? You can share your views in the comments section below.

Ex-fund manager pegs Bitcoin at $2 million by 2031. But that’s a $45 trillion market cap

Greg Foss, the Executive Director of Validus Power Corp, which uses flare gas to mine Bitcoin, lays out the case for a $2 million BTC price.

Although sky-high price predictions are nothing new, Foss’s forecast is up there among the highest. Having said that, what is the reasoning behind his prognosis?

Oil and gas to spur BTC’s rise

Lofty price predictions are part and parcel of the cryptocurrency space.

For example, Gemini’s Winklevoss twins predicted a $500,000 Bitcoin price by 2030. While 2017 saw Wences Casares, a PayPal board member and CEO of Xapo, give a $1,000,000 price by 2027.

However, both of those pale in comparison to Foss’s $2,000,000 price prediction.

Speaking with Anthony Pompliano, in justifying his position, Foss said that he thinks oil and gas will be priced in BTC, rather than dollars, within the next ten years. This will elevate its status to the global reserve asset.

“I think Bitcoin has a chance of becoming the global reserve asset of the world. Why? Because I think oil and natural gas will shortly, and when I say shortly, in the next ten years, become priced in Bitcoin.”

Giving the example of Russia and its oil and gas resources, Foss spoke about the raw deal Russian energy suppliers face by selling in dollars and receiving a devaluing asset in return.

“If you’re Russia, do you want to sell your valuable resources for this thing called U.S dollar, which is a programmed to debase fiat currency, or do you want to hold U.S treasuries which is a fiat contract, which is also programmed to debase?”

He added that Bitcoin, as “digital energy,” poses a better deal. And over time, as more countries come to that realization, there will be a gradual shift where nations want to price energy in Bitcoin.

Bitcoin at $2 million?

Previous to this explanation, Foss mentioned that the total value of global assets, which include equities, debt, currency, fine art, gold, etc., are valued at $900 trillion.

In coming to his $2 million BTC price, Foss assumes that Bitcoin could capture 5% of the total global value of assets.

Doing the sums with this line of reasoning puts BTC at a $45 trillion market cap, which gives a price of $2.142 million per token when apportioned across the total supply.

“So what percentage of the reserve asset does it make sense that $900 trillion could capture? Would it be 5%? I think that’s pretty low, but let’s assume it’s 5% of $900 trillion. 5% of 900 trillion is 45 trillion. 45 trillion divided by 21 million Bitcoin, that’s over $2 million a Bitcoin.”

As an “insider” of the oil and gas industry, Foss may be right about the end of the petrodollar. But, from where we currently stand, it’s still a big leap to assume a petrobitcoin would take its place.

The post Ex-fund manager pegs Bitcoin at $2 million by 2031. But that’s a $45 trillion market cap appeared first on CryptoSlate.

Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub

The Ethereum Improvement Proposal (EIP) 3675 has now launched on GitHub. EIP-3675 contains the ETH 2.0 proof of stake merge that is coming to the network. Although this does not mean that the move to proof of stake is happening anytime soon, it is bringing the Ethereum network one step closer to the move from proof of work to proof of stake.

Consensus researcher Mikhail Kalinin creating a pull request for the EIP-3675 on GitHub formalized the chain merge as an improvement proposal for the first time ever. The pull request was made on Thursday 22nd July 2021.

Related Reading | Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst

Ethereum developers continue to work towards the merging of the Ethereum Mainnet with the already up and running Beacon Chain, which would mark the final step for the move to proof of stake.

The EIP-3675 is meant to set the stage for “The Merge,” which is slated to be discussed at a core developers’ meeting that will be held on Friday, July 23rd.

ETH 2.0 Delays

Ethereum co-founder Vitalik Buterin had confirmed that the move to ETH 2.0 had been delayed. But according to the CEO, a couple of factors had contributed to the delay of the project.

Firstly was that they had expected it to take a much shorter time than it would have. When the project was first proposed, the team had believed the move to proof of stake would only take a year. It turned out to be a project that would take at least six years to accomplish.

Ethereum price chart from TradingView.com

ETH price shows downwards movement post-recovery | Source: ETHUSD on TradingView.com

Another problem that the Ethereum upgrade had encountered had been team conflicts. It had been speculated that technical difficulties had been the reason for the continuous delays but in the end, Buterin confirmed that the problem was in fact not related to technical problems. One of the major causes for the delays had been with the people working on the project.

Related Reading | Ethereum Whales Go On Buying Spree, Top 10 Addresses Now Own 20% Of All ETH

One of the biggest problems I’ve found with our project is not the technical problems,” said Buterin. “It’s problems related to people. We have a lot of internal team conflicts in these five years.”

Continous disagreements and team conflicts seem to plague the project. The CEO is quoted saying, “if you are building a team, it is important to know who you are working with.”

Ethereum Progression So Far

Expectations for the network continue to remain high. Ethereum price itself has taken hits over the past months as the crypto market continues to be beaten down by bears. But despite the declining prices, holders continue to stake their coins ahead of the move to proof of stake.

Over 6.3 million ETH have been staked on the Ethereum network, accounting for over 5% of the current circulating supply of ETH.

Related Reading | As Ethereum Price Suffers, Investors Wonder If ETH Can Become Deflationary

Investors had hoped shard chains would be rollout this year but this is unlikely as the possible date of launch for the shard chains has now been moved to 2020.

Ethereum’s price continues to trade above $2,000 after the boost it received from Elon Musk. With a current market cap of $234.05B.

Nigeria to Launch a Pilot for Its CBDC in October

After four years of research, the Central Bank of Nigeria (CBN) will finally roll out a pilot program for its own digital currency on October 1st, 2021. The CBDC project, named “GIANT,” will run on the modular blockchain framework Hyperledger Fabric.

Nigeria Does Not Want to Fall Behind

During a recent webinar, the Central Bank of Nigeria revealed that it had set a clear date for launching a pilot for its CBDC – October 1st. The information technology director of the CBN – Rakiya Mohammed – highlighted the move as the institution spent four years researching and developing the project.

The pilot program will reportedly come under the name of “GIANT” and will run on the permissioned blockchain infrastructure Hyperledger Fabric. Additionally, Mohammed noted that the CBN could administer a proof of concept before the end of 2021.

The top Nigerian bankers reminded during the webinar that around 80% of the central banks around the globe were currently attempting to issue their own CBDC.

With the help of this future project, Nigeria hopes to focus on growing regional problems such as monetary policy effectiveness, revenue tax collection, improved payment efficiency, remittance improvement, financial inclusion, and targeted social intervention. Furthermore, the CBN pointed out that an e-naira would enable cross-border trade facilitation.

Nigerians Love Digital Assets

Nigeria is one of the leading cryptocurrency markets in Africa, as millions of the nation’s young residents use digital assets in an attempt to solve their financial problems.

Not long ago, though, the CBN imposed restrictions on trading with virtual currencies, urging local banks to stop servicing bitcoin clients. The institution explained that many criminal organizations use the asset to facilitate money laundering and even finance terrorism. However, a few weeks later, the central bank changed its stance and announced that it is okay with cryptocurrencies and is not discouraging people from trading with them.

And while many expected that the hurdle would threaten and reduce the size of the market, such a thing did not occur. Nigerians continued to remain bullish, and the country emerged as the biggest peer-to-peer market for Paxful amid the CBN’s prohibition. Over 1.5 million local platform users have reportedly hit a remarkable trading volume of $1.5 billion.

A DeFi-Ethereum season is unlikely to happen unless…

The beginning of the 3rd quarter hasn’t been smooth sailing for the crypto-industry. With Bitcoin dropping below $30,000 and Ethereum briefly touching $1700 again, despite recent recoveries, bearish pressure has continued to creep up. Now, when we begin to incorporate all the bullish and bearish indicators, we have to understand that multiple factors currently cater […]

Macro Guru Raoul Pal Says He’s Accumulating New Crypto Asset in Addition to Bitcoin and Ethereum

Macro analyst and former Goldman Sachs executive Raoul Pal says he’s expanding his portfolio beyond Bitcoin and Ethereum.

In a new interview on Real Vision, Pal says he’s gravitating toward social platforms with strong network effects.

 

Pal also says he’s devoting some of his net worth to the crypto sports entertainment project Chiliz (CHZ).

Chiliz, which has a market cap of just over $1 billion, is the crypto asset that fuels the fan token app Socios. Socios allows users to purchase Chiliz, exchange it for their favorite team’s tokens, and use the tokens to vote in polls and receive various incentives.

Pal argues that as blockchain develops and the world becomes more digitally focused, crypto will power a new ecosystem of virtual communities and business structures.

I’m a huge believer that community is the future of all business models and that tokenization is going to be the predominant way that we organize these large, complex groups – now whether that’s sports fans, or whether it’s around music artists, or even businesses themselves.”

Bitcoin did the same thing, argues Pal, unleashing a whole new network of value and connecting a novel community.

“I’ve thought of this as an entirely different value layer that sits above equity that didn’t exist before, because for, let’s say, sports teams to access their fans, they had to pay social media. They had to go onto different platforms, and they had to lease their audiences back from Facebook and everybody else. And this way, it aligns the benefits…

Facebook is a classic example of a network effect business – and they have this structure where the shareholders get all the economic value and the network users get the network benefit, but they don’t get the monetary value. Then Bitcoin comes along and changes everything, because the network user gets the value, the token. And that unlocks this whole community thing or fandom, because then, now suddenly, above equity is this whole other thing that is potentially larger than the equity itself.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Macro Guru Raoul Pal Says He’s Accumulating New Crypto Asset in Addition to Bitcoin and Ethereum appeared first on The Daily Hodl.

Solana to Launch Stake Pools, This Is How It Will Enable Rewards For SOL Holders

The Solana Foundation has announced Stake Pools to increase the network’s security, promote censorship resistance, and rewards SOL holders in the process. The announcement was made via their official Twitter handle.

The Stake Pool program was enabled via an on-chain governance process, as the Solana Foundation said. Any SOL holder can participate in the process via SolFlare, a non-custodial wallet that allows users to connect with this network.

SOL token holders can earn rewards and help secure the network by staking tokens to one or more validators. Rewards for staked tokens are based on the current inflation rate, total number of SOL staked on the network, and an individual validator’s uptime and commission (fee).

The program was launched to increase the network ability to withstand disruption or attacks, the Solana Foundation said. This capacity is partially measured by looking at the “superminority”, the smallest number of validators capable of launching a successful attack.

Thus, the Stake Pools operate as incentives for the users to place their SOL funds between independent validators, the announcement clarified. As the stake distribution increase, so does the network’s security.

Solana is already one of the most censorship resistant networks (our superminority group is currently 16), but the Solana Foundation can do even more to increase stake distribution.

How To Earn Rewards While Securing Solana

When a user stakes their SOL token, these are distributed across “a larger number of validators”. Then, users earn tokens for delegators represented by the amount deposited, as stated above, plus rewards for staking.

The rewards can be use in other decentralized finance (DeFi) apps, the Solana Foundation said. For example, in the automated market maker Raydium or the decentralized exchange (DEX) Serum.

The stake pool system is comprised of 3 main actors: the manager, capable of earn and update the fess, the staker, capable of adding and removing validators to a pool and rebalancing stake, and the users, those that provide the SOL for an existing stake pool. The Solana Foundation said:

(…) the stake pool only processes totally active stakes. Deposits must come from fully active stakes, and withdrawals return a fully active stake account. This means that stake pool managers, stakers, and users must be comfortable with creating and delegating stakes, which are more advanced operations than sending and receiving SPL tokens and SOL.

Stake pool participates will be able to profit from additional incentives if they meet any of 3 criteria, the Foundation said. First, if they launch a stake pool by August 30, 2021, promoting a definition of censorship resistance. These managers will be eligible for a 100 SOL reward.

If they also reached 100,000 SOL deposit to their pool, they wil receive a 200 SOL grant or a 1,000 SOL grant if they reached 1,000,000 SOL staked.

At the time of writing, SOL trades at $27,01 with a 2.9% loss in the daily chart.

Solana SOL SOLUSDT
SOL with small losses in the daily chart. Source: SOLUSDT Tradingview

Altcoin roundup: Crypto credit cards could be the missing link to mass adoption

Hodling is nice, but eventually, everyone wants to buy something. This is why crypto debit and credit cards are key to mass adoption.

Out of the many routes available to the mass adoption of cryptocurrencies, which includes decentralized finance (DeFi), layer-one protocols, nonfungible tokens and stablecoins, perhaps the simplest and most applicable path for the public at large is the ability to utilize cryptocurrency for everyday purchases with an integrated debit or credit card.

2021 has seen a growing number of companies offer cryptocurrency-based credit cards that give holders the chance to tap into the value of their cryptocurrencies for daily purchases, but is this just the latest gimmick being used by businesses to earn a buck or a real sign of mass adoption?

While the traditional financial sector isn’t discussed much in this newsletter because its focus is on exploring the various sub-sectors of the cryptocurrency ecosystem, crypto assets are quickly becoming a new investment class recognized by the global financial system.

Debit cards tap into crypto holdings

It’s important to clarify the differences between the card services offered by some of the largest players in the game including Crypto.com, BlockFi and Coinbase.

Debit cards like the one offered by Crypto.com allow users to convert their cryptocurrency holdings to a stablecoin that can then be transacted on Visa’s global network.

The Coinbase card and crypto debit card offered by Uphold provide a similar service, with both offering rewards for use in the form of a percentage of each purchase, paid back in Bitcoin (BTC) or another cryptocurrency, depending on the platform.

Being able to make purchases with your holdings may help bring a good use case to the cryptocurrency ecosystem, but it also goes against the “hodl” nature of many investors who subscribe to Gresham’s Law that “bad money drives out good money in circulation.”

When it comes to which money is spent and which money is saved, good money, or cryptocurrencies, in this case, will be saved while fiat currencies will be spent in daily transactions.

Crypto credit allows hodlers to continue accumulating

Credit cards like the recently launched BlockFi Rewards Visa Signature Credit Card do not require an upfront conversion of a user’s crypto holdings to pay for transactions. Instead, it offers a credit limit with an attached interest rate.

Gemini exchange plans to offer a BTC cashback rewards card on the Mastercard network. This is another example that has taken the approach of the legacy credit system by offering rewards and charging interest on carried balances.

Users can spend fiat currencies and earn cashback rewards that are paid back in the form of Bitcoin.

Paying in dollars while stacking stats lines up more with the idea of spending bad money in daily transactions while earning more crypto, but it does require users to have fiat currencies to spend.

In the case where someone only has cryptocurrencies, they would be forced to convert some of their holdings to the accepted form of repayment and possibly incur a taxable event, depending on the laws where they live.

Currently, most of the world’s population either still uses the traditional financial system or is part of the large population of the unbanked who are outside of all systems. The injection of blockchain technology and cryptocurrency is either adding another step to the process or offering a new way into a financial network.

For die-hard crypto fans that hold as much of their wealth as possible in cryptocurrency, debit card options that allow users to spend their holdings may provide the best option.

Since many crypto investors work jobs that still pay in fiat currencies, credit card options offer a way to use their income to make purchases while also continuing to accumulate without having to conduct the conversion to crypto themselves.

Related: Bitcoin payments for real estate gain traction as crypto holders seek monetization

Legacy networks will eventually integrate blockchain technology

Visa and Mastercard have fully embraced the integration of cryptocurrencies and blockchain technology into their networks. Visa recently reported that its crypto-enabled cards holders spent more than $1 billion during the first half of 2021.

It’s possible that in the near future, the entire network could be blockchain-based and users will be interacting with digital currencies on a regular basis without even knowing it.

How it all plays out long-term is anyone’s guess, but the current trend of companies releasing cryptocurrency-related debit and credit cards shows no signs of slowing down. They are a tried-and-true marketing tactic used in industries large and small to help entice new users.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

French Central Bank Conducts Fifth Experiment on Tunisia CBDC

The French central bank, Banque de France (BOF), recently carried out its fifth experiment on the Central Bank of Tunisia (CBT)’s central bank digital currency (CBDC). According to a statement from BOF, the latest experiment is part of the banks’ joint effort to create conditions that are “conducive to a better inclusion of the Tunisian diaspora in Europe.”

Platform Targets Tunisian Diaspora

In his comments following the experiment, Mohamed Sadraoui, a director-general at CBT, suggested that the CBDC platform’s success will likely “reinforce transparency, speed and cost savings” for users. He went on:

The success of this experiment is an opportunity to start thinking about the deployment of alternative channels for cross-border transfers initiated by the Tunisian community in Europe to Tunisia.

As a press statement explained, this experiment involved the simulation on a private blockchain of the issuance and settlement of unlisted securities and of the settlement of listed securities. Settlements of securities were simulated by central bank digital currency issued on the blockchain.

Central and Commercial Bank Collaboration

However, this experiment required the development and deployment of smart contracts so that the BOF could issue and control the circulation of CBDC tokens while ensuring that each transfer takes place simultaneously with the delivery of the securities.

In her remarks on behalf of BOF, Nathalie Aufauvre, the bank’s director-general of financial stability and operations, said “this experimentation has helped appreciate the interest of the interbank MNBC for the execution of retail cross-border transfers by resorting to cooperation between commercial banks and central banks for the establishment of more efficient processes.”

A consortium of actors driven by Liquidshare is part of this experimental program that was launched in March 2020.

What are your thoughts on this experiment on the CBT’s digital currency? You can share your views in the comments section below.

Second hack in one week: ThorChain suffers hack worth $8M

TL;DR Breakdown

  • The exploitation of the ThorChain led to the loss of a whopping $8M.
  • The details are yet to be revealed as the hackers haven’t been located or identified.
  • Although the members guarantee increased scrutiny, it seems that protocol has security issues.

ThorChain has been a favorite DeFi protocol for plenty of developers, but right now, it seems to be going through a very rough patch. Today, in the morning hours, supposedly a whitehat hacker(s) broke in to exploit the DeFi protocol.

This is not the first incident in the world of cryptocurrencies and not the first for ThorChain. The protocol was also attacked earlier this week, and this is the second attack as the chain was given little time to recover.

ThorChain lost $16 million

The protocol was earlier attacked wherein around 4000 ETH tokens were stolen, leading to the loss of around $8 million as ETH is currently trading above $2K, i.e., three percent up from yesterday’s price.

With this deep loss, the protocol members are unwilling to give up and promise to be back with strong security and decreased vulnerabilities. The attackers were successful as they could figure out a vulnerable position of the “ETH router.”

Hacker was a whitehat

The members of TronChain say that the hacker was careful enough not to impact too much of the protocol, which means that the hacker was actually whitehat. The members have thanked the hacker for their support as they exposed the vulnerability.

The hackers have demanded a 10 percent prize for their efforts that amounts to around $800,000, which will be provided when the hacker surfaces to claim the rewards.

However, these two instances have damaged the reputation of Thorchain as a secure protocol in the blockchain industry.

Weekly roundup: Ark Invest, Edge Wealth Management, and Rothschild Investment accumulate crypto

Cathie Wood's Ark Invest purchased more than 450,000 GBTC shares in two separate buys this week.

As the price of Bitcoin returned to more than $32,000 this week, some major firms announced they had increased their exposure to cryptocurrencies through Grayscale’s crypto trusts.

According to a Friday filing with the U.S. Securities and Exchange Commission, or SEC, New York-based investment firm Edge Wealth Management currently holds 54,134 shares of Grayscale’s Bitcoin Trust (GBTC), valued at $27.13 at the time of publication, and 25,280 shares of the company’s Ethereum Trust (ETHE). The crypto holdings are worth almost $2 million at $1,468,655 and $466,668, respectively, roughly 0.3% of the $703 million total assets under management the company reported on Feb. 2.

Grayscale’s crypto trusts are not new investment opportunities for Edge. The investment firm held 37,605 GBTC and 17,300 ETHE shares in April, representing increases of 44% and 46%, respectively.

Some institutions’ exposure to Bitcoin (BTC), Ether (ETH), and other cryptocurrencies through Grayscale have increased as digital currencies seemingly play a larger role in the global economy. Similar filings with the SEC show Rothschild Investment Corp quadrupled its exposure to Bitcoin through Grayscale, owning 38,346 GBTC shares in April and 141,405 GBTC as of June 30. With a reported more than $1 billion in assets under management as of April 8, the Bitcoin trust shares represent less than 0.09% of the investment firm’s holdings.

However, Cathie Wood's Ark Invest is continuing to purchase GBTC shares at higher rate than the two aforementioned companies. This week, the investment firm reported it purchased more than 450,000 shares of Grayscale Bitcoin Trust in two separate buys, bringing its combined holdings to more than 9 million shares, or roughly 0.5% of its portfolio. At its peak in March, GBTC represented 0.9% of Ark’s portfolio.

Related: Grayscale ‘100% committed’ to turning GBTC into Bitcoin ETF — CEO

“The investment community continues to express interest in the digital currency asset class, and the crypto ecosystem more broadly, and as these assets gain mainstream adoption, we anticipate investors will seek new ways to access digital currencies to further diversify their portfolios,” said Grayscale CEO Michael Sonnenshein in a letter to investors.

The reports of GBTC purchases come the same week Grayscale unlocked 16,240 BTC worth of its Bitcoin Trust shares after six months. Though there was some speculation the price of the crypto asset could be adversely affected by such a large release in a single day, BTC saw a roughly 2.9% increase in price week-over-week and reached $32,457 at the time of publication.

Bitcoin and Crypto Are Dragged Down Even Further

Bitcoin is in a very dark place at the time of writing. After trading for a new all-time high of $64,000 per unit in mid-April of this year, the currency has once again (for the second time in the past few months) dropped below the $30,000 range and is now trading for just over $29,000. This means that in just three months alone, the world’s number one digital currency by market cap has lost more than $35,000 off its price and more than 50 percent from its value.

Bitcoin Drops Further; Trading for Under $30K

In addition, bitcoin appears to be dragging other coins lower as well. Just under $90 billion in total valuation was removed from the crypto space over the course of a single day. Bitcoin itself is down more than five percent, but many other major altcoins have joined the fall. Ethereum has dropped six percent, while Ripple’s XRP has taken a nine percent dip during this time.

Experts believe that the fall that occurred with bitcoin and the crypto space is likely due to a recent selloff in global stock markets. Annabelle Huang – partner at the crypto financial firm Amber Group – explained in a statement:

There has been a broad selloff in global markets. Risk assets are down across the board. Broader risk assets turned weaker including high yields. Coupled with recent BTC (bitcoin) weakness, this just sent the crypto market down further.

Others, however, differ in their opinions of what is potentially bringing down the entire industry. Many analysts feel that China has entered territory in which there is no return from. The country has worked hard these past few weeks to basically obliterate its entire mining industry, which is a big feat for many reasons.

For one thing, China – at one point – accounted for approximately 65 to 75 percent of all mining operations in the world. Now, many former companies are either dealing with displacement or being forced to close altogether. This is also not the first time that China has gone after cryptocurrency businesses, having banned local crypto exchanges about four years ago.

Other analysts also feel that ongoing COVID fears are likely leading to market drops. The alleged Delta variant of the coronavirus is meandering throughout several regions, and it looks like traders are looking to hang onto as much money as they can for the time being.

Jehan Chu – founder of the crypto enterprise Kenetic Capital – mentioned in an interview:

All signals are red as BTC (bitcoin) continues to be weighed down by China’s ultimate crypto ban and worsening macro-economic conditions from a surge in COVID variants.

More Losses in the Coming Days?

In addition, he is also anticipating a greater selloff in the crypto community, continuing his discussion with:

Q1s crypto market momentum has stalled and is threatening further reversal potentially below the $25K levels.

The post Bitcoin and Crypto Are Dragged Down Even Further appeared first on Live Bitcoin News.

Ethereum Grows Weaker As More Than Half Of Tether’s $62 Billion Supply Now Sits On Tron

Ethereum Grows Weaker As More Than Half Of Tether's $62 Billion Supply Now Sits On Tron

Ethereum and Tron have had a history of contention. Offering similar services, the two blockchain networks have been going head to head in several measures of blockchain success. Even their founders, Vitalik Buterin of Ethereum, and Justin Sun of Tron have taken jabs at each other online severally.

In the past year, the rivalry has only intensified further. The year 2020 was a great year for Tron as they celebrated several record-breaking events. One of Tron’s DeFi platforms, JustSwap, which launched in August 2020, facilitated $100M in trades in its first 24 hours.

Since then, the Tron network has still come forth with more success. Setting out in 2021 to focus on growing and scaling their new DeFi infrastructure and expanding functionalities, they have broken new records. One of such records is the fact that the volume of Tether on the network has surpassed the volume of the stable coin on Ethereum. 

As noted by the director of digital assets strategy at VanEck, Gabor Gurbacs, in a tweet, of the $62 billion worth of Tether’s stablecoin, USDT, in circulation, $31B is on the Tron network while $30 billion is on the Ethereum network. 

To add to that, Tron has also been crushing Ethereum in other metrics. As transaction costs on Ethereum were becoming higher due to high network congestion, more users moved over to other blockchains and Tron was one of the major beneficiaries of the move. Tron traditionally has a faster transaction speed than the Ethereum network, with Tron’s transactions taking about 15 seconds to complete, while Ethereum takes up to 15 minutes to complete. Tron is also thought to be more scalable than Ethereum and with more advanced technology hence it saw its usage increase thanks to congestion on Ethereum.

Ethereum, while it waits to move to a proof of stake protocol that will see its congestion and high transaction fee problems greatly reduced, is gathering a growing number of threats to its prestigious position. 

Our recent report detailed how Polygon (MATIC) was also vying to overtake Ethereum to become the new home of NFTs with its newly funded Polygon Studio. They just launched a $100 million fund for the project that will concentrate on bringing NFTs to the gaming world on their blockchain that could overthrow ethereum as it would offer cheaper, faster NFT transactions.

Additionally, Binance Smart Chain (BSC) the native decentralized smart contract blockchain of cryptocurrency exchange, Binance, is also one of the contenders against Ethereum. The network’s active addresses recorded a high of 2,105,367 addresses on June 7, 2021 – more than double Ethereum’s all-time high of 799,580 addresses on May 9, 2021, despite the network being way younger. 

With all the competitors closing in, Ethereum is in a race against time to integrate all its upgrades in order to gain steam again. The soon-to-be-live London update and the ETH 2.0 upgrade will bring them back into fighting shape. Should they be successful, there is great optimism for the network retaining its spot, and even going on to flip Bitcoin.

Jack Dorsey sees Bitcoin as a prominent part of Twitter’s future expansion

TL;DR Breakdown

  • Twitter hasn’t been critical of cryptocurrencies as the CEO made efforts to integrate BTC.
  • The integration of BTC with the Twitter platform resulted in Twitter Tip Jar.
  • Jack Dorsey, the man behind Twitter, has revealed that a future of Twitter integrated with BTC exists.

Jack Dorsey, the current Chief Executive Officer of Twitter, has revealed much about his plans of integrating Bitcoin with the platform. This is indeed a new concept that is still in the works. The recent introduction to Twitter Tip Jar was just a peek into the future, it seems.

In the recent Q2 earnings call, the CEO revealed that in the near future, there are plans to change the way Twitter functions with the help of Bitcoin integration and expansion into Twitter’s products and subscriptions like Super Follows.

Jack Dorsey considers BTC as the currency of the people

Jack Dorsey has revealed that his and the company’s primary eyes have been set on integrating Twitter with Bitcoin and giving the users of the platform what they want. This is the first instance that the CEO has publicly revealed his intentions regarding cryptocurrencies.

Twitter revealed that it would be giving off 140 NFTs at no cost to people on Twitter, and this is a sign that the CEO has already planned great things in mind. It seems that Jack is taking crypto to the moon.

Twitter is not alone

Twitter is not the only social media platform that is coming up with the idea of integrating Bitcoin and other cryptocurrencies with their platform. Facebook is also preparing for the launch of Diem crypto.

The Diem crypto is a stablecoin that will be integrated with Facebook Pay. The difference between Twitter and FB is that the former is looking to implement Bitcoin as a native internet open standard.

Decentralization & Gamification: Pushing The Online Fitness Industry Needs

Decentralization & Gamification: Pushing The Online Fitness Industry Needs

COVID-19 was a terrifying time for many people worldwide, with important businesses and industries suffering significant setbacks. Some even had to shut down their operations due to the lockdown imposed by almost every government. While COVID mainly negatively impacted various sectors, other industries saw an unprecedented increase in revenue and mass adoption. The online fitness industry was one of those industries that made up this select group. Unfortunately, due to the prolonged lockdown and indefinite closure of gyms, many people decided to convert their homes into a makeshift fitness center, relying on fitness apps and fitness coaches on YouTube and other streaming services to stay in shape until gyms reopened. While this is a positive step, online fitness still has a long way to go before adequately evolving and retaining its appeal. This article will look at the next steps for the online fitness industry and why they’re essential. 

Why The Fiftness Industry needs to Embrace Decentralizatio And Gamification 

Given the recent increase in online fitness apps due to COVID-19, users have expressed some concerns that players in the fitness industry can only address through total decentralization. In

layman’s terms, decentralization refers to transferring control of an activity or organization to multiple entities rather than a single entity. The online fitness industry can address user privacy issues currently plaguing the ecosystem by utilizing blockchain technology, known for its immutability and strong user privacy. 

The current state of the online fitness industry allows for the leak of subscribed users’ private information, which research institutes harvest without their consent. The leak of personal data is a severe problem for the fitness industry, owing mainly to the high level of centralization in the online fitness industry. However, users can be confident that their data will be secure and inaccessible to third parties such as research institutes if they choose the decentralization route. Another significant issue raised by users is the general lack of appeal and zero effort in terms of extra incentives for customer retention in most online fitness apps on the market. In-app gamification can help to solve the problem of poor UX. Gamification is the process of incorporating elements of gameplay into fitness applications. Gamification also provides users with additional incentives and encourages users to stay engaged with the online fitness app. In-app gamification can take the form of a referral and bonus system. According to reports, a significant player in the online fitness industry ecosystem is leading the way in addressing the issues raised. 

About 360Wellness 

360Wellness is a significant player in the online fitness industry, and they have begun to address the industry’s current limitations by implementing blockchain technology. 360Wellness is a decentralized fitness and wellness marketplace that connects people with professionals worldwide to help them stay fit and healthy at home. 360Wellness recognized the online fitness community’s concerns and recently launched their in-app token, “$DEFIT.” Following 360Wellness’s goal of becoming a fully decentralized fitness ecosystem, DEFIT, their cryptocurrency token, was created for mass adoption and provided their online community with a digital currency that is secure, reliable, and faster alternative to fiat currencies. 

DEFIT token can also improve in-app gamification, user privacy and increase user retention/loyalty by offering extra incentives such as staking and other exclusive benefits. 

360Wellness also addresses poor user experience by incorporating a “no-menu” feature and swipe in its mobile application, making it seamless and straightforward to use. 

READ ALSO: 

https://hackernoon.com/gamification-through-tokenization-can-disrupt-the-fitness-industry-7aq3 2bv 

CONCLUSION

What 360Wellness is attempting to do in the online fitness industry is unquestionably a testament to the level of innovation and seriousness users’ concerns are addressed. This move will be very beneficial to the fitness industry in the coming years. We can only hope that other fitness startups will follow suit and embrace decentralization to scale the fitness industry effectively.

Binance crypto exchange debuts plan to go public (IPO)

TL;DR Beakdown

  • Binance exchange announce plan to launch IPO
  • Zhao says only Binance US is going public
  • Binancein line after Coinbase to conduct IPO

Binance crypto exchange CEO Changpeng Zhao has hinted that the number one crypto exchange may eventually go public via an IPO. The CEO stated that Binance US is setting up structures that will allow it to go public.

This is despite Binance crypto exchange’s rocky relationship with regulators globally. However, the plan to go public is only limited to the US arm of the firm, which is an independent entity.

Zhao made the announcement on Friday at the “Redefine Tomorrow” event organized by SCB 10X, the venture arm of Thailand’s oldest Siam Commercial Bank. The Binance crypto exchange CEO also notes that the IPO is not a 100 percent complete project.

“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having a corporate structure. But we are setting up those structures to make it easier for an IPO to happen,” C.Z. said.

He also revealed that the IPO plan is not an immediate one and could possibly change in the future.

After announcing plans to launch an IPO, Binance comes after popular American crypto exchange firm, Coinbase to engage in an IPO. The American crypto firm debuted in Nasdaq back in April and has since then been selling its shares in the stock market.

Since Coinbase IPO, it validated the U.S. ecosystem where crypto companies can go public.

Zhao speaks further on Binance crypto exchange compliance effort

It is no longer news that several regulators are hunting the number on crypto exchange across the globe. From the U.K. to Cayman Island, Thailand, among others, have all been on the neck of the exchange firm.

Towards putting an end to this, Zhao explained that Binance would make a pivot from a technology startup into a financial services company. He notes that the firm will also step up its compliance efforts through hiring many traditional compliance professionals and ex regulators.

He acknowledged that communicating with regulators is currently not one of Binance’s core strengths.

Markethive Introduces The Wheel Of Fortune For Its Growing Ecosystem

Markethive Introduces The Wheel Of Fortune For Its Growing Ecosystem

Markethive, the next generation of a market network, Is proud to announce the launch of its first among many other initiatives to come, the Wheel of Fortunes.

As per the announcement, the launch is the first step into ensuring Markethive becomes the most powerful marketing and Social Network platform in the market.  

Thomas Prendergast, CEO of Markethive, explained: 

“We have launched the Wheel of Fortune as we move Markethive into being the most powerful marketing platform, social network, and the most effective broadcasting platform in existence. This is just one of the many major integrations of services coming that will benefit entrepreneurs and marketers. We are building a powerful epic ecosystem never seen before.”

One notable feature about Markethive is that every spin is a win. The Wheel of Fortune also offers different prizes, including Airdrops, Hivecoins, Newsfeed Boosts, Ad Impressions, ILPS, and Micropayment’s boost. 

The Markethive’s Wheel of Fortune is a donation type of wheel that is created with five levels. The first-level players get 500 bee coins, 500 ad impressions, 100,000 bee coins, 1 Hivecoin, 100 ad impressions, and 10 Hivecoin. However, this increases as the level progress so that the last level has 1000 Hivecoins, 20,000 ad impressions, one news feed boost, 50% airdrop bump for a year, entrepreneur one for life, and one full ILP.

In addition to the gamification aspect of the wheel, markethive allows its users to accumulate and increase their crypto portfolio. The wheel also allows Players to became markethive shareholders with the ILP program, providing them with an opportunity to earn revenue for the rest of their lives. For the launch, the platform is giving away ten spins for free that must be used within seven days.

Notably, Markethive is a hybrid platform that has infused inbound marketing into News Feeds while infusing social network power into their inbound marketing platform. Additionally, the platform was created for entrepreneurs, putting their needs first.

Markethive seeks to revolutionize online marketing, social networking, commerce portals, and media content provision across the globe to empower, entrust and validate the startups, entrepreneurs, and media marketers without financial challenges.

The Wheel of Fortune is another great addition to the Banner Impression Exchanges that allows users to buy and sell Markethive’s impressions. The Banner Impression Exchange is an open exchange in which the free market determines the price.

Join us as we move forward with the next-generation multi-dimensional media platform, and welcome to the Entrepreneur’s ecosystem. We are built for Entrepreneurs by Entrepreneurs and are of Entrepreneurs of every caliber.

Click on this link to discover all the features and benefits of these enterprising initiatives provided by Markethive, the Broadcasting Social Market Network. 

Rangers Protocol launches Ethereum Virtual Machine-compatible testnet

The project is branding its testnet as useful to “new developers without blockchain background knowledge."

The Rangers Protocol has opened its testnet to users aiming to provide an Ethereum Virtual Machine-compatible solution that supports cross-chain contract interoperability.

In a Friday announcement, the Rangers Protocol said it had successfully migrated its first Dapp to the testnet which went live on July 19. The project migrated an Ethereum-based lending protocol, BlueStone, to the testnet, a move the protocol described as “smooth and developer-friendly” given Rangers’ Ethereum Virtual Machine, or EVM, compatibility.

Though there are seemingly alternative solutions utilizing blockchain technology friendly to Solidity developers, Rangers Protocol is branding its testnet as useful to “new developers without blockchain background knowledge.” Individuals interested in building using the protocol will reportedly have an easier time creating nonfungible tokens, or NFTs, as well as gaming applications in a permissionless environment.

Rangers Protocol co-founder Mary Ma announced in June that it would be launching its testnet in July following $3.7 million seed and private equity funding rounds. Ma claimed the protocol would have decentralized apps on its network, and include a cross-chain protocol, NFT protocol, and EVM compatible system. The project is reportedly the work of three years of development.

Crypto.com also recently launched its chain testnet allowing projects built on EVM-compatible chains to transfer over to its ecosystem. The open source testnet, Cronos, runs on a proof-of-authority consensus algorithm and is powered by proof-of-stake chain Ethermint.

Related: Asia-based Rangers Protocol valued at $63M following private equity round

Originally branded as the Rocket Protocol, Rangers is a China-based crypto company with an estimated valuation of $63 million. Venture funds backing the project include Pantera Capital, Huobi Ventures Blockchain Fund, Framework Ventures, Alameda Research, AU21 Capital, Hashkey Capital, SevenX Ventures, SNZ, Spark Digital Capital, and others.

Chamber of Digital Commerce President on the Institutionalization of Bitcoin

On Friday (July 23), Perianne Boring, the Founder and President of the Chamber of Digital Commerce, talked about the institutionalization of Bitcoin during an interview with anchor Maria Bartiromo, anchor Fox Business show “Mornings with Maria“. The Chamber of Digital Commerce is “the world’s leading trade association representing the digital asset and blockchain industry.” Its mission is “to […]

Authorities Nab Hacker Who Compromised Musk, Biden, Gates, Bezos and Obama Twitter Accounts in Bitcoin Giveaway Scam

Authorities have arrested a citizen from the United Kingdom who is allegedly connected to a massive Twitter hack in 2020 that compromised over 100 popular accounts.

Joseph O’Connor is the fourth person to be charged in connection with the hack, which cracked the Twitter accounts of President Joe Biden, former President Barack Obama, Bill Gates, Jeff Bezos, Elon Musk, among others.

 

The US Justice Department says the 22-year-old was arrested in Estepona, Spain. In addition to the 2020 Twitter hack, O’Connor is charged with computer intrusions of TikTok and Snapchat accounts, and with cyberstalking a juvenile victim.

If he is convicted, a federal district court judge will determine any sentence after considering the US Sentencing Guidelines and other statutory factors.

The hackers also targeted various crypto accounts, including one belonging to Binance founder Changpeng Zhao, and sent tweets urging followers to donate Bitcoin (BTC) to a specific wallet address with the promise of doubling their contribution. 

Nearly 13 BTC, worth approximately $110,000 at the time, were stolen from unsuspecting victims.

Today, the value of the stolen BTC has nearly quadrupled to $423,413.

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The post Authorities Nab Hacker Who Compromised Musk, Biden, Gates, Bezos and Obama Twitter Accounts in Bitcoin Giveaway Scam appeared first on The Daily Hodl.

Goldman Sachs Survey Shows Ultra-Wealthy Families Are Increasingly Looking To Make Bets On Bitcoin

What If 10% Of Ultra-High-Net-Worth Individuals Decide To Buy Bitcoin?

According to a Goldman Sachs survey on their family offices clients, there is growing acceptance and interest in adopting Bitcoin.

The prominent investment bank said its survey on 150 ultra-wealthy families, which it deals with globally, revealed that about 15% of them had already invested in cryptocurrencies while another 45% admitted having plans to do so in the near future. 

According to the report, around 67% of the firms surveyed manage more than $1 billion worth of assets, with 22% of the respondents managing assets exceeding $5 billion combined. Notably, by an estimate, more than $6 trillion globally is managed by the family office sector, overshadowing the hedge fund industry.

Meena Flynn, Co-Head of Private Wealth Management for Goldman Sachs points out that most of the firm’s family office clients have expressed an interest in digital assets and believe that blockchain technology’s emergence is as significant as that of the internet. 

Goldman Sachs notably has had several turnarounds on cryptocurrencies and Bitcoin in particular. The bank has repeatedly warned against the asset class. They are however obliged to follow the will of their clients and seem to be accepting and adopting the asset recently.

The investment bank began offering exposure to Bitcoin to its clients back in June. According to a CNBC report, the bank began trading bitcoin futures with the crypto merchant bank founded by Mike Novogratz, Galaxy Digital. They are the first major US bank to offer their client cryptocurrencies exposure. There are speculations that they may not be the last though. 

One issue that has deterred banks from adopting cryptocurrencies has been the regulatory uncertainty around the asset class. Goldman Sachs is however hopeful that the cryptocurrency ecosystem will evolve.

Currently, Goldman is using Galaxy Digital to facilitate access to crypto assets as they can’t participate directly. This path seems to be in line with their goal to equip clients with best-execution pricing and secure access to the assets they want to trade. A spokesperson for the bank indicated that with the maturity of the crypto industry in 2021, the goal now has cryptocurrencies in its purview.

Speaking on CNBC’s Squawk Box back in April, David Solomon, CEO of the bank said the bank plans to help clients gain exposure to Bitcoin and cryptocurrencies. “There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like bitcoin. But we can help clients facilitate custody positions in digital assets,” he said adding “That’s the lens that we’re really looking through.”

There is significant optimism that when the regulatory climate around cryptocurrencies in the US clears up, a lot of new participants, particularly regulated financial institutions, will enter the market massively. US regulators also seem to want to put to bed the uncertainty around cryptocurrencies and are working seriously on it. 

The $100 Million Project Designed to Make Polygon Top-Tier Whilst Ousting Ethereum

Top Ethereum Decentralized Exchange Aggregator, 0x, Launches On Polygon

Non-Fungible-Tokens (NFTs) have been a big game-changer in the industry. NFTs are crypto-assets representing an intangible digital item such as an image, video, text, or in-game item. An NFT is traded as a stand-in for the digital asset it represents with owners of the NFTs recorded on the blockchain.

According to our report, the market for non-fungible tokens (NFTs) after crashing in tandem with the cryptocurrency market has surged to new highs in the second quarter of 2021, with about $2.5 billion in sales, up from $13.7 million in the first half of 2020. Several prominent figures including Twitter CEO Jack Dorsey, and billionaire investor Mark Cuban have shown interest in the digital collectibles.

Notably, the majority of NFTs have been minted, bought, and sold on the Ethereum network. The recent surge in NFT transactions, however, seems to be overwhelming the network which was originally set to process only 15 transactions per second. Network congestion on Ethereum and high gas fees have affected NFTs negatively. 

However, other blockchains that allow NFT transactions and offer cheaper fees exist. Several of them are already looking like viable alternatives to Ethereum’s monopoly. They include other blockchains that support NFTs, such as Polkadot, Binance Smart Chain, Solana, and Elrond. 

A new player on the NFT scene, Polygon (formerly known as MATIC), which has been a competitor of Ethereum, also seems to be a likely candidate to displace Ethereum. Polygon is a blockchain built as an Ethereum scaling solution to solve its limitations and claims they already have over 500 decentralized apps under them, including OpenSea, a popular NFT marketplace.

Polygon has launched a $100 million fund for NFT and gaming projects naming it Polygon Studios. The new department is to cater to game companies, allowing their developers to fuse their Web 2.0 games with the Web 3.0 decentralized technology. 

When this comes around, it will offer a much cheaper – described as close to zero – means of carrying out NFTs transactions while also offering compatibility with the extremely popular with NFTs Ethereum, as well as, being able to rely upon its security, getting protection from a broad community of computing sources that can fulfill the blockchain verification tasks.

MATICUSD Chart by TradingView

Already, Polygon has performed well this year in the market. The price has seen significant surges this year. It is up 4,323% in the last 12 months according to data from Coinmarketcap and is currently trading at $0.87.

Bitcoin payment: Amazon takes crypto more seriously

TL;DR Breakdown

  • Amazon may be hinting at receiving Bitcoin payment with application for digital currency product team
  • Spokesperson refused to speak if the firm will receive Bitcoin payment soon

Towards boosting its chance of making Bitcoin payment a reality, multinational e-commerce firm, Amazon has begun consultation to hire a digital currency and Blockchain, product team.

Amazon has rolled out an application to hire a team that would be responsible for facilitating billions of online customer payments through the sites and services of the firm.

“The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap, requirements in the application by Amazon read.

Amazon still unclear about Bitcoin payment

While reacting to the application, an Amazon spokesperson confirmed the job posting and hinted that the firm aims to accept cryptocurrency from its customers eventually. He notes that the firm is inspired by innovation happening in the cryptocurrency space, and Amazon keeps exploring what it would look like with them.

“We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

However, with the application rolled out by Amazon and comments pf the firm’s spokesperson, it remains unclear if Amazon’s implementation of Bitcoin payment solutions will involve the use of the Lightning Network or how Amazon will integrate Bitcoin into its user experience.

Back in 2017, Amazon Pay’s Vice President Patrick Gauthier explained that the company had no plans to accept Bitcoin because there wasn’t enough demand for it and had only purchased Bitcoin-related domains to protect its brand.

Users persuade Amazon to accept Doge payment

Back in April, Cryptopolitan reported users persuaded Amazon to accept payment for goods and services in Dogecoin.
Amazon users numbering over 140 thousand signed a petition supporting the idea of Amazon receiving Dogecoin payment. The Dogecoin use appeal started four years back. However, it has gathered momentum in 2021 when over 100 thousand people signed the petition within the timeframe.

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.

Assessing whether Bitcoin’s energy consumption makes sense

After Tesla’s initial Bitcoin investment and payment support for Tesla purchases on 8 February 2021, many critics followed up on the company’s position by alleging that the car-maker is supporting an asset that is presumably heavily reliant on fossil fuels. Ergo, it wasn’t long before Tesla dropped BTC as a payment method for its vehicles. […]

Coin98 gains 1,200% after Binance listing, Ampleforth soars on Aave integration

C98 rallied 1,200% from its ICO price shortly after listing on Binance and AMPL shot higher after the project integrated with AAVE.

Few things in the cryptocurrency space generate more hype than a new token listing because the prospect of finding a rare 1000x coin continues to be a top goal of many crypto investors. 

Coin98 (C98) is the most recent example of this phenomenon after the Binance Smart Chain-based decentralized finance (DeFi) solution rallied 1,200% from its initial coin offering price at $0.075 to $0.928 on its first day being listed on exchanges.

Coin98 is the 20th project to come out of the Binance Launchpad and describes itself as “a DeFi gateway for traditional finance users to access any DeFi services on multiple blockchains.”

Along with being listed on Binance, C98 is also available to trade on Gate.io and MEXC Global and token holders can also earn a yield through staking and liquidity pool options on PancakeSwap (CAKE).

Altcoins post double-digit gains

Bitcoin's (BTC) rally to $33,000 led to a prolonged boost in several altcoins and data from Cointelegraph Markets Pro and TradingView shows Ampleforth (AMPL), Amp (AMP) and Axie Infinity (AXS) as the top movers over the past 24 hours. 

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

AXS's month-long rally picked up steam again after the price rebounded from its lower support touch at $14 and the rally in AMPL demonstrates the benefit of cross-protocol integrations.

Related: Bull or bear market, creators are diving headfirst into crypto

According to Ampleforth's Twitter, the new-found interest in AMPL is the result of the token being added to the AAVE DeFi ecosystem

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AMPL on July 19, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AMPL price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for AMPL first turned green on July 17 and climbed to a high of 75 on July 19, around 15 hours before the price increased 57% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.