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.

US crypto investment increased 13% in the last year

TL;DR Breakdown

• A University in Chicago started the research with 1,000 respondents.
• Crypto investment takes off since Bitcoin hit its all-time high in April.

According to some studies by the institute in Chicago, at least one in ten citizens in the United States has made a crypto investment. The prestigious university in Chicago shows how Ethereum and Bitcoin have achieved success since last year.

According to research, 13 percent of citizens in the country have bought cryptocurrencies in the last year. These crypto investments are compared to buying stocks that increased 24 percent in the same time.

Crypto lovers would be drawn to them by their surge in value since last year. The study even reveals that over 60 percent of American investors joined the market since the beginning of the year. This occurred due to the Bitcoin rise that stopped in May when it reached its all-time high.

Crypto investment increased in 2021

crypto investment

Among the events that have happened in 2021 is the increase in crypto investment. By April, Bitcoin reached its highest value capitalizing on $63000, and other crypto took off. The token is trading over $32000 after 50 percent of its value was liquidated.

Coinbase also went public in April, and Elon Musk, Tesla CEO, showed his support for crypto. All this news brought a wave of crypto investment, especially for Bitcoin, despite their loss of value.

However, issues regarding crypto volatility have brought regulations from China and the UK. Despite everything, crypto has earned a position in the virtual market, and is today a widely known entity.

Due to volatility issues, entrepreneurs have crypto as “speculative currencies.” Even financial managers recommend people invest in crypto with money they don’t use for daily expenses.

Cryptocurrencies and their monetary future

For many experts, crypto presents more than a speculative currency; it is a permanent financing option. Crypto investment is taken with priority, and that is why many companies have joined the market. According to researchers, the crypto market may bring many financing opportunities in the short future.

Just eleven percent of people who do not invest in crypto showed their attraction for the near future. However, they may not have invested in the token due to the downtrend that it handles today. But according to some crypto fans, it is time to invest before Bitcoin reaches a new all-time high.

Crypto investment also shows that younger users trust new financial technology. According to the research, people between 18 to 39 years old use cryptocurrencies, while people between 30 and 50 years old use the shares.

The survey also indicates that 44 percent of women have used cryptocurrencies so far this year. However, only 40 percent of college students use crypto compared to 60 percent of equity investors. The research was conducted in the University situated in Chicago with more than 1000 people surveyed.

CZ Hints Binance US is Considering Going Public Via IPO

Despite its recently rocky relationship with global regulators, leading cryptocurrency exchange Binance has revealed that its U.S.-based division, Binance US, is considering going public.

Binance US Considers IPO

Changpeng Zhao (CZ), founder and CEO of Binance, made this known at the ReDeFiNE Tomorrow 2021 blockchain virtual conference. Speaking on the future plans and the regulatory issues that his exchange has been facing, CZ hinted that Binance US is looking to go public via an initial public offering (IPO).

According to the CEO, the U.S. division, which operates separately from Binance, is setting up structures that will allow it to meet regulatory requirements for an IPO.

“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,” CZ said.

CZ: Binance Doesn’t Have Headquarters

Binance has been facing serious regulatory pressure from financial watchdogs all over the world. The lack of a registered head office, which has raised many questions among members of the crypto industry, may have contributed to the increasing scrutiny from regulators.

Recall that CZ said in May at the ConsenSys’ Ethereal Summit 2020 that his company has no headquarters. According to the CEO, not having a specific location as the main office is the beauty of blockchain, and moreover, “Bitcoin doesn’t have an office.”

Two months ago, CZ reiterated his stance at Ethereal 2021 that Binance doesn’t have headquarters because he works from home and the company’s “leadership team are not sitting in one office.”

Regulators Going After Binance

Over the past few weeks, regulators from around the world have seemingly ganged up against Binance. In June, the UK Financial Conduct Authority (FCA) warned the leading crypto exchange that it is not authorized to provide its services in the country.

Following that, several other countries, including Japan, Singapore, and the United States have also issued warnings to the exchange. Taking it up a notch, Thailand’s SEC filed a criminal complaint against the company for offering crypto services without a license.

The increasing regulatory pressure on the exchange led many to raise theories about whether the move was a threat to the crypto market considering Binance’s position in the industry or just plain old FUD.

Shifting to a Financial Services Firm

Binance’s CEO pointed out in his statement during the ReDeFiNE virtual event that the company is unfazed by the increased scrutiny, given that it does not intend on staying a startup forever.

According to CZ, Binance “is in the mindset of shifting from a tech startup to a financial service,” therefore it will ultimately be faced with heavy regulations in the future.

Currently, though, it has been finding it somewhat difficult to cooperate with regulators. But the Binance founder also noted that the exchange has been actively increasing its compliance efforts and hiring former executives in renowned regulatory positions.

In the latest move to strengthen its compliance team, Binance hired former eToro’s board member and Head of Compliance Jonathan Farnell as its new Director of Compliance.

This Bitcoin Indicator Might Suggest Bull Run Is Still On

The MVRV ratio, a Bitcoin indicator, might suggest that the current bull run isn’t over, and the price of the crypto is yet to peak.

The MVRV Ratio Indicates The Cycle Isn’t Over Yet

As pointed out by a Crypto Quant post, past cycles seem to follow a specific pattern on the MVRV charts. This might suggest that the current bull run hasn’t peaked yet.

MVRV stands for “Market Value to Realized Value”. The ratio is defined as Bitcoin’s market capitalization divided by realized capitalization.

Related Reading | SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

MVRV Ratio = Market Cap ÷ Realized Cap

The MVRV ratio is useful for knowing whether the current price is fair or not. If the value is very high, it means Bitcoin’s price might be overvalued, and thus investors would tend to have selling pressure.

On the other hand, if the value of the indicator is low, it might suggest that the price of BTC is undervalued, which could result in buying pressure in the market.

Related Reading | Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover

Now, here is how the Bitcoin MVRV ratio chart looks like for the 2013 cycle:

Bitcoin MVRV 2013 Cycle

The BTC MVRV zones seem to decide bottom and top

In the above chart, the blue zone indicates a bottom. The MVRV ratio line only touches this zone during a bear market, while the red box signifies a top.

In the middle is another box with the color green. The MVRV ratio seems to touch this zone once after reaching a top in the middle of the bull run, only to go back up again for the true top.

Because of this, when the MVRV ratio touches the green zone after a correction, buying Bitcoin might be a good choice.

Below is the chart that shows the 2017 cycle as well as the current run.

Bitcoin MVRV current

BTC MVRV shows current cycle may not have reached the top yet

As is clear from the chart, the 2017 cycle also seemed to have followed a similar pattern where a top happened mid-cycle and then a correction brought it into a green zone.

From the looks of it, the current cycle might just be in the middle right now, and a new top might be ahead.

Bitcoin Price

At the time of writing, BTC’s price is around $k, down % in the last 7 days. Here is a chart showing the trend in the crypto’s price:

Bitcoin Price Chart

BTC's price seems to be back on a uptrend | Source: TradngView

If the pattern of the MVRV ratio holds true, the bull run may not have reached a top in this run yet. So that the price might be heading up soon. However, this cycle could end up being different nonetheless, and a bear market might be ahead instead.

Featured image from Pexels.com, charts from CryptoQuant, TradingView.com

Analysts: Bitcoin Will Obliterate Fiat from Existence By 2050

A panel of crypto experts alleges that bitcoin – the world’s number one digital currency by market cap – will potentially remove fiat currency from circulation by the year 2050. This basically gives bitcoin approximately 29 years to become the primary financial product of the world.

Bitcoin Is Rising to the Top

On the one hand, this certainly seems possible. 29 years is a long time, and a lot can be accomplished within that period. On the other hand, is it really all that likely that fiat will disappear completely? We have so many institutions and industries that depend on fiat, and as we have seen in the past, financial changes in America and abroad can take many decades to complete, so would 29 years really be enough time for bitcoin to fully step in and take over?

Bitcoin and other forms of cryptocurrency were initially created to push checks, credit cards and fiat to the side. They have always been designed to serve as payment tools in which people could use them to buy goods and services necessary for everyday life, but sadly, their volatility has gotten in the way of this goal, and as a result, the journey towards payment status has been rather slow.

We are witnessing one of the biggest bouts of volatility at press time with bitcoin. The currency was initially trading for a new all-time high of approximately $64,000 in mid-April of this year. However, as of this moment, the currency has dropped into the $29,000 range, meaning that in just over three months, the currency has lost approximately $35,000 off its price tag. That is more than 50 percent of its value.

Despite the bearish conditions the cryptocurrency is facing, many experts still feel that bitcoin is going to weasel its way into the top spot at some point. As many as 54 percent of analysts and crypto heads taking part in a recent panel said that bitcoin would be the world’s primary form of currency within the next 30 years, while as many 29 percent suggested that this day would come even sooner in the year 2035. 20 percent feel that bitcoin will be number one in the year 2040.

CEO of Morpher Martin Frohler was the most bullish amongst the panelist, claiming in an interview:

Adoption by corporations and institutional investors paired with a loose monetary policy and high asset inflation will propel bitcoin to six figures before the end of this year. The next halving cycle will see increased adoption of bitcoin as a legal tender by developing countries, and by 2030, bitcoin will have replaced gold as a global reserve asset.

So Many Bulls

This sentiment was echoed by Arcane Crypto analyst Vetle Lunde, who stated:

We are standing in the middle of the institutionalization of bitcoin. More funds are joining the space.

The post Analysts: Bitcoin Will Obliterate Fiat from Existence By 2050 appeared first on Live Bitcoin News.

El Salvadorians take to the streets to protest Bitcoin law

Those who marched against Bitcoin this week claimed the cryptocurrency was too volatile and would allow businesses to "launder ill-gotten money."

Protesters calling themselves the Popular Resistance and Rebellion Block have come out against El Salvador’s government passing a law making Bitcoin legal tender.

A Tuesday tweet from local news outlet El Mundo shows El Salvadorians carrying banners saying “no to Bitcoin” in the streets of San Salvador demanding a repeal of the country's Bitcoin law. Legislative assembly members Anabel Belloso and Dina Argueta addressed the protesters after first meeting the group separated by a barrier of razor wire.

In a letter made available at the protest, the Popular Resistance and Rebellion Block group claimed that President Nayib Bukele passed the law making the cryptocurrency legal tender in the country without proper consultations with the people. It also cited the volatility of Bitcoin (BTC), comparing investing in the cryptocurrency to playing the lottery: “betting on the lottery is a voluntary act, while Bitcoin is required by law.”

Related: Coercion and coexistence: How El Salvador’s Bitcoin Law may change global finance

However, the group’s main grievance around the Bitcoin legal framework seemed to be centered around a perceived disparity in the cryptocurrency’s usage by the government when compared with the average resident in El Salvador. Protesters said Bitcoin “only serves some large businessmen, especially those linked to the government, to launder ill-gotten money.”

“Entrepreneurs who put their capital in Bitcoin will not pay taxes on their earnings,” said the letter. “In addition, to apply Bitcoin the government will spend millions of dollars of the taxes paid by the people.”

They added:

"Bitcoin would facilitate public corruption and the operations of drug, arms and human traffickers, extortionists and tax evaders. It would also cause monetary chaos. It would hit people's salaries, pensions and savings, ruin many MSMEs, affect low-income families and hit the middle class."

Though passed by El Salvador’s government and signed into law by Bukele in June, the law recognizing Bitcoin as legal currency in the country will not go into effect until Sept. 7. The Popular Resistance and Rebellion Block’s protest was aimed at government officials to demand the law be repealed. In addition, the World Bank has also refused to help El Salvador transition to a Bitcoin-friendly framework, given its “environmental and transparency shortcomings.”

Related: What is really behind El Salvador’s ‘Bitcoin Law’? Experts answer

During a scheduled visit by the U.S. State Department earlier this month, Under Secretary of State for Political Affairs Victoria Nuland suggested El Salvador ensure Bitcoin is well regulated and transparent, but did not explicitly say anything against the country’s move to a more digital economy. Some proponents of the law including Bukele have suggested Bitcoin could help facilitate remittance payments from El Salvador citizens living abroad and lessen the country’s reliance on the U.S. dollar.

Axie Infinity: Games Where People Earn And Transform Gaming

Drew Cattanach, Lecturer in Computer Games Development, University of Westminster. ____ The ultimate point of playing video games has always been to have fun. Whether it’s Space Invaders or Sonic or Red Dead Redemption, you hit the start button and do your thing until the game is over – and then you probably wipe the sweat off your hands and do it again. But a new

Cosmos Price Prediction 2021-2022

The popularity of cryptocurrencies around the world is rising rapidly as the number of cryptocurrencies also increases. However, traders need to do some market research before investing in a cryptocurrency to determine the price prediction of an asset and if it is a profitable investment.  

Besides Bitcoin and Ethereum, which are the two most popular cryptocurrencies around the globe, some new entries like Cosmos (ATOM), among others, have also proved to offer good investment to investors and traders as well. 

In this cryptocurrency price prediction article, we shall look at Cosmos price prediction while also looking at its blockchain network to help investors understand how it works and its offers to the public.

What is Cosmos coin?

Cosmos coin (commonly referred to as ATOM) is the native cryptocurrency that powers Cosmos. 

The ATOM cryptocurrency allows its holders to contribute to the governance and security of the blockchain network.

Holders also have a chance of delegating (staking) their ATOM tokens to the validators on the blockchain and, in turn, earn more tokens through the proof-of-stake consensus mechanism.

How many ATOM coins are in circulation supply?

The current total ATOM supply is 276,297,040, with 218,508,178 coins currently circulating, meaning only 80% of the coins are available for trading among investors. The remaining 20% is held by two companies: the Interchain Foundation and the All in Bits.

It is important to note that the total supply keeps increasing as more and more ATOM tokens get earned by the users through staking. This makes ATOM different from other cryptocurrencies, which are added to the market through mining.

What is the Cosmos blockchain network?

Cosmos Blockchain Network also referred to as the Internet of Blockchains, is a decentralized ecosystem of interconnected blockchains (decentralized applications) known as Zones. It creates a crypto ecosystem that unites different blockchains through open-source tools that allow streamlined transactions between them.

The first blockchain to be developed was the Cosmos Hub, which forms the core of the entire ecosystem. The other blockchains, developed by other developers, are connected to the Cosmos Hub and interconnected. The Cosmos Hub maintains a record of the Zones in the ecosystem and their states.

The first blockchain to be developed was the Cosmos Hub, which forms the core of the entire ecosystem. Every blockchain application developed by other developers is connected to the hub, which maintains a record of the Zones in the ecosystem and their states.

It is important to note that no central party controls or facilitates activities within the ecosystem. Every Zone can share tokens and data within the ecosystem programmatically.

Key elements of Cosmos

Cosmos ecosystem has five key elements that include:

  • Cosmos Hub – This is the core blockchain where the Zones are attached to and it acts as an intermediary between all other blockchains within the Cosmos network. It provides interoperability among all the other developed blockchains in the ecosystem and keeps track of each blockchains state.
  • Zones – These are independent blockchains that developers develop and attach to the Hub within the Cosmos ecosystem.
  • Tendermint – Tendermint is the consensus mechanism that powers Cosmos and it is responsible for validating transactions and ensuring that the ecosystem is secure through the Tendermint Byzantine Fault Tolerance (BFT) engine that also allows developers to build decentralized applications/blockchains without having to code everything from the scratch.
  • Inter-Blockchain Communication Protocol (IBC) – This is the communication protocol that is responsible for connecting the Zones to the Hub thus allowing the free flow of information between each of the interconnected Zones.
  • Cosmos software development kit (SDK) – This software development kit allows developers to use blockchain to develop blockchains by leveraging the Tendermint consensus mechanism.

Who are the Cosmos founders?

Cosmos Network was co-founded by developers Ethan Buchman and Jae Kwon in 2014. These two developers are the ones who came up with the Tendermint consensus mechanism, which now powers Cosmos.

Two companies were also very actively involved in developing the blockchain. They are the All in Bits and the Interchain Foundation (ICF), a Swiss non-Profit organization that funds open-source blockchain projects.

The ICF was responsible for conducting the first ATOM token ICO in 2017 that raised about $17 million. However, Tendermint Inc., which later became Cosmos, conducted another fundraising round in 2019, raising $9 million to continue with the project. 

What makes Cosmos unique?

One major concern within the blockchain industry is that there are hundreds if not thousands of blockchains around the world, but only a few of them can communicate or share information. Cosmos developers aimed at solving this problem, and that is what Cosmos is doing. It provides a platform for developers to develop blockchain within an ecosystem where they can communicate with each other and send tokens from one blockchain to the other.

That is why Cosmos is commonly referred to as the internet of blockchains.

The Cosmos SDK also allows developers to quickly develop blockchains or decentralized applications without coding the entire program from scratch.

With many blockchains using Cosmos, it is a worthy investment since investors can always find something of interest within the ecosystem.

Advantages of owning the Cosmos ATOM cryptocurrency?

With the world turning to blockchain technology to solve a myriad of problems that affect every industry, blockchain developers are looking for platforms that allow them to develop custom blockchains without having to go through the rigorous process of having to code the entire program from scratch and that is what the Cosmos provides. As a result, blockchain developers could flock to Cosmos, resulting in a hike in the Cosmos price. 

ATOM holders can use the token for trading, spending within the ecosystem where several DeFi projects invest in, sending as payments, or even staking to earn more ATOM coins.

Where can you buy Cosmos tokens?

If you think Cosmos is a profitable project, you can buy the ATOM coin from several cryptocurrency exchanges, including Binance, OKEx, and Coinbase. 

Once you purchase the Cosmos crypto coin, you can store it either in the crypto exchange where you bought it from or transfer it in any of the following crypto wallets: Atomic Wallet, Cobo, Cosmostation, Huobi Wallet, imToken, Kepler, Ledger, Lunagram, Lunie, Math Wallet, Rainbow Wallet, Qbao Wallet, Trust Wallet, Wetez and Crypto.com.

You can also trade the Cosmos cryptocurrency on these crypto exchanges. However, before starting to trade, it is important to do some technical analysis on Cosmos’ price and do some research and reading to find out what experts say about Cosmos price prediction 2021 2022. 

ATOM price history

Cosmos Price Prediction 2021-2022 1

Figure 1. ATOM price history chart according to CoinMarketCap

The Cosmos cryptocurrency was first listed for trading in Mid-March 2019; its price was about $7.5. 

The ATOM coin price remained below the listing price until the beginning of 2021, when the prices started skyrocketing.   

Cosmos price hit an all-time high of $32.14 on May 07, 2021, after which the coin has turned to a bearish trend, though it seems to be the current trend among all cryptocurrencies, including Bitcoin and Ethereum.

Cosmos price analysis

It is essential to analyze assets in the financial markets to determine the estimated market price prediction.

Here we shall look at some technical analysis of Cosmos price to help investors understand what to expect and know which trade to place.

In the short term, most technical indicators indicate that the current bearish trend is coming to an end, and traders should expect a bullish trend.

Cosmos Price Prediction 2021-2022 2

Figure 2. Comparison of what Oscillators and Moving Averages show (source)

Cosmos Price Prediction 2021-2022 3

Figure 3. Support and resistance levels to watch in the next 30 days, according to Walletinvestor

A support level shows the lowest price where the market is expected to bounce back upwards, while the resistance level shows the highest level where the market price is expected to bounce back downwards.

Cosmos price prediction 2021, 2022

This section shall look at cosmos price forecast to help investors with ATOM prediction by shedding some light on the expected market cycles, price action, and future price so that they can make informed decisions on how to manage their current investment in case they already have ATOM coins or the cosmos value at which to sell their coins if they decide to hold on to them.

According to Wallet Investor cosmos forecast, the current bearish trend in Cosmos price is coming to an end, and investors should be prepared for a bull rally in the remaining part of 2021 and into 2022.

Cosmos Price Prediction 2021-2022 4

Figure 4. Cosmos price prediction for the short term according to Walletinvestor website

Cosmos Price Prediction 2021-2022 5

Figure 5. Cosmos price prediction for the long term according to Walletinvestor website

According to Wallet Investor’s cosmos forecast, the price of ATOM will have tested a maximum price above $25 by July 2021. This price prediction is made using USD predictions.  

Conclusion

Cosmos project is a force to reckon with within the blockchain industry, especially because it is solving one of the main challenges in the industry by enabling developers to launch blockchains in an ecosystem where they can share information and carry out transactions with each other.

The ATOM cryptocurrency is ranked 37 by market capitalization with a market cap of $2,394,347,087 and a trading volume of $231,387,945. It is one among the few altcoins whose value is above $1. And going by the cosmos forecast done by analysts as shown in the above sections, the price of ATOM is expected to rise. Every cosmos prediction shows both a bullish trend in the short and long terms.

It is always important to do some thorough research of the cryptocurrency market before investing in any digital coin to understand what to expect especially owing to the high volatility nature of the crypto market. 

This price prediction is designed to assist investors in gaining knowledge of Cosmos and ATOM price prediction. If an investor is interested in similar coins, they should look for their respective price predictions.

Goldman Sachs’ Survey Says Almost Half of Family Offices Want To Invest in Crypto – Here Is Why

Wall Street giant Goldman Sachs says that investment firms that cater to the wealth of the super-rich are expressing interest in investing in cryptocurrencies.

A survey by the investment banking behemoth shows that 45% of family offices from multiple regions want to invest in cryptocurrencies.

 

Asia-based family offices lead this group with 68% showing interest in crypto for the future. In the Americas, 39% want to initiate exposure to crypto. Throughout Europe, the Middle East and Africa, 35% of firms are partial to investing in crypto assets.

The survey says that inflation concerns, low interest rates and increases in the money supply are factors driving interest in cryptocurrency investments from family-based firms.

“Some family offices are considering cryptocurrencies as a way to position for higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.

Of the approximately two-thirds of family offices that are actively thinking about an increase in inflation, digital assets emerged as one portfolio solution.

Currency debasement has also been top of mind for about 40% of global respondents, with more than 40% of this subset indicating they would consider investing in digital assets.”

According to the survey, some family offices are reluctant to invest in cryptocurrencies due to unfamiliarity with the technology and sustainability concerns.

“Among respondents with no cryptocurrency exposure, their most cited reason for caution stemmed from a view that cryptocurrencies are not a good store of value.

Some respondents also said they had reservations about the underlying infrastructure (e.g., custody options and exchanges) or that they weren’t familiar with the digital assets space.

Additionally, we have found that investors are increasingly critical of the environmental impacts of cryptocurrency mining (Bitcoin in particular).”

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix
 

Check Latest News Headlines




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.

Featured Image: Shutterstock/Dabarti CGI

The post Goldman Sachs’ Survey Says Almost Half of Family Offices Want To Invest in Crypto – Here Is Why appeared first on The Daily Hodl.

Changpeng Zhao Says Binance US Might Go Public Amid Regulatory Pushback

Changpeng Zhao Says Binance US Might Go Public Amid Regulatory Pushback

The CEO of the world’s largest cryptocurrency exchange by trading volume, Changpeng Zhao, has stated that Binance US may soon make its debut as a publicly traded company through the traditional route of an initial public offering (IPO).

Binance US Is Eyeing An IPO

Binance US, the San Francisco-headquartered cryptocurrency exchange led by Brian Brooks and operates as a separate entity from Binance, is looking to start trading its shares on a U.S exchange despite the regulatory troubles facing Binance. Zhao made this revelation on Friday while speaking at a virtual summit REDeFINE Tomorrow hosted by Siam Commercial Bank of Thailand.

He’s convinced that Binance will encounter stricter regulations in the future, indicating that the firm is presently in the mindset of pivoting from a technology startup to a financial services company.

Zhao noted that the company is currently cooperating with US regulators and setting up the necessary “structures” to bring the IPO plans to life.

“Binance U.S. is looking at the 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.”

A Wave Of Regulatory Headwinds

Founded in 2019, Binance US is operated by Binance’s partner BAM Trading Services while utilizing Binance’s wallet and matching engine tech. The exchange is registered as a money services business in the United States with the Financial Crimes Enforcement Network (FinCEN).

Binance US IPO news comes at a time when its global parent company is mired in heightened scrutiny from lawmakers around the world over the perception that the firm has played fast and loose with regulators. In particular, financial watchdogs in Japan, the U.K, Singapore, Canada, Thailand, among others, have recently accused Binance of offering customers within their jurisdictions illegal trading services. 

While Binance US claims to be fully compliant, reports emerged indicating that Binance waas the subject of a probe by the US Commodity Futures Trading Commission (CFTC) over concerns that it allowed Americans to trade derivatives on the exchange in violation of United States rules. 

The exchange is also facing a federal investigation by the Internal Revenue Service and the Department of Justice for money laundering and non-compliance with tax. 

Whether US regulators approve Binance US to go public amid all these regulatory concerns remains to be seen. Zhao has, however, clarified during the online event that Binance is scaling up its compliance efforts as well as “hiring many traditional compliance people, also ex-regulators”.

Indi to Introduce ‘Digital Rupee’ In Wholesale and Retail Segments

India Is Considering A Ban On IP Addresses Of Cryptocurrency Exchanges, Says Report

The Reserve Bank of India (RBI) has finally unveiled its CBDC plans. It soon intends to launch an official digital currency in a phased manner, beginning with wholesale and retail segments.

In a key-note speech at a webinar of a legal think tank on July 22, RBI Deputy Governor T. Rabi Shankar presented the central bank’s analysis, vision, and immediate plans about its digital currency. A copy of the speech was later put up on the RBI website.  

“Introduction of CBDC would possibly lead to a more robust, efficient, trusted, regulated and legal tender-based payments option. There are associated risks, no doubt, but they need to be carefully evaluated against the potential benefits. It would be RBI’s endeavor, as we move forward in the direction of India’s CBDC, to take the necessary steps which would reiterate the leadership position of India in payment systems,” Sankar said.

He said the central bank is currently examining the underlying technology and the use cases for the implementation of a CBDC without causing any disruption. He also made it clear that the RBI’s CBDC will be a fiat currency in a digital form exchangeable one-to-one manner with Indian Rupee.

Disruptions caused by cryptocurrencies in the field of money and banking are clearly in the background of the RBI’s move to come up with CBDC. “Developing our own CBDC could provide the public with uses that any private VC can provide and to that extent might retain a public preference for the Rupee. It could also protect the public from the abnormal level of volatility some of these VCs experience,” Shankar said in his speech.

Among the benefits of the CBDC that Shankar mentioned in his speech included reduced dependence on cash, higher seigniorage in view of lower transaction costs, and lower settlement risks.  

Reiterating RBI’s stance on virtual currencies, Shankar said, “Private virtual currencies sit at substantial odds to the historical concept of money. They are not commodities or claims on commodities as they have no intrinsic value; some claims that they are akin to gold clearly seem opportunistic.”

The RBI governor also singled out the high volatility in cryptocurrency prices and promised that the Indian CBDC will be stable as the fiat currency.

However, independent commentators’ termed the RBI’s plans to bring in CBDC on expected lines, given the high popularity of virtual coins globally and the significant manner in which it has been breaking the status quo. They termed the RBI move as an effort to have its fingers in the cryptocurrency pie and its vision to usher in a cashless economy.

Report Reveals El Salvador Plans For Issuing A Stablecoin

El Salvador recently became the first country to adopt Bitcoin as a legal tender in financial transactions, and now it plans to issue a stablecoin.

The President, who calls himself “the coolest president in the world,” took the first step to equip his citizens with a digital means of paying for goods & services.

Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator

The world is waiting for the commencement of his plans by September. Moreover, the law for bitcoin legalization has already been signed.

While the wait continues for the execution, the president’s brothers make a bigger plan for the country. From the latest news on the country, it seems that the president’s brothers are planning the development of a stablecoin as they’re already presenting the idea to investors.

The news came from the reports of a digital newspaper in Latin America, El Faro. The information has it that El Salvador consumers will use stablecoin for services.

Comments From Bukele Brothers

According to what the president brothers revealed to investors, the crypto, which they call the “Colon dollar,” will become a reality before 2021 ends.

Ibrahim & Yusuf Bukele had pitched the proposal to investors, and the report from the digital newspaper also pointed to the video recordings about it.

In the proposal discussion, the brothers told the prospective investors that they’re representing the interests of the El Salvador President.

Related Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform

The Latin American newspaper had obtained the documents about the proposal, and that’s where they got the details of the discussion.

Earlier before now, the Central American government approved the bitcoin law, which the El-Salvador president initiated.

The law centered on making Bitcoin a legal tender in the country and thereby mandating businesses operating in the State to accept it.

Report Reveals El Salvador Plans For Issuing A Stablecoin

Bitcoin finally steps out of the bearish zone and follows a bullish momentum | Source: BTCUSD on TradingView.com

With the approval of this law, residents can use Bitcoin to pay for goods & services come September 2021. Also, the residents can pay taxes and other bills using bitcoin.

Will El Salvador Issue A Stablecoin?

Concerning the plan to create a stablecoin in El Salvador, the government spokesperson revealed that it is no longer in play. But another source who wishes to remain anonymous stated that the plan is still on track.

Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.”

Also, the digital newspaper revealed that the brothers to the El Salvador President have been meeting some representatives from Algorand, Cardano, and WhizGrid.

These meetings have always occurred on different occasions. All these indicate that the brothers are very much interested in a stablecoin for El Salvador.

While we can’t say with confidence that the plan is still in play, the launch of Bitcoin as a legal tender is still in play.

Also, given the several meetings between the brothers and different blockchain representatives, there might still be some upcoming developments in the pipeline.

Featured image from CoinDesk, chart from TradingView.com

Harmony Organizes $1M Hackathon To Bridge DeFi and Traditional Finance

According to the information available, Harmony Hackathon will last for six weeks. The Hackathon will commence on August 15, 2021, and ends on September 30, 2021.

Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator

There will be three categories, and each one will have four challenges for the experts to complete.

Presently, the organizers, Harmony blockchain, have disclosed that the registration for the event will start in August. Also, there are more than one million dollars available in seed funds and participant prizes. The company made the announcement on Thursday through Twitter.

According to the announcement, the hackathon aims to achieve cooperation between traditional finance and decentralized finance.

Furthermore, the team aims at bringing more people from the traditional finance sector to tackle the challenges affecting both their industry and the DeFi sector.

A Brief On Upcoming Hackathon

According to what Harmony revealed, the Hackathon will come in three categories. These categories will have four challenges, including cross-chain & trustless bridges, cross-border with fintech integration, social wallets & keyless security.

Harmony also made some statements on Twitter saying that blockchain finance is where there’s product-market fit. However, many people who created decentralized finance are not of traditional finance.

Harmony Organizes $1M Hackathon To Bridge DeFi and Traditional Finance
Image Credit:  Harmony Official Twitter

Therefore, Harmony aims at bringing more traditional finance experts to add their knowledge to decentralized finance.

Harmony also mentioned that traditional finance experts have many things to teach them in DeFi. Likewise, DeFi practitioners can also help them understand the sector more and learn how to utilize it. So, it will be a mutually beneficial event for both TradiFi and Defi.

Related Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform

Concerning the event, Harmony disclosed some people who will speak in the event or serve as judges for the participants.

According to the blockchain, these people include, Omakase, the core developer of SushiSwap, Lily Liu, the co-founder of Earn.com, the lead for DeFi Alliance Imran Khan, and other prominent people in the industry.

Also, the event sponsors include Messari, SushiSwap, CoinGeckom, Unstoppable Domains, DoraHacks, DappRadar, Hummingbot, and The Defiant, a news platform.

A Brief on Harmony

Harmony is a Sharding protocol that uses a “Trustless Ethereum Bridge” to separate its blockchain into different segments. These segments are responsible for the processing and storage of data in parallel.

The mainnet launched in 2019, and since then, the company has partnered with many others to push its operations further. Also, Harmony has completed many integrations since then as well. For instance, it added Terra to its blockchain to use the token on the apps in the ecosystem.

Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.”

The blockchain disclosed that it would sponsor the Hackathon in June. According to the blockchain, it aims to reach 10 billion users, which is a way to achieve it.

The registration will end on August 15, and teams can only be 5 people. Once they reached the submission deadline, the event will kick-off.

Featured image from Pixabay

CluCoin’s Charity-Driven Protocol Aims To Change The World

The text below is an advertorial article that was not written by Cryptonews.com journalists. Can crypto change the world? CluCoin is demanding that it does. Founded on Community, Love & Unity (CLU), this charity-based token has made waves in the crypto community, garnering a sizable fanbase. CluCoin’s mission: alleviate suffering all around the world through charitable giving. Indeed, the

Central Bank of Nigeria to start CBDC pilot October 1

TL;DR Breakdown

  • Central Bank of Nigeria to start CBDC pilot Oct 1
  • African countries central bank exploring digital currency move

The Central Bank of Nigeria has joined the fast-moving train of countries looking to unveil a central bank digital currency (CBDC) by announcing its decision to launch the pilot of the scheme on October 1.

A local news platform reported that the Central Bank of Nigeria has picked October 1 as the day to float a central bank digital currency in the country.

Rakiya Mohammed, Central Bank of Nigeria Director of Information Technology, disclosed the date and noted that the country apex bank might also execute a proof-of-concept before the end of the year.

This new move is a remarkable development for cryptocurrency enthusiasts in the country, which boast of the largest use cases of digital currency in the continent. Data collated from Binance revealed Nigerians are the highest users of P2P across Africa, with a growth of over 2,228.21% from January to April this year.

Godwin Emefiele, Governor of the Central Bank of Nigeria, had recently disclosed that digital currency would have a place in the country despite the current ban.

Additionally, Mohammed noted that the CBDC pilot program, which has been dubbed ”Giant”, will be supervised and overseen by Hyperledger Fabric, a blockchain foundation focused on developing enterprise-grade applications and industry solutions to accommodate a wide range of use cases.

Central Bank of Nigeria moves to influence other central banks in the continent

Notably, several cryptocurrency enthusiasts and experts in the country have lauded the move of the Central Bank of Nigeria to launch a CBDC pilot program.

Jafarudeen Samad, CEO of Mondo exchange, a peer-to-peer cryptocurrency platform, has pointed out that Nigeria’s CBDC move would facilitate and encourage other African countries’ central banks to follow suit.

It is worth noting that Nigeria’s announcement comes at the heel of the Bank of Ghana (BoG) announcement to pilot its CBDC in two months. According to its announcement, the Ghanian central bank has tapped Emtech, a digital transformation consortium, to launch a sandbox focused on blockchain, CBDCs, and financial inclusion.

African countries like Morocco, Egypt, Kenya, and South Africa have given indications that they are also exploring developing their own digital currencies. Also, Six East African countries are looking into the possibility of embracing CBDC as an alternative to their shared payment system.

ADA Near Oversold Levels, Why Cardano Could Retake Previous Highs

Cardano (ADA) has been one of the most resilient coins in the crypto market. While Bitcoin has experienced a 50% correction and has revisited the yearly open, ADA has traded well above its previous lows.

At the time of writing, ADA trades at $1,14 with a 2.7% and 4.8% loss in the daily and weekly charts, respectively.

Cardano ADA ADAUSDT
ADA with small losses in the daily chart. Source: ADAUSDT Tradingview

The cryptocurrency has managed to make its way into the crypto top 5 by market capitalization after Dogecoin (DOGE) and XRP lost their positions. The latter has been severely hit by the bearish trend and stands at $0,18, while XRP stands at $0,58.

At its current levels, Cardano (ADA) recorded a recent Relative Strength Index (RSI), a metric used to the price momentum of a cryptocurrency, low of 27, according to trader Eric Thies. He believes ADA was at a similar low on this metric during March 2020, before the event called “Black Thursday”.

As seen in the chart below, last time ADA was at an RSI low, it saw a parabolic increase in its price in the coming months. Thies believes this time it could be more positive, as ADA is resting on former ATHs.

Bitcoin BTC BTCUSD
Source: Eric Thies via Twitter

In current market conditions, most coins tend to correlate with Bitcoin and its performance. Therefore, BTC’s price must continue with its recovery in order for ADA, ETH, and other cryptocurrencies to recover.

Pseudonym trader Crypto Punisher has compared the ADA/ETH trading pair and found a positive outlook for the former. Ethereum has been one of the top performer cryptocurrencies in recent months, but the trader believes Cardano (ADA) could take that place:

(…) at macro level support as ETH continues to show strength. given that ADA has held strong all throughout this downtrend I think a bounce to outperform ETH short-term is enticing enough R:R wise.

Cardano ADA ADAUSDT
Source: Crypto Punisher via Twitter

What Could Push Cardano (ADA) Into New Highs?

One of the key factors that have been affecting Cardano and its price action, it’s the upcoming roll-out of their smart contract platform, Plutus. Input-Output Global (IOG) is currently testing the update in color code phases, they have successfully completed AlonzoBlue, part one, and have into AlonzoWhite.

Plutus will be introduced in a Hard Fork Combinator by some point in late 2021. IOG’s founder and Cardano creator Charles Hoskinson made an Alonzo Update via his YouTube channels and said:

Everything is looking pretty good, looking like it’s on schedule. Application backend integration is on schedule, the wallet backend integration is on schedule. We have a working Alonzo node, it survive the blue era. Now, we are in the white era.

Hoskinson added that they are “mass onboarding people” to collaborate with the testnet and Cardano’s developer is working on the new version for the Alonzo node. As the final implementation approaches, ADA could see further benefits and push its way into uncharted territory.

Dogecoin, Musk, and $60 million NFT froth: Why Ruffer sold $1bn in Bitcoin

Ruffer Investment Company Limited invested roughly $600 million in Bitcoin (BTC) in November 2020 but sold its exposure in April, while the crypto was still pumping and its price fluctuated between $50,000 and $65,000, profiting more than $1 billion in about five months. 

According to Ruffer’s year-end review for the 12 months ending June 30, 2021, the British asset manager perceived Bitcoin was “exhibiting the characteristics of a risky, speculative asset and therefore no longer fulfilled the portfolio role” it had intended for it “as a protective and diversifying asset.” 

From an emerging store of value to a speculative asset

“The rationale was that Bitcoin was an emerging store of value and institutional investors would move to adopt it as digital gold,” read the “portfolio changes” section of the review, explaining Ruffer’s initial investment.

But as the section continues, Ruffer’s review addresses the reasons behind the sale.

“Bitcoin may yet fulfill its potential, but the market displayed many signs of froth – retail speculation, excessive leverage, the Coinbase IPO, Tom Brady’s laser eyes, Dogecoin, Elon Musk hosting Saturday Night Live, $60m non-fungible tokens (NFTs) etc.” 

NFT bubble part of the “froth”

NFT sales topped $2 billion in the first quarter of 2021. It even saw digital artist Mike Winkelmann, popularly known as Beeple, selling his work NFT for a record $69 million at a Christie’s auction, the trend was spreading through the mainstream culture.

NFTs rapid and massive exposure steamrolled through social media, which got squarely included in the hype as Jack Dorsey, CEO of Twitter, sold his first tweet as an NFT for $2.9 million, while TikTok and Youtube NFTs followed.

From politics to sports, NFTs got rapidly intertwined with every aspect of popular culture and as the massive exposure that caught the wave of the last bull market surpassed the adoption and infrastructure, both advancing but at a slower pace, the mainstream hype cooled down significantly, though the sector’s $13.83 billion market cap suggest this market niche is nowhere close to being exhausted. 

The post Dogecoin, Musk, and $60 million NFT froth: Why Ruffer sold $1bn in Bitcoin appeared first on CryptoSlate.

BTC Price Today: Bitcoin Breaks 65 Day Falling Wedge Pattern, Is It Another Fake Out?

  • BTC has revived nearly 15% off lows set this week
  • BTC price has been halted at major resistance zone
  • 200MA continues to hold price down

Daily BTC Price Overview

After nearly 3 months of sideways price action throughout the market, BTC price is showing signs that a potential trend change is underway. Ever since BTC fell from its high of $64,000, price action has been very choppy with no set trend. This has formed many different price patterns but each of them didn’t play out as usual. A newly found falling wedge pattern shows BTC price has broken out in a bullish manner for the first time in 65 days. 

The falling wedge (shown in green) has kept BTC price consolidating for a couple months. Each time price attempted to break either trend, a large rejection was seen in the opposite direction. Just the past 2 days, BTC has fully broken to the upside of this pattern.

BTC Price MUST continue to hold over the top trend to soon experience a bullish trend take place. Along with the top trend lies a major support zone from $31,027-$32,200 that bulls must keep price above to stay in a bullish state.

BTC Price Analysis: BTC/USDT 4 Hour Chart

At the time of writing, BTC was halted at its major resistance zone of $33,078-$33,935. BTC Price must break & hold this mark to experience a large rally to $35,000 and beyond. Along with this major resistance zone lies the 200MA. This MA has acted as a barrier for many months and if bulls fail to hold above this mark, BTC may be in for another downfall. Any price below $31,027 would put BTC price back in hot water.

The RSI has recently turned bullish as it has broken over a month long downtrend line. As long as the strength stays above the 50 value, it should visit the overbought territory fairly soon. The Stochastic RSI was flat lined at the top for nearly the past 2 days.

At the time of writing, strength is headed down to reset in the oversold territory. As long as it bounces hard, BTC will be in clear waters for another price surge. 

BTC intraday levels 

  • Spot rate: $32,172
  • Trend: Neutral
  • Volatility: Medium
  • Support: $31,760
  • Resistance: $32,300

The post BTC Price Today: Bitcoin Breaks 65 Day Falling Wedge Pattern, Is It Another Fake Out? appeared first on Coingape.

Ethereum (ETH) Price Soars by 25% Off Lows, Is it a Breakout Or Another Fake out?

  • ETH price experienced a near 25% revival off lows
  • ETH Price has gotten rejected at major resistance of $2078
  • 200MA continues to provide a barrier

ETH Price Overview

As the market bounced hard off lows set 3 days ago, so did Ethereum. During a Bitcoin conference 2 days ago, Elon Musk mentioned he held some Ethereum. This caused a fast price surge to $2000 and bulls continued pushing higher the day after. Ethereum has much anticipation going on as it has a so called “London” upgrade approaching. This has traders and investors expecting a bullish price run up before the upgrade launches. 

ETH price has been stuck in a descending channel over the past couple months (shown in light blue). Each trend of this channel has acted as a rejection zone each time price would touch it. Just the past day, ETH nearly touched the top trend of this channel which has provided massive resistance to traders. Along with the top trend, lies a major resistance which is found at $2078.

ETH Price must clear & hold this resistance to experience another large price run up.

ETH Price Analysis: ETH/USDT 4 Hour Chart

At the time of writing, Ethereum is headed down to its minor support found at $1985. This should provide some type of bounce for price but if bulls fail to hold this mark, ETH will likely sweep back down to $1845. Along with the top resistances lies the 200 MA. This MA has held Ethereum down for over 2 months and continues to act as a major battle for bulls. ETH Price must clear over this & hold to save ETH price from further downfall. 

While looking at the RSI, we can see that strength just recently almost made it into overbought territory. AS long as strength stays above the 50 value, we should see the RSI break into overbought territory to produce a large upwards push. The Stochastic RSI had been flatlined in the overbought territory for nearly a day and a half. At the time of writing, strength is now coming back down to test the 50 value as potential support, similar to the RSI. 

ETH intraday levels 

  • Spot rate: $2016
  • Trend: Neutral
  • Volatility: Medium
  • Support: $1985
  • Resistance: $2078

The post Ethereum (ETH) Price Soars by 25% Off Lows, Is it a Breakout Or Another Fake out? appeared first on Coingape.

Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points

“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit if the solution is migrated to the Ethereum mainnet.

Social media platform Reddit announced it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.

In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said it had deployed the layer-2 solution on top of the ​​Rinkeby testnet before it plans to migrate to the Ethereum mainnet.

The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision. Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Offchain Labs has touted the project for scaling solutions. 

Related: Uniswap v3 looks set for layer-two scaling on both Arbitrum and Optimism

Users on the social media platform earn Community Points by posting certain content to earn rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially result in faster and cheaper transactions for the platform’s tokens.

“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit. “They’ll just show up in your Vault like magic!”

Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the end — MOONs have been distributed to more than 78,000 holders. However, CoinMarketCap claims there is a total supply of only 6,962,504 tokens.

Related: Redditors are now spam-farming Bricks and Moons

Redditors using the Moon tokens have already discovered practical financial applications simply by expressing their opinions on the platform. In January, a user by the name of satoshinakamoto7 claimed to have used MOON tokens to pay for their rent. Another traded the tokens for Bitcoin (BTC) before the price of the crypto asset rose to more than $30,000 in January.

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

$MUSK – A NEW COIN BORN AS ADMIRATION TO ELON MUSK

Overview of the platform

Currently, in the world there are many powerful people, who are those whose words alone are enough to change the world, and one of those people is Elon Musk.

Elon Musk is a technology billionaire, owning billions of dollars in assets, technologies that we once thought were only in the future. And one thing is for sure, Musk’s influence cannot be expressed in a few words. We saw how massive the growth of Bitcoin was when Musk, with just one line, announced that he was in favor of Bitcoin becoming an official currency. And we also saw how the coin itself dropped in value when Musk said that he would no longer accept Bitcoin payments. Those are just a few of the latest pieces of information that could prove just how influential Musk is.

Elon Musk is one of the first billionaires to show his support to cryptocurrencies publicly. His presence in this market will entail an effect and a huge capital inflow in the future. $MUSK & MuskSwap wants to build a community to follow & support not only Elon Musk but also many billionaires who believe in the development of crypto market, which can help to increase the value of many potential coins & tokens. 

What does MuskSwap have?

A special feature of MuskSwap is that this platform is built on the BSC (Binance Smart Chain) protocol, one of the best protocols available today. This makes it possible for the users of the platform to have the best experience, with blazing speed, and a world-leading level of security. 

The first one: Swap & Liquidity pools

Joining MuskSwap Liquidity Pool is one of the steps for users to become Liquidity Providers, and own LP tokens. While this is a very basic step that we’re sure the vast majority of users are familiar with, let’s re-explain it a bit:

When users provide liquidity into our pools, which are locked by smart contracts, they become LPs, and receive LP tokens. The number of LP tokens is completely at the user’s discretion.

After becoming a LP, users can freely participate in features such as trade and swap, among other functions to be able to receive high profits.

Second: Token collection

The ecosystem also includes $MUSK, $SPACEX, $TESLA, $STARLINK, the symbols of which show the most famous super projects of Elon Musk. Those tokens are in development & coming soon to the community and can be staked or farmed on the platform. 

Third: Farming & Staking

We highly suggest users to use the LP tokens they receive to farm MUSK, because they will be able to get APY up to 500% and even higher. Or simply by staking $MUSK, , $SPACEX, $TESLA, $STARLINK can bring similarly high APY. However, that does not mean that we do not focus on other BSC tokens, and farming and staking those tokens can also bring extremely high APY, at least 100%.

Fourth, Lottery

The lottery feature is a third method that can give users an almost free token amount.

Token Sale

o   Pre-sale (01 Aug ~ 31 Aug, 2021): 

50,000,000,000,000 MUSK, price : $0.000000025

o   Public sale round 1 (01 Sep ~ 30 Sep, 2021):

50,000,000,000,000 MUSK, price : $0.000000035

o   Public sale round 2(01 Oct ~ 31 Oct, 2021): 

50,000,000,000,000 MUSK, price : $0.000000045

o   Public sale round 3(01 Nov ~ 30 Nov, 2021): 

50,000,000,000,000 MUSK, price : $0.000000055

o   Public sale round 4 (01 Dec ~ 31 Dec, 2021): 

50,000,000,000,000 MUSK, price : $0.000000065

In each round, we will sale 50 billion tokens, a large enough amount of tokens to serve the needs of users.

Swap market price : $0.0000001 up

Those who can’t buy MUSK during the token sale don’t need to worry, because the amount of tokens we issue is 1,000,000,000,000,000 MUSK. That means there are still a lot of tokens waiting for users to get into their possession.

Airdrop: The other way to get MUSK is via Muskswap and farming on the platform or earn via Airdrop program of 30,000 billion $MUSK (~$3,000,000). 

Token Address: 0xcD657182A749554fc8487757612F02226355269d

These links can help you for more information, click on them if you want to know more about the platform:

Telegram channel: https://t.me/Muskswap_Official_Channel

Telegram group: https://t.me/Muskswap_community

Reddit: https://www.reddit.com/user/muskswap_official 

Twitter: https://twitter.com/muskswapchannel

Medium:  https://medium.com/@muskswap-official

The post $MUSK – A NEW COIN BORN AS ADMIRATION TO ELON MUSK appeared first on NullTX.

Axie Infinity increases in value by 400% in just six months

TL;DR Breakdown

• The Axie Infinity token increased in value to $17.
• The cryptocurrency rose 400 percent in the first half of 2021 alone.

The video game and token Axie Infinity has marked a milestone in its value, giving much to talk about. Although initially, the cryptocurrency showed a bubble in its price, it still maintains its rise in the market. The token surpassed 400 percent of its value in July.

For Axie Infinity, investors who supported the token earlier this year are making huge profits today. About $1000 invested in the token in January could be expanded to $27000 today. The crypto rise has made its popularity take off; it could even be considered a favorite presently.

What is the Axie Infinity protocol?

Axie Infinity increases in value by 400% in just six months 6

For video games and cryptocurrencies fans, Axie Infinity was made, inspired by Pokémon Go. In this game, the users will store, fight and trade the “Axies” with other players. These in-game-only mythological creatures are NFTs that can be purchased or created online.

The game is trending online because players can store cryptocurrencies. One of the biggest receivers of the video game has been the Philippines, where young people and adults enjoy it from their mobiles.

However, to start the game, users need investment to buy NFT creatures. Each “Axie” equals about $200, and the user must have at least three creatures.

But users can request a beta in the game to start it and pay the debt in tractions. In this way, Axie Infinity has good reception, and according to the users’ opinions, it has brought many profits.

The game’s growth has been undeniable as its token went from worth $0.18 to $1 in January. By April, the crypto exceeded $10 per token, but its price drop in June, like other cryptocurrencies. The token now is trading at $17.

Does Axie Infinity have a future?

Opinions on Axie Infinity often vary because it is a token on the rise but with questionable success. You can see more reception in the video game since its increase, but this attracts more significant investment. The game developers seem to neglect their growth which would attract problems for investors.

But there is also the initial cost so the investor can enter the video game. Many people would not risk investing $600 or even more for a game that could disappoint them. This is also added because the backup cryptocurrency is volatile and could lose all its prices overnight.

People interested in the game can play it, but they do not need money at the moment. It is a form of investment that has no guarantees, so the user should play it safe. A slight increase in popularity could be seen in the video game and token in a short period.

JP Morgan To Allow All Wealth Management Clients To Access Bitcoin and Cryptocurrency Funds: Report

JP Morgan is reportedly now allowing wealth management clients to access institutional Bitcoin and crypto funds.

Business Insider obtained an internal memo from JP Morgan that indicates the bank’s wealth management clients can now take buy and sell orders for Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.

 

The wealth managers may only execute crypto trades if their clients request it, and they cannot recommend crypto products, according to Business Insider. The memo indicates the policy change occurred on July 19th.

JPMorgan’s foray into cryptocurrencies contrasts with the previously stated views of the bank’s chief executive Jamie Dimon, who once called Bitcoin a “fraud” and “worse than tulip bulbs.”

In March, Morgan Stanley became the first big bank in the US to grant its wealthy clients access to Bitcoin funds. Morgan Stanley is limiting Bitcoin investments to 2.5% of a client’s net worth.

In April, CoinDesk reported that JP Morgan was planning to unveil an actively managed Bitcoin fund. The Bitcoin asset manager New York Digital Investment Group (NYDIG) is expected to provide custodial services for the fund.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix
 

Check Latest News Headlines




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.

Featured Image: Shutterstock/Elnur/Dario Lo Presti

The post JP Morgan To Allow All Wealth Management Clients To Access Bitcoin and Cryptocurrency Funds: Report appeared first on The Daily Hodl.

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.

Bitcoin: The great wealth transfer might be coming sooner than expected

The latest Bitcoin bull run pushed crypto to the fringes of mainstream investing, at the very least. The exponential price surge, coupled with mounting institutional interest, was reflective of the general perception that digital assets are a valuable addition to investment portfolios. Moreover, it is not just big-ticket investors but even comparatively smaller portfolio holders […]

Price analysis 7/23: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Bitcoin and most major altcoins are meeting resistance at higher levels but the bearish sentiment of the last two months seems to be reducing.

Bitcoin’s (BTC) recovery is facing resistance near $32,500, suggesting that the ride higher may not be an easy one. However, a positive sign is that demand for cryptocurrencies remains strong and lower levels continue to attract buyers.

A survey of 150 family office clients of Goldman Sachs shows that 15% have already invested in crypto-assets and 45% want to take the plunge. The family offices manage more than $6 trillion in assets, meaning, even a small percentage of inflow from this sector could eventually boost crypto prices.

Daily cryptocurrency market performance. Source: Coin360

It is not only the wealthy who are investing in cryptocurrencies. A recent survey by Gallup shows that Bitcoin ownership among U.S. investors, with $10,000 or more invested in stocks, bonds, or mutual funds, has increased from 2% in 2018 to 6% as of June 2021.

JPMorgan Chase may soon allow its retail wealth clients to invest in cryptocurrencies. The bank’s advisers may not be allowed to recommend crypto to their clients but they can execute trades requested by them.

All this shows that investor interest in the crypto sector continues to increase. Could this result in a sustained recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average ($32,569). The bulls did not give up much ground on July 22, which is a positive sign.

BTC/USDT daily chart. Source: TradingView

The relative strength index (RSI) has risen to just below the midpoint, indicating that the bearish momentum is weakening. If buyers push and sustain the price above the 20-day EMA, the BTC/USDT pair could rise to the 50-day simple moving average ($34,352).

This level may attract selling from the bears but if bulls can overcome the resistance and push the price above it, the relief rally could rise to $36,670.

Contrary to this assumption, if the price turns down from the 20-day EMA or the 50-day SMA, the bears will again try to sink the pair to $28,000. If they succeed, the pair could witness panic selling, clearing the path for a possible drop to $20,000.

ETH/USDT

Ether’s (ETH) bounce off the critical support at $1,728.74 rose above the 20-day EMA ($2,014) on July 22. This suggests that bears may be losing their grip. The 20-day EMA has flattened out and the RSI has risen to the midpoint, indicating that bulls are attempting to make a comeback.

ETH/USDT daily chart. Source: TradingView

The buyers will now try to challenge the 50-day SMA ($2,184) from where the previous relief rally had turned down on July 7. If the price turns down from this resistance once again, the bears will try to pull the price down to $1,728.74. A break below this support could start the next leg of the downtrend.

Conversely, if bulls drive the price above the 50-day SMA, the ETH/USDT pair could rally to the downtrend line. A breakout and close above this resistance will signal a possible change in trend. The pair may pick up momentum on a break above $3,000.

BNB/USDT

The bears are attempting to stall the relief rally in Binance Coin (BNB) near the downtrend line but a minor positive is that bulls have not given up much ground. The altcoin formed an inside day candlestick pattern on July 22, indicating indecision among bulls and bears.

BNB/USDT daily chart. Source: TradingView

If bulls drive the price above the downtrend line and the 50-day SMA ($319), it will suggest a possible change in the short-term sentiment. The BNB/USDT pair could then rally to $380 and later to $433.

On the other hand, if the price turns down from the current level, the bears will try to pull the price down to $251.41. A break below this support will suggest that bears have absorbed the demand and the pair could then drop to the critical support at $211.70.

ADA/USDT

Cardano’s (ADA) rebound off $1 is struggling to rise and sustain above $1.19. This indicates the bears have not given up and are attempting to stall the recovery at this level.

ADA/USDT daily chart. Source: TradingView

If the price turns down from the current level, the ADA/USDT pair could drop to the critical support at $1. A bounce off this level may keep the pair range-bound between $1 and $1.19 for a few days.

A breakout and close above the 20-day EMA ($1.23) will clear the path for a possible rally to the downtrend line.

The pair will turn negative and start a new downtrend if bears sink and sustain the price below $1. The next support to watch on the downside is $0.80 and then $0.68.

XRP/USDT

XRP’s rebound off the critical support at $0.50 has reached the 20-day EMA ($0.61). This may prove to be a difficult hurdle for the bulls to cross as the altcoin has not closed above the 20-day EMA since May 18.

XRP/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the XRP/USDT pair could drop to the critical support at $0.50. This is an important level for the bulls to defend because if it cracks, the decline may extend to $0.45 and $0.40.

Contrary to this assumption, if bulls drive the price above the 20-day EMA, the pair could rally to the 50-day SMA ($0.70) and then to $0.75. A breakout and close above this level will suggest the start of a move back toward the downtrend line of the descending channel.

DOGE/USDT

Dogecoin (DOGE) formed an inside day candlestick pattern on July 22, indicating indecision among the bulls and the bears. The sellers are aggressively defending the overhead resistance at $0.21 but the bulls are not giving up much ground.

DOGE/USDT daily chart. Source: TradingView

If the tight consolidation near the overhead resistance at $0.21 continues, it will indicate that bulls are not closing their positions as they anticipate a move higher. A breakout and close above $0.21 could open the doors for a move to the 50-day SMA ($0.25).

Alternatively, if the bulls fail to clear the hurdle at $0.21, the DOGE/USDT pair could again drop to $0.15. If the support holds, the pair may extend its stay between $0.15 and $0.21 for a few more days.

A breakdown and close below $0.15 will signal the resumption of the downtrend. The next support on the downside is $0.10.

DOT/USDT

The bulls pushed Polkadot (DOT) above the breakdown level at $13 on July 22 but they are facing stiff resistance at the 20-day EMA ($13.78). If the price turns down from this resistance, it will suggest that the sentiment remains negative.

DOT/USDT daily chart. Source: TradingView

The bears will then make one more attempt to sink the DOT/USDT pair below the psychological support at $10. If they succeed, the pair could resume its downtrend and drop to the next support at $7.80.

Contrary to this assumption, if bulls drive the price above the 20-day EMA, it will suggest that bears are losing their grip. That could result in a move to the overhead resistance at $16.93. A breakout and close above this level could start a sustained relief rally to $20 and then to $26.50.

UNI/USDT

Uniswap’s (UNI) rebound has risen to the 20-day EMA ($17.85) where the bears may mount a stiff resistance. If the price turns down from this level, it will suggest that the sentiment remains negative.

UNI/USDT daily chart. Source: TradingView

The bears will then make one more attempt to sink the price to the strong support at $13. A breakdown and close below this support will complete the descending triangle pattern, starting the next leg of the downtrend.

Conversely, if bulls drive the price above the 20-day EMA, the UNI/USDT pair could reach the downtrend line. A breakout and close above this resistance will invalidate the bearish setup. That could start an up-move to $25 and then $30.

Related: Axie Infinity refreshes record high as AXS ascends 131% in just 3 days

BCH/USDT

The rebound in Bitcoin Cash (BCH) has reached the 20-day EMA ($461), which has acted as a stiff resistance in the past few days. The bears will again try to stall the relief rally at this resistance.

BCH/USDT daily chart. Source: TradingView

If the price turns down from the 20-day EMA, the BCH/USDT pair could again drop to the critical support at $370. A breakdown and close below this support will indicate the resumption of the downtrend.

On the other hand, if bulls drive the price above the 20-day EMA, the pair could rally to the stiff overhead resistance at $538.11. If the price turns down from this level, the pair could remain stuck between the large range of $370 to $538.11 for the next few days.

LTC/USDT

Litecoin (LTC) rose above the $118 level on July 22, suggesting aggressive buying at lower levels. The bulls will now try to extend the relief rally and push the price back above the 20-day EMA ($126).

LTC/USDT daily chart. Source: TradingView

If they manage to do that, it will signal that the downtrend could be losing momentum. The LTC/USDT pair may then rally to the 50-day SMA ($142) where the bears could again mount a stiff resistance. A break above this resistance may indicate the start of a stronger relief rally.

Contrary to this assumption, if the price turns down from the 20-day EMA once again, it will indicate that the sentiment remains negative. The bears will then make one more attempt to extend the down move. A break below $100 could open the doors for a fall to $70.

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

Market data is provided by HitBTC exchange.

Number Of Investors Holding Bitcoin Tripled In Last Three Years

A recent Gallup poll has shown that the number of investors who own bitcoin has tripled since 2018. U.S. investors are showing increasing interest in the digital asset. The number which sat at 2% back in 2018 has now tripled in 2021 as that number now sits at 6%. The investors included in the poll were investors who owned $10,000 or more worth of stocks, bonds, and or mutual bonds.

Ownership among investors aged 18 to 49 had grown 10 percentage points to 13%, up 10% from just 3% back in 2018. While investors aged 50 and older, only 3% said they owned bitcoin. Compared to 1% from back in 2018, showing the number had tripled in the last three years.

Risk Tolerance For Bitcoin On The Rise

From 2018 until now, the number of investors who think bitcoin is “too risky” to invest has been declining steadily. The poll showed that following the 6% of investors that confirmed they already owned bitcoin now, another 2% of investors said they would most likely buy into the digital asset in the near future.  In comparison to 2018, less than 0.5% of investors had said that they would probably buy the cryptocurrency in the near future.

Related Reading | SpaceX Has Bitcoin On Its Balance Sheet, Elon Musk

The number of investors who said they would never buy bitcoin had also dropped. The poll in 2018 had shown that 72% of investors said they would never consider buying into bitcoin, showing absolutely no interest in the digital asset. Now that number has dropped from 72% to 58% who say they would never consider buying into the digital asset.

The survey also consisted of a section that had investors who were curious about the digital asset but did not think they would be buying into the asset anytime soon. The percentage of investors in this category was 34%, up from the 26% in 2018 who had said they were intrigued but would not be buying into the asset.

Age And Sex Disparities

Gallup’s poll also featured a separation of the information into age groups and sex. Bitcoin ownership was up all across the board. Interest in the digital asset was also up with investors that were surveyed in comparison to the 2018 data.

Related Reading | Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover

The report showed that the percentage of women who currently own bitcoin in the U.S. is currently 3%, up from 1% in 2018. While in men, the number of investors who own the digital asset in 2021 is now 11%, up tremendously from a mere 3% back in 2018.

Age disparities also showed a clear demarcation. Investors who were aged 18 to 49 were more likely to own the digital asset and investors over 50 years of age were less likely to own. Older investors who had no interest in ever buying or owning the digital asset was 80%, the highest of any group.

Bitcoin price chart from TradingView.com

BTC price currently trades above $32,000 | Source: BTCUSD on TradingView.com

The sex disparity in investors regarding bitcoin was the same throughout the board. Male investors were more likely to own or invest in bitcoin than female investors.

Sentiments towards the digital asset have moved more towards the positive in the past three years. The percentage of investors who considered the asset “very risky” in 2018 was 75%, now that number is down to 60%. 35% of investors said they still consider the asset “somewhat risky,” while 5% said they did not consider the asset “not too risky” or “not risky at all.”

Featured image from NewsBTC, chart from TradingView.com

Block Fi Receives Cease-and-Desist Letter from NJ Regulators

The New Jersey Attorney General’s office has issued a cease-and-desist letter to blockchain company Block Fi to get the firm to end all marketing for its interest-bearing accounts.

Block Fi Is at the Center of Some Unwanted Attention

According to the letter, Block Fi has been busy selling unregistered securities and violating present securities laws. The company provides interest rates of anywhere between .25 percent and 8.5 percent depending on the amount of money deposited and the digital asset in question. In addition, Block Fi also gives its customers access to a digital currency trading platform and BTC rewards cards.

One of the issues with the firm as stated in the letter is that despite offering both lending and savings options often seen in a decentralized finance (defi) environment, Block Fi is allegedly centralized and controlled by a single body. The firm also does not offer any insurance.

In a statement, Attorney General Andrew J. Bruck explained:

Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws. No one gets a free pass simply because they are operating in the fast-evolving cryptocurrency market. Our Bureau of Securities will be monitoring this issue closely as we work to protect investors.

One thing that the crypto space really lacks is clarity. During the 2020 presidential election, several candidates – including businessman Andrew Yang and former New York mayor and publicist Michael Bloomberg – based their campaigns partly on providing clearer regulations when it came to crypto assets and how they would be taxed and viewed. Unfortunately, neither man was able to even make a dent in the race, and as a result, crypto laws are just as cloudy as ever.

This lack of clarity has often led to heavy problems for blockchain firms hosting initial coin offerings (ICOs) or providing newly minted tokens. Often, these companies find themselves at the mercy of regulatory agencies such as the Securities and Exchange Commission (SEC), which will go after these firms for reportedly disobeying securities laws. These companies typically find themselves either paying penalty fees or being forced to close their doors permanently.

Initially, Block Fi claimed to have no knowledge of the cease-and-desist order, with CEO Zac Prince explaining:

The company has no knowledge of any impending actions with the New Jersey Attorney General’s office. We maintain great relationships with the New Jersey regulators and other state and federal regulators.

Recognizing the Letter

Unfortunately, not long after, Prince tweeted the following:

Late Monday evening, Block Fi received an order from the New Jersey Bureau of Securities regarding Block Fi Interest Account (FIA) operations in the state of New Jersey… We remain fully operational for our existing clients in New Jersey.

As it stands, Block Fi must end all relationships with new customers in New Jersey beginning July 22 of this year.

The post Block Fi Receives Cease-and-Desist Letter from NJ Regulators appeared first on Live Bitcoin News.