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.

FXT token taps into Binance Smart Chain following ERC-20 success

The BEP-20-based FXT token hopes to “replicate the success of its variant — ERC-20 Token.”

Crypto trading platform FXT announced the launch of a BEP-20 token after its ERC-20 token witnessed an impressive 1,500% growth since its launch back in January.

The new token, which is built on Binance Smart Chain, is designed to reduce transaction costs and settlement times compared with its Ethereum-based predecessor. In addition to increasing the altcoin’s overall performance in efficiency and utility, FXT intends to list its token across several crypto exchanges to make it globally available.

Given FXT’s lower price threshold and a history of massive returns on investment, FXT foresees a massive influx of global investors and opined that the BEP-20 token would “replicate the success of its variant — ERC-20 Token.”

While further details have yet to be shared publicly, FXT will likely use the initial coin offering funding to scale its offerings and prepare for replicating similar token launches in the future.

Related: ERC-20 Tokens Make up About 50% of Entire ETH Blockchain

Since the inception of the Ethereum blockchain, ERC-20 tokens have earned the top positions in market capitalization performance. Recently, Messari CEO Ryan Selkis highlighted that ERC-20 tokens now amount to nearly 49% ($25.6 billion) of the total assets within the Ethereum blockchain.

Related: Immunefi partners with Binance Smart Chain on bug bounties to secure BSC projects

Complementing the ongoing BEC-20 adoption drive, Immunefi's latest partnership with Binance Smart Chain will reward whitehat hackers who discover vulnerabilities in BSC-hosted projects. In this drive to improve the infrastructure’s security, Immunefi is reported to pay bug bounties exceeding $3 million. 

On the other end of the spectrum, BSC projects continue to deal with their fair share of exploits. As recently reported by Cointelegraph, BurgerSwap was the subject of a $7.2 million exploit involving the loss of BURGER tokens, Wrapped BNB (WBNB), and Tether (USDT).

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

Could crypto payments for real estate become another notable way for people to invest their BTC, or is the learning curve too steep for wider adoption?

Crypto investors are betting big on real estate this year as the cryptocurrency market continues to grow. New York Digital Investment Group (NYDIG) recently conducted a survey that found that 46 million Americans own Bitcoin, equating to 22% of all adults. While optimistic, some cryptocurrency investors have expressed concerns regarding the security, custody and volatility of digital assets.

For example, Nickel Digital Asset Management, a regulated European investment manager dedicated to the crypto market, surveyed institutional investors and wealth managers from the United States and Europe who collectively have $275 billion in assets under management. Findings show that 76% of these individuals are concerned about the security of their digital assets. The same percentage said this about the size of the market and liquidity, followed by 71% who see the regulatory environment for the crypto market as a major issue.

This in mind, many crypto holders have started investing Bitcoin (BTC) and other cryptocurrencies into less risky assets such as real estate. Ben Shaoul, managing partner of Magnum Real Estate Group, told Cointelegraph that the company has recently been receiving more requests to sell real estate to cryptocurrency holders. According to Shaoul, Magnum began conducting crypto for real estate transactions about three years ago:

“We hadn’t tackled this before since most real estate developers didn’t understand crypto paymements. But we understood what it meant and how we could structure a sale for cryptocurrency. With the help of our legal team, we figured out how to conduct crypto transactions with the consent of regulators. We first sold a few residential units and then we sold a retail condominium in New York about three years ago for cryptocurrency.”

Eric Hedvat, chief operating officer of Jet Real Estate and a special consultant for Magnum, further told Cointelegraph that given the fast-paced growth of today’s crypto market, BTC payments for real estate is more important than ever before since it offers crypto investors an opportunity to grow with cash flow: “The cryptocurrency market has created a vast network of new wealth that wants to find traditional assets to invest in like real estate. There also aren’t many commercial properties for sale to buy with Bitcoin.”

Specifically speaking, Shaoul noted that the income generated from the retail condominium building that Magnum sold for $15.3 million in BTC during 2019 is all credit. “M&T bank has been a tenant in this building since it was built. They are a multi-billion-dollar bank.” This is an important detail, as Shaoul further commented that individuals who have created new wealth with cryptocurrency don’t have a way to monetize it or create a steady income stream:

“This property has over a million dollars a year of free cash flow. This is a very attractive offering for someone sitting on wealth they’ve created in cryptocurrency. This gives them an opportunity to monetize and effectively collect a bond moving forward.”

This has especially become the case due to interest rates in the United States. To put this in perspective, a recent survey conducted by the Financial Times and the University of Chicago’s Booth School of Business found that elevated inflation may make the Federal Reserve raise U.S. interest rates at least twice by the end of 2023. “In an environment where interest rates are where they are now, you can’t monetize into cash and leave your money in the bank and convert,” Shaoul said, adding that as a result, Magnum has been seeing a lot of cash move out of both the crypto and equities markets into hard assets such as real estate.

Piper Moretti, CEO and founder of The Crypto Realty Group, told Cointelegraph that crypto for real estate transactions is indeed becoming more common. Moretti shared that her firm currently has real estate listings available for Bitcoin in Tulum, Uruguay, Puerto Rico and Costa Rica.

Although this is the case, Moretti mentioned that many buyers purchasing real estate with crypto are taking loans out against their cryptocurrency. “Because of capital gain issues and the belief that Bitcoin’s price will reach $100,000 by the end of this year, people are taking loans out against their crypto. This way, they can keep their crypto and still monetize,” she remarked.

Joseph Kelly, CEO of Unchained Capital — a Bitcoin financial services company — confirmed this, noting that the firm has seen about 30%–40% of its loan originations go toward real estate.

But cash is still king for sellers

While Bitcoin and other cryptocurrencies are being used to purchase real estate, it’s important to note that, oftentimes, sellers prefer cash to crypto when dealing with these transactions. Moretti explained, “If a seller receives multiple offers, 99% of the time they’re going to push the cash offers to the top of the pile, even if it’s a crypto conversion because more likely than not they will be receiving the cash at closing.”

To put this into perspective, Sonny Singh, chief commercial officer of BitPay — a Bitcoin payments processor — told Cointelegraph that BitPay has facilitated $100 million in real estate transactions in the past five years. Singh mentioned that crypto transactions can easily be converted to U.S. dollars:

“The first thing that needs to happen is for the title or escrow company to be on board with this process. Sellers can also use the companies BitPay already works with. Buyers can then pay in Bitcoin, and we exchange that to cash. The escrow company now gets the Bitcoin at a cash-pay spot rate immediately. The entire process takes one day, and there is a 1% fee to initiate the transaction.”

Although this is typically the case, Shaoul shared that Magnum keeps a percentage of cryptocurrency obtained through real estate transactions in the company’s treasury. “We keep a portion of this to maintain the same percentage of crypto we’ve been balancing for the last six to seven months.” In order to do this, Shaoul shared that the firm is working with the crypto investment company Galaxy Digital to help manage cryptocurrency gained from real estate transactions.

Are Bitcoin payments for real estate just hype?

While it’s certainly notable that crypto holders have been seeing more opportunities to purchase real estate with digital assets, some industry experts believe that this recent trend has become overhyped.

For instance, Natalia Karayaneva, CEO of Propy — a real estate transaction platform powered by blockchain technology — told Cointelegraph that many of the stories in the media today focus on crypto payments for real estate as if this is a new development. But to Karayaneva’s point, accepting crypto payments dates back to 2014, when BitPay helped facilitate the sale of a Lake Tahoe property that sold for $1.6 million in BTC. In 2014 ​, a tech entrepreneur also listed his Tiburon, California home for sale for $3.6 million, which was payable in Bitcoin.

Karayaneva believes that blockchain technology being leveraged to facilitate crypto-to-crypto transactions will be the real game-changer for the real estate industry. It is possible to close a real estate transaction entirely in Bitcoin, without any cash conversion involved. Karayaneva explained that conducting transactions this way saves time for both the buyer and seller:

“This saves up to 1% of exchange fees, and blockchain crypto transactions are 100% transparent and immutable. They also allow for smart contracts that let a user create, audit and authenticate documents from any point of the world, in real-time. This eliminates the need for middlemen and minimizes the risk of any payment disputes, as the transaction is completed only if all requirements are met.”

Karayaneva further mentioned that many escrow companies today still don’t want to be involved with crypto transactions, which is why a smart-contract framework is a more attractive option.

Moretti, however, begs to differ, noting that using a blockchain to conduct real estate transactions can be difficult since it doesn’t go through the normal escrow process. “I know this can be done, but it’s clunky. There are also good funds laws we adhere to in California, and it may be hard to get regulators on board with such a solution.”

While it’s too soon to tell whether blockchain technology will be the missing link for real estate transactions, it’s clear that more crypto holders are using Bitcoin to purchase properties today. “People are looking to move unstable assets to a stable asset. And what’s more stable than real estate?” Singh remarked.

Bitcoin Saved at $30K as Tesla Might Resume Accepting It: The Weekly Crypto Recap

It’s safe to say that this was a rather intense week in the cryptocurrency market, despite Bitcoin being only about 2% up throughout the period.

Things started off rather calmly, and the market was pretty flat until Monday. Bears took control and brought the price down to slightly above $30K before landing the final blow on Tuesday and pushing BTC below $30,000.

It was on Wednesday, though, when the highly-anticipated B Word event took place, which saw Elon Musk, Jack Dorsey, and Cathie Wood discussing Bitcoin. All of them had important and impressive things to say about the primary cryptocurrency, but the attention was more or less on Musk. The Tesla CEO spoke fondly of the cryptocurrency, revealing that he, as well as SpaceX, owns it, apart from Tesla, which already bought a few months back. He also said that the electric vehicle manufacturer is likely to start accepting BTC again soon.

This positively impacted the market as BTC bounced and gained around $3K in a day. It’s been up only since then, and the coin is now trading at around $32,500.

The altcoin market was also taken ablaze by volatility as a lot of cryptocurrencies crashed and recovered after that. Ethereum, for instance, is almost 8% up, DOGE is 4.6% up, UNI – about 4% up, and so forth. Others, however, failed to capitalize throughout the week and saw some losses. BNB is down almost 8%, ADA is down about 4.2%, Ripple pretty much traded flat, and so forth.

Overall, the week could be considered rather positive. Musk’s words resonated within the community. Jack Dorsey also said that Bitcoin would be a big part of Twitter’s future, while Cathie Wood’s Ark Investments bought this week’s dip by purchasing shares of GBTC.

Whether or not this is the start of a recovery, however, only time will tell.

Market Data

Market Cap: $1325B | 24H Vol: 201B | BTC Dominance: 45.8%

BTC: $32,450 (+2%) | ETH: $2,060 (+7.8%) | XRP: $0.59 (-1%)

This Week’s Crypto Headlines You Better Not Miss

Elon Musk: Tesla Would Resume Accepting Bitcoin, Most Likely. Elon Musk has a changed outlook on Bitcoin’s energy use as he sees a trend towards renewables. According to him, the company he runs, Tesla, will most likely resume accepting BTC as a means of payment.

Jack Dorsey Sees Bitcoin as a Big Part of Twitter’s Future. Jack Dorsey believes that Bitcoin will have a big part in Twitter’s future. He thinks that the cryptocurrency can potentially help a lot with some of the company’s existing and future products. This became clear in this quarter’s earnings calls.

Mysterious Bitcoin Whale Who Sold at $60K Bought Over 17K BTC Between $30-39K. While the predominant sentiment in the cryptocurrency market continues to be rather negative and fearful, this doesn’t seem to be the case for the third-biggest BTC address. This whale has been buying BTC in the range between $30K and $39K aggressively.

Bought the Dip? Cathie Wood’s ARK Invest Purchased 450,000 GBTC Shares in Two Days. Cathie Wood’s investment fund has purchased $13 million worth of Grayscale’s Bitcoin Trust (GBTC) shares. The company bought more than 140K additional shares of GBTC in a day for its ARK Next Generation Internet ETF.

JPMorgan Becomes First US Banking Giant to Give Wealth Clients Access to Crypto Funds. International banking giant JP Morgan reportedly became the first US bank to give its wealth clients access to crypto funds. The latter have been given access to several crypto products, including the Grayscale Bitcoin Trust.

Rap Legend Busta Rhymes Officially a Bitcoin HODLer. The rap legend Busta Rhymes is now officially a Bitcoin HODLer. He said that Elon Musk, Jack Dorsey, and Cathie Wood, speaking at the B Word event, was the final push he needed to buy BTC. He’s looking into Ethereum next.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano, and Polygon – click here for the full price analysis.

Canadian border town suspends Bitcoin mining over aesthetic concerns

City officials have imposed a three-month suspension on new Bitcoin mining operations to make roads and buildings more presentable.

Massena, a town along the New York border with Canada has placed a temporary suspension on new Bitcoin (BTC) mining operations in the area.

According to a report by the Associated Press on Friday, Massena Town city officials mandated the 90-day moratorium on new Bitcoin mining activities due to aesthetic concerns.

Steve O’Shaughnessy, a Massena Town supervisor said miners littered roads with trailers laden with computers and other hardware required to mine Bitcoin. The AP report quoted O’Shaughnessy’s statement to WWNY-TV, saying:

“We don’t want it littered with these trailers that are pumping out Bitcoin. We just want to make sure if they are going to come here, that it’s a nice presentable building.”

City officials will reportedly use the 90-day moratorium to ensure that roadsides in Massena Town are decluttered with trailers and shipping containers moved off-road.

Meanwhile, Massena Electric is reportedly looking to sign deals with three crypto firms. According to the AP News report, the power company also has its own moratorium on working with new crypto miners.

Related: Four North American Bitcoin miners that could benefit from the East-West shift

With small border towns in North America hemorrhaging factory jobs over the past decade, Bitcoin and crypto mining operations represent a return of some industrial activities to places like Massena.

Cheap electricity in these areas is often a major draw for Bitcoin miners and in return, these companies offer the promise of jobs and bootstrapping the local economy.

Indeed, with China’s massive crypto mining crackdown and the expected East-to-West hash rate migration, these smaller towns in North America might play host to more Bitcoin mining activity.

Meanwhile, the major North American Bitcoin mining operations continue to upscale their capacity amid the current hash rate drop in a bid to capture a larger portion of the market.

North American Bitcoin miners controlling a larger share of the global hash rate distribution may also contribute to putting the industry in better standing with regulators especially in the area of environmental conservation.

Bank of Russia Advises Stock Exchanges to Avoid Trading Crypto Instruments

Bank of Russia Advises Stock Exchanges to Avoid Trading Crypto Instruments

In line with its hardline stance on cryptocurrencies, the Central Bank of Russia (CBR) has issued a recommendation against the listing of securities tied to crypto assets on the country’s stock exchanges. The “preventive measure” will not affect state-issued digital currencies.

Bank of Russia Worried About Common Investors’ Exposure to Crypto Derivatives

Russia’s central banking institution, known as Bank of Russia, has again expressed its misgivings regarding decentralized money. Cryptocurrencies and digital assets are characterized by high volatility, lack of pricing transparency, low liquidity, technological, regulatory and other specific risks, the financial authority said this week, emphasizing:

The purchase of financial instruments linked to them entails increased risks of losses for people who do not have sufficient experience and knowledge.

The new warning came as part of a recently issued recommendation for Russian exchanges not to allow the trading of domestic or foreign securities, the dividend payments of which “depend on cryptocurrency rates.” Among the unwanted financial products, the bank further listed those tied to “prices of foreign digital financial assets, changes in cryptocurrency and crypto asset indices as well as the cost of crypto derivatives and securities of cryptocurrency funds.”

The regulator’s notice also refers to financial instruments connected to the prices of tokens, defined under the current Russian legislation as ‘digital rights,’ which are offered or accepted as a non-currency means of payment. These do not represent a Russian or foreign legal tender, or an international monetary unit and unit of account, the central bank stressed.

According to the advisory letter sent out by the Bank of Russia, asset managers should not include cryptocurrency assets in mutual funds. The CBR advised brokers and trustees to refrain from offering “pseudo-derivatives with such underlying assets to unqualified investors.”

Bank of Russia Advises Stock Exchanges to Avoid Trading Crypto Instruments

These recommendations are meant as a “preventive measure,” the Russian central bank noted in the announcement. “They are aimed at preventing the offering of such instruments to the mass investor,” the regulator emphasized.

Bank of Russia remarked the restrictions do not apply to national digital currencies issued by governments, or CBDCs. They won’t affect digital financial assets issued in accordance with Russian law and by information systems whose operators are registered with the Russian central bank, the institution added.

What’s your opinion about Bank of Russia’s position on crypto-related financial instruments? Let us know in the comments section below.

Dogecoin Price Analysis: DOGE slowly trades around $0.19, prepares for another wave lower?

TL;DR Breakdown

  • DOGE moved sideways yesterday.
  • Further upside rejected earlier today.
  • DOGE/USD targets  $0.15 next.

Dogecoin price analysis indicates bearish momentum to follow over the next 24 hours as further upside was rejected. Therefore, we expect DOGE/USD to start declining over the weekend as bears target the $0.15 mark next.

Dogecoin Price Analysis: DOGE slowly trades around $0.19, prepares for another wave lower? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with a slight loss over the last 24 hours as bears are slowly taking over the momentum. Bitcoin trades with almost a 0.2 percent loss, while Ethereum is still up around 1.3 percent. The rest of the top altcoins have already declined by 2-3 percent.

Dogecoin price movement in the last 24 hours: Dogecoin moves sideways around $0.19

DOGE/USD traded in a range of $0.1898 – $0.1995, indicating low volatility over the last 24 hours. Trading volume has rapidly declined by 67.34 percent and totals $1.3 billion. Meanwhile, the total market capitalization stands around $25 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart: DOGE ready for further lows?

On the 4-hour chart, we can see the Dogecoin price establishing a base from which to push lower over the weekend.

Dogecoin Price Analysis: DOGE moves sideways around $0.19, prepares for another wave lower?
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price action continues to trade with a strong bearish momentum over the past weeks. After a sharp rally to the $0.29 mark, DOGE/USD failed to set further highs at the end of June and has since slowly moved lower.

On the 20th of July, DOGE retested the $0.165 support, with a sharp rejection seen over the following 24 hours. Eventually, the Dogecoin price spiked above $0.20 resistance and set a higher high around $0.215. 

From there, DOGE/USD started to consolidate yesterday around the $0.19 mark, indicating that bears are building up momentum to push lower over the weekend. Therefore, we expect DOGE/USD to start declining over the next 24 hours as bears target the $0.15 mark next.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis indicates bearish momentum to follow over the weekend as further upside was rejected over the last 24 hours. Currently, DOGE/USD has established a clear consolidation area, leading to a rapid decline later this week, with bears targeting the $0.15 next major support next. 

While waiting for Dogecoin to decline, read our guide on Bitcoin fees, as well as what can you do with Bitcoin and DeFi advantages.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Bull or bear market, creators are diving headfirst into crypto

NFTs and social tokens are not Bitcoin or Ether, but interaction between celebrities and their fans raises people’s awareness about the space.

After an astronomical bull run into the beginning of this year that was followed by an abrupt halt and 50% drop since April, crypto markets are at a fork in the road right now. Where they go next could inform us about how market conditions impact mainstream adoption via artists, creators and celebrities who have been taking a greater interest in the space.

To date, the market for nonfungible tokens (NFTs) and social tokens has been anecdotally correlated to the broader crypto market. As creators bring in more fans from outside of crypto, we’re seeing that correlation diminish, albeit with a small sample size. If Bitcoin (BTC) and Ether (ETH) don’t break out of their respective slumps and we do enter a bear market, there is a strong case to be made that the growth of the creator economy will insulate social tokens from the effects of the rest of the market.

Related: On the fence: If this is a crypto bear market, how long can it last?

The reality is that most creators’ audiences don’t care about the price of BTC or ETH — at least not yet. They are buying tokens to unlock exclusive token-gated benefits and to interact with their favorite artists and creators in new digital and physical ways.

As always, whether the next few months are bullish or bearish, both scenarios present unique opportunities for our industry. Whether the market pulls in new participants in good market conditions or shakes out the “weak hands” in a bear market, the near future presents a very pivotal time for the intersection of the creator and crypto economies.

NFTs cool down, weeding out the weak hands

Since the crypto bull market and NFT boom took off earlier this year, creators and celebrities have taken up a great deal of space alongside Bitcoin in the mainstream conversation about crypto. Today, the NFT market has cooled significantly, and fewer big-name celebrities are cranking out NFTs like we saw in March. Does this mean that NFTs were a passing trend, or will crypto change the way that celebrities and their fans interact in the long run?

There’s little doubt that a few celebrities have used crypto for easy endorsement money or to make a quick buck. But many of them are truly exploring how crypto can bring them closer to fans and using the technology to express themselves in new ways.

Related: Hype is over: How NFTs and art will benefit from each other moving forward

At the end of the day, influencers who used crypto as a “cash grab” will disappear from the space during down cycles, as have many generations of crypto tourists. We’re still talking to a lot of genuinely engaged creators about how they can incorporate NFTs into a larger-scale crypto activation with their fans. Whether they’re household-name celebrities or creators with an engaged, albeit more niche, audience, the foundation for creators and crypto has been firmly established to withstand any market conditions.

A breakthrough for the “middle class”

It isn’t just household-name creators who are using crypto to forge deeper connections with fans and own their financial relationships instead of allowing Big Tech platforms to dictate the terms – creators with smaller and mid-sized followings have also explored ways to connect with their audiences via crypto and NFTs.

The creator economy is made up of more than 50 million YouTubers, TikTok stars, bloggers and other types of content creators. The sector is growing at a breakneck pace: Ad spend on influencer marketing alone approached $10 billion last year, not to mention creators transacting directly with their fans. Within these direct creator-fan transactions, crypto is becoming more and more common.

Despite the fact that the NFT market has retraced, creators are continuing to explore the space and the tech is continuing to build toward more functionality and utility. Within crypto, creators with million-dollar “market cap” economies are more common than ever. And it isn’t just creators from the cryptosphere who are successfully building crypto economies.

For example, Twitch streamer Alliestrasza primarily streams card games like Hearthstone and Magic: The Gathering Arena to her 225,000 subscribers. Alliestrasza has built a million-dollar economy with her community of ALLIE social token holders by engaging the token community with unique benefits like participating in fan tournaments for various games.

As more creators build these kinds of economies with independent value and functions, we’ll see less and less correlation between social tokens that are designed around active community uses/engagement and the broader, more volatile crypto market that can attract more speculative participants.

Mass adoption and creators

A lot of people who were early to crypto might question why all of this matters. Creator coins aren’t a peer-to-peer electronic cash system or a “global computer.” True, maybe they are not. But bringing new audiences into crypto and helping them understand the value of the technology is the only way to grow the space in a significant way. Crypto is still early on its adoption curve. In order to get the technology into more hands, people will either need to use the technology as it is today (which is occurring at a fairly modest pace) or the technology will have to build more user-friendly layers that are interesting to people with less interest in or knowledge of technology and finance.

Related: Understanding the systemic shift from digitization to tokenization of financial services

Meeting consumers where they are — interacting with their favorite celebrities and creators — is one of the most obvious ways to do that. But the opportunity goes beyond creators and celebrities: Imagine what the adoption curve would look like if every person, brand or website on the internet that could benefit from decentralization was tokenized.

Of course, evolving regulations will play a role in the pace at which crypto and crypto-related projects are developed and adopted. This will be a key area to watch for creators and celebrities around the world, especially in the United States. And for the crypto platforms that serve creators, Financial Action Task Force compliance is already a must.

Related: FATF draft guidance targets DeFi with compliance

But as the technology and regulation coalesce and crypto is adopted into the experiences that internet users are already having, billions of people will gain exposure and become more familiar with the power and potential of the technology.

This could be the rising tide we’ve all been waiting for.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Kevin Chou got his start in esports gaming as the founder and CEO of Kabam, which was eventually sold for $1 billion. His journey into the crypto space began in 2018 when he co-founded blockchain ecosystem Rally and served as its CEO for two years. The firm allows content creators, developers and others to take control of their own digital economies. Chou later founded Forte, a game-centric blockchain platform, where he currently serves as chairman in addition to his position at Rally.

$60K is now more likely for Bitcoin than $20K, Bloomberg’s senior strategist asserts

The analyst also treats the latest crypto ban in China as bullish for Bitcoin and the U.S. dollar.

Bitcoin (BTC) has a better probability of recovering back to $60,000 than breaking below its current support level of $30,000 to target $20,000, believes Mike McGlone, senior commodity strategist at Bloomberg Intelligence.

A screenshot from McGlone's latest analysis on the flagship cryptocurrency, first shared by Bloomberg senior ETF analyst Eric Balchunas, shows him comparing Bitcoin's ongoing price action with the "too-cold" period of the 2018–2019 trading session.

In detail, the BTC/USD exchange rate entered a prolonged consolidation period near $4,000 following an 80%-plus crash in 2018, but a sudden run-up in 2019 sent its prices to as high as $14,000 on some exchanges.

McGlone, who's known for his previous bullish calls on Bitcoin, noted that BTC, which has been consolidating near $30,000 since May, could post a similarly surprising rally while aiming to hit a refreshed resistance target near $60,000.

"The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate," the strategist wrote.

The moving average trio

Bitcoin's bearish and bullish cycles appear to wobble around three key moving average indicators: the 20-week exponential moving average (20-week EMA; the green wave), which serves as interim support/resistance, the 50-week simple moving average (50-week SMA; the blue wave), and the 200-week simple moving average (20-week SMA; the orange wave).

Bitcoin bear trends tend to exhaust after BTC price tests the 200-day simple moving average as resistance. Source: TradingView

During bull trends, Bitcoin prices typically stay above the three moving averages. Meanwhile, bear trends see the cryptocurrency's prices closing below the 20-week EMA and the 50-week SMA, as shown in the chart above.

The 200-week SMA typically serves as the last line of defense in a bear market. So far, Bitcoin has bottomed out twice near the orange wave, each time sending the prices explosively higher. For instance, a take-off from the 200-week SMA in 2018 drove Bitcoin prices to almost $14,000.

Similarly, the wave support capped the cryptocurrency's downside attempts during the COVID-19-led crash in March 2020. Later, the price bounced from as low as $3,858 to over $65,000.

Bitcoin is now in its third drop below this trendline since 2018. The cryptocurrency has broken below the 20-week SMA (near $39,000) and is now targeting the 50-week SMA (circa $32,200) as support. If the old fractal is repeated, it should continue falling toward the 200-week SMA (around $14,000).

However, McGlone believes there could be an early rebound. As a bullish fundamental, the strategist pointed toward the recent China crypto ban.

Tether takes the cake

Beijing announced a complete ban on cryptocurrency operations in May. The decision stonewalled the mining operations in the country, which were forced to either cease or move their base outside. Bitcoin prices fell sharply in response.

Nevertheless, McGlone highlighted China's rejection of open-source software crypto assets as a plateau in their economic ascent. In a tweet published Friday, the analyst attached an index showcasing booming volumes and capitalization of U.S. dollar-backed digital assets, including Tether (USDT). 

He then pitted the rising demand for digitized dollars against the Chinese yuan-to-dollar exchange rates, noting that the logarithmic scale of market capitalization fluctuations between the two fiat currencies was below the baseline zero between 2018 and 2020. That means the yuan was depreciating against the dollar.

Tether's appreciation against the U.S. dollar index and Chinese yuan. Source: Bloomberg Intelligence

The scale just went back above zero, signaling interim growth for the yuan against the dollar. But its uptrend still appeared dwarfed by Tether, whose market cap rose by more than 40% above the baseline. McGlone noted:

"China's rejection of open-source software crypto-assets may mark a plateau in the country's economic ascent, we believe while extolling the value of the U.S. dollar and Bitcoin."

Additionally, Petr Kozyakov, co-founder and CEO of global payment network Mercuryo, noted that while the United States government has not officially launched a central bank-backed digital dollar as China has, the availability of many other alternatives — including Tether, USD Coin (USDC) and Binance USD (BUSD) — could pose a challenge to the Chinese-controlled digital yuan.

"These cryptocurrencies are pegged 1:1 against the U.S. dollar and as shown in the chart McGlone shared, the dollar is leading the digital rise over the Chinese Yuan," Kozyakov said.

"While China's crackdown has had an impact on Bitcoin's price as it hovers above $30K on 23rd June, fundamentals have improved vastly since 2018 due to institutional FOMO. [...] Bitcoin should recover to $50K by the turn of the year."

The Chinese economy will keep growing

However, rejecting McGlone's take, Yuriy Mazur of CEX.IO Broker noted that the Chinese economy should continue flourishing with or without cryptocurrencies, saying that it has nothing to do with the demand for digital assets.

Related: US–China trade war and its effect on cryptocurrencies

"The Chinese government is too smart to miss out on something the world deems valuable," Mazur told Cointelegraph.

"So, expect them to take considerable measures to roll out a Yuan-backed cryptocurrency (in the future) that they have complete control over."

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, and you should conduct your own research when making a decision.

THORChain Hacked for a Second Time: $8 Million Compromised

The cross-chain DeFi protocol THORChain suffered another major hack for $8 million. Last week the protocol was drained with a further $8.3 million in a separate attack.

THORChain Got Hit Again

The decentralized cross-chain exchange THORChain experienced a “sophisticated attack” on its ETH Router. The protocol announced on Twitter that this time the perpetrators drained around $8 million worth of Ether:

“THORChain has suffered a sophisticated attack on the ETH Router, around $8m.”

However, the team added that the attackers limited their damage, “seemingly a whitehat.” They reportedly requested a 10% bounty. In the meantime, the amount of ETH will be halted until it can be “peer-reviewed with audit partners, as a priority:”

“The whitehat requested a 10% bounty – which will be awarded if they reach out, and they should be ecouraged to do so.”

The anonymous hackers warned that they found “multiple critical issues” and could have struck much greater damage, such as embezzling large amounts of Bitcoin, Binance Coin, Lycancoin, and many other cryptocurrencies.

In its turn, THORChain said that the repeated hacking assaults are a serious issue for the community and the project, admitting that “the pain is real.” Even though its treasury can cover the funds, the DeFi protocol would like to see the end of the repeating problem.

The Attack Last Week

Just seven days ago, THORChain suffered another multi-million security breach. In the beginning, the stolen amount remained unconfirmed as the initial estimations showed that it was more than 13,000 ETH – worth roughly $27 million at today’s prices. However, the protocols team later updated the information with new numbers of 4,000 ETH or about $8.3 million.

Similarly, the team promised that the treasury has the necessary funds to compensate all victims and asked for the hackers to get in touch:

“While the treasury has the funds to cover the stolen amount, we request the attacker get in contact with the team to discuss the return of funds and a bounty commensurate with the discovery.”

THORChain also came up with a “recovery plan.” The DeFi protocol would restart its network, donate funds back into the ETH pool to restore the lost funds, release the automatic-solvency checker, and work with security firms to audit.

The B-word: dit zei Elon Musk tijdens hét gesprek met Jack Dorsey en Cathie Wood

Tijdens The B-word spraken Elon Musk, Jack Dorsey en Cathie Wood over hun visie voor Bitcoin. Dorsey had Musk uitgenodigd om tijdens het evenement 'hét' gesprek aan te gaan, vanwege Musk's bezwaren met betrekking tot Bitcoin's energieverbruik. Die bezwaren lijken nu voor een deel weggenomen: als de positieve cijfers over energieverbruik van Bitcoin kloppen dan zal Tesla opnieuw bitcoinbetalingen accepteren, zei Musk. Hij zegt nog altijd een voorstander te zijn van Bitcoin.

Alle ogen waren woensdag gericht op de livestream van The B-word, een evenement gericht op educatie en het ontkrachten van misinformatie over Bitcoin. De grote publiekstrekker was het gesprek tussen Elon Musk, Jack Dorsey en Cathie Wood.

Elon Musk had zich eerder een voorstander van Bitcoin verklaard, investeerde erin en autofabrikant Tesla accepteerde korte tijd bitcoinbetalingen. Vanwege zorgen over het energieverbruik van Bitcoinmining uitte Musk zich later steeds kritischer en Tesla stopte al snel weer met het accepteren van bitcoin.

Twitter en Square-CEO Jack Dorsey nodigde Musk daarom kortgeleden uit om tijdens The B-word 'hét' gesprek aan te gaan, om de misverstanden op te klaren. Cathie Wood van Ark Invest sloot zich erbij aan.

Hét gesprek

Musk gaf tijdens het gesprek aan dat hij nog altijd gecharmeerd is van Bitcoin en het potentieel ervan ziet. Geld is een informatiesysteem en zodoende ligt het volgens hem voor de hand om iets te steunen dat de efficiëntie en kwaliteit van de economie verbetert.

"In het algemeen ben ik een voorstander van bitcoin en het idee van cryptovaluta in het algemeen", aldus Musk. De belangrijkste oplossingen die Bitcoin volgens hem op dit moment bieden zijn schaarste en decentralisatie. De bruikbaarheid voor normale mensen is volgens hem nog niet goed genoeg, maar een tweede laag zoals het Lightning Network zou dat kunnen verbeteren.

Musk zei dat hij zichzelf niet als een investeerder ziet. Hij heeft alleen aandelen SpaceX en Tesla, omdat dat zijn eigen bedrijven zijn. "Maar daarnaast bezit ik ook bitcoin, en Tesla bezit bitcoin en SpaceX bezit bitcoin", vertelde Musk.

Hij en zijn bedrijven hebben echter geen bitcoin gekocht om het duurder te verkopen, zei hij. "Als de prijs van bitcoin naar beneden gaat, dan verlies ik geld. Ik pump misschien wel, maar ik dump niet", lichtte Musk toe. "Ik geloof in ieder geval niet in het omhoog krijgen van de prijs en daarna verkopen, of iets in die richting. Ik zou graag zien dat Bitcoin slaagt."

Duurzame energiebronnen

Aan de andere kant heeft hij met Tesla ook het streven om de overgang naar duurzame energie te versnellen, vertelde hij. De recente snelle toename van de Bitcoin hash rate impliceert dat er veel meer energie verbruikt wordt en hij is er sceptisch over of dat duurzame energie betreft.

Dat zou namelijk niet aansluiten op de missie van Tesla. Het energieverbruik hoeft van hem niet het schoonste van de wereld te zijn, zei Musk, maar het kan ook niet het vuilste zijn.

Toch geeft hij toe dat het erop lijkt dat bitcoinmining steeds meer gebruik maakt van hernieuwbare energiebronnen of energie uit energieoverschotten. Op de lange termijn denkt hij bovendien dat hernieuwbare energie het goedkoopste zal zijn. Volgens recent onderzoek van de Bitcoin Mining Council zou de energiemix van het Bitcoinnetwerk tegenwoordig voor 56% uit duurzame energie bestaan.

Musk zei nog te willen onderzoeken of het percentage hernieuwbare energie daadwerkelijk rond of boven de 50% ligt en dat de stijgende trend doorzet. Mocht dat het geval zijn, dan zal Tesla waarschijnlijk weer bitcoinbetalingen accepteren. "Zolang er een bewuste en doelgerichte inzet is van de miningcommunity om over te stappen op hernieuwbare energie dan kan Tesla zich daar natuurlijk achter scharen", aldus Musk.

Enthousiast

"Ik weet dat Alex Gladstein later zal spreken over de 4,3 miljard mensen in de wereld die gegijzeld zijn door autoritaire regimes, of de 1,3 miljard die in omstandigheden leven met inflatiecijfers met twee of drie cijfers - als het niet meer is. Hen redden van de vernietiging van hun koopkracht is absoluut een nobel sociaal streven." -Cathie Wood, Ark Invest, The B-word

Elon Musk lijkt nog altijd enthousiast over het potentieel van Bitcoin en decentralisatie. Een toekomst met een welvarende Bitcoineconomie is volgens hem wenselijk en goed voor de wereld. Musk hoopt dat het de efficiëntie van het geldsysteem verbetert, met een betere levensstandaard als gevolg.

Ook vindt hij het goed dat Bitcoin het individu sterkt in relatie met de overheid. "Sommige mensen zijn tegen corporaties, maar vóór de overheid... Maar de overheid is de grootste corporatie van allemaal, en het heeft een monopolie op geweld. Dus als je tegen corporaties bent, zou je echt een hekel moeten hebben aan overheden", zei Musk. Bitcoin herstelt volgens hem de balans enigszins door meer macht te geven aan het individu.

Eigen beheer van de private keys is daarbij essentieel, denkt Musk. "Als jij de enige bent die jouw private keys bezit, dan bezit jij het. Als iemand anders jouw private keys heeft dan bezitten zij het effectief ook. En dan is de veiligheid van jouw crypto afhankelijk van hen of elke entiteit die hen kan beïnvloeden."

Musk suggereerde tijdens het gesprek ook dat Jack Dorsey bitcoinbetalingen zou kunnen accepteren van adverteerders op Twitter. Het zou wat hem betreft goed zijn als er meer mogelijkheden zijn om bitcoin te besteden. Dorsey leek het ermee eens en voegde eraan toe dat hij ook denkt aan algemene commercie via Twitter.

"Mijn hoop is dat het (bitcoin) wereldvrede brengt, of helpt wereldvrede te creëren. Elon zei het eerder al: we hebben allerlei monopolies op geweld en het individu heeft geen macht. En de hoeveelheid kosten en afleiding die ons financiële systeem opleveren zijn écht en dat leidt de aandacht af van de grotere problemen." - Jack Dorsey, CEO Twitter & Square, The B-Word

Video

Klik op deze link of op het plaatje hieronder om het volledige gesprek tussen Elon Musk, Jack Dorsey en Cathie Wood tijdens The B-word te bekijken.

Boven: Klik op het plaatje hierboven voor het volledige gesprek tijdens The B-word


Lees ook eens onze eerdere artikelen over Elon Musk en Tesla of lees verder over Jack Dorsey, die zich al jaren inzet ten gunste van Bitcoin.

Pi Network Price Prediction 2021-2028

What is Pi Network?

Pi network is a cryptocurrency project whose goal is to make crypto mining accessible to all users. The centralization of first-generation digital currencies such as Bitcoin has made them inaccessible to everyday users. Thus, a Pi miner will enjoy the benefit of improved accessibility, unlike a Bitcoin miner.

The Pi network was developed by graduates from Stanford University, and it allows users to mine coins from its mobile app. The transactions are validated on a distributed record during mining. Pi is powered by blockchain technology.

Phase 1 of the project was started in 2019 on Pi day, 14 March, and a free Pi mining phone app. As of June 2019, the Pi network platform had attained over 100,000 active users. The project was more popular in August 2019, as shown in the following chart:

Pi Network Price Prediction 2021-2028 2

Source: Changelly.com

Phase 2 of the project was launched a year later, and the Pi network platform attained over 3.5 million users. The Pi app started to run ads on the Pi network in May 2020, and these ads provided funds for financing the Pi network project. In March 2021, the Pi network had attained 14 million users after crossing the 12 million mark in February. 

The Pi network platform provides an infrastructure on which Pi Coin runs. Just like other cryptos such as Bitcoin, there is a need to protect its scarcity. That’s why it goes through a regular “halving” process. The number of coins a miner gets for processing new transactions is reduced by half after reaching a milestone. 

After the Pi blockchain attained 100,000 users, mining Pi coins was halved from 1.6 π per hour. It was again halved to 0.4 π after its user base reached 1 million, and again to 0.2 π after reaching 10 million. This trend is expected to continue to reach 0 after reaching 1 billion users. 

Pi Network Price Prediction 2021-2028 3

Source: Capital.com

During Pi cryptocurrency mining, the Pi node uses a consensus algorithm based on Stellar Consensus Protocol (SCP) to validate transactions and reach a consensus with other Pi nodes. Some Pi users see it as a way to take part in crypto from the ground up and earn profits in the future. 

Can you buy Pi crypotocurrency?

If you were thinking of buying Pi cryptocurrency and store it in your Pi wallet, it’s worth noting that it’s not possible. Developers who’ve mined Pi cryptocurrency will only get an opportunity to exchange or withdraw their Pi crypto during phase 3, when the Pi network coin will have shifted to a completely decentralized blockchain. Pi coins cannot support transfer transactions during the testing phase. This will help prevent fake accounts from acquiring many Pi coins. 

The Pi network wallet balances will be honored when the Pi network moves from the Pi testnet to the mainnet after the blockchain protocol becomes fully deployed. Thus, Pi coins are not available for trading on any trading platforms or cryptocurrency exchanges. 

After the launch of phase 3, Pi currency holders will gain full control of their public and private wallet keys and use Pi coins to purchase products and services on the Pi market and exchange it for fiat currency. Without having keys, Pi cryptocurrency holders cannot transfer or spend the money they have. 

The Pi coin phone app is equivalent to a cryptocurrency wallet, and it is normally linked to the user’s Facebook account or phone number. Like other public blockchains like Bitcoin, the Pi network will enable external wallets to keep Pi coins and carry out transactions by submitting them to the blockchain. However, the developers are yet to release the source code. 

Pi developers also introduced the Pi Brainstorming mobile app in December 2020 to allow users to join projects, propose app ideas, and engage other users. 

Many Pi users are accumulating the Pi coin anticipating that the value of the Pi coin will increase after the launch of phase 3. When the Pi currency value increases, it will bring good news to miners.

Although the mining rate of the Pi coins has been halved, users can connect with other Pi network miners. For a new user to join the Pi Network, he must have an invitation code from another Pi network user. 

Some cryptocurrency lovers have already started to make Pi coin price predictions. In the next section of this article, we will be discussing how the Pi coin value will change when it starts to trade. 

Network Pi Price Prediction (2021-2028)

The price of Pi can be predicted in the same way as Bitcoin price prediction. 

The response to the network has not been bad. The following chart showed the response in 2020:

Pi Network Price Prediction 2021-2028 4

Source: Publish0x

Like other cryptocurrencies being launched, the value of the Pi coin is most likely to begin at a low level against the US dollar and rise as it attracts and gains more users. 

But what have some platforms said about the network price prediction?

Let’s get some answers. 

On March 18, Digitalcoinprice.com made a Pi price prediction for 2021-2025. They predicted that Pi token price value would rise from $0.0107 on average against the US dollar in 2021 and reach $0.0127  in 2022. They also predicted that the Pi coin value would hit $ 0.0212 by 2025. The value of digital currency will reach $0.0319 by 2028. 

Pi Network Price Prediction 2021-2028 5

Source: Digitalcoinprice.com

However, Digitalcoinprice.com deleted this information from their website on March 19. 

Wallet investor, an algorithm-based price prediction service, has made a Pi coin price prediction of $0.0132 and a downside of $0.00743. 

According to the Changelly crypto exchange, if the Pi coin launches by the end of 2021, the bull case may see the Pi network price reach $1 based on the number of exchanges and users who adopt it. Changelly Pi network price predictions also show that the price of Pi may rise to $5 by 2025. 

Final verdict on Pi Coin

Pi network is a smart contract network meant to offer public access to the use of cryptocurrencies.

Unlike Bitcoin mining, the Pi network cryptocurrency project aims to keep crypto mining accessible to all users. It will solve the problem of inaccessibility introduced by the centralization of first-generation coins like the Bitcoin digital coin. 

The Pi network allows its users to mine coins from its mobile app and carry out transactions. The transactions are validated on a distributed record during mining using the Pi network app.

Pi goes through regular “halving” to protect it from scarcity. The number of coins a miner gets for processing new transactions is reduced by half after reaching a milestone. 

FAQs

When will the Pi cryptocurrency enter the cryptocurrency market?

The Pi cryptocurrency will launch during phase 3 of the Pi network development. The date of release has not been announced. Still, it will be determined by how the testing phase progresses and the listing of the digital currency on the cryptocurrency market exchanges. 

What is the expected value of Pi?

Currently, Pi has no value, and it has not been listed on any cryptocurrency exchange platform. Although it’s hard to predict its value before launch, Pi network price prediction shows that the Pi network value will start at around 0.01 against the US dollar. If this Pi price prediction comes to pass, it will be great news to miners.

Is Pi crypto a good investment?

Currently, you can’t trade Pi cryptocurrency. If you think that the Pi network project will launch accessible crypto that doesn’t price out users each day, you can start Pi mining. You can also wait to purchase it at an exchange. 

The B-word: dit zei Elon Musk tijdens hét gesprek tussen met Jack Dorsey en Cathie Wood

Tijdens The B-word spraken Elon Musk, Jack Dorsey en Cathie Wood over hun visie voor Bitcoin. Dorsey had Musk uitgenodigd om tijdens het evenement 'hét' gesprek aan te gaan, vanwege Musk's bezwaren met betrekking tot Bitcoin's energieverbruik. Die bezwaren lijken nu voor een deel weggenomen: als de positieve cijfers over energieverbruik van Bitcoin kloppen dan zal Tesla opnieuw bitcoinbetalingen accepteren, zei Musk. Hij zegt nog altijd een voorstander te zijn van Bitcoin.

Alle ogen waren woensdag gericht op de livestream van The B-word, een evenement gericht op educatie en het ontkrachten van misinformatie over Bitcoin. De grote publiekstrekker was het gesprek tussen Elon Musk, Jack Dorsey en Cathie Wood.

Elon Musk had zich eerder een voorstander van Bitcoin verklaard, investeerde erin en autofabrikant Tesla accepteerde korte tijd bitcoinbetalingen. Vanwege zorgen over het energieverbruik van Bitcoinmining uitte Musk zich later steeds kritischer en Tesla stopte al snel weer met het accepteren van bitcoin.

Twitter en Square-CEO Jack Dorsey nodigde Musk daarom kortgeleden uit om tijdens The B-word 'hét' gesprek aan te gaan, om de misverstanden op te klaren. Cathie Wood van Ark Invest sloot zich erbij aan.

Hét gesprek

Musk gaf tijdens het gesprek aan dat hij nog altijd gecharmeerd is van Bitcoin en het potentieel ervan ziet. Geld is een informatiesysteem en zodoende ligt het volgens hem voor de hand om iets te steunen dat de efficiëntie en kwaliteit van de economie verbetert.

"In het algemeen ben ik een voorstander van bitcoin en het idee van cryptovaluta in het algemeen", aldus Musk. De belangrijkste oplossingen die Bitcoin volgens hem op dit moment bieden zijn schaarste en decentralisatie. De bruikbaarheid voor normale mensen is volgens hem nog niet goed genoeg, maar een tweede laag zoals het Lightning Network zou dat kunnen verbeteren.

Musk zei dat hij zichzelf niet als een investeerder ziet. Hij heeft alleen aandelen SpaceX en Tesla, omdat dat zijn eigen bedrijven zijn. "Maar daarnaast bezit ik ook bitcoin, en Tesla bezit bitcoin en SpaceX bezit bitcoin", vertelde Musk.

Hij en zijn bedrijven hebben echter geen bitcoin gekocht om het duurder te verkopen, zei hij. "Als de prijs van bitcoin naar beneden gaat, dan verlies ik geld. Ik pump misschien wel, maar ik dump niet", lichtte Musk toe. "Ik geloof in ieder geval niet in het omhoog krijgen van de prijs en daarna verkopen, of iets in die richting. Ik zou graag zien dat Bitcoin slaagt."

Duurzame energiebronnen

Aan de andere kant heeft hij met Tesla ook het streven om de overgang naar duurzame energie te versnellen, vertelde hij. De recente snelle toename van de Bitcoin hash rate impliceert dat er veel meer energie verbruikt wordt en hij is er sceptisch over of dat duurzame energie betreft.

Dat zou namelijk niet aansluiten op de missie van Tesla. Het energieverbruik hoeft van hem niet het schoonste van de wereld te zijn, zei Musk, maar het kan ook niet het vuilste zijn.

Toch geeft hij toe dat het erop lijkt dat bitcoinmining steeds meer gebruik maakt van hernieuwbare energiebronnen of energie uit energieoverschotten. Op de lange termijn denkt hij bovendien dat hernieuwbare energie het goedkoopste zal zijn. Volgens recent onderzoek van de Bitcoin Mining Council zou de energiemix van het Bitcoinnetwerk tegenwoordig voor 56% uit duurzame energie bestaan.

Musk zei nog te willen onderzoeken of het percentage hernieuwbare energie daadwerkelijk rond of boven de 50% ligt en dat de stijgende trend doorzet. Mocht dat het geval zijn, dan zal Tesla waarschijnlijk weer bitcoinbetalingen accepteren. "Zolang er een bewuste en doelgerichte inzet is van de miningcommunity om over te stappen op hernieuwbare energie dan kan Tesla zich daar natuurlijk achter scharen", aldus Musk.

Enthousiast

"Ik weet dat Alex Gladstein later zal spreken over de 4,3 miljard mensen in de wereld die gegijzeld zijn door autoritaire regimes, of de 1,3 miljard die in omstandigheden leven met inflatiecijfers met twee of drie cijfers - als het niet meer is. Hen redden van de vernietiging van hun koopkracht is absoluut een nobel sociaal streven." -Cathie Wood, Ark Invest, The B-word

Elon Musk lijkt nog altijd enthousiast over het potentieel van Bitcoin en decentralisatie. Een toekomst met een welvarende Bitcoineconomie is volgens hem wenselijk en goed voor de wereld. Musk hoopt dat het de efficiëntie van het geldsysteem verbetert, met een betere levensstandaard als gevolg.

Ook vindt hij het goed dat Bitcoin het individu sterkt in relatie met de overheid. "Sommige mensen zijn tegen corporaties, maar vóór de overheid... Maar de overheid is de grootste corporatie van allemaal, en het heeft een monopolie op geweld. Dus als je tegen corporaties bent, zou je echt een hekel moeten hebben aan overheden", zei Musk. Bitcoin herstelt volgens hem de balans enigszins door meer macht te geven aan het individu.

Eigen beheer van de private keys is daarbij essentieel, denkt Musk. "Als jij de enige bent die jouw private keys bezit, dan bezit jij het. Als iemand anders jouw private keys heeft dan bezitten zij het effectief ook. En dan is de veiligheid van jouw crypto afhankelijk van hen of elke entiteit die hen kan beïnvloeden."

Musk suggereerde tijdens het gesprek ook dat Jack Dorsey bitcoinbetalingen zou kunnen accepteren van adverteerders op Twitter. Het zou wat hem betreft goed zijn als er meer mogelijkheden zijn om bitcoin te besteden. Dorsey leek het ermee eens en voegde eraan toe dat hij ook denkt aan algemene commercie via Twitter.

"Mijn hoop is dat het (bitcoin) wereldvrede brengt, of helpt wereldvrede te creëren. Elon zei het eerder al: we hebben allerlei monopolies op geweld en het individu heeft geen macht. En de hoeveelheid kosten en afleiding die ons financiële systeem opleveren zijn écht en dat leidt de aandacht af van de grotere problemen." - Jack Dorsey, CEO Twitter & Square, The B-Word

Video

Klik op deze link of op het plaatje hieronder om het volledige gesprek tussen Elon Musk, Jack Dorsey en Cathie Wood tijdens The B-word te bekijken.

Boven: Klik op het plaatje hierboven voor het volledige gesprek tijdens The B-word


Lees ook eens onze eerdere artikelen over Elon Musk en Tesla of lees verder over Jack Dorsey, die zich al jaren inzet ten gunste van Bitcoin.

Binance Smart Chain Daily Transaction Count Grows by 92% in One Month

Binance Smart Chain Daily Transaction Count Grows by 92% in One Month 8
  • The daily transaction count on the Binance Smart Chain has increased by 92% in one month
  • Active daily addresses on the Binance Smart Chain have increased by 33% in the same time period
  • Dapps on the Binance Smart Chain are growing with games and play-to-earn applications leading the rest in unique wallet interactions
  • 4 of the top 5 games on the Binance Smart Chain have seen remarkable growth in unique active users

Daily transactions on the Binance Smart Chain have grown by 92% in the last month. The daily transaction count on the Binance Smart Chain currently stands at 6.043 million up from the June 26th lows of 3.150 million. The chart below, courtesy of BSCScan.com further demonstrates the resurgence in daily transaction activity on the Binance Smart Chain.

Binance Smart Chain Daily Transaction Count Grows by 92% in One Month 5Daily Active Addresses on the Binance Smart Chain Increase by 33% in a Month

During the same time period, the number of daily active addresses on the Binance Smart Chain has also increased by 33%. At the time of writing, there are roughly 630k daily active addresses on the Binance Smart Chain compared to 474k on June 26th. The chart below, courtesy of BSCScan.com provides a visual cue of a resurgence in the daily address activity on the Binance Smart Chain.

Binance Smart Chain Daily Transaction Count Grows by 92% in One Month 6

Gaming and Play-to-Earn Dapps have Grown on the Binance Smart Chain

The growth in address activity on the Binance Smart Chain has also been observed by the team at DappRadar who pointed out that four of the top 5 games on the BSC have seen a remarkable increment in unique active wallets.

According to their analysis, games on the Binance Smart Chain are becoming particularly popular as explained in the following statement and accompanying screenshot of data highlighting the Dapps with the most user activity.

Games on Binance Smart Chain, often offering a play-to-earn or financial incentive, are becoming increasingly popular. CryptoBlades, My Defi Pet, Mobox and DungeonSwap have all seen their user base increase over the past 7 days.

Binance Smart Chain Daily Transaction Count Grows by 92% in One Month 7

 

Binance Smart Chain is Becoming a Big Development Ground

In their concluding remarks, the team at DappRadar stated that Binance Smart Chain is ‘actively becoming a big development ground’ as more usres and developers turn to blockchain-based games due to their play-to-earn mechanics. As a result, the current growth of games and play-to-earn Dapps on the BSC is a sign of bigger things to come.

Valuart Launches Auction of NFT Derived From Banksy’s ‘Spike’

[PR – Lugano, Switzerland, 22nd July, 2021]

Valuart, a startup that mints licensed NFTs derived from original artworks, has launched its first drop. The auction for ‘Spike,’ a digital artwork based on the iconic Banksy installation that first surfaced in Palestine, commenced on July 22. 50% of the proceeds raised from the sale will go to charity.

Created by infamous street artist Banksy, ‘Spike’ is now in the possession of Vittorio Grigòlo. The world famous tenor and Valuart co-founder is auctioning a digital interpretation of the Bansky work, reimagined as a CGI artwork. In the NFT version, Spike is seen floating across the universe until it is eventually returned to its rightful place on earth, to emerge as a newly minted non-fungible token.

Vittorio Grigòlo said: “After months of hard work, we can finally share our creation with the world. I’m convinced that Valuart’s model represents the future of how we perceive, admire and give value to art and artists. This first drop is a stepping stone that will pave the way towards a very exciting future for artists and their art, as well as art collectors and art lovers.”

Following the Spike drop, Valuart plans to launch digital originals (1:1 digital clones) of some of the world’s most iconic licensed artworks. This will include ‘Mantum and the Stole’ scheduled for October 22. This unique artwork by Stefano Zanella was first worn on December 24, 1999 by Pope John Paul II to mark the opening of the Holy Door of the Vatican Basilica.

Valuart is intent on digitizing some of the most famous artworks ever created, breathing new life into a classic medium and giving NFT collectors a chance to acquire a piece of creative history. The company has on-boarded leading artists, institutions and celebrities for this purpose.

After certifying the authenticity of a given artwork on the blockchain in collaboration with the owner of the physical asset, Valuart creates a Digital Original (a perfect digital “clone”) and contextualizes it into unique stories through market-leading content creation. In doing so, it aims to foster a new standard for the NFT art market.

“I’m thrilled to participate in this project and use my voice to create a magical atmosphere for the rebirth of this extraordinary piece of art I discovered more than a decade ago,” said Vittorio Grigòlo. “I cannot wait to share this amazing creation with the public.”

50% of the revenues deriving from the auction of the ‘Spike’ NFT drop will be dedicated to supporting those suffering from conflicts throughout the world.

About Valuart

Valuart was founded by crypto enthusiasts Etan Genini, Vittorio Grigòlo, and Michele Fiscalini with the goal of helping artists realize the true value of their work. Valuart connects art collectors with creators, unlocking new opportunities for monetization through the medium of NFTs. By tokenizing classic artworks, Valuart is bringing the art world into the 21st century.

Learn more: www.valuart.com

Jack Dorsey Outlines How Twitter Could Integrate Bitcoin Into Its Features And Services

Jack Dorsey Outlines How Twitter Could Integrate Bitcoin Into Its Features And Services

Jack Dorsey, who’s at the helm of both Twitter and Square, has been a consistent ally to the world’s oldest cryptocurrency. Now, the tech entrepreneur has discussed big plans to integrate bitcoin, an asset he believes will become the native currency of the internet, into various Twitter products and services.

Bitcoin Is A “Big Part” Of Twitter’s Future: Dorsey 

During Twitter’s second-quarter earnings call on Thursday, Dorsey began by telling shareholders that he sees bitcoin being a “big part” of the firm’s future, owing to its potential to revolutionize some of Twitter’s services and products. He noted several opportunities to integrate bitcoin into existing Twitter services such as Subscriptions, Commerce, and new features like Super Follows, and Tip Jar.

Besides artificial intelligence and decentralization, the Twitter chief indicated that bitcoin is the other main trend for the firm’s future, adding: “I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it.”

Dorsey affirmed that Twitter is not the only global social media platform committed to cryptocurrencies. That said, he mentioned top rival Facebook which is set to launch its Diem (formerly known as Libra) venture later this year. Unlike Facebook, however, Twitter will ultimately focus on bitcoin as an open-source native currency in a new global internet-based economy.

“There’s an obvious need for this, and appreciation for it. And I think that an open standard that’s native to the internet is the right way to go, which is why my focus and our focus eventually will be on Bitcoin.”

By integrating bitcoin, Twitter hopes to get access to myriad new markets at once, letting more customers engage with the firm’s products. Notably, this is the very first time Dorsey has publicly pointed out the various ways Twitter could integrate bitcoin.

Dorsey Is A Bitcoiner Through And Through

It’s no secret that Jack Dorsey is all in on bitcoin. Square purchased a combined $220 million worth of BTC to add to its balance sheet — acquiring 3,318 bitcoins in February 2021 on top of the 4,709 BTC it bought in October last year. 

Earlier this month, Dorsey announced that the payments firm will set up a new business joining Tidal, Cash App, and Seller, and will facilitate “non-custodial, permissionless, and decentralized financial services” with a primary focus on bitcoin. Square is also developing a self-custody bitcoin hardware wallet.

Moreover, Dorsey had a bitcoin chat with Tesla’s Elon Musk and fund manager Cathie Wood on Wednesday where he reiterated his unwavering belief in bitcoin as the internet’s native currency.

He concluded by proclaiming that he hopes bitcoin will ultimately help create world peace.

CoinSwap Space Adds Staking Pools With ADA Rewards

[PR – Tallinn, Estonia, 22nd July, 2021]

CoinSwap Space, a decentralized exchange on the Binance Smart Chain, this week announced the option to stake their native CSS token and earn rewards in ADA. This new feature, along with the ability to earn rewards in ETH and LINK, is one of a trio of staking options for CSS that have recently been launched. These new staking offer users rewards in major crypto tokens to allow them to minimise risk through the volatility the market is currently seeing.

CoinSwap was launched this year on April 30th with a comprehensive suite of DeFi options. Since then, the decentralized exchange has attracted new users through its ease of use and its low transaction fees which, at $0.20, are even less than the already very affordable PancakeSwap. Similar to PancakeSwap, CoinSwap utilizes the Automated Market Maker (AMM) model which allows its users to add capital to liquidity pools in return for native CSS tokens.

Since the launch, CoinSwap has seen many new pairs, new features, and new staking options launched on the DEX. The goal of CoinSwap is to supply a myriad of different DeFi features on one easy to use interface and in doing so make DeFi more accessible to the average retail investor.

CoinSwap has several features that users can utilize to make interacting with deFi easier and quicker. For example, CoinSwap offers a mass harvest and mass stake option. These features allow CoinSwap users to instantly harvest all of the returns across all of their liquidity pools and either send them directly to their wallet or compound them by staking them on CoinSwap. As well as being easier and taking just a couple of clicks to do, this is also cheaper as all of the tokens are collected via just one transaction on the BSC.

The recent volatility in the crypto market has been particularly hard on small cap tokens. While the major tokens like Bitcoin and Ethereum are currently a little above 40% of their all time high, some smaller tokens have seen losses of nearly 97%. This is why CoinSwap is offering rewards in LINK, ETH and now ADA. The long term viability of these tokens should protect them from the heaviest losses.

Currently, as crypto might be entering a bear market, a lot of investors are seeking a place to store funds for the long term. Having the option to earn rewards in these tokens makes CoinSwap worthy of consideration for this long term storage. Another point that makes CoinSwap viable in the long-term is that CSS tokens, unlike PancakeSwaps native CAKE tokens, have a hard cap. The hard cap of 19,999,999 together with the fact that the community can decide every step of the way for the CSS to become more of a deflationary, should provide some stability through a bear market.

CoinSwap is also a rare case where as already before launch it got audited by Certik, one of the most trusted security technology companies in the blockchain industry. Certik carried out security audits of CoinSwap’s smart contracts by testing them with an industry-leading Formal Verification Tool. The audit verifies the ability for CoinSwap’s liquidity pools and staking pools to stand up to hacks.

About CoinSwap Space

CoinSwap Space is a suite of DeFi services built on the Binance Smart Chain. It primarily features a decentralized exchange founded on the automated market maker model (AMM) that provides the lowest fees on BSC. CoinSwap users can earn the CSS token by staking and farming capital. Users also benefit from smart routing, guaranteeing maximum yields and the lowest slippage available.

Website | Twitter | Github

Bitcoin’s Support Level Is Being Tested Hard, Says Guggenheim’s Scott Minerd – Here’s His New Crypto Forecast

The global chief investment officer of investment giant Guggenheim Partners Scott Minerd is warning that Bitcoin’s support level at just above $31,000 could crumble.

Speaking to Bloomberg, Minerd says Bitcoin’s slide to around $29,500 earlier this week might have been a “false breakdown,” and he sees the flagship cryptocurrency falling even further.

 

“The market had gone parabolic. There was a surge from $10,000 to over $60,000. We’ve pulled back here to the neighborhood of $31,000 today, give or take. And the support level is really being tested hard, and the breakdown, we got to about $29,500, could be a false breakdown. But I don’t think so. I think that there’s still more air to come out of this…

The standard bear market for Bitcoin has been an 80% retracement. And given all the uncertainty and the new competition from new coins and everything else, I think that there’s more downside to go.”

Minerd says that further declines in Bitcoin’s price will reduce investor enthusiasm in the asset class, which will present a potential buying opportunity.

“If we get another washout, the popularity of crypto is going to fade quite a bit among people who are so anxious to jump in right now. But again, that’s probably a good sign that it’s a buy.”

Minerd warns that Bitcoin’s dominance over the long term is under threat.

“There’s a real question here, though, about what is the winner in the crypto world? Obviously Ethereum, for a number of reasons, looks better long term as a viable crypto coin than Bitcoin…

I don’t think we’ve actually seen the coin or the cryptocurrency that is going to dominate the market… Just like we didn’t see Google well after Yahoo had already established itself as the dominant search engine.”

l

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/vvaldmann

The post Bitcoin’s Support Level Is Being Tested Hard, Says Guggenheim’s Scott Minerd – Here’s His New Crypto Forecast appeared first on The Daily Hodl.

Why Binance Coin (BNB) May Soon Lose Its Top Spot in Crypto?

Binance Coin (BNB) at the time of reporting has dropped by nearly 6 percent over past week, while other top cryptocurrencies have shown upside. Binance Coin (BNB) is a native coin of crypto exchange Binance and it’s only a matter of time before  ongoing global regulatory crackdown affects BNB’s market.  The crypto exchange’s regulatory trouble is expanding at an alarming rate, and price of BNB coin may drop with rise in regulatory hurdles.

  • Global Crackdown Against Binance on Rise

Nations and institutions that do not support Binance services in their regions are trekking towards the tip. A total of seven countries have announced Binance takedown in lieu of the exchange’s incapability to meet the digital currency regulations of the nations.

Binance regulatory crackdown started with Japan’s Financial Services Agency (FSA). FSA warned against the exchange of non-compliance and stated that Binance has been functioning in the country without registration under new guidelines and can potentially be charged with a criminal offense. Singapore came next to scrutinize Binance, by announcing inspection of native Binance Holdings Ltd. activities in the nation. Another nation that Binance had to left was Canada.

The unceremonious withdrawal was unsurprising in lieu of multiple claims of imposing strict restrictions on crypto trade and exchange in Canada. Thailand also joined the anti-Binance club after ordering a criminal investigation by the Securities and Exchange Commission (SEC) against Binance.

UK’s FCA is advertising against the exchange by warning investors and companies to stay away from Binance because it is unauthorized to operate in the country. Along with UK’s anti-Binance stance, Cayman Islands Monetary Authority (CIMA) ordered a probe after news of unauthorized Binance headquarters at the location. Most recently, Italy has joined the regulatory crackdown against Binance, for offering unauthorized investment services in the country.

  • Unsatisfied Users

It is not just the governments and institutions that are part of the Binance crackdown. Over 700 traders have filed a lawsuit together against Binance for technical error during a sudden plunge. During May when cryptocurrencies suddenly started to drop, Binance froze, stranding its users in the middle of a crypto apocalypse. The exchange froze for over an hour, costing hundreds and thousands of traders their fortune.

  • Rising Competition- FTX is a  Potential Threat

While Binance is stuck in mud with regulatory and compliance concerns, FTX just raised funding at largest crypto valuation ever. FTX also bought back their shares in Binance recently, FTX founder Bankman-Fried said.

“I think it just makes sense given the role that our businesses are playing in the space. It can also give us more flexibility going forward.”

This was a highly debatable topic in crypto community and FTX pulling out of Binance may be a strategy to stay away from regulatory hurdles and prepare to surpass the largest exchange by volume.

The post Why Binance Coin (BNB) May Soon Lose Its Top Spot in Crypto? appeared first on Coingape.

Zilliqa forms a Strong Alternative to Market Leader Ethereum – Report

Zilliqa forms a Strong Alternative to Market Leader Ethereum - Report 2
  • Zilliqa is taking a strong lead amongst layer-1 protocols on a technical level
  • Zilliqa is also being built from the ground up with sharding at its core
  • Zilliqa, therefore, is in a unique position till Ethereum can implement its own scaling solutions
  • Scilla, the programming language being used on Zilliqa, is also an easier, safer alternative to Solidity
  • The Zilliqa ecosystem continues to grow, currently with over 40 projects

The team at Hillrise Research has released a comprehensive report focused on the blockchain project of Zilliqa (ZIL).

Zilliqa forms a Strong Alternative to Market Leader Ethereum

According to the team at Hillrise Research, Zilliqa (ZIL) is taking a strong lead amongst the current layer-1 protocols on a technical level. Their analysis is based on the fact that Zilliqa has been built from the ground up with the scaling solution of sharding at the core of its design.

Consequently, Zilliqa ‘forms a strong alternative to market leader Ethereum‘ as explained in the following statement.

Being built from the ground up with sharding in mind it forms a strong alternative to market leader Ethereum. Ethereums bid for scalability through sharding in Eth2, which further legitimizes Zilliqa’s approach, and will remain a unique value proposition until Ethereum’s sharding implementation.

Zilliqa’s Scilla Programming Language is a Safer and Easier Alternative to Ethereum’s Solidity

The report goes on to highlight Zilliqa’s unique programming language of Scilla as being ‘an easy and safe alternative to Ethereum’s Solidity’. Scilla is short for ‘Smart Contract Intermediate-Level LAnguage’ and has been built ‘specifically with smart contract safety and usability front of mind’.

Zilliqa’s Ecosystem Has Grown To the Tune of Over 40 Projects

In terms of the growth of the Zilliqa Ecosystem, the report by Hillrise Research went on to highlight that there are over 40 projects currently running on the ZIL blockchain. Furthermore, the Zilliqa community has created ZilliqaProject.com to track new additions to the ZIL ecosystem.

Some of the notable names in the Zilliqa ecosystem include:

  • Zilliqa Capital
  • ZilHive
  • Hg Exchange
  • myZilliqaWallet
  • SocialPay
  • Zeeves
  • Zillacracy
  • ZilSwap