Elon Musk Turns to Memes to Boost $Doge Price, Fails Miserably
Elon Musk is notorious for moving the crypto market through his tweets especially his favorite meme currency dogecoin. Musk has been accused of market manipulation and putting thousands of amateur investors at risk of losing significant investments. However, the outrage seems to be his last concern as he continues to shill the meme currency through his Twitter account.
Is Elon Effect Vanishing From the Crypto Market?
Musk’s tweets on the crypto market were so prominent that many amateur traders started making crypto purchases after every tweet of his and made significant profits. Musk has also been attributed for crashing Bitcoin price on a couple of occasions especially after Tesla’s Bitcoin snub in May. The whole crypto market saw its worst sell-off this year.
Elon Musk is notorious for moving the crypto market through his tweets especially his favorite meme currency dogecoin. Musk has been accused of market manipulation and putting thousands of amateur investors at risk of losing significant investments. However, the outrage seems to be his last concern as he continues to shill the meme currency through his Twitter account.
Is Elon Effect Vanishing From the Crypto Market?
Musk’s tweets on the crypto market were so prominent that many amateur traders started making crypto purchases after every tweet of his and made significant profits. Musk has also been attributed for crashing Bitcoin price on a couple of occasions especially after Tesla’s Bitcoin snub in May. The whole crypto market saw its worst sell-off this year.
Former European Commissioner Phil Hogan Joins Astra Protocol's Board To Make DeFi Safer
The cryptocurrency and blockchain industry continues to attract attention globally. As a result, it is not uncommon for projects to expand their advisory board by attracting renowned individuals. For Astra Protocol, the addition of former European Commissioner Phil Hogan is a significant milestone.
The Astra Protocol Vision
When blockchain protocols begin expanding their board of advisors, it is essential to find suitable profiles. In an industry where regulatory scrutiny is still a problem, teams need to focus on the aspects that matter. For Astra Protocol, the focus lies on the legal side of the equation. More specifically, the project serves as a legal layer to offer assurance to public blockchains. A very ambitious goal that requires expertise from the right people.
Eliminating fraud in the blockchain industry is a vast undertaking. Despite the technology being sound, there have been numerous incidents regarding fraudulent events. Furthermore, when a dispute arises, there is no recourse or option to achieve a resolution. Astra Protocol wants to make public blockchains safe for all users. Its solution spans smart contract networks including Cardano, Ethereum, Polkadot, and others.
More importantly, this solution has one crucial benefit. Developers cannot execute invalid or insecure smart contracts. It is a significant change, as fraudulent transactions or incorrect transactions can be resolved, and funds restored accordingly. Blockchains are designed to be immutable, yet avoiding purposefully illicit behavior will always prove beneficial. Furthermore, offering some recourse can enhance the overall appeal of blockchain technology and help clarify some of its legal grey areas.
Astra Protocol Attracts A Big Name
In a bid to take the next step in the evolution, the project's advisory board is taking shape. The recent addition of Phil Hogan, former European Commissioner for Trade, is a key example of tapping into the vast expertise of the right people. Hogan's main task was resolving the trade war between the European Union and the United States. Additionally, Hogan also negotiated investment deals with China and pursued trade deals with Japan and South American countries.
Phil Hogan comments as follows:
"Decentralized finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions. Astra offers the first sustainable and scalable bridge to support the mass adoption of decentralized finance products in the real world. Applications like the Astra protocol are the future, and I'm very pleased to be a part of it."
Solutions like Astra Protocol can help usher in the next level of mainstream DeFi adoption. Decentralized finance is a powerful industry that doesn't necessarily appeal to the mainstream just yet. An extra level of trust is created by introducing a layer that prevents malicious smart contracts from executing.
The cryptocurrency and blockchain industry continues to attract attention globally. As a result, it is not uncommon for projects to expand their advisory board by attracting renowned individuals. For Astra Protocol, the addition of former European Commissioner Phil Hogan is a significant milestone.
The Astra Protocol Vision
When blockchain protocols begin expanding their board of advisors, it is essential to find suitable profiles. In an industry where regulatory scrutiny is still a problem, teams need to focus on the aspects that matter. For Astra Protocol, the focus lies on the legal side of the equation. More specifically, the project serves as a legal layer to offer assurance to public blockchains. A very ambitious goal that requires expertise from the right people.
Eliminating fraud in the blockchain industry is a vast undertaking. Despite the technology being sound, there have been numerous incidents regarding fraudulent events. Furthermore, when a dispute arises, there is no recourse or option to achieve a resolution. Astra Protocol wants to make public blockchains safe for all users. Its solution spans smart contract networks including Cardano, Ethereum, Polkadot, and others.
More importantly, this solution has one crucial benefit. Developers cannot execute invalid or insecure smart contracts. It is a significant change, as fraudulent transactions or incorrect transactions can be resolved, and funds restored accordingly. Blockchains are designed to be immutable, yet avoiding purposefully illicit behavior will always prove beneficial. Furthermore, offering some recourse can enhance the overall appeal of blockchain technology and help clarify some of its legal grey areas.
Astra Protocol Attracts A Big Name
In a bid to take the next step in the evolution, the project's advisory board is taking shape. The recent addition of Phil Hogan, former European Commissioner for Trade, is a key example of tapping into the vast expertise of the right people. Hogan's main task was resolving the trade war between the European Union and the United States. Additionally, Hogan also negotiated investment deals with China and pursued trade deals with Japan and South American countries.
Phil Hogan comments as follows:
"Decentralized finance is becoming increasingly prominent across the world, but the lack of robust, legal protection has hindered progress within major institutions. Astra offers the first sustainable and scalable bridge to support the mass adoption of decentralized finance products in the real world. Applications like the Astra protocol are the future, and I'm very pleased to be a part of it."
Solutions like Astra Protocol can help usher in the next level of mainstream DeFi adoption. Decentralized finance is a powerful industry that doesn't necessarily appeal to the mainstream just yet. An extra level of trust is created by introducing a layer that prevents malicious smart contracts from executing.
Singapore - The Crypto-Friendly Hub Of Asia
With some jurisdictions around the world apparently eager to crack down on cryptocurrencies, there is one jurisdiction that is continuing to welcome cryptocurrency companies, given a far more regulatory-friendly environment. 300 crypto-related companies have applied for licences in Singapore so far.
The prevailing regulatory environment for Bitcoin and cryptocurrencies has not been favourable over recent times. A few countries have made generally negative sentiment felt in the crypto sphere. China especially, appears to be attempting to squash cryptocurrency in order to give its own central bank digital currency (CBDC) enough room to get itself established.
China’s ban on companies directly dealing with cryptocurrency entities, plus its shut-down of much of the bitcoin mining capacity in the country, has led to the cryptocurrency markets taking quite a tumble over the last few weeks.
However, there are a few places globally where cryptocurrency activities are generally accepted and welcomed. According to an article today on Insider, crypto companies are flocking to Singapore, given its “regulatory environment, and its potential for growth”.
The article outlines how CZ, and his company Binance, the biggest cryptocurrency exchange by trading volume, moved to Singapore in recent years in order to benefit from the “warmer regulations and license exemptions."
The current regulatory environment certainly does appear to be favourable to crypto companies. While the Monetary Authority of Singapore (MAS) requires crypto companies to have a license to operate in the country, they can apply to the MAS for an exemption until their license applications are finalised.
As things currently stand, cryptocurrencies are not legal tender in Singapore but they are considered “goods that can be used for exchange”.
Among the cryptocurrency companies operating at least part of their business out of Singapore is the highly regulated Gemini cryptocurrency exchange, co-founded by the Winklevoss twins. According to the Asia Pacific managing director Jeremy Ng:
“Gemini is planning to stay in Singapore long-term.”
Another potential long-term crypto resident is the fintech company BC Group. This is the parent company of OSL exchange, which has operated an office in Singapore since 2019. Matt Long, the OSL head of distribution and prime said:
"If you look at the environment with respect to regulation, with respect to financial markets, and within that fintech and blockchain, the growth in wealth and asset management, all the positive things that the MAS has done — I think the question is why wouldn't we be setting up in Singapore?"
With some jurisdictions around the world apparently eager to crack down on cryptocurrencies, there is one jurisdiction that is continuing to welcome cryptocurrency companies, given a far more regulatory-friendly environment. 300 crypto-related companies have applied for licences in Singapore so far.
The prevailing regulatory environment for Bitcoin and cryptocurrencies has not been favourable over recent times. A few countries have made generally negative sentiment felt in the crypto sphere. China especially, appears to be attempting to squash cryptocurrency in order to give its own central bank digital currency (CBDC) enough room to get itself established.
China’s ban on companies directly dealing with cryptocurrency entities, plus its shut-down of much of the bitcoin mining capacity in the country, has led to the cryptocurrency markets taking quite a tumble over the last few weeks.
However, there are a few places globally where cryptocurrency activities are generally accepted and welcomed. According to an article today on Insider, crypto companies are flocking to Singapore, given its “regulatory environment, and its potential for growth”.
The article outlines how CZ, and his company Binance, the biggest cryptocurrency exchange by trading volume, moved to Singapore in recent years in order to benefit from the “warmer regulations and license exemptions."
The current regulatory environment certainly does appear to be favourable to crypto companies. While the Monetary Authority of Singapore (MAS) requires crypto companies to have a license to operate in the country, they can apply to the MAS for an exemption until their license applications are finalised.
As things currently stand, cryptocurrencies are not legal tender in Singapore but they are considered “goods that can be used for exchange”.
Among the cryptocurrency companies operating at least part of their business out of Singapore is the highly regulated Gemini cryptocurrency exchange, co-founded by the Winklevoss twins. According to the Asia Pacific managing director Jeremy Ng:
“Gemini is planning to stay in Singapore long-term.”
Another potential long-term crypto resident is the fintech company BC Group. This is the parent company of OSL exchange, which has operated an office in Singapore since 2019. Matt Long, the OSL head of distribution and prime said:
"If you look at the environment with respect to regulation, with respect to financial markets, and within that fintech and blockchain, the growth in wealth and asset management, all the positive things that the MAS has done — I think the question is why wouldn't we be setting up in Singapore?"
Surprise! An ESG-Conscious Giant Increases Indirect Exposure to Bitcoin
In the midst of major and ongoing ESG (environmental, social, and governance) debate, an ESG-conscious US-based investment giant, Capital Group, is increasing its indirect exposure to bitcoin (BTC). This time, via a more than half a billion dollars investment into software developer and major BTC bull MicroStrategy, while several more crypto-related companies are already on its investment list.
A division of major US asset management firm Capital Group, Capital International Investors (CII), has purchased 12.2% of MicroStrategy’s (MSTR) common stock, per a filing to the US Securities and Exchange Commission, dated June 30 and signed on July 12.
This large investment might look surprising, given that ESG-related worries are believed to be among the main causes that accelerated a major correction in the market. Bitcoin has been criticized far and wide lately for its energy consumption, while analysts are still hard at work debunking myths about Bitcoin mining and explaining it.
Meanwhile, 90-year-old Capital Group says that they believe that "ESG is integral to successful investing," and that they are "systematically incorporating environmental, social and governance issues into our investment process," which could "generate better long-term outcomes" for their clients.
ESG does not represent a separate process or "add on" step, according to their policy statement.
Also, per the Principles for Responsible Investment (PRI) Reporting Framework, Capital Group has earned sustainability scores of A or A+ in every category applicable to them.
At the same time, MicroStrategy has been steadily acquiring BTC that is being ignorantly accused of "boiling the oceans." According to the latest available data, the company is now among the biggest BTC holders as it owns BTC 105,085, acquired for around USD 2.741bn at an average price of USD 26,080 per BTC. This stash is worth around USD 3.5bn today.
Moreover, MicroStrategy is not the only way Capital Group has indirectly invested in the world's first crypto, which can be seen by a quick look into their funds - they are exposed to BTC and other cryptoassets through more of their investments in companies that are already offering crypto-related services or are planning to do so.
The New Economy Fund shows investments in CME Group, Square, PayPal, and Visa, for example, with the total market value of the purchased shares of USD 589m.
New Perspective Fund has also invested in PayPal, CME, and Visa, as well as in Tesla, BlackRock, Bank of America, Intercontinental Exchange (the company behind the Bakkt app), and SoftBank, the total market value of which is nearly USD 13.7bn.
Lastly, some of their other funds show similar investments as well, such as Capital Income Builder and the Income Fund of America.
Capital Group says that, as of December 31, 2020, they managed more than USD 2.3trn in equity and fixed income assets for millions of individuals and institutional investors around the world.
In the midst of major and ongoing ESG (environmental, social, and governance) debate, an ESG-conscious US-based investment giant, Capital Group, is increasing its indirect exposure to bitcoin (BTC). This time, via a more than half a billion dollars investment into software developer and major BTC bull MicroStrategy, while several more crypto-related companies are already on its investment list.
A division of major US asset management firm Capital Group, Capital International Investors (CII), has purchased 12.2% of MicroStrategy’s (MSTR) common stock, per a filing to the US Securities and Exchange Commission, dated June 30 and signed on July 12.
This large investment might look surprising, given that ESG-related worries are believed to be among the main causes that accelerated a major correction in the market. Bitcoin has been criticized far and wide lately for its energy consumption, while analysts are still hard at work debunking myths about Bitcoin mining and explaining it.
Meanwhile, 90-year-old Capital Group says that they believe that "ESG is integral to successful investing," and that they are "systematically incorporating environmental, social and governance issues into our investment process," which could "generate better long-term outcomes" for their clients.
ESG does not represent a separate process or "add on" step, according to their policy statement.
Also, per the Principles for Responsible Investment (PRI) Reporting Framework, Capital Group has earned sustainability scores of A or A+ in every category applicable to them.
At the same time, MicroStrategy has been steadily acquiring BTC that is being ignorantly accused of "boiling the oceans." According to the latest available data, the company is now among the biggest BTC holders as it owns BTC 105,085, acquired for around USD 2.741bn at an average price of USD 26,080 per BTC. This stash is worth around USD 3.5bn today.
Moreover, MicroStrategy is not the only way Capital Group has indirectly invested in the world's first crypto, which can be seen by a quick look into their funds - they are exposed to BTC and other cryptoassets through more of their investments in companies that are already offering crypto-related services or are planning to do so.
The New Economy Fund shows investments in CME Group, Square, PayPal, and Visa, for example, with the total market value of the purchased shares of USD 589m.
New Perspective Fund has also invested in PayPal, CME, and Visa, as well as in Tesla, BlackRock, Bank of America, Intercontinental Exchange (the company behind the Bakkt app), and SoftBank, the total market value of which is nearly USD 13.7bn.
Lastly, some of their other funds show similar investments as well, such as Capital Income Builder and the Income Fund of America.
Capital Group says that, as of December 31, 2020, they managed more than USD 2.3trn in equity and fixed income assets for millions of individuals and institutional investors around the world.
China Releases e-CNY Whitepaper, Says Cryptos Have No Value & Pose Risks
The central People’s Bank of China (PBoC) released a digital yuan, e-CNY, whitepaper, in order to "explain the background, objectives, and visions" and to "seek public comments."
At the same time, the central bank once again criticized decentralized cryptoassets, such as bitcoin (BTC), claiming that they don't have intrinsic value, are volatile, and require "huge energy consumption."
"They can hardly serve as currencies used in daily economic activities," the PBoC said, adding that cryptoassets are mostly speculative instruments and pose a potential risk to financial security and social stability.
The bank also stressed that "global stablecoins" "will bring risks and challenges to the international monetary system."
Meanwhile, per the PBoC, during an e-CNY pilot, as of June 30, the token has been applied in over 1.3m scenarios, covering utility payment, catering service, transportation, shopping, and government services.
"More than 20.87m personal wallets and over 3.51m corporate wallets had been opened, with transaction volume totaling 70.75m and transaction value approximating RMB 34.5bn USD 5.3bn," the bank said. It also revealed that smart contracts were used to make the e-CNY programmable.
The PBoC defined e-CNY as the digital version of fiat currency issued by this bank – “a value-based, quasi-account-based and account-based hybrid payment instrument, with legal tender status and loosely-coupled account linkage.”
E-CNY’s features are given as follows:
it is the fiat currency issued by the central bank, same as the physical form of RMB, and is China’s legal tender;
it is mainly a substitute for cash in circulation, and will coexist with physical RMB; as long as there is demand for the physical RMB, the PBoC will neither stop supplying it nor replace it via administrative order;
it adopts a centralized management model and a two-tier operational system: the right to issue e-CNY belongs to the state, with the PBoC being at the center of the e-CNY operational system, but the authorized operators and other commercial institutions exchange and circulate e-CNY to the public;
it is a retail CBDC, issued to the public, and it mainly serves domestic retail payment demands;
in the future digital retail payment system, e-CNY and funds in the electronic account of authorized operators are inter-operable, and both constitute cash in circulation.
E-CNY carries and pays no interest, and payments through e-CNY wallets are settled upon payment. Furthermore, e-CNY does not charge authorized operators for exchange and circulation services, and the operators do not charge individual clients for the exchange of e-CNY either.
It also follows the principle of “anonymity for small value and traceable for high value.” The bank claims that the system collects less transaction information than traditional electronic payment, and that it does not provide information to third parties or other government agencies “unless stipulated otherwise in laws and regulations.”
The bank said it will explore pilot cross-border payment programs and “will work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency in line with the principle of “no detriment,” “compliance,” and "interconnectivity"."
As for the wallet, the PBoC makes the rules, while authorized operators jointly develop and share apps on mobile devices, said the whitepaper. “They manage wallets, authenticate e-CNY, and develop wallet ecological platforms to enable operator-specific visual system and special features as well as online and offline applications in all scenarios.”
There are personal and corporate wallets, depending on the type of holder; software and hardware wallets, depending on the carrier; and parent and sub-wallets, depending on the authorization.
The central People’s Bank of China (PBoC) released a digital yuan, e-CNY, whitepaper, in order to "explain the background, objectives, and visions" and to "seek public comments."
At the same time, the central bank once again criticized decentralized cryptoassets, such as bitcoin (BTC), claiming that they don't have intrinsic value, are volatile, and require "huge energy consumption."
"They can hardly serve as currencies used in daily economic activities," the PBoC said, adding that cryptoassets are mostly speculative instruments and pose a potential risk to financial security and social stability.
The bank also stressed that "global stablecoins" "will bring risks and challenges to the international monetary system."
Meanwhile, per the PBoC, during an e-CNY pilot, as of June 30, the token has been applied in over 1.3m scenarios, covering utility payment, catering service, transportation, shopping, and government services.
"More than 20.87m personal wallets and over 3.51m corporate wallets had been opened, with transaction volume totaling 70.75m and transaction value approximating RMB 34.5bn USD 5.3bn," the bank said. It also revealed that smart contracts were used to make the e-CNY programmable.
The PBoC defined e-CNY as the digital version of fiat currency issued by this bank – “a value-based, quasi-account-based and account-based hybrid payment instrument, with legal tender status and loosely-coupled account linkage.”
E-CNY’s features are given as follows:
it is the fiat currency issued by the central bank, same as the physical form of RMB, and is China’s legal tender;
it is mainly a substitute for cash in circulation, and will coexist with physical RMB; as long as there is demand for the physical RMB, the PBoC will neither stop supplying it nor replace it via administrative order;
it adopts a centralized management model and a two-tier operational system: the right to issue e-CNY belongs to the state, with the PBoC being at the center of the e-CNY operational system, but the authorized operators and other commercial institutions exchange and circulate e-CNY to the public;
it is a retail CBDC, issued to the public, and it mainly serves domestic retail payment demands;
in the future digital retail payment system, e-CNY and funds in the electronic account of authorized operators are inter-operable, and both constitute cash in circulation.
E-CNY carries and pays no interest, and payments through e-CNY wallets are settled upon payment. Furthermore, e-CNY does not charge authorized operators for exchange and circulation services, and the operators do not charge individual clients for the exchange of e-CNY either.
It also follows the principle of “anonymity for small value and traceable for high value.” The bank claims that the system collects less transaction information than traditional electronic payment, and that it does not provide information to third parties or other government agencies “unless stipulated otherwise in laws and regulations.”
The bank said it will explore pilot cross-border payment programs and “will work with relevant central banks and monetary authorities to set up exchange arrangements and regulatory cooperation mechanisms on digital fiat currency in line with the principle of “no detriment,” “compliance,” and "interconnectivity"."
As for the wallet, the PBoC makes the rules, while authorized operators jointly develop and share apps on mobile devices, said the whitepaper. “They manage wallets, authenticate e-CNY, and develop wallet ecological platforms to enable operator-specific visual system and special features as well as online and offline applications in all scenarios.”
There are personal and corporate wallets, depending on the type of holder; software and hardware wallets, depending on the carrier; and parent and sub-wallets, depending on the authorization.
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Is That It For Bitcoin Or Is There Still A Houdini To Come?
Bitcoin has just lost the $30,000 support at time of writing. There is only now a lower low to be made below the previous local low of $28,800 and that should be it. Done and dusted. Bitcoin will go down to the low 20s and perhaps even beyond. However, is there any hope for the number one cryptocurrency, even at this late stage?
$200 billion in value has been wiped off the crypto market cap over the last week as all cryptocurrencies fall lower and lower. Yesterday’s biggest one-day points drop since October on the Dow Jones Industrial Average has also possibly been the last nail in the coffin for crypto.
One of two scenarios await to be played out. Scenario number one sees Bitcoin make that drop, and a new global low will need to be found, hopefully not falling below the last Bitcoin all-time-high of around $20,000, made all the way back in December of 2017.
Scenario number two seems a lot less clear. The preferred scenario is that we turn around and bounce right here, reclaiming the $30,000 level, instead of retesting, and then turning the trend around by making a series of higher highs and higher lows.
The other alternative to this scenario is that we also reclaim the $30,000 level, but that we then continue to move sideways over an extended period of time, all the while gathering strength before surging upwards to make a new all-time-high, before then cracking the magical level of $100,000 perhaps early next year.
Whatever happens, life with Bitcoin and cryptocurrencies is never boring. We weren't going to change the global financial system without a fight. A new enemy is starting to gather on the horizon in the form of central bank digital currencies (CBDCs).
CBDCs are the end-game of the existing financial system. Some compare them to cryptocurrency because they are also digital assets. However, the comparison ends there. This is the same fiat system dressed up in digital guise, with the very worrying add-on that CBDCs can be programmed to control those who use them by being able to influence what you can and can’t purchase.
According to Steve Forbes, editor in chief of Forbes Media, we are headed towards a “cryptocurrency war” and that there will be the “financial equivalent of Starwars” as governments fight to protect their monopoly over manufactured money.
The now much smaller ecosystem of Bitcoin and cryptocurrencies is facing the fight of its life as governments and central banks turn the screw to try and squash this decentralised movement. It is hoped that people will realise what is happening before it is too late.
Bitcoin has just lost the $30,000 support at time of writing. There is only now a lower low to be made below the previous local low of $28,800 and that should be it. Done and dusted. Bitcoin will go down to the low 20s and perhaps even beyond. However, is there any hope for the number one cryptocurrency, even at this late stage?
$200 billion in value has been wiped off the crypto market cap over the last week as all cryptocurrencies fall lower and lower. Yesterday’s biggest one-day points drop since October on the Dow Jones Industrial Average has also possibly been the last nail in the coffin for crypto.
One of two scenarios await to be played out. Scenario number one sees Bitcoin make that drop, and a new global low will need to be found, hopefully not falling below the last Bitcoin all-time-high of around $20,000, made all the way back in December of 2017.
Scenario number two seems a lot less clear. The preferred scenario is that we turn around and bounce right here, reclaiming the $30,000 level, instead of retesting, and then turning the trend around by making a series of higher highs and higher lows.
The other alternative to this scenario is that we also reclaim the $30,000 level, but that we then continue to move sideways over an extended period of time, all the while gathering strength before surging upwards to make a new all-time-high, before then cracking the magical level of $100,000 perhaps early next year.
Whatever happens, life with Bitcoin and cryptocurrencies is never boring. We weren't going to change the global financial system without a fight. A new enemy is starting to gather on the horizon in the form of central bank digital currencies (CBDCs).
CBDCs are the end-game of the existing financial system. Some compare them to cryptocurrency because they are also digital assets. However, the comparison ends there. This is the same fiat system dressed up in digital guise, with the very worrying add-on that CBDCs can be programmed to control those who use them by being able to influence what you can and can’t purchase.
According to Steve Forbes, editor in chief of Forbes Media, we are headed towards a “cryptocurrency war” and that there will be the “financial equivalent of Starwars” as governments fight to protect their monopoly over manufactured money.
The now much smaller ecosystem of Bitcoin and cryptocurrencies is facing the fight of its life as governments and central banks turn the screw to try and squash this decentralised movement. It is hoped that people will realise what is happening before it is too late.
Twitter Set To Integrate Bitcoin As "Global Native Currency"
During an earnings call yesterday, CEO of Twitter, Jack Dorsey, brought up the importance of decentralized social media and stated that Bitcoin will as the internet’s “global native currency” will be a big part of Twitter’s future.
The earnings call marked the first occasion the Twitter CEO had publicly discussed any potential integration of bitcoin onto the platform, stating the potential integration of bitcoin into existing twitter products and new products such as ‘Super Follows’ and ‘Tip Jar’.
“If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subnoscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach,”
One of the reasons that Dorsey cited for integrating bitcoin into twitter is the economic or ‘general commerce’ aspect which would allow Twitter to rely on other types of business model rather than relying on advertising.
As a strong proponent of cryptocurrency, Jack Dorsey recently spoke at the B Word conference that sought to correct mainstream narratives about cryptocurrency. During a panel discussion with Cathie Wood and Elon Musk, Dorsey described why he is bullish on Bitcoin, stating that Bitcoin is “principled as hell, it’s weird as hell, it’s always evolving, and it reminds me of the internet when I was a kid”. He also described how old financial systems are no longer relevant to today, and how Bitcoin could be the internet’s native currency that provides a solution to the financial industry’s “crazy predatory system”.
And Dorsey is certainly not alone in his beliefs, as he pointed out, Facebook is also looking to the future with its digital currency Diem.
“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,”
During an earnings call yesterday, CEO of Twitter, Jack Dorsey, brought up the importance of decentralized social media and stated that Bitcoin will as the internet’s “global native currency” will be a big part of Twitter’s future.
The earnings call marked the first occasion the Twitter CEO had publicly discussed any potential integration of bitcoin onto the platform, stating the potential integration of bitcoin into existing twitter products and new products such as ‘Super Follows’ and ‘Tip Jar’.
“If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subnoscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach,”
One of the reasons that Dorsey cited for integrating bitcoin into twitter is the economic or ‘general commerce’ aspect which would allow Twitter to rely on other types of business model rather than relying on advertising.
As a strong proponent of cryptocurrency, Jack Dorsey recently spoke at the B Word conference that sought to correct mainstream narratives about cryptocurrency. During a panel discussion with Cathie Wood and Elon Musk, Dorsey described why he is bullish on Bitcoin, stating that Bitcoin is “principled as hell, it’s weird as hell, it’s always evolving, and it reminds me of the internet when I was a kid”. He also described how old financial systems are no longer relevant to today, and how Bitcoin could be the internet’s native currency that provides a solution to the financial industry’s “crazy predatory system”.
And Dorsey is certainly not alone in his beliefs, as he pointed out, Facebook is also looking to the future with its digital currency Diem.
“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,”
'Facts' That We 'Know' About Crypto are 'Wrong' - Senate Hearing Witness
he US Committee on Banking, Housing, and Urban Affairs (aka the Senate Banking Committee) today holds an important hearing called 'Cryptocurrencies: What are they good for?' - and while some list world-changing benefits of using cryptoassets like bitcoin (BTC) or ethereum (ETH), a witness argues that much of what we "know" about cryptos is incorrect.
The witnesses are Angela Walch, Professor of Law at St. Mary’s University School of Law and a Research Associate at the UCL Centre for Blockchain Technologies; Jerry Brito, Executive Director at crypto lobbyist Coin Center; and Marta Belcher, Chair at the Filecoin Foundation, the company behind Filecoin (FIL).
Among these three, Walch's testimony stresses the "idealistic rather than realistic understanding" of the crypto financial system, saying that it's vital that policy makers have a realistic one.
“I consider that flaws in academic, industry, and public understanding of cryptocurrencies … can taint policy and risk decisions. … Many of the “facts” that we “know” about crypto systems are simply wrong, and making decisions based on idealized versions of crypto systems instead of the realities embeds risk in every decision that is made.”
One of her focus points is governance within crypto. Given the existence of developers, miners, and other parties within the crypto systems, it’s still a matter of debate how much power any related group exactly has.
“You may have heard that in crypto systems, you don’t have to trust humans and their fallible, corrupt natures – you just have to trust math. If I have one message for the Committee today, it is that this statement is just inaccurate,” Walch wrote.
She claims that cryptoeconomic systems are subject to human flaws and corruption, be it in how the software is coded, or miners colluding to exploit the network.
Furthermore, developers have no obligation to take care of the code for the benefit of those who rely on it, nor duty “not to exploit their privileged positions for their own benefit.”
With large companies like Square funding several Bitcoin developers, it will be important to acknowledge the conflicts of interest as well, she noted.
Proponents argue that crypto systems provide an alternative means of governance and economic freedom outside of existing institutions, and given that authoritarian regimes have used control over the payment system to crack down on dissent, “this concern is not invalid.”
However, per Walch, proponents also use terms like “censorship-resistant” and “permissionless,” but she “believes that crypto proponents are overstating (perhaps innocently) the censorship-resistance of existing systems, and that they may not provide as much freedom as some hope, given the power of miners in the system to manipulate the ordering of transactions or delay them.”
Proponents claim that the costs of financial transactions are lower than in the traditional financial system, and that “more people are able to participate in finance and better themselves because they do not have to pass through gates like accredited investor evaluations.” But in her opinion, costs are lower largely because crypto systems are currently generally unregulated. Traditional financial institutions could lower their costs if they had fewer regulatory costs, Walch argues.
The crypto financial system is characterized by experimental governance, so it’s “important to consider the consequences of real-time experimentation on the governance of multibillion-dollar systems with increasing linkages to the traditional financial system,” she added.
he US Committee on Banking, Housing, and Urban Affairs (aka the Senate Banking Committee) today holds an important hearing called 'Cryptocurrencies: What are they good for?' - and while some list world-changing benefits of using cryptoassets like bitcoin (BTC) or ethereum (ETH), a witness argues that much of what we "know" about cryptos is incorrect.
The witnesses are Angela Walch, Professor of Law at St. Mary’s University School of Law and a Research Associate at the UCL Centre for Blockchain Technologies; Jerry Brito, Executive Director at crypto lobbyist Coin Center; and Marta Belcher, Chair at the Filecoin Foundation, the company behind Filecoin (FIL).
Among these three, Walch's testimony stresses the "idealistic rather than realistic understanding" of the crypto financial system, saying that it's vital that policy makers have a realistic one.
“I consider that flaws in academic, industry, and public understanding of cryptocurrencies … can taint policy and risk decisions. … Many of the “facts” that we “know” about crypto systems are simply wrong, and making decisions based on idealized versions of crypto systems instead of the realities embeds risk in every decision that is made.”
One of her focus points is governance within crypto. Given the existence of developers, miners, and other parties within the crypto systems, it’s still a matter of debate how much power any related group exactly has.
“You may have heard that in crypto systems, you don’t have to trust humans and their fallible, corrupt natures – you just have to trust math. If I have one message for the Committee today, it is that this statement is just inaccurate,” Walch wrote.
She claims that cryptoeconomic systems are subject to human flaws and corruption, be it in how the software is coded, or miners colluding to exploit the network.
Furthermore, developers have no obligation to take care of the code for the benefit of those who rely on it, nor duty “not to exploit their privileged positions for their own benefit.”
With large companies like Square funding several Bitcoin developers, it will be important to acknowledge the conflicts of interest as well, she noted.
Proponents argue that crypto systems provide an alternative means of governance and economic freedom outside of existing institutions, and given that authoritarian regimes have used control over the payment system to crack down on dissent, “this concern is not invalid.”
However, per Walch, proponents also use terms like “censorship-resistant” and “permissionless,” but she “believes that crypto proponents are overstating (perhaps innocently) the censorship-resistance of existing systems, and that they may not provide as much freedom as some hope, given the power of miners in the system to manipulate the ordering of transactions or delay them.”
Proponents claim that the costs of financial transactions are lower than in the traditional financial system, and that “more people are able to participate in finance and better themselves because they do not have to pass through gates like accredited investor evaluations.” But in her opinion, costs are lower largely because crypto systems are currently generally unregulated. Traditional financial institutions could lower their costs if they had fewer regulatory costs, Walch argues.
The crypto financial system is characterized by experimental governance, so it’s “important to consider the consequences of real-time experimentation on the governance of multibillion-dollar systems with increasing linkages to the traditional financial system,” she added.
Stock Trading App Robinhood Makes Its Debut On The Nasdaq Under The Symbol HOOD, Priced At $38 Dollars A Share
In a move that reflects the company's unconventionality, Robinhood reserved a significant stake in its IPO for its own customers, with a total of 35% percent reserved for retail investors on the app. The decision by Robinhood to reserve a large stake for its customers means that the 50% of novice investors that make up Robinhood’s user base will have access to the app’s IPO.
Launched in 2013 by two young entrepreneurs, the stock trading app Robinhood was set up to provide an alternative to traditional finance, and in a sense ‘democratize finance’ with its zero-commission trades. Nonetheless, Robinhood has racked up its fair share of controversies over the last eight years, with the app moving to restrict crypto trading this year following a dogecoin spike in January and landing themselves in regulatory trouble resulting in a signifigant fine.
Most recently, crypto has become an important part of Robinhood’s business model, introducing millions to investing in cryptocurrencies, in particular enabling retail and novice investors with greater accessibility to trading. During the covid Bull market, the crypto market benefited considerably, with Robinhood’s retail customers investing heavily in crypto.
Following the success of the crypto surge, Robinhood was estimated to be valued at $11.2 billion, and following its IPO the share price would value Robinhood at around $32 billion.
While Robinhood may present an opportunity for retail investors to buy stock, the greater the percentage of stocks held by retail traders, the greater the volatility of said stock. In a Bloomberg article, an equities trader at a large New York asset manager commented on this phenomenon:
“Everybody expects more volatility in the trading, that's it. The more stock in retail hands, the more volatile it is”
Retail traders on Robinhood could create huge price swings over the next few days and weeks, which may lead to many institutional investors simply deciding to ‘sit out’ and not participate in the IPO. Something perhaps already anticipated by Robinhood as their short lock-up period indicates, with the current lock-up for institutional investors to be 125 days after the IPO.
In a move that reflects the company's unconventionality, Robinhood reserved a significant stake in its IPO for its own customers, with a total of 35% percent reserved for retail investors on the app. The decision by Robinhood to reserve a large stake for its customers means that the 50% of novice investors that make up Robinhood’s user base will have access to the app’s IPO.
Launched in 2013 by two young entrepreneurs, the stock trading app Robinhood was set up to provide an alternative to traditional finance, and in a sense ‘democratize finance’ with its zero-commission trades. Nonetheless, Robinhood has racked up its fair share of controversies over the last eight years, with the app moving to restrict crypto trading this year following a dogecoin spike in January and landing themselves in regulatory trouble resulting in a signifigant fine.
Most recently, crypto has become an important part of Robinhood’s business model, introducing millions to investing in cryptocurrencies, in particular enabling retail and novice investors with greater accessibility to trading. During the covid Bull market, the crypto market benefited considerably, with Robinhood’s retail customers investing heavily in crypto.
Following the success of the crypto surge, Robinhood was estimated to be valued at $11.2 billion, and following its IPO the share price would value Robinhood at around $32 billion.
While Robinhood may present an opportunity for retail investors to buy stock, the greater the percentage of stocks held by retail traders, the greater the volatility of said stock. In a Bloomberg article, an equities trader at a large New York asset manager commented on this phenomenon:
“Everybody expects more volatility in the trading, that's it. The more stock in retail hands, the more volatile it is”
Retail traders on Robinhood could create huge price swings over the next few days and weeks, which may lead to many institutional investors simply deciding to ‘sit out’ and not participate in the IPO. Something perhaps already anticipated by Robinhood as their short lock-up period indicates, with the current lock-up for institutional investors to be 125 days after the IPO.
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Dorsey’s Square Strikes Afterpay USD 29B Deal, Teases Bitcoin Role
The Twitter boss Jack Dorsey’s crypto-keen payments venture Square has agreed a USD 29bn all-stock deal to buy the Australian buy now, pay later player Afterpay – in a merger that some believe will “create a global transactions giant.”
Square, which last month revealed it is working on a hardware wallet, as well as a bitcoin (BTC)-focused decentralized finance (DeFi) platform, will ensure that Afterpay has a crypto bent right from the outset.
In a press release, Square announced that following the takeover Afterpay consumers “will receive the benefits of” its own Cash App product’s “financial tools, including money transfer, stock and bitcoin purchases.”
The deal puts a USD 92.65 value on Afterpay’s shares, the majority of which are owned by the Australian firm’s co-founders Anthony Eisen and Nick Molnar. Dorsey’s firm will also buy up a 5% minority stake currently owned by the Chinese tech giant Tencent. The latter paid around USD 220m for its shares in Afterpay last year.
Dorsey was quoted as stating that the move would allow the firms to “better connect” their “ecosystems to deliver even more compelling products and services for merchants and consumers.”
Afterpay is listed on the Australian Securities Exchange, and the financial world appears to have welcomed the deal with open arms.
In a Reuters report, Truist Securities analysts were quoted as stating that they expected Square to “invest heavily to integrate Afterpay and accelerate organic revenue growth.”
Wilsons Advisory and Stockbroking commented that “few other suitors” were “as well-suited as Square,” and Credit Suisse analysts were quoted as calling the deal an “obvious fit” with “strategic merit.”
The regulatory Australian Competition and Consumer Commission, which has the power to approve or reject the deal, stated that it would “consider it carefully” after seeing the full “details.”
In a Bloomberg report, the Square Chief Financial Officer Amrita Ahuja was quoted as stating that “the plan is for Square to integrate Afterpay into both its consumer Cash App and its Seller product for small businesses.”
Meanwhile, Square also revealed details of Cash App’s financial performance in the second quarter of the current financial year, with bitcoin-related yearly revenue up 200% on 2020 figures (USD 875m), reaching the USD 2.72bn mark in Quarter 2 of 2021, per a letter to shareholders.
Bitcoin gross profits hit the USD 55m mark, more than doubling last year’s USD 17 million figures. However, Square’s quarterly BTC profits actually fell on Q1 figures – likely as a result of falling or stagnant token prices.
Bitcoin bumped around in the USD 30,000-USD 40,000 range for much of the quarter.
Square wrote that the “relative stability” of the price of bitcoin” had “affected trading activity compared to prior quarters.”
As reported, in July, Jack Dorsey confirmed to investors that BTC will be a “big part” of the company’s future, as he sees opportunities to integrate the cryptocurrency into existing Twitter products and services. He added that it could help the company move faster in terms of its product expansion, while explaining that BTC is the “best candidate” to become the “native currency” of the internet.
The Twitter boss Jack Dorsey’s crypto-keen payments venture Square has agreed a USD 29bn all-stock deal to buy the Australian buy now, pay later player Afterpay – in a merger that some believe will “create a global transactions giant.”
Square, which last month revealed it is working on a hardware wallet, as well as a bitcoin (BTC)-focused decentralized finance (DeFi) platform, will ensure that Afterpay has a crypto bent right from the outset.
In a press release, Square announced that following the takeover Afterpay consumers “will receive the benefits of” its own Cash App product’s “financial tools, including money transfer, stock and bitcoin purchases.”
The deal puts a USD 92.65 value on Afterpay’s shares, the majority of which are owned by the Australian firm’s co-founders Anthony Eisen and Nick Molnar. Dorsey’s firm will also buy up a 5% minority stake currently owned by the Chinese tech giant Tencent. The latter paid around USD 220m for its shares in Afterpay last year.
Dorsey was quoted as stating that the move would allow the firms to “better connect” their “ecosystems to deliver even more compelling products and services for merchants and consumers.”
Afterpay is listed on the Australian Securities Exchange, and the financial world appears to have welcomed the deal with open arms.
In a Reuters report, Truist Securities analysts were quoted as stating that they expected Square to “invest heavily to integrate Afterpay and accelerate organic revenue growth.”
Wilsons Advisory and Stockbroking commented that “few other suitors” were “as well-suited as Square,” and Credit Suisse analysts were quoted as calling the deal an “obvious fit” with “strategic merit.”
The regulatory Australian Competition and Consumer Commission, which has the power to approve or reject the deal, stated that it would “consider it carefully” after seeing the full “details.”
In a Bloomberg report, the Square Chief Financial Officer Amrita Ahuja was quoted as stating that “the plan is for Square to integrate Afterpay into both its consumer Cash App and its Seller product for small businesses.”
Meanwhile, Square also revealed details of Cash App’s financial performance in the second quarter of the current financial year, with bitcoin-related yearly revenue up 200% on 2020 figures (USD 875m), reaching the USD 2.72bn mark in Quarter 2 of 2021, per a letter to shareholders.
Bitcoin gross profits hit the USD 55m mark, more than doubling last year’s USD 17 million figures. However, Square’s quarterly BTC profits actually fell on Q1 figures – likely as a result of falling or stagnant token prices.
Bitcoin bumped around in the USD 30,000-USD 40,000 range for much of the quarter.
Square wrote that the “relative stability” of the price of bitcoin” had “affected trading activity compared to prior quarters.”
As reported, in July, Jack Dorsey confirmed to investors that BTC will be a “big part” of the company’s future, as he sees opportunities to integrate the cryptocurrency into existing Twitter products and services. He added that it could help the company move faster in terms of its product expansion, while explaining that BTC is the “best candidate” to become the “native currency” of the internet.
DeFiDAO To Be Formed To Help Combat Anti-DeFi Regulators
Following the recent anti-DeFi speech given by Gary Gensler, chair of the Securities and Exchange Commission, an advocacy group of lawyers and DeFi builders is being put together in order to “protect shared creative values”. Andre Cronje, noted builder in the space, and founder of Yearn, is a prominent member.
Gary Gensler’s speech on crypto earlier this week really put things into perspective. Before becoming the chair of the SEC, Gensler was touted by some as being pro-crypto given that he had taught a course on blockchain at MIT and was considered a foremost expert in the technology.
However, no matter which way you looked at it, Gensler’s speech was extremely disappointing from the crypto perspective. He even included the AML and drug laundering spiel that has been faithfully put out by most of the top finance leaders across the world.
Therefore, it would come as no surprise that the crypto industry is gearing up to try to ensure that regulations are fair and in line with promoting innovation.
Two of the largest DeFi projects by market cap have come together with the aim of raising $2 million in order to “bootstrap a new community of lawyers and builders working side-by-side to legitimize and protect shared creative values”.
An organisation called LeXpunK Army is fighting this fight on behalf of DeFi and crypto in general. Despite the anarchic name, the group is made up of crypto lawyers that aim to “join with BUIDLers, HODLers & DEgens” from the crypto sector.
The group has recognised the need to form other DAOs that will each concentrate on legally defending specific areas of Defi.
A proposal has been put together by the group which seeks to “address aggressive legal threats against DeFi”. The rationale includes mainstream media calling DeFi a “shadow financial market”, the Gensler speech, and CFTC commissioner Dan Berkovitz stating that DeFi is “squarely incompatible with the policy of ‘mandatory intermediation’ enshrined in CFTC regulations,”
Following the recent anti-DeFi speech given by Gary Gensler, chair of the Securities and Exchange Commission, an advocacy group of lawyers and DeFi builders is being put together in order to “protect shared creative values”. Andre Cronje, noted builder in the space, and founder of Yearn, is a prominent member.
Gary Gensler’s speech on crypto earlier this week really put things into perspective. Before becoming the chair of the SEC, Gensler was touted by some as being pro-crypto given that he had taught a course on blockchain at MIT and was considered a foremost expert in the technology.
However, no matter which way you looked at it, Gensler’s speech was extremely disappointing from the crypto perspective. He even included the AML and drug laundering spiel that has been faithfully put out by most of the top finance leaders across the world.
Therefore, it would come as no surprise that the crypto industry is gearing up to try to ensure that regulations are fair and in line with promoting innovation.
Two of the largest DeFi projects by market cap have come together with the aim of raising $2 million in order to “bootstrap a new community of lawyers and builders working side-by-side to legitimize and protect shared creative values”.
An organisation called LeXpunK Army is fighting this fight on behalf of DeFi and crypto in general. Despite the anarchic name, the group is made up of crypto lawyers that aim to “join with BUIDLers, HODLers & DEgens” from the crypto sector.
The group has recognised the need to form other DAOs that will each concentrate on legally defending specific areas of Defi.
A proposal has been put together by the group which seeks to “address aggressive legal threats against DeFi”. The rationale includes mainstream media calling DeFi a “shadow financial market”, the Gensler speech, and CFTC commissioner Dan Berkovitz stating that DeFi is “squarely incompatible with the policy of ‘mandatory intermediation’ enshrined in CFTC regulations,”
Crypto Industry Finds Bright Side after Infra Bill Amendment Fails
The sun has all but set on hopes of amending the much-maligned American infrastructure bill in the Senate, with combined efforts from two rival groups of senators ultimately coming to naught.
Days of negotiations between the Republican senators Pat Toomey, Cynthia Lummis and Rob Portman, as well as the two Democrats Mark Warner and Kyrsten Sinema had resulted in a proposed compromise following days of concerted campaigning from the crypto community. The compromise was derailed when, in a series of procedural maneuvers, the Republican Senator Richard Shelby objected to the amendment.
Shelby had lodged an objection because “the Democrats had refused to take up” his own military construction funding amendment. Last-gasp amendments like the above need the approval of all senators in the chamber, per Bloomberg.
The Blockchain Association executive director Kristin Smith held out hope on Twitter, claiming that “technically it’s not over” should Shelby “change his mind between now and the final vote on the bill,” allowing Lummis and co to “try again.” “That being said,” she conceded, “Shelby is known for being a pretty stubborn guy.”
Instead, the draft bill is now very likely to pass in the next few hours, in a vote that will be held once Senate convenes. This will open the door for miners, validators, and software developers to be legally labeled crypto “brokers” – often forcing them to report tax data to the Internal Revenue Service that they don’t have access to.
Bloomberg quoted Portman as saying that there were “other ways to clarify the bill’s language” – such as Senate floor speeches and “additional guidance from the Treasury Department.”
Regardless, many are saying that the real fight is far from over.
The battle will likely move to Congress, where crypto advocates have other allies, such as Minnesota Congressman Tom Emmer, who wrote that he and three other house members of the bipartisan Blockchain Caucus had “sent a letter to every single Representative in the House raising concerns about the Senate infrastructure bill being paid for by our crypto industry.”
He spoke of the need to “fix this dangerous provision” when “it comes to the House.”
A leading campaigner, Jerry Brito of the Coin Center pressure group, shared Emmer’s post and added: “I told you we’re not done.”
Brito added that in Congress “we can try to get a whole new amendment from scratch that can address all our concerns” and took time to praise Lummis, an outspoken crypto advocate, and the amendment's co-sponsors.
Lummis was resilient, tweeting:
“We will continue to look for ways to fix the digital asset language in this bill. It might not be today, but we won’t give up.”
Isaac Boltansky, a policy analyst at the investment specialist Compass Point Research & Trading, was quoted in a separate Bloomberg article as stating that crypto lobbyists have a lot to learn. He stated:
“What the industry was able to do once it was up against the ropes was impressive, but from a tactical perspective the goal is to avoid getting pinned against the ropes altogether.”
However, Michelle Bond, the CEO of the self-governing association the Association for Digital Asset Markets, was quoted as stating that “This past week’s fire drill is directly related to the industry’s failure to be fully plugged into the public policy process.”
The Blockchain Association’s Smith, meanwhile, mused:
“You’ll see in the months ahead a tremendous amount of money come into this space. What the crypto industry has woken up to is that they need to invest in Washington. Hopefully next time we won’t find ourselves in a last-minute scramble.”
Sam Bankman-Fried, the CEO of the FTX trading platform, was in the mood to see the glass half full, remarking that “in the end, there was agreement on a reasonable amendment, between Democrats, Republicans, the White House and Treasury.”
The sun has all but set on hopes of amending the much-maligned American infrastructure bill in the Senate, with combined efforts from two rival groups of senators ultimately coming to naught.
Days of negotiations between the Republican senators Pat Toomey, Cynthia Lummis and Rob Portman, as well as the two Democrats Mark Warner and Kyrsten Sinema had resulted in a proposed compromise following days of concerted campaigning from the crypto community. The compromise was derailed when, in a series of procedural maneuvers, the Republican Senator Richard Shelby objected to the amendment.
Shelby had lodged an objection because “the Democrats had refused to take up” his own military construction funding amendment. Last-gasp amendments like the above need the approval of all senators in the chamber, per Bloomberg.
The Blockchain Association executive director Kristin Smith held out hope on Twitter, claiming that “technically it’s not over” should Shelby “change his mind between now and the final vote on the bill,” allowing Lummis and co to “try again.” “That being said,” she conceded, “Shelby is known for being a pretty stubborn guy.”
Instead, the draft bill is now very likely to pass in the next few hours, in a vote that will be held once Senate convenes. This will open the door for miners, validators, and software developers to be legally labeled crypto “brokers” – often forcing them to report tax data to the Internal Revenue Service that they don’t have access to.
Bloomberg quoted Portman as saying that there were “other ways to clarify the bill’s language” – such as Senate floor speeches and “additional guidance from the Treasury Department.”
Regardless, many are saying that the real fight is far from over.
The battle will likely move to Congress, where crypto advocates have other allies, such as Minnesota Congressman Tom Emmer, who wrote that he and three other house members of the bipartisan Blockchain Caucus had “sent a letter to every single Representative in the House raising concerns about the Senate infrastructure bill being paid for by our crypto industry.”
He spoke of the need to “fix this dangerous provision” when “it comes to the House.”
A leading campaigner, Jerry Brito of the Coin Center pressure group, shared Emmer’s post and added: “I told you we’re not done.”
Brito added that in Congress “we can try to get a whole new amendment from scratch that can address all our concerns” and took time to praise Lummis, an outspoken crypto advocate, and the amendment's co-sponsors.
Lummis was resilient, tweeting:
“We will continue to look for ways to fix the digital asset language in this bill. It might not be today, but we won’t give up.”
Isaac Boltansky, a policy analyst at the investment specialist Compass Point Research & Trading, was quoted in a separate Bloomberg article as stating that crypto lobbyists have a lot to learn. He stated:
“What the industry was able to do once it was up against the ropes was impressive, but from a tactical perspective the goal is to avoid getting pinned against the ropes altogether.”
However, Michelle Bond, the CEO of the self-governing association the Association for Digital Asset Markets, was quoted as stating that “This past week’s fire drill is directly related to the industry’s failure to be fully plugged into the public policy process.”
The Blockchain Association’s Smith, meanwhile, mused:
“You’ll see in the months ahead a tremendous amount of money come into this space. What the crypto industry has woken up to is that they need to invest in Washington. Hopefully next time we won’t find ourselves in a last-minute scramble.”
Sam Bankman-Fried, the CEO of the FTX trading platform, was in the mood to see the glass half full, remarking that “in the end, there was agreement on a reasonable amendment, between Democrats, Republicans, the White House and Treasury.”
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How NFTs Are Disrupting The Future Of Gaming, From Cards To Characters
The gaming industry is set to undergo some significant changes over the coming years. Innovative concepts such as non-fungible tokens and play-to-earn mechanics change the way people approach games and their content. Whether card-based games or in-game characters, the landscape will look very different in a few years.
Whereas most people see non-fungible tokens as digital art, the technology allows for many more use cases. For example, NFTs can provide players with actual ownership of their in-game items and characters in the gaming sector. That ownership will enable players to trade or sell their assets in exchange for real money, creating a different overall economy. Moreover, this approach has tremendous potential to boost player retention, as most games tend to lose their audience after a few months.
The initial concept dates back to CryptoKitties, a blockchain-based collectible game that brought NFTs to a broader audience. The project is successful and is still going strong today, as the breeding-oriented aspect of these digital cats continues to pique people's interest. Ever since the project launched, NFTs and gaming have undergone a tremendous evolution. Today, the correlation between video games and NFTs has become a lot more outspoken through metaverses, MMORPGs, play-to-earn games, etc.
The NFT movement has not gone unnoticed. Celebrities, artists, business leaders, and other enthusiasts are actively using their influence to bring more attention to non-fungible tokens in the gaming sector. Mainstream adoption of NFT-infused gaming may not happen overnight, but there is tremendous variety in today's game-related offerings. Axie Infinity is such an example, a project that continues to take the world by storm. Other notable projects include Decentraland, Sandbox, Guild of Guardians, and many others.
Early NFT adopters like Eric Young acknowledge the barrier to NFTs is not necessarily a technical one. Instead, ownership on a digital ledger is everything one needs to understand, making them different from cryptocurrencies with governance, founders, and overall risk factors. Investing in NFTs appears to be more straightforward, even though there is still the risk of never being able to sell them for a profit. With in-game items, there is usually an audience looking to create new characters, weapons, or collect everything there is to collect in the game.
For both investors and creators, there are several NFT platforms to explore. Marketplaces such as OpenSea, SuperRare, Rarible, and AtomicMarket all note impressive volumes and overall users. Investors and enthusiasts can find a plethora of NFTs, ranging from in-game items to collectibles and artwork. OpenSea has a tremendous 24-hour volume that goes past $75 million per day somewhat regularly.
For gaming enthusiasts, Axie Infinity remains the go-to place. With over 33,000 trades and $33 million in 24-hour volume, the play-to-earn game attracts enthusiasts' attention globally. Although the recently introduced Season 18 patch notes may create some minor dismay regarding SLP earning rates, it also incentivizes players to become more profound at player-vs-player combat.
Collectibles remain a crucial addition to non-fungible tokens. Projects like CryptoPunks were initially considered a "joke," yet these non-fungible tokens now have a price floor of over $100,000. Thus, there are many opportunities left to explore with NFTs, including giving them extra use cases in gaming, decentralized finance, insurance, marketing, and so forth. Exploring these options will require more efficient infrastructure capable of handling high throughputs at low or zero fees.
The gaming industry is set to undergo some significant changes over the coming years. Innovative concepts such as non-fungible tokens and play-to-earn mechanics change the way people approach games and their content. Whether card-based games or in-game characters, the landscape will look very different in a few years.
Whereas most people see non-fungible tokens as digital art, the technology allows for many more use cases. For example, NFTs can provide players with actual ownership of their in-game items and characters in the gaming sector. That ownership will enable players to trade or sell their assets in exchange for real money, creating a different overall economy. Moreover, this approach has tremendous potential to boost player retention, as most games tend to lose their audience after a few months.
The initial concept dates back to CryptoKitties, a blockchain-based collectible game that brought NFTs to a broader audience. The project is successful and is still going strong today, as the breeding-oriented aspect of these digital cats continues to pique people's interest. Ever since the project launched, NFTs and gaming have undergone a tremendous evolution. Today, the correlation between video games and NFTs has become a lot more outspoken through metaverses, MMORPGs, play-to-earn games, etc.
The NFT movement has not gone unnoticed. Celebrities, artists, business leaders, and other enthusiasts are actively using their influence to bring more attention to non-fungible tokens in the gaming sector. Mainstream adoption of NFT-infused gaming may not happen overnight, but there is tremendous variety in today's game-related offerings. Axie Infinity is such an example, a project that continues to take the world by storm. Other notable projects include Decentraland, Sandbox, Guild of Guardians, and many others.
Early NFT adopters like Eric Young acknowledge the barrier to NFTs is not necessarily a technical one. Instead, ownership on a digital ledger is everything one needs to understand, making them different from cryptocurrencies with governance, founders, and overall risk factors. Investing in NFTs appears to be more straightforward, even though there is still the risk of never being able to sell them for a profit. With in-game items, there is usually an audience looking to create new characters, weapons, or collect everything there is to collect in the game.
For both investors and creators, there are several NFT platforms to explore. Marketplaces such as OpenSea, SuperRare, Rarible, and AtomicMarket all note impressive volumes and overall users. Investors and enthusiasts can find a plethora of NFTs, ranging from in-game items to collectibles and artwork. OpenSea has a tremendous 24-hour volume that goes past $75 million per day somewhat regularly.
For gaming enthusiasts, Axie Infinity remains the go-to place. With over 33,000 trades and $33 million in 24-hour volume, the play-to-earn game attracts enthusiasts' attention globally. Although the recently introduced Season 18 patch notes may create some minor dismay regarding SLP earning rates, it also incentivizes players to become more profound at player-vs-player combat.
Collectibles remain a crucial addition to non-fungible tokens. Projects like CryptoPunks were initially considered a "joke," yet these non-fungible tokens now have a price floor of over $100,000. Thus, there are many opportunities left to explore with NFTs, including giving them extra use cases in gaming, decentralized finance, insurance, marketing, and so forth. Exploring these options will require more efficient infrastructure capable of handling high throughputs at low or zero fees.
Solana Soars to All-Time High, Enters Top 10, as NFT Project Launches
The price of SOL, the native token of the Solana smart contract platform, reached a new all-time high today, as a new non-fungible token (NFT) project launched on the blockchain - and per one source, it has entered the top 10 coins by market capitalization.
As of press time on Monday (12:14 UTC), SOL is trading at USD 61.4, up 32% over the past 24 hours. The impressive rise marks a new all-time high for the token, smashing through its previous high from May this year of just over USD 58. It had reached USD 63.7 earlier today, having dropped 3.1% since.
Today’s move also brought the token into Coingecko’s top 10 list of the most valuable cryptoassets by market capitalization - although some other tracking sites still rank it a place or two lower. Per CoinGecko, its market capitalization is currently USD 17.55bn, below polkadot (DOT)'s USD 25.55bn, and above uniswap (UNI)'s USD 16.05bn.
Notably, SOL is also up 63% in a week, 134% in a month, and 1,834% in a year.
The new all-time high for SOL comes as an NFT project known as the Degenerate Ape Academy launched on Solana on Sunday. According to tracking site Solanart, NFT sales worth SOL 99,600 (USD 6.17m) have been made through the project so far, and 2,984 items have been put up for listing. Currently the most expensive cartoon ape comes with a price tag of SOL 100,001 (USD 6.19m).
“We sold out in 8 minutes. Holy Ape,” the team behind the Degenerate Ape Academy wrote on Twitter on Sunday, while admitting that “the drop was not smooth. It was shitty at best … It was exponentially bigger than we thought.” Further, the team admitted that an “overflow of transactions” were received,” but said that they “will be issuing refunds.”
“The academy is live, and the building starts now,” the Degenerate Ape Academy added.
Replying to the Twitter statement by the team, some users did express criticism about the way the launch was handled, complaining about a lack of information about when the sale would start. According to the comments, this caused even the loyal fans of the project to spend hours waiting without a chance to participate before everything was sold out.
Meanwhile, SOL was also the week’s best performer in the top 10, with a 7-day price gain of 59%. SOL’s gains were closely followed by XRP and cardano (ADA), which were up by 57% and 48%, respectively, over the same time period.
The price of SOL, the native token of the Solana smart contract platform, reached a new all-time high today, as a new non-fungible token (NFT) project launched on the blockchain - and per one source, it has entered the top 10 coins by market capitalization.
As of press time on Monday (12:14 UTC), SOL is trading at USD 61.4, up 32% over the past 24 hours. The impressive rise marks a new all-time high for the token, smashing through its previous high from May this year of just over USD 58. It had reached USD 63.7 earlier today, having dropped 3.1% since.
Today’s move also brought the token into Coingecko’s top 10 list of the most valuable cryptoassets by market capitalization - although some other tracking sites still rank it a place or two lower. Per CoinGecko, its market capitalization is currently USD 17.55bn, below polkadot (DOT)'s USD 25.55bn, and above uniswap (UNI)'s USD 16.05bn.
Notably, SOL is also up 63% in a week, 134% in a month, and 1,834% in a year.
The new all-time high for SOL comes as an NFT project known as the Degenerate Ape Academy launched on Solana on Sunday. According to tracking site Solanart, NFT sales worth SOL 99,600 (USD 6.17m) have been made through the project so far, and 2,984 items have been put up for listing. Currently the most expensive cartoon ape comes with a price tag of SOL 100,001 (USD 6.19m).
“We sold out in 8 minutes. Holy Ape,” the team behind the Degenerate Ape Academy wrote on Twitter on Sunday, while admitting that “the drop was not smooth. It was shitty at best … It was exponentially bigger than we thought.” Further, the team admitted that an “overflow of transactions” were received,” but said that they “will be issuing refunds.”
“The academy is live, and the building starts now,” the Degenerate Ape Academy added.
Replying to the Twitter statement by the team, some users did express criticism about the way the launch was handled, complaining about a lack of information about when the sale would start. According to the comments, this caused even the loyal fans of the project to spend hours waiting without a chance to participate before everything was sold out.
Meanwhile, SOL was also the week’s best performer in the top 10, with a 7-day price gain of 59%. SOL’s gains were closely followed by XRP and cardano (ADA), which were up by 57% and 48%, respectively, over the same time period.
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✅ I will share a hidden gem with you that was recently mentioned by CNBC and Bitboy and also was awarded by the German Government.
The project is called ACRIA and they are building an improved version of Chainlink. Acria is already partnering with the German Government and other big companies and projects like MakerDAO, Litecoin, Polygon.
✅ Acria is building on Cardano (ADA) too
✅ A 100x is possible with this project. I am also invested in the project.
✅ Get in now and get double the amount of ACRIA Tokens (limited time only)
💵 Buy ACRIA here 👉 https://acria.network/
Buy Acria now or you will regret it!
🍯 HONEY DeFi 🍯
The NFT crypto which saves bees 🐝
$HONEY is a new crypto which couples the power of deflationary tokenomics with NFTs.
Tax tokenomics:
•3% 🐝 Charity
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•2% 💼redistributed to investors
•2% 🔥burn
Users can use $HONEY to mint rare and collectible NFTs
Holding HONEY rewarded by:
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• Participating in future events 🗣
• Community rewards 👨👩👧👦
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The NFT crypto which saves bees 🐝
$HONEY is a new crypto which couples the power of deflationary tokenomics with NFTs.
Tax tokenomics:
•3% 🐝 Charity
•3% 📈Marketing
•2% 💼redistributed to investors
•2% 🔥burn
Users can use $HONEY to mint rare and collectible NFTs
Holding HONEY rewarded by:
• NFTs 🖼
• Participating in future events 🗣
• Community rewards 👨👩👧👦
➡️ Find out more: honeydefi.com
📬Join our telegram to automatically secure your presale spot: t.me/honeydefi
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VIEW IN TELEGRAM
📣 RED ALERT: HUGE NEWS 🚨 (turn on the sound)
We're going to let you in on a little secret that could change your life 😱
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We're going to let you in on a little secret that could change your life 😱
We’ve uncovered hard facts that there is a plot underway to overthrow the king! 🤴
This is an opportunity to profit like never before. Be prepared!
🕵️♂️ Read our full investigation as we uncover:
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Bitcoin On Pause – Institutions Not Buying
According to the Greyscale Bitcoin Trust, institutions are not buying currently. The premium is showing at negative 16.55%, meaning that in spite of bitcoin being so cheap to buy by way of the fund, institutions are holding back, perhaps waiting for a re-continuation of the recent upward trend.
Many indicators are looking good for bitcoin. The price has been holding above $40,000 for the last two weeks, the daily Stochastic RSI indicator is bottoming out, the 50-day moving average is rising steadily back towards a golden cross of the 200-day, and a month-long trend line is acting as strong support.
However, after the rally took bitcoin back to $48,000, it was met with very strong resistance that was tested over 4 days, before bitcoin came back down to its present price level of around $44,500.
The $44,000 level is very key for bitcoin to hold. Should the number one cryptocurrency drop this level, it can go down further to test $42,000 and $40,000 levels of support.
The Greyscale BTC premium being at negative 16.56% does appear to be an area of concern though. Institutions use the Greyscale Bitcoin Trust to buy their bitcoin, given that it’s an extremely well-regulated and safe way to gain exposure to the number one cryptocurrency.
If they buy now then there is a 16.56% discount on the shares that they buy – a potentially huge discount margin should bitcoin maintain its growth to the upside. As can be seen in the chart, Ether is also at a discount of nearly 11%, and ETC (Ethereum Classic) is at a negative premium of over 30%.
According to the Greyscale Bitcoin Trust, institutions are not buying currently. The premium is showing at negative 16.55%, meaning that in spite of bitcoin being so cheap to buy by way of the fund, institutions are holding back, perhaps waiting for a re-continuation of the recent upward trend.
Many indicators are looking good for bitcoin. The price has been holding above $40,000 for the last two weeks, the daily Stochastic RSI indicator is bottoming out, the 50-day moving average is rising steadily back towards a golden cross of the 200-day, and a month-long trend line is acting as strong support.
However, after the rally took bitcoin back to $48,000, it was met with very strong resistance that was tested over 4 days, before bitcoin came back down to its present price level of around $44,500.
The $44,000 level is very key for bitcoin to hold. Should the number one cryptocurrency drop this level, it can go down further to test $42,000 and $40,000 levels of support.
The Greyscale BTC premium being at negative 16.56% does appear to be an area of concern though. Institutions use the Greyscale Bitcoin Trust to buy their bitcoin, given that it’s an extremely well-regulated and safe way to gain exposure to the number one cryptocurrency.
If they buy now then there is a 16.56% discount on the shares that they buy – a potentially huge discount margin should bitcoin maintain its growth to the upside. As can be seen in the chart, Ether is also at a discount of nearly 11%, and ETC (Ethereum Classic) is at a negative premium of over 30%.