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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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%.
Iranian Crypto Mining Given The Go-Ahead To Resume In September
Tavanir, the Iranian power generation, distribution, and transmission company has announced that the ban on cryptocurrency mining will be lifted on the 22 September. This is in the expectation that power consumption will start declining by the end of the summer, and subsequently release up energy for digital currency miners.
The move is a welcome relief for crypto miners who had been partly blamed for the serious power shortages over recent months. This had culminated with the ex-president Hassan Rouhani decreeing a temporary ban across all crypto mining.
Legally licenced crypto miners might well have been more than a little irritated with the ban, given that their actual usage of the power grid was very small. However, those who were unlicenced were said to be using the equivalent of around half the consumption of the capital city of Tehran.
These unregulated miners were also impacting the power distribution network, leading to rolling blackouts during the fiercely hot summer months. To combat this situation, Tavanir began to shut down the illegal crypto miners.
According to Tavanir, the mining equipment used by the illegal miners caused damage valued at around 180 trillion rials ($4.26 billion). The company also reported that it has seized over 212,000 pieces of illegal mining equipment.
For the legal crypto miners, the government has issued 30 crypto farm licences. Semnan province has the largest number with 6, while Alborz province has the second largest number with 4.
Crypto mining can potentially be very lucrative for Iran given the upward surge in crypto markets. Also, cryptocurrencies such as Bitcoin and Ethereum could be used for international payments, thereby circumventing the dollar and any trade bans that involved the currency.
The crypto mining sector is receiving a lot of interest now that China has banned it. BlackRock, the biggest asset manager in the world recently revealed that it had invested in crypto mining companies to the tune of $384 million.
Tavanir, the Iranian power generation, distribution, and transmission company has announced that the ban on cryptocurrency mining will be lifted on the 22 September. This is in the expectation that power consumption will start declining by the end of the summer, and subsequently release up energy for digital currency miners.
The move is a welcome relief for crypto miners who had been partly blamed for the serious power shortages over recent months. This had culminated with the ex-president Hassan Rouhani decreeing a temporary ban across all crypto mining.
Legally licenced crypto miners might well have been more than a little irritated with the ban, given that their actual usage of the power grid was very small. However, those who were unlicenced were said to be using the equivalent of around half the consumption of the capital city of Tehran.
These unregulated miners were also impacting the power distribution network, leading to rolling blackouts during the fiercely hot summer months. To combat this situation, Tavanir began to shut down the illegal crypto miners.
According to Tavanir, the mining equipment used by the illegal miners caused damage valued at around 180 trillion rials ($4.26 billion). The company also reported that it has seized over 212,000 pieces of illegal mining equipment.
For the legal crypto miners, the government has issued 30 crypto farm licences. Semnan province has the largest number with 6, while Alborz province has the second largest number with 4.
Crypto mining can potentially be very lucrative for Iran given the upward surge in crypto markets. Also, cryptocurrencies such as Bitcoin and Ethereum could be used for international payments, thereby circumventing the dollar and any trade bans that involved the currency.
The crypto mining sector is receiving a lot of interest now that China has banned it. BlackRock, the biggest asset manager in the world recently revealed that it had invested in crypto mining companies to the tune of $384 million.
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This is NOT financial Advice.
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Starting August 26, 2021, FTX, Raydium and Apollo-X will host the sale of the highly anticipated tokens of the Solana-powered Star Atlas metaverse, ushering in the next era of play-to-earn enabled GameFi revolution. In the two IDOs, additional allocation of ATLAS and POLIS tokens will be available to holders of meta-posters.
FTX:
https://help.ftx.com/hc/en-us/articles/4405371380116-How-to-participate-in-the-Star-Atlas-Sale
Raydium:
https://raydium.medium.com/star-atlas-is-launching-on-acceleraytor-fa35cfe3291f
Appollo-X
https://apollox.paidnetwork.com/project/star-atlas
Official Websites:
* https://StarAtlas.com
* app: https://play.staratlas.com/
Telegram: https://news.1rj.ru/str/staratlasgame
FTX:
https://help.ftx.com/hc/en-us/articles/4405371380116-How-to-participate-in-the-Star-Atlas-Sale
Raydium:
https://raydium.medium.com/star-atlas-is-launching-on-acceleraytor-fa35cfe3291f
Appollo-X
https://apollox.paidnetwork.com/project/star-atlas
Official Websites:
* https://StarAtlas.com
* app: https://play.staratlas.com/
Telegram: https://news.1rj.ru/str/staratlasgame
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South Korea Moots Proposal To Set Up Bureau To Address Crypto-Related Matters
The Korea Financial Intelligence Unit (KFIU) will take on the legal responsibility and power to handle the agency. Apart from the bureau, the KFUI will also be setting up a "Policy Management Planning Division," a part of the new bureau launch.
The announcement by South Korea comes just a day after one of the leading candidates to lead the Korean Financial Service Commission revealed that South Korea would not be considering cryptocurrencies as financial assets similar to traditional financial instruments such as fiat currencies.
A statement put out by the FSC stated that the Korea Financial Intelligence Unit would be managing the newly created bureau. The new entity, known as the "crypto-asset monitoring bureau," will take on the responsibility of monitoring suspicious financial activity and transactions when it comes to cryptocurrencies. It will also be the final authority to decide the extension of cryptocurrency operators' licenses and look into how investor protection rules can be enhanced.
The Policy Management Planning Division will also be a part of the soon-to-be-launched bureau. However, the planning division chief will only be taking on an advisory role and report directly to the chief of the KFIU. The FSC has also allowed the KFIU to get more personnel monitoring all crypto-related operations in the market.
The official from the FSC commented:
“The FSC's decision for the creation of an independent bureau inside KFIU with increased personnel is aimed at checking and monitoring cryptocurrency-related financial activity and preventing potential money laundering."
Data provided by lawmakers showed that Korea’s younger population holds more than half of the country’s “household debt,” which they pointed out resulted from them investing in crypto and other crypto-centric assets.
The FSC has also partnered with other financial authorities to draft tighter regulations against cryptocurrencies and has given the crypto exchange operators in the country a window of 6-months to start using real-name trading accounts. Exchanges that fail to register with KFIU will have to cease their operations in South Korea. The newly created bureau will begin operations in September.
The nominee for the Financial Services Commission has expressed his reservations against cryptocurrencies. Koh Seung-beom, a monetary policy board member from the Bank of Korea, was named the chairman of the Financial Services Commission. In an interaction with journalists, he conveyed his stance, stating that it is challenging to recognize cryptocurrency as a financial asset, stating:
"I understand that the Group of 20, the International Monetary Fund, other international agencies, and a considerable number of experts find it difficult to see virtual currencies as a financial asset and think they could not function as a currency.”
The Korea Financial Intelligence Unit (KFIU) will take on the legal responsibility and power to handle the agency. Apart from the bureau, the KFUI will also be setting up a "Policy Management Planning Division," a part of the new bureau launch.
The announcement by South Korea comes just a day after one of the leading candidates to lead the Korean Financial Service Commission revealed that South Korea would not be considering cryptocurrencies as financial assets similar to traditional financial instruments such as fiat currencies.
A statement put out by the FSC stated that the Korea Financial Intelligence Unit would be managing the newly created bureau. The new entity, known as the "crypto-asset monitoring bureau," will take on the responsibility of monitoring suspicious financial activity and transactions when it comes to cryptocurrencies. It will also be the final authority to decide the extension of cryptocurrency operators' licenses and look into how investor protection rules can be enhanced.
The Policy Management Planning Division will also be a part of the soon-to-be-launched bureau. However, the planning division chief will only be taking on an advisory role and report directly to the chief of the KFIU. The FSC has also allowed the KFIU to get more personnel monitoring all crypto-related operations in the market.
The official from the FSC commented:
“The FSC's decision for the creation of an independent bureau inside KFIU with increased personnel is aimed at checking and monitoring cryptocurrency-related financial activity and preventing potential money laundering."
Data provided by lawmakers showed that Korea’s younger population holds more than half of the country’s “household debt,” which they pointed out resulted from them investing in crypto and other crypto-centric assets.
The FSC has also partnered with other financial authorities to draft tighter regulations against cryptocurrencies and has given the crypto exchange operators in the country a window of 6-months to start using real-name trading accounts. Exchanges that fail to register with KFIU will have to cease their operations in South Korea. The newly created bureau will begin operations in September.
The nominee for the Financial Services Commission has expressed his reservations against cryptocurrencies. Koh Seung-beom, a monetary policy board member from the Bank of Korea, was named the chairman of the Financial Services Commission. In an interaction with journalists, he conveyed his stance, stating that it is challenging to recognize cryptocurrency as a financial asset, stating:
"I understand that the Group of 20, the International Monetary Fund, other international agencies, and a considerable number of experts find it difficult to see virtual currencies as a financial asset and think they could not function as a currency.”
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- More than $3M daily volume the first day
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- Coinsniper & Co already listed
- Daily Buyback & Burn => Already burnt $20,000 worth of Gucci
💎 Did you spot GucciCake's awesome features? 💎
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- 1 Airdrop every 24h: 1% tax fees applied to Daily Airdrop => For new Holders 👶
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GucciCake Awesomeness #2 - Reward in Cake 🎂
5% Cake reward every 60min
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1% of every transaction is used to buyback & burn to pump the charts!
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- Custom “Diamond Hands” Airdrop next Friday for Hodlers who never sold since launch
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- Dashboard reward and airdrops in real time
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Maluma, Messi Collaborations Show NFTs Becoming Mainstream
NFTs are not only increasing in volume but becoming mainstream as well. In the first half of 2020, only $13.7 million worth of NFTs were sold. By the time we completed the first half of 2021, the market had risen to a new high of $2.5 billion in sales. Collectibles were the most popular category, selling more than 367,000 NFTs in the first six months of 2021. However, populous categories, such as sports, arts, and games also scored high on units sold, indicating a growing interest in the general population about non-fungible tokens. Almost 300,000 NFTs were sold in the Sports category, while the field of arts registered more than 124,000 in unit sales, and games registered nearly 73,000.
One of the most recent additions to the list of prominent and popular artists leveraging NFTs is Maluma, the famous Latin Grammy Award-winning superstar.
Ethernity is one of the most well-known NFT projects that auction verified artworks in tokenized format. Not only does it feature authenticated artworks of top artists, but it also includes stars and eminent personalities from the world of sports, music, film, gaming, tech, history, and entertainment.
Maluma has partnered with Ethernity chain on what is seen as a "revolutionary visual effects NFT art series." The NFT drop will also feature an ensemble of unshared photographs from Maluma’s life and unseen footage from the artist’s life.
Alejandro Robledo Mejia processed the footage into fine gold sheets and subsequently mapped them onto Maluma’s 3D face. While the photographs would dissolve into gold, the drop would also have a custom-built frame that Maluma sketched himself along with his handwritten personal note signed into the artwork.
Nick Rose, the CEO of Ethernity Chain, is excited about this upcoming NFT drop. His elation about the collaboration becomes amply evident when he says, "We live for this type of partnership." He also thinks that this collaboration would be the next step for Ethernity as well as for NFTs.
Overall, the project combines the pure artistic value of NFTs with that of advanced cryptography. The tokenized artwork will be up for people to see on stage during Maluma’s upcoming 2021 Papi Juancho World Tour.
Before Maluma, it was legendary footballer Lionel Messi’s turn to make a move towards NFTs. He believed that NFTs were another way to connect with the fans. Comparing the agelessness of art with that of football, Messi launched his first official NFT in collaboration with Boss Logic and Ethernity.
The exclusive images created by BossLogic reflected the successes in Messi’s career. Ethernity platform, on the other hand, hosted the Messiverse collection for purchase. These NFTs were noscriptd "Man from the Future," "Worth the Weight" and "The King Piece," while the creative agency Impossible Brief had another piece to release.
The overarching theme of the NFTs is to highlight the achievements, moments, team love, and future accomplishments surrounding Messi, the man himself.
The popularity of the NFTs, and their adoption by sporting legends, is undoubtedly reflective of the fast mainstreaming of the tokens. Even before Maluma and Messi, Ethernity collections featured other legends like Muhammad Ali and Pele on their collection.
NFTs are not only increasing in volume but becoming mainstream as well. In the first half of 2020, only $13.7 million worth of NFTs were sold. By the time we completed the first half of 2021, the market had risen to a new high of $2.5 billion in sales. Collectibles were the most popular category, selling more than 367,000 NFTs in the first six months of 2021. However, populous categories, such as sports, arts, and games also scored high on units sold, indicating a growing interest in the general population about non-fungible tokens. Almost 300,000 NFTs were sold in the Sports category, while the field of arts registered more than 124,000 in unit sales, and games registered nearly 73,000.
One of the most recent additions to the list of prominent and popular artists leveraging NFTs is Maluma, the famous Latin Grammy Award-winning superstar.
Ethernity is one of the most well-known NFT projects that auction verified artworks in tokenized format. Not only does it feature authenticated artworks of top artists, but it also includes stars and eminent personalities from the world of sports, music, film, gaming, tech, history, and entertainment.
Maluma has partnered with Ethernity chain on what is seen as a "revolutionary visual effects NFT art series." The NFT drop will also feature an ensemble of unshared photographs from Maluma’s life and unseen footage from the artist’s life.
Alejandro Robledo Mejia processed the footage into fine gold sheets and subsequently mapped them onto Maluma’s 3D face. While the photographs would dissolve into gold, the drop would also have a custom-built frame that Maluma sketched himself along with his handwritten personal note signed into the artwork.
Nick Rose, the CEO of Ethernity Chain, is excited about this upcoming NFT drop. His elation about the collaboration becomes amply evident when he says, "We live for this type of partnership." He also thinks that this collaboration would be the next step for Ethernity as well as for NFTs.
Overall, the project combines the pure artistic value of NFTs with that of advanced cryptography. The tokenized artwork will be up for people to see on stage during Maluma’s upcoming 2021 Papi Juancho World Tour.
Before Maluma, it was legendary footballer Lionel Messi’s turn to make a move towards NFTs. He believed that NFTs were another way to connect with the fans. Comparing the agelessness of art with that of football, Messi launched his first official NFT in collaboration with Boss Logic and Ethernity.
The exclusive images created by BossLogic reflected the successes in Messi’s career. Ethernity platform, on the other hand, hosted the Messiverse collection for purchase. These NFTs were noscriptd "Man from the Future," "Worth the Weight" and "The King Piece," while the creative agency Impossible Brief had another piece to release.
The overarching theme of the NFTs is to highlight the achievements, moments, team love, and future accomplishments surrounding Messi, the man himself.
The popularity of the NFTs, and their adoption by sporting legends, is undoubtedly reflective of the fast mainstreaming of the tokens. Even before Maluma and Messi, Ethernity collections featured other legends like Muhammad Ali and Pele on their collection.
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🗓 Date : Thursday 2nd
📐Initial Market Cap : $10k
🔒Liquidity : Locked 12 months
💸 Reflexion Token : 5% dividends
💎 Massive Auto Airdrop
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🌐Website : N/A
💸 Auto-Claim Reward in BNB every 60 minutes
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🔥 Hardcore Token Buyback&Burn Mechanism
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