Sunday, August 1, 2021
  • PayPal reportedly assembling crypto team in Ireland as Bitcoin adoption grows
    Cointelegraph.com News - 1 hour ago
    The new hires will help PayPal expand its crypto-focused business offering at a time of rapid adoption of Bitcoin and Ether. Global payments provider PayPal is in the process of recruiting for several cryptocurrency-related positions at its Ireland offices, further highlighting the company’s ambitions in the rapidly growing digital asset market. The Dublin-based Irish Independent, one of the country’s most popular news outlets, reported Sunday that PayPal is looking to fill various crypto-focused roles in compliance, anti-money laundering and business development for its Dublin and Dundalk offices. Related: PayPal set to launch crypto trading in the UK and may embrace DeFiPayPal launched a dedicated crypto and blockchain business unit earlier this year to support its foray into cryptocurrencies, which initially began in October 2020 by allowing customers in the United States to buy Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). In March of this year, the company expanded its offering by allowing U.S. customers to pay for goods and services using their digital asset holdings. Two months later, PayPal said it would allow customers to withdraw their cryptocurrencies to third-party wallets. Dan Schulman, PayPal’s CEO, said in April that his company’s crypto business exceeded all expectations in its first…
  • NFTs are a game changer for independent artists and musicians
    Cointelegraph.com News - 3 hours ago
    The high value and unique rewards system that nonfungible tokens offer is a revolutionary and highly appealing opportunity for musicians. The revolution will not be televised — it will be minted. Earlier this year, we saw the meteoric rise (and fall) of nonfungible tokens, or NFTs, in mainstream media and popular culture. We all heard about them, but was the hype real? Top businessmen and media moguls, such as Mark Cuban and Gary Vee, still strongly advocate NFT use and the role smart contracts will play in the near future, while each week new NFT exchanges and drops continue to roll out. Jay-Z’s Twitter profile picture is an NFT CryptoPunk. With or without the buzz, one of the most powerful and overlooked impacts of NFTs is on the music industry. NFTs have the power to change the game for independent artists by providing a new way to earn an income (while connecting with fans), and this kind of change has been long overdue.Related: Beyond the hype: NFTs’ actual value is still to be determinedMusic and musiciansThere are a few aspects of NFTs that make them highly appealing for musicians. The first is financial: NFTs have been selling at extremely high prices.…
  • BlockFi faces regulatory heat, a sign of possible crypto lending regulations?
    Cointelegraph.com News - 4 hours ago
    The crypto lending giant BlockFi is facing regulatory scrutiny from a handful of states in America ahead of a proposed public listing. BlockFi’s eventful 2021 has continued in the second half of the year as state regulators in the United States began to crack down on the company’s crypto interest-bearing accounts. The move likely marks another operational headache for the non-bank lender in a year of substantial fundraises and public listing plans interspaced by controversy and technical blunders.State regulators going after crypto interest-bearing accounts may also stand as a bellwether of possible federal regulations targeted at the cryptocurrency loan market. Indeed, such a scenario might be possible given the current focus on digital currency regulations in America.From curtailing centralized crypto lenders, the focus of attention could move to their decentralized counterparts, especially amid the context of rhetoric like “financial 9/11” being ascribed to decentralized finance (DeFi) by members of Congress. Indeed, MakerDAO founder Rune Christensen recently warned that a U.S. crackdown on the sector would be an “own goal” 10 times more severe than China’s reported muzzling of private-sector tech giants.Cease and desistBlockFi has been served cease and desist notices by three states in the U.S. in July alone. Regulators…
  • DeFi in style? Here’s how women can break into the game
    Cointelegraph.com News - 7 hours ago
    As hard as it is for women to enter the DeFi space, several notable women give their perspectives on their goals and aspirations in the industry. There are many things to think about when entering this field: what inspires someone to do so; how blockchain technology, crypto and DeFi match with your overall personal or professional philosophy; and how one can change the life of others through promoting DeFi adoption, breaking the stigma surrounding this industry. Have you ever considered entering the decentralized world of blockchain technology? Is there anything holding you back?In the DeFi industry, the above questions could be very intimidating, but the many women who have cracked into the space are changing the way decentralization is perceived. Getting women involved in an industry that has a preconceived idea of who should be the leaders is difficult, but women every day are breaking the already-established boundaries to perpetuate the industry in all aspects, including education, technological advancements and accessibility. Their drive to change how education and implementation surrounding accessible finance reaches the masses will hopefully inspire some who have just dipped their toes in this seemingly cold water, showing that the water might actually be warmer than it…
  • Bitcoin sellers in 'disbelief' or BTC price wouldn't still be at $41K — Analyst
    Cointelegraph.com News - 7 hours ago
    A small number of old hands choose to cover all their bases as BTC/USD clinches a July close above $41,000. Bitcoin (BTC) closed July above $41,000 in a “bullish engulfing” candle that dramatically upends its previous downtrend.In a tweet on Aug. 1, investor and entrepreneur Alistair Milne joined many celebrating a classic return to form for BTC price action.Bitcoin refuses to flip bearishAfter seeing three straight monthly red candles in a row, BTC/USD held onto late gains to post a monthly close that few had anticipated.Despite the dip to $29,000, bears failed to stay in the driving seat as July drew to a close as resistance levels fell and sentiment improved. “Bullish engulfing on the monthly chart for Bitcoin,” Milne summarized. A bullish engulfing pattern is a chart pattern that forms when a small red candle is followed by a large green candle, i.e. July, the body of which completely covers or engulfs the body of the previous candle (June).BTC/USD 1-month candle chart (Bitstamp). Source: TradingViewThe move up — and its staying power — have been so surprising that even seasoned hodlers appear confused about what to do next.On-chain data shows that some long-term holders (LTHs) are in fact selling as BTC/USD…
  • Digitizing charity: We can do better at doing good
    Cointelegraph.com News - 10 hours ago
    Blockchain technology won’t just make online donations easier, it will pave the way for exciting new forms of charity fundraising. Charity fundraising risks being left behind in the shift to online activity. But taking inspiration from the COVID-19 pandemic trends, and new payment technology, could open doors.Change comes whether you’re ready or not, but being ready means you can seize the opportunity. The past year has accelerated the pace of digital transformation dramatically — sure, personal contact was already moving online, and contactless payments were slowly replacing cash, but the pandemic did not so much push as shove the world faster and farther than anyone expected. This creates specific challenges for the nonprofit sector — and with those, some exciting possibilities.Related: Philanthropy: A missing catalyst of blockchain adoptionBring the message homeCharity events and street fundraising — two major traditional revenue streams — have been sharply curtailed by the pandemic. However, lockdown has unlocked some inspirational creative thinking, such as the 2.6 Challenge, in which sports and fundraising agencies asked the public to come up with their own private challenges to fill the gap left by the London Marathon. The brilliance of such personal fundraising efforts is that, well, they’re personal.Consider…
  • 3 reasons why Ethereum price might not hit $5,000 anytime soon
    Cointelegraph.com News - 17 hours ago
    Ethereum price might be bullish in the short term but there are a handful of factors that could keep the price pinned in its current range. Ether (ETH) price has been in a downward spiral ever since the Ethereum co-founder Vitalik Buterin presented at the StartmeupHK Festival 2021. In a fireside chat session on May 27, Vitalik stated that several internal team conflicts caused the Proof-of-Stake migration to delay its launch.As reported by Cointelegraph, ‘Phase One,’ which introduces scalability through sharding, has been postponed to 2022. Furthermore, DeFi’s inherently decentralized nature might not be entirely beneficial because the sharding-style processing would need to run transactions through a relay chain.Ether price in USD at Coinbase. Source: TradingViewIt’s impossible to pinpoint the reason behind Ether’s sharp fall from its all-time high, but the surging gas fees certainly impacted investors’ expectations. Not only did it made evident how limited the network was, but it also incentivized traders to experiment with alternative networks like the Binance Smart Chain (BSC) and Polygon’s layer-2 solution. Ethereum 7-day average gas fees in USD. Source: CoinMetricsThe chart above shows that the $45 average gas fee took place a whole month after the Berlin upgrade went live on April…
  • Pro traders look for this classic pattern to spot Bitcoin price reversals
    Cointelegraph.com News - 21 hours ago
    Crypto and stock traders view the inverse head-and-shoulders pattern as an early signal that a bullish trend reversal is in the making. Every trader aims to buy low and sell high, but only a few are able to muster the courage to go against the herd and purchase when the downtrend reverses direction. When prices are falling, the sentiment is negative and fear is at extreme levels, but it’s at times like these that the inverse head and shoulders (IHS) pattern can appear.The (IHS) pattern is similar in construction to the regular H&S top pattern, but the formation is inverted. On completion, the (IHS) pattern signals an end of the downtrend and the start of a new uptrend. Inverse head and shoulders basicsThe (IHS) pattern is a reversal setup that forms after a downtrend. It has a head, a left shoulder and a right shoulder that are upside down and placed below a neckline. A breakout and close above the neckline completes the setup, indicating that the downtrend has reversed.Head-and-shoulders bottom pattern. Source: TradingViewAs shown above, the asset is in a downtrend but after a significant decline, value buyers believe the price has reached attractive levels and will start bottom fishing.…
  • Amazon rumored to be accepting Bitcoin, MicoStrategy pledges to buy more BTC despite losses, Bitcoin struggles at $40K: Hodler’s Digest, July 25-31
    Cointelegraph.com News - 21 hours ago
    Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This Week Amazon plans to accept Bitcoin payments this year, claims insiderThe crypto community was going wild at the beginning of this week after rumors circulated that Amazon was planning to accept Bitcoin payments.The rumors started after Amazon posted a job opening for a digital currency and blockchain product lead on July 22. Four days later, an anonymous source within Amazon reportedly told London business newspaper City A.M. that the e-commerce giant was planning to start accepting Bitcoin (BTC) payments by the end of 2021.This isnt just going through the motions to set up cryptocurrency payment solutions at some point in the future this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work, the source told City A.M., according to a report published on Sunday.Chinese crypto journalist Colin Wu attributed Mondays surging market action, during which Bitcoin gained roughly 15% in less than three hours, to Amazons rumored plans.How wrong that very self-assured sounding…
  • German law allowing institutional funds to hold crypto comes into effect Aug. 2
    Cointelegraph.com News - 1 day ago
    As much as $415 billion worth of investments could flow into cryptocurrencies as new laws governing German Spezialfonds go into effect. Beginning on August 2, 2021, German institutional funds will be able to hold up to 20% of their assets in cryptocurrencies, possibly setting the stage for wider mainstream acceptance of Bitcoin (BTC) and other crypto assets by the nation’s pension funds. As Bloomberg reports, the new law alters fixed investment rules governing Spezialfonds, also known as special funds, which are only accessible to institutional investors such as pension funds and insurers. Spezialfonds currently manage about $2.1 trillion, or 1.8 trillion euros, worth of assets. Related: Hedge funds see the crypto market decline as an investment opportunityTim Kreutzmann, who works for German investment fund association BVI, told Bloomberg that most funds will likely stay well below the 20% mark initially, explaining:“On the one hand, institutional investors such as insurers have strict regulatory requirements for their investment strategies. And on the other hand, they must also want to invest in crypto.”The new rule, which was passed in early July, represents an important evolution in how German lawmakers govern digital assets. Germany’s Federal Financial Supervisory Authority, better known as BaFin, continues to urge caution…
  • Bitcoin 'supercycle' sets up Q4 BTC price top as illiquid supply hits all-time high
    Cointelegraph.com News - 1 day ago
    Recent events mean that a Q4 “blow-off top” is now back on the menu as BTC price recovery clings to its 23% weekly gains. Bitcoin (BTC) is gearing up for a comeback which should lead it to repeat classic bull run years 2013 and 2017, analysts are arguing.As $42,400 local highs appeared on July 31, narratives around the market are flipping back to a bullish Bitcoin “supercycle.”Bulls come out for 2021 closeBitcoin has been busy repairing the impact of the China miner rout since mid May, but last week’s price advances were stronger than most anticipatedRelated: Bitcoin open interest mimics Q4 2020 as new report ‘cautiously optimistic’ on BTC rallyRather than suffer a serious dip, BTC price action has held onto its gains, which at the time of writing total 23% in a week.What seemed all but impossible just seven days ago is now flavor of the month among an increasing portion of the analytical community.“History doesn’t repeat itself but it often rhymes” #bitcoinA repeat would be a Q4 blow off top. New ATH’s into 2022 seem more likely. Super cycle/last cycle will depend on what happens in 2023 IMO. https://t.co/07Ryn3pcTf— ChartsBTC (@ChartsBtc) July 31, 2021 “Following a troubling three months…
  • If you have a Bitcoin miner, turn it on
    Cointelegraph.com News - 1 day ago
    The opportunity in Bitcoin mining has never looked better, and the U.S. has the infrastructure to take the chance. In the last few weeks, the Bitcoin (BTC) mining market has experienced a black swan event, leading to a lot of uncertainty and confusion surrounding the future of the market. This is why I felt it was right to give the public a quick update and explain why it’s a fantastic time for Bitcoin mining in the United States.Bitcoin miners are rewarded Bitcoin for securing the network and for each block they mine. As more miners participate, the difficulty rate increases and the reward for each individual miner’s security contribution decreases. And vice versa, when fewer miners are participating, the difficulty rate decreases and the reward for each miner’s contribution increases. Understanding this is key as to why this is an exciting time to get into mining.Related: A trade war misstep? China is vacating crypto battlefield to US banksRecently, we have experienced a historic decrease in the difficulty rate. This chart shows the initial impact of Chinese miners being forced to shut down and move out of China. Related: China crackdown shows industrial Bitcoin mining a problem for decentralizationThere are many…
  • Bitcoin for cash: Do crypto ATMs make buying BTC easier for the mainstream?
    Cointelegraph.com News - 1 day ago
    Bitcoin ATMs may make it easier for the mainstream and unbanked to access crypto, but will security risks hamper adoption? Cash may be king when it comes to purchasing Bitcoin (BTC), as recent data states that there has been a spike in crypto ATM installations during 2021, showing a 71.3% increase from Jan. 1, 2021, until the time of reporting. Specifically speaking, there are currently over 24,000 crypto ATMs located across the globe. Data further suggests that crypto ATMs are being installed at a rate of about 52.3 machines per day. While growth is clearly underway for the cryptocurrency sector, the reason behind the surge in crypto ATMs may be due to a demand for using cash to buy Bitcoin. Alona Lubovnaya, director of product operations for Bitcoin Depot — a Bitcoin ATM operator — told Cointelegraph that more people from all walks of life are becoming interested in crypto, particularly the underbanked community. “We’ve entered a new era where traditional bank accounts can be replaced with digital wallets, and because of this, more people are choosing to buy crypto with cash.”Cash is easy and familiar for the mainstreamWhile there are many reasons as to why certain individuals would want to buy cryptocurrency from…
  • Bitcoin records rare 10-day winning streak as BTC price taps $42K ceiling
    Cointelegraph.com News - 1 day ago
    Daily chart data shows the strength of the current rally as a longstanding resistance level finally shows signs of falling. Bitcoin (BTC) shot to new highs of $42,400 on July 31 in a surprise attack on range resistance which sellers failed to squash.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin seals 10 green candles in first since 2012Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining for a tenth straight day across exchanges, reaching $42,420 on Bitstamp.A subsequent cooling-off preserved most of the gains, with Bitcoin circling $41,900 at the time of writing, still up over 8% over the past 24 hours.In trading circles, talk focused on a rare performance for the Bitcoin daily chart — ten green candles in a row, after all, last occurred in 2012.Bitcoin has closed 10 straight green daily candles! pic.twitter.com/6FEG4CgqLl— Will Clemente (@WClementeIII) July 31, 2021 Even eight days of consecutive gains are a rarity, while nine have been seen only twice. Depending on the exchange, the data can be slightly different — Coinbase saw 12 green candles one after another in May 2017, one Twitter user noted.Regardless, conspicuous was on one hand Bitcoin’s strength, and on the other the lack of bearish selling pressure.A…
  • The future of DeFi is spread across multiple blockchains
    Cointelegraph.com News - 1 day ago
    As the decentralized space is growing at lightning speed, projects need to adapt to the multichain future or risk becoming irrelevant. Long stuck in the shadows of Bitcoin (BTC), Ethereum (ETH) finally took hold of the market in 2020 during the decentralized finance summer. Designed to recreate traditional financial systems with fewer middlemen, DeFi is now being used across lending, borrowing, and the buying and selling of tokens. The majority of these decentralized applications (DApps) are run on Ethereum, which saw activity on the network increase during 2020. This activity also trended upwards due to yield farming, also known as liquidity mining, which enables holders to generate rewards with their crypto capital.But as activity on Ethereum increased, so too did the network’s transaction fees. In May, it was reported that Ethereum gas fees were skyrocketing. It’s intuitive that engaging in DeFi is only worthwhile when handling capital that exceeds any network fees. Consequently, it soon became clear to users that the blockchain was verging on unusable.Related: Where does the future of DeFi belong: Ethereum or Bitcoin? Experts answerWithout a doubt, Ethereum remains the most active and populated blockchain, but other potential players are popping up, providing a viable alternative to…
  • Traders forecast $3K Ethereum price but derivatives data suggests otherwise
    Cointelegraph.com News - 1 day ago
    ETH might have rallied 35% off its $1,750 low but derivatives data shows pro traders are not so bullish. Ether (ETH) rallied 35% over the past ten days and reclaimed the critical $2,300 support, but the crucial $2,450 local top hasn’t been tested since June 17. Part of the recent recovery can be attributed to the London hard fork, which is expected to go live on Aug. 4. Traders and investors view the EIP-1559 launch as a bullish factor for Ether price because it is expected to reduce gas fees. However, Ether miners are not thrilled with the proposal because the proof-of-work model will no longer be necessary after ETH2.0 goes live.The network fees will automatically be set, although users can choose to pay extra for faster confirmation. Miners (or validators in the future) will receive this additional fee, but the base fee will be burned. In a nutshell, Ether is expected to become deflationary.Ether price in USD at Bitstamp. Source: TradingViewWhile it’s difficult to identify the main drivers of the recent rally, it is possible to gauge professional traders’ sentiment by analyzing derivatives metrics.If the recent price move was enough to instill confidence, the futures contracts premium and options skew…
  • 5 easy ways crypto investors can make money without needing to trade
    Cointelegraph.com News - 1 day ago
    Want to get paid to HODL? Here are five easy ways crypto investors make money without trading. Large price jumps and 100x gains get a lot of attention from pundits and influencers in the cryptocurrency community because they offer the hope of overnight riches. In reality, these opportunities are few and far between. Not to mention, only a handful of traders actually manage to catch these waves and cash out in time to lock in life-changing money. Fortunately, catching a large price surge is far from being the only way for crypto investors to make a buck, and the recent rise of decentralized finance (DeFi), nonfungible tokens (NFTs) and the slow march of mainstream crypto adoption provides a near endless stream of investment opportunities. Let’s have a look at five different ways crypto holders can make an easy buck without actually having to trade. Staking Staking, which rewards users for locking tokens on a protocol as collateral for transaction validation, is one of the best ways to earn a yield on assets held in a crypto-based portfolio. In August, the Ethereum network will switch from a proof-of-work (PoW) consensus model to a proof-of-stake (POS) model, and Ether (ETH) holders who stake…
  • Price analysis 7/30: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC
    Cointelegraph.com News - 1 day ago
    Traders expect altcoins to move higher now that Bitcoin price finally pierced the $41,000 resistance. Bitcoin (BTC) and most major altcoins seem to be faltering near their respective overhead resistance levels. This suggests that some investors are continuing to sell at higher levels.However, 21st Paradigm co-founder Dylan LeClair said that on-chain data shows “big transfer volumes from over-the-counter (OTC) desks over the last week.” Cointelegraph also recently highlighted a historic 57,000 BTC outflow from exchanges on July 28.Ecoinometrics also cited on-chain data to show that “whales” and “small fish” accumulated Bitcoin when the price recovered from $29,400 to over $40,800 this week. Daily cryptocurrency market performance. Source: Coin360Institutional investors are also not to be left behind in their plans to accumulate more Bitcoin. MicroStrategy, which holds about 105,085 Bitcoin, said in its second-quarter report that the company intends “to deploy additional capital into our digital asset strategy.”Wealthfront, a popular US-based robo-investment firm $25 billion in assets under management, announced that it would allow its clients to allocate up to 10% of their portfolio into Grayscale’s Bitcoin Trust and the Grayscale Ethereum Trust. With demand increasing from small investors and high-net-worth individuals, will cryptocurrencies stage a sharper recovery? Let’s study the…
  • GoldenTree Asset Management is reportedly investing in Bitcoin
    Cointelegraph.com News - 1 day ago
    At least three executives at the $45 billion firm have participated in a funding round for the blockchain-focused VC group Borderless Capital. New York-based asset management firm GoldenTree has reportedly added Bitcoin to its balance sheet, though the amount of this supposed investment remains unknown.According to a Friday report from financial news outlet The Street, the firm with roughly $45 billion in assets under management has purchased some Bitcoin (BTC) but has seemingly shied away from other cryptocurrency investments. Citing two sources with knowledge of the matter, the publication reported the BTC purchase followed discussions between executives regarding hiring staffers familiar with crypto investments. Executives at the firm, including founder Steven Tananbaum and partners Deeb Salem and Joseph Naggar invested in a funding round this month for Borderless Capital, which previously helped launch an accelerator program from Algorand. Borderless also participated in a funding round for the Coinbase-backed digital asset securities firm Securitize.Related: 5 largest regulated US digital asset managers hold over $46B of cryptoOther asset management firms have begun to delve into the crypto space as well, either through direct investments or by offering investment vehicles for Bitcoin and other tokens. Last week, Stone Ridge Asset Management filed a prospectus…
  • Binance completes Polygon wallet integration
    Cointelegraph.com News - 1 day ago
    The company indicated that transactions should now be cheaper than utilizing the traditional Polygon-Ethereum bridge. Binance has fully integrated the Polygon (MATIC) mainnet onto its platform, according to a press release. From now on, Binance traders can deposit and withdraw MATIC through their Binance accounts while also interacting with decentralized applications, or DApps, like Sushiswap, Balancer, Aave, and more. This integration is meant to ensure that traders can utilize said DApps cheaply and efficiently without using the existing Polygon bridge. Related: Polygon announces scalable data availability infrastructure AvailWhile this announcement specifically focuses on the MATIC mainnet token, Binance also intends to support ERC20, BEP2, and BEP20 MATIC associated tokens.Binance marks Polygon’s latest integration, as the network has already worked with Huobi and Coinbase Wallet, among others, to the same effect. The scaling solution is supported by various Ethereum-centric services as well, such as Metamask and Infura. DApp users are waiting patiently for Ethereum 2.0 to solve many of its scalability issues. However, it appears that Polygon is filling that void for now. The network gives developers a way to build unique sidechains for all of their DApps, which may provide the necessary growth capabilities for mass adoption.Related: Crypto enthusiasts ape in as…
  • NFTs can be a good pathway to draw women into crypto, says Lavinia Osbourne
    Cointelegraph.com News - 1 day ago
    Though nonfungible token projects are one path to entry, women are still underrepresented in many crypto and blockchain firms. Women looking for a way to enter a male-dominated space like crypto and blockchain may be drawn in by nonfungible tokens, according to Women in Blockchain Talks founder and host Lavinia Osbourne. Though the ongoing pandemic has left people in many countries in financial trouble — whether by losing their jobs, being unable to physically go to banks, or other concerns — Osbourne told Cointelegraph the event may have pushed many women into crypto and blockchain once they were forced to move on from other careers. She said the recent surge and media coverage of nonfungible tokens, or NFTs, had made crypto “more relatable” to many people in the arts and other creative fields.“People look at NFTs and it’s like ‘it’s different — I don’t actually get the technology,’” said Osbourne. “When they’re hearing all these stories about people making money on NFTs, it’s like ‘how can I get involved?’ I think NFTs are a good pathway to entice people into the space.”Related: Blockchain technology could be particularly beneficial for women, says WTO director generalThough Osbourne was likely referring to men and…
  • Avalanche launches upgraded bridge, prepping DApps for mainstream adoption
    Cointelegraph.com News - 2 days ago
    The new bridge is allegedly five times cheaper, faster, and more secure than before. The company says it is meant to act as a “growth engine” for future expansion. Avalanche (AVAX) is replacing its months-old Avalanche-Ethereum Bridge, or AEB, with the aptly named Avalanche Bridge, or AB, according to a Medium post from the company. This newer bridge is allegedly fives times cheaper than the previous one and will act as a “growth engine” for the project’s future.The post notes that the AB is available to developers and users right now, and all previous assets from the AEB should carry over. This upgrade is occurring alongside the network’s wallet and explorer upgrades to bring “next-generation improvements” to all of its aspects.Related: Neon Labs deploys cross-chain Ethereum Virtual Machine on SolanaConsidering 59% of existing decentralized applications, or DApps, run on Ethereum, upgrades like these are likely necessary for future interoperability. As of this writing, converting assets from one to another is expensive and time-consuming. While Ethereum’s 2.0 upgrade is meant to solve such issues, this shift is likely a number of years away.Helping ensure the AB launch runs as smoothly as possible are the ecosystem’s “Wardens” — users that run an…
  • Cardano risks 60%-90% drop, warns trader with ADA painting a classic bearish pattern
    Cointelegraph.com News - 2 days ago
    Spotted by veteran analyst Peter Brandt, the classic technical pattern can result in ADA price losing almost 90%. Cardano is close to attaining the title of a fully-fledged smart contracts platform following a critical upgrade in mid-July. The project’s founder Charles Hoskinson confirmed that they recently processed the sales of more than $10 million worth of non-fungible tokens atop their public ledger. Moreover, SundaeSwap, the first DeFi DEX to utilize Cardano smart contracts is expected to launch soon, and many ADA investors interpret this as a potential bullish catalyst for the altcoin.But the Ethereum rival’s growth as a project might not lead to higher adoption for its native cryptocurrency, ADA, at least according to an analysis shared by Peter Brandt, the chief executive of global trading firm Factor LLC.A 60%-90% crash ahead?The veteran analyst shared a bearish setup for ADA in a tweet published Friday. He cited a classic technical pattern, known as Head and Shoulders, to predict a downside scenario for the Cardano token that is already up more than 600% on a year-to-date timeframe.In detail, Head and Shoulders forms when the price forms three consecutive peaks atop a single support level, with a condition that the middle peak is higher…
  • Who takes gold in the crypto and blockchain Olympics?
    Cointelegraph.com News - 2 days ago
    Every four years (usually), the world comes together in a celebration of sport and competition at the Olympic Games. In the spirit of Tokyo 2020, lets look at countries that are deserving of gold medals across different spheres of the cryptocurrency and blockchain space.The variety of sports featured at the Olympics have changed over the years, and the current summer Olympics in Japan features a total of 33 different sports. Exciting competitions like skateboarding and surfing were added for Japan as the global showpiece continues to evolve and adopt different sports.The cryptocurrency and blockchain space is similar in this regard. Many different working parts make for a colorful community both united and divided by their preferences of cryptocurrencies and blockchain platforms.Lets take a look at which countries and institutions take home gold medals in their respective crypto and blockchain codes.Gold for Bitcoin adoption goes to El SalvadorSports often have fans cheering for the underdog and El Salvador has emerged as one of those lesser-known players that have burst onto the global stage in 2021. The Central American country grabbed headlines this year as it officially became the first in the world to recognize Bitcoin as legal tender.Without delving too deep…
  • $25B investment firm adds 'riskier' Grayscale GBTC and ETHE for clients
    Cointelegraph.com News - 2 days ago
    Wealthfront users will now be able to have up to 10% of their portfolios composed of the Grayscale Bitcoin and Ethereum Trusts. Bitcoin (BTC) and Ether (ETH) exposure has come to one of the world’s biggest automated investment firms.In a blog post on July 29, Wealthfront, which has $25 billion in assets, confirmed that it had added two Grayscale funds to its suite of investment options.GBTC buzz returnsThe recent rise in cryptocurrency prices has kept institutional products such as Grayscale’s various funds in the spotlight.Wealthfront, an example of a so-called “robo advisor” in the investments space, will now allow its clients exposure to the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).”Buying cryptocurrency can feel intimidating — it takes time and effort to research all of the options, set up a wallet, and monitor an additional account. That’s why we’ve made it easy to get exposure to Bitcoin and Ethereum right in your Wealthfront portfolio, no wallets required,” the blog post explains.”Instead of buying coins yourself, you can invest in GBTC and ETHE.”Clients will be able to have up to 10% of their portfolio in Grayscale products, a limit the firm attributes to the “riskier and more volatile” nature…
  • Ukraine central bank now officially allowed to issue digital currency
    Cointelegraph.com News - 2 days ago
    Ukraine’s newly signed law On Payment Services requires close cooperation between the National Bank of Ukraine and private startups in the payment market. The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially authorized to issue a digital currency.Ukrainian President Volodymyr Zelenskyy has signed a  law titled On Payment Services, officially enabling the country’s central bank to issue a CBDC, the digital hryvnia, according to a Thursday announcement.The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the Ukrainian central bank and local startups in the payment market, taking into account the demand of the private sector, the announcement reads.Initially approved by the Ukrainian parliament in late June, the On Payment Services aims to provide the implementation of open banking, the practice of sharing access and control to consumer financial information through third-party applications. The law is expected to stimulate the development of financial technologies in the country, allowing private fintech companies to establish cooperation with banks and have more business opportunities.Among other intentions, the newly signed law…
  • A trade war misstep? China is vacating crypto battlefield to US banks
    Cointelegraph.com News - 2 days ago
    Why is China forsaking cryptocurrencies at the same time that legacy U.S. banks, long wary of crypto, appear to be discovering its virtues? At the same time that China has declared war on cryptocurrencies, giant American banks appear to be embracing crypto — evident the final week of July with the news that crypto firm Lukka will provide State Street Bank’s private fund’s clients with digital and crypto asset fund administration services. This follows forays into the crypto space from the likes of BNY Mellon, JPMorgan, Citigroup and Goldman Sachs among traditional bank heavyweights.Is it too early to speak of trend and counter-trend? And if a trade war has broken out between the United States and China, as many believe, why is China turning its back on cryptocurrencies while some of the West’s largest financial institutions, long wary of crypto, appear to see fresh value in blockchain-based digital currencies? “Yes, U.S. banks are firmly embracing Bitcoin as an investment tool,” Nik Bhatia, author of the book Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies and adjunct professor of finance and business economics at the University of Southern California, told Cointelegraph, adding, “JPMorgan and Goldman, for…
  • Bitcoin accumulation accelerates among ‘whales’ and ‘fish,’ while BTC rallies to $40K
    Cointelegraph.com News - 2 days ago
    “This is just on-chain sentiment, though. The big question is, how does that correlate to the price action in general?” Both small and rich Bitcoin (BTC) traders accumulated the benchmark cryptocurrency en masse during the period when its prices rose from below $30,000 to over $40,000, signaling their confidence in the asset’s long-term bullish setup.The basis of the upside outlook came from Ecoinometrics, a crypto-focused newsletter service. It highlighted in its latest edition a flurry of on-chain data that tracked the flow of Bitcoin into wallets that belonged to the richest crypto traders, known as “whales,” and to entities that held the cryptocurrency in smaller quantities — the so-called “small fish.”“After a couple of weeks of data showing that most address buckets are accumulating coins, Bitcoin is finally bouncing back from the $30k level,” wrote Nick, the author of the Ecoinometrics newsletters, as he highlighted a heat map that witnessed Bitcoin flowing into the small fish and whales’ wallets.Bitcoin accumulation trends. Source: Coin MetricsThe color red points to a situation, in which every group — whales or fish — has accumulated Bitcoin in the past 30 days. Conversely, the color blue corresponds to situations wherein only the smaller fish have accumulated…
  • Coinbase Ventures backs Ethereum-based streaming network
    Cointelegraph.com News - 2 days ago
    Livepeer’s $20-million Series B funding round saw participation from large VCs, including Coinbase Ventures, CoinFund, Northzone, 6th Man Ventures and Animal Ventures. This year has been foundational for the success of projects running on the Ethereum blockchain. Sharing the limelight is Livepeer, an Ethereum-based video streaming network that announced it had raised $20 million in a Series B funding round. Led by Digital Currency Group, the funding for Livepeer saw participation from large venture capitalists, including Coinbase Ventures, CoinFund, Northzone, 6th Man Ventures and Animal Ventures. Based on the announcement, Livepeer’s latest funding will be used to build an in-house protocol to experiment with livestream use cases, such as scene classification, object recognition, song-title detection and video fingerprinting. Previously, Northzone led the institutional funding round and raised $8 million for Livepeer. The company currently runs a network of 70,000 graphics processing units complementing the underlying Web 3.0 technology.Cointelegraph has recently reported on the impressive 15% price movement of Livepeer’s LPT token alongside Bitcoin’s (BTC) bullish wave. Related: Large VCs are sidelining smaller crypto investors, PwC crypto lead saysA recent report from Cointelegraph showed how increased valuations of crypto businesses are causing smaller investors to miss out on the latest innovations, according to PricewaterhouseCoopers crypto lead Henri…
  • New bill proposes US Treasury to have full authority over fiat stablecoins
    Cointelegraph.com News - 2 days ago
    The bill also calls for the U.S. Federal Reserve to be vested with the clear authority to issue a digital dollar. A new bill introduced by United States Representative Don Beyer of Virginia has proposed a far-reaching regulatory and legal framework for digital assets across the board.Entitled “The Digital Asset Market Structure and Investor Protection Act of 2021,” the bill touches on virtually all the important gray areas that continue to exist regarding cryptocurrencies in the U.S. context. One of its primary goals is to establish statutory definitions for digital assets and digital asset securities, bringing the former under the purview of the Commodity Futures Trading Commission (CFTC) and the latter under that of the Securities and Exchange Commission (SEC). Both the CFTC and SEC would be tasked with providing legal clarity regarding the regulatory status of the top 90% of crypto assets by market cap and trading volume.Moreover, the bill seeks to formalize regulatory requirements for all digital assets and digital asset securities under the Bank Secrecy Act, classifying both as “monetary instruments” in order to strengthen transparency, reporting and Anti-Money Laundering enforcement. When it comes to central bank digital currencies, the bill seeks to pave the way for the Federal…
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