12 May

“We are excited about the underlying capabilities and how blockchain-driven collectibles bring trust and authenticity, key components of a marketplace, to the digital space.”

The Brooker Group, a publicly listed financial consultancy based in Thailand, plans to invest nearly $50 million in decentralized finance (DeFi) and decentralized application (dapp) projects.

Brooker will invest in more than 15 high-growth companies including Binance, Uniswap and Filecoin. The company plans for digital assets, DeFi and dapps to make up around 50% of total assets.”

See Also: Yearn.finance’s YFI Token Surges 22% to New Record as DeFi Platform Adds Collateral
See Also: Balancer V2 Goes Live, Promising Reduced Gas Fees for DeFi Traders

Recommended read.

“‘Virgin coins‘ in Bitcoin are considered pristine due to their lack of transactional history. And they are something of a chimera – a mythical concept often spoken of but rarely witnessed. But do virgin coins, and more broadly, distinct miner-generated tiers of coins, actually exist?

Almost all mining is done through pools. Pooling introduces one or more hops into the process of miners actually taking delivery of their coins. In some cases, pools mine to exchanges directly, which then credit miners with those accounts. Each successive transaction, especially when multiple parties are involved, increases the perceived “risk” of the coins. Thus the standard mode of mining doesn’t suit virgin coins.

There are other lingering problems. Miners aren’t compensated based solely on the issuance of new coins (6.25 BTC per block). They also collect fees from users bidding for blockspace. Over the last six months, miners have collected 10-25% of their revenue from fees. Those fees derive from units of Bitcoin already in circulation. If non-virgin coins are considered tainted, the taint would be inherited from fees.

Let’s say you can surmount the challenges above. How do you transfer your virginal or distinct coins to a buyer? Once you have virgin coins, they aren’t good for many transactions, as the taint theory holds that the more on-chain transactions occur, the more risk is introduced into the coins themselves. The lack of a transaction history, which gives virgin coins their strength, is also a drawback. When it comes time to actually use these virgin coins, you are hamstrung.

More abstractly, individual units of Bitcoin don’t really have persistence the way that many think they do. Bitcoin is a UTXO system, which means that the Bitcoin protocol tracks quantities rather than specific units of Bitcoin. Bitcoin is interested in making sure users spend no more than the funds they are entitled to spend, but it doesn’t really care to identify the units being spent.

Thus, even if certain coins are dubbed conflict-free, renewable-mined or virginal, these specific units lose their identity once they actually begin to circulate on chain. Virgin coins might better be called sterile coins – they are largely impotent and cannot actually circulate. The moment they do, and get inserted into the chaotic mélange of churning Bitcoin UTXOs, they become just another undifferentiated quantity of Bitcoin.”

If the alt-season gap between ether and bitcoin widens further, we’re likely to begin to see an erosion of bitcoin’s viability as a market benchmark. If the trend continues, eventually we’ll be looking for broader data sources as benchmarks for the market – the CoinDesk Digital Large Cap Index, for example. That would push crypto more in line with equity markets.

Bitcoin dominance is the ratio of bitcoin’s market cap to the sum market cap of all cryptocurrencies. Ether’s moves this week have pushed it below 45%, testing lows set in 2018.”

Bitso is starting to see customers in the region hold dollar balances in stablecoins, a trend that has accelerated since the pandemic. He sais that purchasing U.S. dollars via bank accounts in many Latin American countries can be extremely difficult, except for rich clients.

If you’re straight out of college and want to save your money in U.S. dollars, no bank account will even open you an account.

We are seeing a big demand for different stablecoins on our platform.”

Lawmakers passed a proposed amendment to the state’s Uniform Commercial Code, or UCC, aimed at better adapting commercial law to blockchain innovation and digital asset regulations. The bill could bring Texas closer to being a crypto-friendly state like Wyoming.

Texas Governor Greg Abbott has already said he is a “crypto law proposal supporter” — specifically referencing HB 4474 — and seemed to encourage Bitcoin (BTC) mining firms to set up shop in the state.”

See Also: US Senator Proposes Making Distributed Ledgers ‘Key Technology Focus’
See Also: Kazakhstan’s government to create roadmap for developing crypto market

“China’s Chutian Dragon, a maker of high-end smart cards, plans to make a card-based wallet for the digital yuan with fingerprint identification technology from Norway’s IDEX Biometrics ASA. But a new wallet that requires its users’ fingerprints could strike a nerve among those concerned about privacy when using a central bank digital currency.

U.S. Federal Reserve Chairman Jerome Powell has suggested a digital dollar should be better at protecting privacy than its Chinese counterpart. The Fed, however, hasn’t revealed any technical details on how its digital currency could be more private.

Critics contend that the centralized nature of CBDCs means they can’t replace cryptocurrencies such as bitcoin in terms of security and privacy.”

As one of the world’s foremost privacy advocates, he thinks Bitcoin isn’t private enough—and that an upcoming software update could make it worse. He went on to praise privacy coins Zcash and Monero and urged Bitcoin to be “private-by-design”.

Cryptocurrency, and by this I’m just going to say Bitcoin, is really failing comprehensively, terribly, on the privacy angle. Taproot does not fix Bitcoin’s privacy problem. And there are some arguments it actually makes privacy worse by sort of fragmenting address space, making forensic sort of flow analysis easier.

Others agree that Bitcoin, now with a market capitalization above $1 trillion and growing mainstream acceptance, is playing a long game that requires patience.

It’s sad that anonymity is not a priority for Bitcoin core, but it would only serve to impede mainstream adoption and slow Bitcoin’s absorption of the world’s wealth.”

“Dfinity Foundation’s internet computer (ICP) token, which allows users to participate in and govern the blockchain network, went live on the U.S.-based crypto exchange Coinbase Pro on Monday. Since then, several major cryptocurrency exchanges including Huobi, OKEx, and Binance have added support to the coin, leading to massive price swings.

Prices tanked roughly 10 minutes after the Coinbase listing on Monday, shedding 60% in value to trade in line with the $300 to $400 price range implied earlier in the day on the FTX exchange’s derivatives contract linked to the ICP token. The cryptocurrency was changing hands around $400 on Coinbase at press time, having dropped from $630 to $250 on Monday.

The platform has raised $121 million of equity funding.”

“Utah-based TaxBit announced the one-year contract Tuesday, saying it would provide auditing services for cryptocurrency transactions as needed by the IRS, helping the agency verify whether high-volume traders accurately reported their crypto taxes.

The IRS will not be specifically auditing TaxBit customers with the contract. Rather, the federal agency will provide its own data and ask Taxbit to analyze the transactions. TaxBit would likely be examining high-volume entities or traders, who report thousands or millions of transactions per year.

[We’ll fill] some of the gaps in tools that just don’t exist right now within their own ecosystem, and so we’re coming in to make sure that they are fully understanding the data.”

“Block.one has launched a subsidiary, Bullish Global, with $10 billion in funding backed by prominent investors including Mike Novogratz and Peter Thiel.

The new venture will be focused on the launch of a crypto exchange called Bullish later this year. The exchange will aim to offer automated market making, lending and portfolio management.

11 May

“Ether’s price, already up a dizzying five-fold this year, extended its climb early Monday, pushing past the psychological milestone of $4,000 for the first time. The year-to-date return is now around 435%, versus about 104% for bitcoin, the largest cryptocurrency.

Some investors are apparently paying up for ether, to the extent that a premium has appeared on the U.S.-based Coinbase exchange over prices quoted on other major exchanges. The premium was “significant” as ether climbed a staggering 72% over the two-week period from April 26.

The market for ether has become so ebullient that crypto derivatives exchange Deribit just listed an options contract expiring in March 2022 with a strike price of $50,000. The level is so far above the current price that the exchange later tweeted that there was “nothing frothy about us listing this strike” and that the decision fell within its ‘strict listing policy.’

See Also: Ether’s Active Addresses Pass 2018 Peak as Cryptocurrency Soars to New Price Highs

“It’s a shots-fired moment for decentralized finance, or DeFi. MakerDAO, a decentralized bank and one of the cornerstones of DeFi, made its first “real world” loan last month. It is lending to Americans who want to fix and flip residential real estate. Maker is now treading the same hunting grounds as not only banking behemoths such as Wells Fargo, but also A+ Federal Credit Union of Austin and thousands of other credit unions.

DeFi enthusiasts often laugh at the talk of regulation. Any bank regulator that attempts to exercise authority over the collection of smart contracts and stakeholders that calls itself MakerDAO will inevitably fail, they say. The whole point of being on a decentralized protocol, after all, is to avoid being controlled.

And there is certainly some truth to that. But even if a bank is decentralized enough to ignore a government order to get a bank charter, there’s a good chance it would comply anyway. Refuse and MakerDAO would be operating illegally. No more fix and flips. It would have to retreat back to the censorship-resistant safety of the blockchain and its relatively small clientele of pseudonymous cryptocurrency speculators. Submitting to regulation means a ticket to the biggest market in the world: Main Street America.

Other big DeFi applications such as decentralized exchange Uniswap or lending market Compound may soon face the same sort of difficult choice as MakerDAO. They can either stay safely rooted in their rules-free financial zone or get more real-world relevance, but at the price of regulation.

Significant amounts of electricity are being used to secure the Ethereum blockchain. That ensures that Ethereum, and everything built on it, remains open and censorship resistant. But if DeFi tools like MakerDAO choose to become regulated, censorship-resistance is pretty much cancelled. Is there a point to being a regulated bank on an open blockchain?

For now, MakerDAO will keep on pushing into real-world loans. But expect many of these complicated issues to bubble up in the next few years.”

“Swiss financial giant UBS Group is in the early stages of planning to offer digital currency investments to affluent clients.

More investment banks are making a push to offer cryptocurrency investments. For example, earlier this year, Goldman Sachs relaunched its cryptocurrency trading desk. Other banks, including BNY Mellon and Deutsche Bank, have entered the market. Citigroup is also considering launching crypto services amid a surge in interest from its clients.”

See Also: Cboe Kicks Fidelity-Linked Bitcoin ETF Application to SEC

Olaf Carlson-Wee, the first hire at cryptocurrency exchange Coinbase, says that shares of Coinbase would be worth more today if the company had chosen a crypto-native way of going public.

By “going public on Coinbase,” Carlson-Wee had in mind a USDC-style model, through which the company’s shares would be represented as ERC-20 tokens, allowing for trading in “the wild and wonderful world” of decentralized finance (DeFi).”

“Momentum for RLC kicked into high gear following the May 4 announcement that it would be listed on Coinbase. The project received another boost of attention following the May 6 announcement of the official start of the iExec developer rewards program.

iExec’s involvement in the ‘Trusted compute’ working group within the Ethereum (ETH) Alliance, Google’s confidential cloud computing program, the Confidential Computing Consortium and its collaboration with IBM further helped provide a further boost to RLC on May 10.

After securing partnerships with some of the biggest cloud computing providers in the industry and listing on the largest centralized exchanges in the cryptocurrency market, iExec RLC looks well-positioned for further growth as mainstream investors look for real-world blockchain use cases to invest.”

“While it’s still anyone’s guess whether the price of dogecoin is heading to the moon, a Canadian-based company is using the Shiba Inu-represented cryptocurrency to pay SpaceX to take a satellite there. Calling it the first-ever commercial lunar payload in history paid entirely with dogecoin, Geometric Energy Corp. said the DOGE-1 Mission to the Moon will launch aboard a SpaceX Falcon 9 rocket in Q1 2022.

We’re excited to launch DOGE-1 to the Moon!”

See Also: Chinese Crypto Traders Are Pouncing on SHIB Coin Known as ‘Doge Killer’

It is believed that the hacker is using their servers to switch crypto addresses in transaction requests made by users and redirect their cryptocurrencies to their own wallets.

Over the past 16 months, the hacker’s servers have been shut down by Tor developers at least three times already, Nusenu explained. Notably, the malicious nodes accounted for roughly a quarter of the Tor network’s exit capacity on several occasions, peaking at 27% in February 2021.

However, the hacker is constantly rebuilding their network. By Nusenu’s estimations, up to 10% or even more of Tor’s exit relay capacity could still be controlled by the attacker to this day.”

See Also: ‘Panda’ Malware Targets Crypto Wallets and Users’ Discord, Telegram Accounts

8 May

The company, which currently has a proposed bitcoin ETF under review by the Securities and Exchange Commission (SEC) proposed an ether ETF on Friday that would allow retail and institutional traders to gain exposure to the world’s second-largest cryptocurrency.

VanEck intends to work with Cboe BZX Exchange on the offering. The same exchange is providing support for VanEck’s proposed bitcoin ETF.

Canadian regulators have already approved several ether ETFs. WisdomTree, another company hoping to launch a bitcoin ETF in the U.S., has also listed an ether exchange-traded product in Germany and Switzerland.”

See Also: Ether Sets New All-Time High of More Than $3.8K

The 3iQ CoinShares Bitcoin ETF has reached over C$1 billion (US$823 million) in assets under management (AUM) after only three weeks of trading on the Toronto Stock Exchange.

Reaching $1 billion in only three weeks speaks to the enormous market demand for bitcoin.”

While the amount of ETH locked in DeFi protocols is up 75% since the start of 2020, the sum of Ether held on centralized exchanges has fallen by 30% over the same period.

Since the start of 2020, the share of supply represented by Ether on centralized exchanges has dropped more than a quarter, from roughly 17% to 12%. Over the same period, the percentage of ETH locked in smart contracts has increased by three-quarters, from 13% to 22.8%, showing that DeFi is steadily eating into the centralized exchanges’ profits”

All assets will eventually be tokenized, from stocks to bonds to commodities. At least that’s the perspective of many crypto-industry executives who predict that most, if not all, of modern finance will eventually run on digital rails. Such thinking lurks behind a new report from the World Economic Forum.

Many anticipate a future blurring of the lines between traditional publicly listed equities and tokenized private company shares.

What’s perhaps most notable about the 100-page report is the length to which the authors go in estimating the potential size of the traditional markets that might be ripe for disruption. In all, it works out to $866.9 trillion:

  • Equity markets: $95 trillion
  • Debt markets: $106 trillion
  • Securitized products: $10 trillion
  • Derivatives: $560 trillion
  • Securities financing: repurchase agreements $4 trillion, securities lending $2.9 trillion
  • Asset management/fund administration: $89 trillion.

The opportunity could be substantial for an already fast-growing crypto industry with a current market capitalization currently around $2.3 trillion.”

See Also: 4 Phases of the Crypto Bull Cycle Explained (Video)

“The Internet Computer, the Dfinity Foundation’s long-awaited platform for smart contracts that run at internet speed, is now live. Founded in 2016, Dfinity has been working to bring the project to life for five years.

It launches now with multiple ecosystem companies built to prove out its technology stack, including Enso Finance (a decentralized exchange), Distrikt (a professional social network), Fleek (infrastructure for the decentralized web) and Origyn (a provenance platform for luxury goods), among several others.

With this launch, the 469,213,710 utility tokens (ICP) are live and under the authority of the Network Nervous System (NNS). This means they can move onto exchanges such as Coinbase, which has already announced a plan to list them on its Coinbase Pro product.”

See Also: How Dfinity Could Give Ethereum Another Layer of Censorship Resistance

“Hsu will succeed current Acting Comptroller Blake Paulson, who assumed the position after former Acting Comptroller Brian Brooks stepped down in January. At the Fed, Hsu was part of the supervision and regulation division, meaning he oversaw major banks.

It’s unclear how Hsu will approach the issue of digital assets, or whether he is U.S. President Joe Biden’s pick for a full-term comptroller. The OCC made waves during the past year under Brooks for publishing letters and other forms of guidance aimed at bringing the crypto industry into the U.S. financial system.

Mike has devoted his career to the stability and supervision of America’s banking system.”

“Marathon Digital Holdings’ (MARA) new mining pool has mined a bitcoin block that is “fully compliant with U.S. regulations,” meaning the company has started excluding transactions from entities it believes are sanctioned by the U.S. Department of Treasury or have been involved in dark web activity.

Marathon said it is addressing a concern among “many large funds and corporations” that have” expressed interest in purchasing bitcoin” by marketing its mined bitcoin as OFAC-compliant.

It is totally against the Bitcoin ethos as they are trying to make it a permissioned protocol instead of open for all.

Despite Marathon’s surveillance, transactions from a Russian dark web market, Hydra, were still processed in the “clean” block. Further, shortly after Marathon blazoned the “clean” block on social media, bitcoiners from Iran and around the world began to send bitcoin to the address that received the Marathon “clean” block reward. The gesture was meant to display how easy it is to undermine Marathon’s initiative (and thus demonstrate how futile the chase is for “clean” coins).

See Also: Canadian Bitcoin Miner Bitfarms Approved for Nasdaq Global Market Listing

Users in China can set up on AWS to “farm” Chia’s XCH cryptocurrency.

Chia Network, a blockchain and smart transaction platform, published a white paper in February announcing its goal of making mining easier for individuals, letting them commit unused hard drive space to support its decentralized network.

The system is geared toward supplanting the energy-intensive proof-of-work model (as used by bitcoin) with proof-of-space-time, whereby network participants show they have been storing data over a period of time.”

“In a somewhat bizarre move from the Central Bank of Iran (CBI), trading of cryptocurrency mined outside the country has reportedly been banned. The ban attempts to stymie capital flight from the country that could be attributed to the effects of its depreciating national currency, the rial.

How exactly the central bank intends to regulate the inflow of fungible cryptocurrency from outside the country’s borders remains unclear.

Iran has already banned the use of cryptocurrency for payments, while the country’s financial institutions are free to use cryptocurrency, derived from sanctioned miners, to pay for imports.”

Vice: Inside the World’s “Most Significant” NFT Collection

7 May

The chief innovation in this new version is what the company is calling “concentrated liquidity.” Concentrated liquidity makes the basic functionality of an AMM more efficient for all users. [It] allows a person lending funds to a pool, a liquidity provider, or LP, to define a band in which their deposits will trade.

This enhancement is why most people in DeFi agree the new version of Uniswap will lure more “whale” investors. It’s also a clever solution to the problem of “impermanent loss,” a persistent bugbear for liquidity providers to AMMs.

Bancor and THORChain provide insurance against impermanent loss. With Uniswap v3, however, a liquidity provider can simply not allow their deposits to be traded in ranges where an impermanent loss would occur.

The new version also allows depositors to define different fees for trading, which should make it more attractive to provide liquidity to less frequently traded tokens.

See Also: Uniswap V3 Mainnet Launch! (Official)
See Also: DeFi More Disruptive to Banks Than Bitcoin, Says ING

“Right now there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.

Gensler did not specify what regulations around crypto exchanges could look like.

His comments, which came in response to a question about digital assets from Rep. Patrick McHenry (R-N.C.), also touched on a proposed rulemaking for custody, which the SEC chair said he hopes will move forward.”

See Also: Crypto Now Viewed by Some as a Threat to Financial Stability, Fed Survey Finds

“Ether has rallied from $2,000 to record highs over $3,500 in the past 10 days. On Tuesday, a single high-net-worth trader or a group of traders bought 9,000 contracts of the $8,000 call expiring June 25. These block trades crossed the tape via the institution-focused, over-the-counter desk Paradigm and were booked on Deribit.

Increased demand for deep out-of-the-money call options is reflective of strong bullish sentiment.

According to analysts, the surge in demand now for the $8,000 call implies bullish price expectations potentially linked to the network upgrade known as EIP 1559 that would reduce the pace of the net issuance of ether.”

See Also: Bitcoin Strengthens; Faces Resistance Around $60K-$62K
See Also: ‘Ethereum Killers’ Pop as ING Report Highlights Ethereum Over Bitcoin

“Decentralized storage protocol Filecoin has announced a new free service called NFT.Storage, touting it as a future-proof method of preserving non-fungible tokens’ (NFTs) metadata and content off-chain.

Content addressing and distributed storage networks ensure that digital artwork, basketball cards, and virtual real estate are guaranteed to stay secure and available long-term.

However, Filecoin states that: ‘Data will continue to be persisted ad infinitum or until Protocol Labs decides to conclude the NFT.storage project.’

So while NFT.Storage offers an additional layer of security for NFT creators and owners, it’s not yet a foolproof solution.”

“The MakerDAO Foundation has returned 84,000 MKR tokens from its development fund to MakerDAO’s governance module, marking a milestone in the project’s path to decentralization.

With the return of the development fund and the completion of recent technical contributions to Maker’s liquidation engine and its DAO’s core unit framework, the foundation will now focus on working toward its own dissolution to further decentralize the protocol. The foundation is aiming to have dissolved by December 31, 2021.

The Foundation now turns inward to focus solely on its dissolution.

See Also: Open DeFi unveils DAO to support the entire ecosystem

Goldman Sachs is offering investors access to non-deliverable forwards (NDFs), a derivative tied to bitcoin’s price that pays out in cash.

The bank will then protect itself from volatility by buying and selling bitcoin futures in block trades through CME Group.”

See Also: VanEck Launches ‘First of Its Kind’ Digital Assets ETF in Europe

“Nokia says it has designed a blockchain-based marketplace-as-a-service to facilitate the sharing of data and artificial intelligence (AI) models. The Nokia Data Marketplace is intendeds to provide enterprises and communication service providers (CSPs) with the ability to access trusted datasets and improve business decision making.

Nokia anticipates the marketplace will empower various vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation and preventative maintenance.”

“A U.S. federal court has authorized the Internal Revenue Service (IRS) to begin serving a John Doe summons on cryptocurrency exchange Kraken and its subsidiaries in a bid to catch tax dodgers. The IRS is seeking the records of U.S. citizens who engaged in business with or through the exchange during the years between 2016 and 2020.

Kraken’s subsidiaries and its U.S.-based parent company Payward Ventures are being asked by the IRS to produce records identifying U.S. taxpayers who ‘may have failed to comply with internal revenue laws.'”

Resorts World Las Vegas said it would be allowing customers to use their Gemini wallets “to enhance the integrated resort experience.” Tyler Winklevoss hinted that patrons would be able to convert fiat into crypto at the resort, meaning that some may have the ability to win at a casino game, then invest those funds into digital currency.

Major slot machine manufacturer International Game Technology received a patent earlier this year for a system that would enable gamblers to transfer crypto from their accounts into a ‘gaming establishment account.'”

See Also: Bakkt App Will Allow Users to Spend Crypto on Cantaloupe’s Retail Network

6 May

S&P Dow Jones Indices launched its first three cryptocurrency indexes Monday. The crypto indexes, S&P’s first, carry ticker symbols SPBTC, SPETH and SPCMC – one for bitcoin, ether and a “MegaCap” combo of the two.

S&P’s crypto indexes are poised to add more visibility to bitcoin and ether data among Wall Street traders hungry to decode crypto price action. The products will compete against existing indexes from Bloomberg and Galaxy.

S&P said it uses Lukka Prime’s “Fair Market Value Pricing” methodology to render an asset’s price in points, not dollars. Each index measures price appreciation, not the actual price.

So comparing the two indices, we can see that bitcoin YTD (year to date) has grown 95.67% in value vs. ETH, which has grown 273.72% in value YTD. The actual index value isn’t so much as important as the change in that index value over time.”

“ETH hit several new all-time price highs this past week as developers made progress with their plans to expedite the merging of Ethereum and Ethereum 2.0.

Plans to expedite Ethereum’s transition to a fully proof-of-stake (PoS) consensus protocol took a big step forward this past week with Steklo. On Friday, April 30, developers launched the first multi-client test network simulating the Ethereum blockchain run atop Ethereum 2.0 software.

Since as early as April 2020, ETH’s correlation to BTC has been on the decline, moving from above 0.9 to below 0.7. This trend suggests more investors are beginning to recognize the unique value propositions of these two crypto assets and evaluate their investment cases differently.

As a result of ETH’s price rally, network rewards issued to both Ethereum miners and Ethereum 2.0 validators are becoming more lucrative than ever. Since the launch of the Ethereum 2.0 network on Dec. 1, 2020, total daily validator rewards have increased from roughly $200,000 to $3 million. Miner revenues have also risen significantly over the same time period, trending at about $11 million in December to a high of over $82 million by April.”

See Also: Ether’s Price Rally Above $3.2K Appears Spot-Driven, Boding Well for Further Gains
See Also: Mogo Bought $405,880 of Ether, Plans to Allocate Up to 5% of Cash Into Crypto

Buterin’s ether address, which he disclosed in October 2018 as his main ether wallet, currently holds 333,520 ETH, worth $1.09 billion at the ether price of $3,278.

Prior to launching Ethereum, in 2012 when he was 18, Buterin cofounded (and wrote for) Bitcoin Magazine with Mihai Alisie, who later joined Buterin in founding Ethereum. In 2014, Buterin was awarded the prestigious Thiel Fellowship, offering $100,000 for young people under the age of 23 to pursue interests outside of academia (instead of going to college or university). A year later, the Russian-Canadian entrepreneur and the rest of the developing team launched Frontier, what they called the “barebone implementation of the Ethereum project.”

Last week, Buterin donated about $600,000 in ether and maker (MKR) tokens to a COVID-19 relief fund for India.”

“New Digital Investment Group has inked a partnership with fintech staple Fidelity National Information Services, better known as FIS, to provide a framework for United States banks to offer crypto trading services to their customers.

As part of the collaboration between NYDIG and FIS, participating banks will be able to offer direct crypto trading for their customers straight from their existing accounts. Banks greenlighting crypto trading could see U.S. lenders competing with platforms like Robinhood, Coinbase and Square, among others.

Several banks have already signed up for the program, with the majority being smaller financial institutions. However, Sells also added that the company is in talks with major U.S. banks to participate in the program.”

See Also: US Federal Reserve Proposes Guidelines for ‘Novel’ Banks That Want Access to Fed Payments

“The futures contract was announced in late March but has just opened for trading. The CME micro bitcoin futures are cash-settled and based on the CME CF Bitcoin Reference Rate.

At one-tenth the size of one bitcoin, micro bitcoin futures will provide an efficient, cost-effective way for a broad array of market participants – from institutions to sophisticated, active traders – to fine-tune their bitcoin exposure and enhance their trading strategies.”

Major online marketplace eBay will be pursuing crypto payment options for its customers along with exploring ways to introduce nonfungible tokens on the platform.

The CEO said parts of NFTs were “already transacting” on the platform now but eBay had not yet simplified the process for buyers and sellers.”

See Also: Sotheby’s to Accept Crypto as Payment for Banksy Artwork

The payments giant polled 15,569 consumers in 18 countries; 40% said they plan to use cryptocurrency in the next year.

Among millennials, interest is even higher: 67% said they were more open to using the technology than they were a year ago, 77% said they were interested in learning more about it and 75% said they would use crypto if they understood it better.

The company’s interest in the sector is more than academic. The company plans to give merchants the option to receive payments in cryptocurrency this year.”

See Also: Visa, Circle Team Up With Fintech Firm to Drive Crypto Adoption in Emerging Markets

“Grayscale is now the Official Digital Currency Asset Management Partner of the New York Giants.

Under terms of the deal, Grayscale will provide ‘educational seminars on cryptocurrencies for Giants personnel each year.'”

The organization, which is led by former U.S. regulators and executives from the consulting firm Accenture, announced its intention to launch within the next year its first five pilot projects to evaluate different aspects of a digital dollar.

The five pilot projects will evaluate whether and how a digital dollar would benefit individuals who are unbanked or underbanked, individuals who do have access to banking services and small businesses.

It’s a private effort separate from the Federal Reserve’s own research into a CBDC, though the two groups have been in contact.”

See Also: Bahamas central bank prepares national Sand Dollar push for summer

“DeFi uses smart contracts to create protocols that replicate existing financial services in a more open, interoperable, and transparent way. DeFi may lead to a paradigm shift in the financial industry and potentially contribute toward a more robust, open, and transparent financial infrastructure.

Schar stated that Ethereum has unleashed a wave of innovation built on blockchain technology. The research adds to the bullish momentum for Ethereum.”

“Galaxy Digital, the cryptocurrency-focused financial services firm run by Michael Novogratz, said it has agreed to buy BitGo, the U.S.-regulated crypto custody specialist, for $1.2 billion in stock and cash. The deal will help the company on its stated intention to become a prime broker. One can’t be a prime broker without custody.

The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology.

The deal is another sign of M&A heating up in the digital asset industry following PayPal’s March agreement to buy custody specialist Curv. It also highlights the importance of custodians to this asset class.”

A new bill in the New York state legislature seeks to place a three-year moratorium on crypto mining pending an environmental review by the state. Environmentalists argue mining plants like Greenidge counter New York’s decarbonization goals.

Parker’s bill comes as state power plants roar back from their grave as bitcoin mining operations. In the Finger Lakes region in upstate New York, for example, a long-dormant coal plant now burns 19 megawatts worth of natural gas to feed its armada of power-hungry mining rigs.

The bill, from state Sen. Kevin S. Parker (D-Brooklyn), would lift the moratorium only for mining facilities that “will not adversely affect” New York’s carbon-cutting benchmarks.”

See Also: Thailand to introduce in-person KYC for crypto exchanges

“Jaime Rogozinski, the founder of the WallStreetBets (WSB) community has been working with blockchain and fintech experts to create exchange-traded portfolios (ETPs) to ‘fight back against corrupt institutions and to end dependence on them altogether.’

Portfolios will be governed under a decentralized autonomous organization (DAO) community consensus within which the dapp’s own $WSB token will allow holders to vote on various issues. If token holders wish to change the weight and exposure of a particular stock, they may do so during voting cycles using $WSB tokens to influence a particular portfolio.

The amalgamation of blockchain technology with financial markets is the next logical step for finance. It will result in stronger, more democratized markets and will empower individuals around the world.”

“Cryptocurrency’s latest media darling may not be as wholesome as it seems. For all the hype surrounding Dogecoin (and its de facto master, Elon Musk), publicly available data suggests relatively few people are actually using the blockchain, and those who do use it account for an incredibly large portion of its overall activity.

When looking at Dogecoin’s average transaction value on the day in question, it stood at almost double that recorded on Bitcoin (BTC). The average DOGE transaction value stood at $800,000, compared to $420,000 on BTC. Its statistics relative to Ethereum paint an even more dire picture — Dogecoin’s average transaction value exceeded Ethereum’s by 8,000%, despite processing only 5% of the number of transactions.

Combined with the long-standing reality that one single address holds 28% of all coins in existence, while just 12 account for 67%, it becomes clear that Dogecoin isn’t exactly the people’s champion that interested parties would have the public believe.

What’s more, the number of fully synced nodes is just 26% of the overall node count, suggesting few people are willing to make the effort to maintain the blockchain’s network security.

Dogecoin has always been a joke, and the joke keeps getting funnier.”

The Disrupt Weekend

This is the first time all eth2 and eth1 clients communicated with each other in an emulation of the merger which removes Proof of Work miners and fully upgrades the network to Proof of Stake. There are some optimistic estimates that the merger might occur as soon as December the 1st, with this devent showing there has been significant progress.

Following the devnet, which is a testnet environment but for devs as much is still very rough, there will now be longer new devnets and eventually there will be a testnet where the public can participate. The merger can then occur, at which point miners will no longer receive the circa 13,000 eth a day, worth about $40 million currently.

That practically means ethereum will get a boost of $40 million a day, in addition to EIP1559 burning fees which is expected this summer. So in effect reducing ethereum’s new supply to about 0.22% from the current circa 4%.

If all goes well, both these fundamental changes to ethereum’s monetary economics should go through by 2022 in giving eth its final form where monetary policy is concerned.”

Post-Merge Eth2 Staking APY: ~25%!

“Public Key Infrastructure (PKI) today secures a lot of the web…And it’s coming for user authentication. With just a simple digital signature, PKI presents us with a clear opportunity to replace passwords altogether and secure the data dynamically between applications and users.

OpenLogin is the first authentication suite to combine the simplicity of passwordless authentication with the security of non-custodial public key infrastructure (PKI). It brings the ease of passwordless, SSO, biometric authentication (WebAuthN) to any native mobile or web applications. OpenLogin makes crypto-friendly FaceID or FingerprintID possible.

Non-custodial PKI is an important step towards empowering the digital individual with self-sovereignty. Instead of login providers attesting for users, key pairs enable users to digitally sign that “I am me”, a building block for secure and private interactions on the web, from decentralized identity to digital ownership.”

See Also: Self-Sovereign Identity, 5 Years On

“Alchemix is a protocol that allows yield to time travel. You deposit money in, the protocol puts your money into a yield farm, and you get all of the future yield up front in the form of a synthetic dollar loan. And then you can do what you want with the money—use it for car repairs, pay off a mortgage, or ape into the latest Uniswap gem. (Maybe just buy more ETH).

The crazy part? Your loan auto pays itself back overtime. That’s right: you don’t actually have to pay back the loan.

This the future of finance folks. Let’s level up on self-paying loans with Alchemix.”

See Also: 5 ways to earn by working for protocols
See Also: How DAOs should approach treasury management

“Today’s difficulty adjustment kicks off the first phase of activation for the upgrade, Bitcoin’s biggest in years which (among many things) will make Bitcoin multi-signature transactions cheaper, more private and easier to deploy.

Starting today, miners who wish to adopt the upgrade can signal their support by including special data in the blocks they mine called a “signal bit.” If 90% of the blocks mined during this difficulty period (or any of the other roughly two week difficulty periods that occur between now and the August 11 timeout), then the upgrade is “locked in” for activation in November of this year.

I am confident it will happen. Up to now, there has not been one complaint from our miners at Poolin.”

“Spartan Protocol, a decentralized protocol built on Binance Smart Chain for incentivized liquidity and synthetic assets, was exploited earlier Sunday UTC due to “a flawed liquidity share calculation” in the protocol.

The attack came just a few days after Binance Smart Chain’s DeFi exchange Uranium Finance lost more than $50 million in exploit on April 28 from a similar attack.

1 May

“Bitcoin (BTC) prices surged Friday as the market appeared largely unfazed by the expiration of more than $4 billion of options earlier in the day. Historical price patterns suggest the largest cryptocurrency may be due for further gains over the coming weeks.

Since October the settlement of the monthly options contracts has proven to be a catalyst for bullish short-term moves. In the 10 days following the past six monthly expiries, the cryptocurrency has charted gains ranging from 7% to 35%.

“We’re maintaining our overweight ethereum vs. bitcoin recommendation from April 2020.

Ethereum’s market cap has risen to ~30% of bitcoin’s over recent weeks. During the last market cycle, ethereum broke this level and [had] as high as 80% of bitcoin’s value. The crypto narrative is shifting from bitcoin to ethereum and other segments like DeFi (decentralized finance) and Web 3.0 apps.

These applications are generating ~3x fees for the Ethereum network vs. Bitcoin, which trades at ~3x the market cap. In crypto accounting terms, this is the same as a company using revenue, less operating costs and earning profit that is used to buy back stock. This means the network would become profitable like a company once ETH supply reduction from burned fees outpaces inflation.

FundStrat also expects bitcoin to reach $100,000 this year and the total cryptocurrency market cap to reach $5 trillion.”

“Fidelity Investments, which has $10 trillion assets under management, unveiled a digital assets data and analytics solution to assist institutional investors and fund managers.

The platform, dubbed Sherlock, will be similar to Bloomberg’s Terminal and will collate data on fundamental and technical analysis, blockchain data, market data, social sentiment analysis and industry news into one portal. It will include research on crypto assets from some of the leading institutional data providers in addition to unique analytics to help investors evaluate the market.

It’s been exciting to see the tremendous growth in the digital assets data space over the past few years, and while the market is maturing rapidly, we’ve heard from institutional investors that there’s still a need for a comprehensive and accessible data solution.”

See Also: Coinbase to Acquire Institutional Data Analytics Platform Skew

“The Silicon Valley VC giant is going big for its third crypto venture fund. A16z is looking to pull in between $800 million and $1 billion for the new fund.

With crypto prices trading at near all-time highs, a16z is looking to corral investors interested in finding the next Coinbase.”

“It turns out the 100-million euro digital bond issued by the European Investment Bank earlier this week was actually a trial of a European central bank digital currency.

From a technological standpoint, the experiment required the development and deployment of smart contracts under secured conditions, so that the Banque de France could issue and control the circulation of CBDC tokens.

The bank also revealed plans for further experiments in the future, noting that its efforts are part of a push to provide evidence of use cases for a European CBDC. The [original] announcement ‘triggered a bullish institutional use case for Ethereum.’

“Valkyrie Digital Assets has launched a Polkadot fund with a novel twist. The investment vehicle will give clients access to the appreciation of the underlying DOT tokens but also the 8% yield from Valkyrie staking the asset through Coinbase Custody.

Valkyrie follows Osprey Funds, which launched the first DOT fund earlier this week, but without the staking perks. Valkyrie is charging a 2% management fee on the fund, coming just under Osprey’s 2.5%. Both firms have decided to waive fees for the first two years.”

“Binance launched a “stock token” trading service on April 12. Red flags have already been raised by regulators in different countries and regions, over the possibility Binance’s new push might run afoul of securities rules.

The process works like this: Once a Binance user opens a trade in stock tokens, a Swiss company called Digital Assets AG (DAAG), on behalf of a German firm called CM-Equity AG, purchases the corresponding amount of the company’s shares. A token is then minted on a private blockchain by Digital Assets.

How can you actually trust that token is what it says it is? You are not going to have all of the rights of ownership if you own one of these tokens. What you basically have is a side bet on the company. And the real question is, who’s on the other side? And is it collateralized to the point where you trust the process?

Digital Assets AG said it is not taking any short positions against the underlying stocks, unlike some CFD (contract for differences) providers in traditional finance.

For traders, there’s also the existential question of whether Binance might end the new service abruptly – for any reason.

Binance.com reserves the right to suspend or terminate Binance stock tokens trading service without notice.”

“An Australian senate committee has published a report calling for a blockchain-based national land registry, better clarity over laws relating to smart contracts, and continued efforts to establish international standards for distributed ledger technology.

The committee was particularly impressed with the potential for blockchain to drive efficiencies in the area of land registries, and is recommending that this issue be further explored.”

See Also: Zambia’s Largest Land Titling Project Gets Blockchain Backing by Medici

30 April

“Coinbase is allowing U.S. users to buy cryptocurrency with their PayPal accounts in a major expansion of the exchange’s funding rails. The integration could lead to massive, and avoidable, costs for users who don’t pay attention to Coinbase’s fee schedule.

Coinbase users can now buy up to $25,000 in crypto daily using PayPal, according to the exchange’s settings page. They’ll lose nearly 4% of such purchases to PayPal-specific fees.

Buying crypto through PayPal ranks among Coinbase’s priciest payment options (and Coinbase is already notorious in some circles for its high fees). The 3.99% fee is as expensive as debit card buys despite a far higher limit. And it is markedly higher than bank buy fees of 1.49%. Depositing U.S. dollars from PayPal into Coinbase triggers a 2.5% levy; ACH transfers are free.

A CoinDesk reporter previewed $25,000 AAVE (-4.26%) buys on Coinbase using every available funding option. Choosing PayPal, the order would have triggered $959 in fees.”

Under the legislation, wealth and institutional investment fund managers, known as Spezialfonds (special funds), will be able to invest up to 20% of their portfolio in crypto. The bill, which was approved by Germany’s parliament last week, is expected to take effect on July 1.

The legislation could prove a significant development for wider acceptance of crypto institutional investment across Europe.”

“Ether, the native cryptocurrency of the Ethereum blockchain and the second-biggest overall, reached a fresh record high early Wednesday, widening its lead over market leader bitcoin. The cryptocurrency has rallied by 43% so far this month, decoupling from bitcoin, down 7%.

The trend looks set to continue, with ETH/BTC (the ether-bitcoin price ratio) breaking out to a multi-year high in a sign of increased capital flow into ether. The ETH/BTC ratio has jumped to 2.5-year highs above 0.050, confirming a major bullish breakout on technical charts.

ETH/BTC has broken out after a multi-year consolidation, and the trend looks very strong. There are no further resistances here, and we expect to see ETH/BTC push through 0.10 eventually.

The implication is the ongoing capital rotation out of bitcoin and into ether is likely to continue over the coming months.”

“All In” with Ethereum!? Why $10k ETH is Trending!

Two cornerstones of the German financial landscape, Deutsche Börse and Commerzbank, are working together to create a blockchain-based marketplace for real estate and art. Deutsche Börse and Commerzbank will work with fintech firm 360X to build a digital asset marketplace with the first reference transaction (minimum viable product) for each tokenized asset class planned for later this year.

Blockchains and tokenization promise untold liquidity for assets like real estate and art, which is what these large financial firms are aiming for here. Germany is becoming a powerful contender in the digital asset race, with its regulator BaFin inviting banks and startups to apply for special licenses to hold cryptocurrency for interested clients.”

“Asset manager WisdomTree has listed its ethereum (ETH) exchange-traded product (ETP) on Deutsche Boerse’s Xetra market in Frankfurt and the Swiss Stock Exchange (SIX) in Zurich. The physically backed ETP, trading under the ticker “ETHW,” will track the spot price of ethereum and has an expense ratio of 0.95%.

21Shares and ETC Group both listed ethereum-backed ETP in Germany in March, while such products have been listed on the Swiss exchange for some years.”

“Mobile payments firm HIPS and Nordic taxi payment rail The Payment House have partnered to allow cabs in the UK and Scandinavia to accept cryptocurrencies over the Ethereum blockchain.

The deal means that 10,000 taxis in the UK, and 20,000 in Scandinavia can use the payment gateway after it debuts in a beta test in November.”

“CoinGecko calculates a total market capitalization of $128 billion for decentralized finance (DeFi), the corner of the cryptocurrency industry that represents a wide range of lending, trading and betting activities carried out almost entirely on blockchain networks using tokens as proceeds and collateral. The top five tokens on CoinGecko’s list are UNI, LINK, LUNA, AAVE and CAKE.

TVL first broke $1 billion in February 2020. It broke $10 billion in September, on Ethereum. Earlier this month, the money market platform Compound broke $10 billion in TVL all on its own. Tuesday night, the original DeFi protocol, stablecoin minter MakerDAO, also broke $10 billion for the first time.

At least 2 million wallets have interacted with DeFi protocols. The top DeFi applications (Uniswap, SushiSwap and Compound) show a seven-day average of daily fees collected ranging from $1 million to $4 million.”

See Also: Paxos Raises $300M, Joins Crypto Unicorn Club at $2.4B Valuation

“Jason Somensatto, a former lawyer at decentralized exchange project 0x Labs, is the new acting director of LabCFTC, the Commodity Futures Trading Commission’s (CFTC) financial technology research division. Before joining the CFTC in February, he was a senior counsel 0x, whose ZRX token was the first ERC-20 token to be listed on Coinbase’s professional trading platform. 0x raised $24 million in an initial coin offering in 2017.

I am grateful that Jason has agreed to serve as the Acting Director of LabCFTC. Given his experience and deep knowledge of the digital asset marketplace, I am confident he will continue supporting the agency’s important role within this evolving space.”

29 April

The European Investment Bank (EIB), the lending arm of the European Union, used Ethereum technology to issue €100 million ($121 million) in two-year digital notes for the first time. The EIB said the transaction is a series of bond tokens on a blockchain.

Goldman Sachs, Banco Santander SA and Societe Generale AG served as joint managers for the notes, issued on April 28.”

See Also: Ether Soars to New All-Time High and JPMorgan Notices

“The securities regulator announced Wednesday it was designating a longer deliberative period for the bitcoin ETF application, saying it needed to ensure it has “sufficient time” to evaluate the proposal. There are 10 active bitcoin ETF applications, including VanEck’s, and the agency is currently looking at three of them.

The Commission designates June 17, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

Ether has cannibalized bitcoin in Genesis’ loan book as more hedge funds borrow ETH to deploy into decentralized finance (DeFi) protocols, the cryptocurrency lender reported in its Q1 results on Wednesday.

ETH loans at Genesis increased by 400% from $465 million in Q4 2020 to $2.4 billion in Q1. ETH now makes up 27% of the lender’s loan book. Meanwhile ETH locked in DeFi overall has increased from $15 billion to $60 billion, a 300% increase.

It shows just how much institutions are taking DeFi seriously.

Genesis did note a decrease in BTC lent out in Q1 compared to other quarters because traders have now lost the arbitrage opportunity of selling bitcoin at a premium in the public market after a vesting period in the Grayscale Bitcoin Trust (GBTC).”

See Also: Polygon Launches $100M Fund to Support DeFi Adoption

Germany’s Financial Supervisory Authority BaFin has warned investors the cryptocurrency exchange Binance may have violated European securities rules with the launch of its stock tokens.

According to BaFin, the violation of the prospectus constitutes an administrative offense and can be punished with a fine of up to €5 million ($6 million) or 3% of Binance’s annual revenue.

Elsewhere red flags have already been raised by Hong Kong law firms regarding the Binance stock tokens launched earlier this month. On April 22, the Financial Times reported that U.K.’s regulator is ‘working with the firm [Binance] to understand the product.'”

“A South Korean-Japanese video game publisher said it made a $100 million purchase of bitcoin, adding itself to the ranks of companies such as Tesla and MicroStrategy that used corporate cash to load up on the leading cryptocurrency.

Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.

The purchase represents less than 2% of Nexon’s total cash and cash equivalents on hand. Major game franchises from the company include MapleStory, KartRider and Dungeon&Fighter.”

See Also: ‘AWS for Blockchains’ Alchemy Closes $80M Funding Round at $505M Valuation

“In an interview with CNBC yesterday, Landry’s chair and CEO Tilman Fertitta said “80% to 90%” of the company’s restaurant brands — including the Bubba Gump Shrimp Company, Morton’s The Steakhouse, and Mastro’s — would accept Bitcoin (BTC) and other cryptocurrencies in the next 90 days. Fertitta said the move was a step towards bringing crypto into the mainstream.

It’s amazing how simple [a crypto] transaction is, and it is here to stay. This is where it is, and it’s inevitable that this was going to happen.”

See Also: Residents of Caribbean island can conduct local transactions using Bitcoin
See Also: Malaysian Delivery App Bungkusit to Use Blockchain to Avoid Customer Disputes

“JPMorgan, DBS Bank and Singapore government-owned investment company Temasek are teaming up to create a blockchain-based joint venture for payments, trade and settlement.

The platform, to be dubbed “Partior,” will seek to disrupt the traditional payments model and the common pain points that come with it. Built on the Ethereum-based Quorum blockchain, JPMorgan seeks to deepen the networks cross border payments capabilities.

Partior is intended to develop wholesale payments rails based on digitized commercial bank money, allowing instantaneous settlement between financial institutions. The platform will harness blockchain and smart contracts to enable banks worldwide to conduct real-time cross-border transactions.

“The Federal Reserve on Wednesday said it would keep the benchmark U.S. interest rate near zero and keep buying assets at a rate of $120 billion a month.

Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. Inflation has risen, largely reflecting transitory factors.

An uneventful Fed meeting opens the door for the continuation of a risk-on environment, where investors are more willing to enter into higher-return, higher-risk investments from stocks to bitcoin.”

Developers are currently estimating the merge will be activated by the end of this year or early next year.

Once the merge is complete and the network has stabilized, the post-merge, cleanup hard fork will address unnecessary legacy features of a hybrid proof-of-work (PoW) and PoS model. It will also enable new, long-awaited functionalities for validators on Eth 2.0, such as the ability for withdrawals and transfers of their ETH.

Then comes another long-awaited feature on Ethereum: sharding. Sharding expands Ethereum’s capacity to process transactions by splitting its database into 64 new mini-blockchains.

With 64 shards simultaneously processing Ethereum transactions and each shard leveraging rollup technology to further optimize the speed at which these transactions are written onto blocks, the issue of high fees and network congestion is finally expected to be resolved for the long term.

After boosting the robustness of Ethereum’s PoS protocol and shards, Buterin’s suspects developers will begin tackling “medium-term” agenda items, the most important of which, in my view, is the issue of Ethereum’s state. Ideally, anyone should be able to spin up their own computer, also called a node, and verify the transaction history of Ethereum.

More big projects: Casper CBC. SNARKs. Quantum resistance.

28 April

Open interest in Ether options trading has increased from $50 million to $4 billion over the last year. The massive growth of Ethereum’s futures and options arena is reportedly pointing toward significant institutional involvement in the second-largest cryptocurrency.

In another example of the apparent increase in institutional appetite for Ethereum, ETH saw $34 million in investment product inflows for the past week. This figure puts the total ETH inflow for crypto fund managers at $792 million. The $34-million ETH investment inflow came amid Bitcoin’s lowest weekly inflow numbers since October 2020. Indeed, fund movements were primarily outflows for BTC, with $21 million (the largest weekly outflow recorded) moving the other way.

Amid the growing institutional demand for ETH, Two Prime also predicted that Ether will decouple significantly from Bitcoin’s (BTC) price action.”

See Also: Ether Hits All-Time High Price Near $2.7K After Rallying 19% in 3 Days
See Also: Yearn Finance Earns $5M in Q1, Besting Total 2020 Profit
See Also: Polygon Price Climbs to Record High, Benefiting From Ethereum Congestion

Further gains may remain elusive for a while or unfold at a slower pace, as the max pain point for Friday’s $4.2 billion options expiry is $54,000. Therefore, option writers may try and keep prices around $54,000.

At press time, the total number of outstanding bitcoin options contracts – or open interest – is around $13 billion or 1.3% of bitcoin’s total market capitalization. Further, only 77,000 contracts worth $4.2 billion are set to expire this Friday. Nevertheless, traders can benefit from keeping an eye on the max pain, especially as expiry nears.

Options and futures are new critical datapoints for traders. While bitcoin was up +103% in the first quarter, we saw huge pullbacks end of each month.”

“Suddenly, it’s a top-of-the-mind concern for Wall Street analysts peppering CEOs on quarterly earnings conference calls. The number of mentions of “inflation” in earnings calls of Standard & Poor’s 500 companies has more than tripled year-on-year, the most significant jump in 17 years.

Strategists cited raw materials, transportation and labor as major potential drivers of inflation, adding that the number of mentions of inflation has historically led the consumer price index (CPI) by a quarter. Bond markets have been predicting a pick-up in inflation for at least a year. Inflation expectations for the second half of the coming decade have more than doubled since the March 2020 crash to a 30-month high of 2.25%.

Several publicly listed companies such as Tesla and MicroStrategy have already adopted bitcoin as an asset within their corporate treasuries, casting the cryptocurrency as a store of value.

What we’re trying to do is preserve our treasury; the purchasing power of the cash is debasing rapidly.”

See Also: A Year After Coronavirus Meltdown, Few Investors See Risk of Deflation: Deutsche Bank
See Also: Possible Bitcoin treasury adoption as more companies cite inflation concerns

Gemini cardholders will be given the option to transfer their crypto rewards into interest-earning program Gemini Earn. The card will be made available to American investors across all 50 states later this year.”

“1inch, the decentralized finance (DeFi) protocol for routing trades, has released a wallet for Apple’s iPhone.

The iOS app will offer a similar experience as the web version but with the convenience and simplicity of being mobile. The app will also feature encrypted backup to Apple iCloud, allowing users to migrate between different devices.”

“The amendment means those institutions will now be able to pay for goods and services from other countries in a bid to circumvent U.S. economic sanctions. Some say the local crypto mining industry could generate as much as $2 million a day in revenue.

The bank had previously stipulated only digital assets for import funding could be used by itself and no one else. All miner’s coins had to be sold to the bank directly.”

“Helium, a technology that uses blockchains and tokens to incentivize consumers and small businesses to run commercial telecommunications hubs, is launching a 5G version of its network. Helium hotspot growth has reached 30,000 since 2019, with 200,000 more in the pipeline.

Helium is partnering with FreedomFi, a kind of do-it-yourself tech package for building 5G networks, so that participants can be paid to support the rollout of next-generation wireless networks, effectively by building their own mini cellular towers.

What Helium has so far done with telecoms in the wireless space is almost like Airbnb enabling people to monetize their real estate in the form of a mini hotel.”

Many employers are experiencing an exodus in the workforce of young people who are looking to make their fortune trading amid the current crypto bull run. Many of South Korea’s young workers aged in their 20s and 30s are leaving their average paying jobs to explore crypto day trading.

I face the reality of being unable to afford my own home no matter how hard I save up my salary.”