19 May

The 14-week RSI has now dropped to 53.00, a level that has consistently acted as solid support and marked an end of corrective pullbacks during the 2016-2017 bull run. Bitcoin saw at least four significant corrections during the 2016-2017 bull run that ended with the weekly RSI near 53.00.

From a technical point of view, the price is finding some support from the 200-day exponential moving average, plus other momentum indicators such as the RSI, which shows that the price is somewhat oversold.

The bull market looks intact, with the cryptocurrency still up 365% year on year and evidence of long-term investors buying the dip. Coupled with the weekly RSI hovering at historically strong support, that suggests the cryptocurrency may soon resume its uptrend.”

See Also: ‘Long Bitcoin’ Is World’s Most ‘Crowded’ Trade: Bank of America Survey
See Also: Ethereum Network Revenue Set to Smash Monthly Record of $722 Million

The offering matches bitcoin, ether and litecoin against the euro, U.S. dollar and Japanese yen, initially for Saxo Markets’ clients in Singapore and Australia. Rollout to other key markets will follow in the coming weeks.

The cryptocurrency traded will be in the form of derivatives rather than the actual coins. The new offering is designed to complement the company’s existing range of crypto trackers and ETNs.”

Michael Hsu, the new acting comptroller, said in prepared remarks that he requested a review of all of the federal bank regulator’s pending matters, interpretative letters and guidance, including issues around digital assets and cryptocurrencies.

At the OCC, the focus has been on encouraging responsible innovation,” Hsu said. “For instance, we created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions.

Hsu said that he intends to keep an open mind but is “committed” to ensuring banks remain safe for consumers.

My broader concern is that these initiatives were not done in full coordination with all stakeholders. Nor do they appear to have been part of a broader strategy related to the regulatory perimeter. I believe addressing both of these tasks should be a priority.

While Hsu sounded cautious about some of these actions, he noted that fintech firms are not going away.

Recognizing the OCC’s unique authority to grant charters, we must find a way to consider how fintechs and payments platforms fit into the banking system, and we must do it in coordination with the FDIC, Federal Reserve and the states.”

See Also: China Reiterates Crypto Bans From 2013 and 2017
See Also: US Congressman Reintroduces Bill With Tax Protections for Investors With Forked Crypto Assets

“Big Four accounting firm Ernst & Young is continuing to invest heavily in blockchain. On Monday, EY revealed its second-generation of Smart Contract & Token Review tools through its EY Blockchain Analyzer product suite, including a testing studio allowing simulated smart contract execution for complex decentralized finance applications.

It offers a blend of compliance testing with traditional code review, and it supports customized smart contract tests and simulation of mainnet transactions.

EY also revealed that Italian beer company Peroni is using its Ethereum-based supply chain solution, EY OpsChain Traceability.”

See Also: Common Protocol Raises $3.2M to Streamline DeFi Governance

“Wood said the launch of the parachains would proceed following a full external audit on the new version of Polkadot and Kusama executing ‘at least one successful auction involving crowdloans and hosting at least one functional parachain‘ in the wild.

After Kusama’s first auctions complete successfully, one would expect Polkadot’s auctions to happen soon after.”

See Also: Banking App Current Picks Polkadot for Its DeFi Debut

With shares in the Nasdaq-listed cryptocurrency exchange continuing to underperform, Coinbase is seeking a $1.25 billion cash injection from institutional investors.

The offering will be in the form of convertible senior notes due 2026, available only for institutional investors that manage a minimum of $100 million in securities issued by other companies. A senior convertible note is a debt security that entitles its holder to a stream of interest payments.

COIN’s underperformance continues despite the exchange’s exceptional first-quarter results, which were released one week prior to the company’s direct listing on Nasdaq in mid-April. The analysis rests on the expectation that even with impressive quarter-one earnings, competitors and potential future public listings by other crypto firms will likely drive down its future revenues.”

“The petrodollar is the system of exchange that governs U.S. dollars being paid to oil-exporting countries for oil. Both analysts argued that the petrodollar is fundamentally backed by the U.S. military, which is estimated to consume—much like Bitcoin—more energy than many of the world’s countries.

In fact, in 2017, it was estimated that the U.S. military used up to one million barrels of oil per day, which would, in turn, make the U.S. Defense Department the world’s 55th largest emitter of carbon dioxide if it was a country. Thus, according to Gladstein and McGinniss, environmentalists ought to criticize Musk and Tesla for accepting the U.S. dollar, not for having invested $1.5 billion into BTC.

I think it’s rich that people are attacking Elon for taking Bitcoin as payments when they should be a lot more critical of him taking the dollar for payments.”

“The animated comedy series, dubbed “Krapopolis,” will be launched alongside a dedicated marketplace that will host the sale of tokenized digital goods including nonfungible tokens depicting the characters and artwork featured throughout the show. The show also hopes to reward its most devoted fans with tokens that unlock “exclusive social experiences.”

Not to go too far into it today, but as an advertiser-focused, artist-first and animation-obsessed company, Fox is going to take advertisers into the world of blockchain-powered tokens, including NFTs.”

18 May

“The “short-term holder SOPR,” or STH-SOPR that filters for coins younger than 155 days, dropped well below the key threshold of 1, meaning that newer market entrants appear to have “panic-sold” and realized “significant” losses on their invesments.

At the same time, the number of accumulation addresses of bitcoin continues to rise, as the count of non-zero balance addresses dropped by about 2.8% – indicating that long-term holders are buying on the latest price dip.

Weak hands capitulate, and stronger hands recommence their accumulation of cheaper coins.”

See Also: Bitcoin Holds Support; Faces Resistance at $50K
See Also: Elon Taketh Away – Bitcoin Continues Fall as Options Traders Pile Into Puts
See Also: TA: Has Bitcoin Bottomed? (Video)

“Successful tech entrepreneurs, or even just lucky investors, seem particularly vulnerable to what’s known as “The Peter Principle.” The concept has over time taken on the broader meaning that successful people will expand into new arenas until they hit the limits of their ability and fail, sometimes spectacularly. Silicon Valley leaders, in particular, seem frequently eager to reach beyond what they know and prove that their unique insights apply more broadly. Like Musk, they’re frequently wrong.

Musk, of course, can be forgiven for dabbling, maybe even more than most tech leaders. He is a legitimate business genius, and personally I believe that his creation of Tesla and SpaceX will have benefits to humanity so big that we won’t fully grasp them for generations.

But this time, he may have tried to technologically revolutionize the wrong hornet’s nest. His doge-scaling tweet seems to have been the breaking point for crypto long-timers already exhausted by his confusing, contradictory glibness. It might be a healthy turning point in crypto’s attitude toward a man who knows less than he thinks he does.

His embrace of arrogance extends to recently taking the title of “Technoking of Tesla.” That’s of course a bit of a joke, but there’s always truth in a joke – and crypto has no appetite for kings. By contrast, bitcoin was crucial to Tesla’s most recent earnings win. ‘Elon needs bitcoin more than bitcoin needs Elon‘ isn’t just a mantra, it’s simple reality.

Compare Elon’s behavior with two other figures who could rightly declare themselves king of something or other: Vitalik Buterin and Jack Dorsey. Nearly simultaneously with Elon’s peacocking, Vitalik Buterin, co-founder and figurehead of Ethereum, simply destroyed billions of dollars’ worth of altcoins he had been “gifted” unwillingly in an apparent marketing stunt. He also warned token founders not to pull the same shenanigans again, saying ‘I don’t want to be a locus of power of that kind.’

Vitalik’s gesture, unlike Elon’s declarations, was met with widespread praise. Not only was it a seeming rebuke of the same spammy token-generation that doge itself was intended to spoof, Vitalik’s disavowal of his own influence is fully in line with the leaderless, community-driven ethos at the core of crypto. It’s an example Musk could stand to learn from.

Ethereum co-founder Vitalik Buterin has burned 90% of his Shiba Inu coin (SHIB) holdings, an amount worth $6.7 billion. Buterin had been given half of SHIB’s total supply in recent weeks in what appeared to be a marketing stunt.

Last week, Buterin gave 50 trillion SHIB tokens (worth around $1.2 billion at the time) to an India COVID-19 relief fund set up by Polygon founder Sandeep Nailwal.

I’ve decided to burn 90% of the remaining shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation.

Buterin also said in his note that he would prefer makers of cryptocurrencies give them to charities and not to him. ‘I don’t want to be a locus of power of that kind.'”

Bank of America has joined the Paxos Settlement Service, a platform using blockchain technology to achieve same-day settlement of stock trades. The U.S. bank joins Swiss financial giant Credit Suisse and Japanese bank Nomura Holdings on Paxos Trust’s network.

Paxos used its Ethereum-based system to achieve same-day settlement in partnership with Credit Suisse and Nomura trading arm Instinet in March.

We can determine the settlement cycle down to T+0. We then can free up the collateral we’d have to post on an overnight basis.”

“Polygon, a leading platform for Ethereum scaling and infrastructure development, has attracted 75,000 new users over the past seven days, highlighting growing demand for layer-two decentralized applications.

The influx of new users brought in nearly $1 billion in volume. In the last four weeks, the number of Polygon DApps tracked by DappRadar has grown to 93 from 61.

“Compiled by Galaxy’s mining arm, the study estimates Bitcoin’s annual electricity consumption to stand at 113.89 terawatts per hour, including energy for miner demand, miner power consumption, pool power consumption and node power consumption. This amount is at least two times lower than the total energy consumed by the banking system as well as the gold industry on an annual basis.

Given Galaxy’s estimations of power usage by banking data centers, bank branches, ATMs and card networks’ data centers, the total annual energy consumption of the banking system is estimated to be 263.72 TWh globally. [Further], the retail and commercial banking system requires multiple settlement layers, while Bitcoin offers final settlement.

In order to calculate the energy consumption of the gold industry, Galaxy Digital Mining implemented estimates for the industry’s total greenhouse gases emissions provided in the World’s Gold Council’s report titled “Gold and climate change: Current and future impacts.” As estimated in the study, the gold industry utilizes roughly 240.61 TWh per year.”

90% of Bitcoin’s hash rate briefly signaled for the protocol upgrade with the figure now standing at about 73%.

There have been multiple occasions of at least 10 successive blocks with Taproot signals during the current difficulty epoch. However, with 190 non-signaling blocks so far, Taproot activation being locked in during this current difficulty window appears unlikely. The protocol upgrade can only move forward if 90% out of the 2,016 mined blocks in a difficulty epoch include an activation signal.”

“The crypto startup has soared in transaction volume and monthly active users since its November 2020 seed extension. Now supporting 54 DeFi protocols, it plans to launch an on-platform app store for developers and is working on a Zapper mobile app.

Zapper said it boasts 150,000 monthly active users and recently crossed the $3 billion in total transacted volume watermark. Its web app plugs into users’ wallets for easy balance viewing; it also lets users swap, stake and yield farm across multiple chains.

Our goal is really to reduce the friction and just have this one portal where you can track all your assets.”

See Also: Galaxy Digital Q1 AUM Rose 58%, Net Comprehensive Income More Than Doubles

“There is a frenzied, if inaccessible, debate taking place among think tanks, policy experts and media outlets signaling that the U.S. Federal Reserve should launch a centrally issued digital twin of the U.S. dollar.

In trying to “out-China China” on these important issues, we miss that the future of money and payments should be about enhancing domestic financial optionality. The vibrant crypto asset industry that calls the U.S. home has been advocating for a more open global payment system for years.

A true internet of value would advance important first principles, such as privacy, trust, democratization of assets and prosperity, rather than clinging to dated and largely ineffective financial rules, such as the Bank Secrecy Act.

The fastest way to disrupt the very financial system that has made the U.S. the economic and political envy of the world would be to succumb to the pressures of launching a centralized digital currency. CBDCs would disrupt the two-tiered banking system, while providing uncertain outcomes for consumers and markets.

Dollar digital currencies that are backed 1:1 with assets preserved in the two-tier U.S. banking system (like USDC), import all the safety, soundness and values of the U.S. dollar, turbocharging it with the power of the internet.”

See Also: CBDCs May Be Disruptive for Financial Systems, Fitch Ratings Says

The Disrupt Weekend

“The founder and CEO of Avanti Financial is claiming Tether’s recent disclosure about the stablecoin’s reserves may have contributed to the altcoin selloffs last week.

Tether Holdings Limited’s breakdown of Tether’s (USDT) reserves were not invested in “short-term, lower-risk, liquid securities,” but rather credit assets of “who-knows-what quality.” The Avanti CEO claimed traders may have felt compelled to sell other cryptocurrencies to reduce their total risk exposure, given that the stablecoin has the potential to bring down other tokens amid a credit market correction.

If Tether stays a de facto credit hedge fund by investing reserves this way, markets now can safely predict that Bitcoin and crypto prices will likely exhibit high correlation with credit markets.”

See Also: Bitcoin slips below $46K as correction deepens; institutions keep accumulating

Great Interview with Lyn Alden

Earning an Income via NFT-based Gaming

Maple’s decentralized corporate debt marketplace will grant crypto-native companies access to on-chain growth capital.

On May 21st, LP funding will be opened to the broader Maple community and DeFi ecosystem.”

See Also: OMGX: OMG Network’s Next-Generation Ethereum Scaling Solution

“It seems only logical that an ideal payment instrument would combine the advantages of banknotes and digital currencies. A hybrid banknote would use a universally accepted and robust payment technology – cash – to deliver the cutting-edge benefits of digital money. A hybrid banknote – for instance, a bill with a chip embedded – could routinely function as a banknote does currently, but have the ability to access an electronic network to transfer value.

For people who want or need to use cash because they just prefer banknotes or they do not have a bank account, a hybrid banknote will allow them to continue using cash. It will also give users the option to use a hybrid banknote’s electronic capabilities. At the same time, a hybrid banknote will fulfill the promise made by central banks that cash will exist alongside CBDCs.

Hybrid banknotes would also provide for offline, anonymous transactions.

Bitcoin now commands just 40.2% of the market, a stark change from a long period of mostly uninterrupted market dominance of well over 50% since summer 2019, and yearly highs of 69.7% on January 4.

Ethereum, Bitcoin’s closest competitor, dominates 19.3% of the market.

“Bitcoin is expensive. Too expensive, according to Mike Novogratz. People are being put off by its high price. To attract smaller savers, exchanges should switch to quoting in satoshi. One bitcoin is made up of 100 million satoshis.

People who “stack sats” (make regular small purchases to build up a holding) already talk in terms of sats rather than bitcoin. Instead of buying 0.02 bitcoin, they buy 2 million sats.”

DeFi Dad: Alpha Finance

15 May

“Singapore-based DBS Private Bank launches Asia’s first cryptocurrency trust service backed by a bank. DBS is offering its clients the ability to invest and manage up to four assets through the bank’s wholly owned, licensed trust company DBS Trustee.

The move adds a layer of legitimacy to cryptocurrencies in the region and provides large players with a means to invest in digital assets they consider safe. The bank also offers tokenization of securities and other assets as well as providing bank-grade custody for digital assets.

In recent years, more clients have expressed interest or are already invested in digital assets and we expect this trend to accelerate as cryptocurrencies turn more mainstream.”

See Also: Cryptocurrency Custodian Anchorage Adds 5 More DeFi Tokens

“Crypto derivatives exchange FTX and retail subsidiary Blockfolio plugged into Circle’s payments infrastructure on Friday, allowing users to fund their accounts with the USDC stablecoin. Users can settle bank transfers and credit card transactions in the dollar-pegged crypto.

USDC is a core treasury infrastructure for FTX and Blockfolio, rather than relying on legacy banking infrastructure.

The new API (application programming interface) plugin will work across ‘nearly 200 countries.'”

“Spanish stock exchange Bolsas y Mercados Españoles, or BME is set to test its blockchain infrastructure for small- and medium-sized enterprise financing following a successful pilot run back in 2020. The BME’s blockchain platform aims to facilitate SME financing digital assets that represent funding avenues like convertible notes and participatory loans.

As part of the second round of tests, the BME will likely be looking to examine the suitability of the Ethereum-based system in raising capital for limited liability companies outside the usual traditional bank financing route.”

“Market makers were heavily short puts in the range of $52,000 to $50,000, and I estimate were forced to sell nearly 2,900 bitcoin during the crash to offset the short gamma exposure. That likely exacerbated the bearish move.

The episode shows how the growing trade in cryptocurrency options in recent months has become a force to reckon with for participants in the underlying spot market for bitcoin, with monthly expiries proving to be a catalyst for price volatility.

The documents claim that NBA Top Shot moments are securities because their value increases with the success of the project. The company is also said to have used its control of NBA Top Shot to prevent investors from withdrawing funds for “months on end,” ensuring the money stays on the platform “propping up” its value.

As a result, the plaintiff is seeking rescissory damages with respect to moments purchased since the platform’s launch in June 2020. Dapper Labs has 30 days to respond to the summons.”

14 May

“Elon Musk saying Tesla is suspending purchases using bitcoin doesn’t shake our thesis that the crypto is in early price discovery days on its way to becoming the global digital reserve asset in a world of accelerating digitalization and electrification.

The rule of money flowing to where it’s treated best looks like an enduring tailwind for bitcoin.”

See Also: Bitcoin is durable, says BlackRock’s Rick Rieder
See Also: MicroStrategy Keeps Buying Bitcoin, Adds Another $15M

“It was only three months ago (almost to the day) on Feb. 8 that Tesla announced it had invested $1.5 billion in Bitcoin and would accept Bitcoin as a form of payment for its products.

Musk is now concerned about the use of fossil fuels in Bitcoin mining and transactions, yet the nature of Bitcoin mining has not changed in the last three months, which speaks to why backtracking on the crypto transaction three months later is a very surprising and confusing move to both Tesla and crypto investors.

Tesla’s reversal will have a short-term negative impact on Bitcoin and the crypto landscape as the market digests this confusing news from one of its biggest supporters.”

See Also: 3 reasons why Bitcoin doesn’t care about Elon Musk
See Also: Tesla’s Bitcoin Bombshell Puts Spotlight on Sustainable Cryptos

Not only are these traditional hedge funds setting up dedicated cryptocurrency investment vehicles, plans are afoot to start earning returns using decentralized finance (DeFi) platforms.

DeFi is booming and institutions are edging towards it, trying to figure out how to get a slice of the alpha, or above-market returns, that is commonplace on platforms like Aave, Uniswap and Compound.

These very conservative, traditional hedge funds are not just looking to buy these tokens, but are interested in using these protocols.

Millennium, the largest of the three, co-founded by fund manager and philanthropist Israel Englander, has close to $50 billion in assets under management (AUM).”

See Also: 1inch Network increases liquidity sources by expanding to Polygon

Tether revealed the breakdown of its reserves for the first time, casting another sliver of light on the backing of USDT. Much remains murky, however, in part because the pie charts provided by Tether on Thursday make no mention of any independent review by an accounting firm.

The breakdown states that the bulk of Tether’s reserves are in cash, equivalents or other short-term deposits, with the remainder in secured loans, corporate bonds and other investments. However, the first category is mostly made up of commercial paper, a form of corporate debt that can be easily converted to cash – or not, depending on the issuer and market conditions.

It is unclear what the ratings are on the commercial paper or the corporate bonds, which agencies rated them or which companies issued them. Likewise, Tether declined to identify the borrowers of the loans or the collateral backing them.

That’s a little iffy. All commercial paper is not created equal, because of the credit ratings of various companies. Even some of the multinationals that used to be pristine are not so anymore.”

Binance Holdings Ltd. is facing a federal investigation by the U.S. Department of Justice and the Internal Revenue Service, Bloomberg reported Thursday. Officials specializing in tax and money-laundering investigations are probing the world’s largest crypto exchange.

We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.”

See Also: IRS Will Seize Crypto Assets on Failure to Pay U.S. Taxes: Official

“Blockchain domain name provider Unstoppable Domains is integrating with privacy-oriented web browser Brave to provide native browser support for “.crypto” domains. Practically, this means Brave users will be able to navigate to 30,000 decentralized websites and 700,000 blockchain domain names registered with Unstoppable Domains, drastically expanding access to Web 3.0.

Unstoppable Domains builds domain names on blockchains, meaning that each domain name is a non-fungible token (NFT) stored inside the user’s cryptocurrency wallet instead of within a traditional, centralized registrar like GoDaddy. The traditional DNS comes with a long approval system, regulatory bodies and various committees. But on the blockchain, using something like Unstoppable Domains, anybody can launch anything.

When a browser like Brave wants to go and resolve a website, instead of going and pinging the DNS servers, they go and read the blockchain directly.”

“The software giant has been quietly informing customers on the best way to jump ship by Sept. 10. The Quorum Blockchain Service from Brooklyn, N.Y.-based Ethereum-focused blockchain company ConsenSys has been recommended for use instead. No reason has been given for the decision.

Beginning in 2015, Azure Blockchain was once styled as a type of “sandbox” enabling partners to interact with different blockchain technologies and services, from smart contracts to tax reporting.”

Coinbase, issuing its first quarterly earnings report as a public company, reported Q1 results largely in line with its preliminary announcement made early last month.

The U.S.’ largest cryptocurrency exchange boosted its year forecast range for active users, a key metric. Coinbase said it also expects all of its business metrics in Q2 to meet or exceed results in the first quarter.”

See Also: Coinbase to Speed Up Process for Approving New Coins, Add DOGE: CEO

South Korea’s central bank is seeking the authority to monitor cryptocurrency transactions made through users’ bank accounts. The measure may be brought in as early as September.

We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.”

“JPMorgan’s vice chair of wholesale payments noted that the new collaboration involves the company’s digital currency-focused division known as Onyx.

JPMorgan Onyx has been setup with the mandate to lead the buildout of next generation clearing and settlement infrastructures and we are delighted to partner with a leading central bank and regulator like the CBB.

In late April, JPMorgan partnered with Singapore’s largest bank, DBS, and state investment company Temasek to launch a new blockchain venture focused on global payments and interbank transactions.”

See Also: Hong Kong to expand pilots for cross-border use of digital yuan

“The Samsung Blockchain Wallet that comes with Galaxy smartphones will support Ledger Nano hardware storage devices.

Monthly active users of the Galaxy blockchain ecosystem have doubled over the past seven months, Yoon said, and the smartphone wallet is now used to hold hundreds of millions dollars in assets under management.

By providing support for hardware wallets we are providing our customers with not just enhanced convenience, but also an entirely new level of security.

A mobile crypto wallet such as Samsung’s is, by definition, connected to a network and so cannot have the same level of security as a Ledger cold-storage device, which remains remote from the internet. That said, Samsung’s wallet with its clever key store system uses an independent memory enclave on the device meaning ‘some of the logic of cold storage applies.'”

13 May

MoneyGram International said Wednesday it will allow customers to buy and sell bitcoin for cash at 12,000 U.S. retail locations through a partnership with Coinme. The cash transfer company plans to introduce bitcoin trades in 20,000 stores across 32 states by Q3.

The rollout vastly expands U.S. investors’ access to brick-and-mortar crypto touchpoints. MoneyGram and Coinme will take 4% of customers’ transactions plus $2.75 in fees.

The ability for anyone to walk into a MoneyGram location and load that wallet or unload that wallet is a pretty exciting service opportunity.

The company has something under development to support other cryptocurrencies which we’ll be adding, so we’ll have a future press release for MoneyGram to run with in the future.”

The U.S. Securities and Exchange Commission (SEC) hinted that the bitcoin market’s volatility may mean it’s not yet ready to support an exchange-traded fund (ETF), though the regulator is monitoring the digital asset sector and is seeking input.

Bitcoin is a “highly speculative” asset, according to the staff statement. The note warned investors in mutual funds that trade bitcoin futures may be taking on more risk than they realize. The warning comes as high-profile funds from Morgan Stanley and BlackRock begin to diversify into bitcoin through adjacent products like cash-settled bitcoin futures and Grayscale’s Bitcoin Trust.

The staff, among other things, expect to … consider whether, in light of the experience of mutual funds investing in the bitcoin futures market, the bitcoin futures market could accommodate ETFs, which, unlike mutual funds, cannot prevent additional investor assets from coming into the ETF if the ETF becomes too large or dominant in the market, or if the liquidity in the market starts to wane.

There are currently 10 crypto ETF proposals sitting before the SEC, and the agency is reviewing four currently.”

“Ether’s total value climbed as high as $505 billion before pulling back slightly. The milestone came as the cryptocurrency’s price hit an all-time high of $4,371.

Bitcoin (BTC) passed the $500 billion milestone in late December 2020 before hitting $1 trillion in February 2021. So ether’s market cap is now approaching the 50% mark of bitcoin’s.”

Vitalik Buterin has told dog-themed memecoin creators to bark up another tree. In a move that captivated the attention of Crypto Twitter on Wednesday, the Ethereum founder re-gifted tokens sent to his public wallet by the creators of Shiba Inu coin (SHIB), dogelon (ELON), Akita Inu (AKITA), mwDOGE (mwDOGE) and OURSHIB (OSHIB).

Notably, Buterin donated 50 trillion SHIB tokens (worth a nominal $1.2 billion at press time) to the India Covid Relief Fund kicked off by Polygon founder Sandeep Nailwal late last month. He also sent about $431 million of AKITA to Gitcoin, a public Ethereum-based fundraising platform.

Memecoin creators have been sending large amounts of their tokens to the Ethereum figurehead in recent days. SHIB is down roughly 38% since Buterin started unloading.”

“Crypto asset manager Bitwise has come to market with a new exchange-traded fund (ETF) that offers investors exposure to companies in the cryptocurrency sector. Those companies must have either 75% of income derived from cryptocurrency or 75% of their net assets in crypto. Firms with $100 million or more of liquid crypto assets on their balance sheet are also included.

The Bitwise Crypto Industry Innovators ETF is now live on the New York Stock Exchange with the ticker BITQ.”

See Also: Lubin, ConsenSys Vets Raising $75M Venture Fund, Documents Show

“U.S. consumer prices rose to 4.2% in the 12 months through April, the fastest pace since 2008. The latest reading on the Consumer Price Index (CPI) inflation report exceeded economists’ average estimate for a 3.6% increase.

On a month-to-month basis, headline April CPI increased 0.8%, beating expectations for a 0.2% rise after a 0.6% gain in March. The index for all items less food and energy rose 0.9% in April, its largest monthly increase since April 1982.

The Fed is not going to panic after one startling CPI report, so you can expect to hear even more about transitory bottleneck inflation pressures over the next few weeks. But this report does mean that the first part of the higher inflation story – the reopening spike – is real.”

Diem Networks US, a subsidiary of the association, will run the Diem Payments Network and register as a money services business with the Financial Crimes Enforcement Network (FinCEN), while Silvergate will be the formal issuer of the Diem USD stablecoin. Silvergate will also manage the reserve backing the token.

The DPN will be a permissioned network, allowing only approved participants to transact, according to the Wednesday announcement. The move represents a sharp departure from Diem’s origins as the Libra Association.

Diem, formerly known as Libra, will also move its operations out of Switzerland and withdraw its application for a Swiss Financial Markets Authority license.”

Uniswap generated $7.1 million in fees over the past 24 hours compared to Bitcoin’s $4.6 million.

Uniswap v2 LP fees finally passed Bitcoin network fees on the 7-day average. Would be even higher if [cryptofees] tracked v3.

Although a million critics immediately pointed to high gas fees on Uniswap being responsible, Adams pointed out revenue in question was actually swapping fees paid to liquidity providers rather than gas fees.”

See Also: Vitalik Buterin says Uniswap should become an oracle token
See Also: DeFi lending platform Aave reveals ‘permissioned pool’ for institutions
See Also: Yearn.finance surges 45% as it joins dog pack with WOOFY

DeFi Season

“Nine rare non-fungible token (NFT) digital collectibles known as CryptoPunks have sold for almost $17 million at physical auction house Christie’s. All nine CryptoPunks are among the first 1,000 minted in the early days of creator Larva Labs.

The CryptoPunks sale highlights the continuing demand for digital art validated by blockchain technology.”

See Also: Decentraland Founder Unveils Project of Bringing NFTs to ‘Big-Time’ Video Games

“Carpenter, who became a Bitcoiner over the last year, reportedly forfeited all traditional sponsors in favor of driving the Bitcoin (BTC) car, #21 in the event.

In a world of potato chip and energy drinks sponsors, Ed chose to race for human freedom, financial literacy, financial inclusivity, savings technology, and Bitcoin open-source development.

Mallers and the racecar driver are continuing to raise donations from crypto enthusiasts and plan to use 70% of all proceeds to fund open-source Bitcoin development, with the remaining used to fund the Bitcoin car and for Indianapolis charities.”

A new cryptocurrency project in China named LoserSwap apparently seeks to own failure, and the concept is gaining a surprising following. Loser coin, as the associated digital token is known, comes with the trading symbol LOWB – a derogatory term when expressed in the equivalent Chinese spelling.

The self-deprecation culture has deep roots in China, where small, individual investors in the domestic stock market often think they’re exploited by big institutions that own the majority of shares. The project’s website reads like a Chinese proverb on the inevitability of life’s letdowns:

A poor young man from a fourth-tier city in China invited another poor programmer to jointly launch the loser coin project, the token LOWB. This project was established with a zero mentality. On the day of the project’s launch, the two people took out all their savings to add a liquidity pool. The project promised not to protect the market (mainly lacking strength) and not to run away.”

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