16 December

“Bitcoin jumped above $49,000 on Wednesday, after U.S. Federal Reserve officials approved the acceleration of the central bank’s plan to withdraw coronavirus pandemic stimulus efforts. Crypto and traditional markets turned higher as the central bank’s decision diminished investor uncertainty.

The Fed bankers signaled they are ready to raise the short-term interest rate at least three times next year to battle the current high inflation. Prices for bitcoin and other crypto fell sharply in recent weeks because investors were worried about the Fed’s anticipated hawkish policy adjustment. The price rise after Wednesday’s news showed “a relief rally.”

Bitcoin (BTC) held support around $46,000 and is attempting to reverse a short-term downtrend. Still, upside appears to be limited toward the $52,000 resistance level. Momentum is also stabilizing after several weeks of low trading volume.”

See Also: Fed Speeds Up Stimulus Withdrawal, and Bitcoin Jumps
See Also: Fed chair Jerome Powell says he isn’t concerned about crypto disrupting financial stability in the US

In a letter to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Coinbase urged the agency to approve NYSE Arca’s application to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF).

There is no rational basis for disallowing a spot-based ETP while allowing a futures-based ETP – both are reliant on bitcoin’s underlying price.”

See Also: Valkyrie Launches ETF to Track Bitcoin Balance Sheet Stocks

“A governance proposal floated by the Aave community centered around the platform’s code licensing ended on Tuesday, with 55% voting for the ecosystem to apply for a “business license.” A business license would mean any project or developer that uses Aave’s code for their project would have to take permission from a legal entity that would be set up to control such decisions.

This vote is essentially a signal on whether or not the Aave community wants to protect its intellectual property from unauthorized use, or simply allow anyone to use the code in any way they prefer.

Having a business license (similar to Uniswap v3) initially will help to prevent a fork for the time being, and we suggest a [two- to three-years] delay for it to transition to an MIT license. This will give Aave more time to build their ecosystem further.”

The Guild will join the Web 3.0 network as a core developer in a four-year partnership to facilitate the expansion and development of The Graph’s existing 31,000 subgraphs.

Incepted in July 2018 and launched on mainnet in December 2020, The Graph is Web 3.0 indexing and querying infrastructure that enables development programmers to construct application programming interfaces, widely known as API’s and internally as subgraphs, to deploy Web3 services.

The platform has awarded $248 million to their core developer network over the last twelve months, the most recent of which was last week’s $60 million grant to infrastructure service, Semiotic AI, to accelerate research and development initiatives in cryptography and artificial intelligence.”

See Also: Crypto Lender Ledn Raises $70M in Series B Round, Readies Bitcoin-Backed Mortgage Product
See Also: Balancer Launches ‘Boosted Pools’ on Aave to Improve DeFi Yields
See Also: Kevin Durant and Rich Kleiman’s Thirty-Five Ventures to create NFT drops with Coinbase

Exidio is launching a decentralized virtual private network (dVPN) app that encrypts a user’s data on the go and allows them to earn passive income by offering node hosting and excess bandwidth. The apps are available on the Apple App Store and Google Play.

We’re bringing a lot of the same benefits of centralized VPN, but in an open-source, peer-to-peer network where people are offering bandwidth and earning income for offering that resource to the network. Anyone that’s connected to the VPN network is actually getting a provably encrypted connection because there’s no middleman.

The apps are built on the Sentinel network, a peer-to-peer bandwidth marketplace that went live earlier this year on the Cosmos blockchain ecosystem.”

See Also: Crowdsourced Threat Detector PolySwarm Goes Live on Mainnet

The token will be backed by physical gold, ‘ready for anytime, on-demand delivery.’

Stablecoins and other digital assets backed by physical redeemable gold are not new, however, with New York-based exchange Paxos introducing one in September 2019. According to CoinGecko, PAX gold (PAXG) has a daily trading volume of just under $11.7 million.”