Crypto
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FC Barcelona turns down sponsorship offers from crypto brands
Several entities in the crypto sector presented offers, but the football club turned them down The Catalan club is said to be in the final stages of sealing a deal with Spotify Cryptocurrencies have gained mainstream adoption over the last couple of months, leading to an intersection between the industry and other niches. Notably, cryptocurrency firms and brands have injected huge sums into various sports, especially in the US and Europe. For the former, crypto platforms have targeted the major professional sports leagues, including the NBA and MLB. In Europe, crypto entities have eyed top professional football clubs as they guarantee a lot of exposure crucial for brand awareness. Earlier this month, Tezos announced an agreement with Premier League club Manchester United that will see the ...
Brazil tables crypto bill moving a step closer to regulating the sector
Yesterday, the Brazilian Senate’s Economic Affairs Committee (CAE) approved a crypto regulation bill The legislation would regulate the everyday use of crypto, define a virtual asset, and the provisions for a VASP Brazil has set itself on a path towards regulating cryptocurrencies in the country. According to an official statement sent out on Tuesday, the Senate’s Economic Affairs Committee (CAE) unanimously approved a piece of legislation to regulate cryptocurrencies in the Latin American country. The bill, tagged PL 3825/19, was jointly created by the Federal Tax Authority (RFB) and the Brazilian Securities and Exchange Commission (CVM). It now heads for a vote in the Senate, then into the lower house. If approved at these stages, it shall be presented before President Jair B...
Canada to host Bitfury’s new 28MW crypto mining facility
Blockchain company Bitfury announced the launch of a new crypto-mining data center in Ontario, Canada. The new crypto mining center adds to the list of existing Canadian sites currently operating in Drumheller, Alberta and Medicine Hat. Bitfury partnered with Hut 8 Mining, a Toronto Stock Exchange-listed Bitcoin (BTC) mining company, to set up mining operations across North America. The new crypto mining facility in Ontario is expected to operate at 16 megawatts (MW) by the end of this month. Bitfury mining facility in Medicine Hat. Source: Hut 8 According to the announcement, Bitfury has plans to add 12MW capacity in the coming months, which will bring up the total capacity of the mining facility to 28MW by May end. However, the company highlighted that the facility could be potentia...
Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally
Ethereum’s native token, Ether (ETH), could reach above $10,000 in the coming weeks as it paints what appears to be an “ascending triangle” technical pattern. Ether’s price technicals: Bullish signs Ascending triangles are bullish continuation setups that appear during an uptrend. Analysts confirm their presence after the price rises upward inside a rising right-angle triangle structure, thus forming a sequence of lower highs on the lower trendline with resistance in place at the upper one. As the pattern develops, volumes typically drop. So far, Ether has been forming a similar upside pattern on its weekly chart. In detail, the triangle’s lower trendline has been acting as an accumulation range since the beginning of 2021, with high selling pressure at the upper trendline, as shown b...
Total stablecoin supply hits $180 billion: Report
Move aside Bitcoin (BTC), stablecoins are holding the spotlight. Crypto research outlets Arcane Research and CryptoRank confirm that the stablecoin supply has hit the milestone amount of $180 billion. The growth in stablecoins continues to outpace the rest of the market, up 6% in the past 30 days. In times of market volatility, stablecoins can offer price stability, backed by specific assets or algorithms. Source: CryptoRank Over the month of February, three stablecoins entered the top 10 coins by market capitalization as Binance USD (BUSD) briefly entered. According to Arcane Research, the three largest stablecoins, Tether (USDT), USD Coin (USDC) and BUSD now account for a total of “9% of the total crypto market cap.” Plus, while volatility reigns proud, the stablecoin sup...
Crypto community welcomes Ethereum zkSync testnet
zkSync, a provider of zero-knowledge blockchain solutions, has announced the successful deployment of its Rollup protocol on the Ethereum (ETH) testnet. The deployment is seen as a positive development by proponents of Ethereum, as it removes the need for human operators to validate transactions. Last year, the creators of zkSync described their vision for a permissionless, Turing-complete rollout that allows decentralized applications (DApps) to be deployed in a low-cost and scalable layer-2 environment. Users will supposedly have “a better” experience on this network, according to the official announcement by Matter Labs. One of the major issues when utilizing the Ethereum blockchain is its prohibitively high gas fees. As a result, many users and developers have mig...
Coinbase Wallet now supports Ledger Hardware Wallets as it aims for additional security
The launch also comes with co-branded Nano X Coinbase Edition wallets available for a limited period The partnership is part of Ledger’s push to evolve into a software-focused firm Crypto exchanges have been ramping up security efforts against the threat of losses, and Coinbase, the largest crypto exchange in the US, is the latest name to take action in this regard. The crypto exchange confirmed yesterday that it had added support for the Ledger Hardware Wallets onto its Coinbase Wallet browser extension. Coinbase and Ledger have shown an insistence to enhance security as users can benefit greatly from an additional layer of protection. Hardware wallets such as Ledger’s enable self-custody as they are cold crypto wallets that store user private keys. These wallets can only be accessed offl...
Tether slashes commercial paper by 21% in latest reserves attestation
USDT stablecoin issuer Tether cut its reserves allocation to commercial paper by more than one fifth between September and December last year, dropping from around $30.5 billion to $24.16 billion. Tether is legally required to disclose its reserves every quarter as part of an $18.5 million court settlement with the Office of the New York Attorney General from February 2021. The firm was alleged to have misrepresented the specific amount of fiat backing USDT in 2017 and 2018. The latest attestation was conducted by Cayman Islands-based Accountants MHA Cayman and provides a breakdown of Tether’s reserves as of 31 December 2021. The report states that Tether’s “consolidated assets exceed its consolidated liabilities,” however the difference is minimal with total assets tallied $78.67 billion ...
NY stock exchange owner ICE buys stake in tZero security token platform
The Intercontinental Exchange (ICE) has announced a strategic investment in private digital securities marketplace and crypto asset liquidity platform tZero. ICE, which owns and operates 12 global exchanges including the New York Stock Exchange (NYSE), made the announcement on Feb. 22, however, there was no mention of the terms or details of the investment other than ICE becoming a “significant minority shareholder” in tZero. It did state that as part of the investment, ICE’s Chief Strategy Officer David Goone will join tZero as its new CEO serving on the board of directors. tZero operates a blockchain-based alternative trading system (ATS) upon which companies can list tokenized versions of their stocks. The firm is fully regulated with the Securities and Exchange Commission (SEC) and act...
Bitcoin price could ‘probe lower’ as volumes dip and macroeconomic issues loom overhead
Bitcoin’s sell-off appears to be taking a pause even though the United States rolled out new sanctions against Russia on Feb 22. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) continues to hover slightly below $38,000, which some analysts have identified as a significant support and resistance zone. BTC/USDT 1-day chart. Source: TradingView Here’s a closer look at what analysts are saying about Bitcoin price and what levels to keep an eye on in the short-term. 25% of entities are underwater On-chain data outlet, Glassnode, posted the following chart analyzing the percentage of entities in profit and the analysts concluded “that the proportion of on-chain entities in profit is oscillating between 65.78% and 76.7% of the network.” Percent...
Appellate court decision allows Bitconnect class action to proceed
The 11th Circuit Court of Appeals has ruled that victims of the Bitconnect Ponzi scheme can proceed with a class action suit by reversing a previous ruling that prohibited such a case. Bitconnect is the endlessly memed ICO from 2017 that collapsed in January, 2018. Appellate courts are superior courts that are used to review previously tried cases so the ruling may be reversed or confirmed. The alleged victims may now move forward with a class action case against BitConnect (BCC) and its promoters Glenn Arcaro, Ryan Maasen, Trevon James, Ryan HiIdreth, and Craig Grant. There is no word yet on whether the complainants will proceed with the case. The original complainants filed suit in order to be compensated for damages from being defrauded by BitConnect and its promoters. The complaint say...
Luna Foundation Guard raises $1B to form UST reserve denominated in Bitcoin
The nonprofit organization focused on the open-source stablecoin network behind Terra USD, Luna Foundation Guard, has closed on a $1 billion raise through the sale of LUNA tokens. In a Tuesday tweet, Terra said Jump Crypto and Three Arrows Capital led the $1 billion round with participation from DeFiance Capital, Republic Capital, GSR, Tribe Capital and others. The platform said proceeds from the sale — $1 billion — would “go towards establishing a Bitcoin-denominated Forex Reserve for UST,” a stablecoin in the Terra ecosystem. 1/ The long awaited [REDACTED] 3 is here! The Luna Foundation Guard (LFG) has closed a $1 billion private token sale to establish a decentralized $UST Forex Reserve denominated in $BTC! — Terra (UST) Powered by LUNA (@terra_money) February 22, 2022 “One common ...
