Crypto
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Meta calls it a wrap on Diem project, pockets $182M from its sale
Rumours about the Menlo Park-based tech company looking for a buyer of the project started circulating last week The project, formerly Libra, faced many regulatory stumbling blocks throughout its life, prompting a rebrand to Diem at some point Last week’s unconfirmed reports of Meta looking to sell assets and intellectual property under the Diem project have been verified. Yesterday, the Diem Group revealed it was abandoning the stable coin venture after agreeing to a $182 million sales deal of its technology. The Facebook-backed digital currency project was bought by Silvergate Capital, a California-based innovative financial infrastructure solutions and services provider with a keen interest in the digital currency industry. The company wrapped the deal by paying $50 million and is...
DFINITY-based Internet Computer unveils Bitcoin and Ethereum integration plans
Internet Computer will integrate Bitcoin via the ‘Chromium Satoshi Release’ before the end of Q1 this year The Ethereum integration would not come until Q3 when the ‘Vanadium Vitalik Release’ is run DFINITY Foundation, a non-profit organisation that supports the public blockchain Internet Computer, has released its roadmap for 2022. The release detailed that Internet Computer plans to develop Bitcoin and Ethereum blockchains integrations. This would effectively cut out the current need for a bridge, eliminating a potential loophole for ill-intentioned actors. “The ICP [and] BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency,” a tweet from the DFINITY Foundation read. Unlocking the power ...
Cardano has established a bearish trend, crypto analyst forewarns
A popular crypto analyst has projected that BTC would drop below $30k before it eventually bounces above $40k. He also tips off that Cardano’s ADA has carved a clear bearish path and could fall towards the support at either $0.80 or $0.65. Capo, a pseudonymous crypto analyst on Twitter, has told 240,000-large following that crypto assets are yet to come out of the bearish run. Change of tune on the leading cryptocurrency The analyst was initially bullish on Bitcoin, predicting that it would first rally beyond 40k before potentially seeing a bearish outturn. However, he has now changed his view and instead sees the flagship cryptocurrency directly plunging. “Whales are adding supply and removing bids below the current price. It seems that it will go just straight down without to...
Tusk Ventures CEO: Don’t repeat social media mistakes with Metaverse regulations
Tusk Ventures CEO and founder Bradley Tusk says that the failure to regulate cryptocurrency and social media effectively in the United States is a “really good lesson for how we should handle the Metaverse.” In a Feb. 1 interview on CNBC’s “Closing Bell,” Tusk urged U.S. policymakers to “get ahead” of the Metaverse and implement regulations sooner rather than later. “Typically speaking, our policy has been that we wait for technology to be introduced to gain market fit and traction [before introducing regulation].” However, “It’s very hard to do that retrospectively,” he said. “We know the Metaverse is coming — it’s already here in some ways. We know it’s got all the problems of the internet, probably times five or ten. So why don’t we think about it now, and get ahead of it?” He echoed th...
Yield Guild Games Raises $1.45M for Philippine Typhoon Relief
Yield Guild Games (YGG) has raised $1.45 million to support people affected by December 16’s Typhoon Odette in the Philippines, with nearly $1 million already dispersed to people in need. The funding was used to purchase essential goods like medicines, power generators, and canned food, which were turned over to the Philippine Army and Navy and non-profits to distribute among affected communities. There is still about $458,000 worth of crypto and tokens that have been donated to the relief fund but they have yet to be converted to fiat currency for deployment, according to a representative from YGG. Our Transparency Report for Typhoon #OdettePH relief efforts is up! @yieldguild raised $1.45M and has so far disbursed a total of $992K to date. Meanwhile, our direct financial assistance...
Circle’s USDC stablecoin gobbles Tether’s market share with 50B milestone
The world’s second-largest stablecoin by market capitalization keeps on growing as it erodes the dominance of the current leader, Tether. The stablecoin landscape is a constantly-shifting dynamic but one trend has become clear over the past year or so — Tether’s dominance is diminishing. Its main rival, Circle, has just reached a milestone of 50 billion USDC in circulation according to CoinGecko and a Feb. 1 tweet by company co-founder and CEO, Jeremy Allaire. 50 BILLION USDC (w/ thread below) pic.twitter.com/5FEaPmXjup — Jeremy Allaire (@jerallaire) February 1, 2022 Allaire said that while this is a massive number, “it’s the massive growth and ecosystem around it that tells the broader story.” He added that USDC has seen 10,000% growth over the past two years. The total stablecoin s...
Bitcoin Network Transaction Volume Surpasses American Express: Research
New research has found that the annual transaction volume on the Bitcoin network surpassed that of some well-known card networks, such as American Express (AmEx) and Discover, during 2021. The NYDIG Research Weekly’s Jan. 29 report stated that Bitcoin processed $3 trillion worth of payments during 2021, placing it above popular credit card networks American Express ($1.3 trillion) and Discover ($0.5 trillion). The report authors, NYDIG Global Head of Research Greg Cipolaro and Research Analyst Ethan Kochav, also found that the Bitcoin network had settled more transaction volume in Q1 2021 than “all credit card networks combined for the entire year.” “This is astonishing growth, in our opinion, for a payment network that just had its 13th birthday,” they wrote. American Express issued its f...
COVID restrictions stymie digital yuan rollout at Beijing Winter Olympics: Report
Though athletes and support staff arriving for the Beijing 2022 Olympics still have the option of using digital currency for payments at many venues, the international test run of China’s CBDC is reportedly facing hurdles due to the pandemic. According to a Monday report from CNN, athletes, officials and journalists for the country’s Olympics games are largely separated from the population of China in a quarantine “bubble” to prevent the spread of COVID-19. These precautions combined with the Chinese government deciding to limit the number of in-person spectators may result in far fewer people testing the digital yuan as a method of payment at the major event. “The Olympic Games would have been the first real chance for tourists and Chinese nationals alike to familiarize themselves w...
Altcoins rack up 30% gains as Bitcoin price chases after $39,000
The cryptocurrency market is in a state of confusion on Jan. 31 as many traders view Bitcoin’s (BTC) weakness as a sign that a crypto winter is beginning, yet increasing news of adoption and multi-million-dollar financing rounds continue to make headlines on a regular basis. As Bitcoin trades at $38,500, analysts are highlighting the current price action as a possible buy zone and this bullish sentiment is spilling into altcoins also. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were DerivaDAO (DDX), Telos (TLOS) and Bonfida (FIDA). DerivaDAO sees a 3,692% increase in trading volume DerivaDAO is a decentralized exc...
Law Decoded: Russia flounders, America competes, IMF keeps fuming, Jan. 24–31
One of the most fascinating implications of the collision between traditional political institutions and the crypto space is how it can reveal the glaring lack of cohesion within power systems that otherwise look monolithic. Digital assets reside in a parallel policy dimension where neither a centralized consensus nor a clear rulebook exists, leading to a surprising variety of voices and opinions emerging in the absence of a politically coordinated course. Last week, a rare lively policy debate broke out in Russia in the aftermath of its central bank’s attempt to promote a hardline stance on crypto. One does not often see such a public interagency disagreement on substantive issues. Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy develo...
2 key Bitcoin price metrics suggest BTC is primed to reclaim $40,000
Cryptocurrencies had a volatile week after Bitcoin’s (BTC) sudden crash to $33,000 on Jan. 24. However, the sharp 9% drop fully recovered within 8 hours after BTC price regained the $36,000 support. On Jan. 26, Bitcoin rallied to $38,960 but it could not sustain the level and corrected by 8.8% in the following 8 hours. When factoring in the recent ups and downs, Bitcoin managed to only gain a meager 1.6% over the past seven days. Even with the considerable price swings, the aggregate futures contracts liquidations were relatively low. Longs (buyers) had $570 million futures terminated, while shorts (sellers) faced $690 million. Data shows that Bitcoin futures represented 41% of the total $1.25 billion liquidations. Regulatory winds could be limiting BTC’s price recovery The total cry...
Community of Remixers: How Audius’ Platform Is Driving Remix Culture In Dance Music
This feature was co-authored by Lev Kotia, Nakul Sharma and Bayleigh Bogan. As the streaming landscape competition continues to get more competitive between the likes of Spotify, Apple, Amazon and others, finding competitive advantages to drive paid subscribers has never been more complex. Despite a crowded landscape, some platforms have carved out a unique place for themselves in the world of music streaming that creates a focused and unique value proposition for creators and fans. One such platform is Audius, which uses blockchain technology to offer clarity and transparency for artists. Through Audius’ disruptive platform, artists can upload their music and have an immutable record of owning that content. If the content is misused, musicians can easily prove ownership of the intell...
