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Kyrgyzstan reportedly introduces regulations for crypto exchanges
The government of the Kyrgyz Republic is moving forward to cryptocurrency adoption by introducing a national regulatory framework for crypto trading platforms. Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets (Gosfinnadzor), a regulatory agency operating under the Ministry of Economy and Finance, has developed a draft provision for regulating crypto exchanges, local news agency 24.kg reported Wednesday. The newly proposed regulations reportedly aim to establish the legal status of crypto exchanges operating in Kyrgyzstan, functions, responsibilities and compliance requirements including necessary registration with the unified state register. The rules also require crypto exchange service providers to ensure measures to counter illicit activities like money lau...
Ethereum supply shock: Exchange ETH reserves continue to fall after a 26% drop in 2021
The amount of Ether (ETH) held by all cryptocurrency exchanges has declined dramatically in the previous 12 months. Blockchain analytics firm CryptoQuant reported that Ethereum reserves on trading platforms dropped 26.29 million ETH to 19.22 million ETH year-on-year (YoY), indicating that traders’ preference to hold their tokens increased. At least the Ether price performance in the same period indicates the same. Between August 25, 2020, and press time, the ETH/USD exchange rate exploded by a little over 730%— from $407 to $3,190, signaling an erratic inverse correlation between the Ethereum token prices and its reserves across all exchanges. Ethereum reserves versus ETH/USD price performance YoY. Source: CryptoQuant In detail, traders typically prefer to keep their crypto assets on...
Schumer: Infrastructure bills would curb emissions 45 percent
Biden pledged in April to curb U.S. greenhouse gas emissions 50 percent by 2030 from 2005 levels. He has also vowed to reach 80 percent clean electricity from utilities in the same period. It’s unclear how Schumer’s analysis, which he said he developed through “the best available data from a wide range of organizations that specialize in policy analysis,” will land with climate hawks. They have loudly vowed they would not bless an infrastructure deal without sufficient climate change provisions for months. Schumer argued two envisioned policies in particular would drive nearly two-thirds of emissions reductions. One is a clean electricity payment program, developed by Sen. Tina Smith (D-Minn.), that would pay utilities for hitting targets for boosting their share of...
Dogecoin price analysis: DOGE could retreat towards $0.26
The cryptocurrency market has sustained losses for the past few days, and further downward movement could be expected in the coming hours The cryptocurrency market has sustained losses for the second consecutive day this week. The prices of most cryptocurrencies are down by over 3% in the past 24 hours. Bitcoin has dropped below the $48,000 level after reaching the $50,000 mark over the weekend. Ether continues to hover above $3,100, having lost roughly 7% of its value in the last 24 hours. Dogecoin is one of the worst losers in the market over the last few hours, losing 10% of its value in the process. Dogecoin could experience further losses over the next few hours, with the cryptocurrency market still experiencing bearish sentiment. Despite the current sentiment, the medium and long-ter...
The NOW Tracker App launches on the Google Play Store
It is now easier to track your cryptocurrencies on your mobile, allowing you to check your balance and transaction history even while on the move ChangeNOW has announced the launch of its NOW Tracker app on the Google Play store, making it available to millions of users on the Android platform. The company announced this recently, with the app expected to make it easy for people to track their cryptocurrency portfolio. In a blog post, ChangeNOW said the NOW Tracker app is designed to allow users to track the balance of their crypto assets and their history even while on the move. To ensure its adoption, ChangeNOW has made the mobile app easy to use. “Simply add the wallet addresses of the cryptocurrencies you’d like to track. The balance and the transactions’ history will appear on your sc...
Thai SEC proposes new rules for digital asset custodians
The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency industry, citing investor protection concerns. On Wednesday, the Thai SEC proposed a set of additional regulations related to custody of investors’ cryptocurrency holdings held by digital asset business operators. The newly proposed rules refer to custody of fiat money for digital asset accounts as well as cryptocurrency lending, or earning interest on crypto holdings. The SEC is specifically looking to prohibit crypto companies from using investor assets for the “benefit of another client or other persons,” or seeking benefits from both investors’ fiat money and digital assets, including digital lending to other persons. “Seeking benefits from clients’ fiat mone...
KuCoin encourages greener crypto mining with proof-of-work pool
Seychelles-based crypto exchange KuCoin is launching a mining pool aimed at providing revenue to proof-of-work miners after integrating their rigs. In a Wednesday announcement, the exchange said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) and share rewards. At the moment, miners are required to install and run the necessary hardware themselves to join the pool, but KuCoin said it would introduce mining in the cloud in the future. KuCoin CEO Johnny Lyu also claimed the pool would be encouraging miners to participate in environmentally-friendly solutions — people using renewable energy sources for mining will receive discounts on fees. The move is seemingly part of a shift in many mining firms beginning to transition t...
SEC could approve Bitcoin futures ETF in October, analysts predict
The United States Securities and Exchange Commission (SEC) is likely to approve a Bitcoin (BTC) futures exchange-traded product (ETF) by the end of October, according to Bloomberg ETF experts. Bloomberg ETF analysts, Eric Balchunas and James Seyffart, issued an investor note on Tuesday suggesting that last week’s abrupt withdrawals of Ether (ETH) futures ETF proposals by VanEck and ProShares could trigger SEC approval of a Bitcoin ETF. “VanEck and ProShares’ rapid withdrawal of proposals for Ethereum futures ETFs is a good sign for a potential Bitcoin futures ETF, given the SEC has allowed those filing to remain active. A launch could come as soon as October, and we believe the SEC should permit several at once to avoid handing out a first-mover advantage,” the analysts said. Ba...
Korean FSC chair nominee doesn’t think crypto is a financial asset
Seung-beom Koh, a nominee for chairman of South Korea’s Financial Service Commission (FSC), does not regard cryptocurrencies as a financial asset. In a press meeting with local journalists, Seung-beom said that fintech experts from prominent organizations such as the G20, the International Monetary Fund and others “find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency.” Seung-beom’s comments coincide with the ongoing surge in crypto trading among young investors, who primarily invest seeking short-term profits, according to The Korean Times. Investors also see cryptocurrencies as a fair chance to buy homes by countering skyrocketing property prices. Koh also pointed out that excessive household credit could negatively ...
Fetch.ai and Alethea are bringing AI and NFTs together
Alethea’s technology can bring Stoner Cats to life, while Fetch.ai is organising collective art creation to facilitate machine learning As non-fungible tokens (NFTs) have exploded in popularity, many different people from different backgrounds have turned their hand to them – with varying levels of success. And now artificial intelligence is getting in on the action too. Alethea AI announced yesterday the closure of a $16 million private token sale which saw the participation of investors such as Mark Cuban, Alameda, Dapper Labs, Crypto.com Capital, Multicoin and Metapurse. Alethea creates intelligent NFTs and the first iNFT, called Alice, was sold through Sotheby’s in June for nearly half a million dollars. Alethea’s protocol gives iNFTs access to networked intelligence, making them inter...
Virgin Hyperloop Releases Video Explaining How Its High-Speed Pods Will Work
Virgin Hyperloop released a promotional video explaining how its futuristic high-speed transportation system will work in the future. The company, an arm of Richard Branson‘s Virgin Group, successfully tested out its hyperloop system with human passengers in November. The vehicles, referred to as “pods,” will eventually be able to seat up to 28 passengers at speeds of over 670 mph (over 1000 km/h) — three times faster than high-speed trains and 10 times faster than traditional rail options. In a video posted to Twitter, Virgin Hyperloop explains that the system starts with a “near-vacuum environment inside a tube,” that facilitates high speeds and low power consumption by reducing aerodynamic drag. Pods will travel quietly using “proprietary magnetic levitation and propulsion” that lifts a...
Derivatives data shows Ethereum traders positioned to extend the ETH rally
Ether (ETH) price rallied 32% leading up to August 23, and despite testing the $3,000 support multiple times, the level has held firmly. Meanwhile, Bitcoin (BTC) could not sustain the $50,000 mark, at least in the short-term. According to Cointelegraph, pro traders are not yet inclined to add bullish positions according to derivatives metrics. Surprisingly, the opposite situation emerges when looking at the sentiment of Ether traders who currently show a reasonable degree of confidence in the current price level. Regulatory pressure and spectacular NFT growth back traders confidence in Ether On Monday, Dawn Stump, a commissioner at the Commodity Futures Trading Commission (CFTC), stated that: “A trading platform that offers derivatives on digital assets to U.S. persons without regist...
