crypto blog
Crypto policy advocacy group warns of ‘disastrous’ provision in a new US bill
Jerry Brito, the executive director of non-profit crypto policy advocate group Coin Center, suggested U.S. residents call their elected officials over possible privacy and due process concerns in a new bill proposed by House leaders. According to a Wednesday Twitter thread from Brito, the America COMPETES Act recently released by House members contains a provision that he said would be “disastrous” for crypto users from both a privacy and due process standpoint. According to the Coin Center director, a section of the bill on the “prohibitions or conditions on certain transmittals of funds” proposed by Representative Jim Himes would give the U.S. Secretary of the Treasury “unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transa...
Price analysis 1/26: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and most major altcoins have bounced off their strong support levels but could the rally sustain to the extent that traders feel confident that a bottom in place? Bloomberg Intelligence senior commodity strategist Mike McGlone said that Bitcoin’s price is “about 30% below its 20-week moving average,” roughly at the same position, which had led to bottom formations in March 2020 and July 2021. Although Bitcoin has corrected sharply in January, the exchanges’ balances dropped from 2.428 million Bitcoin on December 28 to 2.366 million Bitcoin on Jan. 24, according to data from CryptoQuant. This indicates that investors may be stashing away their recent purchases safely. Daily cryptocurrency market performance. Source: Coin360 However, it may not be a V-shaped recovery for ...
IMF asks El Salvador to reconsider Bitcoin decision amid risk concerns
IMF directors want the scope of the Bitcoin law constricted to strip legal tender status off the digital asset Last year on September 7th, El Salvador, led by a Bitcoin optimistic president, Nayib Bukele, officially adopted the king cryptocurrency Bitcoin as legal currency. Several financial institutions, including the World Bank and the International Monetary Fund (IMF), advised against the move, but El Salvador went ahead nonetheless. The IMF board has now, once again, asked the nation to renounce its position on the matter. The Latin American country has been in discussion with the monetary body to over a $1.3 billion loan. As part of the consultation, the IMF wants it to change the legal currency status of Bitcoin in the country. The IMF has long held a stance against the idea of using...
Here is why ARK Invest believes Bitcoin will trade at $1 million by 2030
Cathie Wood’s investment management firm ARK Invest has laid bold predictions for Bitcoin and Ethereum in a recently published outlook report Disruptive innovation-oriented investment firm ARK Invest has predicted that Bitcoin’s market capital will reach $28.5 trillion by 2030. The firm’s analyst Yassine Elmandjra noted in its annual research report that the price of a bitcoin will surge to $1.36 million by then. He justified the prediction by pointing out that the crypto asset’s usage is only in its nascent stage. “Bitcoin’s market capitalisation still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender. According to our estimates, the price of one bitcoin could exceed $1 million by 2030,” Elmandjra...
The top 4 storage tokens you can buy on January 26, 2022: FIL, AR, HOT and STORJ
Storage tokens have found a major place within the crypto space. FIL, AR, HOT, and STORJ are all from projects related to the storage category. Each of these tokens has the potential to increase in value. Filecoin (FIL), Arweave (AR), Holo (HOT) and Storj (STORJ) are all storage tokens. Each token has the potential to increase in value by the end of February 2022. We are going to go over each token and see exactly how far they can climb in value. Should you buy Filecoin (FIL)? On January 26, 2022, Filecoin (FIL) had a value of $18.61. Filecoin (FIL)’s all-time high was on April 1, 2021, when the token reached a value of $236.84. This means that at its ATH, the token was $218.23 higher in value or by 1172%. In terms of December’s performance, on December 1, the token had its highest v...
NFL star’s massive tax bill highlights problems with BTC salaries
NFL star Odell Beckham Jr.’s (OBJ) decision to take his $750,000 salary in Bitcoin (BTC) appears to have cost him dearly due to the market crash after he signed the deal. Owing to the vagaries of cryptocurrency tax laws and current prices, OBJ is estimated by some to have made 61% less than if he’d taken his salary in fiat. The loss has highlighted the tax complications from receiving a salary or yield in cryptocurrency, as crypto investors have to pay tax on the amount it’s worth when it was received, not what it’s worth when they lodge their tax return. On Nov. 12 last year, OBJ signed a one-year deal with the Los Angeles Rams worth $750,000. In a promotional Twitter post partnered with CashApp, OBJ announced that he would be receiving 100% of his $750,000 yearly salary in Bitc...
Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce
Bitcoin (BTC) could still fall under $30,000, but some prominent sources are already calling the end of the latest bearish turn on BTC/USD. In a tweet on Jan. 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, eyed Bitcoin’s position relative to its 20-week moving average, noting that historically, current levels have marked a turning point. McGlone: Bitcoin “a bit extended” at all-time highs Still hopeful for Bitcoin to weather a macro storm this year, McGlone’s data places BTC/USD at the same position in which it halted downtrends in March 2020 and July 2021. Those incidences correspond to the coronavirus cross-march crash and the China miner rout, respectively. “The fact that Bitcoin is an up-and-coming asset, with less than $1 trillion market cap vs. about $100 tr...
Crypto exchange FTX US closes $400M funding round to reach $8B valuation
Chicago-based crypto exchange FTX US has reached an $8 billion valuation following new funding. According to Reuters on Wednesday, the American affiliate of FTX closed a $400 million funding round led by SoftBank Group Corp, Temasek Holdings, Paradigm and Multicoin Capital. FTX US president Brett Harrison said that this development puts their firm as one of the largest crypto exchanges in the United States, and sends a message to the world that they are growing very rapidly. Harrison indicated that the firm will use the funds to further its offerings as well as to grow and expand its workforce. Back in 2021, the exchange made a sale-and-purchase agreement to acquire crypto derivatives platform LedgerX to expand its spot trading services by offering Bitcoin (BTC) and Ether (ETH) ...
Can DeFi and CeFi coexist? Three takeaways from experts panel
As price action bewilders market makers and traders, experts in the crypto industry reached an agreement on several important points last week. Notably, centralized finance (CeFi) and decentralized finance (DeFi), can coexist, and a “blend” of financial products and services will be available to users in the future. On Jan. 21, Cointelegraph moderated the panel discussion, “Can CeFi and DeFi Coexist?” for the Global Blockchain Business Council. In the video, panelists hash out questions related to adoption, banking the unbanked, and whether innovation means disruption of traditional financial services. [embedded content] Salient points included the need for greater education and transparency in the cryptocurrency space, while financial inclusion could be reached thanks to smooth onbo...
YouTube CEO hints the video platform might be getting in on NFTs
YouTube is exploring the possibility of adding an NFT feature on its platform as a revenue stream for video creators YouTube NFTs could soon be coming your way, according to YouTube head Susan Wojcicki. An open letter from the chief executive suggests that the platform could be looking to integrate NFTs soon as part of its expansion plans. Based on the annual letter, the idea is still in its infancy and no concrete plans have been laid. “We’re always focused on expanding the YouTube ecosystem to help creators capitalise on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” Wojcicki wrote in regards to YouTube’s 2022 plans. NFTs will help connect creators and fans The NFTs ...
Fading power? Weak DOGE spike after Elon Musk makes McDonald’s offer
Erratic billionaire and Tesla CEO Elon Musk has offered to eat a kids meal from McDonald’s live on television if the fast food giant adds Dogecoin (DOGE) as an official payment method. “I will eat a Happy Meal on TV if McDonald’s accepts Dogecoin” said the SpaceX CEO in a tweet on Tuesday morning. In the minutes following Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145 where it remains at the time of writing Previous tweets from Musk have seen markets move far more substantially, with a recent announcement about using it for Tesla merchandise payments causing DOGE to surge over 25%. The current downturn may have something to do with it, but the smaller spike suggests Musk’s power to move markets is beginning to fade. I will eat a happy meal on tv if @McDon...
Zuckerberg’s Diem reportedly weighing sale after stablecoin plans falter
Meta-backed crypto initiative “Diem” is reportedly trying to sell its assets, seemingly calling time on Facebook founder Mark Zuckerberg’s grand ambitions for a stablecoin to act as the internet’s currency. Diem — which was previously known as Libra — is Meta Platform’s cryptocurrency initiative. According to insider sources speaking with Bloomberg, it is considering selling assets to return capital to its investors. The sources said that Diem is in discussions with investment bankers to determine the best way to sell its intellectual property and cash out on whatever value the project has maintained. It’s unclear how the company will be valued, and there is no guarantee that they will be able to find a buyer. According to the source, about a third of the venture is owned by Meta. The rema...
