crypto blog
Here’s why Minnesota rep Tom Emmer thinks the Federal Reserve is unfit to issue a CBDC
Tom Emmer has previously shown a preference for a decentralised digital currency as it would uphold user privacy and retain the elements of cash The US representative for Minnesota’s 6th congressional state, Tom Emmer, revealed yesterday that he intends to introduce new regulations around crypto. The proposed law from Emmer, who had hinted of it a day earlier, would bar the Federal Reserve from conducting any activity as a retail ban. In effect, it would prevent the Fed from issuing a central bank digital currency directly to consumers in the US. He insisted that unlike other countries, such as China, that have developed tokens lacking the “benefits and protections of cash,” a US digital currency should guarantee privacy to users and retain the US dollar’s hege...
Institutional investment will boost Bitcoin to $75,000, says SEBA CEO
The CEO of Switzerland-based financial institution SEBA Bank shared his predictions for Bitcoin (BTC) in 2022. A boon for BTC bulls, Guido Buehler was optimistic about institutional adoption and a price increase to $75,000 per coin. He explained in an interview that at SEBA, asset pools are looking for the right time to invest; however, they need the right counterparties and the necessary regulation in order to deploy capital. When pressed on whether Bitcoin would hit new highs this year, Buehler thinks it’s possible, “The question is always time.” He noted that with BTC dominance bottoming out at 40%, it’s a pivotal moment for investors looking for a directional play. The interview took place at the Crypto Finance Conference in St. Moritz, Switzerland, where “sophistic...
China aims to separate NFTs from crypto via new blockchain infrastructure
China is planning to draw a clear line between cryptocurrencies and nonfungible tokens (NFTs), pretty much the same way it did with its digital currency efforts, before the crypto crackdown in the country harms the local NFT industry. The Blockchain-based Service Network (BSN), a government-backed blockchain project in China, is working on infrastructure that would support businesses and individuals to build platforms and apps to manage NFTs, the South China Morning Post reported. Officially called the BSN-Distributed Digital Certificate (BSN-DDC), the project aims to support the deployment of non-crypto NFTs by offering application programming interfaces for the development of user portals and apps where fiat money would be the sole payment method. Underscoring that NFTs have no leg...
Pakistan’s central bank reportedly wants to ban crypto
The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan. Pakistan’s Sindh High Court reportedly held a hearing related to the legal status of cryptocurrencies in the country, in which several Pakistani authorities, including the SBP, submitted a document to the court, arguing that cryptocurrencies like Bitcoin (BTC) are illegal and cannot be used for trade. According to local news channel Samaa TV, the document cited at least 11 countries, including China and Saudi Arabia, that have opted to ban cryptocurrencies. The Pakistani central bank reportedly urged the court not only to ban cryptocurrency activity but also to impose penalties against crypto exchanges. The SBP also referred to several investigations against ...
Top or bottom? Traders at odds over whether Bitcoin will keep rising
Bitcoin (BTC) touched $44,000 a second time on Jan. 12 amid increasing divergence of opinion about whether the price bottom is “in.” BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed the $44,000 mark acting as local resistance Thursday, following forecasts that $46,000 could soon return. Bitcoin stayed broadly higher overnight following the previous day’s United States inflation data, but for some, now was not the time to become overly confident. “BTC starting to feel a little toppy (local), although asks are diffused through some key resistance levels,” Twitter account Material Indicators commented as part of a recent update. “Some bitcoin bulls may show up to clear a few levels, but the whole herd i...
Derivatives are coming to Coinbase, following purchase of FairX
Major U.S. crypto exchange Coinbase, the third largest in the world by 24 hour volume, intends to enter the derivatives trading markets, having acquired the FairX derivatives exchange. FairX is a Designated Contract Market (DCM) derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC). Despite being relatively new to the market, having launched in May 2021, FairX has secured brokerage partnerships with industry leaders TD Ameritrade and E*Trade, along with 18 others. Derivatives trading refers to the trading of various exotic products linked to the future value of underlying assets, rather than trading the assets themselves. In a Jan. 13 announcement, Coinbase explained plans to roll out crypto derivatives trading for its customers in the U.S. Coinbase stated...
Interest wanes in Bitcoin futures ETF’s as contracts fall below 5K
After a stellar launch, interest has waned in the ProShares Bitcoin Strategy Exchange Traded Fund (BITO) which now has the lowest amount of CME contracts since Nov. 2021. The Bitcoin futures exchange traded fund (ETF) holds a total of 4,904 Chicago Mercantile Exchange (CME) futures contracts, according to the fund’s latest update from Jan. 11. A Bitcoin futures ETF allows investors to speculate on the future price of Bitcoin (BTC) without having to hold the asset themselves. BITO’s assets under management (AUM) figure has retraced to $1.16 billion from a high of $1.4 billion last Nov. This is about the same amount it held two days after its Oct. 18 launch when it became the fastest fund to reach $1 billion in AUM ever. Arcane Research discussed possible reasons for the BITO retrace i...
‘Emergency’: Wikipedia editors vote against classifying NFTs as art
A group of editors on Wikipedia, the free user generated encyclopedia, have voted against classifying NFTs as a form of art and have come to a consensus to shelve the issue until a later date. A survey and debate started on the platform at the end of December revolving around the most expensive art sales by living artists and whether NFT art sales should be deemed as “art sales” or “NFT sales.” “Wikipedia really can’t be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler,” editor “jonas” wrote. Much of the discussion centered on whether an NFT represented the art or if it was simply a token that was separate to the underlying art. The editors were torn on the definitions and some felt that there w...
Solana could become the ‘Visa of crypto’: Bank of America
Bank of America digital asset strategist Alkesh Shah has predicted that Ethereum competitor Solana could become the “Visa of the digital asset ecosystem” in a Jan 11 research note. The Solana network launched in 2020, and has since grown into the fifth largest cryptocurrency with a market capitalization of $47 billion. An order of magnitude faster than Ethereum, it has been used to settle over 50 billion transactions and mint over 5.7 million non-fungible tokens (NFTs). Critics however argue its speed comes at the cost of decentralization and reliability but Shah thinks the benefits outweigh the drawbacks: “Its ability to provide high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (Web3...
Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies
The cryptocurrency community is back in high spirits on Jan. 12 after a majority of tokens in the top 200 flashed green following Bitcoin’s (BTC) spike to $44,000. The return of bullish momentum has come as a boon to several altcoin projects, with multiple tokens seeing gains in excess of 20%. 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 Anyswap (ANY), Keep3rV1 (KP3R) and WEMIX (WEMIX). Anyswap expands its list of supported networks Gains in the altcoin market were led by Anyswap, a decentralized exchange that specializes in allowing users to transfer and swap tokens between 25 distinct networks. Data from Cointelegraph Markets Pr...
Russian protest group Pussy Riot seeks to tackle gender inequality in the NFT space
Russian punk rock collective Pussy Riot is planning to launch a DAO for LBTQ+ and women artists. As the group’s co-founder Nadya Tolokonnikova told Cointelegraph, the DAO will be working on reducing the gender inequality that still marks the nonfungible token (NFT) space and, more broadly, the crypto industry. Despite the large gender gap in crypto — around 60% of US crypto investors are white men, according to a survey from August 2021 — Nadya is convinced that it is still early enough for Pussy Riot to make an impact. “The NFT space is still so small, I feel that with a good enough effort you can actually change it,” she said. Nadya is already using her follower base to promote the work of women and LGBTQ+ artists and connect them with potential collectors. The DAO will continue doi...
Northwest Arkansas offering $10K in Bitcoin to attract remote workers
The Northwest Arkansas Council, consisting of business leaders aimed at promoting development in the region, has announced a crypto incentive program to bring in tech professionals and entrepreneurs willing to work remotely. In a Wednesday announcement, council president and CEO Nelson Peacock said the area would be looking to expand its range of talent in the tech industry by offering $10,000 in Bitcoin (BTC) — roughly 0.23 BTC at the current price of $43,610 — in addition to a bicycle or membership to arts and cultural facilities. The “Bitcoin and a Bike” program, the next stage of the area’s Life Works Here initiative, is specifically aimed at embracing professionals in blockchain-related fields. The program will offer the crypto incentive to qualifying individuals willing to live for a...
