Russia Looks to ‘Tighten Control’ over Crypto Traders with New Tax Measures
Crypto industry experts in Russia have warned that government agencies are gearing up for a regulatory drive that will see it “tighten control” over crypto, enforcing tough new tax protocols and enhancing its monitoring of transactions.
Per media outlet RIA Novosti, industry sources have claimed Moscow wants to force all traders to submit annual tax declarations outlining the details of their transactions with cryptoassets.
The State Duma is poised to vote on a bill that will force individuals or companies working with “digital assets” to pay corporate income tax or personal income tax on their earnings and submit details of their transactions if these are worth over USD 8,000 over the course of a tax year.
But experts told the media outlet that the tax authorities will seek to police tax declarations using information gathered from crypto exchanges. The Central Bank, said legal experts and executives from the Garantex and Alfacash exchanges, is planning to force trading platforms to submit data on their clients’ transactions, and tax authorities will have access to these.
And the experts also added that the government plans to step up its monitoring of transactions conducted by Russian citizens and residents on overseas trading platforms.
The authorities appear confident that they already have the tools at their disposal to track crypto-to-fiat transactions using bank-submitted data, and now feel they are ready to start building networks that will help them track crypto-to-crypto trades.
Alfacash legal head and director Nikita Soshnikov stated that he foresaw a “general trend of tightening control over crypto transactions,” beginning with crackdowns on government officials with crypto holdings.
The experts added that crypto taxation policing would likely kick off in earnest in the coming financial year – with citizens and companies dealing with crypto expected to declare their earnings at the end of the FY2021 tax year (April 2022).
Crypto industry experts in Russia have warned that government agencies are gearing up for a regulatory drive that will see it “tighten control” over crypto, enforcing tough new tax protocols and enhancing its monitoring of transactions.
Per media outlet RIA Novosti, industry sources have claimed Moscow wants to force all traders to submit annual tax declarations outlining the details of their transactions with cryptoassets.
The State Duma is poised to vote on a bill that will force individuals or companies working with “digital assets” to pay corporate income tax or personal income tax on their earnings and submit details of their transactions if these are worth over USD 8,000 over the course of a tax year.
But experts told the media outlet that the tax authorities will seek to police tax declarations using information gathered from crypto exchanges. The Central Bank, said legal experts and executives from the Garantex and Alfacash exchanges, is planning to force trading platforms to submit data on their clients’ transactions, and tax authorities will have access to these.
And the experts also added that the government plans to step up its monitoring of transactions conducted by Russian citizens and residents on overseas trading platforms.
The authorities appear confident that they already have the tools at their disposal to track crypto-to-fiat transactions using bank-submitted data, and now feel they are ready to start building networks that will help them track crypto-to-crypto trades.
Alfacash legal head and director Nikita Soshnikov stated that he foresaw a “general trend of tightening control over crypto transactions,” beginning with crackdowns on government officials with crypto holdings.
The experts added that crypto taxation policing would likely kick off in earnest in the coming financial year – with citizens and companies dealing with crypto expected to declare their earnings at the end of the FY2021 tax year (April 2022).
Elon Musk Rages at Wallet, May Land in Hot Water from Regulators
Twitter, Elon Musk and crypto – hardly a minute seems to go by without a combination of the three dominating the headlines. And it looks like the Tesla supremo has been busy behind his keyboard again for a new spate of crypto-themed tweets at the time when American regulators could come after Musk for his Twitter activity.
He is now taking aim at the crypto wallet service Freewallet and sharing Chuck Norris-themed memes – while regulators reportedly consider moving against him following Tesla’s recent bitcoin (BTC)-related activities.
After Freewallet’s Twitter account quote-tweeted a dogecoin (DOGE)-themed post, Musk replied by writing “your app sucks” and adding the barb,
“Any crypto wallet that won’t give you your private keys should be avoided at all costs.”
The wallet’s PR team spun into overdrive, writing the following statement:
“Hi Elon, the app is online. Integrations to buy, exchange and merchant tools are working, support is available 24/7. It's nice you tried us out of all crypto services. Anything we can help you with, let us know.”
However, as the adage goes, play with fire and you’ll get burned. Musk duly responded with a call for the wallet operator to “please unlock my account,” sparking a torrent of wallet-themed replies, many of which were targeted at the wallet provider.
Outspoken developer and self-proclaimed “blockchain skeptic” Udi Wertheimer waded into the increasingly messy affair, tweeting: “I can’t.”
The world’s richest man paused his sideswiping at Freewallet to share a (yes, you guessed it) crypto-themed meme about the most notorious crypto exchange of all.
Meanwhile, The Daily Telegraph (via The Age) claims that American regulators could come after Musk for his Twitter activity – which has hogged the headlines in both the crypto and mainstream media all year.
The newspaper quoted experts who concluded that Musk was “likely to be quizzed” by the American Securities and Exchange Commission (SEC) over “whether Tesla already owned bitcoin when his intervention on social media sent prices surging.”
The media outlet quoted Doug Davison, a former branch chief at the SEC, as stating,
“It would not be surprising – given the focus on the chief executive’s tweets, bitcoin pricing and recent dramatic market moves – for the SEC to ask questions about the facts and circumstances here.”
The European Central Bank’s Vitor Constâncio claimed that “it was not disclosed when Tesla had made this investment” – a suggestion perhaps that some feel Musk may have sought to drive prices up for his company’s own benefit.
Meanwhile, a bogus Tesla insider who “unveiled” the company’s plans to accept bitcoin on Reddit days before the Musk-led firm made its big BTC reveal has come forward, claiming drugs drove him to troll the crypto community.
Per the New York Post, the poster was not a Tesla employee after all, but a 24-year-old political science student from Germany named Hendrik (surname withheld) who took the hallucinogenic narcotic LSD before taking to the net.
Hendrik stated,
“If you want to know the truth: I am a young German guy and I was on acid while I did this post in the last month. I had this afflatus that Elon is going to buy bitcoin, so I created this trollpost. And now all the newspapers around the globe are writing about it, it is kinda funny and scary to be honest.”
Hendrik added, however, that his post was inspired by real news – namely an exchange (on Twitter, where else?) between Musk and the head of the bitcoin-buying American software company MicroStrategy, Michael Saylor.
After bitcoin-related musings from Musk, Saylor offered to share his BTC purchasing “playbook” with the Tesla boss.
Twitter, Elon Musk and crypto – hardly a minute seems to go by without a combination of the three dominating the headlines. And it looks like the Tesla supremo has been busy behind his keyboard again for a new spate of crypto-themed tweets at the time when American regulators could come after Musk for his Twitter activity.
He is now taking aim at the crypto wallet service Freewallet and sharing Chuck Norris-themed memes – while regulators reportedly consider moving against him following Tesla’s recent bitcoin (BTC)-related activities.
After Freewallet’s Twitter account quote-tweeted a dogecoin (DOGE)-themed post, Musk replied by writing “your app sucks” and adding the barb,
“Any crypto wallet that won’t give you your private keys should be avoided at all costs.”
The wallet’s PR team spun into overdrive, writing the following statement:
“Hi Elon, the app is online. Integrations to buy, exchange and merchant tools are working, support is available 24/7. It's nice you tried us out of all crypto services. Anything we can help you with, let us know.”
However, as the adage goes, play with fire and you’ll get burned. Musk duly responded with a call for the wallet operator to “please unlock my account,” sparking a torrent of wallet-themed replies, many of which were targeted at the wallet provider.
Outspoken developer and self-proclaimed “blockchain skeptic” Udi Wertheimer waded into the increasingly messy affair, tweeting: “I can’t.”
The world’s richest man paused his sideswiping at Freewallet to share a (yes, you guessed it) crypto-themed meme about the most notorious crypto exchange of all.
Meanwhile, The Daily Telegraph (via The Age) claims that American regulators could come after Musk for his Twitter activity – which has hogged the headlines in both the crypto and mainstream media all year.
The newspaper quoted experts who concluded that Musk was “likely to be quizzed” by the American Securities and Exchange Commission (SEC) over “whether Tesla already owned bitcoin when his intervention on social media sent prices surging.”
The media outlet quoted Doug Davison, a former branch chief at the SEC, as stating,
“It would not be surprising – given the focus on the chief executive’s tweets, bitcoin pricing and recent dramatic market moves – for the SEC to ask questions about the facts and circumstances here.”
The European Central Bank’s Vitor Constâncio claimed that “it was not disclosed when Tesla had made this investment” – a suggestion perhaps that some feel Musk may have sought to drive prices up for his company’s own benefit.
Meanwhile, a bogus Tesla insider who “unveiled” the company’s plans to accept bitcoin on Reddit days before the Musk-led firm made its big BTC reveal has come forward, claiming drugs drove him to troll the crypto community.
Per the New York Post, the poster was not a Tesla employee after all, but a 24-year-old political science student from Germany named Hendrik (surname withheld) who took the hallucinogenic narcotic LSD before taking to the net.
Hendrik stated,
“If you want to know the truth: I am a young German guy and I was on acid while I did this post in the last month. I had this afflatus that Elon is going to buy bitcoin, so I created this trollpost. And now all the newspapers around the globe are writing about it, it is kinda funny and scary to be honest.”
Hendrik added, however, that his post was inspired by real news – namely an exchange (on Twitter, where else?) between Musk and the head of the bitcoin-buying American software company MicroStrategy, Michael Saylor.
After bitcoin-related musings from Musk, Saylor offered to share his BTC purchasing “playbook” with the Tesla boss.
3 Reasons Why Bitcoin Hit New All-Time High
Bitcoin, the number one cryptocurrency, hit another all-time high of $48,481 at 1:21 p.m. UTC on the Bitstamp exchange.
After dipping to the $43,700 level, the cryptocurrency continued its record-shattering rally that was turbocharged by the big Tesla news at the beginning of the week.
Coinbase premium
Coinbase Pro's Bitcoin premium went through the roof, reaching as high as $500 earlier today as noted by analyst Lex Moskovski. This is believed to be a bullish indicator since it shows buying pressure from whales on America's largest exchange.
MasterCard's pivot to crypto
MasterCard, the second-largest payment network in the world, recently announced that it would start accepting cryptocurrencies:
We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work.
BNY Melon unveils its Bitcoin plans
If this week were not big enough for Bitcoin, the Bank of New York Mellon, a major Wall Street player, has just made its Bitcoin plans public.
The shares of both BNY Mellon and Mastercard are now up more than two percent after adopting Bitcoin.
Bitcoin, the number one cryptocurrency, hit another all-time high of $48,481 at 1:21 p.m. UTC on the Bitstamp exchange.
After dipping to the $43,700 level, the cryptocurrency continued its record-shattering rally that was turbocharged by the big Tesla news at the beginning of the week.
Coinbase premium
Coinbase Pro's Bitcoin premium went through the roof, reaching as high as $500 earlier today as noted by analyst Lex Moskovski. This is believed to be a bullish indicator since it shows buying pressure from whales on America's largest exchange.
MasterCard's pivot to crypto
MasterCard, the second-largest payment network in the world, recently announced that it would start accepting cryptocurrencies:
We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work.
BNY Melon unveils its Bitcoin plans
If this week were not big enough for Bitcoin, the Bank of New York Mellon, a major Wall Street player, has just made its Bitcoin plans public.
The shares of both BNY Mellon and Mastercard are now up more than two percent after adopting Bitcoin.
Crypto Traders Might Find Familiar Playbook In GameStop Hearing Today
The GameStop (GME) saga is set to take another twist as a trader prepares to tell the American House of Representatives that social media has allowed retail traders to leveling the playing field with their bitter Wall Street rivals, a strategy that is also coming good for thousands of crypto investors in the locked-down world of the coronavirus pandemic.
In a virtual hearing of the House’s Financial Committee entitled Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, a number of the saga’s key players will make their voices heard, including Reddit’s CEO and co-founder Steve Huffman and the under-fire Robinhood CEO Vlad Tenev, whose firm is also suspected of hoarding a 28% share in the runaway dogecoin (DOGE) token.
Social media-related activities have also seen the prices of tokens like the meme-themed DOGE token skyrocket, as some investors attempt to turn the tides of volatility in their favor.
Wall Street managers have accused r/WallStreetBets, a Reddit community, or "subreddit," and others of what amounts to “market manipulation.”
Meltem Demirors, Chief Strategy Officer at CoinShares, appeared set to grab the popcorn in anticipation of the hearing, calling the testimony “truly, a fine work of performance art,” and tweeting,
“Tomorrow’s hearing is going to be a circus and I, for one, am going to be glued to my screen.”
So much of a circus, in fact, that it may end up becoming a scene in the forthcoming WallStreetBets-themed movie.
Indeed, prepared statements show little in the way of remorse, indicating that many of the key players are unbent going into the hearing – and still have Wall Street locked in their crosshairs.
Instigator-in-chief Roaring Kitty (real name Keith Gill) is also set to testify and in prepared testimony, he spoke out in defense of the trade, stating that the committee would be better off investigating Wall Street’s “potentially manipulative shorting practices.”
He also defended his own bullish and outspoken social media activities, claiming,
“The idea that I used social media to promote GameStop stock to unwitting investors is preposterous. Hedge funds and other Wall Street firms have teams of analysts working together to compile research and critique investment ideas, while individual investors have not had that advantage.”
Gill added,
“Social media platforms like YouTube, Twitter and WallStreetBets on Reddit are leveling the playing field. And in a year of quarantines and COVID, engaging with other investors on social media was a safe way to socialize. We had fun.”
Sounds similar to what hoards of crypto traders are doing every day, or more or less 24/7.
Huffman, meanwhile, jumped to his social media platform’s defense in his own testimony – and that of its users. The WallStreetBets subreddit has been one of the most active communities on Reddit for months, and was the epicenter of the unprecedented pump on GameStop shares – a move that shook Wall Street to the core.
The Reddit supremo opined that “it is important to protect online communities like WallStreetBets.”
He added,
“WallStreetBets may look sophomoric or chaotic from the outside, but the fact that we are here today means they’ve managed to raise important issues about fairness and opportunity in our financial system. I’m proud they used Reddit to do so.”
The subreddit has now over 9.1m members. It had less than 3m members at the end of January.
And other witnesses have already had their two cents on the matter prior to the hearing – which commences at midday in Washington DC (17:00 UTC).
The GameStop (GME) saga is set to take another twist as a trader prepares to tell the American House of Representatives that social media has allowed retail traders to leveling the playing field with their bitter Wall Street rivals, a strategy that is also coming good for thousands of crypto investors in the locked-down world of the coronavirus pandemic.
In a virtual hearing of the House’s Financial Committee entitled Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, a number of the saga’s key players will make their voices heard, including Reddit’s CEO and co-founder Steve Huffman and the under-fire Robinhood CEO Vlad Tenev, whose firm is also suspected of hoarding a 28% share in the runaway dogecoin (DOGE) token.
Social media-related activities have also seen the prices of tokens like the meme-themed DOGE token skyrocket, as some investors attempt to turn the tides of volatility in their favor.
Wall Street managers have accused r/WallStreetBets, a Reddit community, or "subreddit," and others of what amounts to “market manipulation.”
Meltem Demirors, Chief Strategy Officer at CoinShares, appeared set to grab the popcorn in anticipation of the hearing, calling the testimony “truly, a fine work of performance art,” and tweeting,
“Tomorrow’s hearing is going to be a circus and I, for one, am going to be glued to my screen.”
So much of a circus, in fact, that it may end up becoming a scene in the forthcoming WallStreetBets-themed movie.
Indeed, prepared statements show little in the way of remorse, indicating that many of the key players are unbent going into the hearing – and still have Wall Street locked in their crosshairs.
Instigator-in-chief Roaring Kitty (real name Keith Gill) is also set to testify and in prepared testimony, he spoke out in defense of the trade, stating that the committee would be better off investigating Wall Street’s “potentially manipulative shorting practices.”
He also defended his own bullish and outspoken social media activities, claiming,
“The idea that I used social media to promote GameStop stock to unwitting investors is preposterous. Hedge funds and other Wall Street firms have teams of analysts working together to compile research and critique investment ideas, while individual investors have not had that advantage.”
Gill added,
“Social media platforms like YouTube, Twitter and WallStreetBets on Reddit are leveling the playing field. And in a year of quarantines and COVID, engaging with other investors on social media was a safe way to socialize. We had fun.”
Sounds similar to what hoards of crypto traders are doing every day, or more or less 24/7.
Huffman, meanwhile, jumped to his social media platform’s defense in his own testimony – and that of its users. The WallStreetBets subreddit has been one of the most active communities on Reddit for months, and was the epicenter of the unprecedented pump on GameStop shares – a move that shook Wall Street to the core.
The Reddit supremo opined that “it is important to protect online communities like WallStreetBets.”
He added,
“WallStreetBets may look sophomoric or chaotic from the outside, but the fact that we are here today means they’ve managed to raise important issues about fairness and opportunity in our financial system. I’m proud they used Reddit to do so.”
The subreddit has now over 9.1m members. It had less than 3m members at the end of January.
And other witnesses have already had their two cents on the matter prior to the hearing – which commences at midday in Washington DC (17:00 UTC).
Microstrategy Is Not For Microsoft and 20 Crypto Jokes
As bitcoin (BTC) soared over USD 50,000 this week, American politicians engaged in a high-stakes crypto pledge wars, while MicroStrategy raised over USD 1bn for its bitcoin purchases. The world’s largest asset manager, BlackRock, started “to dabble a bit’’ in bitcoin, even though Microsoft said it has no plan to follow in Tesla’s footsteps.
Amongst those who do have a bitcoin strategy was an unlikely duo of German Deutsche Bank and cannabis company SynBiotic, and PwC researchers found that the move also interests several Mexican companies. Lottery Giant 500.com acquired Bitcoin miner BTC.com, while more Chinese non-crypto firms entered Bitcoin and Ethereum mining. Despite the impressive run past USD 51,000, many overexuberant traders got burned as well, as USD 1.9 worth of crypto was liquidated in a day.
Last but not least, Elon Musk once again made headlines concerning Dogecoin ownership and whales, one of which is suspected to be Robinhood trading platform. Already defunct New Zealand cryptocurrency exchange Cryptopia got hacked once again, while Verge (XVG) cryptocurrency suffered yet another attack. Finally, Cardano’s Charles Hoskinson doubled-down on his criticisms of Ethereum, stating that concepts like ‘’the network effect’’ do not exist.
It’s only natural that such a fruitful week has left us with yet another sweet collection of crypto memes.
As bitcoin (BTC) soared over USD 50,000 this week, American politicians engaged in a high-stakes crypto pledge wars, while MicroStrategy raised over USD 1bn for its bitcoin purchases. The world’s largest asset manager, BlackRock, started “to dabble a bit’’ in bitcoin, even though Microsoft said it has no plan to follow in Tesla’s footsteps.
Amongst those who do have a bitcoin strategy was an unlikely duo of German Deutsche Bank and cannabis company SynBiotic, and PwC researchers found that the move also interests several Mexican companies. Lottery Giant 500.com acquired Bitcoin miner BTC.com, while more Chinese non-crypto firms entered Bitcoin and Ethereum mining. Despite the impressive run past USD 51,000, many overexuberant traders got burned as well, as USD 1.9 worth of crypto was liquidated in a day.
Last but not least, Elon Musk once again made headlines concerning Dogecoin ownership and whales, one of which is suspected to be Robinhood trading platform. Already defunct New Zealand cryptocurrency exchange Cryptopia got hacked once again, while Verge (XVG) cryptocurrency suffered yet another attack. Finally, Cardano’s Charles Hoskinson doubled-down on his criticisms of Ethereum, stating that concepts like ‘’the network effect’’ do not exist.
It’s only natural that such a fruitful week has left us with yet another sweet collection of crypto memes.
OKEx wallet integrates Unstoppable Domains to improve UX and enable faster payments
OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce the wallet integration of leading blockchain domain provider Unstoppable Domains. As of now, rather than having to share a lengthy combination of letters and numbers to receive payment to their OKEx wallet, users can simply provide a domain name, like jon.crypto or ema.zil.
Another key benefit of this integration is that users can receive any cryptocurrency supported by both OKEx wallet and Unstoppable Domains to the same domain — rather than having to provide separate 40-character addresses for payment in different currencies. This greatly simplifies the user experience and makes sending and receiving payments faster and easier.
Blockchain domains are also censorship-resistant. Unlike regular domains on the existing internet that can be taken offline, it is impossible to deplatform on the decentralized web. No one can access or take down a domain other than its owner. As a San Francisco-based company backed by Draper Associates and Boost VC, Unstoppable Domains is on a mission to "set the internet free," and has received grants from both the Ethereum and Zilliqa Foundations.
"The integration of OKEx's wallet with Unstoppable Domains highlights our commitment to simplifying the user experience and helping onboard more people to crypto. It also demonstrates OKEx's continued support for the furtherment of the decentralized web. Along with additional upgrades to the exchange, such as real-time settlement for all futures and perpetual swaps, we're making key strides in improving the trading experience for all," commented OKEx CEO Jay Hao.
As a pioneer in Web 3.0, Unstoppable Domains has already launched thousands of websites in the decentralized web, registering more than 250,000 domains to date. The integration with OKEx wallet will help to set a new standard for crypto wallets and drive blockchain domains into the crypto mainstream.
For a step-by-step guide on how to use Unstoppable Domains, please visit this tutorial📚 https://www.okex.com/academy/en/how-to-withdraw-btc-eth-and-more-using-unstoppable-domains-on-okex
👉Sign up here: https://www.okex.com/account/login?channelId=ACE503695
✨ Receive $10 in free BTC when you complete your first crypto purchase of $100 or more!
OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is pleased to announce the wallet integration of leading blockchain domain provider Unstoppable Domains. As of now, rather than having to share a lengthy combination of letters and numbers to receive payment to their OKEx wallet, users can simply provide a domain name, like jon.crypto or ema.zil.
Another key benefit of this integration is that users can receive any cryptocurrency supported by both OKEx wallet and Unstoppable Domains to the same domain — rather than having to provide separate 40-character addresses for payment in different currencies. This greatly simplifies the user experience and makes sending and receiving payments faster and easier.
Blockchain domains are also censorship-resistant. Unlike regular domains on the existing internet that can be taken offline, it is impossible to deplatform on the decentralized web. No one can access or take down a domain other than its owner. As a San Francisco-based company backed by Draper Associates and Boost VC, Unstoppable Domains is on a mission to "set the internet free," and has received grants from both the Ethereum and Zilliqa Foundations.
"The integration of OKEx's wallet with Unstoppable Domains highlights our commitment to simplifying the user experience and helping onboard more people to crypto. It also demonstrates OKEx's continued support for the furtherment of the decentralized web. Along with additional upgrades to the exchange, such as real-time settlement for all futures and perpetual swaps, we're making key strides in improving the trading experience for all," commented OKEx CEO Jay Hao.
As a pioneer in Web 3.0, Unstoppable Domains has already launched thousands of websites in the decentralized web, registering more than 250,000 domains to date. The integration with OKEx wallet will help to set a new standard for crypto wallets and drive blockchain domains into the crypto mainstream.
For a step-by-step guide on how to use Unstoppable Domains, please visit this tutorial📚 https://www.okex.com/academy/en/how-to-withdraw-btc-eth-and-more-using-unstoppable-domains-on-okex
👉Sign up here: https://www.okex.com/account/login?channelId=ACE503695
✨ Receive $10 in free BTC when you complete your first crypto purchase of $100 or more!
OKEx Academy
How to withdraw BTC, ETH and more using Unstoppable Domains on OKEx
Withdraw BTC, ETH and other crypto assets easily using human-friendly domains with OKEx.
Is Binance Coin (BNB) the New Ethereum (ETH)? Why BNB Surged Fast At 3rd Position?
Looks like Binance Coin (BNB) is all set to eat into the market share of Ethereum (ETH)! Binance coin (BNB), the native cryptocurrency of the Binance Smart Chain has entered an indomitable price rally over the last few days. Today, the BNB price surge another 50% flipping Tether (USDT) as the third-largest cryptocurrency by market cap.
The Binance Coin (BNB) Price has shot another 50% today hitting its all-time high above $250 with its market cap now at over $40 billion. However, let’s take a look into what’s driving the mania behind the solid bull run of Binance Coin (BNB).
As we know that with the DeFi craze at its peak, the demand for decentralized exchanges (DExs) like UniSwap has been going high.
However, as the Ethereum blockchain continues to dominate the DeFi space, it is unable to cater to the mad rush in DeFi. The result is ETH gas fee has shot to the roof over the last few weeks.
Since the beginning of February 2021, the ETH average transaction fee has continuously stayed above $20, as per BitInfo Charts. While it has been an ideal scenario for the ETH miners who have been minting huge money, it is definitely putting some big weight on the wallets of DeFi investors.
Interestingly, investors are now looking for alternatives to other Ethereum competitors. Thus, Ethereum’s loss has ultimately translated to some huge gains for the Binance Smart Chain (BSC).
PancakeSwap Overtakes UniSwap As The Biggest DEX By Trading Volume
Well, some popular Ethereum-based DEXs like UniSwap are facing the brunt of the rising gas fee. The result is BSC-based DEXs like PancakeSwap has overtaken UnisSwap in terms of the daily trading volume.
👇👇👇
Read More
Looks like Binance Coin (BNB) is all set to eat into the market share of Ethereum (ETH)! Binance coin (BNB), the native cryptocurrency of the Binance Smart Chain has entered an indomitable price rally over the last few days. Today, the BNB price surge another 50% flipping Tether (USDT) as the third-largest cryptocurrency by market cap.
The Binance Coin (BNB) Price has shot another 50% today hitting its all-time high above $250 with its market cap now at over $40 billion. However, let’s take a look into what’s driving the mania behind the solid bull run of Binance Coin (BNB).
As we know that with the DeFi craze at its peak, the demand for decentralized exchanges (DExs) like UniSwap has been going high.
However, as the Ethereum blockchain continues to dominate the DeFi space, it is unable to cater to the mad rush in DeFi. The result is ETH gas fee has shot to the roof over the last few weeks.
Since the beginning of February 2021, the ETH average transaction fee has continuously stayed above $20, as per BitInfo Charts. While it has been an ideal scenario for the ETH miners who have been minting huge money, it is definitely putting some big weight on the wallets of DeFi investors.
Interestingly, investors are now looking for alternatives to other Ethereum competitors. Thus, Ethereum’s loss has ultimately translated to some huge gains for the Binance Smart Chain (BSC).
PancakeSwap Overtakes UniSwap As The Biggest DEX By Trading Volume
Well, some popular Ethereum-based DEXs like UniSwap are facing the brunt of the rising gas fee. The result is BSC-based DEXs like PancakeSwap has overtaken UnisSwap in terms of the daily trading volume.
👇👇👇
Read More
Coingape
Is Binance Coin (BNB) the New Ethereum (ETH)? Why BNB Surged Fast At 3rd Position?
Looks like Binance Coin (BNB) is all set to eat into the market share of Ethereum (ETH)! Binance coin (BNB), the native cryptocurrency of the Binance Smart
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WaCo (Waste digital coin) solution aims to integrate the consumer with the WaCo APP into the waste chain system. With WaCo, consumers enjoy benefits while disposing of wastes. The idea is to reward users with cryptocurrency tokens after successfully disposing of their waste. In exchange, crucial data will be obtained from consumers, such as customer patterns, accumulation and handling of waste, and availability of disposed products to feed the recycling industry. The information obtained from the consumers can be used by stakeholders such as the recycling industry, consumer goods manufacturers, and government bodies in charge of waste collection policies.
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WaCo Token (WaCo) will launch IEO with ProBit Exchange!
IEO Info:
Price $1.00
Phase Start time 2021-03-03 12:00 KST
Phase End time 2021-03-09 12:00 KST
Bonus rate (other quote currencies) 15%
Bonus rate (PROB) 20%
Real time waste tracking
Blockchain allows real-time waste tracking.
Revolutionizing waste management
with blockchian technology
Nobody will hate the idea of getting a reward for disposing of wastes.
Waste disposal
Waste disposal is the event that occurs when the waste passes from the consumer to the collector.
Our Latest News
Recycling for profit : https://waco-token.com/recycling-for-profit
People and eco-frinedly waste managment system
https://waco-token.com/people-and-eco-frinedly-waste-managment-system
Turning waste into a resource is key to a circular economy
https://waco-token.com/turning-waste-into-a-resource-is-key-to-a-circular-economy
World’s 2-billion-ton trash problem
https://waco-token.com/worlds-2-billion-ton-trash-problem
✅ Website: https://waco-token.com
✅ Facebook: https://www.facebook.com/WaCoToken
✅ Instagram: https://www.instagram.com/waco_token/
✅ Telegram: https://t.me/WaCo_Coin
✅ Twitter: @WaCo07055348
✅ Whitepaper: https://waco-token.com/whitepaper
WaCo Token (WaCo) will launch IEO with ProBit Exchange!
IEO Info:
Price $1.00
Phase Start time 2021-03-03 12:00 KST
Phase End time 2021-03-09 12:00 KST
Bonus rate (other quote currencies) 15%
Bonus rate (PROB) 20%
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Here Are the Ways Governments Could Attack Bitcoin – and None of them Sound Hot
Experts are starting to muse about the possible strategies governments could use if they ever decided to wage war on Bitcoin (BTC) – and derail an asset whose rise in the past few months has been nothing short of meteoric.
PayPal’s crypto plunge last year (set to expand in 2021) and Tesla’s decision to purchase USD 1.5bn worth of bitcoin have arguably been watershed moments for the token – bringing it to mainstream conversations around the world. But some undoubtedly feel that the BTC movement has grown too big for its boots, and could plot its demise.
Should a government decide to side with this latter group, how could it go about attacking BTC?
Per a Quillette opinion piece, Alex Gladstein, a prominent BTC advocate and the chief strategy officer at the Human Rights Foundation, a non-profit that claims to support civil liberties in authoritarian societies, governments may have limited options when it comes to fighting BTC, as it appears strong on the protocol level.
However, governments are far from powerless, and could attempt to seize power through taking “control of a majority of the bitcoin hashrate” – a little stunt that would cost a government some USD 5bn in hardware purchases alone.
But Gladstein all but discounted this possibility, noting that it would not enable governments “to change the bitcoin consensus rules, or print more bitcoin or steal anyone’s holdings.”
Such an “exotic assault,” would also disrupt the “world’s few semiconductor manufacturers” – already flat out at work on other projects, requiring them to instead contribute “to this very speculative purpose,” he wrote.
However, BlockTower Capital founder Ari Paul has a different opinion.
Experts are starting to muse about the possible strategies governments could use if they ever decided to wage war on Bitcoin (BTC) – and derail an asset whose rise in the past few months has been nothing short of meteoric.
PayPal’s crypto plunge last year (set to expand in 2021) and Tesla’s decision to purchase USD 1.5bn worth of bitcoin have arguably been watershed moments for the token – bringing it to mainstream conversations around the world. But some undoubtedly feel that the BTC movement has grown too big for its boots, and could plot its demise.
Should a government decide to side with this latter group, how could it go about attacking BTC?
Per a Quillette opinion piece, Alex Gladstein, a prominent BTC advocate and the chief strategy officer at the Human Rights Foundation, a non-profit that claims to support civil liberties in authoritarian societies, governments may have limited options when it comes to fighting BTC, as it appears strong on the protocol level.
However, governments are far from powerless, and could attempt to seize power through taking “control of a majority of the bitcoin hashrate” – a little stunt that would cost a government some USD 5bn in hardware purchases alone.
But Gladstein all but discounted this possibility, noting that it would not enable governments “to change the bitcoin consensus rules, or print more bitcoin or steal anyone’s holdings.”
Such an “exotic assault,” would also disrupt the “world’s few semiconductor manufacturers” – already flat out at work on other projects, requiring them to instead contribute “to this very speculative purpose,” he wrote.
However, BlockTower Capital founder Ari Paul has a different opinion.
🎉 Currency.com crypto exchange celebrates its second birthday!
Currency.com has shown significant growth during the two years of operation, becoming the largest cryptocurrency exchange in the CIS.
‼️ In 2020:
- The number of clients grew from 50,000 to 250,000.
- The number of deposits increased threefold.
- In December 2020, the trading volume reached $2.6bn, which is higher than for the entire 2019.
- The maximum daily trading volume reached $120m.
- In 2020, Currency Com Limited was authorised by the Gibraltar Financial Services Commission (GFSC). The company was also registered by the FINTRAC (Canada) and by the FinCEN (USA), which enabled it to provide its services in Canada and the US respectively.
Join Currency.com! 🚀
Currency.com has shown significant growth during the two years of operation, becoming the largest cryptocurrency exchange in the CIS.
‼️ In 2020:
- The number of clients grew from 50,000 to 250,000.
- The number of deposits increased threefold.
- In December 2020, the trading volume reached $2.6bn, which is higher than for the entire 2019.
- The maximum daily trading volume reached $120m.
- In 2020, Currency Com Limited was authorised by the Gibraltar Financial Services Commission (GFSC). The company was also registered by the FINTRAC (Canada) and by the FinCEN (USA), which enabled it to provide its services in Canada and the US respectively.
Join Currency.com! 🚀
Bitcoiners Strike Back At Craig Wright & His Lawyers
Anything involving Australian computer scientist Craig Wright, known as Faketoshi due to his unproven claims that he's in fact Bitcoin (BTC) creator Satoshi Nakamoto, turns into a baffling saga.
UK-based litigation law firm Ontier representing Wright's Tulip Trading Limited (TTL), received or about to receive a response from the US-based law firm Anderson Kill on behalf of their client, FastBitcoins' founder Danny Brewster - offering Wright a choice: admit the disputed BTC is not his, and "unnecessary litigations" may be avoided.
"You and your clients Tulip Trading Limited and Craig Steven Wright, and their agents, are hereby placed on notice that our client and many others similarly situated have an equitable interest in the bitcoins held at the 1Feex address to which Mt. Gox's stolen funds were drained in an amount not less than, and likely exceeding USD 17.5m," said the letter by Anderson Kill lawyers to Ontier, shared online by Brewster, a victim of the 2011 Mt. Gox hack.
The letter, signed by the firm's partners Preston Byrne and Stephen Palley, goes on to say that:
TTL and Wright owe Brewster the legal and equitable duty to hold any funds the former two have received on Bitcoin or any fork, on constructive trust for Brewster and "others similarly situated";
Brewster reserves the rights to, among others, seek an asset preservation order and to bring suit against TTL and Wright for conversion;
Ontier's clients and their agents are requested to preserve all evidence related to the dispute, adding that "failure to comply with this obligation will result in severe sanctions associated with and arising out of spoliation of evidence."
This followed the UK-based litigation law firm Ontier announcement of the start of legal proceedings against a number of unspecified Bitcoin, Bitcoin Cash (BCH), Bitcoin ABC (BCH ABC) and Bitcoin SV (BSV) developers on behalf of TTL, which is controlled by Wright - requesting that these developers deploy code to enable TTL to "regain access to and control of its bitcoin," allegedly stolen from Wright in February 2020.
The Anderson Kill letter, however, notes that,
if Ontier's "client is not in fact the owner of the bitcoin in the 1Feex address, our client has rather less to quarrel about with you and may be willing to adopt a more conciliatory attitude in this matter," while "any unnecessary litigation" may be avoided if TTL/Wright confirm they never controlled the address.
Mark Karpelès, the founder of the infamous, fallen Bitcoin exchange Mt. Gox, chimed in as well, writing that "someone is finally calling Craig Wright's bluff regarding the 1Feex bitcoins." Karpelès added that he has "no doubt those coins were stolen from Mt. Gox in 2011, which means CSW's alleged ownership is invalid and some would call his claim fraudulent."
In the meantime, Wright has faced a number of legal issues of his own over the years, one of the most prominent being the long battle with his late partner Dave Kleiman’s estate.
Anything involving Australian computer scientist Craig Wright, known as Faketoshi due to his unproven claims that he's in fact Bitcoin (BTC) creator Satoshi Nakamoto, turns into a baffling saga.
UK-based litigation law firm Ontier representing Wright's Tulip Trading Limited (TTL), received or about to receive a response from the US-based law firm Anderson Kill on behalf of their client, FastBitcoins' founder Danny Brewster - offering Wright a choice: admit the disputed BTC is not his, and "unnecessary litigations" may be avoided.
"You and your clients Tulip Trading Limited and Craig Steven Wright, and their agents, are hereby placed on notice that our client and many others similarly situated have an equitable interest in the bitcoins held at the 1Feex address to which Mt. Gox's stolen funds were drained in an amount not less than, and likely exceeding USD 17.5m," said the letter by Anderson Kill lawyers to Ontier, shared online by Brewster, a victim of the 2011 Mt. Gox hack.
The letter, signed by the firm's partners Preston Byrne and Stephen Palley, goes on to say that:
TTL and Wright owe Brewster the legal and equitable duty to hold any funds the former two have received on Bitcoin or any fork, on constructive trust for Brewster and "others similarly situated";
Brewster reserves the rights to, among others, seek an asset preservation order and to bring suit against TTL and Wright for conversion;
Ontier's clients and their agents are requested to preserve all evidence related to the dispute, adding that "failure to comply with this obligation will result in severe sanctions associated with and arising out of spoliation of evidence."
This followed the UK-based litigation law firm Ontier announcement of the start of legal proceedings against a number of unspecified Bitcoin, Bitcoin Cash (BCH), Bitcoin ABC (BCH ABC) and Bitcoin SV (BSV) developers on behalf of TTL, which is controlled by Wright - requesting that these developers deploy code to enable TTL to "regain access to and control of its bitcoin," allegedly stolen from Wright in February 2020.
The Anderson Kill letter, however, notes that,
if Ontier's "client is not in fact the owner of the bitcoin in the 1Feex address, our client has rather less to quarrel about with you and may be willing to adopt a more conciliatory attitude in this matter," while "any unnecessary litigation" may be avoided if TTL/Wright confirm they never controlled the address.
Mark Karpelès, the founder of the infamous, fallen Bitcoin exchange Mt. Gox, chimed in as well, writing that "someone is finally calling Craig Wright's bluff regarding the 1Feex bitcoins." Karpelès added that he has "no doubt those coins were stolen from Mt. Gox in 2011, which means CSW's alleged ownership is invalid and some would call his claim fraudulent."
In the meantime, Wright has faced a number of legal issues of his own over the years, one of the most prominent being the long battle with his late partner Dave Kleiman’s estate.
MIT, Jack Dorsey & More Pour Resources into Bitcoin Development Efforts
Forward-thinking innovators are looking for new ways to power Bitcoin (BTC) development, with one of the world’s biggest tech universities, IT CEOs and entrepreneurial pop stars all turning their attention to the betterment of the Bitcoin network.
In the latest development, the Massachusetts Institute of Technology (MIT) has waded in via its MIT Media Lab-run Digital Currency Initiative (DCI).
The DCI has announced that as part of its new Bitcoin Software and Security Effort project, it will embark on a “four-year research and development program” to “harden the Bitcoin network and steward the industry's commitment to funding open-source software.
The DCI stated that it would be working with “industry leaders” on its initiative, which will see its project group work on Bitcoin Core development by “attracting domain experts in network and operating system security, compilers, programming languages and more to join the effort.”
The MIT group stated that it had already raised USD 4m worth of funding to help its cause, and hoped to raise double this amount over the long-term, with contributions coming from a number of leading BTC proponents and industry players – such as Twitter and Square chief Jack Dorsey, Fidelity Digital Assets, CoinShares, Cameron and Tyler Winklevoss of the Gemini group of crypto companies and perennial BTC bull Michael Saylor, the head of MicroStrategy and an MIT graduate.
The DCI project will see the collective “move from three to eight” senior Bitcoin developers and research professionals, bolster the system against software-based attack threats and inflation risks, as well as build up “long-term defenses against layer-1 Bitcoin Core bugs.”
Saylor, in typically pro-BTC mood, stated,
“Bitcoin is the most important innovation since the advent of the internet.”
But the MIT project is not the only big business-powered initiative aiming to shore up Bitcoin against future-related risks and network issues. Earlier this month, Dorsey and rap superstar Jay-Z announced that they would be stumping up BTC 500 (USD 23m) to the ₿trust, another Bitcoin development drive that will initially focus on bolstering teams in Africa and India.
Dorsey has also launched his own development initiative through Square’s Square Crypto unit, which is seeking to improve the Bitcoin user experience for ordinary participants.
Earlier this week, the Twitter boss splashed out a further BTC 1 contribution to the Brink initiative, a donation-funded Bitcoin network R&D drive, and a frequent recipient of Square Crypto funding. The Human Rights Foundation, Kraken and Gemini are also among supporters of the Brink drive.
Forward-thinking innovators are looking for new ways to power Bitcoin (BTC) development, with one of the world’s biggest tech universities, IT CEOs and entrepreneurial pop stars all turning their attention to the betterment of the Bitcoin network.
In the latest development, the Massachusetts Institute of Technology (MIT) has waded in via its MIT Media Lab-run Digital Currency Initiative (DCI).
The DCI has announced that as part of its new Bitcoin Software and Security Effort project, it will embark on a “four-year research and development program” to “harden the Bitcoin network and steward the industry's commitment to funding open-source software.
The DCI stated that it would be working with “industry leaders” on its initiative, which will see its project group work on Bitcoin Core development by “attracting domain experts in network and operating system security, compilers, programming languages and more to join the effort.”
The MIT group stated that it had already raised USD 4m worth of funding to help its cause, and hoped to raise double this amount over the long-term, with contributions coming from a number of leading BTC proponents and industry players – such as Twitter and Square chief Jack Dorsey, Fidelity Digital Assets, CoinShares, Cameron and Tyler Winklevoss of the Gemini group of crypto companies and perennial BTC bull Michael Saylor, the head of MicroStrategy and an MIT graduate.
The DCI project will see the collective “move from three to eight” senior Bitcoin developers and research professionals, bolster the system against software-based attack threats and inflation risks, as well as build up “long-term defenses against layer-1 Bitcoin Core bugs.”
Saylor, in typically pro-BTC mood, stated,
“Bitcoin is the most important innovation since the advent of the internet.”
But the MIT project is not the only big business-powered initiative aiming to shore up Bitcoin against future-related risks and network issues. Earlier this month, Dorsey and rap superstar Jay-Z announced that they would be stumping up BTC 500 (USD 23m) to the ₿trust, another Bitcoin development drive that will initially focus on bolstering teams in Africa and India.
Dorsey has also launched his own development initiative through Square’s Square Crypto unit, which is seeking to improve the Bitcoin user experience for ordinary participants.
Earlier this week, the Twitter boss splashed out a further BTC 1 contribution to the Brink initiative, a donation-funded Bitcoin network R&D drive, and a frequent recipient of Square Crypto funding. The Human Rights Foundation, Kraken and Gemini are also among supporters of the Brink drive.
Improve your health and get rewarded!
❇️ The Actina Coin project aims to create an ecosystem to bring an innovative solution helping to solve the global health issue our modern society faces.
❇️ Coupled with different apps and platforms, such as the innovative health platform ActinApp, the Actina Coin offers solutions that will motivate and educate people on the importance of living a healthy and active life and being part of a holistic lifestyle transformation for the present and future generations.
❇️ The more physical activity, the more purchasing opportunity for the user, creating incentive and motivation to be active. For instance, on ActinApp, users earn points from logging a physical activity. They will be able to convert their earned points into Actina coins and purchase goods with discounts and special offers.
❇️ Actina’s deployment to other platforms in the fields of sports, health and education will further increase the speed of engaging people into a more active lifestyle through different innovative smart reward techniques and stores. This increasing use of the Actina coin will, in turn, favour its utility and value over time.
In order to support the development of the Actina coin, several apps are being created. The main current projects are:
🔸Actina Wallet
is a centralized wallet for the users to manage their Actina rewards from all platforms in one place. Also directly linked to the Actina store, the wallet allows the user to identify the merchants offering Actina discounts and receive special offers.
🔸Actina Store
where all the merchants participating in the Actina reward system, offer discounts in Actina to the customers.
🔸ActiCount
a simple step counter app, easy to use and non-intrusive app, for the user who wants to monitor his activity and receive Actina rewards directly from the mobile phone, without social network.
🔸ActinApp
a health and sports platform based on MECS: Motivate, Educate, Challenge and Stimulate. It is a platform designed to build a happier, healthier, more self-confident and physically fitter population. ActinApp will be implementing the Actina reward system and showcase its potential.
✅ Website: https://actina.io
✅ Instagram: https://www.instagram.com/actinaofficial
✅ Telegram: https://t.me/Actina_IEO_Group
✅ Twitter: https://twitter.com/ActinaOfficial
✅ Whitepaper: https://actina.io/#whitepaper
❇️ The Actina Coin project aims to create an ecosystem to bring an innovative solution helping to solve the global health issue our modern society faces.
❇️ Coupled with different apps and platforms, such as the innovative health platform ActinApp, the Actina Coin offers solutions that will motivate and educate people on the importance of living a healthy and active life and being part of a holistic lifestyle transformation for the present and future generations.
❇️ The more physical activity, the more purchasing opportunity for the user, creating incentive and motivation to be active. For instance, on ActinApp, users earn points from logging a physical activity. They will be able to convert their earned points into Actina coins and purchase goods with discounts and special offers.
❇️ Actina’s deployment to other platforms in the fields of sports, health and education will further increase the speed of engaging people into a more active lifestyle through different innovative smart reward techniques and stores. This increasing use of the Actina coin will, in turn, favour its utility and value over time.
In order to support the development of the Actina coin, several apps are being created. The main current projects are:
🔸Actina Wallet
is a centralized wallet for the users to manage their Actina rewards from all platforms in one place. Also directly linked to the Actina store, the wallet allows the user to identify the merchants offering Actina discounts and receive special offers.
🔸Actina Store
where all the merchants participating in the Actina reward system, offer discounts in Actina to the customers.
🔸ActiCount
a simple step counter app, easy to use and non-intrusive app, for the user who wants to monitor his activity and receive Actina rewards directly from the mobile phone, without social network.
🔸ActinApp
a health and sports platform based on MECS: Motivate, Educate, Challenge and Stimulate. It is a platform designed to build a happier, healthier, more self-confident and physically fitter population. ActinApp will be implementing the Actina reward system and showcase its potential.
✅ Website: https://actina.io
✅ Instagram: https://www.instagram.com/actinaofficial
✅ Telegram: https://t.me/Actina_IEO_Group
✅ Twitter: https://twitter.com/ActinaOfficial
✅ Whitepaper: https://actina.io/#whitepaper
Grayscale Eyes Altcoins Amid Increasing Competition For Bitcoin Investments
As Bitcoin (BTC) exchange-traded funds (ETFs) are gaining traction in Canada, new competitors for Grayscale emerge, the company is increasingly eyeing altcoins. (Updated at 16:17 UTC: updates throughout the entire text.)
The major crypto asset management firm owned by Digital Currency Group (DCG) has confirmed that they're looking into at least 23 different digital assets "for potential new product offerings," as the press release stated.
There is no guarantee that assets named in the above list will receive a corresponding investment product, the company stressed. "The process of creating an investment product structured similarly to those Grayscale already offers requires significant review and consideration, and is subject to substantial internal controls, sufficiently secure custody arrangements, and regulatory considerations," it said.
Any newly-created products from Grayscale will be announced separately upon launch.
Meanwhile, the world’s largest BTC fund is selling off as investors rush to the exits. Per Bloomberg data, the USD 31.6bn Grayscale Bitcoin Trust dropped 21% this week, outpacing bitcoin's own decline (currently 12% in the last week). The trust holds over BTC 655,750 (USD 31bn).
"It's more indicative of the fact that there are so many shares are available, and it indicates demand for bitcoin at these prices is falling off," said Bloomberg Intelligence analyst James Seyffart.
Sonnenshein discussed the risk of GBTC's premium disappearing at the Bloomberg Crypto Summit on Thursday, saying: "It’s certainly a risk, no question about it, but ultimately price discovery in GBTC every day is driven entirely by market forces."
Grayscale’s trusts help investors to get exposure to cryptoassets through a more traditional investment vehicle by buying its publicly listed shares. These trusts hold the underlying cryptoasset while the value of each share of a trust is dependent on the amount of cryptoasset under management.
As Bitcoin (BTC) exchange-traded funds (ETFs) are gaining traction in Canada, new competitors for Grayscale emerge, the company is increasingly eyeing altcoins. (Updated at 16:17 UTC: updates throughout the entire text.)
The major crypto asset management firm owned by Digital Currency Group (DCG) has confirmed that they're looking into at least 23 different digital assets "for potential new product offerings," as the press release stated.
There is no guarantee that assets named in the above list will receive a corresponding investment product, the company stressed. "The process of creating an investment product structured similarly to those Grayscale already offers requires significant review and consideration, and is subject to substantial internal controls, sufficiently secure custody arrangements, and regulatory considerations," it said.
Any newly-created products from Grayscale will be announced separately upon launch.
Meanwhile, the world’s largest BTC fund is selling off as investors rush to the exits. Per Bloomberg data, the USD 31.6bn Grayscale Bitcoin Trust dropped 21% this week, outpacing bitcoin's own decline (currently 12% in the last week). The trust holds over BTC 655,750 (USD 31bn).
"It's more indicative of the fact that there are so many shares are available, and it indicates demand for bitcoin at these prices is falling off," said Bloomberg Intelligence analyst James Seyffart.
Sonnenshein discussed the risk of GBTC's premium disappearing at the Bloomberg Crypto Summit on Thursday, saying: "It’s certainly a risk, no question about it, but ultimately price discovery in GBTC every day is driven entirely by market forces."
Grayscale’s trusts help investors to get exposure to cryptoassets through a more traditional investment vehicle by buying its publicly listed shares. These trusts hold the underlying cryptoasset while the value of each share of a trust is dependent on the amount of cryptoasset under management.
International Trade, Made Easy!
Shipit pro is the world’s first full-scale eCommerce services platform and application enabling sellers from European Union (EU) and importers from 3rd countries to sell into the EU with a fast, transparent, and seamless process that is secured with blockchain-based timestamps.
Shipit pro goes beyond the state-of-the-art by offering the following benefits:
1️⃣ TRANSPARENT AND SECURE DATA FLOW
After the customer has confirmed the order, all of the data is timestamped with blockchain middleware to make sure that the data cannot be tampered with after the sale has been finalized. This guarantees that the correct eDeclaration is forwarded to the EU customs authorities. Currently, no other competitor on the market offers an eCommerce service that is secured with blockchain middleware
2️⃣ FULL-SCALE SOLUTION FOR THE CROSSBORDER GOODS MOVEMENT CHAIN
When the customer orders a product from an eShop, the cost of the product is displayed together with VAT & import duty costs, delivery costs, optional insurance costs, CO2 emissions for the product, and any other related costs. The AI based HS classification function guarantees that the product is correctly classified, correct VAT & import duties are shown, and the correct eDeclaration is automatically generated. Currently, separate software is needed by eCommerce platforms and marketplaces to complete their orders and separate integrations with these systems is time-consuming and expensive.
3️⃣ SAVINGS ON THE DELIVERY COSTS
Shipit pro is connected with the biggest crossborder eCommerce platforms and marketplaces, which means that the large number of deliveries allow for up to 80% reduction in the standard delivery rates. Shipit pro is integrated with multi carrier and crowd courier networks to offer a green last-mile delivery solution while displaying the total CO2 emissions of the delivery for the customer. Currently, no other solution on the market is offering a similar innovative approach.
Shipit pro aims to be the first on the market to integrate all of the mentioned functions to one platform and secure the data flow with blockchain timestamp middleware.
The components and functions developed during the project will evolve Shipit pro to an independent eCommerce ecosystem.
✅ Website: https://www.shipitpro.io/
✅ Telegram: https://t.me/shipitpro
✅ Whitepaper: CLICK TO READ
Shipit pro is the world’s first full-scale eCommerce services platform and application enabling sellers from European Union (EU) and importers from 3rd countries to sell into the EU with a fast, transparent, and seamless process that is secured with blockchain-based timestamps.
Shipit pro goes beyond the state-of-the-art by offering the following benefits:
1️⃣ TRANSPARENT AND SECURE DATA FLOW
After the customer has confirmed the order, all of the data is timestamped with blockchain middleware to make sure that the data cannot be tampered with after the sale has been finalized. This guarantees that the correct eDeclaration is forwarded to the EU customs authorities. Currently, no other competitor on the market offers an eCommerce service that is secured with blockchain middleware
2️⃣ FULL-SCALE SOLUTION FOR THE CROSSBORDER GOODS MOVEMENT CHAIN
When the customer orders a product from an eShop, the cost of the product is displayed together with VAT & import duty costs, delivery costs, optional insurance costs, CO2 emissions for the product, and any other related costs. The AI based HS classification function guarantees that the product is correctly classified, correct VAT & import duties are shown, and the correct eDeclaration is automatically generated. Currently, separate software is needed by eCommerce platforms and marketplaces to complete their orders and separate integrations with these systems is time-consuming and expensive.
3️⃣ SAVINGS ON THE DELIVERY COSTS
Shipit pro is connected with the biggest crossborder eCommerce platforms and marketplaces, which means that the large number of deliveries allow for up to 80% reduction in the standard delivery rates. Shipit pro is integrated with multi carrier and crowd courier networks to offer a green last-mile delivery solution while displaying the total CO2 emissions of the delivery for the customer. Currently, no other solution on the market is offering a similar innovative approach.
Shipit pro aims to be the first on the market to integrate all of the mentioned functions to one platform and secure the data flow with blockchain timestamp middleware.
The components and functions developed during the project will evolve Shipit pro to an independent eCommerce ecosystem.
✅ Website: https://www.shipitpro.io/
✅ Telegram: https://t.me/shipitpro
✅ Whitepaper: CLICK TO READ
Telegram
Shipit pro
Shipit pro ecommerce ecosystem
Grimes and Paris Hilton Go Full NFT – But Some Warn of Trouble Ahead
The non-fungible token (NFT) gravy train is building up a head of steam in the music and art industry.
Within just hours of dance producer 3Lau posting record-breaking sales of almost USD 12m for a batch of exclusive NFTs, the award-winning Canadian musician Grimes and the celebrity socialite and sometime singer Paris Hilton have clambered aboard. But some are warning that the NFT music and art bubble could be about to pop.
Grimes, who is also famously the partner of Tesla chief and bitcoin (BTC) fan Elon Musk, successfully sold some USD 6m worth of digital art in NFT form via the Nifty Gateway marketplace.
The move is another lurch toward crypto and blockchain technology for the Musk-Grimes family. Musk has taken the BTC plunge, calling it his “safe word” and then investing in USD 1.5bn worth of the token through his Tesla auto-making firm. He also joined the dogecoin (DOGE) hype train, buying tokens for his and Grimes’ son, X Æ A-12.
The news was followed by an announcement from the internet entrepreneur Kim Dotcom, who hinted that he and 1980s star MC Hammer would be working with Hilton on an NFT release that he claimed may fetch up to USD 30m. Hilton claimed that she was “excited” and “fascinated” by the world of NFTs, although her response was met with incredulity by many outspoken crypto advocates.
However, some are warning that the NFT craze could be fleeting.
The EulerBeats music and art project recently raised some USD 458,000 in sales of 27 original NFT tracks, as part of a project from Treum, backed by ConsenSys, on the secondary market. But a Twitter user named Dark Pill observed that “any NFT issuer can devalue your holdings if someone pisses them off.”
Dark Pill was reacting to the news that a developer had “copycatted” EulerBeats’ work on the Binance Smart Chain blockchain protocol.
And this led Constantin Kostenko, the Senior Director of Blockchain Solution Architecture & Strategy at ConsenSys Mesh, and one of the architects of the EulerBeats project, to apparently concede that NFT projects could be undermined with relative ease.
The non-fungible token (NFT) gravy train is building up a head of steam in the music and art industry.
Within just hours of dance producer 3Lau posting record-breaking sales of almost USD 12m for a batch of exclusive NFTs, the award-winning Canadian musician Grimes and the celebrity socialite and sometime singer Paris Hilton have clambered aboard. But some are warning that the NFT music and art bubble could be about to pop.
Grimes, who is also famously the partner of Tesla chief and bitcoin (BTC) fan Elon Musk, successfully sold some USD 6m worth of digital art in NFT form via the Nifty Gateway marketplace.
The move is another lurch toward crypto and blockchain technology for the Musk-Grimes family. Musk has taken the BTC plunge, calling it his “safe word” and then investing in USD 1.5bn worth of the token through his Tesla auto-making firm. He also joined the dogecoin (DOGE) hype train, buying tokens for his and Grimes’ son, X Æ A-12.
The news was followed by an announcement from the internet entrepreneur Kim Dotcom, who hinted that he and 1980s star MC Hammer would be working with Hilton on an NFT release that he claimed may fetch up to USD 30m. Hilton claimed that she was “excited” and “fascinated” by the world of NFTs, although her response was met with incredulity by many outspoken crypto advocates.
However, some are warning that the NFT craze could be fleeting.
The EulerBeats music and art project recently raised some USD 458,000 in sales of 27 original NFT tracks, as part of a project from Treum, backed by ConsenSys, on the secondary market. But a Twitter user named Dark Pill observed that “any NFT issuer can devalue your holdings if someone pisses them off.”
Dark Pill was reacting to the news that a developer had “copycatted” EulerBeats’ work on the Binance Smart Chain blockchain protocol.
And this led Constantin Kostenko, the Senior Director of Blockchain Solution Architecture & Strategy at ConsenSys Mesh, and one of the architects of the EulerBeats project, to apparently concede that NFT projects could be undermined with relative ease.
Canada's Bitcoin ETFs Losing Momentum, But Not Investors' Interest
Bitcoin (BTC) exchange-traded funds (ETFs) in Canada seem to have lost their initial explosive growth, waning with other major plays in the market, but analysts argue that the interest in ETFs is still there.
The Purpose Bitcoin ETF (BTCC) was launched on February 18 as North America’s first ETF, soon picking up the pace and displaying an impressive start. Yet, this pace has largely slowed down since.
Looking at the data provided by on-chain analysis firm Glassnode, on March 3, Purpose Bitcoin ETF recorded inflows of BTC 152.9, worth USD 7.75m.
In comparison, for two days prior, the number of BTC was around 460, while upon the launch, on February 22, Glassnode shows inflows of nearly BTC 2,252, at the time worth USD 121.82m. That is a whopping 1,372.9% drop in the amount of BTC in a bit more than a week.
Glassnode further shows the ETF's holdings on March 3 to be BTC 11,294, currently worth USD 554.7m. Its assets under management (AUM) stood at USD 722m on Wednesday, showing an increase of USD 120m since the beginning of this month. AUM has had a slow rise following the 33.7% jump on February 22.
Evolve Funds Group's Bitcoin ETF (EBIT) launched on the Toronto Stock Exchange a day after BTCC. Per the reports, some USD 3.2m shares traded on Tuesday, down from nearly USD 15m right after its release. According to the website, EBIT's AUM on March 3 was USD 39.985m. Net Asset Value (NAV), which represents the value of all the securities held by the ETF, was USD 24.6m, up 2.94%.
As for the reasons behind these drops, former Merrill Lynch trader Tom Essaye told Bloomberg that there was "a rollover in a lot of the momentum plays in the market — not just Bitcoin, but Tesla and tech stocks more broadly," and the interest is coming out of these plays now.
"The initial surge in interest was evidence of some combination of pent-up demand, investors switching from other means of getting bitcoin exposure, and the fact that bitcoin's price was notching new highs as the Purpose ETF began trading," Ben Johnson, Morningstar's global director of ETF research, said, adding that longer-term, volumes would be correlated with BTC's price.
Mohit Bajaj, director of ETFs for WallachBeth Capital, also told Bloomberg that "some of it is definitely tied to bitcoin fluctuating," but that these ETFs are still young and it will "take time for investors to get comfortable with it."
Additionally, Nate Geraci, president of advisory firm ETF Store, was quoted as saying that "the fading demand is temporary and more reflective of the price of Bitcoin versus lack of interest in the ETFs."
Overall, the launch of the new BTC ETFs helped attract USD 5.2bn to Canadian ETF managers in February, the second-highest month of inflows on record, according to a separate article by Bloomberg reported.
Also, as reported, Evolve Funds Group lowered its management fee on their Bitcoin ETF, initiating a price war.
Meanwhile, Ethereum ETF's might be coming to the country soon. CI Global Asset Management filed a preliminary prospectus for CI Galaxy Ethereum ETF a week ago, while Evolve Funds Group filed its own prospectus for the Ether ETF with the Canadian securities regulators this Tuesday.
At the time of writing (15:41 UTC), BTC trades at USD 49,324 and is down by 2% in a day and 1% in a week, trimming its monthly gains to less than 48%. It rallied by 464% in a year.
Bitcoin (BTC) exchange-traded funds (ETFs) in Canada seem to have lost their initial explosive growth, waning with other major plays in the market, but analysts argue that the interest in ETFs is still there.
The Purpose Bitcoin ETF (BTCC) was launched on February 18 as North America’s first ETF, soon picking up the pace and displaying an impressive start. Yet, this pace has largely slowed down since.
Looking at the data provided by on-chain analysis firm Glassnode, on March 3, Purpose Bitcoin ETF recorded inflows of BTC 152.9, worth USD 7.75m.
In comparison, for two days prior, the number of BTC was around 460, while upon the launch, on February 22, Glassnode shows inflows of nearly BTC 2,252, at the time worth USD 121.82m. That is a whopping 1,372.9% drop in the amount of BTC in a bit more than a week.
Glassnode further shows the ETF's holdings on March 3 to be BTC 11,294, currently worth USD 554.7m. Its assets under management (AUM) stood at USD 722m on Wednesday, showing an increase of USD 120m since the beginning of this month. AUM has had a slow rise following the 33.7% jump on February 22.
Evolve Funds Group's Bitcoin ETF (EBIT) launched on the Toronto Stock Exchange a day after BTCC. Per the reports, some USD 3.2m shares traded on Tuesday, down from nearly USD 15m right after its release. According to the website, EBIT's AUM on March 3 was USD 39.985m. Net Asset Value (NAV), which represents the value of all the securities held by the ETF, was USD 24.6m, up 2.94%.
As for the reasons behind these drops, former Merrill Lynch trader Tom Essaye told Bloomberg that there was "a rollover in a lot of the momentum plays in the market — not just Bitcoin, but Tesla and tech stocks more broadly," and the interest is coming out of these plays now.
"The initial surge in interest was evidence of some combination of pent-up demand, investors switching from other means of getting bitcoin exposure, and the fact that bitcoin's price was notching new highs as the Purpose ETF began trading," Ben Johnson, Morningstar's global director of ETF research, said, adding that longer-term, volumes would be correlated with BTC's price.
Mohit Bajaj, director of ETFs for WallachBeth Capital, also told Bloomberg that "some of it is definitely tied to bitcoin fluctuating," but that these ETFs are still young and it will "take time for investors to get comfortable with it."
Additionally, Nate Geraci, president of advisory firm ETF Store, was quoted as saying that "the fading demand is temporary and more reflective of the price of Bitcoin versus lack of interest in the ETFs."
Overall, the launch of the new BTC ETFs helped attract USD 5.2bn to Canadian ETF managers in February, the second-highest month of inflows on record, according to a separate article by Bloomberg reported.
Also, as reported, Evolve Funds Group lowered its management fee on their Bitcoin ETF, initiating a price war.
Meanwhile, Ethereum ETF's might be coming to the country soon. CI Global Asset Management filed a preliminary prospectus for CI Galaxy Ethereum ETF a week ago, while Evolve Funds Group filed its own prospectus for the Ether ETF with the Canadian securities regulators this Tuesday.
At the time of writing (15:41 UTC), BTC trades at USD 49,324 and is down by 2% in a day and 1% in a week, trimming its monthly gains to less than 48%. It rallied by 464% in a year.
This Is Why 'Hedge Against Inflation', Bitcoin, Dropped On Inflation Fears
Bitcoin (BTC) once again showed that it is indirectly correlated to macroeconomic factors that can move the stock market, and, in turn, affect the price of the most popular cryptocurrency that is often touted as an independent asset class.
Bitcoin fell around 10% on March 4, from USD 51,680 to USD 46,550 in the early hours of March 5. At 14:35 UTC, BTC is trading at USD 48,749 - down 2% in a day and up 4% in a week. The price rallied by 38% in a month and 458% in a year. BTC is down by 17% from its all-time high of USD 58,641 (per Coingecko), reached on February 21.
"If we think about it though, bitcoin wasn't reacting to the Federal Reserve at all. It was reacting to the stock market," QuantumEconomics.io founder Mati Greenspan said in his latest newsletter.
He went on to explain the reasoning behind this statement.
On March 4, Federal Reserve Chair Jerome Powell commented that economic reopening is likely to cause inflation, which he claims will be temporary - to which the market reacted negatively, with stocks dropping and Treasury yields jumping. The S&P 500 stock index dropped 1.34%, the Dow Jones Industrial Average fell 1.1%, and Nasdaq's down 2.11%.
Greenspan said that "no matter how temporary the Fed may think that inflation will be, its sudden change in narrative from "we don't see it coming" to "yeah, it's coming but will probably not last long" is not at all reassuring."
BTC seemed to be reacting as well, said Greenspan, declining in the face of higher inflation, contrary to a popular narrative, according to which higher inflation means people should be buying hard assets that are limited in supply - including BTC, gold, and land.
The analyst said that "it's imperative to point out that the move in bitcoin following the Fed's comments was actually pretty small. While adding that there's a time correlation between the Fed's statement and the BTC move, he noted that BTC is up since the start of 2021, when it stood at around USD 29,000.
But the bond markets are "bearing the brunt of the selling" following the Fed's comments, according to Greenspan.
Bitcoin (BTC) once again showed that it is indirectly correlated to macroeconomic factors that can move the stock market, and, in turn, affect the price of the most popular cryptocurrency that is often touted as an independent asset class.
Bitcoin fell around 10% on March 4, from USD 51,680 to USD 46,550 in the early hours of March 5. At 14:35 UTC, BTC is trading at USD 48,749 - down 2% in a day and up 4% in a week. The price rallied by 38% in a month and 458% in a year. BTC is down by 17% from its all-time high of USD 58,641 (per Coingecko), reached on February 21.
"If we think about it though, bitcoin wasn't reacting to the Federal Reserve at all. It was reacting to the stock market," QuantumEconomics.io founder Mati Greenspan said in his latest newsletter.
He went on to explain the reasoning behind this statement.
On March 4, Federal Reserve Chair Jerome Powell commented that economic reopening is likely to cause inflation, which he claims will be temporary - to which the market reacted negatively, with stocks dropping and Treasury yields jumping. The S&P 500 stock index dropped 1.34%, the Dow Jones Industrial Average fell 1.1%, and Nasdaq's down 2.11%.
Greenspan said that "no matter how temporary the Fed may think that inflation will be, its sudden change in narrative from "we don't see it coming" to "yeah, it's coming but will probably not last long" is not at all reassuring."
BTC seemed to be reacting as well, said Greenspan, declining in the face of higher inflation, contrary to a popular narrative, according to which higher inflation means people should be buying hard assets that are limited in supply - including BTC, gold, and land.
The analyst said that "it's imperative to point out that the move in bitcoin following the Fed's comments was actually pretty small. While adding that there's a time correlation between the Fed's statement and the BTC move, he noted that BTC is up since the start of 2021, when it stood at around USD 29,000.
But the bond markets are "bearing the brunt of the selling" following the Fed's comments, according to Greenspan.
FX Branch of Japanese Giant SBI Planning Crypto Move – Report
Another subsidiary of the Japanese financial giant the SBI Group, FX Clearing Trust, is reportedly targetting crypto-related business expansion.
Per an official release, the firm has now acquired a license for investment trust-related business operations, and will rename itself the SBI Clearing Trust.
The firm was set up in 2014, and has capital reserves of over USD 1.8m. Although the official release made no direct mention of crypto-related developments, Nikkei, reported that the SBI arm was also planning to expand into cryptoasset investment-related operations in the near future.
The company stated that in recent times, the need for trusts in finance had “become more sophisticated and widespread,” adding that in order to “respond to the diversification” of the investment market it was “not limiting” itself to the FX market.
SBI operates a number of crypto-related subsidiaries, including its own domestic crypto exchange, SBI VC Trade, and the mining firm SBI Crypto.
The most recent move comes in a busy month for SBI and its quickly expanding crypto and blockchain operations. Last week, the firm announced that it would be using its blockchain and distributed ledger technology prowess to digitize local gift certificates issued by the Chamber of Commerce in Miyama, Fukuoka Prefecture.
The Miyama is SBI’s sixth such blockchain tie-in with digital gift certificate initiatives organized by city governments as an attempt to revitalize their local economies – allowing users to spend their certificates using smartphone apps.
However, the developments have been somewhat overshadowed by events elsewhere in Asia, with SBI supremo Yoshitaka Kitao telling the Financial Times this week that SBI was set to pull out of Hong Kong due to recently imposed restrictions on business “freedom.”
He also claimed that other Japanese firms were likely to follow suit, but stated that the firms in question did not have the courage to admit it yet. Kitao said,
“They are unlike me. I’m a very straightforward guy. But all the others, in their bellies, they think they should move out or won’t invest more in Hong Kong.”
Another subsidiary of the Japanese financial giant the SBI Group, FX Clearing Trust, is reportedly targetting crypto-related business expansion.
Per an official release, the firm has now acquired a license for investment trust-related business operations, and will rename itself the SBI Clearing Trust.
The firm was set up in 2014, and has capital reserves of over USD 1.8m. Although the official release made no direct mention of crypto-related developments, Nikkei, reported that the SBI arm was also planning to expand into cryptoasset investment-related operations in the near future.
The company stated that in recent times, the need for trusts in finance had “become more sophisticated and widespread,” adding that in order to “respond to the diversification” of the investment market it was “not limiting” itself to the FX market.
SBI operates a number of crypto-related subsidiaries, including its own domestic crypto exchange, SBI VC Trade, and the mining firm SBI Crypto.
The most recent move comes in a busy month for SBI and its quickly expanding crypto and blockchain operations. Last week, the firm announced that it would be using its blockchain and distributed ledger technology prowess to digitize local gift certificates issued by the Chamber of Commerce in Miyama, Fukuoka Prefecture.
The Miyama is SBI’s sixth such blockchain tie-in with digital gift certificate initiatives organized by city governments as an attempt to revitalize their local economies – allowing users to spend their certificates using smartphone apps.
However, the developments have been somewhat overshadowed by events elsewhere in Asia, with SBI supremo Yoshitaka Kitao telling the Financial Times this week that SBI was set to pull out of Hong Kong due to recently imposed restrictions on business “freedom.”
He also claimed that other Japanese firms were likely to follow suit, but stated that the firms in question did not have the courage to admit it yet. Kitao said,
“They are unlike me. I’m a very straightforward guy. But all the others, in their bellies, they think they should move out or won’t invest more in Hong Kong.”
