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Monday Markets Wrap-up: New U.S. SEC head and Its Global Crypto Implications

Today, apart from the past week’s most important news, we bring you some information about the incoming chairman of the U.S. Securities and Exchange Commission. Why does it matter? Read on.

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Good morning. Today, apart from last week’s most important news, we bring you some information about the incoming chairman of the U.S. Securities and Exchange Commission. Why does it matter? Read on.

Welcome to Monday Markets Wrap-up, part of our new series: BitPinas Daily. We will look back at all the major news and updates that happened this week. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. We highlight three to four important news of the past week and list down the rest. 

Market Price as of January 18, 2021:

Bitcoin $35,745.06 -1.41%
Ethereum $1,229.38 -0.43%
Tether $0.98 -1.01%
Polkadot $16.94 -7.33%
XRP $0.277046 -1.13%
SLP $0.012 -0.0%

Bitcoin closed January 17, 2021, at $35,745.06 per BTC. We’re down 6.8% in the last 7 days and up 23% since the year began. This is 14% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $664,348,651,666 which is 65.27% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,021,718,245,214 (-0.2%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

U.S. SEC

A blockchain expert might be the new U.S SEC head

A new U.S. administration, a new U.S. SEC chairman. A report from Reuters says MIT professor Gary Gensler will chair the powerful commission left vacated by Jay Clayton (who by the way left with a parting gift — a charge against Ripple).

Wall Street, according to Reuters, would be concerned by Gensler’s appointment. As the former chair of the Commodity Futures Trading Commission (CFTC), he had the reputation of advocating tougher regulation.

The Defiant looked at the Professor Gensler’s faculty profile at MIT, and it is certain that he’s someone very knowledgeable about blockchain and digital currencies. His research and teachings center on blockchain technology, digital currencies, financial technology, and public policy. He even teaches an online course on cryptocurrency. 

Bloomberg noted that previous talks and editorials of Gensler suggests he’s an advocate for a more nationwide way to register and monitor cryptocurrency exchanges, instead of leaving this oversight to the states. In a 2018 interview, Gensler said cryptocurrencies like Bitcoin needs to be “protected” if we really think it’s going to be part of our future. “That means we need to guard against illicit activity. And yes, we need to protect investors. The crypto exchanges, big exchanges like Coinbase, need to come within the SEC or the CFTC,” he said.

Whether Gensler’s appointment is good for the industry or not is anyone’s guess for now.

You might say that this is just a U.S. thing. But we should remember that our local securities laws are heavily patterned afterU.S. securities laws. So any re-interpretation over there could have some effects here. 

About Face

Goldman Sachs to enter crypto market ‘soon’ via custody play: source

A source inside Goldman Sachs has told Ian Allison of Coindesk that it will soon explore digital asset custody and that this plan would be “evident soon.”

The source said this is part of Goldman’s underlying strategy citing the recent missives from the U.S. Office of the Comptroller of the Currency (more of this below). Goldman, apparently, is talking to JPMorgan, Goldman, and Citi regarding crypto custody.

Why not crypto prime brokerage? The Goldman source said it’s because Anchorage, BitGo, and Coinbase already have big plans in that space so they are not looking to duplicate those.

This is significant, considering that in May 2020, just after the Bitcoin halving, Goldman’s analysts said cryptocurrencies are not an asset class, saying “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”

At that time, Bitcoin was around $10,000. The dominant cryptocurrency almost reached $42,000 last week.

Opinions change.

Cities and Bitcoin

Miami mayor wants to put some of the city’s treasury reserves into bitcoin

“If I would have done it last year, I would have made 200% plus return. So I would have looked like a genius,” Miami mayor Francis Suarez told Fox Business.

Mayor Suarez said Miami is creating a regulatory framework to make it the easiest place in the U.S. to do crypto business.

The mayor also thinks bitcoin’s price is only going into one direction. “It’s only going up,” he said, while acknowledging that it is volatile.

Andre’s Rant

Yearn Finance founder continued his rant about why building in DeFi sucks. According to him:

  • “Your value is only as good as your token, token go up? You built an amazing protocol, it’s the future of finance, blah blah. Token goes down? You are a scammer, fake project, bad coder, blah blah,”
  • “Your success belongs to your “community”, but your failure is 100% your own. Token goes up in value? No one is going to be giving profits to you or thanking you for their profits. Some exploit occurs? You are 100% to blame and need to refund or figure out ways to make them whole again. You have 0% of the reward, 100% of the risk.”
  • “When I decided to distribute YFI 100% it was because I believed it would allow me to exit to the community. However, I am still blamed if the price goes down, I am still constantly plagued by “when next release”, “when update”, etc messages. I still have all the responsibility and expectation, except I have 0 of the reward or upside. Don’t do this, I was an idiot.”

Check Andre’s post here.

Owen Fernau from The Defiant wrote about other DeFi founders sympathizing with Andre and or offering possible solutions or alternatives.

  • Kain Warwick, Synthetix: “You are always going to have pressure from stakeholders. It’s important to filter it though. And one of the best ways is establishing good community norms early.”
  • Stani Kulechov, Aave on funding alternatives: “DeFi community should look more into DAICOs, a model that Vitalik Buterin proposed where the governance goes directly to the community without unfair advantage where whales are receiving free tokens.”

By the way, there’s a proposal to mint 1000 more YFI tokens. The current max supply of YFI is 30,000 tokens. This new proposal and the ensuing community discussion appears to be the motivation for the “rant”

DeFi

OCC Chief on DeFi: Get ready for self-driving banks

In an op-ed for The Financial Times, Brian Brooks, the acting (and outgoing) chief of the U.S. Office of the Comptroller of the Currency (OCC), the country’s currency regulator, has warm words about how DeFi could change how banks work in the future, attributing to its greater efficiency.

Comparing it to self-driving cars, Brooks said DeFi is paving the way for self driving banks (Banks without bankers). Still, he doesn’t think there are regulations currently in place that can be interpreted to work for DeFi. After all, bank regulation is more about regulating bankers actually. 

Here are some of his thoughts:

  • Federal regulators could ensure fair treatment of customers by self-driving banks. 
  • Regulators could properly examine a bank that exists only as software. (“It may be easier than supervising banks today,” he said.)
  • Regulators could ensure self-driving banks properly serve their communities. (“Their greater efficiency would free significant amounts of capital that is lost to operating costs today or slowed by decisions dependent on human grey matter.”)

But can self-driving banks — banks without officers and directors — become banks under current regulations? Brook’s said not yet. Bank charters, for now, can only be issued to human beings. “But those antiquated rules should be revisited just as regulations that still mandate the use of fax machines should be,” he concluded. 

Bitcoin Core

New improvements and changes to the Bitcoin Core

Not headlines grabbing, but Colin Harper of Coindesk detailed out some of the improvements to the Bitcoin Network in his latest article. 

First, Taproot, which will allow for more complex smart contracts, is now fully live on Bitcoin’s signet, a sandbox for testing before they get pushed to the mainnet.

Users can also now set manual fees denominated in satoshis. “Before, Bitcoin Core relied on a fee estimator for transactions, and these fees were set by specifying a bitcoin amount (say, 0.00001 BTC) instead of satoshis (1000 sats),” Harper explained.

Other changes or improvements include:

  • Support for privacy browser Tor’s V3 address
  • New block-filtering system for “light clients” — wallets that do not keep a full history of Bitcoin’s transaction ledger, only those that are needed.
  • Signet – the new testing network

Read more here.

#CryptoPH

Colin Goltra’s Year in Review

“Overall, I think I am just more excited about the home grown PH crypto scene really coming into its own this cycle and having a much more collaborative tone than in prior bull market years.  It’s a great community and I think it can do a great job spreading the word about crypto throughout the Philippines.” 

Check out Colin’s Year in Review here.

Spotlight on KooKoo

KooKoo, who provided his expertise in our “How to Trade SLP/AXS to PHP” article, is one of the most popular Axie YouTubers and one of the leaders in Yield Guild Games  who has helped onboard many new players to Axie Infinity and to the “Play to Earn” ecosystem. KooKoo’s interview, now live on Axie Infinity’s “The Lunacian” talks about his life story, why education is important and the true benefit of play-to-earn. 

“It’s time for players to get rewarded by playing blockchain games that they can have ownership and enjoy the benefits of blockchain technology. Turning gamers into investors.” 

YGG x NFT

To commemorate reaching 1000 members on the Yield Guild Games Discord server, did a free NFT giveaway. The YGG Founders’ Coin is a limited edition NFT meant to reward the earliest backers of our guild.

What else is happening

Bitcoin

  • The planets can predict the price of Bitcoin according to this astrologer
  • Bitcoin miners saw 33% revenue increase in December
  • Famed value investor Bill Miller says bitcoin becomes less risky the higher the price goes
  • ‘Bitcoin is Amazon’ in early 2000s, says former Trump advisor
  • Hold your horses! $9K Bitcoin price drop not a trend change, data says
  • Top 100 Bitcoin addresses accumulated $11B more BTC in the past 30 days

Ethereum

  • Exchanges are running out of ETH
  • Institutions are coming to Ether – but for real this time
  • Ethereum feels cheap during a bull run – Tyler Winklevoss
  • Beyond the Beacon Chain: what’s next for Eth2?

DeFi

  • Maker’s daily transfers hit all-time high as price surges by 50%
  • Sushiswap reveals ambitious 2021 roadmap
  • $300M Whale spotted in DeFi’s turbulent seas

Corporate

  • Eye-popping projection for $3T crypto market underpins Bakkt deal
  • MicroStrategy plans to get more corporations buying Bitcoin
  • Mark Cuban is more into crypto than he’s previously let on
  • Coinbase implied IPO valuation is now $75 billion
  • EToro warns users it’s running out of crypto to trade due to ‘unprecedented demand’
  • 8 public companies with the biggest Bitcoin portfolios
  • Ledger owners report chilling threats after 20K more records leaked

Institutions

  • Profit taking? Institutional crypto fund inflows drop 97% in three weeks
  • Grayscale to dissolve XRP Trust due to U.S. SEC’s Ripple lawsuit
  • Institutions buy while Bitcoin dipped this weekend

Regulation

  • Bitcoin must be regulated globally, says European Central Bank President
  • Japan’s top securities regulator says XRP is not a security 
  • OCC to unveil bank charter for crypto financial services
  • (U.S.) Anchorage becomes the first federally-chartered Bitcoin bank

This article is published on BitPinas: Monday Markets Wrap-up: New U.S. SEC head and Its Global Crypto Implications

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Blockchain

A Crypto-Infused Professional Sports League: Billionaires Form a Blockchain Advisory Committee for the NBA

A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz. Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee […]

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A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz.

Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee for the National Basketball Association

The American professional basketball league, the NBA, may incorporate blockchain and crypto solutions into the industry in the near future. Sportico.com contributors Scott Soshnick and Eben Novy-Williams discussed the new NBA blockchain committee with one of the members, Dallas Mavericks owner Mark Cuban.

Soshnick and Novy-Williams also mentioned the popular Flow blockchain application backed by Dapper Labs, which has been producing “NBA Top Shot” non-fungible token (NFT) assets. The Sportico authors say that NBA Top Shot sales have been very productive producing $300 million in sales on resale markets so far.

“It has very little to do with Top Shot,” Cuban told the publication via email. “It’s about blockchain applications, of which Flow is just one option.” The group’s members were verified by “multiple people familiar with the plans” the Sportico reporters note.

Ostensible members of the NBA blockchain committee include Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive, and Ryan Sweeney. “The NBA declined to comment,” on the subject Soshnick and Novy-Williams highlighted.

Many of the NBA Blockchain Advisory Committee Members Are Longtime Crypto Supporters

Just recently, Cuban allowed the Dallas Mavericks basketball club to accept dogecoin (DOGE) via Bitpay. Vivek Ranadive the owner of the Sacramento Kings has been a cryptocurrency and blockchain supporter for a long time. The Sacramento Kings basketball club has accepted bitcoin (BTC) since 2014.

The co-owner of the Boston Celtics, Steve Pagliuca, is the co-chairman of Bain Capital, a venture capital unit, which has invested millions into blockchain projects over the years.

The solutions and innovations cryptocurrencies and blockchain could bring to the NBA’s table are unfathomable. Blockchain could be leveraged for ticketing solutions, raffles and giveaways, non-fungible token (NFT) sports collectibles, digitally signed memorabilia from a fan’s favorite basketball player, and retiring numbers and jerseys in an immutable fashion as well.

Not to mention that cryptocurrencies can be leveraged to pay for all of these types of items alongside all the merchandise, food and beverages, and anything else the NBA sells could be sold for crypto assets.

What do you think about the creation of the NBA blockchain advisory committee? Let us know what you think about this subject in the comments section below.

Tags in this story
and Jazz, Blockchain, BTC, Celtics, Crypto, Joe Tsai, Kings, Mark Cuban, NBA, NBA blockchain, NBA Blockchain Advisory Committee, Nets, Ryan Sweeney, Steve Pagliuca, Ted Leonsis, Vivek Ranadive, Wizards

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/crypto-infused-professional-sports-league-billionaires-blockchain-committee-nba/

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Blockchain

Monero, Ontology, Crypto.com Coin Price Analysis: 06 March

Monero struggled to maintain a level above its $225.5-resistance since the bears were asserting their control on the market. Ontology flipped a key resistance line at $1.05, but looked unlikely to hol

The post Monero, Ontology, Crypto.com Coin Price Analysis: 06 March appeared first on AMBCrypto.

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Monero struggled to maintain a level above its $225.5-resistance since the bears were asserting their control on the market. Ontology flipped a key resistance line at $1.05, but looked unlikely to hold on to the aforementioned in the next few trading sessions. Finally, CRO projected rangebound movement as volatility remained on the lower side.

Monero [XMR]

Source: XMR/USD, TradingView

Despite several attempts, Monero’s bulls have been unable to rise above the coveted resistance of $225.5, with the price moving lower on each occasion after touching the upper ceiling. The lack of buying interest could be one of the several factors that have negatively affected the price off-late. The same was evident on the On Balance Volume after it formed lower lows after XMR’s drop from a local high of near $280.

The press time downtrend also put the bulls at the risk of losing out to the 200-SMA. Moreover, the MACD line moved below the Signal line and underlined the bearish conditions in the market. Further selling at the press time price level could put the $168.9-support under the spotlight.

Ontology [ONT]

Source: ONT/USD, TradingView

A hike of over 11% in the last 24 hours helped Ontology‘s bulls flip a crucial resistance level at $1.05, a point that has not been breached since a sharp pullback in the broader market nearly two weeks ago. The Awesome Oscillator’s green bars continued to rise above the half-mark as momentum rested with the buyers. What remains to be seen is whether the bulls can maintain the price moving forward considering the consolidatory nature of Bitcoin.

The Stochastic RSI was quick to counter any optimism and favored a short-term pullback after pointing lower from the overbought zone.

Crypto.com Coin [CRO]

Source: CRO/USD, TradingView

The psychological impact of Bitcoin’s hike towards its newest ATH in late February was colossal for the broader crypto-market. Altcoins such as Crypto.com Coin, which were rather quiet since the beginning of 2021, spiked by 62% in a single day after the king coin rose north of the 58,000-level. However, the same went both ways, and CRO registered a drop of over 30% the very next day after Bitcoin suffered a correction on the chart.

Since that point, CRO has entered an accumulation phase, largely trading between $0.16 and $0.1.44 as neither side was able to assert dominance in the market. At the time of writing, the Bollinger Bands were constricted and registered low volatility in regards to the price. The ADX rested around the 10-mark and echoed the state of equilibrium in CRO’s market. In the short-term, CRO could continue to move sideways as it awaits stronger signals from the broader market.


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Source: https://ambcrypto.com/monero-ontology-crypto-com-coin-price-analysis-06-march

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Analysts: The Coinbase Listing Will Give Crypto Full Legitimacy

A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto. Coinbase Is Going to Set a “Crypto Precedent” For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has

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A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto.

Coinbase Is Going to Set a “Crypto Precedent”

For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has longed for mainstream status and legitimacy for quite some time, but the fact remains that the space has been wrought with fraud and crime, and the volatility of most mainstream forms of crypto – such as bitcoin and Ethereum – have also got in the way.

Thus, over the years crypto has often been viewed as a rather speculative industry. Yes, one can easily and quickly get rich with crypto granted the circumstances are right, but it’s also possible to lose everything without warning, either through a massive price fall or through theft. It wasn’t until 2020 – a year in which fiat currencies began experiencing heavy inflation – that bitcoin saw itself leaving the land of speculation and being viewed by many investors as a hedge tool or store of wealth.

Now, however, things are beginning to look a little different for the asset. BTC has reached a new all-time high as of late, and many large firms – including Uber and General Motors – now say they are considering bitcoin payments for the future along with credit cards and fiat. Just think… You can buy a ride or a car with digital currency. Who knew this day would really come?

The analysts at D.A. Davidson say the real clincher for bitcoin and its altcoin cousins is likely to come with the new public listing from Coinbase. This will be the first major cryptocurrency exchange to be listed on the stock market, and many people are waiting with anticipation and wondering where the listing will take their favorite asset.

The analysts claim that right now, most people are simply “curious” about crypto, but that the listing will make digital assets a primary form of money in many individuals’ eyes. They announced in a statement:

With a big target on its back as a crypto wallet, (to date) Coinbase has been able to manage both government regulators as well as highly motivated hackers, while providing consumers with the experience they expect from a large financial institution.

Massive Jumps in Income

2020 proved to be a monster of a year for Coinbase in terms of revenue. The firm garnered as much as $1.28 billion, with much of that money coming from transaction fees alone. Goes to show you just how many people were trading crypto during the previous 12 months.

This $1.28 billion was a massive jump above the $553.7 million Coinbase attained during the 2019 calendar year. At press time, Coinbase is aiming for a stock share price of roughly $195 based on its projected revenue for 2021.

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Source: https://www.livebitcoinnews.com/analysts-the-coinbase-listing-is-an-amazon-moment-for-crypto/

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