Digital Assets

ENS Teams Up with Godaddy to Link Domains and Web3 Addresses

noreply@blogger.com (Arvind Patnaik ) — Wed, 07 Feb 2024 22:28:00 +0000

ENS Teams Up with Godaddy to Link Domains and Web3 Addresses

Ethereum Name Service (ENS), a Web3 service provider, and Godaddy, a domain and web hosting company, team up to link domains with Web3 addresses. The link between current internet domains and Ethereum-based domain services will allow users to leverage their current domain across Web3 applications, easing the entry of newcomers into the space.

ENS and Godaddy to Ease Blockchain and Web3 Domain Integration

Ethereum Name Service (ENS), a blockchain-based domain name provider, and Godaddy, an internet domain service and web hosting company, have announced a partnership to provide an easy integration of their services. The partnership allows Godaddy users a conventional Domain Name Service (DNS) address for crypto-related transactions instead of a long standard Ethereum address, easing the onboarding of users into the Web3 ecosystem.

The addition of the new feature in Godaddy’s admin app, called crypto wallets, allows for free linking of an active domain name with an Ethereum cryptocurrency address.

The feature is not new, as ENS has always allowed the linking of conventional domain names. However, the partnership boosts a technical innovation called gasless DNSSEC, which allows linking without paying hefty Ethereum fees.

ENS recognizes the integration of the company with the current infrastructure to succeed and hails the move as a milestone. Nick Johnson, founder and lead developer of ENS, stated:

"By pairing up ENS names and Godaddy domains, we will streamline the way users interact with web domains, blending the familiarity of the DNS with the potential of blockchain technology."

Fusion of Domain Names and Blockchain Technologies

Paul Nicks, president of domains at Godaddy, also explained the benefits of the partnership for users. He stated that it brings a “unique opportunity to experience the fusion of domain names and blockchain technologies.”

ENS has had 2.1 million registered names since its launch, surpassing the 1 million registered in May 2022.

What is your take on the partnership between Godaddy and ENS? Please share your thoughts and opinions in the comments section below.

Unknown User Collects Almost USD One Million JUP Tokens from Airdrop

noreply@blogger.com (Arvind Patnaik ) — Tue, 06 Feb 2024 23:00:00 +0000

Unknown User Collects Almost USD One Million JUP Tokens from Airdrop

An unknown user has collected almost USD one million worth of JUP tokens from the recent airdrop of the Solana native Jupiter exchange. There are allegations of manipulation by an individual to garner the tokens by overriding established controls. The unknown airdrop hunter collected 1.85 million JUP (almost USD one million) using over 9,000 wallets to achieve this goal. Some users are presuming an insider job of having leaked the airdrop information much in advance to the beneficiary.

Jupiter's JUP Token Airdrop Mired in Insider Leak Allegations

Users have alleged an insider leak in the JUP token airdrop event. Some users have questioned the fairness of the Jupiter airdrop, an event that distributed over USD 700 million in JUP tokens to users of the Solana native Jupiter exchange in January. The airdrop is one of the largest in its category. However, crypto sleuths are beginning to detect several irregularities in the airdrop event.

X user Open4profit claimed the airdrop was unfair because an unknown user gamed the system for receiving 1.85 million JUP tokens (almost USD one million) using over 9,000 wallets to achieve this objective.

The founder of Jupiter, also known as Meow in X, acknowledged the irregularities but denied an insider leak before the airdrop. He stated:

"This was something we did not catch. We did not declare an airdrop ahead of time, but someone guessed the airdrop a few days before and farmed it super hard. I will do much better in the future."

Another X user, Lord Ashtray, stated that most likely, the airdrop hunter was tipped off by an insider because he knew exactly how to farm the JUP airdrop without triggering the bot detection algorithms that prevent this kind of farming. He also said that other teams tried to farm the airdrop without much success.

Lord Ashtray posted:

"Stop being a lying piece of human being and just start investigating which team member leaked all the information and to whom."

Users Slam Jupiter Founder's Inaction

Some users have slammed the founder of Jupiter for not initiating a probe after acknowledging the blunder. However, so far, nothing has emerged between the Jupiter team members and the unknown beneficiary of the airdrop event.

What is your take on the leak allegations that allowed an airdrop hunter to collect almost USD 1 million worth of JUP tokens? Please share your thoughts and opinions in the comments section below.

Tether Leads USD 25M Funding Round for Mobile Payment Startup Oobit

noreply@blogger.com (Arvind Patnaik ) — Mon, 05 Feb 2024 22:26:00 +0000

Tether Leads USD 25M Funding Round for Mobile Payment Startup Oobit

The leading stablecoin issuer, Tether, leads the USD 25 million Series A funding round of investors for mobile payment startup Oobit. The investment round saw notable contributions from Titan Fund, Solana’s Anatoly Yakovenko, and 468 Capital.

Oobit Secures USD 25 Million in Series A Funding

Oobit, with its crypto tap-and-pay service in the mobile payment sector, offers its services to over 100 million retailers across the world. Securing the funding of USD 25 million will boost further development and propel the company closer to realizing its ambition of fostering widespread crypto adoption.

Tether highlighted the synergy between its objectives and Oobit’s initiatives. “Our support is founded on a mutual vision to drive the widespread adoption of cryptocurrencies on a global scale,” Paolo Ardoino, the CEO of Tether, stated. “Oobit, in our perspective, stands as a catalyst, breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”

Oobit is a mobile payments app that allows users to make payments at any supported Visa or Mastercard point-of-sale (PoS) using cryptocurrencies from the app with its tap-and-pay feature. The 2017 startup provides a simple and secure way to pay in-store and worldwide for crypto holders. The Series A funding comes on the heels of Oobit adding John Linden, the founder of Mythical Games, to its advisory board in October.

The funding move is in sync with Tether’s recent spate of investments across several sectors, including technology, artificial intelligence (AI), and bitcoin mining. The Academy of Digital Industries, Northern Data Group, Volcano Energy, and Citypay.io are among the investment ventures. Tether spearheads eight out of the nine recent investment initiatives since 2020.

Total Funding Round Estimated at USD 28 Million

Oobit’s recent Series A round brings the startup’s total funding to USD 28 million, according to Crunchbase data. The financial powerhouse Paypal backed the digital finance innovator Mesh, funding the startup with PYUSD as investment capital and adopting a similar strategy. The total amount of investment by Paypal Ventures in Mesh remains under wraps, but the PYUSD funding did help in fulfilling Mesh’s USD 22 million endeavor.

What is your take on Tether and others investing USD 25 million in Oobit? Please share your thoughts and opinions in the comments section below.

Ark Invest Highlights the Catalysts Driving Bitcoin Price in 2024

noreply@blogger.com (Arvind Patnaik ) — Sun, 04 Feb 2024 21:57:00 +0000

Ark Invest Highlights the Catalysts Driving Bitcoin Price in 2024

Ark Invest, the asset management firm, has highlighted the catalysts driving the price of Bitcoin in 2024. “Bitcoin has emerged as an independent asset class worthy of a strategic allocation in institutional portfolios,” Ark described in its Big Ideas 2024 publication. “The shift in perception of Bitcoin from a speculative instrument to a strategic investment in a diversified portfolio will characterize its evolution in 2024.”

Big Ideas 2024 Research Publication

The “Big Ideas 2024” research publication was released on Wednesday by Ark Investment Management (Ark Invest). “Big Ideas offers a comprehensive analysis of technological convergence and its potential to revolutionize industries and economies,” the asset management firm explained. The research-based report stated, “Bitcoin has emerged as an independent asset class worthy of a strategic allocation in institutional portfolios.”

The Big Ideas report highlights several topics, including the four catalysts driving the price of Bitcoin in 2024. The first is the launch of spot Bitcoin exchange-traded funds (ETFs) in January. The report explains that spot Bitcoin ETFs “are traded on major stock exchanges, allowing investors to buy and sell shares through their existing brokerage accounts, and should reduce the learning curve and operational complexities associated with direct investments in Bitcoin.” Ark Invest is one of the asset managers that launched a spot Bitcoin ETF on January 11.

The second catalyst is the upcoming Bitcoin halving, which occurs approximately every four years. The next one is due in April. Ark detailed:

"Historically, each halving event has coincided with the beginnings of a bull market. Expected in April 2024, this halving will reduce Bitcoin’s inflation rate from ~1.8% to ~0.9%."

The report mentions the third catalyst as “regulatory developments.” Ark has indicated that “the bankruptcies of FTX and Celsius have advanced the push for more transparent and open global crypto regulation, including the potential passage of a US bill establishing a regulatory framework for cryptocurrencies and the implementation of Europe’s Markets in Crypto-Assets (MiCA) regulation, which mandates licensing for crypto wallet providers and exchanges in the EU.”

The fourth catalyst for Bitcoin this year is “institutional acceptance,” Ark said. It added:

"The shift in perception of bitcoin from a speculative instrument to a strategic investment in a diversified portfolio will characterize its evolution in 2024."

The asset management firm noted: “Exemplifying this evolution, Larry Fink, CEO of Blackrock, has shifted his stance from Bitcoin skepticism to its potential as a ‘flight to quality.'” Blackrock, the world’s largest asset manager, was among the firms that launched a spot Bitcoin ETF on January 11. Its Ishares Bitcoin Trust (IBIT) has since accumulated over 70K BTC.

Bitcoin Could Reach USD 1.5 Million by 2030

Ark Invest CEO Cathie Wood said last month that her firm expects spot Bitcoin ETFs to attract “substantial institutional flows” that will push the price of Bitcoin “much higher.” She also said the probability of Bitcoin reaching USD 1.5 million by 2030 has increased.

What is your take on the major catalysts driving the price of Bitcoin this year, as described by Ark Invest in its Big Ideas publication? Please share your thoughts and opinions in the comments section below.

USD 6 Billion Exodus of Grayscale’s GBTC Bitcoin Holdings in 22 Days

noreply@blogger.com (Arvind Patnaik ) — Sat, 03 Feb 2024 22:11:00 +0000

USD 6 Billion Exodus of Grayscale’s GBTC Bitcoin Holdings in 22 Days

Grayscale's Bitcoin Trust’s GBTC holdings have fallen from 482,592.18 BTC to the current 478,337.43 BTC in a day, registering a reduction of 4,254.75 after the recent release of Bitcoin valued at USD 184.19 million. GBTC has witnessed an exodus of 138,742.56 Bitcoin, valued at marginally over USD 6 billion at prevailing exchange rates, since January 12.

Significant Divestment of More Than 22% of Bitcoin Holdings

Grayscale’s Bitcoin Trust has seen a significant divestment of 138,742.56 Bitcoin in the last 22 days. The scale of divestment average is approximately 6,308.34 BTC per day for the given period. Notably, GBTC's performance as a spot Bitcoin exchange-traded fund (ETF) is only for 15 trading days, commencing on January 11, 2024.

GBTC held 617,079.99 Bitcoin on its initial trading debut, but its reserves since then have plummeted by 22.48%. However, Grayscale’s fund has been a dominant force in trading volume during 14 out of the 15 trading sessions. The onchain metrics provided by Arkham Intelligence reveal a substantial outflow of GBTC.

Arkham disclosed in September 2023 that GBTC’s holdings were distributed across more than 1,750 distinct addresses, each holding no more than 1,000 Bitcoin. Grayscale is holding them for an extended period. Notably, some GBTC wallets have experienced balance changes recently.

Profitable Arbitrage Opportunities Driving Redemptions

Trading at a discount offers an opening for savvy traders poised to seize arbitrage opportunities and seek to profit from the divergence between the share price and the value of Bitcoin. The redemptions are likely to continue as long as profitable arbitrage opportunities exist. The shifting market dynamics and investor strategies aim at capitalizing on historical price disparities.

What is your take on the GBTC outflow over the past 22 days? Please share your thoughts and opinions in the comments section below.

Monei Declares Pilot Testing Phase for Euro Stablecoin

noreply@blogger.com (Arvind Patnaik ) — Fri, 02 Feb 2024 22:12:00 +0000

Monei Declares Pilot Testing Phase for Euro Stablecoin

European payment platform Monei has declared the pilot testing phase for Euro-pegged stablecoin under the Bank of Spain’s national financial sandbox. The token will use Ethereum and Polygon blockchains. During the pilot testing, it will permit each one of a reduced number of users to issue 10 EURM.

Digital Euro Token Pilot Under Bank of Spain Supervision

The European payment platform, Monei, recently announced the first tests for EURM. The 1:1 pegged euro stablecoin is under the approval of the Bank of Spain’s national sandbox. The token will be issued using the Monei wallet for holding by the users. It will accept deposits using Bizum, the national payment system.

Only a small number of individuals will have the opportunity to issue 10 EURM during the testing phase. The euros pegged for the issuance of EURM will be under the custody of BBVA and Caixabank, two financial institutions in Spain.

Monei’s founder and CEO, Alex Saiz Verdaguer, stated the relevance of EURM’s first batch of tests:

"EURM proposes an unprecedented innovation, and we have in our hands the opportunity to make the management of collections and payments and the sending of money more secure, programmable, economical, democratic, and liberalized than ever."

Monei Expects to Reach Several Million Users

These include sending euros to pay for transport and food quotas to employees several times a day, automating payments to providers depending on the funds available, organizing daily deposits to complete larger credit payments, and allowing companies to organize daily payments to employees without disrupting their workflow or paying excessive fees.

Monei has a potential target of 57 million users in Spain only and expects to reach several million users with this product after the testing phase.

What is your take on the start of the testing phase of EURM? Please share your thoughts and opinions in the comments section below.

Jupiter's JUP Token Successfully Launched with a USD 700M Airdrop

noreply@blogger.com (Arvind Patnaik ) — Thu, 01 Feb 2024 23:48:00 +0000

Jupiter's JUP Token Successfully Launched with a USD 700M Airdrop

Jupiter has successfully launched its JUP token with a USD 700 million airdrop. The token was distributed to almost a million wallet holders and is one of the largest airdrops in the crypto world.

JUP Tokens Airdrop Distribution Covers a Million Wallets

Jupiter, a Solana-based decentralized trading aggregator, launched its native token, JUP, on January 31. The cryptocurrency world witnessed one of the largest token airdrops in its history. The launch event distributed JUP tokens valued at USD 700 million to nearly a million wallets.

Jupiter’s founder, pseudonymously known as weremeow on X, shared the launch details in a forum post, revealing the initial circulating supply of JUP as 1.35 billion tokens, a reduction from the earlier estimated 1.7 billion. The total supply of 10 billion JUP tokens is evenly split between the team and community wallets. The airdrop of one billion JUP is 10% of the total supply.

The distribution strategy was to engage and reward the community. The allocation includes 250 million JUP for a launch pool and 50 million each for loans to market makers on centralized exchanges and liquidity pools. 33 million JUP are for various contingencies.

The launch was notable for the massive scale of the airdrop and the impact on the Solana blockchain. The network was stable despite the huge influx of transactions, processing claims, and trades on decentralized exchanges with minimal issues. However, some RPC nodes that faced challenges in the initial 30 minutes did affect the user experience.

Token Registers Remarkable Growth

20% of the 1 billion JUP claims for the airdrop were over in the first hour. The token registered remarkable growth, opening at USD 0.41 and reaching USD 0.72, pushing its fully diluted market cap above USD 6 billion.

The JUP token was on the list of most of the centralized exchanges, including Bybit, Binance, Bitfinex, and Okx. The trading occurred shortly after the airdrop, with a baseline price aligned with the price curve of the liquidity pool at approximately USD 0.40.

The successful launch not only benefits JUP holders but also boosts confidence in the Solana network’s scalability and reliability.

Did you receive a JUP airdrop, and if so, what did you do? Please share your thoughts and opinions in the comments section below.

Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May

noreply@blogger.com (Arvind Patnaik ) — Wed, 31 Jan 2024 22:25:00 +0000

Standard Chartered Expects SEC to Approve Spot Ethereum ETFs in May

Banking giant Standard Chartered expects the US Securities and Exchange Commission (SEC) to approve a spot Ethereum exchange-traded fund (ETF) in May. The analyst at the bank hopes the price of Ethereum will reach USD 4,000 by the expected approval date.

SEC to Adopt Bitcoin ETFs Approach for Ethereum ETF Approval

Standard Chartered published a report on Tuesday relating to its expectations on the US Securities and Exchange Commission (SEC) to approve spot Ethereum exchange-traded funds (ETFs) in May, reported Bloomberg. The bank's head of crypto research and Western emerging markets FX, Geoff Kendrick, hopes the approval of spot Ethereum ETFs is likely to be similar in approach to that of spot Bitcoin ETF approvals by the SEC.

The analyst stated that May 23 is the last date for the securities regulator to approve or disapprove spot Ethereum ETF applications from Vaneck and Ark 21shares. The SEC is likely to decide on the final date, similar to its January 10 approval of eleven spot Bitcoin ETFs. Kendrick believes that Ethereum’s legal and financial situation closely resembles that of Bitcoin, suggesting a similar approval pattern for spot Ethereum ETFs.

However, SEC Chairman Gary Gensler remains evasive on the classification of Ethereum as a security, despite his stance that most crypto tokens, other than Bitcoin, are securities. The SEC postponed its decisions on two spot Ethereum ETF applications last week from Blackrock and Grayscale Investments.

Bank's Analyst Predicts Ethereum’s Price to Reach USD 4,000

The Standard Chartered head of crypto research stated that Ethereum’s price is likely to reach USD 4,000 by the expected approval date of May 23. Ethereum is presently trading at USD 2,370.

Kendrick’s USD 4,000 ETH price target is based on several key assumptions, including general market sentiment for approval remaining low, implied volatility being wrong, and the SEC approving multiple spot Ethereum ETF applications on the same day, similar to the spot Bitcoin ETF applications.

Standard Chartered believes that Ethereum may not witness the selloff of the Bitcoin ETF faced by investors, including FTX, exiting the Grayscale Bitcoin Trust (GBTC). The analyst noted that Grayscale’s existing Ethereum Trust holds a smaller portion of the total market capitalization of Ethereum compared with the Bitcoin held in GBTC. He said:

"These factors should make ETH less vulnerable than BTC to a post-approval selloff."

Standard Chartered also said early this month that the price of Bitcoin could hit USD 200K in 2025.

What is your take on Standard Chartered’s prediction regarding spot Ethereum ETF approvals and the price of ETH? Please share your thoughts and opinions in the comments section below.

Google Revises Crypto Advertising Policy Guidelines

noreply@blogger.com (Arvind Patnaik ) — Tue, 30 Jan 2024 21:54:00 +0000

Google Revises Crypto Advertising Policy Guidelines

Google has revised its crypto advertising policy update, announced in December. The new policy will permit crypto-finance products, such as the recently approved Bitcoin ETFs, on its platforms. Vaneck and Blackrock, Bitcoin ETF issuers, have started posting their ads on Google.

New Google Ads Policy Permits Bitcoin ETF Ads

The tech giant and advertisement company Google has revised its advertising policies to permit crypto-finance products to feature in ads and sponsored links on its platform. The company announced in December that it would focus on clarifying “the scope and requirements for the advertisement of cryptocurrency coin trusts.”

Google announced in December that it would allow third-parties targeting the US market to advertise “financial products that allow investors to trade shares in trusts holding large pools of digital currency,” such as the recently approved Bitcoin ETF products. However, these ads will be in compliance with local laws for areas targeted by them, as Google enforces this for all accounts advertising this kind of product.

The revised policy guidelines for advertising cryptocurrency coin trusts have reportedly allowed several companies to include sponsored links and ads to entice users to invest in their Bitcoin ETF products, including Vaneck and Blackrock.

Ban on Several Crypto Products Remains in Force

However, the new policy does not approve non-fungible token (NFT) and crypto token sales ads on the platform. The ban on ads for initial coin offerings (ICOs), DeFi protocols, and promoting cryptocurrency purchase, sale, or trading remains in force. Similarly, ads for games promoting gambling or wagering through the use of non-fungible tokens (NFTs) and the promotion of gambling casinos offering NTF rewards are banned on the platform.

Despite these precautions, attackers have been using phishing ads on Google and X to distribute malware and siphon over USD 58 million in crypto, according to reports from Scam Sniffer, an anti-spam solution.

What is your take on the change in Google’s cryptocurrency advertising policies? Please share your thoughts and opinions in the comments section below.

Kaspersky Issues Public Warning on Malware in Mac Operating Systems

noreply@blogger.com (Arvind Patnaik ) — Mon, 29 Jan 2024 22:15:00 +0000

Kaspersky Issues Public Warning on Malware in Mac Operating Systems

The Russian cybersecurity firm Kaspersky has issued a public warning about new malware targeting Mac operating systems and focusing on their crypto wallets. The malicious software infiltrates computers using pirated applications aimed at Bitcoin wallets, including Exodus. It then replaces the wallets with pirated versions to extract key information for transferring the stored crypto assets.

Public Alert Flagged for Mac-specific Malware Targeting Crypto Wallets

Russian cybersecurity company Kaspersky has flagged a public alert about new malware targeting crypto wallets installed in Apple computers. The malware targets Mac operating system computers using 13.6 versions or above. The malware is focusing on newer devices used by crypto-savvy users.

The malware's distribution is done using pirated applications that are bundled with an activator app to patch the previously compromised pirated application to run on the targeted computer. The application will not run without the patch application.

The malware scans the PC for installed crypto wallets to obtain administration rights. It then replaces compromised apps, intending to get access keys to the apps and siphon the cryptocurrency held in wallets.

Kaspersky explains that the software relies on using DNS records to deliver its malicious scripts and replacing the wallet application with another infected version. The malware has targeted Bitcoin Core and Exodus wallets in this way, but it is unknown if it can target other crypto wallet apps.

Sergey Puzan, a security researcher at Kaspersky, stated:

"The macOS malware link to pirated software highlights the serious risks. Cybercriminals use pirated apps to easily access users’ computers and get admin privileges by asking them to enter the password."

Puzan has also advised users to exercise caution when using crypto wallets, recommending downloading apps from official websites only and using security software for enhanced protection.

What is your take on the Mac-specific malware alert by Kaspersky? Please share your thoughts and opinions in the comments section below.

NFT Sales Volume Declines Sharply By 21.25% This Week

noreply@blogger.com (Arvind Patnaik ) — Sun, 28 Jan 2024 23:27:00 +0000

NFT Sales Volume Declines Sharply By 21.25% This Week

The non-fungible tokens (NFTs) sales volume declined sharply by 21.25% between January 20 and January 27, 2024, in comparison to the previous week. The leading blockchains in seven-day sales, Ethereum and Bitcoin, witnessed a substantial decline, ranging from 28.78% to 12.62%, respectively.

5 Major Blockchains Register Significant Losses

NFT sales dipped by 1.31% at the beginning of 2024, falling below the last-week numbers of 2023. The subsequent week witnessed a marginal 0.05% rise in NFT sales, but last week witnessed a 5.05% decline in digital collectible sales.

This week has seen a sharp decline in 2024, with sales plummeting over 21.25% in comparison to the previous seven days. The total amounted to USD 228,327,660, according to data shared by cryptoslam.io.

The year-end surge in NFT sales during 2023 was largely driven by Bitcoin blockchain-based NFT transactions. Bitcoin’s NFT sales dominated in November and December of 2023, spilling over to the first week of January 2024.

However, in recent weeks, Ethereum has reclaimed its position as the leader in NFT sales volume. Ethereum’s NFT sales volume amounted to USD 74.97 million over the past seven days, declining 28.78% from the previous week.

Bitcoin witnessed a 12.62% week-over-week dip, with USD 55.92 million in sales over the same seven-day period. Solana secured third place, registering USD 53.69 million in sales and declining by 11.85%.

Polygon’s NFT sales claimed the fourth place, amounting to USD 15.66 million, with a 36.40% decline. Avalanche garnered USD 7.98 million in sales for the fifth place, with a significant decline of 41.25% in its NFT market.

All five top blockchains registered double-digit losses during the week. Among the top ten this week, Ronin blockchain, supporting Axie Infinity, witnessed a significant 209.09% surge, achieving USD 1.76 million in NFT sales.

High-Ranking NFT Collection Sales

Bitcoin’s Uncategorized Ordinals achieved USD 9 million in sales, witnessing a 3.75% decline from the previous week. Solana’s Froganas reported USD 7.04 million in sales, with a significant increase of 420.77% in comparison to last week for third place.

Solana’s Cryptoundeads achieved USD 6.75 million in sales for fourth place, with a 58.82% decline. Avalanche’s Dokyo NFT collection registered USD 5.85 million in sales, for fifth place with a 33.70% decline in sales volume from the previous week.

The highest-priced digital collectible was Cryptopunk #6,940 in the previous week, commanding USD 507,618 seven days ago. BNB’s Lockdealnft #18,858 realized a sale of USD 147,157 four days ago, while an Axie Infinity NFT fetched a price of USD 143,559 this week.

An Uncategorized Ordinal was acquired for USD 88,386, and a Cardano’s Meld Diamond Hand #2,813 went for USD 56,186. The sales of Cryptopunk #6,940 and the Axie Infinity NFT contributed significantly to boosting the sales of their respective chains.

Sales of blockchain digital collectibles have been facing tough and challenging conditions in 2022 and 2023. The fortune began to change at the end of last year with the entry of Bitcoin NFT. The sales volume initially saw a big boost, but BTC-focused NFT sales not only declined this week but also witnessed a 28.15% decline in the past week.

Solana and Polygon-based NFTs registered an uptick at the end of 2023, but they too have recently registered falls in their overall digital collectible sales volume. Whether this declining trend in NFT sales will continue or if a rebound is on the cards remains to be seen.

What is your take on this week’s NFT sales? Please share your thoughts and opinions about this subject in the comments section below.

SEC Postpones Decision on Spot Ethereum ETFs

noreply@blogger.com (Arvind Patnaik ) — Sat, 27 Jan 2024 22:23:00 +0000

SEC Postpones Decision on Spot Ethereum ETFs

The US Securities and Exchange Commission (SEC) has postponed its decisions on spot Ethereum exchange-traded funds (ETFs) applications by Blackrock, the world’s largest asset manager, and Grayscale Investments. Grayscale is looking to convert its existing Ethereum Trust into a spot ETF.

Two Applications on Spot Ethereum ETF Postponed

The US Securities and Exchange Commission (SEC) postponed two applications for spot Ethereum exchange-traded funds (ETFs) this week. Investors are closely observing the SEC for decisions on spot Ethereum ETF applications following the recent approval of eleven spot Bitcoin exchange-traded ETFs.

The SEC has postponed an application by the Nasdaq Stock Market to list and trade shares of Blackrock’s Ishares Ethereum Trust on Wednesday. The application that was filed on November 21, 2023, was published for comment in the Federal Register on December 11.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” the SEC stated, adding:

"The Commission designates March 10, 2024, as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change."

The SEC approved eleven spot bitcoin ETFs on January 10, including Grayscale’s application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Most approved spot Bitcoin ETFs began trading on January 11. Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have emerged as the leaders based on spot Bitcoin ETF trading volume.

The SEC also postponed its decision on Grayscale’s Ethereum Trust on Thursday. The asset manager seeks to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF. NYSE Arca filed a proposed rule change to list and trade shares of the Grayscale Ethereum Trust with the SEC on October 10, 2023.

SEC is Instituting Proceedings for Proposed Rule Change

The SEC is now instituting proceedings “to allow for additional analysis of the proposed rule change,” according to the regulator’s announcement. The SEC also seeks comments on the proposed rule change. The regulator stated:

"The Commission is instituting proceedings to determine whether the proposed rule change can be approved or disapproved. The Commission seeks and encourages interested parties to provide comments on the proposed rule change."

All comments are to be submitted within a period of 21 days from the date of publication in the Federal Register. Rebuttals to any submissions to be filed within 35 days of their publication in the Federal Register.

Do you think the SEC will soon approve spot Ethereum ETFs following the approval of spot Bitcoin ETFs? Please share your thoughts and opinions in the comments section below.

Nine Newly Launched Bitcoin ETFs Collectively Added 132,170 BTC

noreply@blogger.com (Arvind Patnaik ) — Fri, 26 Jan 2024 22:12:00 +0000

Nine Newly Launched Bitcoin ETFs Collectively Added 132,170 BTC

The nine newly launched spot Bitcoin ETFs have collectively added 132,170.59 Bitcoin. Blackrock’s IBIT holding increased to a total of 49,952.32 Bitcoin worth USD 1.98 billion, while Grayscale’s GBTC reported a decline of 10,871.56 Bitcoin from its holdings on Friday morning.

Grayscale’s GBTC Bitcoin Outflow Valued at USD 449 Million

GBTC has witnessed another significant outflow of 10,871.56 bitcoin, valued at USD 449 million, from its reserves during the last 24 hours. Grayscale’s Bitcoin trust held a total of 523,516.43 BTC on Thursday, which has declined to 512,644.87 BTC today. Therefore, a substantial amount of 104,435.12 BTC, valued at USD 4.3 billion, seems to have been withdrawn from Grayscale’s trust since January 12, 2024.

Blackrock IBIT holdings have increased with another boost of 4,284 BTC since Thursday. The total reserves now stand at 49,952.32 BTC, valued at USD 1.98 billion. The Fidelity spot bitcoin exchange-traded fund (ETF), FBTC, currently holds 43,855.14 BTC, valued at USD 1.74 billion, according to the reports. The Ark Invest 21shares ETFs hold 13,285 BTC, valued at USD 549 million, while Bitwise’s BITB now holds a balance of 12,840.05 BTC.

Vaneck’s HODL ETF maintains its previous holding of 2,772.33 BTC. Franklin Templeton’s EZBC Bitcoin reserve remains at 1,334 BTC, and Invesco’s holding stays at 6,339 BTC, as estimated from BTCO’s assets under management (AUM). Valkyrie’s BRRR ETF has shown an uptick since Thursday, now holding 2,592.75 BTC. Wisdomtree’s BTCW ETF has continued to hold 201 BTC without change in its holdings since Thursday.

Blackrock and Fidelity Command 70.97% of Total Holdings

The trend shows an exodus of 104,435.12 BTC from GBTC, valued at USD 4.3 billion. But the nine newly launched spot Bitcoin ETFs have collectively added 132,170.59 BTC since they began trading. The nine ETFs hold a collective value of USD 5.46 billion at current exchange rates. Blackrock and Fidelity together hold a significant 70.97% of the nine collective ETF holdings. The total assets of the nine ETFs amount to 25.78% of the size of Grayscale’s GBTC holdings as of Friday.

What is your take on the latest GBTC outflow and the acquisition from other ETFs? Please share your thoughts and opinions in the comments section below.

Casper Labs and IBM Join Hands to Create AI Data-Tracking System

noreply@blogger.com (Arvind Patnaik ) — Thu, 25 Jan 2024 21:52:00 +0000

Casper Labs and IBM Join Hands to Create AI Data-Tracking System

The blockchain firm Casper Labs and the computer giant IBM have joined hands to create an AI data bias tracking system. Executives attending the World Economic Forum in Davos have said using blockchain technology to weed out biases in artificial intelligence models might turn out to be the "killer user case" of the technology.

Blockchain to Weed Out Biases in AI Models

Blockchain now gets preference because it allows AI developers to track the data used in training their respective models. The blockchain firm Casper Labs and the multinational technology corporation IBM have joined hands to create such an AI data-tracking system, according to a report by CNBC.

Business executives attending the World Economic Forum (WEF) in Davos believe that using blockchain to weed out bias or misinformation in the data used to train artificial intelligence (AI) models could be the technology’s “killer user case.”

The call for a blockchain-based data-tracking system comes at a time when concerns over the potential use of AI models in disseminating false or biased data are on the rise. One study has reported that when an AI model produces a skewed perspective on an issue, users will continue to replicate this beyond even their interactions with the AI model.

However, Medha Parlikar, the chief technology officer and co-founder of Casper Labs, who spoke at a WEF panel discussion, said that her firm’s solution is already proving to be useful in tackling the problem of AI bias.

“And so as you use the AI, if it’s learning and you find that the AI is starting to hallucinate, you can roll back the AI. And so you can undo some of the learning and go back to a previous version of the AI,” Parlikar explained.

Calls for Wider Adoption of AI Tracking Solutions

The CEO of the Crypto Council for Innovation, Sheila Warren, insisted that an AI tracking solution may be the blockchain’s most consequential use case and one that validates the calls for its wider adoption. She added:

“I do think that the verification of an AI and the checks and balances within an AI system are going to be blockchain-driven and blockchain-backed.”

Do you agree that AI data tracking is potentially the blockchain’s "killer use case"? Please share your thoughts and opinions in the comments section below.

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US Startup Files Application to Issue Interest-Bearing Stablecoin

noreply@blogger.com (Arvind Patnaik ) — Wed, 24 Jan 2024 22:27:00 +0000

US Startup Files Application to Issue Interest-Bearing Stablecoin

A US blockchain and lending startup has filed an application with the US Securities and Exchange Commission (SEC) seeking permission to issue an interest-bearing stablecoin. The startup said the digital token will be an alternative to existing stablecoins such as USDT and USDC.

Figure Technologies Stablecoins as 'Face-Amount Certificates'

Figure Technologies Inc., a new blockchain and lending startup, has reportedly filed an application with the US Securities and Exchange Commission (SEC) for launching an interest-bearing stablecoin. The stablecoins will be registered as “face-amount certificates” and will be available to both retail and institutional investors in the US, subject to approval by the regulator.

Figure Technologies hopes to offer the first stablecoin in the United States as a security, according to a Bloomberg report. The draft registration statement has been filed by the company under the name of its subsidiary, Figure Certificate Co. The startup will issue stablecoins using blockchain technology.

The digital asset division of Figure Technologies, Figure Markets, is reportedly planning to raise USD 50 million at a valuation of USD 250 million. The funds are likely to be raised in collaboration with Jump Crypto and will be used for Figure Markets’ operations.

Proposed Stablecoin as an Alternative to USDT and USDC

Mike Cagney, the CEO of Figure Technologies, said about the proposed stablecoin that the digital token will be used as an alternative to existing stablecoins such as USDT and USDC. He added:

"Interested in an instrument that provides yield backed by highly liquid, investment-grade assets in a digital format that can be liquidated on short notice and used in peer-to-peer transactions?"

Figure Technologies has also filed for registration of an offering that targets investors who are interested in earning yields with assets held in digital format, as the Bloomberg report mentioned.

What is your take on the story? Please share your thoughts and opinions in the comments section below.

Image source: Shutterstock

Meta's Trademark Filings Reveal Renewed Interest in Digital Assets

noreply@blogger.com (Arvind Patnaik ) — Tue, 23 Jan 2024 22:58:00 +0000

Meta's Trademark Filings Reveal Renewed Interest in Digital Assets

The tech giant Meta's recent spate of trademark filings reveals renewed interest in digital assets and blockchain technology. Maxine Waters questions the intent behind the application filings in a letter to Meta.

Maxine Waters Concerned About Meta’s Renewed Interest in Digital Assets

The ranking Democrat of the House Financial Services Committee, Maxine Waters, is concerned over Meta’s recent trademark applications, which refer to the tech giant’s potential re-entry into the digital asset space. Waters has sent a letter to Meta’s CEO, Mark Zuckerberg, and COO, Javier Olivan, questioning the company’s intentions regarding digital assets and blockchain technology.

Waters refers to the five trademark applications filed by Meta over the past year in her letter. The applications cover a range of services, including an online social networking and dating service, digital currency exchange, the development of blockchain-related computer hardware and software, and cryptocurrency trading services. Meta personnel have issued statements on earlier occasions, denying working on digital asset projects at the company.

Waters noted as a vocal critic of Meta’s crypto ventures, particularly the Libra (later Diem) stablecoin project, expressed her concerns about the company potentially reviving the digital asset projects. She highlighted the incongruity between Meta’s trademark filings and their public disapproval of current digital asset ventures.

Meta faced regulatory and legislative scrutiny over its plans to launch the Libra cryptocurrency and the Calibra digital wallet in 2019. Waters, along with other lawmakers, had requested a moratorium on these projects due to privacy and national security concerns. Despite these challenges and the eventual shutdown of the Diem project, Meta’s interest in digital assets seems to persist as the letter from Waters suggests.

Congresswoman Seeks Clarity on Meta's Intent

The letter from the congresswoman seeks clarity on Meta's intent to launch a cryptocurrency payments platform and its plans for the recently filed trademark applications. She stressed the need for transparency, especially given the company’s troubled past with digital currencies. However, Meta has yet to respond to the letter.

What is your take on Meta pursuing several potential digital asset-related business opportunities? Please share your thoughts and opinions about this subject in the comments section below.

Top 5 AI Crypto Tokens Tumble Against the US Dollar

noreply@blogger.com (Arvind Patnaik ) — Mon, 22 Jan 2024 22:39:00 +0000

Top 5 AI Crypto Tokens Tumble Against the US Dollar

The value of artificial intelligence (AI) crypto tokens has tumbled against the US dollar. The AI crypto sector's valuation declined in recent weeks by USD 960 million, which was valued at 7 billion at the beginning of the year. The top five AI crypto tokens have witnessed a decline in their value, varying between 6% and 16% against the US dollar over the past month.

AI Crypto Sector Plummets USD 960 Million in Value

The digital currency market, comprising 82 AI crypto tokens, held a cumulative value of USD 7.04 billion on January 2, 2024. The market valuation now stands at USD 6.08 billion, registering a loss of USD 960 million in the same period as per the current data available on the sector. This is a decrease of 13.63% against the US dollar over the past 20 days.

Bittensor (TAO) dipped by 6.06% but continues to be the leader of the sector with the highest market capitalization of USD 1.57 billion. Graph (GRT) declined by 10.31%, with its current market valuation at USD 1.52 billion in terms of its 30-day performance.

The market capitalization of TAO and GRT together is 50.82% of the total value of USD 6.08 billion for the AI-crypto economy. Fetch (FET) declined by 15.62% in the past month, while Singularitynet (AGIX) declined by 16.28%.

Fetch (FET) currently holds a market capitalization of USD 507 million, while Singularitynet (AGIX) has a net valuation of USD 354 million. Ocean Protocol (OCEAN) is in fifth place with a market cap of approximately USD 255 million in the rankings.

OCEAN has declined by 14.81% against the US dollar in comparison to its value for the last month. The combined market capitalization of the top five AI crypto tokens (TAO, GRT, FET, AGIX, and OCEAN) commands 85.62% of the total valuation for the AI crypto sector.

AI Crypto is Considerably Small to Meme Market Capitalization

The AI crypto sector has witnessed significant growth in the last year, exceeding the total market capitalization of all privacy coins, currently valued at USD 5.79 billion. However, the AI digital currency sector is considerably smaller in comparison to the meme coin market, which has a substantial market capitalization of USD 21.53 billion.

What is your take on the AI crypto tokens witnessing a market decline over the past month? Please share your thoughts and opinions about this subject in the comments section below.

Total Value Locked in DeFi Surpasses USD 57 Billion

noreply@blogger.com (Arvind Patnaik ) — Sun, 21 Jan 2024 23:35:00 +0000

Total Value Locked in DeFi Surpasses USD 57 Billion

The total value locked (TVL) in decentralized finance (DeFi) protocols increased from USD 37.46 billion on October 20, 2023, to USD 57.74 billion over the past 93 days, according to data shared by defillama.com. 57.3% of the total value in DeFi is on the Ethereum blockchain, while Lido’s liquid staking protocol accounts for 40.21% of this aggregate.

54% Increase in TVL in DeFi Protocols

The total value (TVL) locked in decentralized finance (DeFi) protocols has increased significantly in 2024 in comparison to the previous year. The total value locked (TVL) has registered a surge of 54.13% since October 20, 2023, to an impressive USD 57.74 billion. Lido is the largest protocol in terms of TVL, climbing by 10.66% since last month, valued at USD 23.22 billion.

The second-largest DeFi protocol, Maker, has registered a dip of 1.52% over the last 30 days, with its TVL valued at USD 8.41 billion. Aave (USD 7.22B), Justlend (USD 6.09B), and Uniswap (USD 4.34B) are among the top five DeFi protocols in terms of TVL size. Aave has witnessed an uptick of 10.34% in TVL over the past 30 days, while Justlend has declined by 9.43% during the same period.

Uniswap has recorded significant growth among the top five, with its TVL rising by 78.56% since last month. Four of the five DeFi applications are on the Ethereum blockchain, except Justlend, which is a Tron-based protocol. Ethereum is the leader of the DeFi segment, commanding 57.3% of the aggregate TVL, amounting to USD 33.10 billion. Tron is the second-largest chain by TVL size, valued at USD 7.86 billion.

Binance Smart Chain (BSC) with USD 3.50 billion, Arbitrum with USD 2.64 billion, and Solana with USD 1.38 billion follow behind Ethereum and Tron. Solana registered the biggest monthly increase, with an increase of 38.52%. Ethereum followed with an increase of 10.57% since last month. Tron is the only blockchain that has witnessed a 5.44% decline over the past month. Besides the top five, the MANTA and APT chains have registered significant gains.

Securing Over USD 20 Billion in 3 Months

Despite registering robust growth since October 2023, TVL has witnessed a decline since January 10, 2024. The slowdown in the sector can lead to uncertainties about the sustainability of the current growth trend in DeFi. However, the cumulative growth in the sector has added USD 20.28 billion in value over the last 93 days.

What is your take on the state of DeFi in 2024? Please share your thoughts and opinions in the comments section below.

Tron Debunks UN Study Report On Bad Actors Nexus

noreply@blogger.com (Arvind Patnaik ) — Sat, 20 Jan 2024 18:30:00 +0000

Tron Debunks UN Study Report On Bad Actors Nexus

The Tron Decentralized Autonomous Organization (DAO) has debunked a United Nations report linking bad actors to most tether transactions facilitated via its protocol. It also refers to the more than 50% share of the USDT stablecoins in circulation as a “testament to the superior trust bestowed upon the Tron blockchain by the global community.”

UN Links Bad Actors to TRC20 USDT

The Tron decentralized autonomous organization (DAO) has debunked sections of a United Nations (UN) study report underlining that USDT transactions via its TRC20 protocol are largely done by bad actors. Tron DAO has stated that it actively engages on-chain forensic partners to exchange information regarding transactions on the blockchain. This practice helps in blocking and stopping malicious actors from using the protocol.

The UN study report recently indicated that money launderers and fraudsters in Southeast Asia are increasingly using the stablecoin USDT for payments and fund transfers. The regional representative of the World Body claims that the absence of a regulatory framework has fostered the use of Tether in the region as the preferred choice of bad actors.

The official statement from Tron concurs with the UN stance on the use and misuse of stablecoins, but it debunks the allegation that bad actors are solely behind the popularity of TRC20 stablecoins.

“TRC20 is the world’s most popular on-chain settlement protocol by USDT circulation, with over 50% market share, followed by Ethereum. This market share is a testament to the superior trust bestowed upon the Tron blockchain by the global community,” Tron DAO stated.

Tron Joins Tether in Debunking the UN Study Report

Tron also stated that it cannot speak on behalf of third parties like USDT issuer Tether. The stablecoin issuer has also issued a statement debunking the UN study report, similar to Tron. Tether has highlighted that it is collaborating with global law enforcement agencies and not enabling bad actors, as alleged in the report.

What is your take on Tron debunking the UN study report on bad actors? Please share your thoughts and opinions in the comments section below.

Image source: Shutterstock

Grayscale Bitcoin Trust Holdings Dips Amid High GBTC Trading Activity

noreply@blogger.com (Arvind Patnaik ) — Fri, 19 Jan 2024 18:46:00 +0000

Grayscale Bitcoin Trust Holdings Dips Amid High GBTC Trading Activity

GBTC, the Grayscale Bitcoin Trust, has recently witnessed a considerable outflow of Bitcoin. A total of 10,823.86 Bitcoin, valued at approximately USD 447.40 million, were withdrawn from the GBTC holdings between Thursday and Friday morning.

GBTC Holdings Declines by 10,800 BTC in One Day

GBTC experienced significant outflows on Thursday, January 18, 2024, when the fund recorded a trade volume of USD 2.11 billion. The Grayscale Bitcoin Trust has emerged as the frontrunner in trade volume among all the newly launched spot Bitcoin exchange-traded funds (ETFs).

The surge in volume runs parallel to the increase in bitcoin outflows, primarily due to GBTC investors booking their profits. GBTC reportedly held substantial reserves of 592,097.78 BTC on January 18. However, it has registered a 1.82% decline as of today. GBTC’s current holdings have declined to 581,273.92 BTC as of January 19, 2024.

The decline of 1.82% translates to a reduction of 10,823.86 BTC, valued at USD 447.4 million, based on the current BTC exchange price. The total value of assets under management (AUM) currently stands at USD 23.70 billion, as per GBTC’s website. The outflows from GBTC are parallel to the inflows into spot Bitcoin ETFs managed by Blackrock and Fidelity. Blackrock’s IBIT holds 28,622 BTC, while the Fidelity Wise Origin ETF (FBTC) holds 20,507 BTC, and the Bitwise ETF BITB holds 8,309 BTC as of January 18, 2024.

GBTC is the Top BTC Holder

The million-dollar question for investors is how long the GBTC’s substantial outflows will continue and the possible impact of the Bitcoin movements on the market. Despite the outflows, Grayscale is the top BTC holder, with an ownership of 582,134 BTC, as reported by Arkham Intelligence on January 19. The final figure includes the Bitcoin holdings by Grayscale for its Digital Large Cap Fund, which also experienced a decline of 395.9 BTC on January 16, 2024.

What is your take on GBTC’s Bitcoin holdings declining since the ETFs began trading last week? Please share your thoughts and opinions in the comments section below.

Blackrock Bitcoin ETF Draws the Attention of Diverse Investors

noreply@blogger.com (Arvind Patnaik ) — Thu, 18 Jan 2024 18:14:00 +0000

Blackrock Bitcoin ETF Draws the Attention of Diverse Investors

Rachel Aguirre, the head of product for Blackrock’s Ishares US, revealed in a recent interview about substantial inflows of funds by the new spot Bitcoin exchange-traded fund (ETF), known as IBIT. Aguirre said the IBIT ETF has managed to draw the attention of a diverse group, including “retail, self-directed investors, and some who were ready to invest from day one.”

IBIT Ranks as the Second-Largest US-Spot Bitcoin ETF

The new spot Bitcoin exchange-traded funds (ETFs) have registered an impressive USD 11.82 billion in trading volume in four days. Blackrock's IBIT fund has emerged second in terms of both trading volume and the amount of Bitcoin (BTC) holding behind Grayscale’s GBTC. IBIT has recorded a trading volume of USD 1.28 billion in four days, accounting for 10.82% of the total volume across all funds.

Rachel Aguirre, the head of Blackrock’s Ishares US products, revealed the recent inflow of funds in a recent interview with Bloomberg. She indicated that IBIT has been drawing attention from multiple sectors. “We’re seeing interest from retail, self-directed investors, and some who were ready to invest from day one,” she said. Aguirre also indicated that the company is “very excited” about investors exploring this new asset category for the first time.

Aguirre chose not to reveal any specifics, and simply stated she could not comment on the model portfolios and the possibility or Blackrock incorporating “allocation to Bitcoin in the weeks and months ahead.” Aguirre said Blackrock is “focused” on “understanding the education needs” of its clients. The largest asset management company wants to provide an investor education program to support investors “along their investing journey.”

Blackrock Secures 25,067 BTC in Holdings

The IBIT fund currently holds 25,067 BTC, valued slightly above USD 1 billion as per the IBIT website data. Currently, IBIT ranks second in terms of trading volume behind GBTC. Blackrock’s ETF also maintains the second-largest reserves in spot bitcoin ETFs in the United States, following behind the holdings of Grayscale’s GBTC.

What is your take on the Blackrock statements and IBIT's performance in the past four days of trading? Please share your thoughts and opinions about this subject in the comments section below.

Tether Slams UN Report for Linking USDT with Illicit Activities

noreply@blogger.com (Arvind Patnaik ) — Wed, 17 Jan 2024 18:11:00 +0000

Tether Slams UN Report for Linking USDT with Illicit Activities

The world's largest issuer of the stablecoin USDT, Tether, has slammed the United Nations Office on Drugs and Crime report for ignoring the “role of the stablecoin in helping developing economies in emerging markets and linking it with illicit activities.” The stablecoin uses public blockchains, and every transaction is traceable, making it “an impractical choice for illicit activities,” explained Tether.

Report Ignores the Role of USDT in Developing Economies

Tether, the issuer of the stablecoin USDT, has slammed the United Nations Office on Drugs and Crime (UNODC) report for linking the use of stablecoin with illicit activities. Tether counters that the UNODC report ignores the role of the stablecoin “in helping developing economies in emerging markets.” The global financial world is known for ignoring these markets because “servicing such communities would be unprofitable,” the stablecoin issuer stated.

Tether rebuffed the UNODC report on USDT in a statement on January 15, stating that its collaboration with global enforcement agencies ensures “unparalleled monitoring” of the tokens. The use of public blockchains ensures that every tether transaction is traceable, making USDT “an impractical choice for illicit activities.”

The UNODC’s report also mentions USDT as the heart of many pig butchering scams. The UNODC’s regional representative for Southeast Asia, Jeremy Douglas, stated that criminals use the stablecoin because they are aware that crypto regulations “are way behind illicit activity.”

Tether Collaborates with Global Enforcement Agencies

“The UN’s analysis ignores the traceability of Tether tokens and the proven record Tether has of collaborating with law enforcement. Rather than focusing solely on risks, the UN should also discuss how centralized stablecoins can improve anti-financial crime efforts,” the stablecoin issuer stated.

Tether also urged the UNODC to consider collaborating with the industry, which will enable it to “understand and execute modern strategies to fight financial crime.” The UNODC should consider engaging with the stablecoin issuer and stop highlighting negative consequences, Tether added.

What is your take on UNODC’s report against USDT? Please share your thoughts and opinions in the comments section below.

Image source: Shutterstock

Apple and Google Remove Nine Crypto Exchanges from App Stores in India

noreply@blogger.com (Arvind Patnaik ) — Tue, 16 Jan 2024 10:17:00 +0000

Apple and Google Remove Nine Crypto Exchanges from App Stores in India

The Financial Intelligence Unit India flagged nine crypto service providers for illegal operations in the country, forcing Apple and Google to remove several major crypto exchanges from their app stores in India. Telecom operators and internet service providers in India are also blocking the websites of the flagged crypto exchanges.

Regulatory Crackdown on Non-Compliant Crypto Platforms in India

The regulatory crackdown on non-compliant crypto platforms in India has forced tech giants Google and Apple to take action against several major crypto exchange apps in India. The Financial Intelligence Unit India (FIU IND) initiated the crackdown on offshore crypto exchanges after serving them notices in December.

Google removed major crypto exchanges like Binance and Kraken from the Google Play Store in India on Saturday, while Apple removed crypto exchange apps from its App Store a few days earlier. Telecom operators and internet service providers in India have also started blocking the websites of flagged crypto exchanges.

The Financial Intelligence Unit of India issued “compliance show cause notices” to nine offshore crypto firms in December. The government explained that all crypto service providers operating in India are required to register with the FIU IND as a reporting entity and comply with the rules set forth by the Prevention of Money Laundering Act, 2002.

Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex are the nine crypto exchanges that received a notice from the FIU IND.

Binance Customer Support Acknowledges App Removal

Commenting on the app removal policy by Apple and Google, Binance Customer Support posted on X:

"We are aware of an IP block affecting several crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users having the Binance app will not be affected."

“The ongoing situation is not unique to Binance and impacts other Web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe,” Binance Customer Support explained.

What is your take on Apple and Google removing crypto exchange apps flagged by the FIU from their app stores? Please share your thoughts and opinions in the comments section below.

Greenpeace Condemns Bitcoin ETF Approval On Pollution Issues

noreply@blogger.com (Arvind Patnaik ) — Mon, 15 Jan 2024 18:26:00 +0000

Greenpeace Condemns Bitcoin ETF Approval On Pollution Issues

Greenpeace, an environmental protection organization, has condemned the approval of several spot Bitcoin exchange-traded fund (ETF) products, stating that it is a “watershed moment” for the financial services industry on Bitcoin-produced pollution. The organization submits that the approval of Blackrock, Fidelity, and other financial companies for Bitcoin ETFs should be incumbent upon mitigating the carbon emission issues.

Greenpeace Labels Bitcoin ETF Approval 'a Loss for the Climate and Society'

Greenpeace, an organization that works for global environmental protection, has condemned the approval of the recent spot Bitcoin ETF products by the US Securities and Exchange Commission (SEC). Rolf Skar, National Campaigns Director at Greenpeace USA, termed it as 'a loss for the climate and society.' He stated that this move would make it easier to bet on Bitcoin, an asset that is associated with pollution issues.

Skar further stated:

"The approval of the Bitcoin ETFs is a watershed moment in the financial services industry’s embrace of polluting Bitcoin… This presents serious challenges for our efforts to reduce carbon emissions and avert the worst consequences of the climate crisis."

Skar explained that this kind of product will push the price of Bitcoin further due to an increase in demand for the product. He explained that the increase in demand for more Bitcoin will motivate miners to join the hunt for the rewards obtained after mining a Bitcoin block.

Skar elaborated that the power for Bitcoin mining is largely from fossil fuels, which leads to higher carbon emissions and water use. “SEC’s approval of a Bitcoin ETF is a win for executives at big Wall Street companies but a loss for the climate and society,” he concluded.

Greenpeace Urges Change in the Consensus Mechanism

Greenpeace stopped accepting Bitcoin donations due to its environmental impact in 2021 and has been advocating for changing the code. This would involve changing from a proof-of-work to a proof-of-stake consensus mechanism, reducing the amount of energy needed to operate and secure the network.

What is your take on Greenpeace and its condemnation of the approval of several spot Bitcoin ETF products? Please share your thoughts and opinions in the comments section below.

Blackrock’s Spot Bitcoin ETF Boosts BTC Holding

noreply@blogger.com (Arvind Patnaik ) — Sun, 14 Jan 2024 06:25:00 +0000

Blackrock’s Spot Bitcoin ETF Boosts BTC Holding

Blackrock’s spot Bitcoin exchange-traded fund (ETF) has acquired 11,439 bitcoins to boost their holding, which is valued at USD 500 million after two days of trading on the Nasdaq stock exchange. The Ishares Bitcoin Trust of Blackrock was among the eleven spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) this week.

BTC Now Represents 99.99% Trust Holdings

Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has added 11,439 bitcoins to boost their trust holdings. The Ishares ETF website released that the IBIT’s holdings comprise 11,439.2198 Bitcoin with a market value of USD 497,994,992.41 as of January 12. The largest cryptocurrency now represents 99.99% of the trust holdings. Blackrock updated: “The value shown for ‘shares’ represents the total number of bitcoins held by the Ishares Bitcoin Trust.”

Posts by crypto enthusiasts on social media platform X on Saturday revealed that on January 11, Ishares Bitcoin Trust held roughly 50% bitcoin and 50% cash (US dollars), while other spot bitcoin ETFs like Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin Fund, and Ark 21shares Bitcoin ETF held 100% in bitcoin. A crypto enthusiast posted:

"Yesterday, I reported that Blackrock moved 50% of their ETF into cash. Well, today, they updated, and they did indeed, as I thought, buy the dip. They are now back 100% in bitcoin."

“How did they know? We have a new set of whale traders in the game. The ETF fund managers can trade in and out of cash, any cash, any currency, forex included,” he added. The price of BTC surged to USD 49,000 on the first day of spot Bitcoin ETF trading but fell below USD 42,000 on the second day.

Blackrock is Now Back 100% in Bitcoin

Blackrock’s Ishares Bitcoin Trust was among the eleven spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) on Wednesday. The fund started trading the following day on the Nasdaq stock exchange.

SEC Chairman Gary Gensler approved the eleven Bitcoin ETFs but later clarified that the Commission does not approve or endorse Bitcoin. He continued to caution investors about the risks of investing in crypto assets. SEC Commissioner Hester Peirce slammed the delay in spot bitcoin ETF approval as having “squandered a decade of opportunities.”

What is your take on Blackrock’s spot bitcoin ETF holding 11,439 BTC? Please share your thoughts and opinions in the comments section below.