Binance NFT Marketplace looks to capture market share via ‘100 Creators Campaign’

In an effort to attract users, Binance is casting a wide net to bring in artists, celebrities and athletes.


Source: Cointelegraph.com
Original Post: Binance NFT Marketplace looks to capture market share via ‘100 Creators Campaign’

Bitcoin rejects near $37.5K, on-chain data shows capitulation from short-term holders

On-chain data shows short-term Bitcoin holders continue to capitulate while long-term investors have been buying the dip in anticipation of the market moving higher.


Source: Cointelegraph.com
Original Post: Bitcoin rejects near .5K, on-chain data shows capitulation from short-term holders

How relevant is the $900M open interest on Bitcoin options above $100K?

Pro traders have been buying ultra-bullish $100,000–$200,000 Bitcoin options, but how confident are they that these targets will be achieved?


Source: Cointelegraph.com
Original Post: How relevant is the 0M open interest on Bitcoin options above 0K?

3 on-chain indicators suggest the Bitcoin price sell-off is losing steam

As Bitcoin's price shows new signs of bullish momentum, data from various on-chain indicators suggests that the current sell-off is reaching an end.


Source: Cointelegraph.com
Original Post: 3 on-chain indicators suggest the Bitcoin price sell-off is losing steam

Price analysis 5/31: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, ICP, BCH

Bitcoin and altcoins are attempting to start a relief rally, suggesting traders have decided to start buying at lower levels.


Source: Cointelegraph.com
Original Post: Price analysis 5/31: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, ICP, BCH

Report: Amid pullback, Argentine Bitcoin miners thriving

Institutional miners and hobbyists alike are taking advantage of energy subsidies to cash in.


Source: Cointelegraph.com
Original Post: Report: Amid pullback, Argentine Bitcoin miners thriving

Voting on a Proposal to Reimburse Mt. Gox Victims Begins Today

The trustee presiding over the Mt. Gox civil rehabilitation case has taken the next step toward partially reimbursing victims who lost money to the cryptocurrency exchange in hacks that date back nearly a decade. As of today, claimants can begin to vote on whether or not they will accept the civil rehabilitation proposal.

The deadline for claimants to cast their vote online is Oct. 8.

Significantly, the notice from the trustee states:

"If you do not vote, you will be deemed to have voted against the Draft Rehabilitation Plan for the requirement of the amount of the voting rights."

Because a minimum threshold of 50% of votes is required in order for the proposal to pass, there is a chance the proposal could fail even if the majority of votes actively cast vote in favor of acceptance.

How the payouts could work

According to a letter sent to claimants last year, the proposed payout would reimburse creditors in both JPY and BTC or BCH. The total value of each claim is denominated in Japanese yen (JPY) with each bitcoin being pegged to nearly $7,000, the rough price of bitcoin when the civil rehabilitation began in 2018 (not the $37,000 price of today, but also not the few hundreds of dollars bitcoin was trading at when Mt. Gox fell).

Mt. Gox was hacked recurrently from 2012-2014, eventually driving it into insolvency. Since 2014, bankruptcy proceedings have evolved into these rehabilitation proceedings. The drawn-out drama means some exhausted creditors sold their claims to law firms, individuals and other stakeholders in the case.

According to the terms of the proposal, if a claimant filed a fiat bankruptcy claim back in the day, they would be entitled to a priority payment for the full sum lost plus damages.

For everyone else, there are a few options.

First, all approved creditors will receive a base payment of up to 200,000 JPY (approximately $1,800 USD) that will count toward their total claim.

From there, they can choose between two options: They can opt for a faster, early-sum payment which will reimburse them for about 21% of their first claim. Or, they can also choose to wait for what could be potentially a few more percentage points, but this isn’t guaranteed.

In other words, someone who lost 1 BTC and $1,000 who selects the “Early Sum” payment would receive a base (small sum) payment of 200,000 JPY ($1,826.43 USD), along with 0.13194012 BTC, 0.13302035 BCH and 247,396 JPY, for an approximate value of nearly $10,000 USD.

Should that same person select the later “Final” payment options, they could see that amount go up to around $11,000 USD. But it could also dip lower than the Early Sum amount of $10,000.

There is no guarantee that the price will go up (or down) because Mt. Gox currently holds over 141,000 BTC and 141,000 BCH and some 68 billion JPY of fiat, but they have a total of 680,000 BTC/BCH and 8.8 billion JPY in approved claims (and 130,000 BTC/BCH and 50 billion JPY), per a WizSec blog post which explains payout details. There are also some claims awaiting approval; so, at this point, there is no way of knowing exactly what the final total disbursement amount to all creditors will be.

Also up for clarification is how those funds will be denominated. Creditors who lost funds in fiat currencies will be paid in JPY. Any cryptocurrency amounts owing will be reimbursed in a mix of BTC and/or BCH and JPY.

WizSec estimates that 30% of the dollar amount for BTC/BCH claims will likely have to settle in JPY due to the shortage of cryptocurrency funds recovered and the numerous exchanges for fiat that have been conducted over the years. Any disbursement in cryptocurrencies will be sent to exchanges included on a whitelist approved by the trustee.

Creditors can get an estimate of their potential payout, should the proposal pass the vote, by using the payout calculator on WizSec’s latest post regarding the rehabilitation proceedings.

Voting for an end to the drama

Should the proposal be accepted by the majority of stakeholders, individuals can then decide which of the two options (early or final settlements) they will choose for themselves.

Should the vote fail, it will be back to the drawing board for the trustee and the board, leaving creditors waiting for a new proposal to be drawn up. Considering the years it has taken for this proposal to be created, failure to accept these terms would likely force creditors to wait even longer for any compensation.

These recovery efforts by the Mt. Gox trustee, despite some media claims, are separate from a class action lawsuit levied against Mark Karpeles, the owner and operator of Mt. Gox at the time it went bust. Karpeles has suggested that creditors should accept the trustee’s proposal rather than pursue him in the separate class action proceedings; however, he is not directly involved in the proposal negotiations.


Source: Coindesk
Original Post: Voting on a Proposal to Reimburse Mt. Gox Victims Begins Today

0x launches DEX liquidity API on Polygon

Polygon’s decentralized finance footprint continues to grow, with 0x releasing a version of its decentralized exchange liquidity aggregator API on the “Ethereum scaler.”


Source: Cointelegraph.com
Original Post: 0x launches DEX liquidity API on Polygon

Indian central bank clarifies regulations as local banks shun crypto

Banks like HDFC and the State Bank of India reportedly cautioned customers against crypto, citing the RBI’s quashed crypto circular.


Source: Cointelegraph.com
Original Post: Indian central bank clarifies regulations as local banks shun crypto

Druckenmiller: Ethereum is 'MySpace before Facebook' while Bitcoin won as 'Google'

Those with skin in the game are reiterating that comparing Bitcoin to Ethereum is a pointless and potentially costly exercise.


Source: Cointelegraph.com
Original Post: Druckenmiller: Ethereum is 'MySpace before Facebook' while Bitcoin won as 'Google'

Japanese watchdog issues warning to crypto derivatives exchange Bybit

The warning comes in response to Bybit’s marketing campaign that reportedly targeted Japanese investors.


Source: Cointelegraph.com
Original Post: Japanese watchdog issues warning to crypto derivatives exchange Bybit

How artificial intelligence can enhance blockchain platforms

AI and blockchain are rarely utilized together — but combining these technologies could unlock a plethora of use cases.


Source: Cointelegraph.com
Original Post: How artificial intelligence can enhance blockchain platforms

Bitcoin accumulation uptrend can create a 2013-style BTC price ‘double pump’

Long-term Bitcoin holders remain unfazed by the recent sell-off, but there is still one alarming sign.


Source: Cointelegraph.com
Original Post: Bitcoin accumulation uptrend can create a 2013-style BTC price ‘double pump’

Coincheck crypto exchange announces Japan’s first ever IEO

The Hashpalette token sale on Coincheck is set to become Japan’s maiden initial exchange offering event.


Source: Cointelegraph.com
Original Post: Coincheck crypto exchange announces Japan’s first ever IEO

Court denies SEC access to Ripple’s legal advice

Ripple’s legal battle with U.S. regulators continues.


Source: Cointelegraph.com
Original Post: Court denies SEC access to Ripple’s legal advice

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

The Financial Supervisory Service of South Korea will lead government efforts to oversee the country’s expanding cryptocurrency market. The agency has been tasked with the job after prolonged discussions over which Korean regulator should be responsible for the industry.

Financial Supervisory Service Takes Responsibility for Crypto Sector in Korea

It took the government months to determine who’s going to take charge of crypto market oversight, the Korean Herald noted in an article published this weekend. The executive power in Seoul announced Friday that the task has been assigned to the Financial Supervisory Service (FSS), one of the country’s financial regulators.

The agency will be monitoring closely the implementation of previously introduced regulatory measures, the newspaper elaborated. These include the Act on Reporting and Using Specified Financial Transaction Information. The latter imposes certain restrictions on cryptocurrency exchanges operating in South Korea.

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

The Korean government has also delegated powers to the Ministry of Science and Information and Communication Technology to steer the development of the blockchain industry in the country. The department has already dealt with issues related to the crypto space. Earlier in May, Korean media reported that in the past three months the ministry has found and blocked over 30 phishing websites trying to obtain login details from crypto exchange users.

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South Korean Government Confirms Plan to Tax Crypto-Related Gains

In this week’s announcement, the South Korean authorities have also maintained their commitment to impose income tax on gains from cryptocurrency transactions. Crypto investors who make 25 million won ($22,400) or more during next year will be required to pay 20% on their profits. Not all Koreans have welcomed the proposal.

Another development concerns crypto trading platforms working in the Asian country. The Korean government has decided to prohibit cryptocurrency operators from direct engagement in providing transactions or brokerage services. Korean ministers say the move aims to enhance transparency in the operation of digital asset exchanges.

South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

Crypto investing and trading has gained significant popularity in South Korea where prices have often exceeded global rates. The phenomenon known as ‘kimchi premium’ has been observed again over the past weeks since markets started moving downwards. At the time of writing, the price of bitcoin (BTC) at Bithumb, one of Korea’s largest crypto exchanges, hovers above $38,000, while the global rate is closer to $35,000.

Seoul’s latest decisions add to a string of regulatory announcements that have negatively affected cryptocurrency markets. Authorities in China have been cracking down on bitcoin miners and have reiterated previously introduced restrictions on crypto trade and exchange. Meanwhile, the U.S. has announced new measures to curb tax evasion involving cryptocurrencies including a requirement for companies to declare any crypto receipts of over $10,000 of market value.

What do you think about the latest regulatory developments in South Korea? Share your thoughts on the subject in the comments section below.


Source: Bitcoin.com
Original Post: South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive

Chinese "crypto dad" and ex PBoC director Yao Qian insists digital yuan is not a surveillance tool for the government.


Source: Cointelegraph.com
Original Post: Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive

This Red-Hot Crypto Could See Massive Upside Action, According to Coin Bureau

Popular crypto analyst Coin Bureau says one red-hot altcoin could see giant upward action soon fueled by key fundamental catalysts.

In a new video, Coin Bureau tells his one million YouTube subscribers that Polkadot-cousin Kusama (KSM) could witness big gains amid the launch of Polkadot’s parachain slot auctions.

Parachain slots are scarce pieces of the Polkadot network that allow other blockchains to interact with it. Polkadot aims to only have 100 slots available for crypto projects who wish to utilize the parachains, and each slot will be bid on using KSM tokens.

Coin Bureau says that some of the projects that launch on Kusama’s ecosystem are likely to explode by 100x.

“The crazy thing about parachain slot auctions is that they will give you a chance to pick up that next 100x coin or token without having to give up a single penny of your hard-earned cash.”

With the launch of Polkadot’s parachains being reliant on Kusama, Coin Bureau also anticipates a big price spike in KSM.

“I suspect that most individuals and institutions that are planning on participating in Kusama’s parachain slot auctions have been accumulating KSM since last year. After all, it looks like they’re going to need hundreds of millions of dollars in KSM to secure a parachain slot. I reckon these early investors are smart enough to know that if they waited to buy until the parachain slot auctions began, the sudden surge in demand would send KSM to prices they are unwilling to pay.”

The analyst says that while much of the anticipation behind the parachain slot auctions have probably been priced in, there are still likely a few players who haven’t gotten a piece of the action yet.

“What this means is that the demand that will be created by parachain slot auctions on Kusama has already been priced into KSM. However, something tells me that there are more than a few people who haven’t been paying attention to what Kusama’s been up to. Heck, even I didn’t know that Tether will be launching USDT on Kusama.”

Coin Bureau predicts that when the parachain auctions kick off, KSM could experience a supply shortage that may ignite a new bull run.

“When Kusama’s parachain slot auctions begin, I think it is extremely likely that we will see another massive move to the upside that will last for weeks, especially when some of those new tokens start trading. Moreover, all the KSM that is locked in those parachain slot smart contracts won’t be immediately sellable. This means that we could see a massive amount of KSM taken off the market for months. As you know, when you lower the supply of something but the demand stays the same or increases, the price will rise.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ DanieleGay

The post This Red-Hot Crypto Could See Massive Upside Action, According to Coin Bureau appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: This Red-Hot Crypto Could See Massive Upside Action, According to Coin Bureau

Bitcoin ‘of great concern,’ Ireland’s central bank official warns

Cryptocurrency investors should be ready to lose all their holdings, according to Ireland’s central bank financial conduct director.


Source: Cointelegraph.com
Original Post: Bitcoin ‘of great concern,’ Ireland’s central bank official warns

Worst month for BTC price in 10 years: 5 things to watch in Bitcoin

Strong hands are hodling stronger than ever as May 2021 lines up to be the worst May ever for Bitcoin.


Source: Cointelegraph.com
Original Post: Worst month for BTC price in 10 years: 5 things to watch in Bitcoin