Texas, The Citadel For Bitcoin: A Gubernatorial Election Race

2022 Texas gubernatorial elections have become a race for promising Bitcoin (BTC) adoption by several candidates. Republicans Don Huffines, Allen West, and the current governor Greg Abbott have all jumped in to offer voters policies like making Bitcoin a legal tender, using Bitcoin mining to bolster the power grid, leading the world in leveraging Bitcoin infrastructure, and more.

The Promises

Following Arizona’s big headlines about the introduction of a bill to make Bitcoin legal tender, Texan governor candidates are not lagging behind.

Texas has been very interested in becoming the capital of crypto mining ever since crypto miners from China and Kazakhstan have been lured to the ‘Lone Star State’ after these countries banned or limited their operations.

As concerns have been raised about the energy consumption of crypto mining activity in the state, Texas’ current governor Greg Abbott has defended the operations by claiming that “The miners’ computer arrays would demand so much electricity that someone would come along to build more power plants, something Texas badly needs.”

Abbot has further alleged that, at moments of need like winter storms, miners will voluntarily shut down operations to conserve energy for homes and businesses.

Besides looking to turn Texas into the main destiny for crypto miners, the governor, as well as Republican lawmakers, have made many efforts to grow the crypto-related industry and adoption in the state with anti-regulatory laws.

On June 15, 2021, Governor Abbott signed the “Texas Virtual Currency Bill” (TVCB) into law, which according to Freeman Law:

“(1) recognizes the legal status of virtual currency, (2) regulates cryptocurrency under the commercial laws of Texas, and (3) provides cryptocurrency holders with legal rights. Therefore, the TVCA makes cryptocurrency safer for investors by legally recognizing virtual currency, subjecting cryptocurrency firms to commercial regulations, and by supplying token investors with legal rights to their investments.”

On the candidate Don Huffines’ side, he recently claimed that he is a strong believer of BTC “in both its value as an asset and potential as a currency”, adding that Texas must take America’s lead role on the digital coin’s policy and cryptocurrency adoption. He says to be committed to turning Texas into a “Citadel for Bitcoin” and protecting the industry “from the federal government”.

Huffines’ Bitcoin policy plan claims that if elected he will declare bitcoin as legal tender in Texas, work on a more robust and reliable energy grid, prohibit localities from regulating BTC miners and holders, protect Texas-based Bitcoin and crypto owners and miners from federal regulations, and other attractive promises that the candidate fails to explain how he would achieve.

Then, candidate Allen West released a statement alleging that if elected he will “continue to ensure the right of its citizens to own, utilize, and leverage blockchain technologies through the ownership of Bitcoin and other cryptocurrencies.”

He expects that with crypto adoption, Texas will see the greatest influx of innovation since the oil boom. West has been the third candidate to join in on the idea that “Texas will lead the world in leveraging Bitcoin”, and further mentions that NFTs “will also revolutionize commerce”.

“Utilizing blockchain, Bitcoin has become the “gold standard” of digital currency and removed the traditional boundaries created by banking regulations that require countless unnecessary human interactions. […] The result has been massive wealth creation and the beginning of an enormous job creation wave because of this technology.”

They are all very in vogue, as all political elections go.

Besides Bitcoin

It is equally important to know what other policies these three lone stars have included in their plans. Their address very similar topics with analogous speeches.

All three are against abortion, against vaccines (very innovative of them), and think that “It is time for Texas to step up, stop the invasion, and defend [its] citizens” referring to building the wall, “securing” the border, and so forth.

The Huffines plan also aims to prevent Chinese citizens from enrolling at Texas colleges and universities as a way to recognize China “as America’s top geopolitical threat”, and includes other policies alike. I guess it would be alright if Chinese citizens keep doing crypto mining in the state though, but that’s not clear.

Overall, they promise a state with a lot of freedom for everyone. Not really, just the people these candidates like. Not women. Not all [most] immigrants.

Source: Bitcoinist.com
Original Post: Texas, The Citadel For Bitcoin: A Gubernatorial Election Race

Digital Yen Will Not Benefit Japan’s Financial Network, Former BOJ Official Claims

Hiromi Yamaoka – the former leader of the Bank of Japan’s financial settlement department – urged the institution to avoid using the digital yen as a part of the country’s monetary policy. He believes the product could severely damage the local economic system.

Japan Should Not Aim at Digital Yen

Similar to many central banks around the globe, the Bank of Japan has also set its sight towards creating a digital form of its national currency. In April 2021, the organization kicked off a testing program to determine the technical feasibility of such a product. The trial will consist of two phases, as the first is set to be completed by March this year.

However, Hiromi Yamaoka – an ex-member of the BOJ – is not so supportive of the idea. Despite claiming that Japan’s payment systems need to change with the help of digital money, he opined that the central bank should not employ the digital yen to gain extra policy leverage.

Yamaoka, currently in charge of a private sector digital currency project, predicted that a CBDC might have disastrous consequences for the local financial network. He added that the advantages of applying negative interest to a CBDC are not well defined:

“Some say that negative interest rates could work more effectively with a digital currency, but I don’t think so.”

He also doubts that Japanese households will spend more money even if the digital yen becomes an instrument for mass settlements.

China – the country leading the global race on launching a central bank digital currency – announced it would allow athletes and spectators to use the product during the Beijing Olympic games (starting this week).

Japan’s Finance Minister Shunichi Suzuki said he is aware of the Chinese efforts and asserted that the Ministry will closely monitor the experiment.

The Federal Reserve Also Sees Some Minuses

The central bank of the USA also has doubts about CBDCs. Earlier this month, the Fed stated that such monetary products could create “safe, digital payment option for households and businesses.” CBDC transactions could result in faster settlement opportunities between nations.

On the other hand, the digital version of a national currency might work against people’s privacy as the government could control the monetary product entirely. It may also be harmful to America’s financial stability and not advance the existing means of payment, the Federal Reserve concluded.

Source: CryptoPotato
Original Post: Digital Yen Will Not Benefit Japan’s Financial Network, Former BOJ Official Claims

Here’s why FTX chief is betting on ‘Ethereum killers’ for the next two years

Looks like the market recovery in the cryptocurrency space was short-lived owing to profit booking over the weekend. And, with the Asian market heading for the Lunar New Year, Bitcoin fell down by 2.3% in 24 hours, at the time of writing. In fact, Ethereum was also weaker by 3.2% over the last 24 hours. […]
Source: AMBcrypto
Original Post: Here’s why FTX chief is betting on ‘Ethereum killers’ for the next two years

US Lawmakers Press Bitcoin Mining Firms on Energy Usage, Carbon Emissions, Climate Crisis

Eight U.S. lawmakers, including Senator Elizabeth Warren, have sent letters to top U.S.-based bitcoin mining firms questioning them about their crypto mining operations. “The extraordinarily high energy usage and carbon emissions associated with bitcoin mining could undermine our hard work to tackle the climate crisis — not to mention the harmful impacts cryptomining has on local environments and electricity prices,” Senator Warren wrote.

US Senators Want Answers From Top Bitcoin Mining Firms

U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Banking, Housing, and Urban Affairs Committee, announced Thursday that she and seven other senators have sent letters to six crypto mining companies “raising concerns over their extraordinarily high energy usage.”

The announcement details: “Senator Warren and her colleagues asked each company to detail their electricity consumption, scaling plans, agreements with electricity companies, and impact on energy costs for consumers and small businesses by February 10, 2022.”

The letters were sent to six crypto mining firms: Riot Blockchain, Marathon Digital Holdings, Stronghold Digital Mining, Bitdeer, Bitfury Group, and Bit Digital.

Senator Warren explained:

The extraordinarily high energy usage and carbon emissions associated with bitcoin mining could undermine our hard work to tackle the climate crisis — not to mention the harmful impacts cryptomining has on local environments and electricity prices.

She claims that “Bitcoin mining’s power consumption has more than tripled from 2019 to 2021, rivaling the energy consumption of Washington state, and of entire countries like Denmark, Chile, and Argentina.”

“We need more information on the operations of these cryptomining companies to understand the full scope of the consequences for our environment and local communities,” the senator from Massachusetts stressed.

In December last year, Senator Warren sent a similar letter to Greenidge Generation Holdings, which operates one of the largest bitcoin mining operations in the U.S. She asked the company about their emissions and impacts on local ecosystems and electricity prices.

A report on the bitcoin mining industry published by Coinshares this month notes that “Usage of energy is a contentious and much misunderstood function of the Bitcoin monetary system.” The report explains, “Carbon emissions emitted by electricity providers supplying the bitcoin mining network are inconsequential,” elaborating:

At 0.08% of global CO2e emissions, removing the entire mining network from global demand — and thereby depriving hundreds of millions of people of their only hope for a fair and accessible form of money — would not amount to anything more than a rounding error.

What do you think about Senator Elizabeth Warren sending letters to crypto mining firms? Let us know in the comments section below.

Source: Bitcoin.com
Original Post: US Lawmakers Press Bitcoin Mining Firms on Energy Usage, Carbon Emissions, Climate Crisis

2 key Bitcoin price metrics suggest BTC is primed to reclaim $40,000

Data suggests $34,000 was the bottom and BTC’s recent performance could be a sign that traders are beginning to open fresh longs.

Source: Cointelegraph.com
Original Post: 2 key Bitcoin price metrics suggest BTC is primed to reclaim ,000

First Mover Asia: Crypto Finishes Bad Month on High Note

Good morning. Here’s what’s happening:

Market moves: Bitcoin ended a bad January on a positive note; DeFi trading volume grew steadily.

Technician's take: BTC's January sell-off could attract short-term buyers.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

Bitcoin (BTC): $38.446 +1%

Ether (ETH): $2,682 +2.6%

Top Gainers

Asset	Ticker	Returns	Sector
Chainlink	LINK	+7.2%	Computing

Top Losers

Asset	Ticker	Returns	Sector
Cosmos	ATOM	−7.8%	Smart Contract Platform
Polygon	MATIC	−7.1%	Smart Contract Platform
Internet Computer	ICP	−5.7%	Computing

Markets

S&P 500: 4,515 +1.8%

DJIA: 35,131 +1.1%

Nasdaq: 14,239 +3.4%

Gold: $1,797 +0.4%

Market moves

Bitcoin ended the last day of a bearish January in the green, while overall trading on decentralized exchanges (DEXs) closed at nearly $100 billion in volume for the month.

At the time of publication, the oldest cryptocurrency was changing hands at about $38,500, up slightly over the past 24 hours, according to CoinDesk data. Ether, the second biggest cryptocurrency by market capitalization, was up 2.7% to over $2,600 in the same time period.

“Bitcoin is rallying as risky assets finish a very bad January on a positive note,” Edward Moya, senior market analyst at Oanda, the Americas, wrote in his daily market update. “Bitcoin bullish momentum is slowly building up and it could surprise to the upside if the dollar continues to weaken as much of the Fed tightening for the year begins to get priced in.”

Data compiled by CoinDesk shows that bitcoin’s trading volume across major crypto exchanges was significantly lower than a week ago. Many stock indexes in Asia were closed amid the weeklong lunar New Year (also known as Chinese New Year) holidays. Many crypto traders in the region may also have taken time off.

Meanwhile, decentralized exchanges reported nearly $100 billion in trading volume in January, according to Dune Analytics. The total trading volume in DEXs previously dropped significantly following its peak last May. But the high volume has returned in recent months.

Some of January’s volume may be associated with the volatility of the markets and the drama in decentralized finance protocol Wonderland, and yet one analyst said the steadily growing volume shows a “renewed growth” in the DeFi sector.

“The flawless execution without downtime, or the amazing ability for these protocols to run uninterrupted even amidst drama from founders/developers and declining asset prices…should be the focus,” Jeff Dorman, chief investment officer at crypto investment managing firm Arca, wrote in his blog dated Monday. “There is a thriving underlying ecosystem despite one-off scams, hacks, and ousted bad actors.”

Technician's take

Bitcoin Holding Support Above $37K; Resistance at $40K-$45K

Bitcoin was rising toward the top of a weeklong trading range as oversold signals remain intact. Oversold refers to investors believing the asset is trading below its true value. BTC was trading at about $38,500 at press time and is up 4% over the past week.

Initial resistance is seen at $40,000, which is an old support level that was rejected on Jan. 20. Buyers will need to make a decisive move above $40,000-$45,000 in order to reverse the downtrend that has been in place since November.

For now, BTC’s 20% price decline in January could attract short-term buyers. Traders could place additional bids heading into the Asia trading day if support at $37,000 holds.

Over the long term, upside appears limited given negative momentum signals.

Important events

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Jibun Bank (Japan) manufacturing PMI (Jan.)

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia home loans (Dec.)

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia investment lending for homes (Dec.)

3 p.m. HKT/SGT (7 a.m. UTC): Germany retail sales (Dec. MoM/YoY)

5:30 p.m. HKT/SGT (9:30 a.m. UTC): U.K. consumer credit

CoinDesk TV

In case you missed it, here is the most recent episode of "First Mover" on CoinDesk TV:

Bitcoin’s 15th Bear Market Since Its Creation in 2009, Arca Study Finds Most Investors Believe Traditional Securities Will Be Digitized in 5-10 Years

“First Mover" hosts speak to Arca co-founder and CEO Rayne Steinberg as the firm releases a study revealing the top trends in digital assets. Taiwan-based XREX wants to bridge the world using stablecoins. Co-founder Wayne Huang shares the state of crypto in Taiwan. TR Lab co-founder Xin Li-Cohen shares details for the $4.2 million fundraising round from leading art and tech investors and his views on the NFT (non-fungible token) market.

Headlines

FTX Reaches $32B Valuation With $400M Fundraise: The investment values the crypto exchange at the same level as Deutsche Boerse and more than Nasdaq or Twitter.

This Marathon Is Among the First IRL-Metaverse Mashups: Raramuri’s June 2 event gives you plenty of time to train for the metaverse’s first marathon.

Turkish Crypto Firm Bitci Eyes Expansion Into Brazil, Spain: Report: The company aims to open a trading platform in Brazil next month with a Spanish one planned in March.

Bitcoin's Put-Call Ratio Hits 6-Month High as Negativity Rules: The ratio suggests demand for puts is high, one observer said.

Mastercard’s CipherTrace Used ‘Honeypots’ to Gather Crypto Wallet Intel: In cybersecurity, the term “honeypot” refers to a trap for hackers. But what does it mean in the context of on-chain analytics? (CoinDesk Privacy Week series)

Solana Could Become the Visa of Digital-Asset World: Bank of America: Solana and other blockchains may snag market share from Ethereum over time, the bank said in a research note.

Longer reads

Bitcoin Protects Privacy and Fights Oppression: Central bank digital currencies, on the other hand, are financial surveillance on steroids. (CoinDesk's Privacy Week)

Today's crypto explainer: Investing in Meme Coins? 3 Things Every Crypto Trader Should Know: Before you go “aping” into the latest “inu” coin, here are a few tips on how to invest in meme coins safely.

Other voices: Is cryptocurrency the future of money? (CBS News)

Said and heard

"As someone who was there for Canadian crypto’s early days, I can tell you that we were operating truly in the unknown in those first years. In that environment, actors emerged that today our space wouldn’t tolerate. I won’t speak or reveal more on Michael/Omar for personal security reasons, but the point isn’t about him; it's about the moral compass we must demand and a requirement to fight for the betterment of our ecosystem – and humanity." (Joseph Weinberg for CoinDesk." (Bitcoin investor and Shyft Network co-founder Joseph Weinberg) ... "Crypto's primary benefits stem from being open, transparent and immutable. Blockchain-based web apps are necessarily different than the multibillion-dollar "walled gardens" that dominant the internet today. Privacy laws were written with the old web in mind, the web of Facebook and Google." (Antoni Zolciak, co-founder of Aleph Zero, a privacy-enhancing layer 1, for CoinDesk's Privacy Week series) ... "Retail investors’ top picks now look more like they did in early 2020, when the roster of the most-popular U.S.-listed stocks and exchange-traded funds was made up almost entirely of shares of well-established companies in the benchmark S&P 500 and ETFs representing broad bets on U.S. stocks or bonds, according to data from VandaTrack." (The Wall Street Journal)

Source: Coindesk
Original Post: First Mover Asia: Crypto Finishes Bad Month on High Note

Top Crypto Analyst Unveils ‘Mega Moon’ Scenario for Bitcoin (BTC) This Year – But There’s a Catch

A closely followed crypto strategist and trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.

In a new strategy session, pseudonymous analyst DonAlt says that Bitcoin is trading in a wide range in the weekly timeframe between $33,000 and $60,000.

According to DonAlt, the massive range offers two solid entry opportunities for BTC.

“There [are] two places where you can take a trade in this instance: one the range low ($33,000), which I did. And then two, and I’m going to take that trade if it presents itself, is breakdown into reclaim [of $33,000] into okay… mega moon it [to $60,000].”

A move from the range low of $33,000 to the high at $60,000 represents an upside potential of 81.82% for BTC.

Although the crypto strategist is bullish on the idea of temporarily losing $33,000 support, he explains to his 380,200 Twitter followers why going below that key level is dangerous for BTC.

“Honestly, the last thing I’m gonna do is bid $28,000. It’s like bidding the failure of $6,000 in 2018. Why would you wanna do that? If we should lose the current range ($33,000-$60,000) I’d much rather buy once we reclaim the range low or much much lower.”

During the bear market of 2018, Bitcoin breached support at $6,000 and lost nearly 50% of its value in less than one month.

In the short term, DonAlt doubts that Bitcoin will rally to as high as $44,000 during this initial bounce.

“Daily honestly looking kinda wild. Expecting Twitter experts to flip back bullish somewhere between the two next resistance lines. Praying we get that far.”

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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/80’s Child/Andy Chipus

The post Top Crypto Analyst Unveils ‘Mega Moon’ Scenario for Bitcoin (BTC) This Year – But There’s a Catch appeared first on The Daily Hodl.

Source: Daily HODL
Original Post: Top Crypto Analyst Unveils ‘Mega Moon’ Scenario for Bitcoin (BTC) This Year – But There’s a Catch

Top Analyst Issues Warning to Cardano (ADA) Traders, Says Clear Bearish Pattern Forming

A widely followed crypto trader has issued a warning to Cardano holders as ADA moves closer to the $1 level.

The pseudonymous trader known as Capo tells his 239,000 Twitter followers that Cardano ADA is currently in the middle of a clean triangle pattern hinting at bearish price action in the coming days.

“ADA confirming the bearish triangle.”

Previously, Capo thought Bitcoin would kick off a relief rally past $40,000 before a fairly major downward move. Now, however, the trader is leaning more towards BTC beginning a bearish capitulation happening in a more direct fashion.

“Whales are adding supply and removing bids below the current price. It seems that it will go just straight down without touching 40k.

I’ve sold a little bit more. Currently 85% in USDT, ready for what could be coming.

Stay safe.”

While many altcoins have been outperforming Bitcoin during the recent market correction, Capo says that overall, the altcoin market looks weaker than BTC. He takes a look at Bitcoin dominance, which compares the market cap of BTC to the rest of the crypto space.

“Altcoins look even worse than $BTC. With the Bitcoin dominance forming a triple bottom, and the OTHERS (altcoins) chart wanting to retest the range low, it wouldn’t surprise me to see a 50% drop in altcoins in the next few days.

Stay safe.”

Earlier this week, Capo predicted an “ultimate capitulation” in crypto markets that would take Bitcoin down below $30,000 before a bullish reversal.

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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/Design Projects/Natchapol18

The post Top Analyst Issues Warning to Cardano (ADA) Traders, Says Clear Bearish Pattern Forming appeared first on The Daily Hodl.

Source: Daily HODL
Original Post: Top Analyst Issues Warning to Cardano (ADA) Traders, Says Clear Bearish Pattern Forming

FTX Beats Out Shiba Inu To Become New Ethereum Whale Favorite

FTX has now become the top favorite among Ethereum whales. The spot which had been religiously held by meme coin Shiba Inu had been overtaken by the crypto exchange token which had been making waves in the industry. Multiple large buys from ethereum whales have shown bullish trends towards the digital asset as they continue to accumulate the token.

New Ethereum Whale Favorite

FTX had been making its way up in the list of the highest number of tokens held by Ethereum whales. These whale addresses which hold between 10,000 and 1 million ETH in their balances have been diversifying their portfolios into other altcoins. Shiba Inu which made a name for itself last year made it into the list of the top 10 holdings by these wallets and in no time, became the known favorite among these investors.

Mostly, these wallets had continued to up their holdings in the meme coin through dips and surges. However, it looks like the time of Shiba Inu has come to an end as it is replaced by a new contender.

FTX price chart from TradingView.com

FTX trading at $43 | Source: FTXUSD on TradingView.com

With ethereum whales sinking more money into the exchange token FTX, it has quickly risen to the top of the list. Presently, the top 1,000 ethereum whale wallets hold $1,480,681 worth of FTX tokens. For comparison, the same wallets collectively hold a total of $1,149,573 worth of SHIB, putting FTX at least $300,000 ahead of SHIB on the list.

Shiba Inu Not Getting The Greenlight

One of the most upvoted agendas in the Shiba Inu community has been a potential listing on Robinhood. Dogecoin, the cryptocurrency’s number 1 rival, is listed on this platform and is the go-to place for investors getting in on the meme coin market. However, SHIB has been unable to get a listing confirmation from the platform which would help it better compete with Doge.

Robinhood had finally given a definite answer to the community after months of clamoring for the trading app to list the coin. Its CEO Vlad Tenev recently said in an interview that Robinhood was not listing any new coins, SHIB included. However, this has not stopped the calls for the platform to list the coin and Tenev said that the company heard its customers “loudly”.

Shiba Inu has also been losing on other fronts. Polygon’s native token MATIC has emerged as the most traded token by the top ethereum whales in the last 24 hours. UNI is the most widely held token by the whales, and FTT (FTX Token) holds the biggest token position by dollar value.

Featured image from Somag News, chart from TradingView.com

Source: Bitcoinist.com
Original Post: FTX Beats Out Shiba Inu To Become New Ethereum Whale Favorite

Shiba Inu Enters The Metaverse, But Will This Help Its Price?

Meme coin Shiba Inu recently announced its move into the metaverse. The ‘Shibverse’ as it’s called will usher the cryptocurrency into a booming space, presumably to provide more utility for the digital asset. This news is no doubt well received by the community as it allows SHIB to participate in what is a booming industry. But how has the price of the digital asset reacted to this so far?

Shiba Inu Announces Shibverse

Shiba Inu, one of the most popular meme coins, and winners of 2021 has announced that it would be making its debut in the metaverse with the Shivers. It comes as no surprise as the team has been forthcoming about working on more use cases for the cryptocurrency. Previously, the Shiba Inu team had announced that it was launching its own game, where SHIB will serve as the utility token.

Related Reading | Ethereum Bullish Signal: Number Of Holders With 1 ETH Touches New ATH

The announcement tweet has included a sneak peek of the metaverse, which featured a high-resolution picture of the popular Shiba Inu dog breed standing in the middle of the woods with what looks like a pickaxe in its mouth.

As promised, we are so excited to announce our first special surprise for the year #ShibArmy!

In 2022, we are reaching new heights and welcoming the #Shiberse . An immersive experience for our ecosystem and the Metaverse space!

We can't wait to show you more. Woof! pic.twitter.com/tCRQ1m1RiT

— Shib (@Shibtoken) January 24, 2022

Given the popularity of the metaverse in recent months, it is no surprise to see more established projects entering the space. Social media giant Facebook (now Meta), is one of the most notable entrants, rebranding its name and image to fit into its metaverse mission going forward. The retail chain, Walmart, has also made moves into the metaverse according to a number of patent filings that were made public.

How Has SHIB Fared On The Charts

Following the announcement of Shibverse, the price of the digital asset had responded positively. One thing to note is that SHIB has been on a downtrend since it hit its all-time high last year and has continued on this path. News like these are expected to help the value of coins like Shiba Inu but the cryptocurrency seemed adamant to continue its journey downwards.

SHIB trending at $0.00002 | Source: SHIBUSD on TradingView.com

The announcement had triggered a small rally in the price of the altcoin, sending it above the $0.0000225 point. However, this would prove to be only temporary as it continued downward.

Related Reading | Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Sentiment for the meme coin remains firmly in bearish territory, which does not spell good news for the long-term performance of the digital asset. Additionally, the majority of Shiba Inu holders are now at loss, making it a less than profitable venture for crypto investors.

In the last 24 hours, SHIB has continued to trend low hitting a low point of $0.00002. As the new week is ushered in and the market begins to open up, there could be some upside seen in the price of assets, although it is unlikely that it will be significant in any way.

Featured image from Thewistle, chart from TradingView.com
Source: News BTC
Original Post: Shiba Inu Enters The Metaverse, But Will This Help Its Price?

Harmony bets on Bitcoin, Ethereum bridges to improve cross-chain ecosystem

Decentralized platform Harmony saw renewed traction this month. Its native cryptocurrency ONE reaped the benefits of this interest. After hitting a low of $0.13 on 4 December, the price of ONE rose by 163%. Further, the token marked a new all-time high of $0.38 on 14 January. Interestingly, the token has lost over 53% of […]
Source: AMBcrypto
Original Post: Harmony bets on Bitcoin, Ethereum bridges to improve cross-chain ecosystem

Law Decoded: Russia flounders, America competes, IMF keeps fuming, Jan. 24–31

Uncertainty about crypto regulation can engender internal disagreement even within seemingly monolithic governments.

Source: Cointelegraph.com
Original Post: Law Decoded: Russia flounders, America competes, IMF keeps fuming, Jan. 24–31

FTX Taps $32 Billion Valuation Despite Crypto Bloodbath

FTX, a major cryptocurrency exchange, announced on Monday that it had raised $400 million from investors including SoftBank, valuing the platform at $32 billion, making it one of the most valuable start-ups in the fast-growing digital currency sector.

The Bahamas-based company’s most recent funding round is a Series C round, which is its third in the last nine months.

FTX Has Witnessed Tremendous Growth

In a statement on Monday, the firm announced that it had raised $400 million in a Series C financing round, its third in less than six months. FTX announced that its company has been valued at $32 billion.

FTX is one of the world’s major digital currency exchanges, offering both futures and spot trading. The company has grown from obscurity to become a prominent player in the nascent sector, rivaling Coinbase and Binance.

In the United States, the firm does not provide trading services. Its sister exchange, FTX U.S., performs this function. FTX U.S. announced a $400 million raise last week, valuing the company at $8 billion.

That’s a considerable increase in valuation from FTX’s previous round of funding in October 2021, when it raised $420.69 million in a Series B-1 round at a valuation of $25 billion. Prior to that, in July 2021, FTX announced a $900 million Series B fundraising, which was later increased to $1 billion and valued at $18 billion.

Since its latest investment round in October, FTX has grown at a quick pace, according to the company. Its daily trade volumes have increased by 40% to almost $14 billion, making it the third-largest cryptocurrency exchange in the world.

FTX CEO Sam Bankman-Fried said in a statement that the financing round represents a “milestone achievement” that would enable the exchange grow into new jurisdictions and expand on its current products, which include bitcoin derivatives and a $2 billion venture capital fund.

FTX Market Value Surge, Crypto Falls

In stark contrast to FTX’s profitability, the crypto market has lost $500 billion in value since the beginning of the year, with significant declines in bitcoin and even popular altcoins like 2021 leading the way. Bitcoin is down nearly 50% from its all-time high in November, and is down 18.35% year to date. So far in January, Ethereum is down 28.99%.

Crypto Market cap at $1.7 trillion. Source: TradingView

This has fueled predictions of a severe and long-lasting slump, dubbed “crypto winter” by many, similar to the period of low prices and little volatility that lingered in 2018 and 2019.

The Federal Reserve prompted a global selloff earlier this month by warning that it may move more rapidly than originally expected to reverse policy aimed to stimulate the economy during the pandemic, resulting in losses of more than $500 billion in January alone. On Monday, Bankman-Fried attempted to calm fears about the current selloff, telling CNBC that interest-rate concerns have moved markets beyond cryptocurrencies, and that he does not believe we are entering a “long-term crypto winter.”

Featured Image From Pixabay | Charts From TradingView.com

Source: Bitcoinist.com
Original Post: FTX Taps Billion Valuation Despite Crypto Bloodbath

Diem Confirms Shutdown as Silvergate Acquires the Project's Assets

The Diem Association is shutting down.

Silvergate Bank confirmed Monday that it's purchasing the technology and other assets from Diem, the stablecoin project from Meta Platforms (formerly Facebook) first announced as Libra in June 2019.

In a statement Monday, the Diem Association said it would “begin the process of winding down” both the group and its subsidiaries over the next few weeks.

Silvergate announced in a press release late Monday that it is acquiring Diem’s development, deployment and operations tools, as well as tools “for running a blockchain-based payment network” for remittances and other applications.

It described Diem’s work as running “in a pre-launch phase.” Diem has faced stiff regulatory headwinds since it was first announced in June 2019. Rumors that Diem was looking to sell its assets to repay investors have been swirling since last week.

In Diem’s statement, CEO Stuart Levey said, “a senior regulator informed us that Diem was the best-designed stablecoin project the U.S. Government had seen.”

But he added that “it became clear” from the group’s conversations with federal regulators that they would not be able to launch Diem.

Silvergate said it issued $132 million in Class A common shares and paid an additional $50 million in cash to acquire the assets. At press time, Silvergate’s share price was trading at $107.74, up 13.4% on the day.

Silvergate partnered with the Diem Association last year to try to launch a dollar-backed stablecoin. Under the terms of that arrangement, Silvergate would both manage the reserves and issue the stablecoin itself. That planned pilot program reportedly met with resistance from federal banking regulators.

In a statement, Silvergate CEO Alan Lane said his bank is “committed to continuing to foster the open-source community that supports the technology, and we believe that existing contributors will be excited about our vision going forward.”

He said his bank found a need for a dollar-backed stablecoin that is both “regulated and highly scalable.” Silvergate intends to launch such a stablecoin by the end of the year.

UPDATE (Jan. 31, 22:22 UTC): Adds information, changes headline.

UPDATE (Jan. 31, 22:27 UTC): Adds comment from Diem Association CEO Stuart Levey.

Source: Coindesk
Original Post: Diem Confirms Shutdown as Silvergate Acquires the Project's Assets

Ariva (ARV) Announces Milestone Partnership With World Tourism Forum Institute (WTFI) and Global Tourism Forum (GTF)

PRESS RELEASE. Ariva, a next-generation tourism & travel blockchain protocol, has announced a partnership with World Tourism Forum Institute and Global Tourism Forum. This is a significant development and will place Ariva at the forefront of the tourism industry.

Ariva reveals key partnership

Ariva will be leveraging its collaboration with World Tourism Forum Institute and Global Tourism Forum to position itself as a leading blockchain service provider in the global tourism sector. World Tourism Forum Institute will also serve as a bridge between Ariva and the global tourism industry. In addition, the organization plans to create fund the Ariva ecosystem with $50 million in two years.

Ariva expects the partnership to enable ARV to become a globally accepted cryptocurrency. It would also achieve its aim of fostering blockchain use within the tourism community.

As part of the partnership, the three organizations will be working together on several projects and initiatives. Furthermore, Ariva and WTFI will host the first forum that will bring together crypto professionals. WTFI experts scheduled ‘Global Tourism Forum Leaders Summit – Blockchain for Travel’ for March 2022 in Dubai. The event details will be shared with the public in the coming weeks.

A major milestone for Ariva

Ariva’s partnership with the World Tourism Forum and Global Tourism Forum is huge for the blockchain project. Since its launch in the second half of 2021, the blockchain project has focused on crypto adoption in the tourism sector.

Ariva is also developing an inclusive ecosystem that will cater to the needs of the travel and tourism industry. Its ecosystem is divided into key areas – Ariva.Club, Ariva.Finance and Ariva.World.

Ariva recently launched Ariva Wonderland, a metaverse project that aims to introduce tourists into a world with limitless travel experiences. Land sales in the metaverse are scheduled to begin in early February via an auction system.

About Ariva

Ariva is a blockchain ecosystem dedicated to building innovative products for the tourism and travel industry. Its ecosystem is fueled by the ARV coin, a BEP-20 token that serves as a payment and utility token within the Ariva ecosystem. You can learn more about Ariva by visiting the website https://ariva.digital/

About World Tourism Forum Institute (WTFI)

World Tourism Forum Institute is a London-based institution at the forefront of fostering new solutions and ideas for the tourism industry. As the leading international tourism development and investment brand, World Tourism Forum Institute is committed to promoting developing countries in the field of tourism development, economic growth, foreign direct investment through tourism investments, and human resource development within the industry. You can learn more about WTFI by visiting the website https://worldtourismforum.net/

Global Tourism Forum (GTF)

The Global Tourism Forum, or GTF for short, is an international collaboration platform focused on addressing the challenges for the travel industry. Combining the joint efforts of government agencies, industry stakeholders, and academia, GTF strives to achieve sustainable development models for emerging travel markets and devise strategies to ensure tourism growth.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

Source: Bitcoin.com
Original Post: Ariva (ARV) Announces Milestone Partnership With World Tourism Forum Institute (WTFI) and Global Tourism Forum (GTF)

Litecoin Sees Gains As MimbleWimble Kicks In, What It Means For LTC’s Price

Litecoin follows the general sentiment in the crypto market and trades in the green during today’s session. As of press time, LTC is exchanging hands at $110,21 with a 1.7% profit in 24-hours.

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Five: Conflict Of Interest

LTC moving sideways in the 4-hour chart. Source: LTCUSDT Tradingview

The increase in the price of Litecoin has been driven by relief in larger cryptocurrencies, such as Bitcoin and Ethereum. The latter has been showing bullish momentum in lower timeframes and could see more profits in the coming weeks.

Selling pressure triggered by macro factors has been and will remain mitigated during February. As NewsBTC reported earlier, this month has been historically bullish for Litecoin and the crypto market.

No doubt, the recent announcement of LTC’s MimbleWimble upgrade as a Release Candidate or beta could have a long-term bullish impact on Litecoin. The upgrade has undergone a multi-year development and stands as one of the most hyped rollouts for this cryptocurrency amongst its community.

The Litecoin Foundation and MimbleWimble’s lead developer David Burkett made the announcement via social media platform Twitter. Burkett published the first LTC addresses using the MWEB extension, seen below.

ltcmweb1qq2aejfd7svtnqk0uq0cfkd9mr9sszypmx2phdu5qwfhlujazv2nxjqstgy3r5gkxesu5vv2v0tmlwdwhat3se36pwzwtlqm8ypxq3d2fggc8d7nq

— David Burkett (@DavidBurkett38) January 30, 2022

The developer started working on this upgrade in 2019, and as the Foundation revealed, MimbleWimble will be part of this cryptocurrency’s Core 0.21.2 release candidate with an additional improvement to its privacy and security. The upgrade is expected to be activated on mainnet in the coming months.

As Guy Corem, co-founder at DAGLabs said, MimbleWimble will be approved by the Litecoin community if the upgrade sees 6,048 nodes signaling for its implementation starting at block heigh 2,217,600. The upgrade needs to be approved by 75% of the LTC nodes before this window closes.

The Foundation said the following on the upgrade as it revealed a report published by Quarkslab about its capabilities:

The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain, in addition to months of further review and testing by Litecoin developers.

LTC MWEB activation rules:> Every 8064 block window starting at block height 2,217,600 it checks if at least 6048 signaled for bit 4. If yes, it activates in the next window. After 2,427,264, if it still hasn't met 75%, it activates anyway.

— Guy Corem (@vcorem) January 30, 2022

What Is Next For Litecoin (LTC)?

The Litecoin Foundation clarified that the community and miners can begin signaling for MimbleWimble right after receiving the upgrade’s code. Once the aforementioned threshold is reached, the activation date for the implementation of this proposal will be locked in.

The Foundation also revealed that the signaling process will be based on BIP8, a mechanism to introduced soft forks on the mainnet with a flag day activation that will be set after a determined period of time.

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal

Miners will be able to vote by using a field called “version” on each Litecoin block to be included in the blockchain. Burkett said the following on the upgrade:

MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home.

Source: News BTC
Original Post: Litecoin Sees Gains As MimbleWimble Kicks In, What It Means For LTC’s Price

Altcoins rack up 30% gains as Bitcoin price chases after $39,000

DerivaDAO, TLOS and Bonfida rallied by 30% as traders view Bitcoin move above $38,000 as a signal to go long on BTC and select altcoins.

Source: Cointelegraph.com
Original Post: Altcoins rack up 30% gains as Bitcoin price chases after ,000

COVID restrictions stymie digital yuan rollout at Beijing Winter Olympics: Report

Restricting the number of spectators at the major international sporting event will "likely further delay the mass adoption of the digital currency," according to the Foundation for Defense of Democracies' Craig Singleton.

Source: Cointelegraph.com
Original Post: COVID restrictions stymie digital yuan rollout at Beijing Winter Olympics: Report

Market Wrap: Bitcoin Rises Above $38K Ahead of Seasonally Strong February

Bitcoin (BTC) returned above $38,000 on Monday as bearish sentiment faded. The cryptocurrency was up 2% over the past 24 hours, versus a 4% rise in ether (ETH) over the same period. Metaverse tokens MANA and SAND were up 17% and 9%, respectively, on Monday.

It appears selling pressure is starting to wane after a rough start to the year. In the bitcoin options market, the put-call open interest ratio, which measures the number of open positions in put options relative to those in calls, rose to a six-month high of 0.62 on Sunday. A higher put-call ratio is typically viewed as a contrarian indicator, suggesting bearish sentiment is near a peak.

Historically, bitcoin produces positive returns in February, which could offer some hope for bullish traders. Technical indicators suggest short-term buyers could remain active around the $35,000-$37,000 support zone, although upside appears to be limited toward $45,000.

Despite the recent price bounce, some analysts remain skeptical because macroeconomic and regulatory risks remain elevated.

"Regulation concerns arise as the Biden administration prepares to release an executive order in February to regulate bitcoin as a matter of national security," Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk. "It is hard to predict whether this executive order will have a positive or negative impact on the industry."

"The situation in the crypto market remains very fragile. Bitcoin could end up falling for the third month in a row," Alex Kuptsikevich, an analyst at FxPro, wrote in an email to CoinDesk.

Latest prices

●Bitcoin (BTC): $37696, +5.55%

●Ether (ETH): $2517, +7.51%

●S&P 500 daily close: $4432, +2.43%

●Gold: $1790 per troy ounce, −0.17%

●Ten-year Treasury yield daily close: 1.78%

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.

February recovery?

Over the past nine years, bitcoin produced an average return of 12% in February, and ended the month with a gain 86% of the time, according to data compiled by StockCharts. Generally, equities also perform well during the second quarter, which means investors could start to increase their exposure to speculative assets.

"We see a short-term setup forming for a bounce, especially on a close back above $40K BTC and $3K ETH" in February, QCP Capital, a crypto trading firm, wrote in a Monday report. The firm also expects market expectations for a U.S. Federal Reserve rate hike to moderate over the next two months, which could benefit equities and cryptocurrencies.

Still, historical returns is no guarantee of future returns.

Crypto fund flows rise

Investors put money into cryptocurrency funds for a second straight week as the bitcoin market stabilized following one of its worst-ever starts to a year.

Crypto funds saw inflows of $19 million during the seven days through Jan. 28, according to a report Monday from the digital-asset manager CoinShares.

Notably, some $22.1 million flowed into bitcoin-focused funds last week, while Ethereum-focused funds suffered outflows of $26.8 million. Read more here.

Altcoin roundup

Meta joins crypto alliance led by Jack Dorsey’s Block: Meta, the company formerly known as Facebook, is joining the Crypto Open Patent Alliance (COPA), a consortium of tech and crypto companies led by Jack Dorsey’s payments company, Block (the company formerly known as Square). Meta will join over two dozen other companies that, by joining COPA, have pledged not to enforce their “core cryptocurrency patents” – broadly defined by Max Sills, the general manager of COPA as any “technology that enables the creation, mining, storage, transmission, settlement, integrity, or security of cryptocurrencies.” Read more by Cheyenne Ligon here.
Arcade launches NFT lending platform: Lending platform Arcade has introduced the Pawn Protocol in a bid to bring liquidity to the non-fungible token (NFT) market, the company announced Monday. The platform is a peer-to-peer marketplace that allows users to access fixed-rate loans collateralized by their Ethereum-based NFTs, using an escrow system, according to Eli Tan. Read more here.
Flow Blockchain gets Circle’s full USDC treatment: Circle’s dollar-backed stablecoin USDC can now be minted and redeemed across Flow, the high-speed blockchain platform created by non-fungible token (NFT) pioneers Dapper Labs. Circle previously announced a partnership with Dapper in 2020 to enable USDC as a payment processor and custodian for Dapper wallet users, according to Ian Allison. Read more here.

Relevant news

Other markets

Digital assets in the CoinDesk 20 ended the day higher.

Largest gainers:

Asset	Ticker	Returns	Sector
Chainlink	LINK	+10.9%	Computing
Polygon	MATIC	+10.0%	Smart Contract Platform
Algorand	ALGO	+9.3%	Smart Contract Platform

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.

Source: Coindesk
Original Post: Market Wrap: Bitcoin Rises Above K Ahead of Seasonally Strong February

Stablecoins Won Crypto Markets in January – With 0% Returns

In January, stablecoins were the place to be.

Among cryptocurrencies with over $10 billion in market cap, the top four performers during the month were all stablecoins: By simply holding their peg to the dollar, those digital assets avoided one of the worst-ever starts to the year in cryptocurrency markets, as bitcoin fell 17%.

Tether’s UST rose 0.02% during the month, Binance USD (BUSD) was unchanged, Circle’s USD Coin slipped 0.03%, and Terra USD (UST) slid 0.14%.

In other words, they held their value – the crypto equivalent of sitting in cash while the most popular crypto assets took big losses. Ether (ETH), the native cryptocurrency of the Ethereum blockchain, tumbled 25%.

Many of the biggest crypto assets were coming off impressive rallies in the fourth quarter, as bitcoin rose to its all-time-high price of almost $69,000 in November. In a sign of how volatile cryptocurrencies are, bitcoin has fallen by over 40% since then and was recently changing hands at around $38,500.

In this market, the roughly flat return of major stablecoins versus the dollar might feel like upside.

“Stablecoins are used in volatile months to trade around volatility,” said Joe DiPasquale, CEO of BitBull Capital “When markets were choppy, we flew to safety in the stablecoin, then went in and out around small price changes.”

Ulrik Lykke, executive director at Ark36, noted that stablecoins also can be "used as productive assets for generating attractive yield.”

Some of the recent interest in stablecoins might be tied to the strength of the U.S. dollar in global foreign-exchange markets.

Last week, the Federal Reserve hinted at three possible interest rate hikes starting in March, but economists are now expecting more than that, with Bank of America going as far as predicting seven quarter-percentage-point hikes this year from the current level around 0%.

Fed monetary tightening tends to make fixed-income assets in the U.S. more attractive, which in turn drives up the allure of the U.S. dollar compared with other major currencies.

With the Fed just beginning its campaign to thwart fast inflation, a strong dollar could persist throughout 2022, giving crypto traders more reason to park their funds in dollar-pegged stablecoins.

On the regulatory front, the U.S. House of Representatives' Financial Services Committee will hold a virtual hearing on Feb. 8 to discuss stablecoins, which could provide further guidance on how stablecoins will be regulated in the future.

Source: Coindesk
Original Post: Stablecoins Won Crypto Markets in January – With 0% Returns