Coinbase Files to Support Ripple Against SEC Case

Coinbase joins a trade group and other groups in arguing the SEC's case threatens the broader industry.
Source: Coindesk
Original Post: Coinbase Files to Support Ripple Against SEC Case

‘Rick and Morty’ Co-Creator’s NFT Collection Sees $14M in Trade Volume Hours After Mint

The project aims to create a “decentralized art ecosystem” using NFTs and complex tokenomics.
Source: Coindesk
Original Post: ‘Rick and Morty’ Co-Creator’s NFT Collection Sees M in Trade Volume Hours After Mint

Nigeria’s Central Bank Doubles Down on Plans to Introduce Newly Designed Naira Banknotes

The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which is in the overall interest of every citizen of the country.”

President Muhammadu Buhari’s Written Approval

The Central Bank of Nigeria (CBN) has insisted its recently announced plan to issue newly designed naira banknotes is above board and “12 years overdue.” In an apparent rebuke of Nigerian Finance Minister Zainab Ahmad, who has publicly questioned the plan, the central bank said it had “obtained the approval of President Muhammadu Buhari in writing to redesign.”

Addressing lawmakers a day after the CBN’s surprise announcement, Ahmad reportedly said she had not been consulted and therefore could not comment “on it as regards merits or otherwise.” As recently reported by Bitcoin.com News, the CBN’s plan to introduce newly designed naira banknotes is thought to have sparked the local currency’s parallel market exchange rate plunge, where it tapped a new all-time low versus the dollar of N781:$1.

Opponents of the CBN’s controversial plan insist that going ahead with the move could see the naira-to-dollar exchange rate fall to as low as 1000 naira per dollar by the end of January 31, 2023. However, in a defiant statement issued on Oct. 29, 2022, the CBN asked Nigerians to support the currency redesign policy.

“The CBN urges Nigerians to support the currency redesign project which is in the overall interest of every citizen of the country. The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” the central bank said.

Currency Redesign a Global Standard

The CBN added that it had “tarried for too long considering that it had to wait 20 years to carry out a redesign.” The statement also repeats the bank’s earlier claims that the circulation of the redesigned naira is a standard practice globally that must be carried out every five to eight years.

The planned injection of new 100, 200, 500, and 1,000-naira banknotes into circulation is set to commence on December 15. Nigerians are expected to return the old notes by the end of January 2023. While critics of the currency redesign plan have called on the CBN to extend the deadline or drop the plan altogether, the latest local reports quote President Buhari expressing his support for the move.

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Source: Bitcoin.com
Original Post: Nigeria’s Central Bank Doubles Down on Plans to Introduce Newly Designed Naira Banknotes

Bloomberg Analyst Says Ethereum Revolutionizing Fintech, Predicts Rallies As ETH Supply Gets Squeezed

Bloomberg’s lead commodity strategist Mike McGlone is predicting rallies for Ethereum (ETH) as he says the leading smart contract platform is poised to change the landscape of financial technology.

In a new segment with BNN Bloomberg, McGlone says Ethereum is able to support its value with the reality that dollar-pegged stablecoins rely on its network to operate.

“[Ethereum] is basically doing to the world what Netflix did to Blockbuster. It’s revolutionizing fintech and things like that. The key thing about Ethereum is that it’s making possible the most widely traded cryptos on the planet [which] are tokenized versions of the dollar. Basically, the dollar is the most widely traded crypto. It trades more than Ethereum and Bitcoin together. And that’s because Ethereum tokens are making that possible.”

The analyst says that he expects ETH to start trending up against Bitcoin (BTC) fueled by shrinking supply and growing demand. According to McGlone, a favorable supply to demand ratio means price “must go up’ for ETH.

“That trend of Ethereum still outperforming Bitcoin remains intact so it’s been hovering around this good support around $1,000, good resistance at about $2,000, but what it did this year was somewhat revolutionary.

It switched to a proof-of-[stake] platform which means virtually no consumption of energy in the midst of an energy crisis. Wow, that’s kind of win-win, so you’re doing well there. The key thing that I look at from a commodity standpoint is: ‘What’s going on with supply and demand?’

Supply is clearly going down and heading lower, and demand and adoption are clearly heading higher so I look at it as, unless something changes in those trends, price must go up over time. I look at price, it’s relatively too cold. It should go back up and continue to outperform Bitcoin. It has been outperforming things like the Nasdaq over time and what’s significant is that it’s been doing it with incrementally lower volatility. What does that mean? It’s migrating into the mainstream with maturation.”

You can watch the full interview here.

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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.

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The post Bloomberg Analyst Says Ethereum Revolutionizing Fintech, Predicts Rallies As ETH Supply Gets Squeezed appeared first on The Daily Hodl.

Source: Daily HODL
Original Post: Bloomberg Analyst Says Ethereum Revolutionizing Fintech, Predicts Rallies As ETH Supply Gets Squeezed

$500,000,000,000 Asset Manager Apollo Launches New Crypto Custody Service for Institutional Investors

$500 billion asset management giant Apollo Global Management is launching a new cryptocurrency custody service for its clients through a partnership with digital asset platform Anchorage Digital.

According to a press release, Apollo is partnering with Anchorage to become one of the largest private investment firms to offer crypto custody services.

Anchorage, founded in 2017 and valued at over $3 billion, says it expects to custody “a significant portion” of Apollo’s digital asset portfolio.

Diogo Mónica, Anchorage Digital co-founder and president, says,

“Apollo is a leader in the alternatives industry, so their use of Anchorage’s custody platform is incredibly validating, and we expect this collaboration can set the bar for how institutions work with regulated digital asset banks like Anchorage to provide custody and other services for their crypto holdings. Being both nimble and secure with digital asset portfolios doesn’t have to be mutually exclusive–and we are confident this partnership will prove that.”

Says Adam Eling, chief operating officer of Apollo’s digital assets team,

“We were drawn to working with Anchorage given their commitment to operating under strict regulatory oversight, their strong emphasis on security and segregation of client assets, and their ease of use for asset managers to hold digital tokens. As we explore creative ways to apply blockchain technology across Apollo’s business, we look forward to collaborating with Anchorage for the safekeeping of client assets.”

Earlier this month, BNY Mellon became the first major US bank to safeguard crypto assets alongside traditional investments on their platform.

The bank received permission from New York financial regulators earlier this year to store Bitcoin (BTC) and Ethereum (ETH) for customers on their platform, subsequently launching a custody service afterwards.

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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.

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The post $500,000,000,000 Asset Manager Apollo Launches New Crypto Custody Service for Institutional Investors appeared first on The Daily Hodl.

Source: Daily HODL
Original Post: 0,000,000,000 Asset Manager Apollo Launches New Crypto Custody Service for Institutional Investors

BlockSec Debunks Rumours of $532M Smart Contract Hack

Popular Blockchain Security firm, BlockSec has debunked a viral rumor of an Ethdev contract hack. BlockSec used Phalcon’s Simulation to prove the security of a $532m smart contract. BlockSec Debunks Hack Rumors With Phalcon Simulation BlockSec, a China-based tech firm…
Source: BTCManager.com
Original Post: BlockSec Debunks Rumours of 2M Smart Contract Hack

Decentralized Storage Alliance seeks to bridge the Web3 gap through education and advocacy

The organization said that it intends to promote awareness and adoption of decentralized technologies, such as Filecoin, IPFS and Libp2p.

Source: Cointelegraph.com
Original Post: Decentralized Storage Alliance seeks to bridge the Web3 gap through education and advocacy

Market Wrap: Dogecoin’s October Finale Trumps All Other Major Cryptos

The popular meme coin was up more than 8% at one point as DOGE advocate Elon Musk asserted his control over Twitter. Market Wrap is CoinDesk’s daily newsletter diving into what happened in today's crypto markets.
Source: Coindesk
Original Post: Market Wrap: Dogecoin’s October Finale Trumps All Other Major Cryptos

Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24–31

From El Salvador and Lugano’s collaboration to yet another lawsuit against Do Kwon, this is what the last week in regulation looked like.

Source: Cointelegraph.com
Original Post: Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24–31

Slava Rubin Says Web3’s Future Will Be Based on Decentralized Data Storage

The Indiegogo founder discusses the future of data and security and why Nillion, the Switzerland-based startup, is on the “cutting edge.”
Source: Coindesk
Original Post: Slava Rubin Says Web3’s Future Will Be Based on Decentralized Data Storage

Soaring Inflation Data Could Trigger Next Bitcoin (BTC) Collapse, Says Analyst Benjamin Cowen – Here’s His Target

Widely followed crypto analyst Benjamin Cowen says incoming inflation data could largely influence the trajectory of Bitcoin (BTC).

In a new video, the analyst tells his 771,000 subscribers that interest for Bitcoin will likely come back if the price of the top crypto asset breaches the bull market support band.

The bull market support band is a combination of the 21-week exponential moving average (EMA) and the 20-week simple moving average (SMA).

“I want to draw your attention to the logarithmic regression channel. We are near the bottom of it. It was fit a long time ago. We are coming up to the bull market support band. If we break above it, there will likely be a lot of people FOMOing (fear of missing out) back into the market.”

Cowen warns that instead of breaking out, surging consumer price index data (CPI), scheduled for next week, and more hawkishness from the Federal Reserve could trigger another leg lower for BTC. He targets the $14,000 level in such a scenario.

“If we get rejected by it, if Powell comes out and is super hawkish or something, which could happen. Core CPI is at new highs. It’s higher today than it was for the entire year so if core CPI comes out and it continues to come in hot and the Fed continues to provide us with oversized interest rate hikes, then you could see a lower low sooner rather than later and then we try to work our way out of it into the next bull cycle.”

Even if another leg down is in the cards for Bitcoin, Cowen still says that BTC trading anywhere near the $20,000 range is good value for for long term bulls.

“As I’ve said, long-term value, I think [is] around $20,000. I think it is going to provide a lot of long-term value for Bitcoin. Is it going to give you the best price in the short term? It’s hard to say. Short-term moves are very difficult to predict, at least for me they are. But I do think around these prices over the macro scale is is still going to be a relatively attractive price.”

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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.

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The post Soaring Inflation Data Could Trigger Next Bitcoin (BTC) Collapse, Says Analyst Benjamin Cowen – Here’s His Target appeared first on The Daily Hodl.

Source: Daily HODL
Original Post: Soaring Inflation Data Could Trigger Next Bitcoin (BTC) Collapse, Says Analyst Benjamin Cowen – Here’s His Target

Blockchain Startup Chain Inks Web3 Sponsorship Deal With Miami Heat

Chain recently signed a similar partnership with the New England Patriots.
Source: Coindesk
Original Post: Blockchain Startup Chain Inks Web3 Sponsorship Deal With Miami Heat

Singapore’s MAS says no urgent case for retail CBDC, but launches 4 fast trials of it

The Monetary Authority of Singapore will trial a retail central bank digital currency in various contexts at a fintech event, despite the electronic payment options already available.

Source: Cointelegraph.com
Original Post: Singapore’s MAS says no urgent case for retail CBDC, but launches 4 fast trials of it

Report: Deleted Files Indicate Crypto Lender Hodlnaut’s Execs Gave Little Weight to Terra Luna Exposure

According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company’s exposure to the Terra ecosystem and allegedly lost $190 million from the incident.

Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse

More than 1,000 deleted documents from the crypto lender Hodlnaut’s Google workspace have shown discrepancies, according to a judicial report discovered by Bloomberg on Oct. 31. The judicial report confirms the court filings published at the end of August that said Hodlnaut suffered a significant financial shortfall from the Terra collapse.

Bloomberg’s Suvashree Ghosh and Sidhartha Shukla explain that the judicial report shows the crypto lender “suffered a near $190 million loss from the wipeout.” The newly discovered deleted documents show Hodlnaut executives allegedly downplayed the exposure to Terra. Hodlnaut also tweeted on May 11 that it was not all-in on the now-depegged stablecoin terrausd (UST).

“Hodlnaut is NOT all-in on UST as one particular rumour on Reddit has mentioned. This is a false claim,” the crypto lender tweeted during the collapse. “Yields on USDC/USDT/DAI are generated in-kind and paid by our loans to institutions and a small amount to defi protocols like Compound Finance,” Hodlnaut insisted.

“It appears that the directors had downplayed the extent of the group’s exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022,” the judicial report discovered by Bloomberg said.

“In a letter dated July 21, Hodlnaut’s directors ‘made an about-turn’ about the impact and informed a Singapore police department that digital assets had been converted to [terrausd], according to the report,” Ghosh and Shukla wrote.

The report continues:

Much of the latter was lent out on the Anchor Protocol, the report said, a decentralized finance platform developed on the Terra blockchain.

It’s unclear how Singapore, where Hodlnaut is based, will deal with the embattled crypto lender, but regulations in the country have been ramping up. For instance, this month, Singapore police said they received 631 crypto scam reports in 2021.

What do you think about the latest judicial report that says Hodlnaut downplayed the company’s exposure to the Terra collapse? Let us know what you think about this subject in the comments section below.

Source: Bitcoin.com
Original Post: Report: Deleted Files Indicate Crypto Lender Hodlnaut’s Execs Gave Little Weight to Terra Luna Exposure

Ethereum flashes a classic bullish pattern in its Bitcoin pair, hinting at 50% upside

The formation of a bullish trading pattern suggests that the ETH/BTC pair could be on the verge of a trend reversal.

Source: Cointelegraph.com
Original Post: Ethereum flashes a classic bullish pattern in its Bitcoin pair, hinting at 50% upside

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C23 Promo
Source: Coindesk
Original Post: Upcoming Events Main Nav

Steph Curry Files ‘Curryverse’ Metaverse Trademark

The NBA star may be taking his basketball talents to the metaverse with NFT services offered in “virtual environments.”
Source: Coindesk
Original Post: Steph Curry Files ‘Curryverse’ Metaverse Trademark

Bitcoin, not blockchain: Synonym launches mobile BTC wallet

The new mobile wallet, called Bitkit, was unveiled at the PlanB Forum conference in Lugano, Switzerland on Oct. 29.

Source: Cointelegraph.com
Original Post: Bitcoin, not blockchain: Synonym launches mobile BTC wallet

Crypto Analyst Says Bitcoin Could Triple in Price to $63,000 Before Next BTC Halving

The popular crypto analyst and host of the InvestAnswers YouTube channel says that Bitcoin (BTC) could easily go on a 3x rally before the next halving event.

In a new strategy session, the analyst tells his 444,000 YouTube subscribers that strong BTC rallies usually precede Bitcoin’s halvings, an event when miners’ block rewards are cut in half and therefore crunching future supply.

According to the analyst, historical precedence based on the halving dates places BTC around the $63,000 level by March of 2024, which would be more than a 200% gain from current prices.

“Historically, Bitcoin begins to rally 15 months before the next halving. The next halving is expected April or May 2024 – lots of rumors flying around it could happen in December of 2023, depending on the actual timing of the bocks if it goes to less than 10 minutes. I’m still sticking with the April timeframe, 2024.

November 2022 is 15 months away from that halvening date… Bitcoin tends to finish 39% from where it traded 24 months prior to the halving, and that would imply March 2022 at $45,538 times one plus 39% [($45,538* (1+39%)]… That should take us to $63,160 by March 2024.

And remember that is not the end of it. After the halvening is when the real action happens. But before, there is a run. So just think about that. Fifteen months from now is a little more than a year and a quarter, not a long time. Bitcoin can triple and then can do a lot more after that.”

At time of writing, BTC is changing hands for $20,507, flat on the day.

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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.

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The post Crypto Analyst Says Bitcoin Could Triple in Price to $63,000 Before Next BTC Halving appeared first on The Daily Hodl.

Source: Daily HODL
Original Post: Crypto Analyst Says Bitcoin Could Triple in Price to ,000 Before Next BTC Halving

Gemini Opens for Business in Czechia, Denmark, Latvia, Liechtenstein, Portugal, and Sweden

One of the world’s top cryptocurrency exchanges, Gemini, has announced its latest advancements. The company said it has opened and begun to run its operations in more European countries. The company’s new operation fronts are the Czech Republic, Denmark, Latvia,…
Source: BTCManager.com
Original Post: Gemini Opens for Business in Czechia, Denmark, Latvia, Liechtenstein, Portugal, and Sweden