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ChainityX | Crypto Insights
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​FTX Sees 'Explosive Growth' With More than 1M Sign-Ups This Year

A two-year-old crypto unicorn, derivatives exchange FTX, just showed an "explosive growth and adoption" as it has seen more than a million sign-ups in the first half of 2021, marking a nearly 400% rise in this period of time.

"And it’s safe to say that users keep coming back for more," said the exchange in their review of the year's first half, as they've recorded more than 10m 1-day active users since January 1.

Further "enormous growth" has been seen in volume, with USD 1.88trn in total volume and an average daily volume (ADV) of USD 10.97bn - which represents a 934% increase since January. In comparison, last year’s total volume was over USD 385bn, while ADV was USD 1.06bn.

Additional points made by the review include:

- spot margin lending saw "massive increases": the total notional value of outstanding loans (in a 24 hour period) exceeded USD 2.5bn in May;

- FTX (the exchange's US operations) has the deepest liquidity of all US competitors, having gone from less than USD 1m a day in mid-2020 to a peak of nearly USD 1bn a day;

- FTX over-the-counter volume averaged USD 500m-USD1bn in daily volume across over 100 different currencies on FTX and some 20 currencies on FTX;

- in January alone, the exchange listed 70 new markets and overall added more than 100 listed markets and support for 125 assets as collateral, compared to the end of 2020 when they had had 1,100 listed markets and had added support for 71 assets to be used as collateral.

As for the year's second half, the exchange said that they see opportunities for further expanding their global product line, the US operations, international presence, and charitable efforts.

As reported in July, the operator of the exchange, FTX Trading Ltd., said it closed USD 900m Series B fundraise, with over 60 investors valuing the company at USD 18bn, as it looks to expand its global presence and accelerate growth. A year ago, it was valued at USD 1bn.
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​PoS Coins, Lightning, DeFi & DEXes In Danger as US Bill Chaos Intensifies.

Mayhem appears to have broken loose in the world of American politics, and the crypto community may be caught in the eye of the storm, as now, proof-of-stake (PoS) networks might be left in danger at a time when Ethereum (ETH) is moving towards PoS. Moreover, the Lightning Network, decentralized exchanges, and DeFi might get hurt too.

A controversial infrastructure bill being moved with alacrity through the parliamentary system contains a number of clauses that pertain to crypto players and how they are taxed. As previously reported, most of these pertain to the legal definition of a “broker.” This week, the American crypto community has attempted to drive up support for a bipartisan amendment to the bill put forward by three senators, including the crypto-keen Cynthia Lummis.

The original bill could force the crypto mining and trading community to cough up a staggering USD 28 billion – to help fund hundreds of billions worth of USD worth of public spending projects. “Broker” status would force miners and developers to provide exhaustive lists of documents and transaction history records to Internal Revenue Service officials – before paying taxes on their holdings and historic earnings.

Lummis, along with the Senate Finance Committee Chairman Ron Wyden and the Republican Senators Pat Toomey, proposed an amendment that would exempt miners, validators, blockchain developers and wallet-making developers from being classed as “brokers” – and thus subject to all of the provisions of the bill.

Meanwhile, Treasury Secretary Janet L. Yellen spoke with lawmakers Thursday to raise objections to the effort led by Wyden and other senators to weaken the legislation’s proposed crypto overhauls, The Washington Post reported, citing two undisclosed people. Yellen lobbied Wyden about the matter, per the report.

And now, a fresh spanner has been thrown into the works – in the shape of a brand new, rival amendment that appears to have backing from the Presidential office.

The amendment was launched by senators Rob Portman, Mark Warner and Kyrsten Sinema. Confusingly, perhaps, this new amendment proposed the same for of exemption as the original amendment – but only for proof-of-work (PoW) miners, such as Bitcoin (BTC), and (for now), ETH miners. That means developers and validators on proof-of-stake networks like and Cardano (ADA) (or yet-to-be-launched Ethereum 2.0) would be classed as brokers – while Bitcoin protocol professionals would effectively escape unscathed.

Some were quick to point out that in some respects at least, there appeared to be very little difference if at all between at least certain parts of the latest amendment proposal.
🚀 Robinhood grew by 123% after the IPO

The popular trading platform Robinhood showed an increase of 123% after its IPO, becoming one of the most successful IPOs this year.

Regulated crypto exchange Currency.com conducted a listing of tokenized shares of Robinhood. Investors have the opportunity to buy, sell, store and withdraw token shares from the crypto exchange to a crypto wallet that supports the ERC-20 standard, and trading with leverage up to 20x is also available.

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🚀 London hardfork in the Ethereum network - will there be to the moon?

On August 5, the London hardfork took place in the main Ethereum network, which continues the network's transition from the PoW algorithm to the PoS algorithm, which in the future may have a positive impact on the value of ETH. The transition to the new algorithm assumes a slower issue of Ethereum, which can form a shortage of coins on the market.

The potential goal of ETH is to update the historical maximum, which is at $4 380, which is more than 50% higher than the current levels. Do not miss the opportunity to invest in Ethereum and go "to the moon" together with the top cryptocurrency!

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🤑 Crypto Exchange Currency.com continues a series of tournaments for traders with a prize fund of $10 000!

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Starting August 26, 2021, FTX, Raydium and Apollo-X will host the sale of the highly anticipated tokens of the Solana-powered Star Atlas metaverse, ushering in the next era of play-to-earn enabled GameFi revolution. In the two IDOs, additional allocation of ATLAS and POLIS tokens will be available to holders of meta-posters.

FTX:
https://help.ftx.com/hc/en-us/articles/4405371380116-How-to-participate-in-the-Star-Atlas-Sale

Raydium:
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​Russian Miner Has His Video Cards Stolen – By Balcony-Scaling Neighbor.

A Russian miner was robbed of his video cards by his next-door neighbor – who police say climbed over the man’s balcony to steal his hardware.

According to the Kursk branch of the Office of the Ministry of Internal Affairs and the local media outlet Kurskie Izvestia, the flat belongs to a Kursk resident who had moved out of the property after converting it into a crypto mining “farm.”

But the miner guessed something was wrong when he noticed that the equipment had ceased to generate any income for him – and was no longer mining coins.

He notified the police, who were initially flummoxed by the fact that they were unable to find any traces of a break-in or a burglary in the apartment. Eventually, they formulated the theory that the miner’s neighbors were somehow involved in the theft – and were soon proved correct.

Their investigation led them to discover that a resident in the neighboring apartment had deduced that a miner was living next door – due to the sound of the mechanical “whirring” of graphics processing units and mining rigs.

The neighbor also noticed that the owner was almost always absent from the property, returning only briefly every now and then to check on the status of his rigs.

The neighbor then hatched a plan, police said, also involving his girlfriend and a friend, to sneak into the house by climbing across the adjoining balcony. The intruders, police said, then proceeded to remove and escape with 30 video cards, which were found hidden in the neighbor’s car.

The cards were worth over USD 54,000 by current market prices, the media outlet explained.

The police claimed that all three were interrogated, and that all members of “the criminal group confessed” to the crime and ensured the safe return of the video card haul.

The trio will now have their cases heard by the courts, and could face jail time of up to seven years for breaking and entering, as well as theft.
​​Australian tax office: Report crypto profits or else.

The ATO said it already knows who is invested in cryptocurrencies and expects cooperation.

The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets.

The ATO’s assistant commissioner, Tim Loh, told News that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back out to fiat money.

Loh said the tax office was already aware of who is invested in cryptocurrency thanks to the cooperation it has received from exchanges and banking institutions.

“(We) follow the money trail back to the taxpayer and we do that through the ATO which has data matching profiles with cryptocurrency exchanges and they provide that information to us and we use that information to cross match with people’s tax returns,” Loh said.

“There isn’t a game of hide and seek. We have got that information and all we are asking people to do is follow the rules. We know most Australians follow the rules,” he added.

Loh said he was alarmed by some people’s readiness to ignore tax obligations incurred in the world of cryptocurrency. The ATO will contact 400,000 Australian citizens in 2021 to urge them to review their previously lodged tax returns and to prompt them to report capital gains or losses on crypto trades.

As for the process of keeping accurate tax records, Loh said the best practice would be to record every transaction in Australian dollar terms, keeping note of dates, times and wallet addresses.

“The best tip to nail your cryptocurrency gains and losses is to keep accurate records including dates of transactions, the value in Australian dollars at the time of the transactions, what the transactions were for, and who the other party was, even if it’s just their wallet address,” said Loh.
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​Bitcoin Becomes Legal Tender With Unfriendly Welcome by Apple & Google.

Bitcoin (BTC) has become legal tender in El Salvador and with it will come a “ton” of “FUD,” the nation’s President Nayib Bukele warned. And as Bukele confirmed the news that government “brokers” had bought BTC 400 (USD 21m), the release of the state-run BTC wallet has apparently been hit by a delay of sorts – while a wave of negativity sweeps through the nation’s press.

Midnight has passed in El Salvador, where it is now September 7, the day when the law making BTC legal tender promulgates.

Yesterday, Bukele took to Twitter to first warn of “incoming FUD! Tons of it.” He then returned to announce a BTC 200 buy, claiming that “our brokers will be buying a lot more as the deadline approaches.” And he later added the update:

“El Salvador just bought 200 new coins. We now hold BTC 400.”

He then teased the dawn of history, with a three-minute countdown to the start of September 7.

But the President called on Apple, Huawei, and Google to “release” the Chivo wallet app, after stating that the nation was “waiting” for the app to be available in their stores. He first wrote that it “won’t be long” until the stores were updated – and then followed up with an angry face emoji and the imperative “Release him!”

Meanwhile, the nation’s Chivo ATMs are also ready for business, albeit under the watchful eye of heavily armed men. El Diario de Hoy published photographs of the ATM in the San Martín district of San Salvador, housed in a small weather-proof building – and surrounded by automatic rifle-toting guards.

Police told the photographer that armed officers have been told to “routinely” patrol the facilities to ensure they stay “vandalism”-free.

Bukele has previously said that the government will spend at least USD 205m worth of public funds to ensure BTC adoption goes smoothly.

The negativity was palpable, however, as the same media outlet quoted various experts who called the bitcoin law “the work of beginners,” an “experiment” and even “stupid.”

Street protests continued, with the same media outlet quoting an individual named Blanca Marroquín, as stating:

“This bitcoin law is not for the poor.”

La Prensa Gráfica reported that an opposition MP from the VAMOS party has launched a bid to repeal the law.
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​AMC To Add Ethereum, Litecoin, and BCH Payments Alongside Bitcoin.

To further capitalize on those moviegoers who have embraced cryptocurrencies, troubled US movie theatre chain AMC Entertainment Holdings Inc. confirmed that, besides the already-announced bitcoin (BTC), it will be accepting payment in ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).

This comes after the chain made waves in the cryptosphere last month when it stated it would allow customers to buy tickets and snacks with BTC by the end of this year.

Adam Aron, CEO of AMC, unveiled the plan in a recent tweet addressed to “[c]ryptocurrency enthusiasts”.

AMC “has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash,” the CEO said.

Last month, Aron shared his opinion that cryptocurrencies were on track to increase their importance in the coming years in a much-discussed tweet.

“If it remains safe and reliable to use, it would seem that crypto currency will get even more important in future years," he said. "From reading your comments, I see that many of you are crypto enthusiasts. AMC is pleased to get out in front, by planning to accept payment online in bitcoin.”

Embracing crypto could provide the chain with the much-needed financial boost. AMC has managed to escape bankruptcy owing to a USD 917m cash infusion by the company’s investors. The business welcomed the new equity and debt capital, recognizing it “should allow the company to make it through this dark coronavirus-impacted winter.”

The CEO’s latest announcement has also triggered a number of positive reactions by crypto users on social media, with one particular group of cryptocurrency supporters voicing their demand that the company add a new crypto to the mix - specifically, the dogecoin (DOGE) community.

The issue of AMC’s notorious meme stock also resurfaced in the course of the debate.

At one point on September 15, the AMC stock went up to USD 47.7, then ended the day at USD 46.84. Its year-to-date change is 2,230%.
​Commodity strategist predicts Bitcoin ETF could get the nod in US next month.

A Bitcoin ETF could be approved by U.S. regulators by October, according to Bloomberg Intelligence commodity strategist Mike McGlone.

Bloomberg Intelligence commodity strategist Mike McGlone believes it is only a matter of time before the United States Securities and Exchange Commission approves the country’s first Bitcoin (BTF) exchange-traded fund (ETF).

In an interview with Stansberry Investor host Daniela Cambone on Tuesday, McGlone asserted that Canada is extending a competitive lead over the U.S. after approving Bitcoin ETFs from 3iQ and CoinShares in April.

He emphasized that capital is flowing from the U.S. to Canada’s institutional crypto products, including money from Cathie Wood’s Ark Invest. However, he believes that lawmakers in the U.S. will not want to miss out for much longer.

When asked about a timeframe on a potential U.S. Bitcoin ETF approval, McGlone said it could happen “potentially by the end of October.” He maintained that it was likely to be a futures-backed product first, adding that it would open a “legitimization window for a massive amount of money inflow.”

McGlone also reiterated the latest report from Bloomberg Intelligence that stated Bitcoin prices hitting $100,000 was a possibility this year and that this would be driven by the approval of an ETF.

Crypto YouTuber Lark Davis shares McGlone’s price targets, observing that in previous bull markets in 2013 and 2017, the latter quarters saw huge price rallies.

The SEC has yet to approve a crypto ETF despite the number of applications it has received from prospective issuers continuing to mount.

Earlier this month, multinational financial services firm Fidelity Investments lobbied the SEC to approve an exchange-traded product, arguing that Bitcoin markets have already reached maturity under the regulator’s own standards.
🚀 Regulated Crypto Exchange of tokenized assets Currency.com It reported a significant increase in the number of clients and trading volumes for the 1H of 2021

- The number of new customers increased by 130%.
- The total trading volume on the site increased by 197%.
- The total number of trading operations increased by 968%.

In 2020, the crypto platform reported a 374% growth in its customer base, making it one of the fastest growing crypto platforms in Europe.

The increase in activity is associated with an increased interest in the Dogecoin cryptocurrency. The five most traded coins on the platform included:
- Dogecoin;
- Bitcoin;
- Ethereum;
- XRP;
- Litecoin.

Register on a regulated crypto exchange Currency.com and trade more than 2000 tokenized assets!
​​‘DeFi or DoxFi’ Asks Community After Compound Founder’s Statement.

Following questions of legality and ethics surrounding the ongoing issue faced by decentralized finance (DeFi) protocol Compound Finance, whose users claimed millions in COMP coin due to an error - the founder is now backpedaling a controversial statement, while the community is once again questioning how decentralized DeFi really is.

As reported, Compound Finance passed and executed a proposal on Wednesday, but soon reported “unusual activity.” Due to a bug in a smart contract, users were able to claim millions in COMP – with some USD 82m impacted in the process.

But then, in the night between Thursday and Friday (UTC time), Robert Leshner, Founder of Compound Labs, tweeted a request that didn't sit well with the crypto community.

“If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock. Keep 10% as a white-hat,“ he said, adding: “Otherwise, it's being reported as income to the Internal Revenue Service (IRS), and most of you are doxxed.”

It was already being heavily debated if anybody should be returning this money, or is it fair game, or if the team should be asking for it to be sent back at all – but now, the community argued that the act of doxing is being used against these individuals, an act in itself highly questionable ethics-wise even if not illegal, in addition to the threats of reports to the US IRS.

Hours later, Leshner said that he’s trying to do anything he can to “help the community get some of its COMP back, and this was a bone-headed tweet / approach,” adding:

“That's on me. Luckily, the community is much bigger, and smarter, than just me. I appreciate your ridicule and support.”

Nonetheless, many again questioned the decentralization of DeFi. “Is it still "DeFi" if the founders dox you to the IRS,” asked ‘Dan Darkpill’, with a commenter simply replying “DoxFi.”

More users argued that it can’t be claimed a project is DeFi if its creators can give orders, dox, threaten the community members. “Leshner is not setting a good example here. In code we trust also means we eat our own shit when shit happened,” said another.
​​Biden admin weighing bank-like regulation for stablecoin issuers.

The United States government appears keen to tame the rapidly growing stablecoin market, according to reports.

The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country.

Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking to convince Congress to create a new “special-purpose charter” for stablecoin issuers and other companies that fall within the same category. Although it’s not entirely clear how the legislation will look, it’s expected to be tailored specifically to these types of business models.

Policymakers have been sounding the alarm over stablecoins in recent months because they believe these dollar-pegged assets aren’t properly regulated. Earlier this week, Federal Reserve Chairman Jerome Powell told the Financial Services Committee that stablecoins like Tether (USDT) and USDC Coin (USDC) should be regulated within the same parameters as money market funds like bank deposits. Nevertheless, he remained steadfast in stating that no blanket ban on Bitcoin (BTC) or other digital assets was in the cards.

As Cointelegraph reported in July, joint research by the Fed and Yale University outlined two regulatory frameworks for stablecoins in a 49-page paper called, “Taming Wildcat Stablecoins.” In that paper, the authors argued that policymakers have only two choices with respect to stablecoin regulations: make them equivalent to public money or tax them out of existence via central bank digital currency.

Stablecoins — digital currencies that are wholly or in part pegged to a form of fiat money like the U.S. dollar — have swelled to become a $128 billion market, according to the latest market capitalization figures. Tether accounts for over half of the total market, though competitors such as USDC and Binance USD (BUSD) have made significant headway this year. As these markets have grown, concerns over the liquidity and reserve status of stablecoin issuers have made eye-grabbing headlines.