NFTs Are Selling for Millions, But How Do You Tell a Diamond From a Dud?
With a non-fungible token (NFT)-based digital artwork selling for USD 69.35m, you’d be forgiven for assuming that most NFTs are worth a small — or large — fortune. However, for every multi-million-dollar NFT, there are hundreds, if not thousands, of obscure tokens sold for modest sums.
This raises an important question: with so many NFTs flooding the market, how can a potential buyer appraise the ‘inherent’ value of a non-fungible token and evaluate which types of NFT are most likely to appreciate in value?
While there’s as much justification to sell NFTs for high (or low) prices as physical artworks or collectibles, modelling their ‘fundamental’ value as if they were stocks is incredibly fraught. At the same time, most experts would expect an NFT market crash to happen sooner or later, even if they also acknowledge that NFTs are here to stay.
NFT is in the eye of the beholder
According to Messari’s Mason Nystrom, the potential value of a non-fungible token is likely to vary according to its category, and according to what it represents.
“If the NFT is a piece of art or collectible, the value is whatever the market demands. NFTs that can be utilized in games to win prizes like Sorare a digital collectible football platform trading cards have an element of utility that can be valued,”
Additionally, Nystrom also noted that NFTs which represent financial products, such as Nori's Carbon Removal Credits, can be priced similarly to existing products.
When it comes to pricing — or predicting the future price of — NFT artworks or collectibles, it’s very hard to say which particular NFTs will end up attracting a high value.
Frederik Haga, an analyst with Dune Analytics said,
“Some people make a living of buying and selling art and I don't think there's any reason for that not to happen for NFTs as well. However, I do think it's fair to say that it is harder to make a model for the ‘underlying’ value of an NFT than a stock or token for instance.”
Assuming that the creator of an NFT is already a respected artist (or simply a famous celebrity), it may be fair to assume that it will command a high price. That said, predicting whether it will rise higher in the future is probably nearly impossible, while it’s also very difficult to predict which particular NFT of a famous artist or creator will end up being the most valuable.
“Even though Picasso’s life is relatively documented, there is little evidence to suggest he kept his most valuable paintings. So, even artists themselves aren’t always capable of determining which pieces will accrue the most value,” said Mason Nystrom.
“As with any purchase consumers should consider whether they are getting value for money, in terms of what the NFT is worth to them, but I wouldn’t bet on being able to sell it on at a profit. That doesn’t mean you won’t be able to, but that shouldn’t be your primary motivation.”
With a non-fungible token (NFT)-based digital artwork selling for USD 69.35m, you’d be forgiven for assuming that most NFTs are worth a small — or large — fortune. However, for every multi-million-dollar NFT, there are hundreds, if not thousands, of obscure tokens sold for modest sums.
This raises an important question: with so many NFTs flooding the market, how can a potential buyer appraise the ‘inherent’ value of a non-fungible token and evaluate which types of NFT are most likely to appreciate in value?
While there’s as much justification to sell NFTs for high (or low) prices as physical artworks or collectibles, modelling their ‘fundamental’ value as if they were stocks is incredibly fraught. At the same time, most experts would expect an NFT market crash to happen sooner or later, even if they also acknowledge that NFTs are here to stay.
NFT is in the eye of the beholder
According to Messari’s Mason Nystrom, the potential value of a non-fungible token is likely to vary according to its category, and according to what it represents.
“If the NFT is a piece of art or collectible, the value is whatever the market demands. NFTs that can be utilized in games to win prizes like Sorare a digital collectible football platform trading cards have an element of utility that can be valued,”
Additionally, Nystrom also noted that NFTs which represent financial products, such as Nori's Carbon Removal Credits, can be priced similarly to existing products.
When it comes to pricing — or predicting the future price of — NFT artworks or collectibles, it’s very hard to say which particular NFTs will end up attracting a high value.
Frederik Haga, an analyst with Dune Analytics said,
“Some people make a living of buying and selling art and I don't think there's any reason for that not to happen for NFTs as well. However, I do think it's fair to say that it is harder to make a model for the ‘underlying’ value of an NFT than a stock or token for instance.”
Assuming that the creator of an NFT is already a respected artist (or simply a famous celebrity), it may be fair to assume that it will command a high price. That said, predicting whether it will rise higher in the future is probably nearly impossible, while it’s also very difficult to predict which particular NFT of a famous artist or creator will end up being the most valuable.
“Even though Picasso’s life is relatively documented, there is little evidence to suggest he kept his most valuable paintings. So, even artists themselves aren’t always capable of determining which pieces will accrue the most value,” said Mason Nystrom.
“As with any purchase consumers should consider whether they are getting value for money, in terms of what the NFT is worth to them, but I wouldn’t bet on being able to sell it on at a profit. That doesn’t mean you won’t be able to, but that shouldn’t be your primary motivation.”
DeFi - CeFi Convergence & 'Explosive' Growth Are Coming - BIS Summit Panel.
Decentralized finance (DeFi) and centralized finance (CeFi) are heading towards convergence as we are entering a period of rapid development for DeFi applications worldwide, according to the participants of a panel discussion at this year’s BIS Innovation Summit, an event hosted by the Bank for International Settlements (BIS).
The panel, entitled 'CeFi to DeFi: can global finance be de/re-constructed?', featured a mix of private and public sector participants who voiced their ideas and concerns related to how the opportunities and risks inherent to DeFi could transform the global financial landscape.
David Puth, CEO at Centre, the company that manages USD Coin (USDC), said that “the promise of what can happen in decentralized finance” is increasingly appreciated by the world of legacy finance.
The world is heading toward a “convergence” of centralized finance and DeFi, according to the CEO, who said “there’s an explosive period of growth ahead of us”.
Asked about the potential coexistence of central bank digital currencies (CBDCs) and stablecoins, Puth argued that, while “every central bank is going to move at its own pace accordingly,” he was confident that “stablecoins and CBDCs are going to be peacefully co-existing for an indefinite period of time.”
Joseph Lubin, Founder and CEO of blockchain company ConsenSys and Co-founder of Ethereum (ETH), stated that “the trust characteristic of blockchain comes from maximum decentralization” and “technologists and regulators have the same overarching goal: to build better systems that serve more people.”
“In these early stages of development of technology there are many sharp edges,” Lubin said, pointing to some of the areas which could be transformed through DeFi.
He further opined that microlending businesses could be built "more effectively" with the use of DeFi, but that it would take time, adding:
“Payments will be a massive innovation. Self-custody wallets already are an innovation. The way we trade tokens … is going to become more fair, in my opinion.”
Presenting a regulator’s point of view, Hester Peirce, Commissioner at the U.S. Securities and Exchange Commission (SEC), noted that “regulators are used to dealing with a centralized counterparty to which we can go.”
“There are ways to deal with that risk. You can set up a system to mutualize losses in such a scenario in which you deal with DeFi entities," she argued. But another risk in her opinion is that people often don’t think about regulation until a problem arises, and "when there is a problem, they really need a regulator,” Peirce said.
While many things in DeFi are out of the SEC’s purview, some are building "things that mimic securities … and that would fall within our purview," said Peirce, admitting that the agency has been “slow to give guidance, so people did things that potentially implicated securities.”
Sheila Warren, Head of Blockchain and Data Policy and Member of the Executive Committee at the World Economic Forum (WEF), stated that she believed “DeFi promotes financial inclusion” but that “many people use that … for claiming inclusion when there really is not a lot of it”.
Barriers to DeFi’s further proliferation included lack of digital literacy and wealth in many parts of the world, paired with a lack of infrastructure and Internet access. These represented issues which DeFi itself could not solve, according to Warren.
Pointing to a “danger of regulatory fragmentation,” Warren said she would encourage international coordination of respective countries’ regulation of DeFi.
Decentralized finance (DeFi) and centralized finance (CeFi) are heading towards convergence as we are entering a period of rapid development for DeFi applications worldwide, according to the participants of a panel discussion at this year’s BIS Innovation Summit, an event hosted by the Bank for International Settlements (BIS).
The panel, entitled 'CeFi to DeFi: can global finance be de/re-constructed?', featured a mix of private and public sector participants who voiced their ideas and concerns related to how the opportunities and risks inherent to DeFi could transform the global financial landscape.
David Puth, CEO at Centre, the company that manages USD Coin (USDC), said that “the promise of what can happen in decentralized finance” is increasingly appreciated by the world of legacy finance.
The world is heading toward a “convergence” of centralized finance and DeFi, according to the CEO, who said “there’s an explosive period of growth ahead of us”.
Asked about the potential coexistence of central bank digital currencies (CBDCs) and stablecoins, Puth argued that, while “every central bank is going to move at its own pace accordingly,” he was confident that “stablecoins and CBDCs are going to be peacefully co-existing for an indefinite period of time.”
Joseph Lubin, Founder and CEO of blockchain company ConsenSys and Co-founder of Ethereum (ETH), stated that “the trust characteristic of blockchain comes from maximum decentralization” and “technologists and regulators have the same overarching goal: to build better systems that serve more people.”
“In these early stages of development of technology there are many sharp edges,” Lubin said, pointing to some of the areas which could be transformed through DeFi.
He further opined that microlending businesses could be built "more effectively" with the use of DeFi, but that it would take time, adding:
“Payments will be a massive innovation. Self-custody wallets already are an innovation. The way we trade tokens … is going to become more fair, in my opinion.”
Presenting a regulator’s point of view, Hester Peirce, Commissioner at the U.S. Securities and Exchange Commission (SEC), noted that “regulators are used to dealing with a centralized counterparty to which we can go.”
“There are ways to deal with that risk. You can set up a system to mutualize losses in such a scenario in which you deal with DeFi entities," she argued. But another risk in her opinion is that people often don’t think about regulation until a problem arises, and "when there is a problem, they really need a regulator,” Peirce said.
While many things in DeFi are out of the SEC’s purview, some are building "things that mimic securities … and that would fall within our purview," said Peirce, admitting that the agency has been “slow to give guidance, so people did things that potentially implicated securities.”
Sheila Warren, Head of Blockchain and Data Policy and Member of the Executive Committee at the World Economic Forum (WEF), stated that she believed “DeFi promotes financial inclusion” but that “many people use that … for claiming inclusion when there really is not a lot of it”.
Barriers to DeFi’s further proliferation included lack of digital literacy and wealth in many parts of the world, paired with a lack of infrastructure and Internet access. These represented issues which DeFi itself could not solve, according to Warren.
Pointing to a “danger of regulatory fragmentation,” Warren said she would encourage international coordination of respective countries’ regulation of DeFi.
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PayPal Launches Crypto Pay Services in US for Bitcoin, Ether, Altcoins.
The payments giant PayPal – widely credited with inadvertently sparking the current crypto bull run last year with its major crypto move – has announced the launch of a service that will allow its customers to pay with cryptoassets such as bitcoin (BTC).
In a press release, the firm stated that its latest move would “significantly expand the utility of cryptocurrency,” and would be “available at millions of global online businesses.” It further stated that the service would be “continuing to expand over the coming months.”
Like its last move, which allowed offering account holders the ability to buy, sell, and (almost) hold crypto on its platform, the new service – named Checkout with Crypto – has initially only been made available in the United States.
However, the innovation, which debuts today, will also allow for conversions from crypto to fiat at the transaction stage, with the company adding that “converting cryptocurrency holdings to fiat currency at checkout,” would be enabled. This fact, it said, will allow “certainty of value and no additional transaction fees.”
The firm claimed that its new services would allow firms and individuals to receive payments in crypto and its CEO Dan Schulman was quoted as stating,
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
The company said that its new service supports bitcoin, as well as litecoin (LTC), ethereum (ETH) and bitcoin cash (BCH) “depending on what customers are holding with PayPal and the balances available in each cryptocurrency.”
"While for now the seller (registered in Paypal) receives money in fiat and not crypto, I believe that it won’t be long before the seller can receive crypto from the user. Over the next 2 - 3 years we will see a real revolution," she added.
The payments giant PayPal – widely credited with inadvertently sparking the current crypto bull run last year with its major crypto move – has announced the launch of a service that will allow its customers to pay with cryptoassets such as bitcoin (BTC).
In a press release, the firm stated that its latest move would “significantly expand the utility of cryptocurrency,” and would be “available at millions of global online businesses.” It further stated that the service would be “continuing to expand over the coming months.”
Like its last move, which allowed offering account holders the ability to buy, sell, and (almost) hold crypto on its platform, the new service – named Checkout with Crypto – has initially only been made available in the United States.
However, the innovation, which debuts today, will also allow for conversions from crypto to fiat at the transaction stage, with the company adding that “converting cryptocurrency holdings to fiat currency at checkout,” would be enabled. This fact, it said, will allow “certainty of value and no additional transaction fees.”
The firm claimed that its new services would allow firms and individuals to receive payments in crypto and its CEO Dan Schulman was quoted as stating,
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
The company said that its new service supports bitcoin, as well as litecoin (LTC), ethereum (ETH) and bitcoin cash (BCH) “depending on what customers are holding with PayPal and the balances available in each cryptocurrency.”
"While for now the seller (registered in Paypal) receives money in fiat and not crypto, I believe that it won’t be long before the seller can receive crypto from the user. Over the next 2 - 3 years we will see a real revolution," she added.
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Ripple Bosses Break from Legal Battle to Bash Bitcoin.
Not content with fighting the American regulatory Securities and Exchange Commission over the nature of the XRP token, the heads of Ripple have picked a fight with bitcoin (BTC) advocates – attacking the Bitcoin network’s often-maligned proof-of-work (PoW) consensus mechanism.
In an interview with TechRadar, the Ripple Chief Technical Officer David Schwartz claimed that the PoW has been touted as a “secret sauce” but showed “cracks” right from the outset, adding that the design of the Bitcoin PoW consensus mechanism was “such that true decentralization and disintermediation was never a possibility.”
He said,
“A cryptocurrency should be a one-sided market; the users want a store of value and a means of exchange. But what Bitcoin did was turn it into a two-sided market. Miners have historically fought for high transaction fees, because that’s their revenue. The reality is that you have another set of stakeholders who are trying to charge the highest fees they can get away with, and that’s not much different from the way payments work at a bank.”
The media outlet quoted Schwartz as stating that bitcoin was “doomed to fail its most important mission: to deliver a system whereby people can transact freely with one another, without the involvement of any intermediary.”
Meanwhile, the Ripple CEO Brad Garlinghouse also questioned Bitcoin’s carbon credentials.
He conceded that BTC was “an exceptional store of value,” but attacked its payment potential, writing,
“It’s just not ideal as a payments mechanism because of PoW energy costs/carbon dioxide emitted – estimates show a weighted average carbon intensity of 480-500 grams of carbon dioxide equivalent per kWh.”
“It’s great to see more and more individual players taking action to address climate change/use renewables for mining, but we need consensus (no pun intended) across the entire industry to make all cryptos 100% renewable,” he added.
Bitcoin defenders reacted with incredulity, with one observer quipping in a Twitter reply,
“So when will legislators/authorities utilize carbon-neutral tech such as XRP to facilitate instant, cross-border payments?”
Bitcoin critics have repeatedly attacked the network’s PoW model, with much evidence to suggest that a number of powerful mining pools rely on cheap, arcane and highly polluting coal-powered energy stations in China and elsewhere.
But even from the outset, defenders – including founder Satoshi Nakamoto himself all the way back in 2010 – have sought to justify PoW and its energy usage model.
And late last month, Lyn Alden, the founder of Lyn Alden Investment Strategy defended PoW and the Bitcoin network, pointing out that Bitcoin’s “total energy usage is determined primarily from market capitalization and difficulty adjustments, not transaction volume” – which means that “marginal bitcoin transaction/spending choice has virtually no impact on” the network’s total energy usage.
She added that much of the energy now being used in BTC mining was now coming from renewable sources and concluded,
“A lot of energy concerns directed at Bitcoin start with the presupposition that it is useless. A trillion dollars in market cap disagrees. Little concern is given to worldwide washing machine energy usage, for example, because we understand the value.”
Not content with fighting the American regulatory Securities and Exchange Commission over the nature of the XRP token, the heads of Ripple have picked a fight with bitcoin (BTC) advocates – attacking the Bitcoin network’s often-maligned proof-of-work (PoW) consensus mechanism.
In an interview with TechRadar, the Ripple Chief Technical Officer David Schwartz claimed that the PoW has been touted as a “secret sauce” but showed “cracks” right from the outset, adding that the design of the Bitcoin PoW consensus mechanism was “such that true decentralization and disintermediation was never a possibility.”
He said,
“A cryptocurrency should be a one-sided market; the users want a store of value and a means of exchange. But what Bitcoin did was turn it into a two-sided market. Miners have historically fought for high transaction fees, because that’s their revenue. The reality is that you have another set of stakeholders who are trying to charge the highest fees they can get away with, and that’s not much different from the way payments work at a bank.”
The media outlet quoted Schwartz as stating that bitcoin was “doomed to fail its most important mission: to deliver a system whereby people can transact freely with one another, without the involvement of any intermediary.”
Meanwhile, the Ripple CEO Brad Garlinghouse also questioned Bitcoin’s carbon credentials.
He conceded that BTC was “an exceptional store of value,” but attacked its payment potential, writing,
“It’s just not ideal as a payments mechanism because of PoW energy costs/carbon dioxide emitted – estimates show a weighted average carbon intensity of 480-500 grams of carbon dioxide equivalent per kWh.”
“It’s great to see more and more individual players taking action to address climate change/use renewables for mining, but we need consensus (no pun intended) across the entire industry to make all cryptos 100% renewable,” he added.
Bitcoin defenders reacted with incredulity, with one observer quipping in a Twitter reply,
“So when will legislators/authorities utilize carbon-neutral tech such as XRP to facilitate instant, cross-border payments?”
Bitcoin critics have repeatedly attacked the network’s PoW model, with much evidence to suggest that a number of powerful mining pools rely on cheap, arcane and highly polluting coal-powered energy stations in China and elsewhere.
But even from the outset, defenders – including founder Satoshi Nakamoto himself all the way back in 2010 – have sought to justify PoW and its energy usage model.
And late last month, Lyn Alden, the founder of Lyn Alden Investment Strategy defended PoW and the Bitcoin network, pointing out that Bitcoin’s “total energy usage is determined primarily from market capitalization and difficulty adjustments, not transaction volume” – which means that “marginal bitcoin transaction/spending choice has virtually no impact on” the network’s total energy usage.
She added that much of the energy now being used in BTC mining was now coming from renewable sources and concluded,
“A lot of energy concerns directed at Bitcoin start with the presupposition that it is useless. A trillion dollars in market cap disagrees. Little concern is given to worldwide washing machine energy usage, for example, because we understand the value.”
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Proof-of-Disagreement: Bitcoin's Work vs. Ethereum's Planned Staking.
In the never-ending battle between Bitcoin (BTC) and Ethereum (ETH), one of the biggest bones of contention is which consensus mechanism is best: proof-of-work (PoW) or proof-of-stake (PoS). This particular tussle has emerged amid Ethereum’s planned transition to PoS, and it’s gained fresh impetus in the light of recent efforts to accelerate the move.
While the Ethereum developers have decided that PoS is the best way forward for Ethereum, the question remains as to whether it might offer advantages to Bitcoin, which, as a store of value, has different aims.
Opinion is very much divided on this within the wider crypto community, with some believing that proof-of-work is ideal for Bitcoin, helping it to achieve greater stability and security. On the other hand, others contend that proof-of-stake offers similar levels of security while also providing more simplicity and scalability, and not to mention less of an environmental impact.
Different purposes
For some diehard Bitcoiners, the PoW vs. PoS debate isn’t even worth addressing. One BTC developer told that he isn’t the right person to comment for the purposes of this article, adding, “I don’t use shitcoins.”
However, less partisan commentators are willing to acknowledge that proof-of-work and proof-of-stake each have their own strengths and weaknesses, although many add that PoW is generally better for Bitcoin than PoS.
“While PoW is certainly a more time-tested model for securing and minting new coins on blockchains like Bitcoin, it requires huge amounts of energy, which some would even consider a feature. PoS, on the other hand, isn't’ as energy-intensive and is better at scaling blockchains,” said Mike Colyer, the CEO at crypto-mining finance company Foundry.
On the flipside, Colyer added that PoS is “theoretically more prone to centralization and has the inherent security issue of using the native tokens of a blockchain to decide the future of those tokens or the blockchain.”
Even people on the Ethereum side of the debate acknowledge that proof-of-work has its strengths, and has certainly provided the crypto industry with a strong foundation.
“One of the strongest advantages of proof of work is that it has worked as the chassis for cryptographic security for over 10 years, and now secures a trillion in value. It is technically and economically complex, which plays a role in attracting specialized mining companies to the work of maintaining the network,” said Lex Sokolin, the global fintech co-head at Ethereum-focused major blockchain company ConsenSys.
This diplomacy aside, Sokolin also affirms that PoS offers various advantages, while still providing many of the key properties of PoW.
Sokolin went on to explain that PoS is ideal for a network such as Ethereum, which is aiming to provide the digital infrastructure for a future decentralized/crypto-based financial system.
In the never-ending battle between Bitcoin (BTC) and Ethereum (ETH), one of the biggest bones of contention is which consensus mechanism is best: proof-of-work (PoW) or proof-of-stake (PoS). This particular tussle has emerged amid Ethereum’s planned transition to PoS, and it’s gained fresh impetus in the light of recent efforts to accelerate the move.
While the Ethereum developers have decided that PoS is the best way forward for Ethereum, the question remains as to whether it might offer advantages to Bitcoin, which, as a store of value, has different aims.
Opinion is very much divided on this within the wider crypto community, with some believing that proof-of-work is ideal for Bitcoin, helping it to achieve greater stability and security. On the other hand, others contend that proof-of-stake offers similar levels of security while also providing more simplicity and scalability, and not to mention less of an environmental impact.
Different purposes
For some diehard Bitcoiners, the PoW vs. PoS debate isn’t even worth addressing. One BTC developer told that he isn’t the right person to comment for the purposes of this article, adding, “I don’t use shitcoins.”
However, less partisan commentators are willing to acknowledge that proof-of-work and proof-of-stake each have their own strengths and weaknesses, although many add that PoW is generally better for Bitcoin than PoS.
“While PoW is certainly a more time-tested model for securing and minting new coins on blockchains like Bitcoin, it requires huge amounts of energy, which some would even consider a feature. PoS, on the other hand, isn't’ as energy-intensive and is better at scaling blockchains,” said Mike Colyer, the CEO at crypto-mining finance company Foundry.
On the flipside, Colyer added that PoS is “theoretically more prone to centralization and has the inherent security issue of using the native tokens of a blockchain to decide the future of those tokens or the blockchain.”
Even people on the Ethereum side of the debate acknowledge that proof-of-work has its strengths, and has certainly provided the crypto industry with a strong foundation.
“One of the strongest advantages of proof of work is that it has worked as the chassis for cryptographic security for over 10 years, and now secures a trillion in value. It is technically and economically complex, which plays a role in attracting specialized mining companies to the work of maintaining the network,” said Lex Sokolin, the global fintech co-head at Ethereum-focused major blockchain company ConsenSys.
This diplomacy aside, Sokolin also affirms that PoS offers various advantages, while still providing many of the key properties of PoW.
Sokolin went on to explain that PoS is ideal for a network such as Ethereum, which is aiming to provide the digital infrastructure for a future decentralized/crypto-based financial system.
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🤓It stores verified personal profiles based on academic and professional achievements. It is backed by Cardano founders, who invested in the project.
👉DISCIPLINA's blockchain is quite compact, just like Mina's. It also has a testnet and a Mac wallet.
🔅NFT's implementation is planned to validate the authenticity of platform's content and courses.
➕Pros:➕
✅ Great technology with its own blockchain, not another Ethereum-based token
✅ Strong team
✅ Backed and supported by Cardano founder
✅ Traction in China
✅ Launchpad IDO, sweet profit and BSC is expected - just the way we like it
🚀It’s gonna be a GEM!🚀
Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower.
Bitcoin price struggled to clear the USD 58,000 resistance zone. As a result, BTC reacted to the downside and traded below the USD 57,000 support. It is currently (12:00 PM UTC) showing signs of more losses and it could drop below USD 56,000.
Similarly, most major altcoins are declining. ETH is down over 5% and it even broke the USD 2,000 level. XRP/USD topped near USD 1.100 and corrected over 12%.
Bitcoin price
After losing momentum above USD 58,000, bitcoin price started another decline. BTC traded below the USD 57,200 and USD 57,000 support levels. The next major support is near the USD 55,500 level, below which there is a risk of a sharp decline in the coming sessions towards USD 52,000.
On the upside, an immediate resistance is near the USD 57,000 level. The main resistance is now forming near the USD 57,000 and USD 57,200 levels.
Ethereum price
Ethereum price failed to clear the USD 2,120 resistance zone, resulting in a bearish reaction. ETH broke the USD 2,075 and USD 2,050 support levels. The price even broke the USD 2,000 level and it may possibly test the USD 1,920 support zone.
On the upside, the price might face resistance near USD 2,050. The main resistance is still near the USD 2,120 level, followed by USD 2,150. |
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) topped near USD 415 and it started a major decline. BNB dropped below the USD 385 and USD 380 support levels. It is now approaching the USD 350 support zone. Any more losses could lead the price towards the USD 332 level. On the upside, the price could struggle near USD 380 and USD 382.
Cardano (ADA) trimmed all gains and it traded below the USD 1.200 support level. ADA even broke USD 1.165 and it is now trading near USD 1.150. Any more losses might call for a move toward the USD 1.050 level. On the upside, the bulls might struggle again near USD 1.200.
Litecoin (LTC) failed near USD 245 and it started a fresh decline. LTC traded below the USD 225 support and it is now approaching USD 212. The next key support is at USD 205. The main support is near the USD 200 level (the last key breakout zone).
XRP price spiked above USD 1.10 and recently started a downside correction. It traded below the USD 1.02 and USD 1.00 support levels. If there are more losses, the bears are likely to aim for a test of the USD 0.925 level. Conversely, there might be a fresh increase above the USD 1.02 level.
Bitcoin price struggled to clear the USD 58,000 resistance zone. As a result, BTC reacted to the downside and traded below the USD 57,000 support. It is currently (12:00 PM UTC) showing signs of more losses and it could drop below USD 56,000.
Similarly, most major altcoins are declining. ETH is down over 5% and it even broke the USD 2,000 level. XRP/USD topped near USD 1.100 and corrected over 12%.
Bitcoin price
After losing momentum above USD 58,000, bitcoin price started another decline. BTC traded below the USD 57,200 and USD 57,000 support levels. The next major support is near the USD 55,500 level, below which there is a risk of a sharp decline in the coming sessions towards USD 52,000.
On the upside, an immediate resistance is near the USD 57,000 level. The main resistance is now forming near the USD 57,000 and USD 57,200 levels.
Ethereum price
Ethereum price failed to clear the USD 2,120 resistance zone, resulting in a bearish reaction. ETH broke the USD 2,075 and USD 2,050 support levels. The price even broke the USD 2,000 level and it may possibly test the USD 1,920 support zone.
On the upside, the price might face resistance near USD 2,050. The main resistance is still near the USD 2,120 level, followed by USD 2,150. |
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) topped near USD 415 and it started a major decline. BNB dropped below the USD 385 and USD 380 support levels. It is now approaching the USD 350 support zone. Any more losses could lead the price towards the USD 332 level. On the upside, the price could struggle near USD 380 and USD 382.
Cardano (ADA) trimmed all gains and it traded below the USD 1.200 support level. ADA even broke USD 1.165 and it is now trading near USD 1.150. Any more losses might call for a move toward the USD 1.050 level. On the upside, the bulls might struggle again near USD 1.200.
Litecoin (LTC) failed near USD 245 and it started a fresh decline. LTC traded below the USD 225 support and it is now approaching USD 212. The next key support is at USD 205. The main support is near the USD 200 level (the last key breakout zone).
XRP price spiked above USD 1.10 and recently started a downside correction. It traded below the USD 1.02 and USD 1.00 support levels. If there are more losses, the bears are likely to aim for a test of the USD 0.925 level. Conversely, there might be a fresh increase above the USD 1.02 level.
Settlement Is Most Likely Outcome in Ripple vs. SEC Case - Attorney.
While XRP has muscled its way back into the top-four cryptoassets by market capitalization as Ripple scored an important victory in the court, the legal battle with the US Securities and Exchange Commission (SEC) is far from over and most likely will end with a settlement, per an attorney.
According to Andrew Hinkes, attorney at Carlton Fields and adjunct professor at NYU School of Law and NYU Stern School of Business, Ripple’s ability to win discovery, leaving the SEC to serve up “disputed documents” on bitcoin and ether to the blockchain startup, was “significant.”
“Ripple will receive previously undisclosed materials providing insight into the SEC's view of bitcoin and ethereum, both of which to date have not been considered to be securities. Ripple has argued that it is entitled to see those materials to understand why the SEC views Ripple's conduct to violate the securities laws but why they do not consider the conduct associated with bitcoin and ethereum to have violated those same laws. The information should be informative, especially as to Ethereum, which, like Ripple, sold tokens to distribute its assets at inception,” said Hinkes.
While Ripple chief Brad Garlinghouse, who is named as a defendant in the lawsuit alongside Executive Chairman Chris Larsen and Ripple Labs, was seemingly empowered by the legal nod, he is not out of the woods yet.
“Ripple has vast financial resources and has hired an exceptional legal team, including several former high-ranking SEC officials. Unlike many large projects that have been sued by the SEC, they appear to have the resources to take the case to a judgment and appeal,” stressed Hinkes.
One of those officials is Mary Jo White, former chair of the SEC. Also, at the end of 2019, Ripple attracted USD 200m to its coffers in venture capital, with a valuation of USD 10bn attached.
However, per Hinkes, it's far too early to handicap their case.
“To date the SEC's interpretation and application of the securities laws to offerings and sales of digital assets has been supported by courts in virtually every instance,” he said.
The most likely outcome, according to the attorney, will be a negotiated settlement.
“It’s the most common outcome in high-stakes litigation,” he said.
As reported in February, counsels for the SEC, Ripple, and two of its executives said back then they "do not believe there is a prospect for settlement at this time." "Defendants agree with the statement, but note that previous settlement discussions took place under a previous administration and were principally with relevant division directors who have since left the SEC," Ripple and its executives added back then.
Messaging app Kik also fought a similar battle with the SEC, one that cost the company USD 5m, not to mention legal fees.
In either case, while there are still many twists and turns that will likely play out during the litigation, one thing that is clear that there is a lot at stake, and not just for Ripple.
“If the case is litigated to a judgment and the judgment is appealed, the appeal will go to the judges of the US Court of Appeals for the 2nd Circuit. The rulings on legal issues from the 2nd Circuit would be the first binding law specifically focused on the application of the securities laws to token issuances. The entire industry is watching this case,” said Hinkes.
While XRP has muscled its way back into the top-four cryptoassets by market capitalization as Ripple scored an important victory in the court, the legal battle with the US Securities and Exchange Commission (SEC) is far from over and most likely will end with a settlement, per an attorney.
According to Andrew Hinkes, attorney at Carlton Fields and adjunct professor at NYU School of Law and NYU Stern School of Business, Ripple’s ability to win discovery, leaving the SEC to serve up “disputed documents” on bitcoin and ether to the blockchain startup, was “significant.”
“Ripple will receive previously undisclosed materials providing insight into the SEC's view of bitcoin and ethereum, both of which to date have not been considered to be securities. Ripple has argued that it is entitled to see those materials to understand why the SEC views Ripple's conduct to violate the securities laws but why they do not consider the conduct associated with bitcoin and ethereum to have violated those same laws. The information should be informative, especially as to Ethereum, which, like Ripple, sold tokens to distribute its assets at inception,” said Hinkes.
While Ripple chief Brad Garlinghouse, who is named as a defendant in the lawsuit alongside Executive Chairman Chris Larsen and Ripple Labs, was seemingly empowered by the legal nod, he is not out of the woods yet.
“Ripple has vast financial resources and has hired an exceptional legal team, including several former high-ranking SEC officials. Unlike many large projects that have been sued by the SEC, they appear to have the resources to take the case to a judgment and appeal,” stressed Hinkes.
One of those officials is Mary Jo White, former chair of the SEC. Also, at the end of 2019, Ripple attracted USD 200m to its coffers in venture capital, with a valuation of USD 10bn attached.
However, per Hinkes, it's far too early to handicap their case.
“To date the SEC's interpretation and application of the securities laws to offerings and sales of digital assets has been supported by courts in virtually every instance,” he said.
The most likely outcome, according to the attorney, will be a negotiated settlement.
“It’s the most common outcome in high-stakes litigation,” he said.
As reported in February, counsels for the SEC, Ripple, and two of its executives said back then they "do not believe there is a prospect for settlement at this time." "Defendants agree with the statement, but note that previous settlement discussions took place under a previous administration and were principally with relevant division directors who have since left the SEC," Ripple and its executives added back then.
Messaging app Kik also fought a similar battle with the SEC, one that cost the company USD 5m, not to mention legal fees.
In either case, while there are still many twists and turns that will likely play out during the litigation, one thing that is clear that there is a lot at stake, and not just for Ripple.
“If the case is litigated to a judgment and the judgment is appealed, the appeal will go to the judges of the US Court of Appeals for the 2nd Circuit. The rulings on legal issues from the 2nd Circuit would be the first binding law specifically focused on the application of the securities laws to token issuances. The entire industry is watching this case,” said Hinkes.
Bitcoin Spikes Above USD 61K, Ethereum Hits New ATH.
The crypto market started this weekend in green, with the most popular cryptocurrency, bitcoin (BTC), jumping above USD 61,000 for the first time in almost a month, while the dominant smart contract platform, ethereum (ETH), reached its new all-time high (ATH) against USD.
BTC trades at USD 60,511, correcting lower from 61,206, reached earlier today. The price is up by almost 5% in a day and more than 2% in a week.
At the same time, ETH is up by 4.5% in a day, trading at USD 2,165, after it hit USD 2,198, or its new ATH (per Coingecko) today. The price is up by 1.5% in a week.
The crypto market started this weekend in green, with the most popular cryptocurrency, bitcoin (BTC), jumping above USD 61,000 for the first time in almost a month, while the dominant smart contract platform, ethereum (ETH), reached its new all-time high (ATH) against USD.
BTC trades at USD 60,511, correcting lower from 61,206, reached earlier today. The price is up by almost 5% in a day and more than 2% in a week.
At the same time, ETH is up by 4.5% in a day, trading at USD 2,165, after it hit USD 2,198, or its new ATH (per Coingecko) today. The price is up by 1.5% in a week.
Luno Hits the 7M Users Milestone, 'On Track' to 1B by 2030.
London-headquartered crypto platform Luno said it reached 7m customers worldwide, adding a million in less than two months, with the business growing exponentially as the interest in cryptoassets grows.
Per the company, in January 2021, they recorded a 60% increase in the number of app installs compared to December. Compared to January 2020, they saw over 300% growth year-on-year.
"In 2021, we expect to continue this exponential growth, on track to reaching our goal of 1 billion customers by 2030," Marcus Swanepoel, CEO and Co-Founder of Luno, was quoted as saying in an announcement.
In September 2020, as reported, Luno was acquired by US-based major crypto company Digital Currency Group (DCG), following an initial investment in Luno back in 2014. Since the acquisition, the number of active Luno users has increased by 167%, and the number of app installs has increased by 119%.
As of January 25, the average Luno user held over USD 7,000 in their wallet, which is up 56% from December 30, 2020.
"Luno’s expansion is telling of the bigger-picture market demand for cryptocurrencies globally," the company said, "as the industry continues to prove its reputation as building a sustainable financial infrastructure."
While infrastructure in certain parts of the world could not previously support the crypto market, this has improved "substantially," Luno said, and they themselves worked on these developments, particularly in major African economies and Asia-Pacific. In 2020, the platform provided 4.7m Africans and 1.1m Asians access to the crypto markets, they claimed, growing its African customer base by 2.3m and its Asian customer base by 300,000.
Luno has offices in London, South Africa, Malaysia, Indonesia, Nigeria, and Singapore, and customers in 40 countries. They said they've seen over 10% growth in staff numbers since March 2020.
London-headquartered crypto platform Luno said it reached 7m customers worldwide, adding a million in less than two months, with the business growing exponentially as the interest in cryptoassets grows.
Per the company, in January 2021, they recorded a 60% increase in the number of app installs compared to December. Compared to January 2020, they saw over 300% growth year-on-year.
"In 2021, we expect to continue this exponential growth, on track to reaching our goal of 1 billion customers by 2030," Marcus Swanepoel, CEO and Co-Founder of Luno, was quoted as saying in an announcement.
In September 2020, as reported, Luno was acquired by US-based major crypto company Digital Currency Group (DCG), following an initial investment in Luno back in 2014. Since the acquisition, the number of active Luno users has increased by 167%, and the number of app installs has increased by 119%.
As of January 25, the average Luno user held over USD 7,000 in their wallet, which is up 56% from December 30, 2020.
"Luno’s expansion is telling of the bigger-picture market demand for cryptocurrencies globally," the company said, "as the industry continues to prove its reputation as building a sustainable financial infrastructure."
While infrastructure in certain parts of the world could not previously support the crypto market, this has improved "substantially," Luno said, and they themselves worked on these developments, particularly in major African economies and Asia-Pacific. In 2020, the platform provided 4.7m Africans and 1.1m Asians access to the crypto markets, they claimed, growing its African customer base by 2.3m and its Asian customer base by 300,000.
Luno has offices in London, South Africa, Malaysia, Indonesia, Nigeria, and Singapore, and customers in 40 countries. They said they've seen over 10% growth in staff numbers since March 2020.
Bitcoin Hashrate Drops After China Coal Mine Explosion; Difficulty at ATH.
A coal mine explosion in Xinjiang, an autonomous region of China, may have led to a Bitcoin (BTC) hashrate drop at a time when Bitcoin mining difficulty went for a new all-time high.
Primitive Ventures co-founder Dovey Wan said that there was a coal mine explosion in northwest China's Xinjiang region which led to a "major" power outage. Per Wan, results of this incident included all data centres being shut down and an instant drop in Bitcoin hashrate, the computational power of the network.
Per Reuters' report from April 11, twenty-one miners were trapped in a flooded coalmine. A section of the mine filled with water, leading to power outages. Per an April 14 CCTV report, as well as Bloomberg's report yesterday, the rescuers were still working on saving the trapped miners, as well as draining the floodwater.
Per Wan, the "coal mine explosion is considered top level security incident leads to central authority’s scrutiny on individual mining operations and related local government agencies. Hence the cut off is under going amidst the central authority’s on-site inspections."
The current Bitcoin hashrate at 169 EH/s, down from 208.5 EH/s recorded late on April 15 - an 18.65% drop. It's still not as low as 143.2 EH/s seen just a day prior, on Wednesday.
Meanwhile, just yesterday, bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, hit a new ATH as well. The difficulty went up 1.92%, reaching 23.58 T.
A coal mine explosion in Xinjiang, an autonomous region of China, may have led to a Bitcoin (BTC) hashrate drop at a time when Bitcoin mining difficulty went for a new all-time high.
Primitive Ventures co-founder Dovey Wan said that there was a coal mine explosion in northwest China's Xinjiang region which led to a "major" power outage. Per Wan, results of this incident included all data centres being shut down and an instant drop in Bitcoin hashrate, the computational power of the network.
Per Reuters' report from April 11, twenty-one miners were trapped in a flooded coalmine. A section of the mine filled with water, leading to power outages. Per an April 14 CCTV report, as well as Bloomberg's report yesterday, the rescuers were still working on saving the trapped miners, as well as draining the floodwater.
Per Wan, the "coal mine explosion is considered top level security incident leads to central authority’s scrutiny on individual mining operations and related local government agencies. Hence the cut off is under going amidst the central authority’s on-site inspections."
The current Bitcoin hashrate at 169 EH/s, down from 208.5 EH/s recorded late on April 15 - an 18.65% drop. It's still not as low as 143.2 EH/s seen just a day prior, on Wednesday.
Meanwhile, just yesterday, bitcoin mining difficulty, or the measure of how hard it is to compete for mining rewards, hit a new ATH as well. The difficulty went up 1.92%, reaching 23.58 T.
‘Alarm’ Rings as Crypto Trading Outpaces Stock Market in South Korea.
South Korean crypto trading volumes have outperformed stock market activity for the first time in the nation’s history, with crypto trading gathering pace at a rate some find “alarming.”
Media outlets such as Yonhap and Segye Ilbo, as well as Kyunghyang Shinmun reported that on April 15, crypto trading volume figures peaked at USD 21.5bn per day.
The combined daily total for the stock market – the KOSDAQ market plus the sum of the South Korean securities markets and South Korean traders’ activities on overseas markets – reached USD 18.8bn on average in March. April figures are not yet available.
The media outlets stated that the USD 21.5bn total had been calculated using CoinMarketCap data from 14 domestic exchanges that support fiat KRW-crypto pairings.
Stock market trading has also boomed during the pandemic, with the benchmark KOSPI’s volatility index (VKOSPI), known as the “fear index,” falling to its lowest level since the end of January 2020.
Segye Ilbo reported that the market has been buoyed by big overseas stock buys on the KOSPI, particularly in the field of semiconductors, with overseas investors keen to tap into South Korea’s large chipset market.
However, it appears that many – including some industry insiders – still feel the crypto market is being allowed to swell without appropriate guidance from the government.
Yonhap quoted Lee Jong-gu, a former member of the regulatory Financial Services Commission, and the current chairman of the Korea Blockchain Association’s self-regulatory committee, as stating,
“Even though millions of South Korean crypto investors conduct transactions of volumes worth tens of billions of dollars a day, we still have no consistent and unified regulation on cryptoassets.”
South Korean crypto trading volumes have outperformed stock market activity for the first time in the nation’s history, with crypto trading gathering pace at a rate some find “alarming.”
Media outlets such as Yonhap and Segye Ilbo, as well as Kyunghyang Shinmun reported that on April 15, crypto trading volume figures peaked at USD 21.5bn per day.
The combined daily total for the stock market – the KOSDAQ market plus the sum of the South Korean securities markets and South Korean traders’ activities on overseas markets – reached USD 18.8bn on average in March. April figures are not yet available.
The media outlets stated that the USD 21.5bn total had been calculated using CoinMarketCap data from 14 domestic exchanges that support fiat KRW-crypto pairings.
Stock market trading has also boomed during the pandemic, with the benchmark KOSPI’s volatility index (VKOSPI), known as the “fear index,” falling to its lowest level since the end of January 2020.
Segye Ilbo reported that the market has been buoyed by big overseas stock buys on the KOSPI, particularly in the field of semiconductors, with overseas investors keen to tap into South Korea’s large chipset market.
However, it appears that many – including some industry insiders – still feel the crypto market is being allowed to swell without appropriate guidance from the government.
Yonhap quoted Lee Jong-gu, a former member of the regulatory Financial Services Commission, and the current chairman of the Korea Blockchain Association’s self-regulatory committee, as stating,
“Even though millions of South Korean crypto investors conduct transactions of volumes worth tens of billions of dollars a day, we still have no consistent and unified regulation on cryptoassets.”
Ethereum Hits New ATH, Altcoins Gain, Bitcoin Still Consolidates.
Bitcoin price started recovering above the USD 54,000 level. BTC traded above the USD 55,000 and it is currently (13:05 UTC) showing positive signs. However, it is likely to face resistance near USD 56,500.
Besides, most major altcoins are rising steadily. ETH is outperforming, with a strong move above the USD 2,500 level. XRP/USD is stable above the USD 1.300 level and it might rise towards USD 1.35.
Bitcoin price
There was no major downside break in bitcoin price below USD 54,000. BTC started an upward move and it climbed above the USD 55,000 level. On the upside, the bulls are facing a major resistance near the USD 55,500 level. If there is an upside break above USD 55,500, the price could visit the USD 56,500 resistance zone.
On the downside, the USD 54,400 level is a short-term support. The key breakdown support is now forming near the USD 54,000 level.
Ethereum price
Ethereum price rallied over 10% and it broke the USD 2,500 level. ETH/USD traded to a new all-time high above USD 2,570 and it seems like there are chances of more upsides. A clear break above USD 2,600 could accelerate gains in the near term.
If there is a downside correction, the price might find bids near USD 2,520 and USD 2,500. The next key support is near USD 2,450, where the bulls might take a stand.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) is now trading above USD 550. BNB is testing USD 565 and it might continue higher towards the USD 580 level. Any more gains could open the doors for a surge above the USD 600 resistance zone.
Cardano (ADA) is gaining pace and it is now trading above USD 1.220. If ADA clears the USD 1.245 level, it could rise towards the USD 1.285 resistance. The main resistance stands near the USD 1.300 level. Conversely, the bears might take control if there is a close below USD 1.200.
Dogecoin (DOGE) is down over 10% and it declined below the USD 0.300 level. It broke the USD 0.280 support and any more losses could lead the price towards the USD 0.20 level.
XRP price is showing a few positive signs above the USD 1.300 support zone. On the upside, the USD 1.332 level is a short-term resistance. The first key resistance is near USD 1.350, above which the price could surge towards the USD 1.40 level. On the downside, the USD 1.280 level might provide strong support.
Bitcoin price started recovering above the USD 54,000 level. BTC traded above the USD 55,000 and it is currently (13:05 UTC) showing positive signs. However, it is likely to face resistance near USD 56,500.
Besides, most major altcoins are rising steadily. ETH is outperforming, with a strong move above the USD 2,500 level. XRP/USD is stable above the USD 1.300 level and it might rise towards USD 1.35.
Bitcoin price
There was no major downside break in bitcoin price below USD 54,000. BTC started an upward move and it climbed above the USD 55,000 level. On the upside, the bulls are facing a major resistance near the USD 55,500 level. If there is an upside break above USD 55,500, the price could visit the USD 56,500 resistance zone.
On the downside, the USD 54,400 level is a short-term support. The key breakdown support is now forming near the USD 54,000 level.
Ethereum price
Ethereum price rallied over 10% and it broke the USD 2,500 level. ETH/USD traded to a new all-time high above USD 2,570 and it seems like there are chances of more upsides. A clear break above USD 2,600 could accelerate gains in the near term.
If there is a downside correction, the price might find bids near USD 2,520 and USD 2,500. The next key support is near USD 2,450, where the bulls might take a stand.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) is now trading above USD 550. BNB is testing USD 565 and it might continue higher towards the USD 580 level. Any more gains could open the doors for a surge above the USD 600 resistance zone.
Cardano (ADA) is gaining pace and it is now trading above USD 1.220. If ADA clears the USD 1.245 level, it could rise towards the USD 1.285 resistance. The main resistance stands near the USD 1.300 level. Conversely, the bears might take control if there is a close below USD 1.200.
Dogecoin (DOGE) is down over 10% and it declined below the USD 0.300 level. It broke the USD 0.280 support and any more losses could lead the price towards the USD 0.20 level.
XRP price is showing a few positive signs above the USD 1.300 support zone. On the upside, the USD 1.332 level is a short-term resistance. The first key resistance is near USD 1.350, above which the price could surge towards the USD 1.40 level. On the downside, the USD 1.280 level might provide strong support.
UK Banks Getting Tough on Bitcoin, But AML Rules Are The Real Problem.
NatWest, the UK retail bank, has announced it will not engage with business customers who accept payment in bitcoin or other cryptocurrencies. It follows recent announcements from HSBC that it won’t allow transfers from digital wallets and won’t enable customers to buy shares in companies associated with cryptocurrencies, such as Coinbase or MicroStrategy.
The feeling from both banks is that cryptocurrencies are high risk and therefore justify a cautious approach, though they note that their stance could change if and when regulation evolves.
Interestingly, this is not a view shared by institutions across the Atlantic. Both Morgan Stanley and Goldman Sachs are now offering their wealth management clients the opportunity to invest in bitcoin. Indeed, the initial uptake has been strong, with Morgan Stanley alone drawing in nearly USD 30m of investment in two weeks.
Why the caution?
The cautious approach of NatWest and HSBC stems from the 2012 recommendations of the Financial Action Task Force, a G7 initiative geared towards defeating money laundering. These recommendations mandate each member state to implement measures requiring their banks to scrutinize customers’ transactions for the purposes of money laundering and terrorist financing.
Under recommendation one, the anti-money laundering (AML) framework is to be applied on the basis of perceived risk. In other words, if a transaction or business activity is perceived to be more risky than usual, it needs closer scrutiny by the bank to ensure compliance with the framework.
This increases the strain on bank resources to verify that a transaction or business activity is safe to continue, but they also face large fines for non-compliance where there are deficiencies in their implementation of the framework or if things go wrong.
NatWest and HSBC are no strangers to being under the spotlight for compliance issues. HSBC was fined USD 1.9bn by US authorities in 2012, while NatWest faces charges over significant compliance breaches in the UK. While these charges relate to traditional money-laundering compliance breaches, perhaps it goes some way to explaining the caution of the two banks.
NatWest, the UK retail bank, has announced it will not engage with business customers who accept payment in bitcoin or other cryptocurrencies. It follows recent announcements from HSBC that it won’t allow transfers from digital wallets and won’t enable customers to buy shares in companies associated with cryptocurrencies, such as Coinbase or MicroStrategy.
The feeling from both banks is that cryptocurrencies are high risk and therefore justify a cautious approach, though they note that their stance could change if and when regulation evolves.
Interestingly, this is not a view shared by institutions across the Atlantic. Both Morgan Stanley and Goldman Sachs are now offering their wealth management clients the opportunity to invest in bitcoin. Indeed, the initial uptake has been strong, with Morgan Stanley alone drawing in nearly USD 30m of investment in two weeks.
Why the caution?
The cautious approach of NatWest and HSBC stems from the 2012 recommendations of the Financial Action Task Force, a G7 initiative geared towards defeating money laundering. These recommendations mandate each member state to implement measures requiring their banks to scrutinize customers’ transactions for the purposes of money laundering and terrorist financing.
Under recommendation one, the anti-money laundering (AML) framework is to be applied on the basis of perceived risk. In other words, if a transaction or business activity is perceived to be more risky than usual, it needs closer scrutiny by the bank to ensure compliance with the framework.
This increases the strain on bank resources to verify that a transaction or business activity is safe to continue, but they also face large fines for non-compliance where there are deficiencies in their implementation of the framework or if things go wrong.
NatWest and HSBC are no strangers to being under the spotlight for compliance issues. HSBC was fined USD 1.9bn by US authorities in 2012, while NatWest faces charges over significant compliance breaches in the UK. While these charges relate to traditional money-laundering compliance breaches, perhaps it goes some way to explaining the caution of the two banks.
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📓 To know more about The Biggest Solana Hackathon yet visit solana.com/hackathon
🎉This incredible news mean that HAPI will be one of the invited guests on Solana Hackathon with Dyma Budorin and Dona Mara as main judges.
👉Further solidifying and consolidating our relationships with Solana
----------------------------------------------------
💰 TOTAL PRIZE POOL (Including grants): 1 000 000$
🟥 And special Prize from the Dona himself: 25 000$
✈️ GLOBAL PARTICIPATION: Yes. Hackathon will take place online
🗓 DATE: 15 May - 7 June 2021 (3 weeks in total)
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🔸What is Hackathon Solana Season?
The basic principles of Solana Hackathon are development of Solana ecosystem via facilitation of ideas and technological advancements on Solana blockchain.
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5 Ways Visa Wants to Work with Crypto and CBDCs.
The Visa CEO Al Kelly has outlined five different opportunities his company sees for payments firms in the “crypto and bitcoin (BTC)” space – as well as the world of stablecoins and central bank-issued tokens.
Here are the “five opportunities” Visa claims it has identified:
Allowing users to buy crypto.
Visa wants to make it easier for end-users to buy BTC and altcoins with its cards. Kelly said Visa was also “working hard with wallets and exchanges” to “make sure we’re facilitating acceptance of people's ability to use their Visa cards to buy” crypto. This could involve incentivizing the use of Visa cards for crypto purchases on certain platforms.
Creating new fiat off-ramps.
Visa wants to help people to spend their crypto – using its cards, of course. Kelly spoke of partnerships with payment gateways like BitPay and the goal of “converting a digital currency to a fiat on a Visa credential, which then makes that those funds available for shopping” at Visa-accepting merchants’ outlets.
Providing crypto options for financial partners.
Using its crypto APIs, Visa wants to make it possible for companies like neobanks and commercial banks to have a “crypto option” for their customers – so that they can do business in “digital currencies” without having to develop their own tech solutions.
Settlement with stablecoins.
The payments firm says it has “upgraded our infrastructure to allow financial institutions to settle with Visa” using stablecoins – a process it has already started with USD coin (USDC). It says it will support “digital currencies” (read stablecoins here) as “an additional settlement currency on our network.” Kelly said that “on our end,” settling in USDC “is pretty similar to settling in USD, although it “requires just some integration work” with crypto custodial partners.
Developing CBDC Solutions.
Visa says it is already “talking to central banks” about public-private partnership options, and “in particular the criticality of acceptance.” The company thinks it can help with this due to its “long track record” – and this that “obviously” CBDCs “have to have some form of utility.”
The Visa CEO Al Kelly has outlined five different opportunities his company sees for payments firms in the “crypto and bitcoin (BTC)” space – as well as the world of stablecoins and central bank-issued tokens.
Here are the “five opportunities” Visa claims it has identified:
Allowing users to buy crypto.
Visa wants to make it easier for end-users to buy BTC and altcoins with its cards. Kelly said Visa was also “working hard with wallets and exchanges” to “make sure we’re facilitating acceptance of people's ability to use their Visa cards to buy” crypto. This could involve incentivizing the use of Visa cards for crypto purchases on certain platforms.
Creating new fiat off-ramps.
Visa wants to help people to spend their crypto – using its cards, of course. Kelly spoke of partnerships with payment gateways like BitPay and the goal of “converting a digital currency to a fiat on a Visa credential, which then makes that those funds available for shopping” at Visa-accepting merchants’ outlets.
Providing crypto options for financial partners.
Using its crypto APIs, Visa wants to make it possible for companies like neobanks and commercial banks to have a “crypto option” for their customers – so that they can do business in “digital currencies” without having to develop their own tech solutions.
Settlement with stablecoins.
The payments firm says it has “upgraded our infrastructure to allow financial institutions to settle with Visa” using stablecoins – a process it has already started with USD coin (USDC). It says it will support “digital currencies” (read stablecoins here) as “an additional settlement currency on our network.” Kelly said that “on our end,” settling in USDC “is pretty similar to settling in USD, although it “requires just some integration work” with crypto custodial partners.
Developing CBDC Solutions.
Visa says it is already “talking to central banks” about public-private partnership options, and “in particular the criticality of acceptance.” The company thinks it can help with this due to its “long track record” – and this that “obviously” CBDCs “have to have some form of utility.”
Ethernity Sports Legend Weekend Drop: The Muhammad Ali NFT Collection.
“We are thrilled to partner with Muhammad Ali Enterprises and Raf Grassetti on The Muhammad Ali Collection,” said Nick Rose, Founder and CEO at Ethernity Chain. “Muhammad Ali had a lifelong mission to help those in need, and our mission at Ethernity is to focus on charitable causes with our groundbreaking projects, making this partnership a natural fit.”
“Muhammad Ali inspired me in my personal and professional life as he did to most of us,” says artist Raf Grassetti. “It’s an honor and privilege to use my craft and work with new technologies to celebrate his life and create this collection to help us remember the Greatest Of All Time.”
Authentic Brands Group (ABG), a brand development, marketing, and entertainment company, owns Muhammad Ali Enterprises in partnership with Lonnie Ali as trustee of the Muhammad Ali Family Trust (MAFT).
About Muhammad Ali:
Muhammad Ali is one of the most influential athletes and humanitarians of the 20th century and has created some of the most legendary moments in sports and civil rights history. More than 50 years after he emerged as a Gold Medalist in Boxing at the 1960 Rome Olympics, Ali’s legacy extends beyond the ring and he continues to be widely recognized as one of the most celebrated and beloved icons of all time.
His incomparable work ethic, signature boxing techniques, and fearlessness towards standing up for his beliefs, all contribute to the legend that is Muhammad Ali. Among his countless awards and accolades, he was named Sports Illustrated’s “Sportsman of the Century,” GQ’s “Athlete of the Century,” a United Nations Messenger of Peace, and has received the Presidential Medal of Freedom and the Amnesty International Lifetime Achievement Award. Muhammad Ali’s legacy is celebrated across cultures and continues to inspire today’s most influential athletes, artists, musicians and humanitarians around the world.
“We are thrilled to partner with Muhammad Ali Enterprises and Raf Grassetti on The Muhammad Ali Collection,” said Nick Rose, Founder and CEO at Ethernity Chain. “Muhammad Ali had a lifelong mission to help those in need, and our mission at Ethernity is to focus on charitable causes with our groundbreaking projects, making this partnership a natural fit.”
“Muhammad Ali inspired me in my personal and professional life as he did to most of us,” says artist Raf Grassetti. “It’s an honor and privilege to use my craft and work with new technologies to celebrate his life and create this collection to help us remember the Greatest Of All Time.”
Authentic Brands Group (ABG), a brand development, marketing, and entertainment company, owns Muhammad Ali Enterprises in partnership with Lonnie Ali as trustee of the Muhammad Ali Family Trust (MAFT).
About Muhammad Ali:
Muhammad Ali is one of the most influential athletes and humanitarians of the 20th century and has created some of the most legendary moments in sports and civil rights history. More than 50 years after he emerged as a Gold Medalist in Boxing at the 1960 Rome Olympics, Ali’s legacy extends beyond the ring and he continues to be widely recognized as one of the most celebrated and beloved icons of all time.
His incomparable work ethic, signature boxing techniques, and fearlessness towards standing up for his beliefs, all contribute to the legend that is Muhammad Ali. Among his countless awards and accolades, he was named Sports Illustrated’s “Sportsman of the Century,” GQ’s “Athlete of the Century,” a United Nations Messenger of Peace, and has received the Presidential Medal of Freedom and the Amnesty International Lifetime Achievement Award. Muhammad Ali’s legacy is celebrated across cultures and continues to inspire today’s most influential athletes, artists, musicians and humanitarians around the world.
Turkey Prepares Crypto Regulations Amid 'Disturbing' Money Outflows.
The Governor, Şahap Kavcıoğlu, was appointed after the abrupt dismissal of his predecessor last month, and made waves in the crypto world by banning the use of crypto as a form of payment in a move earlier this month. After a decidedly rocky month for crypto in Turkey, investors had been bracing for the worst.
In an interview with a television network, the transcribed highlights of which were published by the newspaper Sözcü, Kavcıoğlu called crypto a “sensitive subject” with “no infrastructure, regulation and control mechanism.”
However, he added that the government “cannot fix” crypto “by just banning it.”
He added, “We are working on the regulations with the Ministry of Treasury and Finance. I believe that the efforts will come to a head in two weeks.”
But it appears the governor now wants to pursue a streamlined approach with the consent of all parties. He added that the issue was a thorny one as it was unclear whether crypto should be classified as an “asset or a property,” and that there were precious few international examples to follow when it comes to crypto.
However, he claimed that there was “very serious crypto traffic,” with funds flowing “to Europe and the United States, adding, “We don't know for sure where these cryptocurrencies are going.”
He called the “outflows” of money in crypto from Turkey “disturbing.”
The news comes after a torrid month for Turkey’s crypto community, with two large crypto exchange platforms folding in the space of a week, with at least one CEO reportedly placed in police custody.
Per Bloomberg, which quoted the Demiroren News Agency, the Vebitcoin trading platform has ceased operating due to “deteriorating financial conditions,” with its CEO, Ilker Bas, detained along with three other exchange employees.
The country’s Financial Crimes Investigation Board has placed a block on Vebitcoin’s bank accounts and launched an official investigation.
Earlier last week, the rival Thodex ground to halt after its own CEO, Faruk Fatih Ozer, reportedly vanished from the country.
Bloomberg quoted the Haberturk newspaper as reporting that a legal team representing investors stated the platform had around 390,000 active customers and had incurred losses of up to USD 2 billion.
In a notice posted on its website, Thodex angrily dismissed allegations of wrongdoing as “unfounded” and part of a “smear campaign” against it. The CEO wrote that he had traveled abroad on April 19 not to flee the authorities, but to conduct meetings with foreign investors.”
It claimed that only 30,000 accounts had been affected, and that its total usership was around 700,000.
However, the company conceded that it was “temporarily” closed to investigate “abnormal fluctuations” on company accounts – although it assured users that their funds were safe.
Last week, police made 62 arrests as the Financial Crimes Investigation Board expanded the scope of its probe into the exchange.
The Governor, Şahap Kavcıoğlu, was appointed after the abrupt dismissal of his predecessor last month, and made waves in the crypto world by banning the use of crypto as a form of payment in a move earlier this month. After a decidedly rocky month for crypto in Turkey, investors had been bracing for the worst.
In an interview with a television network, the transcribed highlights of which were published by the newspaper Sözcü, Kavcıoğlu called crypto a “sensitive subject” with “no infrastructure, regulation and control mechanism.”
However, he added that the government “cannot fix” crypto “by just banning it.”
He added, “We are working on the regulations with the Ministry of Treasury and Finance. I believe that the efforts will come to a head in two weeks.”
But it appears the governor now wants to pursue a streamlined approach with the consent of all parties. He added that the issue was a thorny one as it was unclear whether crypto should be classified as an “asset or a property,” and that there were precious few international examples to follow when it comes to crypto.
However, he claimed that there was “very serious crypto traffic,” with funds flowing “to Europe and the United States, adding, “We don't know for sure where these cryptocurrencies are going.”
He called the “outflows” of money in crypto from Turkey “disturbing.”
The news comes after a torrid month for Turkey’s crypto community, with two large crypto exchange platforms folding in the space of a week, with at least one CEO reportedly placed in police custody.
Per Bloomberg, which quoted the Demiroren News Agency, the Vebitcoin trading platform has ceased operating due to “deteriorating financial conditions,” with its CEO, Ilker Bas, detained along with three other exchange employees.
The country’s Financial Crimes Investigation Board has placed a block on Vebitcoin’s bank accounts and launched an official investigation.
Earlier last week, the rival Thodex ground to halt after its own CEO, Faruk Fatih Ozer, reportedly vanished from the country.
Bloomberg quoted the Haberturk newspaper as reporting that a legal team representing investors stated the platform had around 390,000 active customers and had incurred losses of up to USD 2 billion.
In a notice posted on its website, Thodex angrily dismissed allegations of wrongdoing as “unfounded” and part of a “smear campaign” against it. The CEO wrote that he had traveled abroad on April 19 not to flee the authorities, but to conduct meetings with foreign investors.”
It claimed that only 30,000 accounts had been affected, and that its total usership was around 700,000.
However, the company conceded that it was “temporarily” closed to investigate “abnormal fluctuations” on company accounts – although it assured users that their funds were safe.
Last week, police made 62 arrests as the Financial Crimes Investigation Board expanded the scope of its probe into the exchange.
