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Category: Cryptocurrency news

CryptoPunks Owner Declines Record-setting $9.5 Million Offer, Explains Why 

Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), which would have been the highest on-chain NFT transaction to date. The bidder, who goes by an ENS of poap.eth, placed the record-setting bid after the CryptoPunks owner tweeted: “My punk is not for sale. Don’t care what anyone offers me.”  CryptoPunks is an NFT collection of 10,000 randomly generated images created by Larva Labs, and is widely touted and recognized as the #1 collection across the entire NFT space.  Related Reading | Cryptopunks are Headed to Hollywood The project is an all-time leader in total transaction volume at 552,073 ETH, or approximately $2.1 billion. Bored Ape Yacht Club (BAYC), which is the next largest collection on OpenSea, has recorded 1/5th of CryptoPunk’s all-time sales volume. According to data from Larva Labs, the most expensive transaction to date was $7.57M for Punk #7804 back on March 11, 2021.  Come on Richerd. Don’t you want to go down in history as the top cryptopunk sale to date? pic.twitter.com/JEeIMo2MEm — POAP – The bookmarks of your life (@poapxyz) October 15, 2021 If the bid made by poap.eth were to have been accepted, CryptoPunk #6046 would have become arguably the most valuable CryptoPunk by more than 500 ETH. Interestingly enough however, the owner himself admitted that the “value” of his NFT was nowhere near the ballpark of $9.5M: [#]6046 is probably not worth 2500 ETH, it’s a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?”  How Exactly are CryptoPunks Valued? Within NFT collections, the value of an individual piece is often determined by the rarity of its traits and characteristics. This is the case for CryptoPunks, with extremely rare traits like Aliens (0.09%) fetching a far greater price than ones with more common traits. In the case of Punk #6046, its trait of 3D glasses (3%) would be worth considerably less than extremely rare traits.  The average price of a CryptoPunk has skyrocketed over the past year, with data from DuneAnalytics showing a 1300% increase in average sales price since the beginning of the year. Despite these meteoric increases in price, the NFT space is still in relative infancy. Related Reading | Forget NFT Avatars: Owning and Trading NFT Colors Could be the Next NFT Trend on OpenSea  Coinbase, which recently announced its plans to release an NFT marketplace, saw over 1.5 million sign ups – a number trumping OpenSea’s user base by several fold. According to dappRadar, OpenSea has a total user base count of 263 thousand. With Coinbase entering the NFT space, there’s little to no doubt that the industry will continue to grow exponentially.  Interestingly enough, @richerd explained the reasoning behind rejecting the offer. He implied that his brand and online persona was largely connected to his CryptoPunk, and selling it would effectively sever this bond. “My identity, along with [the] identity of other iconic Punks, have value beyond the NFT itself. We have our own brands similar to any other brand and that has value. Because I value my personal brand and identity, this was an easy rejection for me.”  Featured image from Larva Labs  
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SEC Approves Bitcoin ETF, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring Bitcoin to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  Bitcoin ETF Finally Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its Bitcoin Strategy ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible Bitcoin ETF will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the exchange traded fund will track Bitcoin futures, rather than the price of the Bitcoin directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with Bitcoin nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, Bitcoin is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Bitcoin Futures ETF Is Coming, No SEC Opposition

All gas, no brakes. That’s the SEC’s sentiment regarding the potential launch of initial Bitcoin futures ETFs that could hit the market as early as next week. After fielding nearly a decade’s worth of crypto ETF applications, it’s without question a landmark moment. Let’s take a look at what we know, what it means, and what could be in store in the days to come. Give ‘Em The Green Light According to an initial report from Bloomberg, Bitcoin ETF applications submitted from ProShares and Invesco Ltd. have no substantial hurdles to overcome with SEC deadlines approaching next week. The applications were submitted based on futures contracts and allow for investor protections under the SEC’s mutual fund rules. Assuming no unexpected delays or obstructions in the eleventh hour of the process, this means that ProShares and Invesco Ltd. Bitcoin ETFs will have the green light to start trading next week. These will be the first crypto ETFs to hit the stock market in history. Bitcoin price action reflected quickly on the news, charging up to nearly $60K at the time of publishing. The SEC has long been a skeptic and cynic of crypto products, leaving issuers jumping through a variety of hoops to try to circumvent the SEC’s heightened scrutiny. Bitcoin showed immediate reaction to the recent reports showing that the SEC has no intent to halt applications of Invesco Ltd. and ProShares Bitcoin Futures ETFs. | Source: BTC-USD on TradingView.com Related Reading | TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K The SEC: Past, Present & Future While it’s very clearly a historical moment on the horizon, we can’t say the writing wasn’t on the wall. In fact, our team at NewsBTC just earlier in the day pointed out a number of different signs that suggested that October would indeed be the month that a Bitcoin ETF would finally come to market. SEC Chair Gary Gensler has been painted as a crypto optimist, albeit a conservative one, since taking the role earlier this year. Last week, Gensler told Congress that the SEC had no intentions of “banning” cryptocurrencies, and the agency has been fielding Bitcoin ETF applications faster than they could be processed in recent months. Furthermore, last month our team provided a deep dive into why the impending ETFs were far from unexpected, as Gensler hinted that futures could be the key to addressing his main concerns, which lied largely with lack of regulation. As our team notes, those futures ETFs require investors to put down cash on margin to trade as a form of collateral. That didn’t come without some skeptics, however, who believed that crypto spot products would be the first to hit the market. Applications for VanEck and Valkyrie Bitcoin Futures ETFs are also outstanding and could be approved as well. Should those be approved, the stock market could be host to four Bitcoin ETFs this month. Related Reading | Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K Featured image from Pexels, Charts from TradingView.com
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Waitlist For Coinbase NFT Marketplace Climbs Above 1.1 Million On Launch Day

Coinbase recently announced the launch of its NFT marketplace, much to the delight of crypto investors. Its aim is to make the minting, selling, buying, and storing of non-fungible tokens easier for investors who want to get into the market. It brings this service to its 68 million-strong user base in its mission to make crypto more accessible to investors. The NFT marketplace, which is yet to be opened for trading, will provide competition to the leading non-fungible token marketplace OpenSea. With its large user base, Coinbase may be set to be the largest NFT marketplace. Alongside the announcement of the marketplace was a waitlist sign-up for interested parties. On the first day following the launch, Coinbase has already broken the 1 million mark for users who had signed up. Over 1.1 Million Sign Up For Coinbase Waitlist The waitlist which is open to everybody has seen a tremendous amount of support. On its first day, Brian Armstrong, Co-Founder and CEO of Coinbase, announced that the waitlist had gotten over 1.1 million sign-ups. Interest in the non-fungible token marketplace has been high and users have poured out support for Coinbase following the announcement. Over 1M people have signed up for Coinbase NFT since we launched yesterday 🤯https://t.co/pNE3nfFmyW — Brian Armstrong (@brian_armstrong) October 14, 2021 Related Reading | SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network Traffic to the waitlist had been so high that it had to be scaled up to accommodate everyone. Coinbase’s Vice President of Product, Sanchan Saxena, gave the update a few hours after the announcement went live and assured users that they could keep signing up for the marketplace. Thanks for your patience everybody – for the last few hours, we have ramped up and scaled things for you to be able to sign up for the NFT marketplace. See you there https://t.co/ysu6Eku84b! https://t.co/kOHbZaPr8P — Sanchan S Saxena (@sanchans) October 13, 2021 Exchanges Taking The Plunge Into NFTs The success of non-fungible token platforms like OpenSea has driven the need for more NFT platforms in the space. OpenSea currently averages about 260,000 daily users and has seen significant NFT sales on its platform. This has prompted cryptocurrency exchanges to begin offering non-fungible token capabilities on their own platforms. Binance, the largest crypto exchange in the world, had launched its own NFT marketplace. Its offers users a place to mint, buy and sell non-fungible tokens without having to go through the rigorous process of minting the non-fungible tokens directly on the blockchains. FTX exchange also recently announced the launch of its very own NFT marketplace. FTX is one of the fastest-growing cryptocurrency exchanges and has recorded a 397% increase since January. Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase As more exchanges launch their own NFT marketplaces, speculations are they will become the go-to platforms for the minting and trading of non-fungible tokens. Coinbase will launch the marketplace to its U.S. users first and will roll out the feature to its other customers over time. “Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way – we want to do the same for the NFTs,” the announcement read. Featured image from Ledger Insights, chart from TradingView.com
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Bank Of England Seeks To Strengthen Cryptocurrency Regulations As The Sector Grows Popular

John Culifferthe, Bank of England’s Deputy Governor, discouraged crypto’s use in the UK’s finance system. He announced earlier that although cryptocurrencies are becoming more supported within United Kingdom’s financial system, they aren’t a significant threat. However, he also recommended that enhanced regulations should be enforced as digital currencies constantly expand. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course The bank stated in a publication that there is a need to regulate cryptocurrency at a local and an international level. Earlier in July, the bank warned against cryptocurrency spillover into traditional markets. It also said about banks, institutional investors, and payment operators’ absorption of cryptocurrency for transactions. Cryptocurrency Price Appreciation While cryptocurrencies like Bitcoin, Ethereum, and Tron prices spiked at the year’s first half. Just briefly, it climbed to $2.5 trillion in value. Collateral backers for the Bitcoin protocol promised to provide another store of value while the storers struggled to yield, given its meager interest rates. The cryptocurrency market is currently facing a decline | Source: Crypto Total Market Cap on TradingView.com On the contrary, cryptocurrencies have very high volatility, and the digital currency market has dipped more than $1 trillion in market value since May 2021. Bitcoin’s price has dropped from an ATH (All-Time-High) price of almost $65,000 in April this year to about $32,000 on Wednesday this week. Financial Regulators Issue Warnings Regulators have been giving frequent warnings about cryptocurrency. In particular, China has banned all digital transactions, declaring them illegal. Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets However, Binance – the world’s biggest crypto exchange- was banned last month from the United Kingdom. Binance was among the numerous exchanges that didn’t register with the financial regulator, given that it couldn’t meet up with the anti-money laundering requirements. Featured image from Pixabay, chart from TradingView.com
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Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets

Shiba Inu, the self-acclaimed Dogecoin-killer, has shaken the market with its recent bullish momentum. The meme coin has surmounted over 350% upsurge within one week, ranking it amongst the top 12 cryptocurrencies based on market capitalization. Presently, SHIBA is the most traded currency on leading exchanges like Coinbase, Binance, and Huobi. Memecoins A meme coin is a digital currency linked with some theme, more often as a jest rather than for more serious products. Dogecoin was the very first meme coin deployed. The Shiba Inu Protocol Shiba Inu was developed by a person named Ryoshi in August 2020. The protocol’s three tokens SHIB, LEASH, and BONE, experienced tremendous increments within the past few weeks. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Last week, Shina increased to $0.000035, the second-highest record after an All-Time-High value of $0.000038 on May 10th, 2021. Just a few inches away from setting a new All-Time-High record. SHIB Token is trading upwards | Source: SHIB/USD on TradingView.com Just recently, SHIB’s market cap increased to over half of Dogecoin’s market cap. Currently, Dogecoin ranks 10th globally, with a market capitalization of $32 billion, while SHIB ranks 12. The Whale-Sized Trading Just after an anonymous whale trader decided to purchase over 6.3 Trillion SHIB tokens and increase SHIBS token valuation, it expanded massively. As a result, Shiba has been one of the most traded digital currencies in the market within this past week. With a current market cap of over $13.23 billion, the coin spiked by 17% in the last 24 hours. The deployment of Shiba Inu’s DEX ecosystem ShibaSwap and the introduction of the platform’s burn mechanism incited a rally in the altcoin’s prices. Some developments in SHIB are the main contributors to the massive growth in the price valuation. Significant factors include the announcement of the release of 10,000 Shiboshis on ShibaSwap, the execution of the burn mechanism, and the increase in the number of token holders. Shiba Inu To Venture Into Gaming While Shiba Inu makes preparations to win the gaming sector, token holders anticipate a rise in its demand. At first, the protocol was experiencing the challenges of insufficient liquidity and inaccessibility of the platform updates. Due to its recent token listing on Coinbase, the challenge of insufficient liquidity was salvaged to a great extent, noting how its daily trading volume surpasses $13 billion. Shiba Inu Conquers Other Major Coins The SHIB token has exceeded cryptocurrencies like Chainlink, Avalanche, Litecoin, and UniSwap. Its double-digit increase within the last four days has assisted the nearly obliterated altcoins in arriving at the headlines again. During these few days of price rallying, the meme coin has successfully erased one zero from its price after over four months of price dormancy. Featured Image From Pexels and Charts From TradingView.Com
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VeChain Foundation Announces Vote To Implement Upgrade, Bullish For VET?

Via their Twitter handle, the VeChain Foundation announced the start of the voting process that will allow the community to decide to implement or reject a major update to their network: Proof-of-Authority (PoA) 2.0. This upgrade could usher a new wave of blockchain “mass adoption”, the announcement said. As NewsBTC reported, the PoA 2.0 upgrade will eliminate the tradeoffs of the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus implemented on cryptocurrencies such as Bitcoin. Related Reading | VeChain And DNV Launch First Blockchain-based IVF Service App If approved via the voting process, the upgrade will enable blockchain VeChainThor to benefit from a high throughput capability. In addition, the PoA 2.0 upgrade will bring guaranteed data finality to the network to attract more companies and high-volume use cases without compromising its security. The Foundation said: (…) the VeChain Research and Development teams have been working on a massive upgrade of the VeChainThor blockchain called SURFACE (PoA 2.0), standing for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension. The VeChain Foundation believes this update will allow the blockchain VeChainThor to “lead the pack on the road to mass adoption due to the development of many revolutionary technologies”. If approved the PoA 2.0 will operate as one of the first “combined consensus mechanism”. The voting will take place from October 11 at 10:00 pm (UTC+8) to October 18, 2021, at 10:00 pm (UTC+8). The authority masternodes and Economic X nodes will have a 40% voting authority each, while the Economic nodes will have a 20% voting authority. Related Reading | Why The VeChain Foundation Met With China’s Government Officials These entities will have to confirm or reject the implementation of the PoA 2.0 in its first phase, to introduce the Verifiable Random Function (VRF) as a source of randomness. Part of the VIP-193, this mechanism will “balance the unpredictability and the unbiasedness” of the block production on the blockchain VeChainThor to increase its level of security. The foundation claimed: After months of testing by the core team, as well as our partners and community developers, we are now confident that this upgrade is ready to be deployed on the main net. Potential Impact On The Price Of VeChain (VET) As seen below, the VeChain Foundation disclosed their roadmap for the implementation of the PoA 2.0. Much of the progress on the testnet has been achieved with similar progress on the mainnet route. The Foundation called on every stakeholder on the blockchain VeChainThor to cast their vote. In that way, the implementation of PoA 2.0 can continue to make progress. Only after a successful vote by all stakeholders, an implementation on our main net can take place, and that’s why we need your vote! Voting can be done by all those that are eligible using Sync or the VeChainThor mobile wallet. VET has failed to positively react to the announcement by the VeChain Foundation. In the daily chart, VET records a 2.9% loss trading at $0,11, at the time of writing. VET’s current price action could be driven by Bitcoin recent move to the upside reaching into May’s highs. In the coming days, most of VET’s price performance will be determined by the BTC Dominance. Related Reading | This VeChain Partnership Will Enable VET Holders To Buy On Ebay, Amazon And Others In that sense, holders could take up the opportunity to increase their holdings as VeChain enters a key channel, as pointed out by analyst Justin Bennet: VET continues to coil above its long-standing channel support. The fun begins above 0.155. I’m using this time to accumulate.
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FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase

The come-up of the FTX cryptocurrency exchange has been one of the most inspiring stories out of the crypto space. Its success put its CEO Sam Bankman-Friend on the path to become one of the richest crypto billionaires. The 29-year-old was featured on the Forbes 2021 List of 400 Richest People In America, which saw the CEO named as the richest crypto billionaire. Although FTX has had an impressive track record, the road to the present was not always an easy one. CEO Sam Bankman-Fried opened up on some of the challenges the exchange encountered when it had opened its doors for business. In a piece on Bloomberg Businessweek, the CEO revealed that the crypto exchange had faced significant challenges in getting the banks onboard. Turning To Tether CEO Bankman-Fried told Bloomberg that the company had major problems with getting the banks to work with them. This was because banks are very skeptical about working with crypto-related institutions due to regulatory problems and had refused to work with his exchange. “If you’re a crypto company, banks are nervous to work with you,” Bankman-Fried said. Related Reading | Value Of Ethereum Held By Miners Reaches Five-Year Record Levels Taking this in stride, the CEO had turned his attention to something else; Tether. Its ease of use made it the obvious choice for the cryptocurrency exchange in light of its bank issues. Hence, investing in the stablecoin had been the solution to this problem. Tether allowed FTX customers to transact and trade on its platform, and the company could hold Tether instead of going through the hassle of converting crypto to U.S. dollars. USDT price holding steady to dollar | Source: USDTUSD on TradingView.com Bankman-Fried revealed that the company had purchased billions of dollars of USDT in order to help users trade on their platform. But has clarified that the crypto exchange does not actually treat the stablecoin like it does the dollar. Battling It Out With The Law Tether has been in various long-running legal battles. The company has been accused of circumventing laws and bank fraud, which resulted in a probe from the U.S. Department of Justice. Another class-action lawsuit had been filed against the stablecoin issuer, but Tether had emerged victorious in what it called “a clumsy attempt at a money grab.” Related Reading | Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz Most of Tether’s woes have been linked to how much of its issued coins are backed by real currency. The stablecoin issuers claim that the coins are 100% by cash and cash equivalents but investors are wary of this as data shows that only about 2.9% of all issued coins are backed by cash reserves. The largest of its backing is in commercial papers, which account for about 65.4% of Tether’s reserves. Despite these, Tether still remains a top 5 cryptocurrency by market cap. It boasts the highest number of trading pairs in the crypto market and has a market cap of $68 billion. Featured image from Decrypt, chart from TradingView.com
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Quick History: The War On Tokens & Crypto Bans

Since the drop of the first token in 2009, there has been a battle for control going on within the digital world. This war is generally financially based, as countries try to secure greater control and grip on decentralized exchanges and cryptocurrency. Here is a brief look into a few different perspectives from countries that have tried to close the door on cryptocurrencies. A Brief Look Into The Hate We’ll take a fundamental look at crypto’s history for those who are less familiar on details that can impact geographical and geopolitical perspectives. For those who are less familiar around cryptocurrency and it’s history we will take a quick dive in: the first crypto coin to bless us was Bitcoin in 2009. Starting as an idea on paper, it grew into a $50K+ top dog coin and blockchain that is finding it’s way into New York’s stock market via ETFs. With its 9,000,000% rise in the last decade, it’s safe to say Bitcoin is the founder and start of where this war begins.         Related Reading | Bitcoin Back to $64K?, Why This Time The Bulls Have The Winning Edge As time progressed and Bitcoin grew, more coins started to arise and make a mark in the world of digital currency. In 2013, China attempted to ban the coin, and label it an insufficient and illegal currency.  At a high level, what makes these coins a hot commodity to control is the ability to use these coins across the web to buy and purchase many things both online and off. On top of that, it has formed into the new “gold rush,” as young and old investors took a liking to the profit and growth of these coins – especially Bitcoin. Bitcoin has long positioned itself as the top dog and face of crypto.: BTC on TradingView.com The first to enact an official ban was Bolivia’s central bank, as they banned all forms of currency that were not regulated by the government, including Bitcoin and other cryptocurrency across the world in June 2014. Many other countries have since created loopholes and laws to regulate and/or ban these coins. Egypt has not yet made the ban official, but according to Sharia law all crypto currency is prohibited, according to the Islamic legislation. Many countries fear that these coins could become more damaging then helping for their economy, and the “war” around crypto has led to some countries enacting laws accordingly.   Related Reading | Value Of Ethereum Held By Miners Reaches Five-Year Record Level The Latest “War”: China’s Ban This year, China made headlines again by indefinitely banning all cryptocurrency and crypto-mining. The Chinese government proceeded to have banks and exchanges shut down crypto-related activity. This really is no surprise after their attempts stemming back to 2013; meanwhile, their approach (or one similar) has also been adopt from countries like Turkey, Algeria, Bangladesh, Egypt, and Bolivia. Additionally, the UK dropped the hammer on Binance for not meeting money laundering requirements. It is especially difficult for countries, states, and cities across the globe to regulate and monitor the activity on the blockchain, and how we use this new form of currency – emphasized by it’s mystique and ability to stay below the radar when it comes to making transactions. What countries will do battle in this new era of financial war?
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Meet The First Ever Polygon Ecosystem Index Token

Polygon continues to be a substantial force in DeFi. The protocol’s ease of use and lower fees have been major draws for developers, leading to a wide variety of new projects coming to life on the platform. Meanwhile, the folks over at Amun Tokens are working on DeFi index tokens left and right. In June, the platform announced the launch of two index tokens, $DFI and $DMX, engaged in the Ethereum ecosystem. Given Polygon’s increased presence lately in DeFi, it was only a matter of time before the team at Amun unleashed a Polygon-based token as well. That time has come, as Amun announced today their latest token headed to pre-sale: PECO. This token looks to encapsulate the best and brightest projects being built on Polygon. Amun, PECO, & The Polygon Ecosystem Amun released their Medium post announcing PECO today in collaboration with the Polygon Foundation and leading Polygon projects. The Foundation is providing $5M in MATIC tokens to seed the index’s launch, according to the Medium post, and many leading projects are providing seed capital for liquidity. The token initially launches on October 19 and will start with 50% MATIC until the network matures further. Protocol tokens make up the remaining 50%; take a look at the initial PECO compensation on launch below:   As the Polygon network grows and develops, the PECO portfolio will be rebalanced monthly. PECO will be available on both Polygon and Ethereum, and early participants can earn up to an additional 30% bonus tokens in the pre-sale via airdrop. Polygon (MATIC) has seen stable price movement in recent months, but has been slowly becoming a DeFi power player. | Source: MATIC-USD on TradingView.com Related Reading | TA: Ethereum Is Primed For A Rally And Only One Thing Is Holding It Back Amun & DeFi Growth The Amun whitepaper cites the need for scalability in DeFi and looks to provide ERC-20 tokens that address an index of the top DeFi tokens available. Earlier in the year, Amun unleashed DeFi index token $DFI, aimed to give investors exposure in “blue chip DeFi projects.” This allowed consumers to come to one token for a wide exposure of DeFi’s biggest coins, without incurring individual swap costs. Additionally, Amun released their DeFi Momentum Index, $DMX, which seeks to automate weights based price momentum calculated by a relative strength index. This index sought out momentum riders who “missed out on the last bull run.” Both indices were initially composed of eight tokens per index. Amun is building out a wide breadth of DeFi exposure during what seems to be an ideal time. A Bank of America report this week cited DeFi’s growth and largely untapped potential, and Polygon and it’s subsequent platforms have been enormous growth drivers in DeFi. Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey Featured image from Medium.com/amun-tokens, Charts from TradingView.com
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Bank Of America’s Crypto Report: All You Need To Know

Bank of America released their latest crypto report this week, as Bitcoin returns north of $50K. BofA strategists Alkesh Shah and Andrew Moss described the crypto market as “too large to ignore” and that “there could be more opportunity than skeptics expect.” Let’s take a bird’s eye view on key findings from the 140+ page report. Crypto, Institutionalized As BTC hangs tough above $50K, both BofA and our team’s internal perspective on Bitcoin inflows reflect strong institutional interest. Additionally, beyond simply traditional financial institutions, Bank of America also cites the potential for further integration of blockchain technology in daily life. “In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza,” the report states. Of course, many different projects are already working on tools for some of these exact use cases, and a whole lot more. Outside of existing economies ripe for reinvigoration, the report also calls out projects and firms that are becoming inherently native to the digital asset ecosystem. There has been ample growth across both of these categories, exemplified by the below chart showing mentions of digital asset language on earnings calls: If there is one thing that is abundantly clear, it’s that digital assets are on major corporate radars, and as BofA states – “corporations aren’t risking being left behind.” These earnings calls included companies in information technology and finance, but also included consumer staples, real estate, health care, and more. All The Rest: DApps, NFTs, And The Regulatory Battles It’s hard to justify bucketing the immense growth of DeFi, Dapps, and NFTs all in one place while still giving the respective categories their fair shake. Nonetheless, that’s what we’ll do here to provide a brief recap on Bank of America’s thoughts on everything that isn’t a fungible token or straightforward blockchain project. The report soberingly acknowledges the emergence of DeFi, despite it being seen as a continual threat to traditional financial firms like Bank of America themselves. BofA described Dapps as having the potential to bring financial services to nearly 2B unbanked individuals across the globe. What many crypto advocates and loyalists have been thinking and working towards is now becoming widely acknowledged by some of the biggest traditional institutions in the game. When it comes to NFTs, the short stroke is that the sentiment reflects digital assets in general: Bank of America is bullish. The firm describes NFTs as “changing the way creators connect with fans and receive compensation.” Indeed, as BofA acknowledges, NFTs have immense potential in demonstrating ownership without any sort of middleman fee – and that this is substantial demand for this across a wide variety of verticals. Finally, regulatory uncertainty was cited in the report as the largest near-term risk in the firm’s view, and understandably so. That regulatory risk may be exacerbated with stablecoins, however the report noted that despite less liquid reserves (which could lead to heightened regulatory scrutiny), stablecoins are “a waiting zone between fiat currencies and digital currencies, which could further accelerate adoption of the latter.” The report adds that central bank digital currencies (CBDCs) are a “when, not if” situation. Bank of America only began it’s crypto division earlier this year, however the banking behemoth has already released a bullish report on the crypto market. | Source: NYSE: BAC on TradingView.com Related Reading | Grayscale Report Shows The Good, The Bad, And The Ugly Of The Cardano Network Close The Curtain In summary, we’re watching it all unfold in real time. The report states that over 20M U.S. adults own digital assets (roughly 14%) while an additional 19M+ plan on buying digital assets sometime this year. However, rising interests are just limited to individuals, but also live within corporations. Furthermore, growth in ownership, interest, etc. doesn’t stop or start with Bitcoin. Bitcoin has amassed one of the largest market values on the planet, and in this case is the rising tide that is lifting altcoin boats. The BofA report dives into Twitter mention analysis, which showed that Bitcoin mentions decreased year-to-date (as of August) while many altcoin mentions increased. In the meantime, Bitcoin volatility has decreased relative to the early years, as increased adoption leads to more “diamond hands.” Additionally, CBDCs are on the horizon. Bank of America approximates that countries encompassing roughly 90% of global GDP are reportedly exploring CBDCs. Meanwhile, engagement in NFTs and DeFi products are increasingly rapidly as well. While acknowledging regulatory hurdles that the market will need to overcome, the BofA report doesn’t shy away from difficult topics either. Illicit activity with crypto has been a staple for bears, however BofA notes that digital assets associated with illegal activities have been cut in half compared to 2019. In all, BofA is admittedly optimistic looking forward. As more traditional finance operations come to terms with crypto’s role across a variety of industries, adoption is only set to increase. Fasten up and hold on to your seats. Related Reading | SEC Chair Gensler: SEC Will Not ‘Ban’ Crypto Featured image from Pexels, Charts from TradingView.com
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SEC Chair Gensler: SEC Will Not ‘Ban’ Crypto

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler reiterated to Congress this week that the SEC has no plans to ‘ban’ cryptocurrencies. In a direct reply to North Carolina Congressperson Ted Budd regarding any considerations of banning crypto to promote a central banking digital currency, or CBDC, Gensler stated “no, that would be up to Congress.” The statement came during a four-hour long hearing regarding crypto and DeFi. The SEC Stance Gensler’s remarks come just a week after Federal Reserve Chair Jerome Powell echoed similar sentiments. Powell told the House Financial Services Committee that the Fed had “no plans to ban” crypto. However, Gensler did reiterate that crypto exchanges should register with the SEC, and that most crypto tokens will be viewed as securities. He also added that DeFi platforms are going to be subject to public policy. Of course, any regulatory move to outright ‘ban’ cryptocurrency in the U.S. is surely more effort than the outcome would be worth. There are increasing amounts of legislators across the U.S. that are coming on-board with crypto, and exchange accessibility and utilization for U.S. consumers is increasing rapidly. Lawmakers and regulators are ideally coming to terms with a set of facts that ring true for categories like sports gambling and marijuana: outright bans are a waste of time and resources, and everyone is generally better off working towards a healthy yet regulated marketplace. The market cap of crypto tokens not named Bitcoin is in excess of $2T, leading both state and federal regulators to pull out the microscope. | Source: CRYPTOCAP: TOTAL 2 on TradingView.com Related Reading | Whales Moving Coins Hints At Bitcoin Maturity As Macro Asset A Push And Pull The sentiment comes just days after the SEC extended the decision deadline around a number of Bitcoin ETFs. The commission has faced increased pressure to have some sort of regulatory stance, hands off or otherwise, around crypto. Gensler, meanwhile, has been relatively reserved in statements to the public about the future of crypto in the states. Our team at NewsBTC took a deep dive into a recent Gensler interview with the Washington Post that left many crypto spectators with more questions than answers. The SEC was also engaging in a back-and-forth battle with Coinbase, leaving the crypto exchange with little traction to work with around their anticipated Coinbase Lend product. After SEC threats, Coinbase dropped the interest-yielding project, with Coinbase CEO Brian Armstrong expressing frustration along the way. The recent sentiments from Gensler and Powell do not eradicate any sort of potential hurdles for crypto, however. Coinbase also expressed concern about Congress’ infrastructure legislation in recent weeks. The full impacts, including potential tax implications, around that legislation and crypto are yet to be established. Related Reading | Bitcoin Price Taps $50K, But Here’s Why Bulls Aren’t Out Of The Woods Featured image from Pexels, Charts from TradingView.com
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At Least 6,000 Coinbase Accounts Exposed In Hack

Coinbase has released a breach notification letter this week saying that a minimum of 6,000 user accounts were victim to hackers. The exchange has stated that the breach took place between March and May of this year. What We Know The letter notes that unauthorized third parties exploited Coinbase’s SMS account recovery process and transferred user funds to accounts outside of Coinbase. However, the company added that in order to do so, those third parties needed to have email addresses, passwords and phone numbers – as well as email access. Coinbase believes that users fell victim to a phishing attack, or some sort of equivalent, in order to have this information exposed, and that there was no evidence to support that the information was taken directly from Coinbase. The exchange states that account recovery protocols around SMS were updated after Coinbase discovered the issue. The letter closes that some accounts have already been reimbursed and that all accounts would be fully compensated equal to any losses incurred. The letter was also posted on the California Attorney General website. Since going public earlier in the year, COIN has faced substantial headwinds, with less-than-stellar stock market performance. | Source: NASDAQ: COIN on TradingView.com Related Reading | Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More? Safety First While the amount of hacked crypto has not been disclosed, Coinbase’s immediacy in restoring user funds is reassuring, but comes at a time where a number of stories have been hitting the headlines around hacks and vulnerabilities. In recent days, Compound Finance issued a governance rule that had a small piece of faulty code that resulted in inappropriate token distribution, putting over $80M worth of COMP tokens at risk. Just a few days prior, DeFi protocol pNetwork lost over $12M to hackers. It’s also not the first sticky situation for Coinbase recently, either. Last week, pressure from the Securities and Exchange Commission (SEC) was enough to totally sideline the company’s anticipated interest-generating product, Lend. That came just a few weeks after a blog post and corresponding long-winded tweet thread from Coinbase CEO Brian Armstrong, expressing frustration in communications with the SEC, and describing  the agency as “sketchy.” Additionally, the major crypto exchange has faced challenges with the impacts of potential infrastructure legislation and USDC drama in recent months. Crypto’s safety and security has substantially improved over time, but that doesn’t mean that no one is vulnerable. Our team at NewsBTC reminds you to always use two-factor authentification, ideally via an authenticator, never share your seed phrase, use platforms that you trust, and be on the lookout for suspicious emails that may be trying to phish. Related Reading | Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard Featured image from Pexels, Charts from TradingView.com
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Compound Finance Suffers Bug Leading To ~$50M Token Distribution

Compound Finance (COMP) has seemingly suffered a token distribution bug after introducing and passing a recent governance vote that addressed rewards distribution, Proposal 62. Shortly thereafter, Compound reported in a tweet that there was unusual behavior regarding COMP distribution following the vote, but that “no supplied/borrowed funds are at risk.” The funds that are in jeopardy due to the bug sit only in the Comptroller contract, which means that there is a total cap of 280,000 COMP tokens that are at risk. However, that’s still a hefty number, worth over $80M USD at the time of publishing. One transaction was reportedly as high as nearly $30M alone. Let’s Get Movin’ With governance often comes the lack of immediate action. As Compound Finance CEO and Founder Robert Leshner noted in a tweet discussing the events at hand, “there are no admin controls or community tools to disable the COMP distribution; any changes to the protocol require a 7-day governance process.” The Compound team quickly rolled out the initial governance process with Proposal 63 up for review, which temporarily disables COMP distribution rewards while the team and community address the fix for the protocol. Leshner adds that while Proposal 63 is up for review, “a patch to restart the distribution is in development.” While this gives the team time to address the issue, Proposal 63 does note that all ~280,000 tokens will be at risk. While the recent Compound bug showed immediate price impact, buyers quickly came back to market and the COMP token has still showed long-term resiliency. | Source: COMP-USD on TradingView.com Related Reading | TA: Ethereum Consolidates, Why Bulls Could Aim Fresh Rally Take 10% Leshner has since gone on Twitter asking recipients of mistaken distributed COMP to return it, with the below tweet: If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock (0x6d903f6003cca6255D85CcA4D3B5E5146dC33925). Keep 10% as a white-hat. Otherwise, it’s being reported as income to the IRS, and most of you are doxxed. — Robert Leshner (@rleshner) October 1, 2021 He took a bit of heat for the tweet, and followed up by stating that it was a “bone-headed tweet / approach” and that his intentions lie in “trying to do anything I can do to help the community get some of its COMP back.” Smart contract specialist Kurt Barry noted just how costly small errors in code can impact blockchain projects: Smart contracts are unforgiving of the tiniest errors…COMP bug is a tragic case of “>” instead of “>=” (in two code locations). Two characters, tens of millions of value lost. — Kurt Barry (@Kurt_M_Barry) September 30, 2021 Truly a tough set of circumstances for the Compound Finance community, however many will approve of Leshner’s response. The move is not the first mishap in the rapidly growing world of DeFi. Last month, the Poly Network suffered a hack that cost over $600M USD. In a bit of a bizarre set of circumstances, the Poly hacker returned most of the stolen crypto back to the network. And in the last week, cross-chain DeFi protocol pNetwork lost over $12M USD in tokenized Bitcoin to attackers. Related Reading | Visa Is Building A Payment Channel Network On Ethereum Featured image from Pexels, Charts from TradingView.com
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Visa Is Building A Payment Channel Network On Ethereum

Visa has been active in engaging with crypto, and this week is no exception. Reports have emerged that the payment facilitator and financial services firm has deployed it’s first smart contract on Ethereum Testnet. The move isn’t the first to signal Visa’s increased acceptance to adopt crypto in their operations. Visa’s Universal Payment Channel The company is showing clear investment in becoming a leader of payment processing through central banks via crypto. Visa’s first smart contract deployment was a payment channel accepting both Ether and USDC. This is a conceptual protocol in development by the payment processor that will enable interoperability between central bank digital currencies (CBDCs), called a “Universal Payment Channel,” or UPC. The timing is appropriate given the global discussion around CBDCs. This week alone, Nigeria is looking to be the first country in Africa to launch a CBDC, the Bank of England has released it’s CBDC forum members, and New Zealand’s Central Bank has sought public feedback on CBDCs. Of course, the biggest story in the speculation is China’s recent bitcoin ban paired with rumors of the country’s exploration of a ‘digital yuan.’ Through it all, it’s safe to say that crypto and centralized currencies are at the forefront of most countries treasury departments lately. Visa’s UPC is being built to support different CBDCs across a variety of blockchains. The company’s head of crypto, Cuy Sheffield, described the initiative as a “longer-term future thinking concept around a way that Visa could potentially help become a bridge between one digital currency on one blockchain and another digital currency on another blockchain.” Ethereum testnet is host to Visa’s first take at a Universal Payment Channel protocol. | Source: ETH-USD on TradingView.com Related Reading | Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why It’s All Part Of The Plan This week’s development is far from the first move from Visa to dig their heels in crypto. Last month, the company purchased a CryptoPunk and released a positive perspective around NFTs. And at the midpoint of 2021, the company shared that over $1B had been spent on crypto-linked Visa cards on the year. Through it all, Visa has shown a clear favorite in Ethereum as well, and now is utilizing the chain once again with the Universal Payment Channel. The company’s clear engagement with Ethereum could prove fruitful to establishing further institution buy-in for the blockchain. In the corresponding UPC research and insights report released by Visa, the company shows a clear desire to be a “network of blockchain networks” for global transactions. Digital asset tracker 21Shares has described Ethereum as “the most significant single innovation within the cryptoasset and blockchain industry since the creation of Bitcoin in 2009.” Should Visa’s UPC be built on the backbone of Ethereum? There’s good reason to be optimistic looking forward. Related Reading | TA: Ethereum Just Reversed But $3,150 Presents A Major Challenge Featured image from Pexels, Charts from TradingView.com
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GreedSwap: Super Producers Cool And Dre Help Launch New Coin & Crypto Record Label

Grammy nominated super producer team ‘Cool and Dre’, and developer Peter Parente have introduced their latest project, GreedSwap ($GREED) – one that has a lot of eyes ready and wondering: what’s going on and what’s next? It was only a matter of time before music and the vastly growing cryptocurrency market came together to change the way music is bought and sold to the world. Chess Over Checkers: The Deal And The Plan According to a recent press release, GreedSwap, also known as the $GREED project, announced a new contract on one of the fastest and third largest growing cryptos, Cardano (ADA). This new blockchain will hopefully add value to the growing list of strong projects taken on by the Cardano team. With 2,300 smart contracts getting ready to launch, ADA looks to have a huge year looking forward. For those who have been watching this blockchain and the broader market for some time, you likely understand how important each new partnership and project can be. Related Reading | Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green   ADA holding after reaching all time high the past two weeks. | Source: ADA-USD on TradingView.com What makes GreedSwap a potentially important player for Cardano is its versatility, depth and broader ceiling as a company in general. $GREED not only provides a game changing factor for the music industry, but it also provides something for investors, with a deep ecosystem. That ecosystem will include farms, staking pools, a multichain NFT Marketplace, and a major Metaverse build in Decentraland that will include NFT wearables, driveables and NFT keys. These keys will give you VIP access to certain areas in GreedSwap’s virtual world that will also include a Greed Music studio where you can watch your favorite musicians and recording artists create music, while also being able to watch them stream live concerts.   Related Reading | Cardano Trends Down, ADA In Danger Of Sliding Back To $2?   Only Time Will Tell: The Change We Seek, Or Doom We Meet… This news will hopefully provide a new look at how music can now be shared to the world, allow the ability to connect artists with fans at a new level, and also engage consumers via crypto. Artist and musicians have already taken a likes to the NFT world by collaborating and doing exclusive tracks and albums. Big names in hip-hop especially, such as Curren$y, have gotten involved (Curren$y released an exclusive NFT project titled ‘Financial District’, and he won’t be the last to do this as many artist have taken this approach quite seriously). Other artists, like DJ Premiere have gotten involved with NFTs and crypto as well. The ability to cross promote on a number of different levels beyond music makes it easier for GreedSwap to get its name around to the crypto world. Hopefully it sticks, and we all can see what this company can do to impact a new generation of music.
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Former Ethereum Developer Griffith Pleads Guilty To Violating U.S. Sanctions

American programmer and developer Virgil Griffith pleaded guilty today to violating U.S. sanctions law. Griffith created Wikipedia indexing tool WikiScanner, co-designed the Tor2web proxy, and was a senior research scientist with the Ethereum Foundation who at one point led special projects for the platform. The North Korean Crypto Conference A federal grand jury convened by the U.S. Attorney’s office in the Southern District of New York alleged that Griffith conspired to allege the International Emergency Economic Powers Act. Griffith was set to go on trial today, but instead changed his plea to guilty to the lone charge. Prior to shifting his plea, he was facing up to 20 years in prison. He will be sentenced in January 2022, and reports state that the plea deal could conclude with somewhere between 63 and 78 months of prison time. The maximum sentence even with the plea deal, however, is still north of 6 years. Griffith was arrested in November 2019 after allegedly speaking on blockchain and cryptocurrency in North Korea earlier that year. The U.S. Attorney’s office alleged that during that talk, he “provided highly technical information” that he knew “could be used to help North Korea launder money and evade sanctions.” The event was a “Pyongyang Blockchain and Cryptocurrency Conference” in April 2019, according to the Department of Justice press release. Griffith was released on bail last year, however he was jailed after attempting to access his Coinbase account to pay attorneys this year. Prosecutors stated that this move was a violation of the terms of his bail conditions. After looking to nearly break back above $4,000, ETH has dipped back into the low $3,000s. | Source: ETH-USD on TradingView.com Related Reading | JPMorgan Analysts Say That Big Money Are Dumping Bitcoin For Ethereum International Emergency Economic Powers Act (IEEPA) Despite not residing in the U.S., Griffith was a U.S. citizen and thus subject to the IEEPA charges. Journalist and author Ethan Lou, who was with Virgil Griffith in North Korea, was at the courthouse today and tweeted developments. As Lou aptly notes, since Griffith only faced “conspiracy to violate” the IEEPA and that actually helping North Korea was not vital to find him guilty. Accordingly, says Lou, “the prosecution does not need to prove any tangible results of any specific action.” The IEEPA states that U.S. persons are “prohibited from exporting any goods, services, or technology to the DPRK without a license”. The bar to find Griffith guilty was undoubtedly quite low. Following Griffith’s plea shift, Lou noted that he was “quite emotional” and that it was “unclear what new development caused this guilty plea,” adding that “one possible reason is the barring of the remote testimony of an Ethereum Foundation lawyer.” The two-year back and forth between the U.S. Attorney’s office and Virgil’s representatives finally comes to a close. Related Reading | 2.1 Million Salvadorans Actively Using Chivo Wallet, El Salvador’s President Claims Featured image from Pixabay, Charts from TradingView.com
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DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch

One of the major threats to businesses online, not only the crypto industry, is cybercriminals’ attacks. Even though the existing networks are supposed to be safe and secure, attackers often find loopholes to exploit them in the bid to steal investors’ funds. This is not new in the online world. There have been occasions when hackers even forced companies to shut down. The decentralized finance sector has seen a lot of growth in recent times, but the growing exploitation cases are becoming alarming. Many protocols have suffered such attacks amounting to losses to the tune of millions of dollars. The latest to record such an exploit is Vee Finance based on the Avalanche Blockchain. Hackers stole $35 million from this protocol a few days after its mainnet went live on the host network. Before reporting this incident, Vee Finance stopped all its transactions on September 20, 2021. The team suspected questionable activities in the network and had to stop rendering services to users. Vee Finance Lost Money In BTC And ETH The two cryptos that hackers stole are BTC and ETH. The total number of BTC was 214, while ETH was 8,804. Checking the value of both at press time, the amount was above $35M. According to what the team revealed, the hackers targeted a particular address through the trade contract address of the protocol. Related Reading | Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect? As soon as the Vee Finance team discovered this exploit, they stopped rendering the contract and also stopped all borrowing and depositing functions on the platform. However, the team hasn’t said much about the reason and how the hackers got access to the address. All we could gather is that they’re fixing the issue and attempting to facilitate a possible funds recovery from the criminals. In its statement, Vee Finance assured users that its goal is to protect their interests, and that’s what the team will focus on achieving. Vee Finance To Alleviate Mining Operations The recently exploited protocol is amongst the emerging DeFi projects that aim to improve the mining features of the sector. Vee Finance wants to boost processes such as leverage mining, liquidity mining, and transaction mining. September 14 was the day it went live on the Avalanche network. It also launched its liquidity mining feature the same day. Like many other DeFi protocols, Vee Finance also relies on Chainlink price feeds to get real-time value for digital assets on-chain. This is part of the benefits of using blockchain oracle solutions. Five days following the launch, the protocol garnered a total of $300 million in TVL (Total Valued Locked). Unfortunately, a few days later, the protocol lost $35 million to hackers. In recent times though, many other protocols on the Avalanche blockchain have recorded such losses. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Some of them include Zabu Finance, which lost $3.2 million to hackers, crashing its value to zero. But the Avalanche Blockchain has been growing recently, and even the native token, AVAX, is also rising in value. The AVAX Token is rising by 10% as per the chart | Source: AVAXUSD on TradingView Featured image from PYMNTS, charts from TradingView.com
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Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

The crypto market has been subjected to major sell-offs since assets began to crash across the board. September which has been a historically bloody month for the market has stayed true to nature as various cryptocurrencies suffered crashes that dragged the market down. Due to this, over $1 billion longs have been liquidated in the market since Monday. Billionaire Mike Novogratz was on CNBC to talk about the current market trends. But unlike most investors in the market, Novogratz does not seem at all worried about the numerous price dips rocking the market. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages assets ranging from traditional assets to cryptocurrencies. Nothing To Worry About Talking about the sell-off in the market, Novogratz explained that tensions were high in the space due to the current regulations talks by the SEC. He pointed to the developing Evergrande crisis, which Tether had been linked to, as also contributing to the sell-offs, which had put investors on edge. The CEO also pointed to long positions that were a little too optimistic, saying, “I think the market got itself a little too long. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations Novogratz sees the current market dips as a buy-the-dip opportunity. Simply stating, “I’m not nervous” in response to the bleeding market. In addition, the billionaire sees the Treasury introducing stablecoins which are going to be backed by Fed banks. “That’s going to be something we watch over the next week to three months.” Crypto Market Holding At Critical Levels Noting the crash, the CEO pointed out that the top two coins in the market had held at their critical positions. Spelling good news for the market. Following the Monday crash, bitcoin had held above $40,000 and Ethereum held up above $2,800 and Novogratz said, “As long as those hold, I think the market is in good shape.” Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Both these assets had recorded massive losses following Monday’s opening. And bitcoin alone had seen over $800 million long positions liquidated in response to this. Ethereum had not fared any better in the market as the bloodbath had spilled over into altcoins. But despite this, the billionaire remains bullish on the market. Another important factor for the billionaire was the amount of both public and private capital that was pouring into the space. At the beginning of the interview, Novogratz had mentioned that the crypto market had moved on from the story of bitcoin but has moved on to Web3. And investors, in a bid to not miss out on what could very well be the next internet, have funneled more and more money into the space. Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from Investopedia, chart from TradingView.com
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Nexo Eyes SEC Broker Dealer License While U.S. Competitors Face Regulatory Pressure

There’s truly never a dull moment in DeFi. Reports have emerged this week that interest-yielding platform Nexo is pursuing an acquisition of an SEC licensed broker dealer with the intent to offer a “modified version” of the company’s products. How this would impact their current offering is unclear. The move comes at a time of seemingly increased rocky roads for DeFi platforms. Interest-Generating Products & Disruptive DeFi Along with the company’s pursuit of a licensed broker dealer, Nexo is also in talks with nationally chartered banks. The platform is reportedly interested in finding a chartered bank partner that will sell Nexo products, likely with the intent to have better buy-in with U.S. regulators. Additionally, reports state that the platform is looking at applying for an exemption to offer securities to non-accredited investors. Nexo is a London-based platform, which may play out to be a substantial advantage versus competitors that are stateside. In recent weeks, U.S. state regulators have started to focus on DeFi platforms that are U.S.-based, namely Celsius and BlockFi. Regulators in a handful of states in the U.S. have begun issuing cease and desist demands for both firms. Meanwhile, major U.S.-based exchange Coinbase has been in a back-and-forth with SEC with regards to the exchange’s potential interest-yielding product, Coinbase Lend. Coinbase seems to have now placed an indefinite hold on a timetable for Lend, should the product even come to life at all. Nexo is likely taking a close eye to see how these situations play out in the coming months, so they can position themselves accordingly when stateside regulators start eyeing non-U.S. based interest yielding firms that are operating in the states. Native platform tokens, like $NEXO, have stayed away from U.S. integration as regulatory decisions still leave outcomes in question. | Source: NEXO-USD on TradingView.com Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion The Road Less Traveled During the midst of the DeFi madness with regulators, Nexo has still been building on it’s capabilities and offerings. In an email this week, the firm announced the addition of top-ups, withdrawals, and borrowing and earning with DOGE. At the beginning of September, the platform crossed 2M users. And last month, the platform introduced free and instant transfers from one Nexo wallet to another, as well as unlimited free internal withdrawals. Nonetheless, Nexo co-founder Antoni Trenchev has said that overseas exchanges will have to “cross the same bridge” that Celsius and BlockFi are currently having to cross, in due time. “We haven’t quite decided on the particular variations of the exemptions and exactly how we’re going to structure this,” added Trenchev. Will Nexo have the advantage of seeing how things play out for U.S. based firms, or will overseas platforms be subject to increased scrutiny? Consumers are left waiting for the snail-paced regulatory movement to determine how things play out. Related Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview? Featured image from Nexo.io, Charts from TradingView.com
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