Wednesday 28 September 2022
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Circle CSO lays out policy principles for stablecoins in US

Dante Disparte, Circle’s chief strategy officer and head of global policy, who has previously testified at congressional hearings, has called on United States lawmakers to balance the risks with developing a regulatory path for stablecoins. In a Monday blog post, Disparte named 18 principles Circle had established as part of its effort to shape stablecoin policy in the United States. Circle, the company behind USD Coin (USDC) with a reported $54 billion in circulation, highlighted privacy concerns, “a level playing field” between banks and non-banks over a U.S. dollar-pegged digital currency, how stablecoins can coexist alongside a central bank digital currency and the need for regulatory clarity. “Harmonizing national regulatory and policy frameworks for dollar digital currencies advances U.S. economic competitiveness, job creation and payment system optionality, while averting a harmful domestic ‘fintech constitutional crisis,’ and global regulatory arbitrage,” said Disparte. The C..

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Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Reducing your initial debt of $820 million to just $0.013 over a month can’t be easy. And, it’s hardly surprising that such a heroic dash has led Celsius to bankruptcy. Last week, the crypto lending platform voluntarily filed petitions for Chapter 11 reorganization after closing off the last of its decentralized finance (DeFi) debts owed to Compound, Aave and Maker. Although a Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations, and there are successful examples such as American Airlines, Delta, General Motors, Hertz and Marvel, some experts voice skepticism regarding Celsius’ chances to stay afloat. The proceedings could mean investors and customers of Celsius may not see their funds returned for the “foreseeable future,” similar to the fallout from the Mt. Gox hack in 2014, which is still ongoing. And, the external legal pressure surely doesn’t help the platform. With the local Department of Financial Regulation (DFR) reminding users that the f..

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Sub-$22K Bitcoin looks juicy when compared to gold’s market capitalization

Bitcoin's (BTC) price is down 56% year-to-date, but the correction was not strong enough to remove the digital asset from the list of top-20 global tradable assets. Bitcoin’s current $400 billion market capitalization stands higher than traditional companies like Exxon Mobil, Walmart and Procter & Gamble, but there’s always the question of whether a direct comparison between a commodity like Bitcoin and equities is valid. Most valuable tradable global assets. Source: 8marketcap.comAnalysts and investors favoring stocks constantly remind crypto advocates that Exxon Mobil posted $25.79 billion in earnings over the past 12 months, as a justifying example of its valuation. But on the flip side, earnings don’t necessarily explain how Boeing booked $16.1 billion losses in two years, even as it holds an $87.1 billion market capitalization. Measuring a commodity market value can be tricky. For example, in the case of silver, only 50% of precious metal is used in industrial applications. ..

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Total crypto market cap reclaims $1 trillion as Bitcoin, Ethereum and altcoins breakout

Crypto traders found cause for celebration on July 18 as the total market capitalization climbed back above the $1 trillion mark following weeks of widespread selling after Bitcoin (BTC) price swept yearly lows below $18,000. The green day for cryptocurrencies largely tracks a positive day in the traditional markets, which are up modestly despite analyst estimates that the Federal Reserve intends to raise interest rates by at least 75 basis points at the Federal Open Market Committee meeting on July 27. Daily cryptocurrency market performance. Source: Coin360While traders will welcome July 18's positive price action, many analysts caution that the upswing is nothing more than a bear market pump. Let's take a look at the current top performers. Bitcoin holds a 16% gainData from Cointelegraph Markets Pro and TradingView shows that over the past week, Bitcoin has rallied significantly and at the time of writing BTC holds a 16% weekly gain from its recent low at $18,907. BTC/US..

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Gemini cuts more staff as many crypto prices increase: Report

Cameron and Tyler Winklevoss’ Gemini has reportedly laid off additional staff more than a month after reports suggested the cryptocurrency exchange cut 10% of its employees. In a Monday report from TechCrunch, the news outlet said that a source close to Gemini reported 68 fewer employees on the company’s Slack channel, suggesting the crypto exchange had cut roughly 7% of its more than 1,000 staff. The unnamed source claimed that Gemini continued laying off employees as part of “extreme cost-cutting.” The Winklevoss brothers’ Gemini Trust reportedly cut 10% of its employees amid the bear market in June as the price of many major cryptocurrencies fell by double-digit percentages. However, at the time of publication, Bitcoin (BTC) and Ether (ETH) prices have risen by more than 4% and 10% in the last 24 hours, respectively. Amid the crypto market volatility and other major exchanges including Coinbase and Crypto.com announcing similar staff cuts in June, the Winklevoss brothers were repo..

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Price analysis 7/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) rose above $22,000 and Ether (ETH) traded above $1,500 on July 18, indicating that bulls are gradually returning to the cryptocurrency markets. This pushed the total crypto market capitalization above $1 trillion for the first time since June 13, raising hopes that the worst of the bear market may be behind us. In another positive sign, more than 80% of the total Bitcoin supply denominated in the United States dollar has been dormant for at least three months, according to crypto intelligence firm Glassnode. During previous bear markets, such an occurrence preceded the end of the bear phase. Daily cryptocurrency market performance. Source: Coin360However, a report by Grayscale Investments voices a different opinion. It suggests that the current bear market in Bitcoin started in June 2022 and if history repeats itself, the bear phase could continue for 250 more days. Can buyers maintain their momentum at higher levels or will bears continue to sell on rallies? Let’s study ..

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Web3 dominates venture capital interest in blockchain industry in Q2 2022

Cointelegraph Research brings an analysis of all the deals and trends from venture capital (VC) in the blockchain industry during the second quarter of 2022. When looking at the aggregate total amount invested into the crypto industry in the second quarter, it will tell one story. However, a deeper dive into the data tells another tale. From a high level, the $14.67 billion invested in Q2 is about flat with the $14.66 invested in Q1. But, the largest chunk of that investment was in April, before the last two months of a large slump in global markets, which made even the most bullish crypto investor admit the bear market has arrived. The good news is that even though this did happen, funds like Andreessen Horowitz (a16z) closed a $4.5 billion crypto fund, and investment continued to flow into different sectors of the crypto industry. Download the full report here, complete with charts and infographics. The Cointelegraph Research Terminal has a VC database that contains comprehensive de..

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Christie’s launches venture fund aimed at Web3 and blockchain investments

Christie's, the auction house known for its sales of art and luxury items, has launched an investment fund to support emerging companies with technology enabling “seamless consumption of art.” In a Monday announcement, the auction company said the fund, Christie’s Ventures, will financially support firms in Web3, “art-related financial products and solutions,” and technology related to art and luxury goods. According to Christie’s, its first investment will be in LayerZero Labs, a company developing solutions for enabling omnichain decentralized applications, allowing a more seamless transfer of assets between blockchains. “We will focus on products and services, which can solve real business challenges, improve client experiences and expand growth opportunities, both across the art market directly and for interactions with it,” said Christie’s Ventures global head Devang Thakkar. Related: Christie’s NFT expert to lead CryptoPunks, fake heiress launches NFT collection The move i..

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‘Token will defeat cryptocurrency’: Russia debuts palladium-backed stablecoin

The Russian government-backed tokenization platform Atomyze has issued its first digital asset backed by palladium in collaboration with the local bank Rosbank. Rosbank officially announced on Monday that it became the first partner of the Russian blockchain firm Atomyze, acting as an investor in Russia’s first digital asset deal with palladium. According to the announcement, the newly issued digital asset is the first digital financial asset (DFA) issued through Atomyze. The platform obtained registration from the Bank of Russia in February 2022, becoming the country’s first legal digital asset manager. Both Atomyze and Rosbank are backed by Interros, a Russian conglomerate and investment firm co-founded by sanctioned oligarch Vladimir Potanin. The CEO of the Russian nickel and palladium mining and smelting company Nornickel originally announced plans to tokenize palladium back in 2019 through a Switzerland-based palladium fund. According to an announcement by Interros, Atomyze will s..

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Bitcoin price nears critical 200-week moving average as Ethereum touches $1.5K

Bitcoin (BTC) hovered at $22,000 at the July 18 Wall Street open as analysts warned that bulls would not break resistance in one go. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCan Bitcoin win back bear market support?Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to consolidate after hitting highs of $22,500 on Bitstamp. That level represented the start of sell-side positions on exchanges clustered around the 200-week moving average (WMA), a key area that commentators argued would be hard to crack. "Not expecting continuation on Bitcoin, at this point, as we're facing 200-Week MA and range resistance," Cointelegraph contributor Michaël van de Poppe told Twitter followers in his latest update. Fellow trader and analyst Rekt Capital, as others, was also skeptical about the potential for Bitcoin to continue upward momentum immediately. Van de Poppe nonetheless added that a breather for the market would be profitable at current levels. He..

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