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3 reasons why Polygon (MATIC) is up 100%+ during a bear market

Unlike bull markets where traders can basically throw a dart at a list of coins to pick one that will go up, bear markets require much more effort to find projects that could perform well over the long-run. One project that has continued to show signs of mainstream adoption despite the onset of a crypto winter is Polygon (MATIC), a layer-two scaling solution for the Ethereum (ETH) network that is looking to build a sustainable Web3 infrastructure on the top smart contract platform. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.316 on June 18 during the worst of the crypto market sell-off, MATIC has climbed 118% to $0.70 where the price now sits at a major support and resistance level that first appeared in March 2021. MATIC/USDT 1-day chart. Source: TradingViewThree reasons why the long-term outlook for Polygon remains positive include its continued adoption by mainstream entities, the migration of multiple projects to the Polygon network an..

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CFTC labels 34 crypto and forex firms as unregistered foreign entities

The United States Commodity Futures Trading Commission, or CFTC, has added 34 unregistered foreign entities to its Registration Deficient List, including at least six providing crypto-related services. In a Thursday announcement, the CFTC said it had expanded its list of firms that it requires to register with the CFTC for providing services including trading binary options, foreign currency or other products such as cryptocurrencies. The additions to the Registration Deficient List, or RED list, include B.O TradeFinancials, CryptoBO, Bitpay Options, CryptoSphereFX, Direct Cryptos and Prime Crypto FX. Since 2015, the CFTC has placed 202 companies on the RED List, warning U.S.-based investors to be cautious “when participating in products or markets that historically have seen a large number of fraud complaints.” Some of the websites linked to the crypto firms added on Thursday were not live at the time of publication. “Because they are not registered with the CFTC, customers engaged in..

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UK’s government-backed Millicent Labs demos a retail full-reserve digital currency

A sandbox test of a retail full-reserve digital currency (FRDC) has been completed in the United Kingdom, distributed ledger fintech company Millicent Labs announced on Thursday. The test was a demonstration for Innovate UK, a branch of the government’s U.K. Research and Innovation, which co-funded the company. An FRDC is a privately issued digital currency pegged to a fiat currency, Millicent said in a statement. It is introducing a suite of FRDCs that are fully collateralized by cash deposits in a central bank account safeguarded by a regulated third party. The demonstration for Innovate UK was intended to highlight the FRDC’s ability to bridge blockchain and traditional technology. It simulated fiat on-ramping from a large U.K. consumer bank, on-chain conversion and minting of FRDC tokens pegged to the British pound sterling, and use case scenarios including micropayments, use of a QR code and peer-to-peer payments. Payments were made by mobile app, custodial wallet and non-custodi..

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UK financial watchdog exec hints at importance of international collaboration on crypto regulation

The chief executive of the United Kingdom’s Financial Conduct Authority, or FCA, said the U.K. government will be working with its counterparts in the United States to address a regulatory framework for cryptocurrencies. In a speech for the Peterson Institute for International Economics on Thursday, FCA chief executive Nikhil Rathi said the U.S. and the U.K. will “deepen ties” on crypto regulation following discussions among regulators at the Financial Innovation Partnership on June 29. In addition, its government has coordinated with the U.S. and Singapore to launch an International Organization of Securities task force aimed at “decentralised finance and crypto market integrity risks.” Rathi added that the FCA did not have the power to authorize the creation of a regulatory framework for crypto in the United Kingdom, as many of its rules in the space related to Anti-Money Laundering, or AML. "We sounded the alarm over supervising Binance and placed restrictions on it so it could not..

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Bitcoin derivatives data suggests bears will pin BTC below $21K leading in Friday’s options expiry

Most Bitcoin (BTC) traders would rather see a sharp price correction and a subsequent recovery than agonize for multiple months below $24,000. However, BTC has been doing the opposite since June 14 and its most recent struggle is the asset’s failure to break above the $22,000 resistance. For this reason, most traders are holding back their bullish expectations until BTC posts a daily close above $24,000. Events outside of the crypto market are the primary factor impacting investors' perspectives on digital assets and on July 14, United States Treasury Secretary Janet Yellen warned that inflation is "unacceptably high" and she reinforced the support of the Federal Reserve’s efforts. When questioned about the impact of rising interest rates on the economy, Yellen recognized the risk of a recession. On the same day, JPMorgan Chase reported a 28% decline in profits versus the previous year despite recording stable revenues. The difference comes chiefly from a $1.1 billion provision fo..

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WEF introduces cyber resilience framework, index to increase organizational security

The World Economic Forum (WEF) released a white paper on cyber resilience Thursday in which it introduces the organization’s Cyber Resilience Framework (CRF) and Cyber Resilience Index (CRI). The document, prepared in collaboration with professional services company Accenture, followed the WEF’s Global Cybersecurity Outlook, published in January. The Global Cybersecurity Outlook found that only 55% of cyber leaders considered cyber resilience to be integrated into enterprise risk-management strategies. In response, the industry-agnostic CRF considered existing frameworks to establish six principles with associated best practices and sub-practices. Those, in turn, provided 64 performance measures that inform the CRI. “The working group to develop the CRI brought [together] more than 50 executives from [the] public and private sector and worked for a year,” WEF Centre for Cybersecurity lead Algirde Pipikaite told Cointelegraph by email. “We hosted eight workshops, one-on-one consultation..

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Bill Murray’s biographical NFT project set to be premiered by Coinbase

American actor, writer and comedian Billy Murray is a globally known figure within the entertainment industry following an acclaimed and on-going career that spans six decades. Commencing with The National Lampoon Radio Hour in 1973, Murray’s highlight reel includes Saturday Night Live, Ghostbusters, Groundhog Day, Lost in Translation, and Zombieland, among many other notable screen contributions. Murray has earned a plethora of major accolades — principally a British Academy Film & Television Awards (BAFTA) for his role of Best Actor in a Leading Role for the 2003 comedy-drama Lost in Translation, and a Golden Globe Awards for Best Actor for the same film — as well as two Primetime Emmy Awards for Saturday Night Live and Olive Kitteridge chronologically. In his latest venture, the 71-year-old has inked a partnership with Coinbase’s beta NFT marketplace, entertainment site theCHIVE and e-commerce platform Project Venkman to release a collection of unique, one-of-one NFTs. An official b..

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More than 2.6 million users signed up for the City of Shenzhen’s digital yuan airdrop

According to data obtained from local news outlet Sohu.com, the Shenzhen Chamber of Commerce has recorded over 2.6 million signups for its latest digital yuan, or e-CNY, airdrop. Two months prior, the City of Shenzhen announced that it would be airdropping 30 million of the e-CNY central bank digital currency, or CBDC, to local residents to stimulate consumer spending as a recovery measure to the country's strict coronavirus lockdown. Users who received the airdrops through a randomized lottery selection could then spend the e-CNY vouchers at various participating merchants' terminals on Meituan, one of China's leading e-commerce platforms. The event, which ran from May 30 to June 19, attracted more than 67,000 merchants. Similarly, on Wednesday, the City of Fuzhou announced that it would be airdropping 20 million e-CNY to local residents. Users who passed through Know Your Customer identification and have a local number could then log in to the "e-Fuzhou" city app and ..

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Data transfer network Plaid integrates 4 major crypto exchanges

United States data transfer network Plaid has added four major cryptocurrency exchanges to its platform, giving users the ability to connect their digital asset portfolios to other applications more easily. Crypto platforms Binance.US, Gemini, Robinhood and SoFi are now supported by the Plaid network, the company announced Thursday. Support for additional platforms, such as Blockchain.com and BitGo, is scheduled to commence later this year. The integrations are intended to help crypto users “bridge data portability gaps” by allowing them to securely share their account information with other applications and services. Information such as assets held, balances and transactions can now be shared with other services to get a more comprehensive picture of one’s personal finances. Binance.US and Gemini are two of the most recognizable cryptocurrency platforms on the market and rank near the top of U.S. exchange volumes. Discount brokerage Robinhood began integrating crypto trading in ea..

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Why is there so much uncertainty in the crypto market right now? | Market Talks with Crypto Jebb and Crypto Wendy O

In the fourth episode of Market Talks, we welcome YouTube media creator and crypto educator Crypto Wendy O. Wendy became interested in cryptocurrency and blockchain technology in November 2017. She has been into crypto full-time since the summer of 2018 and focuses on providing transparent marketing and media solutions for blockchain companies globally. Wendy also offers free education via YouTube and Twitter to her growing audience of over 170,000, giving her the largest following of any female crypto influencer in the world. Some of the topics up for discussion with Wendy are the new consumer price index numbers and how they might impact the crypto market going forward, and why there is so much uncertainty in the market right now. As everyone tries to figure out where the Bitcoin (BTC) bottom might lie, we ask Wendy her thoughts on the matter. We also discuss whether Ether (ETH) has outperformed BTC during this current bear market and what that might mean for the second-largest crypt..

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