Der Aufschwung von Bitcoin konnte erfolgreich verteidigt werden, weshalb die Anleger nun hoffen, dass zum Jahreswechsel ein neuer Aufwärtstrend in Gang kommt.
Weekly Report: Bitcoin will replace the Dollar, Twitter co-founder Jack Dorsey says
Jack Dorsey has this week taken issue with venture capital firms for pushing a ‚false‘ idea of a decentralised Web3
Here is a recap of this and other top stories that you might have missed going into the holiday season
Block CEO Jack Dorsey weighs in on the Bitcoin vs. Dollar debate
Former Twitter and current Block (previously Square) CEO Jack Dorsey had his say on the Bitcoin v Dollar topic. Replying to a Tuesday tweet by American rapper Cardi B posing whether Bitcoin will replace the Dollar, the Bitcoin enthusiast was affirmative in his reply. His response sent waves across crypto communities, receiving engagements from both divides of argument.
His standing was anything but a surprise, as Dorsey has frequently professed his passion for Bitcoin. He previously remarked that Bitcoin is the most important thing he needs to work on in his lifetime. Last month, the Twitter co-founder left his position as CEO of the social media giant and will now focus on his digital payments and financial services company, Block.
Following the tweet, market changes gave Bitcoin a slight bump. The world’s largest crypto coin has been on a downward trend occasioned by worries over the impact of the Omicron variant in recent weeks. This week, it also became clear that Dorsey is no fan of Web3, or rather the technology’s control by venture capital firms.
On Tuesday, the Bitcoin bull tweeted out saying Web3 was nothing short of a centralised entity. The spat with VCs and the whole idea of Web3 went on with Elon Musk joining on asking if anyone had seen Web3. Dorsey replied, „it’s somewhere between a and z,“ possibly implying it is controlled by venture capital firm a16z.
Visa completes acquisition of international payment solutions firm Currencycloud
On Monday, Visa confirmed that it had completed the acquisition of cross-border payments solutions firm Currencycloud. The agreement was sealed in July for a sum of £700 million, which at the time, Visa said was part of its ’network of networks‘ strategy. The announcement also confirmed that Currencycloud would retain its London headquarters.
Currencycloud, which facilitates forex solutions for banks and financial tech companies, and Visa can now assure better control, flexibility, and transparency to partners and clients. Through the endeavour, Visa also intends to enhance the user experience for customers and reduce the struggles of achieving B2B cross-border transfer of finances.
The deal comes as part of a strategic partnership agreement from 2019 between the two firms in an arrangement that pledged cooperation. The plan was to improve innovation in transnational payments and offer Visa customers innovative, digital-first travel payment solutions that would help improve visibility and control of their money as they travel across various regions.
Currencycloud employs application programming interfaces (APIs) in providing currency exchange utilities for financial service providers. It also provides virtual account management, instantaneous notification for foreign exchange transactions, in addition to multi-currency management. The enterprise-class payments platform serves approximately 500 clients in the tech and banking sectors spread over 180 nations.
Crypto regulation proposal passes the Paraguayan senate
Last Thursday, a bill intending to regulate crypto mining and trading that was first introduced mid-July by lower house by MP Carlitos Rejala received a majority vote of 29 against 8 opposing votes in the Paraguayan senate. MP Rejala gained the support of Senator Fernando Silva Facetti, who has been the champion of the bill in the upper house.
The main advocacy point for the proposed bill has been the plentiful amount of power generated by the Latin American country. Paraguay produces a large amount of hydroelectric power, about five times the amount it actually uses, with most of the surplus going to waste.
Regulating the crypto sector and allowing international miners to set up mining farms near the power generation plants would monetise the overabundant power that would otherwise go unused. The proposal seeks to create forthright regulation for the crypto sector. If implemented, it would validate crypto mining as a legal sector and recognise the mining of virtual assets as „a digital and innovative industry.“
Entities interested in setting up mining operations would require approval for industrial electricity use before applying for a licence. This is a big win for crypto backers, but the journey is not yet over. The bill will be debated and voted on by the House of Deputies (lower house) next year, after which the President can sign it into law.
Crypto.com purchases an ad spot in the 2022 Super Bowl
Crypto.com isn’t slowing down as it seeks to join the top consumer brands in the US within the next three to five years. On Wednesday, The Wall Street Journal reported that as a last major financial move for the year, the Singapore-based crypto exchange had purchased ad space in the biggest sporting event in American television – the Super Bowl.
The exchange will be airing a 30-second ad during the popular sporting event, for which it reportedly paid a significant $6.5 million. The Super Bowl is set for February 2022 and is a sports game known to enjoy massive TV viewing numbers. This year’s version had 96.4 million viewers, approximately one-third of the American population. The ad could prove value for money as indicated by the good publicity figures.
Crypto.com has been on a roll this year, completing several mainstream partnerships. Also, this week on Tuesday, the exchange announced a four-year deal with Angel City Football Club to become the team’s official NFT and crypto partner. The deal saw Crypto.com become a founding sponsor and partner at the new team, an opportunity it plans to use to push awareness on crypto, blockchain, and Web3. Not too long ago, the exchange completed a $700 million, 20 year deal for the naming rights of the previously-named Staples Center Stadium.
Former US President Donald Trump only wants the Dollar, not crypto
On Monday, former President of the United States Donald Trump spoke to Fox News anchor Maria Bartiromo during her Mornings With Maria TV program. The former head of state warned of the danger of cryptocurrencies, though taking a softer stance on Melania Trump’s planned NFT project.
In the interview published on Tuesday, the former President spoke of his preference for the Dollar, saying he really has never been a fan of crypto. Trump told Bartiromo that crypto is a very dangerous thing that could one day see a bigger burst than the dot-com bubble crash at the start of the century.
He referenced previous combative comments he had made regarding the digital assets, such as when he remarked crypto seemed like a scam and needed heavy regulation back in June. Trump, however, held that the immediate former First Lady Melania would do great in her plans to launch an NFT project.
Melania announced her NFT venture Thursday last week with the said NFTs available for 1 Solana, valued at around $180 at present. The NFTs would be released at regular intervals, with a portion of the proceeds going to charity. President of the National Committee for Responsive Philanthropy Aaron Dorfman commented that the lack of clarity on what amount would be given to charity is „a huge red flag.“
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Kraken reveals NFT marketplace plans: Here’s what makes its platform unique
Kraken is currently working on a model to determine the liquidation value of NFTs before use as backing for loans
Digital assets trading platforms are the latest institutions pacing into the NFT space by opening NFT marketplaces. US-based crypto exchange Kraken announced plans to launch its own mid-last week. Speaking to Bloomberg Technology’s Emily Chang, Kraken’s CEO Jesse Powell said his exchange was working to establish a platform that would give investors exposure to the growing NFT market.
A Bloomberg post published today has now provided more information on the planned launch. Bloomberg reported that Powell, the exchange’s founder, said that the proposed marketplace would interest investors seeking something more than just collecting digital art. He explained that the marketplace would provide custodial services and additionally allow users to request loans contingent on their digital collectibles.
NFTs have other utilities beyond aesthetic value
Powell revealed that Kraken is working on a system that would facilitate such transactions. The exchange would first determine the liquidation value held by the art before the requested amounts can be given out.
„If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that,“ he said.
The CEO also touched on the evolutionary phases of NFTs, noting that they had been around for a while though it took a while for them to become mainstream. Though digital art has primarily been a collector’s item with its value in display or flaunting, he said that the assets are now evolving to gain other utilities into the new year. Such includes the use of NFTs as collateral to loan crypto or stablecoins.
„Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs,“ Powell observed.
In offering NFT collateralisation, Kraken follows crypto lending platform Nexo’s announcement last week of the launch of a lending desk. The platform’s CEO Antoni Trenchev said that in the coming days, lending services such as Nexo’s would play a huge role in getting value from NFTs without the owners necessarily relinquishing ownership of their assets.
Crypto exchanges are loving NFTs
Kraken might have taken its time to conceptualise an NFT marketplace, but the whole idea has been long overdue. The exchange has been stalking the NFT space for months now, having released a series of reports such as the finding of NFT projects‘ dominance of Ethereum activity.
Its peer crypto exchanges, including Binance and FTX, have already launched marketplaces, while Coinbase is racking up a bulking waitlist with a scheduled launch of its marketplace next year. All this is happening as these centralised entities look to compete with the largely dominant non-custodial marketplace OpenSea.
The post Kraken reveals NFT marketplace plans: Here’s what makes its platform unique appeared first on Coin Journal.
Pro Bitcoin US Senator to table new crypto bill in 2022
The Wyoming Senator is looking to provide clear guidance on regulations for various asset classes via a proposed crypto bill
Senator Cynthia Lummis is preparing to bring a comprehensive bill into congress, according to a report by Bloomberg. The said bill will enact crypto users‘ protection and provide guidance on assets and their classification. It will also provide guidance on the regulation of stablecoins and also define how the digital assets should be taxed, Bloomberg reported on Thursday.
A Bitcoin proponent, Lummis has been a long-time champion for favourable crypto regulations. Her proposed bill, if approved, would go a long way in clarifying the situation on current laws and the status of digital assets in the US. The proposal will seek to establish an oversight body under the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) joint jurisdiction.
Even before election to her political seat, Senator Lummis was a Bitcoin advocate having fiercely defended the asset. In fact, she is one of the few politicians to have accepted campaign donations in crypto; her website took contributions in Bitcoin via BitPay. In a recent op-ed, she questioned the nominations of Jerome Powell and Lael Brainard to the Federal Reserve as their political handling of digital assets stood in the way of crypto in Wyoming.
A divided house, literally
Senator Lummis has got her work cut out, and she knows that it won’t be easy to get the house to agree on her proposal. The Republican lawmaker currently sits at the Senate Banking Committee and will be hoping to gain assistance in normalising digital assets in the country through regulations.
On her Twitter platform, the Senator has urged voters to push their Senators towards supporting the bill as she seeks bipartisan cosponsors from a relatively split house as far as digital assets are concerned.
For any regulation to be put to the vote at the floor of the house, a minimum of 60 votes is constitutionally required, with the house currently split 50 – 50, Democrats – Republicans. Vice President Kamala Harris holds the deciding tiebreaker vote if need be.
The Wyoming Senator declared her ownership of Bitcoin in October as required by the Stop Trading on Congressional Knowledge Act. Lummis revealed that she made the purchase in August – a disclosure that crowns her as a Bitcoin evangelist in the political circle of regulations. As per a Wall Street Journal report, the only other member of the Senate Banking Committee with direct crypto exposure is Senator Pat Toomey.
Elsewhere in the House of Representatives, questions have arisen on crypto ownership and other digital assets. Congressional Representative Alexandria Ocasio-Cortez, who sits on the House of Representatives‘ Financial Services Committee, recently spoke out, saying owning these assets could well cloud the judgement of lawmakers, as they are privy to „sensitive information and upcoming policy.“
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Nach Bitcoin-Aufschwung auf 51.000 US-Dollar: Wale bringen sich in Verkaufsposition
Die Krypto-Experten warnen, dass die Großanleger den Kurs schon bald wieder nach unten drücken könnten.