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1. Februar 2023

LBRY Credits (LBC) shoots up by 90% after being declared not a security

The US SEC has accepted that the LBRY Credits (LBC) token is not a security.
LBC Token shot up to a daily high of $0.03225 after the news.
At press time, the token was trading at $0.0278.

The price of LBRY Credits (LBC) surged by over 90% earlier today after the US Securities and Exchange Commission (SEC) accepted that the token was not a security. LBC is the native token of Library Credit, a platform that seeks to simplify the way digital content is distributed and accessed by both consumers and producers.

Library Credit has had a long battle with the US SEC and on Monday, a New Hampshire district court judge ruled that LBC token transactions on the secondary market were not securities.

What was the issue between SEC and LBRY?

The US SEC took action against Library Credit in March 2021 accusing it of selling an unregistered security. Library Credit maintained that its token, the LBC, was not a security but rather a digital currency.

In November last year, the case was won by the SEC and Library Credit cited the ruling then as a “dangerous precedent” that could make all cryptocurrencies to be terms as securities.

Library Credit went ahead and filed an appeal, which was heard on Monday (January 30, 2023) with a focus on whether the secondary market sales of the LBC tokens should be included in an injunction the US SEC is seeking the court to approve. If the injunction was to be approved, it would prevent the sale of LBC tokens.

John Deaton, a lawyer who has previously raised issues with the XRP case, appeared as an amicus curie in the LBC case. He was pushing to have the court clarify who would be covered by the injunction that the SEC was seeking determination.

A win for the crypto industry

The new ruling comes as a reprieve for the crypto industry which has faced many similar cases with Ripple versus the US SEC being one of the most followed.

Following the turn of events, the XRP community is hoping for a similarly favourable outcome in its own case against the SEC.

The post LBRY Credits (LBC) shoots up by 90% after being declared not a security appeared first on CoinJournal.

1. Februar 2023

Earn Interest on Crypto during Crypto Winter: Top Strategies

Crypto investors can still add to the value of their assets even during crypto winter.
What are the top strategies of earning interest on crypto?
Example of a cryptocurrency that one can still earn interest from during crypto winter.

A growing number of investors are taking advantage of cryptocurrencies to increase their assets’ value. During the crypto market’s winter, investors who don’t want to sell their holdings can consider interest rates as an alternative.

Earning interest on your crypto holdings is one way to increase crypto assets’ value. You can earn interest on your crypto without doing any additional work by using various platforms and services. How does it work? Let’s find out!

Decentralized lending platforms

Decentralized lending platforms are a popular way to earn interest on your cryptocurrency. Using decentralized lending platforms, users can borrow or lend their cryptocurrencies at an annual percentage rate (APR).

Interest is based on the type of cryptocurrency that you hold, as well as how much you lend.

The disadvantage of decentralized lending platforms is that they are vulnerable to impermanent loss, platform hacks, flash loan attacks, and, more commonly called DeFi rug pulls.

Automated crypto trading

Automated crypto trading is a technology-driven method of trading digital currencies on crypto exchanges. Through the use of advanced algorithms, automated crypto trading allows traders to make informed investment decisions without having to spend a lot of time manually analyzing data and events.

In addition to simplifying operations and ensuring timely execution regardless of market conditions, automation removes much of the subjectivity from decision-making.

Investors can use crypto trading bots or automated crypto trading platforms to execute trades. The problem with crypto trading bots is that they cannot adapt to market news, which can lead to big losses.

One way to take advantage of automated cryptocurrency trading is to use platforms like Haru Invest. Algorithms on such platforms are constantly updated based on market conditions. Further information about Haru’s strategies and performance numbers can be found here.

Staking

Last but not least, many digital currencies offer staking rewards where holders can stake their coins to participate in consensus protocols.

Typically, stake rewards are paid out as newly minted coins or tokens, which can be sold or exchanged for other digital currencies. For instance, Cardano holders can stake their ADA tokens and earn rewards up to 4-5% annually.

Conclusion

You can increase the value of your crypto assets by earning interest on them without having to do any additional work, especially during crypto winter. You can easily add additional income streams to your crypto investments by utilizing specialized platforms like Haru Invest. It’s never too late to get started earning! You have a variety of options available to you.

The post Earn Interest on Crypto during Crypto Winter: Top Strategies appeared first on CoinJournal.

1. Februar 2023

Cathie Wood still expects Bitcoin to eventually be priced at $500K

Cathie Wood reiterates her super bullish stance on Bitcoin.
She doesn’t see the recent FTX collapse as much of a threat.
Bitcoin is currently up about 40% versus the start of the year.

The recent surge in Bitcoin is just a drop in a bucket compared to where the price is headed, says Cathie Wood – Founder of Ark Investment Management.

Wood continues to be super bullish on BTC

Bitcoin was an absolute pain for investors last year but none of it was enough to turn her dovish on the cryptocurrency. Wood still recommends buying BTC and expects it to eventually be priced at half a million dollars.

Even more so after the crypto fallout this past year and collapse in many companies, this idea of transparency and decentralisation is taking hold. Bitcoin and Ethereum are the two best manifestations of that in the crypto world.

The U.S. Federal Reserve is expected to announce its eighth consecutive rate hike on Wednesday, which makes today equally crucial not just for the equities but the crypto space as well.

Year-to-date, Bitcoin is up roughly 40% at writing.

Wood’s take on the recent FTX collapse

The crypto market was particularly spooked late last year following the collapse of Sam Bankman-Fried’s FTX that Coin Journal reported HERE.

But Cathie Wood doesn’t see it as much of a long-term threat for the likes of Bitcoin and Ethereum. This morning on CNBC’s “Squawk Box”, she said:

If you look at what happened to Bitcoin, the network, and Ethereum, the network, they really did not skip a beat at all. Transactions were completed. All smart contracts opened and closed.

Wood has a sizable position in the Grayscale Bitcoin Trust as well that, in 2022, sued the U.S. SEC for blocking conversion of its crypto product to an ETF.

The post Cathie Wood still expects Bitcoin to eventually be priced at $500K appeared first on CoinJournal.

1. Februar 2023

UK Treasury publishes consultation paper for upcoming crypto regulation

The UK financial services sector wants to be a leader in crypto regulation.
The consultation paper addresses stablecoins, NFTs and ICOs.
There however won’t be a separate regulatory system for the crypto space according to the treasury.

His Majestry’s Treasury has published an extensive 80-page consultation paper for the much anticipated crypto regulation in the UK.

The paper covers a wide range of crypto topics ranging from the problems with algorithmic stablecoins to initial coin offerings (ICOs), and non-fungible tokens (NFTs). It contains proposals for the upcoming crypto regulations in the United Kingdom that aim to position the UK financial services sector at the forefront of crypto regulations globally.

Generally, hardline crypto control measures have been gaining momentum across the globe especially following the rate at which crypto firms and projects are collapsing taking with them billions of dollars of investors’ money. By setting up proper crypto regulation, the UK could soon become a hub for cryptocurrency projects.

No separate regulations for crypto

While publishing the consultation paper, the Treasury also announced that there shall not be a separate regulatory system for cryptocurrencies. The proposed crypto regulations will fall under UK’s Financial Services and Markets Act 2000 (FSMA).

The Financial Conduct Authority (FCA) will customize the existing FSMA’s rules to accommodate the digital assets market.

Once the crypto regulations are set into place, crypto market players will be required to register afresh despite having done that earlier under the FCA licensing regime. But contrary to the earlier regulatory regime, crypto firms will not be required to make regular market data reports although crypto exchanges will be required to keep the data and make it available anytime.

Also contrary to earlier speculations, the UK Treasury has decided not to ban algorithm stablecoins. It has instead categorized them as “unbacked crypto-assets” instead of stablecoins. As a result, crypto promotions will have to exclude the term “stable” when marketing the algorithmic stablecoins.

The post UK Treasury publishes consultation paper for upcoming crypto regulation appeared first on CoinJournal.

1. Februar 2023

January recap: Bulls back on top, but all eyes on the Federal Reserve

Key Takeaways

Crypto banks best January in nearly a decade
68% of the Bitcoin supply in profit, compared to 50% at the start of January
Correlation between Bitcoin and risk assets is close to all-time highs, with Federal Reserve’s interest rate policy continuing to hold the key

It’s important to celebrate the wins, huh? And wow, did crypto investors need a win. Following a year filled with bankruptcies, arrests, layoffs and red charts, the new year has got off to a nice little start.

In fact, January is crypto’s best month since 2013. Let’s dig in and look at summary statistics from the banner month, and get the lay of the land as we turn the page into February.

Funding rate positive

Opening the month at $16,600, Bitcoin closed out January trading at $23,100 for a cool 39% gain.

The funding rate is the price which traders pay to either long or short an asset on the futures market. If the funding rate is positive, it means long trades are dominant and long traders are paying short traders for positions. The vice-versa also holds, meaning a negative funding rate implies short traders are paying long traders.

This means that, while far from perfect, it is a decent gauge of market sentiment. Looking at the rate throughout January, it was positive on all but two days, as bulls ruled the roost.

Bitcoin traders are back in profit

The best way to sum up the fortunes of the crypto market this month is to look at the amount of supply in profit. Things ended pretty acrimoniously last year, with half of the 19.3 million circulating supply of Bitcoin in profit.

Fast forward 31 days and this figure is now up at 68%.

Road back is long

Of course, I wrote only yesterday about how severe the damage caused in 2022 was. This is not the case of a little tender care flipping the fortunes of the market around. The industry is still besieged by bad news, with layoffs and bankruptcies far from over, if the past couple of weeks is anything to go by.

Crypto, more than ever, is simply following macro. There is nothing else causing this rally. And with the US Federal Reserve meeting this afternoon to outline its latest interest rate policy, the bounce could be reversed pretty quickly, or even boosted further, depending on the words of chairman Jerome Powell.

Correlations remain sky-high

Don’t take my word for it. A quick look at the correlations at play here shows quite how much Jerome Powell is holding Bitcoin’s hand.

There’s an irony in there somewhere; a legion of crypto traders waiting nervously on the words of the chairman of a central bank to discover where Bitcoin, and the rest of the market, is headed. What was that about a hedge narrative?

And if the correlation between the market and Bitcoin was steep, you can bet your bottom satoshi that its even higher between Bitcoin and the rest of the market. Ever since we transitioned into this new era of increased interest rates around April 2022, the Fed has been holding Bitcoin’s hand ever tighter, and Bitcoin has been holding the hand of every other crypto.

Final thoughts

It’s been a stellar month for crypto, throwing up memories of the explosive runs it was capable of back in the good old days of the bull market.

With the Federal Reserve announcing its latest interest rate policy this afternoon, markets could show volatility, with impetus to this latest rally, alongside an abrupt curtailment, both on the cards depending on the tone that chairman Jerome Powell strikes.

In the long-term, the space is still reeling from the numerous negative events of the past year, and Bitcoin trading like a levered bet on the Nasdaq is far from ideal.

Despite fundamentals appearing similar to a commodity, and big dreams about the future, Bitcoin remains a highly speculative asset for now. And as for the rest of the crypto? Just copy and paste the Bitcoin analysis, while ramping the volatility up a notch (or three).

The post January recap: Bulls back on top, but all eyes on the Federal Reserve appeared first on CoinJournal.