Kategorie: Crypto News

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US Treasury calls for international cooperation on crypto regulation

The US Treasury wants to see a little more close cooperation between various global regulators on the topic of cryptocurrency regulation.

The department, whose commentary on the need for international coordination was made in a Fact Sheet released on Thursday, says having such interactions are critical to tackling potential risks that might find fertile ground with the increased use of digital assets.

“Uneven regulation, supervision, and compliance across jurisdictions creates opportunities for arbitrage and raises risks to financial stability and the protection of consumers, investors, businesses, and markets,” the department said in the release.

The framework highlighting interagency engagements between the US and allies across the globe was handed to President Biden by the Secretary of the Treasury. 

This also involved the Secretary of State, the Secretary of Commerce, and the US Agency for International Development (USAID).

More expected of the G7, G20 and FATF among other organizations

The US Treasury’s call was part of a framework on digital assets sent to President Joe Biden, and follows an earlier Executive Order targeted at ensuring responsible innovation in the crypto industry.

The US government’s goal, according to the Treasury officials, is to have a unified approach towards promoting key innovations in digital assets. However, it also wants to forge ties across the globe to make things like investigating illegal transactions through offshore accounts easier.

Adequate regulation and cooperation will make it easy to combat money laundering, potential financing of terrorism, ransomware attacks sanctions evasion. These and other major concerns, the department said, can pose both national security and financial stability risks.

As such, the US Treasury is looking at further coordination and commitment from leading organizations such as the G7, the G20, Financial Stability Board (FSB), Financial Action Task Force (FATF) and the Organization for Economic Cooperation and Development (OECD).

The post US Treasury calls for international cooperation on crypto regulation appeared first on CoinJournal.

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Blockchain.com could lose $270 million loaned to 3AC: Report

Blockchain.com is one of the cryptocurrency companies likely to lose millions of dollars as a result of the collapse of crypto hedge fund Three Arrows Capital.

A report by CoinDesk states that the crypto exchange, among the oldest in the industry, could see $270 million flushed down the drain due to 3AC’s liquidation.

Crypto firms collapse amid massive contagion

Three Arrows Capital is one of several crypto firms caught in the throes of a massive contagion, catalyzed by blatant financial irresponsibility. Terra’s collapse in May appears to have been just the tip of the iceberg.

With liquidations and bankruptcy filings all over, the market is likely yet to see the full impact of what has happened at companies such as Celsius Network, Voyager Digital, BlockFi and Vauld.Some more will have probably have bitten the dust by the time the tide fully recedes.

As for Blockchain.com, CoinDesk cites a shareholder letter the company published on Friday noting 3AC’s insolvency risks putting a $270 million hole in the exchange’s balance sheet. According to the report, these are the sentiments of Blockchain.com CEO Peter Smith. 

Earlier in June, Smith commented on the “historic wash out” in crypto, noting that the space was likely to see continued crushing of “high risk capital.”

On Thursday, Galaxy Digital CEO Mike Novogratz said the events in the crypto industry, specifically around the collapsing companies, could be subject to investigation and prosecution.

The post Blockchain.com could lose $270 million loaned to 3AC: Report appeared first on CoinJournal.

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Shiba Inu to launch a new stablecoin. Is it a buy?

  • Shiba Inu plans to launch new stablecoin

  • SHIB tokens posted a 6% jump in the past week

  • New token underway as part of Shiba Inu’s expansion plan

While market sentiments initially drove meme tokens, some are gaining multiple use cases and project expansion. Shiba Inu inu is one such. The network recently integrated metaverse gaming and is now entering the stablecoin space. Its rival Dogecoin has also seen adoption as a form of payment. 

Shiba Inu token is based on the Ethereum blockchain as an ERC-20 asset. The token was founded in 2020 under the pseudonym ‘Ryoshi.’ While the original aim of Shiba Inu was to have a decentralized digital currency for value sharing, the network is seeing numerous uses.

SHIB is the native token powering Shiba Inu as a utility token. The protocol has created two other tokens, Leash and Bone, available in its in-built ShibaSwap DEX. Token holders can stake SHI tokens for xSHIB at the xSHIB pool.  

Shiba Inu to unveil new stablecoin

Shiba Inu’s lead developer, Shytoshi Kusama, has announced plans to launch an experimental stablecoin. The developers said that SHI stablecoin would launch in about a year. SHI comes amid a volatile stablecoin market that saw algorithmic TerraUSD collapse.

The meme-token community is also planning to have a new reward token called TREAT. The token will reportedly be useful in the Shibarium metaverse and the upcoming collectable card game. Kusama added that Shibarium was on track with new developers working on the project.

The developments around Shiba Inu seem to be giving it some bullish momentum. The latest data from CoinMarketCap shows that the meme token is trading at $0.00001081 after a 2.67% increase in the past day and a 6.85% weekly gain.

SHIB shows bullishness amid consolidation

Source: TradingView

The daily price outlook above shows that SHIB has remained range-bound since May 12. The tokens have been trading between a low of $0.00000726 and a high of $000001243. However, the MACD is showing a bullish momentum. The RSI is slightly above a neutral reading but above the oversold zone.

Summary

SHIB is showing bullish momentum as cryptocurrencies embark on a recovery path. While meme tokens like Shiba Inu were initially seen as lacking real use cases, the trend seems to be changing. Entry into the stablecoin space and the metaverse could give SHIB long-term value and benefits to the holders.

The post Shiba Inu to launch a new stablecoin. Is it a buy? appeared first on CoinJournal.

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VIDT Datalink price has gone parabolic but a 46% dive is imminent

The VIDT Datalink price has gone parabolic in the past few days even as other cryptocurrencies have recoiled. The token rose to a multi-month high of $0.82, which was about 697% above the lowest level this year. According to CoinGecko, its total market cap has surged to about $29 million.

What is VIDT Datalink?

VIDT Datalink is a blockchain project that seeks to change the data integrity and validation industry. The platform is made up of three key services: VIDT API, VIDT Private Cloud, and VIDT Smart Contract. 

VIDT works in a relatively simple way. It starts with publishing products like Salesforce, SAP, and other software products. These products are then connected to multiple cloud providers like AWS, IBM Cloud, and Google Cloud. Finally, they are linked nu the VIDT API, which is a cost-effective way to use the data integrity platform.

There are many use cases of VIDT Datalink. For example, it can be used by luxury brands like Rolex and Breitling to secure their timepieces. The companies can secure these timepieces using the platform’s technology and ensure that it cannot be replicated. When its ownership changes, VIDT’s smart contract features will then be moved to the new owner.

Compare the best crypto trading bots.

VIDT also has a lot of usage in the new and growing industry known as non-fungible tokens (NFT). One of the challenges that the industry is facing is how difficult it is to differentiate between genuine and fake products. Creators can use VIDT to ensure that their creations are not counterfeited.

At the core of this platform is the VIDT token. Each time that a publisher timestamps a file or an NFT, one VIDT transaction is made which records all the transactions into several blockchains.

VIDT Datalink price prediction

The daily chart shows that the VIDT price has gone parabolic this week. As it rose, the coin managed to move above the important resistance level at $0.27, which was the lowest point in July 2021. Now, it has moved above the 25-day and 50-day moving averages while oscillators have kept rising. 

I believe that these gains are not sustainable in the short term. As such, there is a high probability that the VIDT token will soon have a sharp pullback. If this happens, the next key support level to watch will be at $0.2736, which is about 46% below the current level.

The post VIDT Datalink price has gone parabolic but a 46% dive is imminent appeared first on CoinJournal.

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TRON DAO adds $20M to its reserve to safeguard against bear market

TRON DAO Reserve has today announced on Twitter that it has purchased an extra $10 million worth of USDD and $10 million worth of TRX for its reserve.

The tweet reads:

“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased another $10,000,000 #USDD and #TRX as reserve.”

TRON reserve had fallen by $20 million following the current bear market and the added amount will bring back the reserve to its previous level. TRON has been adding to its reserve continuously as the crypto bear market persists.

The update by TRON DAO Reserve was also confirmed by Justin Sun, who is the founder and leader of the TRON Foundation.

The Fight to preserve USDD dollar parity

USDD is TRON’s algorithmic stablecoin, similar to the USTC (previously UST) of Terra Classic (previously Terra LUNA).

To prevent the USDD from undergoing a similar collapse as what happened to the USTC, TRON has collateralized USDD using a TRON DAO Reserve.

The DAO holds $2.2 billion worth of collateral in BTC, USDC, USDT, TRX, and the added $10 million worth of USDD. The USDD is about 316% overcollateralized.

Last month, the TRON DAO Reserve added $2 billion as it fought shorting against the TRX in trying to perverse the USDD dollar parity. The USDD had spent a week trading below $1 and even went to as low as $0.93 but has since recovered to the dollar party. Following the de-peg, TRON DAO has added USDD and TRX on several occasions.

While the launch of the USDD stablecoin was hyped as a major booster for TRON, TRON has had to fight tooth and nail to ensure the algorithmic stablecoin doesn’t collapse like the UST. In general, while the USDD has maintained its dollar parity so far, the TRON token has dropped by about 50% from its 2021 high of $0.16.

The post TRON DAO adds $20M to its reserve to safeguard against bear market appeared first on CoinJournal.