Digital asset marketplace Bakkt has partnered with Google to expand the usability of cryptocurrency. Thus, users will soon be able to add their Bakkt Visa Debit Card directly into Google Pay.
Google Pay Meets The Bakkt Card
As outlined in a press release from BusinessWire, users can soon spend Bakkt Card crypto funds directly from Google Pay. This comes after Bakkt released its Visa Debit Card earlier this year, and now customers will be able to make transactions via digital assets wherever Google Pay is accepted.
When doing so, the process will seamlessly convert cryptocurrencies into fiat currency before arriving in the recipient’s account. This way, digital assets can effectively be used to pay for everyday products both online and in-store.
Bakkt will also be using Google Cloud as its preferred cloud provider to market its services to leading US retailers and merchants.
What’s more, Bakkt will take advantage of the cloud’s tools to implement new analytics, AI, and machine learning tools onto its platform. Bakkt consumers can take advantage of these analytics as a loyalty redemption option. At the same time, company partners can use them to identify important consumer behavior patterns.
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Bakkt CEO Gavin Michael sees the recent partnership as representative of his company’s success:
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner. Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
Bakkt Expanding Crypto Adoption
The recent partnership is just one of Bakkt’s many attempts to expand cryptocurrency use-cases in the US. In August, the company partnered with Quiznos to launch a Bitcoin payment pilot at select Quiznos stores in Denver.
The organization also collaborated with Starbucks following the launch of the Bitcoin app in April. Since then, Starbucks customers can reload their cards using the app.
Google Cloud has been providing support as well. The company recently partnered with Dapper Labs– creators of the Top Shot NFT marketplace to help scale the latter’s blockchain.
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Bitcoin and cryptocurrency prices have broken out this week, adding a massive $500 billion to the combined crypto market value in a matter of days.
The bitcoin price has gained around $10,000 during the last week, with bitcoin climbing to $56,000—a level not seen since bitcoin’s huge sell-off in May.
Now, the investment company founded by the legendary hedge fund manager George Soros has revealed it’s holding bitcoin, with its chief executive and chief investment officer calling bitcoin “less interesting than the use cases of [decentralized finance (DeFi)].”
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MORE FROM FORBESBitcoin And Ethereum Are Braced For A Massive October Bombshell After The Crypto Market Price Suddenly SurgedBy Billy Bambrough
Soros Fund Management, the investment company founded by billionaire George Soros, has confirmed it … [+]holds bitcoin and some other cryptocurrencies.
AFP via Getty Images
“We own some coins—not a lot,” Soros Fund Management CEO Dawn Fitzpatrick told Bloomberg this week. “The coins themselves are less interesting than the use cases of DeFi and things like that.”
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The popularity of DeFi, the idea that traditional financial services can be recreated using crypto technology, has surged this year, helping boost the price of ethereum and other similar cryptocurrencies.
“I’m not sure bitcoin is only viewed as an inflation hedge here,” Fitzpatrick added. “I think it’s crossed the chasm to mainstream.”
In March, Fitzpatrick said bitcoin is at an “inflection point” after the bitcoin price surged to never-before-seen highs. “Something like bitcoin might have stayed a fringe asset but for the fact that we’ve increased money supply in the U.S. by 25%,” she said.
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MORE FROM FORBESBillionaire ‘SPAC King’ Reveals His Huge Bitcoin Bet-And Predicts The Bitcoin Price Will Climb As It Replaces GoldBy Billy Bambrough
The bitcoin price has jumped by 25% this week, rocketing to highs not seen for six months.
Coinbase
However, inflation is still a major driver of bitcoin interest, according to JPMorgan analysts who wrote in a note bitcoin’s latest price rally is at least partly due to institutional investors looking for a hedge to inflation.
“The re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge,” the analysts wrote, adding investors are seeing bitcoin as “a better inflation hedge than gold.”
This week, Wall Street giant Bank of America BAC said bitcoin and crypto have now become “too large to ignore,” with US Bank following JPMorgan, Goldman Sachs GS and Citi into bitcoin services and trading.
In an hour-long session, members discussed how crucial community-building is for DAOs.
It’s the people that make the DAO. But for the scores of new DAOs (decentralized autonomous organizations) that are suddenly cropping up: How can they attract the right people, spur their participation, and keep them?
During a Twitter Spaces chat on Friday, theBankless DAOteam discussed the challenges of growing a DAO community.
Banklesslaunchedin May and publishes DeFi how-to guides, explainers, and other content like its “State of the DAOs” report. The DAO describes itself as a “steward of the Bankless Movement progressing the world towards a future of greater freedom” and is already considered one of the more successful projects in the rapidly expanding metaverse.
Samantha Marin, who recently joined Bankless as its talent scout for the DAO’s writer’s guild, said she was intimidated when she first joined. “I’m not a developer, I don’t know how to code, I’m coming from the creative side of writing, designing, editing,” she said, “so I wasn’t really sure exactly how to start or where to go when I was looking for a way to contribute my time.”
Her advice for those looking to get involved with DAOs is to find your niche and dive into a project—but be wary of over-committing. While it can be exciting to get started, it can also be overwhelming when a new member tries to contribute to “a ton of guilds at once,” she warned.
“Everything is voluntary but everything is rewarded in BANK [the DAO’s native token],” Marin said, “so you’ll be earning your way into the guild and into the DAO in no time. The barrier to entry is really just your time.”
Marin said she felt a little lost at first, but knew she wanted to write, so she zeroed in on the writer’s guild.
‘Building off humans and human talent’
Unlike some DAOs, especially those in the DeFi space, Bankless is not a DeFi protocol, BanklessHQ newsletter editorLucas Campbellreiterated during the talk. “We don’t have a financial protocol,” he said. “We’re just building off humans and human talent.”
Bankless now boasts more than 1,500 members and includes 13 different “guilds” that manage DAO operations such as writing, legal, and development. Their work helps accrue value to the BANK token, held by some 3,900 people, and gives Banklessa fully diluted market cap of $92 millionas of press time.
Friday’s hour-long Twitter Spaces sessionwas devoted to “Settling New Territory” and was attended by more than 300 people.
Bankless says its big-picture vision is a world where anyone with an internet connection can access the tools needed to achieve financial independence. “Bankless has always been about having a set of shared values,” co-founder Ryan Adams said during the event. “Media and culture—that’s how we export crypto to the world. It’s been a social movement from the beginning.”
The challenge is “activating” new members asap,
we’re doing well in getting members to visit multiple channels🏄♂️, but could improve in getting them to talk/text🔉 pic.twitter.com/34EVjEOljO
— paulapivat.🔥Ξth 🏴 (@paulapivat) October 8, 2021
One Bankless member,FrogMonkee.Eth, said that merchandise can be a great way to attract new users and spread DAO brand awareness. “I wear Bankless stuff when I go on dates,” FrogMonkee told the session listeners. “It’s cool to rep Bankless stuff, not so cool to rep Facebook stuff.”
Adams also predicted that many more DAOs are coming, so it’s going to only get more crowded from here. “We are in a lucky time to launch,” he said. “Launching a DAO in the beginning will be easier than launching DAOs two or three years from now.”
Perhaps. Then again, maybe it will depend on how cool the merch is.
The Biden administration has drafted an executive order that could create a unified approach to crypto regulation.
White House Could Appoint Crypto Czar
As first reported by Bloomberg, the order would have federal agencies study various areas of the cryptocurrency industry and create recommendations within those areas.
In particular, the order pertains to areas such as financial regulation, economic innovation, and national security.
The order would pressure departments that have so far overlooked cryptocurrency to deal with those matters. The White House could also appoint a ‘crypto czar’ to oversee the effort.
According to Bloomberg, it is still undecided whether the order will be released, but the Biden administration will unveil an overall crypto strategy regardless of the outcome.
The White House has not commented on the news, while Bloomberg’s sources remain anonymous.
U.S. Regulatory Landscape Is Developing
Today’s news comes shortly after independent regulation efforts. On Oct. 6, the U.S. Department of Justice announced plans to create a crypto enforcement team. In September, the U.S. Treasury announced sanctions that target the use of cryptocurrency in ransomware.
Various officials have also made statements on regulation. In July, Chairman of the Federal Reserve Jerome Powell called for an “appropriate regulatory framework” for dealing with stablecoins.
On Oct. 5, Gary Gensler, Chairman of the Securities and Exchange Commission, suggested that wide-ranging crypto restrictions are the domain of government agencies other than the SEC.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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A popular crypto strategist and trader says six mid-to-large cap altcoins will likely shine brighter than Bitcoin (BTC) in the coming months.
The pseudonymous crypto analyst known in the industry as Capo tells his 173,000 Twitter followers that he expects big moves from the smart contract platform Cardano (ADA).
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ADA is currently trading at $2.28, virtually the same from a week ago after battling back from a low of $2.13 on Wednesday.
Capo, who uses Elliot Wave theory for much of his analysis, says ADA and a number of additional crypto assets appear to be at the start of a fresh altcoin season.
Elliot Wave theory is a form of technical analysis that aims to predict future price movements by identifying collective trader psychology that appears on charts in waves.
He points to a new bull wave that appears to be starting in the Altcoin Perpetual Futures Index as one sign of what’s to come.
“ALTPERP bullish trend is intact too. It’s also forming a potential cup and handle, whose minimum extension is very high. Maybe the w3 is starting here because many altcoins are starting their w3.
Source: Capo/Twitter
Capo is also looking for NOIA, the native token of the Syntropy ecosystem, to outperform BTC in the weeks and months ahead. Syntropy is an open-source protocol aimed at improving the internet via encryption and optimized performance. NOIA is priced at $0.40 at time of writing, up 14% over the past week, according to CoinGecko.
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Next on the analyst’s list is COTI, an enterprise-grade platform that allows organizations to build their own payment solutions and digitize any form of currency using the networked datastructure protocol Trustchain. CoinGecko pegs COTI at $0.52, down 14% from $0.60 a week ago.
Next up is the decentralized machine-learning network Fetch.ai. The FET token is valued at $0.75, down 35% from its all-time high of $1.17 in early September.
The Ethereum-based virtual world known as The Sandbox is also on Capo’s list of coins that appear ready to outrun Bitcoin. The platform’s native token SAND is designed to allow users to monetize their gaming experience. SAND currently sits at $0.79, having ranged between $0.76 and $0.88 since last Friday, according to CoinGecko.
Last on Capo’s list is the eSports and blockchain-based video entertainment protocol Verasity. Its native token VRA is up 60% over the last week to $0.05, including a 30% surge over the past 24 hours.
Capo further explains in a lengthy thread why he’s seeing a new altcoin season in the making. He says Bitcoin appears to be targeting the six-figure mark.
“During bull markets money tends to flow from Bitcoin to altcoins, because people [are] greedy and always want more profits.
Now Bitcoin is confirming the bullish scenario, and $100k and higher targets are likely to happen in the next few months. This would create the perfect scenario for people to get comfortable and start speculating on altcoins.”
He is also seeing signs that Bitcoin’s dominance of the overall crypto market cap will lower but does warn of the potential of a major correction in early 2022, which might end the altseason as well as the overall crypto bull cycle.
“Huge hidden bearish divergence showing up, and the green support is getting weaker.
In my opinion, it will take the 2018 lows (36.50%) and the altseason could end there.”
Source: Crypto Capo/Twitter
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Featured Image: Shutterstock/tunnelmotions/Dario Lo Presti
Bitcoin has been on the rise with the start of the new month. The first week of October brought with it good tidings as top cryptocurrencies in the market had begun to rally for the first time in weeks. Bitcoin hit a new 4-month high on Friday with its break above $56K. Bulls have set their eyes on new all-time highs before the end of the year and CEO of Galaxy Digital Mike Novogratz has echoed this sentiment.
New Investors Holding Up The Market
Billionaire Mike Novogratz was on CNBC’s “Squawk Box” to talk about the crypto market. Novogratz said that new investors were the reason bitcoin and ethereum price had held their high value. New investor enthusiasm has been on the rise since the bull market first slid into full gear at the beginning of 2021. But the recent turn of events in the crypto market has triggered a new wave of entrants into the space.
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Novogratz puts the current crypto global wealth percentage at 0.5%, only a small number compared to other financial markets. Nonetheless, an impressive percentage is given that the crypto market is yet to enter its teenage years. The billionaire expects the percentage to rise well above 0.5% as more investors move into the crypto space.
BTC price trading north of $54K | Source: BTCUSD on TradingView.com
Speaking of new investors coming into the market and holding up the prices, the billionaire had this to say; “It’s holding because of just new money coming in. There was $17 billion of new venture capital that went into the first half of the year. It’s just a tremendous inflow of both talent and money.”
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Expecting A Parabolic move
Novogratz’s firm Galaxy Digital is a well-known investor in the blockchain and cryptocurrency industry. Given this, the billionaire has always been bullish on the crypto market and has been vocal about his bullish stance. During his interview, the CEO revealed that he was expecting the crypto market to break new all-time highs through the fourth quarter of the year.
Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey
“Not to sound like the ever bullish guy that I sometimes am accused of being, but I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all the crypto going into the fourth quarter.”
Novogratz explained the reasoning behind his prediction using a racehorse analogy. He compared the movement of the crypto market to “the horse that turns the corner at the end” that ends up winning the race. Novogratz reiterated his bullish stance for the final quarter of the year. “The assets that are ahead in the fourth quarter usually have great finishes because everyone piles on and pushes the valuations higher.”
Over the past few months, there have been some major developments coming out of China that have rocked the cryptocurrency market and the global financial markets. China’s Evergrande debt repayment crisis sent shockwaves throughout global equities markets, as well as the United States Securities and Exchange Commission’s (SEC’s) consistent signaling of upcoming regulation for stablecoins and decentralized finance (DeFi) continued to weigh on sentiment within the market.
While the Evergrande situation somewhat resolved itself, for the time being, the government crackdown on unregulated DeFi platforms and stablecoin transactions continues. This has resulted in cross-chain equipped layer-one protocols and layer-two solutions seeing increased volumes as traders search for non-centralized venues to interact with.
According to CryptoQuant CEO Ki Young Ju, after China announced a ban on all cryptocurrency transactions, major cryptocurrency exchanges like Huobi suspended services for accounts in mainland China.
This triggered an exodus of funds from Asia-based centralized exchanges (CEXs), and these funds were eventually deposited onto decentralized exchanges (DEXs) and the wider decentralized finance (DeFi) ecosystem.
It seems Huobi users moved $ETH, #stablecoins, and DEX tokens to decentralized exchanges like Uniswap.
Outflow transactions spiked after Huobi announced the suspension of existing accounts in mainland China.
Ironically, regulation led to decentralization this time. pic.twitter.com/EKpkHIdSv0
— Ki Young Ju 주기영 (@ki_young_ju) September 29, 2021
This phenomenon is particularly interesting and requires further investigation, given the assumed failure of Ethereum’s London hard fork in addressing untenable gas fees and the regulatory concerns mounting over the U.S. and China’s response to cryptocurrencies.
Let’s take a look at some of the recent thriving DEXs and popular protocols that are seeing an increase in inflows.
The Ethereum network
The Ethereum network is by far the most dominant smart contract and it hosts the largest and most used decentralized exchanges like Uniswap (UNI) and SushiSwap (SUSHI), according to data from Dune Analytics.
Monthly DEX volume. Source: Dune Analytics
While the most recent cryptocurrency ban out of China dominated headlines in the last two weeks of September, the announcement was originally made on Sept. 3, around the same time that activity on Uniswap surged higher.
Uniswap trading volume vs. total revenue. Source: Token Terminal
As shown in the graph above, the spike in Uniswap’s activity and trading volume actually began on Aug. 28 and remained elevated above its previous average for the next couple of weeks.
Uniswap has also benefited from its recent integrations with the newly released layer-two solutions Optimism and Arbitrum, which helped to lower the transaction costs and speed up confirmation times for users on the network.
The Fantom network
The Fantom protocol has risen in prominence in recent months thanks to the launch of a bridge to the Ethereum network and a 370 million FTM developer incentive program designed to attract new projects to the Fantom ecosystem.
Data from Token Terminal shows that while the announcement of the incentive program on Aug. 30 provided an initial boost in protocol revenue and token price, it wasn’t until after the regulatory announcement from China on Sept. 3 that activity and protocol revenue really experienced a sustained increase.
Fantom price vs. protocol revenue. Source: Token Terminal
Fantom utilizes a directed acyclic graph architecture that enables a high throughput capability for near-zero fees, which has helped the protocol grow in popularity amongst DeFi and NFT traders who were priced out of conducting transactions on Ethereum.
SpookSwap and SpiritSwap are the two top DEXs on the Fantom network and together currently handle an average of $95 million in 24-hour trading volume.
Avalanche
The Avalanche network is a blockchain protocol that has been gaining traction since its mid-August launch of the Avalanche Rush liquidity mining incentive program, which includes more than $180 million worth of rewards and incentives designed to attract liquidity to the DeFi ecosystem on Avalanche.
Avalanche price vs. protocol revenue. Source: Token Terminal
Since the release of the incentive program in mid-August, the protocol revenue and token value for the native token AVAX have been on the rise as users transferred assets across-chain to engage in Avalanche’s growing DeFi ecosystem.
According to data from DefiLlama, the top DEXs on Avalanche are Trader Joe (JOE) and Pangolin (PNG), which combined currently see an average 24-hour trading volume of $355.2 million.
Decentralized perpetuals trading
Decentralized perpetuals trading protocol dYdX, which has exploded in popularity in September following the airdrop of its native DYDX token, has also seen an uptick in user activity and volumes.
According to data from Token Terminal, the daily trading volume on the exchange exploded in the final days of September, surging from an average below $2.1 billion to more than $9 billion on Sept. 27.
Total value locked on dYdX vs. trading volume. Source: Token Terminal
The regulatory crackdown has been especially hard on derivative and leveraged cryptocurrency exchanges like BitMEX and Binance, leading to an increase in demand for decentralized options like dYdX and Hegic.
While many across the cryptocurrency ecosystem lamented China’s crackdown on the crypto sector, their heavy-handedness may have actually turned out to be a blessing in disguise. It prompted traders to venture away from centralized exchanges and out into the rapidly expanding DeFi ecosystem where the ethos of decentralization and the ability to “be your own bank” is still available to those who seek it.
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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Crypto trading platform Bakkt has announced a partnership with Google Pay that will integrate each platform’s payment services,
Bakkt will also use Google Cloud as its preferred cloud provider.
The two companies will additionally work to build new AI and geolocation tools for business insights.
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Crypto trading platform Bakkt announced a partnership with Google today that will integrate payments services across platforms and make use of cloud solutions to build new technology.
Partnership Focuses on Payments
Under the partnership, Bakkt users will be able to add their virtual Bakkt Visa Debit Card to Google Pay, which will allow the purchase of goods and services wherever Google Pay is accepted. Crypto assets will be converted to fiat currency at the point of sale.
Bakkt also announced that it has selected Google Cloud as its preferred cloud provider and said that it will build and market business solutions powered by the service.
Google Cloud President of North America Kirsten Kliphouse commented on the partnership, stating:
“Google Cloud has been at the forefront, powering many retailers and merchants. We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by Google technologies.”
The firm additionally announced that it would work with Google to build new AI projects, machine learning tools, and geolocation functionality on its platform “to draw out deep, location-aware business insights leveraging Google Cloud’s industry-leading tools.”
While critics may have privacy concerns over those technologies, Bakkt claims this will provide its customers with improved loyalty redemption options, while its partners will see “valuable consumer behavior patterns powered by Google Cloud infrastructure.”
What Is Bakkt?
Though Bakkt initially began as a Bitcoin futures trading platform, it has gradually expanded its business to offer a crypto payment and trading service for retail investors.
Notably, it offers rewards and loyalty programs for brands such as Starbucks, Chipotle, Marriott Hotels, and Alaskan Airlines; reward points can be converted into cash. It also allows users to send and withdraw cryptocurrency, something that some competing investment apps like Robinhood do not yet allow.
Bakkt was founded by current CEO Jeffrey Sprecher of the Intercontinental Exchange, which owns the New York Stock Exchange (NYSE). His wife, former U.S. Senator Kelly Loeffler, formerly served as CEO. Loeffler was one of the senators accused of insider trading last year, though the Senate Ethics Committee dismissed its investigation.
The firm announced plans to go public via SPAC earlier this year, though its plans have not been officially approved.
Disclaimer: At the time of writing, the author held BTC, ETH, and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
The Bored Ape Yacht Club NFT project plans to launch a token in Q1 2022.
The team is working with Horizen Labs to create a “legally compliant” token.
TheBored Ape Yacht Club, one of the most popularEthereum-basedNFTcollections, surged to life this spring and has generated hundreds of millions of dollars’ worth of trading to date. Owners are billed as members of the club, and membership has privileges—one of them, apparently, is a BAYC token set to launch early next year.
Today, the official BAYC Twitter accountshared a tweet threadabout its plans to launch a token. An ERC-20 token could serve as a reward for NFT holders, work as a governance token for aDAO, and help expand the project into other types of crypto initiatives—such asDeFi.
According to the team at Yuga Labs, they’re looking to launch a token in the first quarter of 2022. They’re working with blockchain tech firmHorizen Labs(which has its own ZEN token), as well as the legal team of Fenwick & West LLP, to develop plans to launch the token.
Good evening, apes. Been hearing a question around the club a lot:
WEN TOKEN? 🤔
Wen token indeed . . . Some thoughts below.
— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
“First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes,” the account wrote. “It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”
“Not to mention thoughtfully craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience,” the thread continued. “For the sake of our members and the broader NFT community, we want to do this in a sound way.”
The Bored Ape Yacht Club largely popularized the idea of NFT avatars serving as apass to an exclusive club of holders. Owners receive access to a private Discord community, have access to exclusive merchandise, and have received free additional NFTs in the form of Bored Ape Kennel Club andMutant Ape Yacht Clubcollectibles.
The primary Bored Ape Yacht Club collection has generated more than $545 million worth of trading volume to date, according toCryptoSlam, with Mutant Ape Yacht Club adding another $285 million and the Kennel Club at $91 million and counting.
The most affordable Bored Ape Yacht Club NFT available on the OpenSea marketplace sells for about 39.5 ETH, or $140,000 worth. Prominent owners includeNBA star Stephen Curryand musician Marshmello.
Few details have emerged about the rumored executive order.
A report suggests the order would instruct various agencies to study crypto and issue recommendations.
The White House is in the course of preparing an executive order directed at cryptocurrency, according to several unnamed sources cited by Bloomberg. The report described the potential order as part of the Biden Administration’s attempt to set up a government-wide approach to regulating the sector.
The Bloomberg report suggested the focus of any order would be on directing federal agencies to conduct research and produce recommendations:
“The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto—touching on financial regulation, economic innovation and national security, said the people, who asked not to be named discussing plans that are still under consideration … The framework would touch a range of bureaucracies, from the Treasury Department and financial regulators to the Commerce Department, the National Science Foundation and national security agencies.”
The report also noted that, while a draft of the order has circulated among various departments, it’s not clear the White House will go forward with it, and may instead pursue more informal measures to achieve the same goal.
The rumor of the executive order comes at a time when many divisions of the U.S. government are paying unprecedented attention to the crypto sector. This includes the Securities and Exchange Commission, the Federal Reserve, and the Justice Department, all of which have made statements or announced impending reports concerning crypto.
President Biden cannot write new laws concerning cryptocurrency—that is the prerogative of Congress. But he can use executive orders to exert considerable power over various agencies, directing them to prioritize certain activities over others and providing guidance related to law enforcement.
The larger strategy is likely to become clear in the coming weeks as government officials, as well as the White House, show more of their cards concerning the U.S.’s crypto priorities. While the crypto industry has long begged for clearer rules about what is legal under U.S. law, the rules—when and if they come—could prove harmful to the industry given the negative sentiments about crypto many top officials have expressed.
