Facebook Launches Novi Wallet With Paxos Stablecoin

Key Takeaways

  • Facebook has launched its Novi wallet to limited audiences in the U.S. and Guatemalan markets.
  • The Novi wallet will support Paxos’ USDP stablecoin initially rather than its own native Diem currency.
  • This is the first time Novi has been available to the public.

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Facebook has launched its Novi wallet in a limited pilot program, according to a press release published today.

Pilot Will Focus on Guatemala

In its pilot stage, the Novi wallet app will be available to select customers in Guatemala and the United States.

David Marcus, who heads Novi, noted that the pilot will serve the U.S.-Guatemala remittances corridor, a market in which 56% of people do not have access to banking and financial services.

“Money sent from family & friends abroad contributes more than 14% of GDP and 90% of those remittances come from the [United States],” Marcus noted in a Twitter thread today, emphasizing the rich potential of that remittances market.

Diem Not Yet Supported

The Novi wallet will not initially support the project’s native Diem stablecoin. Instead, it will support the Paxos Dollar (USDP). Marcus noted that Paxos is a trusted and widely supported stablecoin with three years of operation, which will allow Novi to be interoperable with other cryptocurrency wallets that support USDP.

Marcus noted that the project still intends to launch Novi with Diem once the coin gains regulatory approval.

He also reaffirmed that future versions of Novi will offer free person-to-person payments. Those feeless transactions will distinguish the services from competitors such as PayPal.

Other Novi Developments

Leading crypto exchange Coinbase announced today that it will serve Novi in a custodial role, storing funds on behalf of the wallet and its users. The company will provide cold storage as well as $320 million in insurance against criminal attacks.

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Meanwhile, lawmakers have attempted to block the launch, as the U.S. Senate wrote an open letter to Facebook opposing the plan.

Despite Novi’s limited launch, today’s news is a step forward to the project, which has been met with several roadblocks in the past.

Users can download the wallet app for mobile devices via the Google Play and Apple iOS stores.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Are Long-Term Holders Selling The Bitcoin Price Top?

The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

One of the most common patterns in bitcoin’s on-chain history is that of the long-term holders stacking sats during bear markets and then selling some of their positions for profit-taking near the tops of bull markets. Right now, long-term holder supply is hitting new all-time highs as we brace for bitcoin’s next bull move up.

We last covered long-term holder supply profit dynamics in The Daily Dive #078. The definitions of Glassnode’s long-term holders and short-term holders can be found here.

As new demand enters the market in the later stage of the bull cycle, long-term holders sell bitcoin to new market entrants, i.e., short-term holders, until the market selling and buying is exhausted. This typically signals the local market price top as new demand is eager to buy at any price. Price then cools off and long-term holders start accumulating again.

Long-term bitcoin holders typically stack sats in bear markets and then sell some for profit at the local price top.

Source: Glassnode

Over the summer, as the bitcoin price fell over 50%, bitcoin entered a mini-bear-market-type environment where long-term holders took the opportunity to stack supply at a rate that we haven’t seen happen before during a bull cycle.

This behavior propelled the long-term holder supply to new all-time highs as long-term holders now anticipate higher prices expecting new retail, institution and futures ETF demand to come into the market. Now, we’re still seeing long-term holders add to their holdings, but at a slightly decelerating rate compared to earlier in the summer

Long-term bitcoin holders typically stack sats in bear markets and then sell some for profit at the local price top.

Source: Glassnode

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Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End

Co-founder of Fundstrat and Wall Street Strategist Tom Lee has revealed his expectations for bitcoin before the year runs out. According to a Bloomberg report, Lee revealed that he had high expectations for the digital asset, which he believes would hit the $100,000 mark by the end of the year, and added that the asset could go as high as $168,000 before the year runs out.

Lee has always maintained a bullish stance on cryptocurrencies. He had earlier stated that he expected the asset to hit $100,000 this year. Now, Lee looks to be doubling down on this prediction which he had made back in May.

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The asset’s volatility has never worried the Wall Street strategist who acknowledges the highly volatile nature of it. “I think bitcoin is hyper-volatile,” Lee told TechCheck in May. “That’s the nature of it, but that’s what creates the reward for people.”

ETFs Are The Driving Force Behind Prediction

The co-founder also explained the factors driving his price prediction for the digital asset. He drives the point back to the recent ETF approvals that bitcoin had seen recently. The first U.S. Bitcoin Futures ETF is scheduled to begin trading this week and Lee believes that the ETF approvals are the major reason behind the asset hitting the $100K price mark.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com

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BTC price sits above $62,000 | Source: BTCUSD on TradingView.com

Adoption is the name of the game and the co-founder says that the Bitcoin Futures ETF will help to drive more adoption for the digital asset. The inflows which will come from this adoption will translate into a higher value for the asset.

With the newly approved Futures ETFs, Lee explains that the fund will allow more individuals to allocate a portion of their investment portfolios to crypto, and “this will drive significant new inflows.”

Getting Bitcoin Over The $100,000 Mark

Bitcoin at $100,000 is an increasingly popular prediction amongst top market participants. Although the asset had taken a significant beat-down in the market in September, most still maintained their predictions that the asset will hit $100,000 before the year runs out. The predictions have been attributed to a number of factors but the forecasts have always remained the same; the market will see BTC at $100K before the next bull market.

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Not surprisingly, Lee is not the only prominent figure who has put the digital asset at this value in Q4 of 2021. Various market analysts have put the asset at the same value by year-end. Skybridge Capital CEO Anthony Scaramucci has also said the asset will hit this price point, pointing out that as adoption grows worldwide, so will the value of BTC grow with it.

Not everyone has jumped on the bitcoin at $100,000 bandwagon though. Fidelity analyst Jurrien Timmer told CNBC that BTC could be far from hitting $100,000. The analyst believes the price will eventually hit this point but puts it on a much longer time frame. “I will note that the next (and last) time my puppy-and-demand models intersect is at around $100K in 2023 or 2024,” Timmer said.

Featured image from The Cryptonomist, chart from TradingView.com


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Bitcoin Lender Celsius Denies Receiving Cease and Desist From New York AG

In brief

  • Celsius has been targeted by several state securities regulators.
  • Now the New York Attorney General is asking questions, too.

Celsius has denied receiving a cease-and-desist letter from New York State Attorney General Letitia James, a day after James directed two unnamed crypto lenders to stop operating in the Empire State within 10 days and requested three more to provide information by November 1.

“Celsius has received a request for information (and not a cease and desist) from NY authorities,” it wrote via its Medium blog today.

In a press release yesterday, the New York Attorney General’s Office took aim at crypto companies that have not registered securities offerings under New York’s Martin Act. The press release was accompanied by two cease-and-desist letters with identifying information about the companies redacted. However, the NYAG had named the files “Nexo Letter” and “Celsius Letter,” strongly suggesting that these were the two crypto lenders being asked to shut down.

Celsius competitor Nexo yesterday confirmed receiving the order but called it a “mix up.”

“Nexo is not offering its Earn Product and Exchange in New York, so it makes little sense to be receiving a cease and desist order for something we are not offering in New York anyway,” a spokesperson said. It vowed to “engage with the NY AG and seek clarity.”

Celsius is fresh off a $400 million funding round after being valued at more than $3 billion. This despite cease and desists or show-cause orders from state securities regulators in Alabama, Kentucky, New Jersey, and Texas—all of whom have also targeted crypto lender BlockFi.

The startup, which uses the slogan “Unbank Yourself,” allows people to earn interest on the cryptocurrency they hold. And not just a small amount; it advertises up to 17% annual return, though the rates vary depending on the asset. In addition to mainstays such as Bitcoin and Ethereum, users can also deposit the native Celsius tokens, stablecoins, and a slew of other crypto assets. Celsius then lends those coins out and gives depositors a cut of the action.

Yield products such as these are classically classified as securities both at the federal and state level, as James alluded to in her statement, though that doesn’t mean the companies will go down without a fight. Coinbase, which was planning its own Lend product, suggested it would be willing to go to court if necessary after the Securities and Exchange Commission purportedly threatened a lawsuit. Coinbase ultimately dropped the product.

According to the NYAG letter requesting information, the office wants to know company information, including legal names, subsidiaries, and headquarters. It also wants product descriptions and explanations of how the digital assets are custodied, pooled or loaned out. Celsius said, “We are now working on providing regulators in New York with information about our business and offering.”

It added: “We expect additional US states to reach out to Celsius requesting information.”


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Crypto Price Prediction: Bitcoin Could Be About To Surge To Never-Before-Seen Highs As Ethereum Rallies

Bitcoin, after soaring back to its all-time highs of around $65,000 per bitcoin over the last month, is surging after the launch of the first U.S. bitcoin futures exchange-trading fund (ETF).

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The bitcoin price has added around 35% since mid-September as hype around the long-awaited ETF has built. Meanwhile, ethereum, the second-largest cryptocurrency after bitcoin, is again closing on the closely-watched $4,000 per ether level.

Now, as excitement over the ProShares’ bitcoin futures ETF reaches fever pitch, bullish crypto analysts at Fundstrat Global Advisors have predicted the bitcoin price could climb as high as $168,000 by the end of 2021 if demand meets sky-high expectations.

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“[T]he [new bitcoin ETF] will enable vastly more individuals to allocate to crypto,” Fundstrat Global Advisors co-founder Tom Lee wrote, it was reported by Yahoo Finance. “We think bitcoin demand will exceed the inflows for QQQ.” The Invesco QQQ ETF, launched in 1999, tracks the tech-heavy Nasdaq’s NDAQ 100 biggest companies.

The newly-listed bitcoin futures ETF had a huge first day on the New York Stock Exchange with around $1 billion of intra-day trading volume, making it one of the most popular ETF launches ever, according to ETF.com.

The bitcoin futures ETF launch has pushed the combined crypto market back over $2.5 trillion, surpassing its all-time high. Ethereum, after outperforming bitcoin during the last 12 months, is now following bitcoin higher—up 11% over the last 30 days.

Bitcoin and crypto market watchers are hoping the ETF will boost bitcoin trading volumes and make it easier for cash to flow into digital assets. However, some have warned the bitcoin price might crash in the aftermath of the ETF launch as traders look to cash out.

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“Despite active price growth, not all crypto market participants are equally optimistic,” Alex Kuptsikevch, senior financial analyst at FxPro, wrote in emailed comments.

“Some believe that now we are witnessing not the beginning of a new stage of large-scale growth but are approaching a correction. This is because reaching a new historical high (or a series of historical highs) may provoke the beginning of aggressive profit-taking by large investors who opened positions during the rebound from $30,000.”

“There are some views that the run-up in [bitcoin’s price] is already discounting this approval,” Fundstrat’s Lee added.

“To an extent, this is probably true, since bitcoin has surged to near all-time highs in the past few weeks. But in our view, the price of bitcoin will continue to rise, well after actual approval of the ETF.”


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Novi Rollout Met with Immediate Senate Resistance

Key Takeaways

  • In a letter addressed to Mark Zuckerberg and publicly released today, the Senate Banking Committee called upon Facebook to immediately cease its digital currency projects.
  • Facebook had released its digital wallet product, Novi, only hours earlier.
  • The Committee further called upon Facebook to commit not to bring its Diem cryptocurrency to market.

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Facebook’s Novi wallet launch was met with stiff opposition today from the U.S. Senate Banking Committee, which issued an open letter calling on the company to cease its digital currency initiatives. The news also comes the same day Coinbase announced custody service for Novi. 

Pushback from Washington

In a major step for Facebook’s digital currency initiative, the social media giant launched its digital wallet Novi today for users in Guatemala and much of the United States. The move was met with immediate resistance, however, in the form of an open letter to Mark Zuckerberg from the U.S. Senate Banking Committee, which it issued “to voice [the Committee’s] strongest opposition to Facebook’s revived effort to launch a cryptocurrency and digital wallet.”

It is not the first time that Facebook’s digital currency initiatives have hit a congressional wall. In 2019, the development of Facebook’s first flagship cryptocurrency, Libra, was all but stopped in its tracks by a moratorium issued by House Financial Services Committee Chair Maxine Waters. Facebook later began developing a different cryptocurrency, Diem. The Committee, however, expressed concern that Facebook had not sufficiently addressed Congress’ regulatory concerns surrounding Libra before launching yet another digital currency—nor, it alleges, did Facebook wait for regulatory clarity from federal authorities before proceeding with its initiatives, as it had promised to do. 

The Committee points out that while Novi’s lead, David Marcus, did attain approval from “nearly every state,” the Committee nevertheless wrote: “To be clear, your ability to secure state-issued money transmitter licenses is not equivalent to obtaining the blessing of ‘all U.S. regulators,’ as you said in your testimony two years ago.” 

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The Committee also expressed concerns over stablecoins more generally in today’s letter, calling plans for payment systems based on stablecoins “incompatible with the actual financial regulatory landscape.” The Senators also expressed doubt regarding Facebook’s ability to properly regulate stablecoins within its ecosystem, writing: “Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.”

According to a tweet by Marcus, the Diem stablecoin was not intended to be included in the Novi rollout today.  On this point, Marcus emphasized that Facebook only planned to launch Diem and incorporate it with Novi upon regulatory approval.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.

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France Tested Its CBDC with a 10-Month Experiment: Report

One of the leading European economies – France – has reportedly fulfilled its 10-month experiment aiming to test how a central bank digital currency would interact with its debt market. The financial services company Euroclear led the project, in which some of the nation’s largest banks took part.

France Pushes for a CBDC

Last year, Banque de France – the country’s central bank – collaborated with the Belgian financial services company Euroclear and many of the leading French financial market participants.

According to a recent report by the Financial Times, the organizations traded government bonds and settled the transactions with a CBDC issued by the central bank over a 10-month trial program.

The project also tested the usefulness of such a digital token on a range of everyday activities such as paying coupons, redeeming deals, issuing new bonds, and respectively employing them in repurchase agreements.

Some of the large names in the alliance included Société Générale, BNP Paribas, and Crédit Agricole CIB, while the American multinational technology corporation – IBM – developed the system for the experiment. Soren Mortensen – Global Director of the latter – commented:


“We are rapidly moving towards a fundamental change in the post-trade market infrastructure. This project went well beyond previous blockchain initiatives because it successfully tested most central securities depository and central bank processes whilst eliminating current interim steps, such as reconciliation between market intermediaries.”

Isabelle Delorme – Deputy Chief Executive of Euroclear France – also aired her thoughts on the trial. According to her, the collaboration between those institutions has been successful as they have shown that “the central bank digital currencies can settle central bank money safely and securely.”

Change of Heart?

Exploring and potentially launching a central bank digital currency seems like a surprising move coming from Banque de France since the head of the institution – François Villeroy de Galhau – recently labeled that financial tool as risky and urged for strict regulations.

This summer, he also argued that private cryptocurrencies represent just as much danger to the European Union. The top banker warned that the EU should act fast and build a regulatory framework around bitcoin and the altcoins. Without hasty action, the financial dominance of the Union would be endangered, he warned:

“Whether it is digital currencies or payments, we in Europe must be ready to act as quickly as necessary, or take the risk of an erosion of our monetary sovereignty.”

The banker stressed that the international performance of the euro is also threatened if the watchdogs do not apply regulatory actions. In his opinion, the move should come into force in the “next one or two years,” or the EU would “lose its momentum.”

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Altcoins Could Suffer As Bitcoin Makes a Move for New Highs – Crypto Analyst

A closely followed crypto analyst says that the altcoin market may be in for some pain as Bitcoin (BTC) threatens to steal the show.

Writing in the latest TechnicalRoundup newsletter, the pseudonymous analyst known as DonAlt says that the new launch of the Bitcoin futures exchange-traded fund (ETF) was not a “sell the news” kind of event. Instead, he sees Bitcoin as likely being in the middle of a strong upward move.



“Overall, our view is that new all-time highs are likely… and that any dips into reclaimed support, specifically the confluent daily and weekly area around $56,000-$58,000, are opportunities to position for new highs.”

With Bitcoin and Etheruem (ETH) on the cusp of all-time highs, DonAlt says he’s not compelled to open any positions in altcoins. He believes that the major crypto assets will lure capital away from the altcoin markets and cause them to bleed out.

“First, if Bitcoin breaks out, we expect a puke in altcoins as holders sell them to catch the move. This will likely cause a liquidation cascade in the short term and set up a really nice mean reversion play for when the Bitcoin breakout stops printing [green candles].

As such, for experienced practitioners, buying the turbonuke in altcoins for a short-term bounce as the liquidations settle is an idea we’re following closely.”

The trader says that altcoins could become more attractive once Bitcoin finishes its breakout and consolidates into a range.

“To summarize, we don’t like altcoins as long as the majors look like they’re going to print big candles (hopefully green ones) at any moment. If they do, altcoins will become attractive either on a post-liquidation bounce basis, or on a larger rotational basis once the dust has settled.

Now is a good time to do your research on coins, ecosystems, compile watch lists, mark levels, etc. in search for some discounts, should the market be so generous.”

You can read DonAlt’s full TechnicalRoundup letter here.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin and Crypto on the Verge of Hitting the Best Part of Bull Cycle, Says Macro Guru Raoul Pal – Here’s Why

Macro investor and former Goldman Sachs executive Raoul Pal says Bitcoin and crypto are on the cusp of entering the part of the bull cycle where the markets trend higher.

In a new Crypto Banter episode, the macro guru says the digital asset markets are ready to move higher after a brutal corrective period in the last few months.



“We are in the teeth of the best part of the entire cycle. The price is going to go up regardless. We threw all the FUD (fear, uncertainty and doubt) at it over the summer. That was the 50% correction. Basically, the market’s been trading sideways in a volatile range since March for Bitcoin and May for the rest of the market. This is the point. If you look at all of the post-halving cycles, this quarter is where all the games are made.”

Pal also says he’s looking at a major catalyst that can push the crypto markets to greater heights next year.

“The big factor that people need to think about is how institutions allocate. It’s quarterly, and it’s annual. So we will see [in] this bull run everybody who hasn’t yet invested or wants to increase their weightings, that will come in jam and generally, every one with new shiny P and L (profits and losses), the hedge funds, too, allocate. I think January, February and March much more potential.  It could go in as far as June.”

The Real Vision CEO adds that he’s keeping an eye on the TOTAL chart, which tracks the valuation of all crypto assets. According to Pal, the chart is trading within a long-term ascending channel and can potentially rally by as much as 400% by the end of the bull market.

“It basically is two standard deviations oversold versus the historical trend. That’s the total crypto market cap. So it looks like if you follow the trend and all of these exponential assets do the same thing, they get overbought [to the] top of the trend. My guess is this goes from $2 trillion to $8 to $10 trillion at the end of this cycle, and then we correct.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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