The Bank of Israel reportedly launched a digital currency pilot program, aiming to create its central bank digital currency based on the Ethereum blockchain. However, the project might face some significant challenges.
Israel Aiming at CBDC
Many leading nations including China, Japan, France, Sweden, and more have worked for years on developing a digitalized version of their national currency.
According to a report by Globes, the central bank of Israel has joined the trend and is at the initial stages of issuing a CBDC. The institution chose the Ethereum network to achieve the move. Yoav Soffer – CBDC Project Manager at the Bank of Israel – explained why:
“We did a trial with Ethereum technology, not because we think that that’s necessarily the technology we’ll use, but because it was a technology that was available for us to get our hands dirty with, in order to understand its advantages and disadvantages.”
The Bank of Israel created teams that set up a trial environment based on the Ethereum blockchain and issued a token representing CBDCs. Subsequently, it designed digital wallets, from which team members could exchange “imaginary digital shekels” with each other within the bank.
It is worth noting that Australia, Hong Kong, and Thailand used the same methodology in their CBDC projects and Israel also examined the legal, economic, and technological aspects.
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Soffer described the initiative as “challenging.” He also pointed out that due to its complexity, it is difficult to give a finishing day for the testing project:
“In general, projects at the Bank of Israel have start and finish dates. You know when they will end and what you need to achieve along the way. We don’t know when this project will end, with all that that implies.”
Yoav Soffer, Source: Twiiter
The Challenges
During the COVID-19 pandemic, digital payment methods have been on the rise in Israel. As such, issuing a CBDC sounds like an idea that can fit into society’s new habits. Nonetheless, there are several challenges in front of it.
The Bank of Israel is not sure if it can design such a digital version of the shekel that can serve all the needs of the local population. In addition, the infrastructure for such a product seems not quite ready to uphold for the long term.
For example, Israel’s top financial institution must have a solution in case of emergency or a breakdown of the network so people can settle transactions even offline.
The central bank must also come up with a CBDC that is both accessible and competitive compared to other types of payment. Otherwise, Israelis could simply settle daily transactions with other traditional methods.
Probably the most significant challenge of them all is how to make people who use cash switch to digital payments. For better or worse, the former method is anonymous while employing a digital shekel would be closely monitored by the government, which is precisely what threatens personal privacy.
Featured Image Courtesy of GulfNews
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The Willie Mays NFT line will launch on Nifty Gateway on Oct 24th.
Proceeds will go to the Say Hey Foundation.
Just in time for the 117th World Series this month, the Costacos Collection announced today the upcoming release of a non-fungible token (NFT) line dedicated to Baseball Hall of Famer Willie Mays.
Hosted on the NFT platform Nifty Gateway, the collection features moments of the Say Hey Kid’s life and career, from playing in the Negro American League to earning the title of Rookie of Year with the New York Giants in 1951. The NFT launch on October 24th also serves as a celebration of Mays’ 90th birthday.
Co-founded by sports artist John Costacos, the Costacos Collection partners with athletes and their foundations to create blockchain-based digital art.
The Costacos Collection says all proceeds from the drop will go to the Mays’ Say Hey Foundation to establish a baseball academy for underprivileged youth in Alabama and restore the historic Rickwood Field in Birmingham, Alabama, where Mays played for the Birmingham Black Barons.
“I’ve never forgotten the people who supported me, taught me, and helped me find my way,” Mays said in a press release. “I want every child to have the same chances that I had, and this gives me a way to do that starting in my original hometown.”
One NFT called “The Making of a Giant” will feature an audio clip of sports broadcaster Bob Costas telling Mays’ story. Other NFTs in the collection feature images commemorating Rickwood Field and Mays’ Rookie of the Year award.
The Mays collection of NFTs is another line dedicated to preserving the legacy of historic black artists, musicians, and athletes. As previously reported by Decrypt, Russell Simmons collaborated with Snoop Dogg to launch a line of NFTs dedicated to early hip hop artists that laid the groundwork for what would become a global phenomenon.
The Willie Mays NFT collection will drop on Nifty Gateway on October 24 at 3:30 pm PST.
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.
Aggregate bitcoin futures open interest rise is slightly below all-time levels made at the local bitcoin market top in April. Is this cause for concern?
While futures open-interest and leveraged bets favoring the long side have certainly increased over the recent weeks with bitcoin’s feverish rally past previous all-time highs, there are a few key distinctions between the market structure in April versus what we are seeing now.
Source:Glassnode
The biggest and maybe the most important difference between the derivatives market in April compared to today is the percentage of futures-open interest that is using BTC as collateral to enter a position. With bitcoin derivative markets, you can either use BTC or stablecoins as collateral.
If you are long (directionally betting on prices to increase) using bitcoin, then if the price decreases your position P&L (profit and loss) and your collateral decrease in value in tandem, this raises the liquidation price of your position. This can result in mass-market liquidation events, similar to what happened in May following the April highs.
Thus, it holds great significance that the percentage of open interest using BTC as collateral has declined significantly since April, from a high of 70.17% to 45.04%. This is a trend we have been covering in detail since July, when we broke down some of these dynamics in The Daily Dive #028 – Structural Changes To BTC Derivatives Market.
With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market.
This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear markets. One recurring theme of the bear markets has been the diminishing percentages of total value lost. At this rate, it is expected that BTC will see between 75% and 80% loss from its peak this cycle. Market analyst Justin Bennett uses this to predict where BTC will bottom out next.
The Next Bitcoin Bottom
Bennett put the next bitcoin bottom at $50,000 after analyzing the possible price movements of the digital asset. With the current cycle, the analyst sees the price of bitcoin hitting $200,000 before the bull run is over, hence a 75% to 80% pullback in a bear market will see the bottom of the asset land around the $50,000 range.
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This bottom is solely based on the cryptocurrency hitting the price range that Bennett expects the asset to peak at by the end of the rally. If BTC does not hit this price point before the bull rally is over then we might see a BTC bottom land at a much lower price range.
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BTC goes into the red ahead of Friday opening | Source: BTCUSD on TradingView.com
Bennett’s pullback analysis has a lot of credit given that markets are historically known to see lower pullbacks as assets mature. So the 75% to 80% mark does resonate with what the market is known to do. However, if the price of BTC falls short of Bennett’s prediction or doesn’t move the needle much from its current price point, then the BTC bottom may land in the $10,000 to $15,000 range using the pullback analysis.
The Peak Before The Fall
Bennett’s analysis did not focus solely on the crash of the digital asset. He put forward his argument for the price of BTC at $200,000 using technical analysis of the market. The analyst points to Fibonacci extensions as indicators of where the price of bitcoin may peak during this cycle.
For the Fibonacci extensions, comparisons between the 2.272 and 2.414 extensions from previous cycles have both given a target area which the asset had hit both times. Going by this, Bennett sees the asset peaking between $207,000 and $270,000 before the current cycle is over.
Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?
Moving forward, the analyst plans to use the monthly RSI to time market exits “Notice how BTC tends to end cycles when the monthly RSI reaches above 90,” Bennett says. “It’s also exhibited a double top pattern each cycle, which leads me to believe it happens again.”
Bennett plans to use a combination of net unrealized profit/loss (NUPL) and the monthly RSI to slowly exit the asset over the next couple of months.
Featured image from YouTube, chart from TradingView.com
Email addresses belonging to 3.1 million CoinMarketCap users were leaked last week, according to Have I Been Pwned.
Leak Took Place Last Week
Have I Been Pwned says that the website’s database was breached on Oct. 12, 2021. Exactly 3,117,548 email addresses, not including passwords, were stolen in the security breach.
CoinMarketCap reportedly admitted that “batches of data have shown up online purporting to be a list of user accounts” and that it has “found a correlation with [its] subscriber base.”
However, the way in which the data was leaked is still unknown. “We have not found any evidence of a data leak from our own servers,” CoinMarketCap noted, adding that it will provide future updates.
The fact that the leaked data does not include passwords, combined with the fact that CoinMarketCap does not act as an exchange, means the attack is unlikely to cause a large-scale theft.
Data Leaks Are Common
Despite the lack of immediate risks, this leak nevertheless damages user privacy. It could also give attackers the resources to carry out further attacks, especially given that CoinMarketCap has acknowledged phishing campaigns in the past.
Several other crypto companies including Celsius, Ledger, and BitMEX have experienced similar leaks concerning email addresses and user information. Each of those leaks took place over the last two years.
Crypto exchange Binance, which owns CoinMarketCap, was targeted by an unrelated attack in 2019. That attack succeeded in stealing 2% of the company’s Bitcoin holdings.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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A widely followed crypto analyst is bullish on five altcoins following Bitcoin’s (BTC) big push to fresh all-time highs.
The pseudonymous trader known as Credible Crypto tells his 251,200 Twitter followers that whales appear to be accumulating Convex Finance, whose CVX token powers the Curve Finance decentralized exchange (DEX).
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“Another million-dollar purchase of CVX from the pros at a price of $21.53 per CVX.Yeah, you’re still early.”
Credible says that XRP is looking strong, despite Ripple’s legal battle with securities regulators in the US.
He expects XRP to turn a historic level of resistance into support, clearing the way for a major rally.
“Can’t get over how great this chart looks. From a technical perspective, I struggle to see how an analyst can make an objectively bearish case for this chart.
When we break up here soon XRP is going to melt faces.”
Source: Credible Crypto/Twitter
The analyst says that Ethereum (ETH) is poised to reach new heights, following in the footsteps of Bitcoin’s recent record-breaking ascent. ETH is currently trading at $4,118, according to CoinGecko.
As for the digital asset of the decentralized public network Hedera Hashgraph (HBAR), Credible Crypto says a new all-time high is in the cards if the asset can clear a remaining hurdle at the $0.47 mark.
“HBAR following the plan beautifully here. Coiling up against the midpoint of this range – I suspect it breaks soon an we head for the range highs at .43. Clear RED and new all-time high incoming.”
Source: Credible Crypto/Twitter
The analyst believes Solana (SOL) is also set to reach a new all-time high.
Over the past seven days, the crypto asset rose from $162.60 to as high as $204.30, marking an increase of nearly 26%.
“Note the ORANGE region was the last line of defense before a much larger drop.
It held, BTC broke resistance, and the bearish scenario was invalidated. Prep for new all-time high not just on SOL, but on MANY other alts.”
Source: Credible Crypto/Twitter
The trader adds that the bullish crypto market will translate to a price surge in other altcoins, but warns BTC may outperform the market in the short term.
“In case you were wondering, this means full bull on alts too.
Yes, BTC will take the spotlight initially, but alts will soon follow BTC with major rallies of their own.”
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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.
A week ago, as Crypto Twitter waited for Bitcoin futures ETFs to land and price records to fall,talkamongst Bitcoiners settled around cubes of tungsten, the dense metal used for light bulb filaments and paper weights—prompting suppliers of the metal to sell out.
Actual tungsten isn’t the only thing in short supply anymore, as tungsten NFTs are selling like hotcakes. The prime beneficiary, aside from tungsten enthusiasts, has been Coin Center. Tungsten Cube NFT, which has garnered 484 SOL (now worth $96,000) from selling moving digital images of the cube, announced that it was giving the royalties from its first trading day to the crypto think tank.
Neeraj Agrawal, head of communications for the crypto think tank, confirmed toDecryptthat it received the donation. He says it may be the weirdest donation Coin Center has ever received: “Now I have to explain how we made tungsten cubes a crypto meme, then there was an NFT backed by tungsten cubes that became hotly traded,” he said. “It makes no sense to anyone who doesn’t pay attention to this stuff.”
For those who haven’t logged on to Twitter of late, the cubes became a meme after an idle tweet by Nic Carter of Coin Metrics, who was amused by the existence of tungsten cubes.
“All the reviews are just like ‘yep, it’s heavy. does what it says on the tin,'” he tweeted.
That observation led to several crypto luminaries buying the item from Amazon, and causing supplier Midwest Tungsten to sell out within hours. As more crypto holders started joking about the utility of the cubes, it morphed into a meme and, quickly thereafter, actual NFT depictions.
In the ensuing days, Midwest Tungsten got in on the joke by accepting Bitcoin sales. Since October 19, when that payment option went live, a full 20% of all tungsten cube sales have been in BTC.
The 14″ 1,784 lb Tungsten Cube NFT by Midwest Tungsten. A real-world cube we store for you or you can burn to redeem. https://t.co/WZawvzjdmW
— MidwestTungstenStore (@MTS_Store) October 22, 2021
What’s more, Midwest Tungsten created its own NFT—backed by a physical cube—which it is auctioning off on OpenSea. The highest bidder will receive the digital asset and be allowed “one visit to see/photograph/touch the cube per calendar year.” If the NFT is destroyed, Midwest Tungsten will ship the physical cube to the owner. As of publication, the high bid is 5 Wrapped ETH (worth nearly $20,000).
Tungsten Cube NFT is looking to cash in on the trend—at least on behalf of crypto advocacy groups, which it says will receive all the royalties from secondary resales of the NFTs.
It’s not a supplier itself, but it promises that the NFTs will be redeemable for physical cubes (complete with free shipping in the U.S.) by the start of November. On auction at Solana‘s Magic Eden marketplace and FTX exchange were 399 1-inch cubes, eighty cubes sized at 2-inches, twenty 4-inchers, and 1 behemoth 7-inch cube.
“We like tungsten,” it says on itswebsite. “It’s a fantastic metal. Supporting crypto policy efforts using Tungsten cubes makes sense.”
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
A top executive at Ripple says that the U.S. Securities and Exchange Commission (SEC) may have helped Ethereum (ETH) usurp XRP as the second-largest crypto by market cap.
In a new interview at DC FinTech Week, Ripple Labs chief executive officer Brad Garlinghouse says that XRP was second only to Bitcoin (BTC) until the SEC stepped in.
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“The idea that the United States government… hasn’t helped pick winners in the United States’ ecosystem around crypto is crazy.
Within the last few years, XRP was the second-most valuable digital asset. As it became clear that the SEC had given the hall pass to ETH, ETH obviously has kind of exploded.
I just fundamentally think we should let market forces determine winners and losers, not regulation by enforcement as we’re seeing today.”
In December of 2020, the SEC filed a lawsuit against Ripple Labs claiming the company was selling the crypto asset XRP as an unregistered security. The filing sent XRP’s price tumbling from $0.57 to $0.26, according to CoinGecko. XRP is currently valued at $1.09.
Ethereum met a different fate than XRP, as the SEC declared in 2018 that it, along with Bitcoin (BTC), was not considered a security.
Since that decision, ETH has seen a nearly nine times increase in price, according to CoinGecko.
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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.
The long-awaited day finally came on Oct. 19 as the first Bitcoin (BTC) exchange-traded fund (ETF) went live on the New York Stock Exchange, thrusting the crypto asset into the limelight across mainstream news outlets and alternative media alike.
Despite the fact that the ETF in question will hold no actual Bitcoin and is instead a futures-based instrument, investors and pundits across the ecosystem have largely hailed its launch as proof that Bitcoin has hit the big leagues and will soon surpass the coveted $100,000 price target.
Many investors either don’t have access or will choose not to interact with the newly launched EFT, but holders can still use a variety of strategies to earn a yield on their BTC holdings.
Here’s a look at some strategies BTC holders can use to earn a yield.
DeFi meets BTC in BadgerDAO
BadgerDAO is an open-source protocol built on the Ethereum network that has the specific goal of building products and the required infrastructure needed to simplify the integration of Bitcoin into decentralized finance (DeFi).
Currently, BadgerDAO has the most extensive list of BTC paired pools where investors can provide liquidity.
As seen in the image above from the BadgerDAO dashboard, there are different offerings from the simple staking of Wrapped BTC (wBTC), which can earn a yield ranging from 1.22% to 27.98% depending on the terms of the lockup, to the staking in more complex liquidity provider (LP) strategies like the renBTC/wBTC/sBTC pool, which offers a yield ranging from 7.07% to 45.37%.
It is important to note that there are risks involved with wrapping BTC and RenVM because a user must relinquish control of the original BTC in order to obtain either wBTC or renBTC, violating the crypto code of “not your keys, not your crypto.”
For LP tokens that pair BTC with other cryptocurrencies such as Ether (ETH), BADGER or stablecoins like Tether (USDT) and USD Coin (USDC), holders must also consider the possibility of suffering an impermanent loss if the price of Bitcoin increases by a significant amount compared to the other token it is paired with.
Trader Joe
Trader Joe is the largest decentralized trading platform by total value locked (TVL) on the Avalanche network, according to data from Defi Llama, with $2.18 billion worth of assets currently on the protocol.
Bitcoin-related pools on Trader Joe. Source: Trader Joe
Using wBTC on the Avalanche Network requires another layer of wrapping that produces wBTC.e, which can then be traded on the network or used to provide liquidity.
At the time of writing, Trader Joe is offering a yield on three LP tokens, including a return of 26.223% for the wBTC.e/AVAX pair, 16% for the wBTC.e/USDC.e pair, and 11.9% for the wBTC.e/USDT.e pair. All rewards are paid out in the protocol’s native JOE token.
Raydium
Raydium is the top-ranked DeFi protocol on the Solana network, according to data from Defi Llama, and currently boasts a TVL of $1.77 billion.
Users who wish to use their BTC on Solana have the option of pairing it with USDC, USDT, Serum (SRM) and a wrapped form of Solana known as mSOL.
Bitcoin-related pools on Raydium. Source: Raydium
The yields offered range from 5.16% to a high of 14.27%, with all rewards paid out in the platform’s native RAY token.
PancakeSwap
PancakeSwap is the No. 1 ranked protocol by TVL on the Binance Smart Chain (BSC) with data from Defi Llama showing that $5.39 billion worth of tokens is currently locked on the protocol.
In order to utilize Bitcoin on the BSC, it must first be wrapped to become BTCB, which can then transact on the network.
Bitcoin-related pools on PancakeSwap. Source: PancakeSwap
At present, PancakeSwap is offering a 5.44% return for the BTCB/ETH pair, a 15.82% return for the BTCB/BUSD pair (Binance’s stablecoin, Binance USD) and 20.79% for the BTCB/BNB pair. All rewards are paid out in the protocol’s native CAKE token.
Related:Valkyrie Bitcoin futures-linked ETF launches on Nasdaq, with share prices dropping 3% in first hour
Decentralized Bitcoin futures
DYdX is a decentralized perpetual futures trading platform that made waves back in September when it airdropped thousands of dollars worth of its native DYDX governance token to early adopters of the platform.
Similar to the ProShares Bitcoin Strategy ETF, trades made on the dYdX protocol do not settle in actual Bitcoin but instead in a USD stablecoin, so BTC stakers may not be too interested in the protocol if directly increasing Bitcoin holdings is the only goal.
However, as opposed to trading a government-regulated futures product that is only available when the traditional markets are open, dYdX offers the decentralized, 24/7 trading environment that the crypto faithful have grown to love.
Want more information about trading and investing in crypto markets?
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.
NFT development studio Mojito announced Friday that they have raised $20M in seed funding from a number of investors including internationally known auction house Sotheby’s.
According to an announcement published in Forbes, Sotheby’s auction house, in partnership with Future Perfect Ventures, Creative Artists Agency and NEA’s Connect Ventures, contributed to the round at Mojito’s estimated value of $100 Million.
The Delaware-based start-up indicated that it will use this new injection of capital to grow and develop its engineering teams, make a better version of its current NFT platform and further develop its NFT trading and investment platforms.
The NFT market has seen its total monthly sales drop from early September, though numbers have held at between $1.8 and $2.1 billion for the last month, according to nonfungible.com. The NFT market’s total monthly sales hit an all-time high of $3.7 billion on Sept. 4 after a steady rise in late July. $31 million of the current total NFT market sales comes from the sale of art-based assets.
Digital art marketplaces such as OpenSea achieved prominence during this time as well, reportedly hosting 98 percent of the market’s transactions through August 2021.
Art dealers and museums have taken notice, and are beginning to follow suit as they chase the money that is apparent in this new market. Both Sotheby’s and Christie’s auction houses have had a number of successful NFT auctions in the past year. Christie’s was the first of the two to host a global auction of an NFT.
Mojito previously aided Sotheby’s in the development of its new digital NFT marketplace, known as Metaverse.
Businessman and TV personality Kevin O’Leary, a one-time vocal opponent to cryptocurrency-based investments, recently stated his belief that the NFT market would become bigger than Bitcoin during an interview on the Pomp podcast.
