Day: November 10, 2021

Bitcoin To Remain King, but Rest of Crypto Markets Could Be Anyone’s Game: Kraken CEO Jesse Powell

by Dailyhodl

Jesse Powell, CEO of crypto exchange Kraken, says that Bitcoin (BTC) won’t be unseated anytime soon.

In a new interview with Yahoo Finance, Powell says that while BTC will remain the go-to crypto from a store-of-value perspective, Ethereum (ETH) may have some competition in the smart contract realm.

“I think Bitcoin is still the best at storing value. I think it’s still the best at security. I don’t see Bitcoin being disrupted in the near term.

I think the game for smart contracts is totally up for grabs. I think Ethereum is a dominant player now, but you see Polkadot [DOT] and Solana [SOL] and some other chains coming up that maybe could steal a lot of that thunder from Ethereum with regards to smart contracts.”

The CEO also says that despite the competition between chains, he still foresees a scenario where many cryptos end up coexisting and catering to their own use cases.

“I think we’ll continue to see an evolution of these chains. I think it’s anybody’s game right now. I think we ultimately end up in a world where there are lots of successful chains that are operating simultaneously.”

Powell previously predicted that that one BTC would eventually be worth one Lamborghini, and then later one Bugatti. For perspective, a new Bugatti costs somewhere between $1.7 million and $3 million.

Bitcoin is currently changing hands at $68,638 at time of writing, while ETH is trading for $4,850.

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Featured Image: Shutterstock/Tithi Luadthong/Sensvector

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SEC Halts Token Registration for Wyoming’s First DAO

by Decrypt

In brief

  • American CryptoFed became the first legally recognized DAO in the U.S. this year.

  • But it has already run into trouble with the SEC.

The U.S. Securities and Exchange Commission (SEC) today stopped the first legally recognized decentralized autonomous organization in the country from registering its crypto tokens as securities—alleging it put out “misleading information” to would-be investors. 

American CryptoFed DAO LLC in September filed a Form 10 with the SEC, which is used for registering securities for trading on U.S. exchanges. But according to the SEC, the form did not have sufficient information about the two tokens—named Ducat and Locke—the company wanted to issue. Required information about American CryptoFed was also missing from the form, the SEC said in a statement Wednesday. 

American CryptoFed in July became the first decentralized autonomous organization in the U.S. to be granted legal status, when it registered in Wyoming. The company runs on the EOS blockchain and says it wants to introduce a new monetary system to the U.S. 

In the cryptocurrency world, a decentralized autonomous organization—or DAO—is an organization that spreads out control to token holders rather than relying on a paid hierarchy like a typical company. DAOs tend to use the Ethereum blockchain to function, though some have popped up on other smart contract-enabled networks.

In March, Wyoming passed a bill that recognizes DAOs as limited liability companies. It was the first state to do so, adding to Wyoming’s reputation as a crypto-friendly state. 

Wyoming has long welcomed crypto companies to the Cowboy State. In 2019, it passed a series of crypto-friendly bills designed to attract fintech innovators. Last year, it became the first state in the U.S. to issue a crypto banking charter. And Wyoming’s junior senator, Cynthia Lummis, has frequently praised Bitcoin, too. 

Though it’s the first DAO LLC in Wyoming, American CryptoFed has already run into trouble—and may not be able to issue its tokens at all. 

“The SEC’s order institutes administrative proceedings to determine whether it is necessary and appropriate for the protection of investors to deny or suspend the effective date of American CryptoFed’s registration of the ‘Ducat’ and ‘Locke’ tokens,” the SEC clarified in its statement. 

Kristina Littman, the SEC enforcement division’s cyber unit’s chief, added: “We allege American CryptoFed made materially misleading statements and failed to provide legally required information in its registration form.”

The Wyoming DAO law has faced some criticism. Preston Byrne, a partner at Anderson Kill Law, said the law would be used “by token hawkers to justify selling ‘shitcoins and half-baked code’.”

An administrative law judge will decide whether to deny or suspend the registration of American CryptoFed’s tokens, pending further investigation.

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Bitcoin Payments Card Are Coming To Asia Pacific, Courtesy Of Mastercard

by NEWSBTC

Mastercard has been upping its bet in the bitcoin space of late. The payments processor, alongside its rival Visa, has realized that the future of payments will happen on the blockchain, hence it is better to get in now than later. This has put MasterCard at the forefront of development on the payments side of cryptocurrencies, propelled forward by its enormous resources that can be put towards research.

The latest in the long line of innovation in the crypto space is the launch of crypto payment cards in the Asia Pacific. The cards will help accelerate MasterCard’s effort to enable crypto payment in the world, along with buying and selling their cryptocurrencies. Users will be able to spend bitcoin and other digital currencies using the card in Asia-Pacific.

Mastercard Launches Asia-Pacific’s First Crypto Card

Mastercard announced on Monday that it would be releasing Asia Pacific’s first crypto-liked payment card. Users would be able to fund their cards using bitcoin and other cryptocurrencies, which would be automatically converted to fiat currencies, and they can use the cards to pay for goods and services wherever Mastercards are accepted. Individual customers and businesses will be able to take advantage of the cards, which offer a choice between credit, debit, or prepaid crypto cards.

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Related Reading | How Bitcoin Has Performed Compared To Top Stocks

Mastercard partnered with leading digital currency companies in the region to bring this service to its customers. Coinjar, Amber Group, and Biktub were the power trio, in conjunction with Mastercard, responsible for making the cards a reality.

Crypto Mastercards were previously unavailable in APAC. However, these three companies have joined Mastercard’s Crypto Card Program, a program designed by the company to enable crypto firms to offer secure and compliant crypto payment cards to residents of the region.

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Bringing Bitcoin Payments To The Forefront

While merchants and business owners have already begun to offer bitcoin and crypto payments in the region, it is still an inefficient process given the nature of cryptocurrencies. With credit, debit, or prepaid cards, customers would not have to worry about sending their cryptocurrencies to a merchant’s wallet. Instead, being able to instantly convert their cryptocurrencies and pay right away with fiat currency.

Related Reading | New York Mayor Says Cryptocurrencies Should Be Taught In Schools

Mastercard rolled out the product at a time when interest in crypto is at an all-time high in the region. A poll carried out in APAC saw 45% of respondents saying they would consider using crypto in the next year. This was much higher than the global average of 40%. It is the latest step in Mastercard’s mission to modernize payments systems around the globe, providing a better way for individuals and businesses to transact.

Bitcoin price chart from TradingView.com

BTC continues on upward trend | Source: BTCUSD on TradingView.com

Speaking on its latest roll-out, Rama Sridhar, Executive Vice President of Digital & Emerging Partnership and New Payment Flows for Mastercard in Asia Pacific, said; “In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance, and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”

Featured image from Bitcoin News, chart from TradingView.com

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Over $700 Million Liquidated in a Day as Bitcoin Price Dipped Below $63K

by CryptoPotato

Today was looking to be a good day for Bitcoin and the entire cryptocurrency market, but the bears had a mind of their own.

  • Earlier today, we reported that Bitcoin’s price painted a new all-time high above $69K, while the remaining cryptocurrencies were also painting notable increases.

  • Fast forward a few hours later, though, and we’re now looking at love $700 million worth of liquidated positions as BTC takes a nosedive and dips below $63K.

BTCUSD_chart
Chart by TradingView

  • Even though the price recovered to about $65K, at the time of this writing, BTC is still down about 4% on the daily.

  • The rest of the market also tumbled as the total capitalization lost a little less than $200 in the process.

  • Data from Bybt shows that 81% of the liquidations came from long positions, and the majority of them happened on Binance.

  • Meanwhile, the largest single liquidation order happened on Bitmex, and it had a face value of $65.66 million.

  • Interestingly enough, it was a Cardano position, and it accounted for roughly 65% of the total ADA liquidations during the past 4 hours.

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The city of Philadelphia rolls out its own blockchain initiative

by Cointelegraph

City of Philadelphia Chief Innovation Officer Mark Wheeler announced an initiative to bring blockchain technology to city government on Monday. The project has invited people working in the blockchain and smart contracts space to contact staff working on the project to see how crypto technology could be useful within municipal government. Wheeler tweeted that he was inspired by the blockchain forward efforts of Miami, where Mayor Francis Suarez has touted city specific crypto tokens as a potential replacement for taxes and has opted to receive his next paycheck in bitcoin. 

The city’s website features a background informationally section about crypto that includes Satoshi Nakamoto’s bitcoin white paper, Vatalik Buterin’s Ethereum white paper, a 21 minute introductory video from Andreessen Horowtiz and a link to the Web3 foundation site. There isn’t a set timeline for how long the exploratory phase of the gambit will last. Wheeler said “I’m trying to get a very good sense of the use cases, and why there could be a value proposition here, and that’s what the website is all about. We’re ready to talk.” in an interview with StateScoop.

The city of brotherly love is only the latest municipal Government to enter the crypto sphere. Monday’s launch comes on the heels of newly elected NYC Mayor Eric Adam’s announcement that he hopes crypto literacy will be taught in public schools. Following Suarez’s lead, Tampa Mayor Jane Castor plans to accept her next paycheck in bitcoin as well. Meanwhile Jackson, TN announced it would investigate the adoption of crypto payments back in April.