Argentina Halts Crypto Operations Undertaken by Financial Institutions

Days after Argentina’s largest private bank Banco Galicia opened crypto trading services, the nation’s central bank cracked the whip by banning financial institutions from carrying out crypto transactions.  

The central bank noted that its decision to stop crypto transactions in the entire financial sector was reached to “mitigate the risks” involved when using digital assets, such as money laundering, cyberattacks, and high volatility. 

Financial institutions will only be allowed to finance investment, consumption of goods and services, and production. Argentinians, therefore, will lose opportunities to undertake crypto operations through banks as the blanket ban on unregulated digital assets takes effect. 

Recently, Banco Galicia rolled out the new service based on growing demand. It was to enable users to buy, send, and receive Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and USD Coin (USDC). 

To tame runaway inflation, Argentinians have been seeking shelter in crypto. 

This can be illustrated by the fact that Argentina is among the world’s top 10 nations with the highest crypto adoption rates. Therefore, the latest development is a big blow.

With annual inflation rates surging by more than 50%, crypto exchange Lemon Cash had stipulated that it would roll out three million Visa crypto cards earlier this year. 

Franco Bianchi, the chief marketing officer at Lemon Cash, said:

“Latin America is a good place for these services. Several of the countries have unstable economies and devalued currencies, and the people seek access to cryptocurrencies as a refuge.”

Economists speculate that the inflation rate on Argentinian soil will hit 55% this year from the current 50.7%. 

Therefore, the crypto ban will undermine Argentinians because they were using cryptocurrencies as hedges against a cyclical economic crisis that includes a recession, hyperinflation, and repeated currency devaluations. 

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Bitcoin Needs to Reclaim $37.5K before Painting a Bullish Picture

The volatility of the Bitcoin (BTC) market for a couple of months continues. The leading cryptocurrency was down by 9.05% in the last 24 hours to hit $36,031 during intraday trading, according to CoinMarketCap.

Bitcoin turned into the red zone approximately 48 hours after the Federal Reserve (Fed) announced an interest rate rise of 0.50%.

Market analyst Michael van de Poppe believes BTC needs to reclaim the previous support level of $37.5K to boost its chances of bullish momentum. He explained:

“If Bitcoin wants anything to be bullish, it needs to reclaim the level at $37.5K. Then I’m assuming we’ll test $39K again as there’s a big gap in between. Under $37.5K, nothing to say about bullish perspectives.”


Source: TradingView

Similar sentiments were echoed by crypto analyst Matthew Hyland, who believed that BTC should reclaim $37.2K or experience a further price decline. 


Source: Matthew Hyland

Sell calls spike

According to market insight provider Santiment:

“Crypto traders appear to believe that yesterday’s market-wide price surge was an anomaly, and the short celebration won’t last. Historically, when calls for selling spikes, crowd FUD like this strengthens the case of a continued rise.”


Source: Santiment

Bitcoin whales are also selling, as acknowledged by crypto analyst Ali Martinez. He noted:

“Addresses holding 1,000 to 10,000 BTC have offloaded or redistributed 70,000 Bitcoin in the past three days while the balance on crypto exchanges increased by 10,000 BTC.”

The interest rate hike might be instigating the selling pressure. Jason Lau, the chief operating officer of crypto exchange Okcoin, pointed out:

 “Investors are jittery about the Fed continuing to raise interest rates after yesterday’s 50 bps hike. The potential of additional rate hikes makes the trajectory of the global economy uncertain.”

Profit-taking tendencies have also been noted in the BTC market, Blockchain.News reported. 

Nevertheless, Santiment believes all is not lost because whenever high fear, uncertainty, and doubt (FUD) levels are experienced, bullish momentum is usually on the horizon. 

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Bitcoin Bleeds as Celebrations about Interest Rate Hike Becoming Short-Lived

After hitting the $40K level as Fed’s interest rate hike made airwaves on May 4, Bitcoin (BTC) finds itself on the receiving end because it has sunk to a two-month low.

The leading cryptocurrency was down by 7.85% in the last 24 hours to hit $36,472 during intraday trading, according to CoinMarketCap

Celebrations engulfed the Bitcoin market because news about the Federal Reserve’s interest rate increase by 0.5% turned bullish. Still, various indicators showed that caution was not to be thrown to the wind.

Market insight provider Santiment had acknowledged that it seemed BTC was experiencing an anomaly, given that sell the rumour buy the news scenario was playing out because interest rate hikes are usually bearish. 

Therefore, the post-Fed optimism evaporates as the crypto market continues digesting the tightened monetary policy. 

Josh Lim, the head of derivatives of New York-based brokerage Genesis Global Trading, pointed out:

“The market still needs to digest the impact of tighter monetary policy on all risk assets and crypto might take a hit as correlations.” 

A higher-rate environment has pushed Bitcoin to a tight spot because the leading cryptocurrency has been trading between the $36K and $41K range for a couple of months.

Teong Hng, the CEO of Hong Kong-based crypto investment firm Satori Research, noted:

“The technical picture in BTC remains poor, in spite of a less hawkish Powell, BTC failed to regain 40,000, hence this pull back. As equity markets in the U.S. are reversing yesterday’s gains, crypto follows suit.”

According to data by CoinShares, crypto outflows have hit $339 million in the past four weeks. This also shows that liquidity has been exiting the BTC market.

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Flowcarbon Partners with Celo Blockchain to Create Carbon Market Ecosystem

Climate technology company Flowcarbon has partnered with the carbon-negative blockchain Celo Foundation to create a carbon market ecosystem, which enables carbon credits to be traded on the Celo network in the form of Flowcarbon’s Goddess of Nature token (GNT).

The carbon market ecosystem, that Flowcarbon and Celo are creating, is a platform for project developers to tokenize their carbon credits, sell tokens at GNT market prices, and achieve real-time credit on-chain.

The partners purchased at least $10 million worth of GNT, creating liquidity and making the carbon trading market more transparent, simpler, and more accessible to buyers and sellers.

Phil Fogel, co-founder of Flowcarbon stated that:

 “Celo is carbon-negative, and the value of natural resources is built into its ethos, making it the most natural foundation for building solutions to climate change on-chain. Celo’s founders, Sep, Marek, and Rene live and breathe this mission in a way that no other layer-1 ecosystem does.”

The CELO business model involving the deployment of smart contracts on mobile phones using phone numbers as public keys aims to bridge the gap between the world and the notion of transacting with cryptos.

In recent years, carbon markets have started to show their potential in delivering capital at a scale in which the industry is able to tackle issues of climate change.

According to Blockchain.News, a Singaporean exempt private company AirCarbon Pte permits corporate buyers and airlines to sell and purchase tokens subsidized by carbon offset credits. This is based on the approval of the International Civil Aviation Organization.

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Mining company Argo Blockchain to Launch Flagship Mining Facility in Texas

The London-listed Bitcoin mining company Argo Blockchain will officially launch its flagship mining facility Helios in Texas next week.

According to the company’s filings with the London Stock Exchange, The first phase of development of Helios will utilize 200 MW of power generation capacity, and Argo’s hash rate will increase by 243% and is expected to reach 5.5 EH/s by the end of 2022.

Per the filing, Helios also has up to 600 MW of additional generating capacity, enabling Argo’s operations to grow significantly to more than 20 EH/s.

Argo Blockchain has been making an emphatic move into the North American market in the past few years, citing the cheap and renewable energy sources available in various areas in the region.

Argo Blockchain has signed a partnership agreement with Core Scientific, and the two parties will exchange their respective bitcoin mining machines in the coming months.

The installation of the Bitmain S19J Pro mining rig has already started and will continue until July.

Argo Blockchain had been building out the data centre in Texas, drawing on support through a short-term loan of $20 million it secured from Galaxy Digital back in June last year.

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Hedge Fund Marshall Wace Forms Workforce, Focusing on Blockchain Investments

Investment firm Marshall Wace is forming a blockchain team to focus on investing in private blockchain-related companies.

The company has also hired William Benattar, who has made technology investments in UK property developer Nick Candy’s family office, to prepare for its crossover investment

The firm aggressively raised a new digital finance fund last July to invest in high-tech companies in areas, such as blockchain technology, digital payments and stablecoins.

Marshall Wace LLP is a hedge fund based in London, founded by Paul Marshall and Ian Wace in 1997. As of January 2022, its assets under management reach US$ 64 billion.

Marshall Wace is one of Europe’s foremost hedge fund managers specialising in global long/short equity with investment management offices in London; New York.

A survey conducted by PWC and Elwood Asset Management indicates that 47% of traditional hedge fund firms have entered or plan to enter the cryptocurrency market. The research surveyed 39 hedge fund firms in the first quarter of this year with a total of $180 billion in assets under management.

Brevan Howard, a European hedge fund asset management firm, has announced extending its reach into the cryptocurrency sector by forming a new crypto-focused division called BH Digital.

Meanwhile, cryptocurrency hedge Fund Pangea Fund raised $85 million to focus on a “long-only” strategy on Wednesday.

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Tron Blockchain Launches USDD Decentralized Stablecoin by Tron DAO Reserve

Justin Sun, the founder of the Tron blockchain network, said that he has launched a USDD decentralised stablecoin pegged to the US dollar at a ratio of 1:1 through the Tron DAO Reserve in cooperation with top blockchain institutions.

TRON cryptocurrency. Touted by celebrities?

Tron, known as TRXis for decentralising the web. The official website describes Tron as “one of the largest blockchain-based operating systems in the world,” led by Justin Sun- the Founder and CEO of TRON.

The USDD protocol runs on the TRON network with an initial total supply of 100 million. It has been launched on decentralised exchanges such as Sunswap,, Curve, Uniswap, Ellipsis, Pancakeswap, and Kyberswap.

USDD is pegged to the U.S. dollar (USD) via TRX.

In addition, USDD connects the two blockchains of Ethereum and BNBChain through the BTTC cross-chain protocol and will be integrated into more blockchains in the future. At present, the circulating supply of USDD in these two blockchains is close to 20 million.

The Tron DAO Reserve will ensure the price stability and decentralization of USDD by collateralising the cryptocurrency with reserves and providing the liquidity needed to maintain business in significant financial offsets.

It also “aims to safeguard the entire blockchain industry and cryptocurrency market, prevent panic trading caused by the financial crisis, and alleviate a severe and prolonged economic downturn.”

That would help stabilise the exchange rate of the centralised and decentralised stablecoins that reside in the Tron blockchain protocol by setting risk-free interest rates and regulating the market by providing liquidity.

The launch of the USDD stablecoin will help promote the role of the Tron ecosystem in the development of stablecoins.

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Web3 Gaming Platform LootRush Raises $12m in Seed Round

Web3 gaming platform LootRush has raised $12 million in seed funding led by crypto company Paradigm, aiming to make playing Web3 video games more accessible and more convenient for users.

The company said the financing would expand the team globally and buy NFTs at scale.

In this round of funding, investors include Andreessen Horowitz (a16z), Y Combinator, and the creators of Axie Infinity, Plaid, Wildlife Studios, Dapper Labs, and The Chainsmokers and Vivi Nevo participated as angel investors.

LootRush says that:

“To play videogames using web 3 technologies, players experience a high barrier of entry. And, as interest in these types of video games continue to skyrocket, players are looking for ways to go from intent to enjoyment in as little time, with as little cost, as possible.”

“We enable players to play video games with NFTs at 100x lower price, providing more flexibility and a larger portfolio of NFTs to have fun,” said by LootRush.

The US-based LootRush was founded in 2015 to “make Web3 video games as easy to use as a mobile device or play video games on Steam” Playing games on Steam is like installing the Steam client and buying what you want. The game is then as easy to download as it is to play.

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Animoca Brands Partners with Untamed Planet to Develop Untamed Metaverse

Hong Kong-based Animoca Brands has announced a partnership with Untamed Planet to develop and publish Untamed Metaverse, a game to help nature conservation efforts. - 2022-05-06T120244.576.jpg

Untamed Planets also completed a $24.3 million Series A funding round led by Animoca Brands, one of the biggest names in the gaming and metaverse world. The company previously received seed funding from Afterpay co-founder Nick Molnar.

The announcement added that the new funding will be used in developing Untamed Metaverse in partnership with Animoca Brands and its subsidiary nWay.

Founded in 2020, Untamed Planet creates nature-based games with Web3 technology that helps in generating funds for driving conservation benefits.

Players in Untamed Metaverse can explore a digital version of the world’s wild landscapes, participate in quests, collect NFT assets and build communities of people passionate about protecting nature.

Untamed Planet claims to be building a sustainable source of donations for nature conservation while providing play-to-earn ad play-to-protect opportunities for Untamed Planet community members.

Scott Bandy, studio head of Untamed Planet, commented: “What excites me about the Untamed Planet mission is the opportunity to merge mainstream gaming with the new prospects that Web3 enables for digital ownership by players in order to drive real-world conservation – this project is epic. We couldn’t have hoped for better partners than Animoca Brands and nWay.” 

Recently, Animoca Brands also unveiled its partnership with OneFootball, and Liberty City Ventures to establish OneFootball Labs as a Joint Venture between the trio.

Per the announcement, OneFootball Labs will work to bring football fans a whole new experience that is powered by blockchain technology. Riding on the broad network of Animoca Brands in the blockchain ecosystem, the new startup will “enable clubs, leagues, federations, and players to release digital assets and fan-centric experiences” on the blockchain.

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Grayscale Files Form 10 with SEC for its 3 Trusts

Grayscale Investments announced on Thursday that it has publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) on behalf of Grayscale® Horizen Trust, Grayscale® Stellar Lumens Trust, and Grayscale® Zcash Trust.

The new Form 10 filings are voluntary and subject to SEC review. If the SEC considers the Registration Statements filed today as effective, then it would designate the trusts (funds) as Grayscale’s investment vehicles to become SEC reporting companies and register their shares, according to Section 12(g) of the Securities Exchange Act of 1934, as amended (the Exchange Act).

This means that accredited investors who buy shares in the Funds’ private placements would have an earlier liquidity opportunity, as the statutory holding period of private placement shares would be reduced from 12 months to six months under Rule 144 of the Securities Act of 1933.

If the registration statements become effective, then the funds would file quarterly and annual reports, current reports, and audited financial statements with the SEC, including complying with all other obligations under the Exchange Act. 

The Trust is a traditional investment product that provides investors with exposure to cryptocurrency in the form of security, thus avoiding the challenges of buying, storing, and safekeeping crypto directly.

The funds are investment products that allow investors to more effectively implement strategic and tactical asset allocations that incorporate digital assets by using the funds’ shares. The move reflects Grayscale’s commitment to move such funds forward through the product pipeline highlighted in the company’s roadmap to launching digital currency ETFs. 

The firm, a New York-based premier digital currency investing and crypto asset management company, already has six SEC reporting products: Grayscale® Bitcoin Trust, Grayscale® Bitcoin Cash Trust, Grayscale® Digital Large Cap Fund, Grayscale® Ethereum Trust, Grayscale® Ethereum Classic Trust and Grayscale® Litecoin Trust.

Grayscale has plans to continue to release new funds to offer diversified exposure to additional cryptocurrencies. The firm still seeks to launch a Bitcoin Spot ETF that has been rejected by the SEC.

Grayscale is aware that Stellar lumen (XLM), Zcash (ZEC), and Horizen (ZEN) are some of the potential cryptocurrencies with good investment opportunities for customers.


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Bitcoin (BTC) $ 27,584.39 1.70%
Ethereum (ETH) $ 1,666.01 3.46%
Litecoin (LTC) $ 66.16 2.02%
Bitcoin Cash (BCH) $ 242.01 0.35%