Tag: Xtzbtc

Market Watch: Bitcoin Retraced After Topping at $45K, Tezos Soars 12%

by CryptoPotato

After several consecutive days of marking impressive gains, bitcoin retraced slightly and lost around $2,000 since its local peak. The altcoins have calmed on a daily scale, except for a few lower- and mid-cap ones that surged, such as Tezos (XTZ).

Bitcoin’s Peak and Subsequent Retracement

Ever since February 4th, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been highly bullish. Bitcoin initiated an impressive leg up in which it reclaimed $40,000 for the first time in weeks and only kept climbing.

This resulted in touching $43,000 and $44,000 on February 7th before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag seen by bitcoin in over a month.

After gaining $8,000 in days, though, the community expected some kind of a retracement, and it arrived shortly after this peak. It drove the cryptocurrency down by about $3,000 to $42,500, but the asset reacted rather well and recovered $1,000 in the following hours.

As such, its market capitalization continues to stand well above $800 billion, and its dominance over the altcoins is close to 42%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Tezos on the Move

Most alternative coins registered similarly impressive gains in the past week or so. Ethereum went from struggling to remain above $2,000 to a multi-week high north of $3,100. The second-largest crypto has calmed since then, but it’s still around that line.

The remaining larger-cap alts have either stalled or retraced slightly. Binance Coin is down by 3%, Solana by 2.6%, Terra by 3.5%, Dogecoin by 3%, while Shiba Inu has lost the most (-6%). This comes despite the recent introduction of Metaverse real estate by the memecoin project.

LEO Token is the best performer on a daily scale with a massive 50% surge. This is perhaps a direct consequence of the positive development in regards to the Bitfinex hack.

Tezos is another impressive performer following a 12% surge. Consequently, XTZ now trades above $4.5.

The crypto market cap topped $2 trillion yesterday, but it’s slightly below that line after a minor daily decline.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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After a Court Battle, the IRS Might Not Impose Income Taxes on Unsold, Staked Crypto

by CryptoPotato

The United States Internal Revenue Service (IRS) could stop taxing digital assets obtained through staking. The agency added that it will refund the tax paid by a Nashville couple on tokens they had earned via staking on the Tezos network.

IRS to Refund Tax Paid on Staked Tokens

According to a Forbes report on Thursday, the IRS noted that it will refund the $3,293 in income tax and statutory interest the couple paid on their staked 8,876 Tezos (XTZ) tokens.

In May 2021, the couple, Joshua and Jessica Jarret, filed a civil lawsuit with the U.S. District Court for the Middle District of Tennessee. They demanded a refund of the $3,293 income tax they paid in 2019 on 8,876 XTZ tokens acquired from staking.

The couple also insisted that they be compensated for lost income by a $500 increase in tax credits.

Staked Tokens Should Not Be Taxed

In the court filing, the Jaretts noted that tokens obtained through proof-of-stake protocols should be considered “new property” created by the taxpayer, not as income. Therefore, this new property should not be taxed until it is sold or exchanged for a “readily accessible form of wealth.”

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While the couple won the case against the IRS, allowing them to get a refund of their 2019 tax on staked tokens, it remains unclear at the moment if the agency has any plans to update its official guidance on crypto taxes.

However, according to confidential sources familiar with the matter, the Jaretts intend to pursue the case further in court to enable them to obtain long-term protection.

Setting Precedents

This move by the couple might set a precedent for anyone who wishes to profit from the rapidly growing cryptocurrency staking industry, which is currently estimated to be worth over $18 billion.

Still on the topic of crypto taxes, the Indian government could soon drop earlier plans to ban digital currencies in the country. Instead, the nation’s authorities moved to provide regulatory clarity on the cryptocurrency market with a 30% tax on such income.

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Entrepreneur First Partners With Tezos To Boost Web3 Startups

by CryptoPotato

Entrepreneur First, an international firm focused on investing in technology companies, is partnering with Tezos to launch a blockchain-focused platform to attract potential founders to Tezos’ web3 ecosystem.

Seeking Talented Web3 Developers

The new platform, dubbed Entrepreneur First Web3, is designed to attract potential blockchain innovators and DeFi app creators into the Tezos ecosystem. They will be able to share ideas with the community, collaborate with other DeFi app creators, apply for grants and investments to fund future projects, and more.

The platform will select the most talented and ambitious Web3 developers and integrate them into the Tezos Web3 ecosystem, providing them with technical training and guidance by experts from the community, besides financial support to develop their applications. Founders will also have full access to Entrepreneur First’s network of investors and mentors.

The firm said participants will have until the end of May 2022 to send their applications, selecting two cohorts of 40-50 founders who will participate in a six-month in-person program in London. They will seek a co-founder, develop a promising web3 project, and request grants to fund it after three and six months.

Entrepreneur First is a London-based investment firm that supports technology startups with over 3,000 alumni globally. The firm has worked with notable companies like Magic Pony Technology, Merkle Science, and Propine Capital. Talking about the partnership, EF CEO Matt Clifford said:

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Entrepreneur First was created to give founders a platform and community to find their co-founder, develop ideas and get customer traction, fast. This platform is ideal for founders who already have a clear conviction to build for a decentralized future, and want to do it as part of a tight-knit community of potential co-founders and collaborators.

Tezos Continues to Gain Ground in the DeFi Space

The Tezos token, XTZ, saw a small but positive 1% increase after the announcement. XTZ is currently trading at nearly $6, and its market capitalization is above $5 billion.

Despite a sluggish price for the XTZ token, Tezos has continued to seek new partnerships and integrations into its platform. On Oct. 20, the popular F1 team McLaren joined the NFT craze by launching its own NFT collection on the Tezos platform.

A month ago, CryptoPotato reported that the Arab Bank Switzerland enabled its institutional clients to stake, trade, and store XTZ. The institution sees Tezos and digital assets as a fundamental part of its mission to bridge “tradition and cutting-edge innovation.”

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Arab Bank Switzerland Enables Tezos Staking, Trading, and Storing as XTZ Charted New ATH

by CryptoPotato

Arab Bank Switzerland will enable its institutional clients to store, stake, and trade XTZ – the native cryptocurrency of the popular blockchain project Tezos. This announcement comes amid the token’s recent price surge, which led it to a new all-time high.

  • The press release seen by CryptoPotato reads that the banking organization, founded in 1962, has selected Tezos to develop a new set of “innovative and compliant” on-chain digital financial products.

  • The private bank will also allow its customers to stake, store, and trade the XTZ token on its institutional-grade platforms.


  • “Digital assets are a cornerstone of our strategy, requiring strong agility while complying with the highest security standards. Our mission is to bridge tradition and cutting-edge innovation. Tezos, with its scalability, high-quality governance, and staking possibilities, fits perfectly within our vision.” – commented Rani Jabban – Managing Director of the bank.

  • Tezos already has experience with working with large banks. Back in April this year, the protocol partnered with Societe Generale as the French institution wanted to employ the Tezos blockchain to issue its own security token.

  • Additionally, Tezos has cooperated with multiple Swiss-based organizations. The trio of Crypto Finance Group, InCore Bank, and Inacta recently picked it to enable asset tokenization.

  • The price of the native token has been on a roll lately as well. It had dropped below $4.5 on September 22nd but more than doubled its value and tapped a new all-time high above $9 yesterday.

  • As of now, it trades north of $8, and it has entered the top 30 largest cryptocurrencies by market capitalization.

XTZUSD. Source: TradingView
XTZUSD. Source: TradingView

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Bitcoin Rejected at $49K After Charting a 4-Week High (Market Watch)

by CryptoPotato

After tapping a near one month high above $49,000, bitcoin retraced by over $1,000 and currently struggles below $48,000. Most alternative coins have also stalled today, with the apparent exception of Algorand, Tezos, and Axie Infinity.

Bitcoin Failed at $49K

Ever since the end of September, when BTC had dipped below $41,000, the price of the asset has been gradually increasing. Following a few hourly surges, it went above $43,000 and then reclaimed $47,000 in just a few days.

This led to tapping $48,000 on Saturday, where it stood for a while. Bitcoin retraced briefly on Sunday to $47,000, but the bulls regained control and sent it north again.

This time, BTC even exceeded $49,000 for the first time since early September. However, it failed to continue upwards, and the subsequent rejection led to a drop of more than $1,500.

As of now, bitcoin has recovered some ground but still stands below $48,000. Nevertheless, its market capitalization is just over $900 billion, and the dominance over the alternative coins sits at 42.5%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: XTZ Paints New Record

Most altcoins have performed similarly to their leader in the past few days. Ethereum had dropped all the way down to $2,900, but the market recovery drove it back to above $3,400 yesterday. A slight retracement in the past 24 hours, though, has pushed ETH below that level now.

Cardano is among the most substantial losers from the top 10 coins, with a 4% decline. As a result, ADA has dropped below $2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche, and Uniswap are also well in the red on a daily scale.

There’re a few exceptions, though. Luna has increased by 4% to above $45. Algorand has spiked by nearly 15% and currently stands above $2.

As reported earlier, AXS reached a new all-time high after another massive double-digit surge. Tezos (XTZ) saw a record of its own hours ago above $9 after a 10% daily increase.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

After reaching a multi-week high above $2.150 trillion, the cryptocurrency market capitalization has also declined in a day by $50 billion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Tezos to Launch DeFi Lending Products with Top Digital Bank

by CryptoPotato

Tezos, the blockchain platform of decentralized governance, will be launching a suite of lending and yield products with the leading DeFi platform EQIFI, providing support for the Tezos blockchain ecosystem.

Why EQIFI Chose Tezos

According to a press release shared with CryptoPotato, EQIFI favors Tezos for its time-tested on-chain governance, its proof of stake consensus mechanism, and its community of developers and innovators. For EQIFI, this partnership cements them as the first seamless global bridge to DeFi.

The DeFi platform will be offering staking and borrowing services to its customer base. EQIFI chairman Jason Blick believes this will help place EQIFI at the top of the industry:

“A product offering with an industry leader such as Tezos signifies the bar EQIFI is setting in the DeFi space. Providing exposure to Tezos holders for staking and borrowing is just the next step in positioning EQIFI to become an industry leader.”.

EQIFI is funded by one of the world’s top licensed and regulated banks known as EQIBank. The platform is decentrally governed by the owners of its staking token called EQX token.

Tezos is one of the first layer-one, proof-of-stake, smart-contract compatible blockchains. It has logged millions of transactions while providing support for everything from NFT’s to DAO’s to DeFi and offers hundreds of applications.

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Tokenizing With Tezos

Tezos has been expanding access to its token and network through one partnership at a time. Just a week ago, it was chosen to create on-chain digital products for three Swiss banks, including Crypto Finance Group, InCore Bank, and Inacta. InCore, in particular, had promised to launch staking, trading, and storage services for Tezos, much like EQIFI. The price of XTZ (Tezos) jumped by 15% after that.

CEO of storage infrastructure at Crypto Finance Group, Stijn Vander Straeten, sees how Tezos’ smart contract functionality can help the financial system.

“The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”

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Swiss Fintech Trio Enabled Asset Tokenization via Tezos: XTZ Spikes 15%

by CryptoPotato

The Switzerland-based financial institutions – Crypto Finance Group, InCore Bank, and Inacta – have selected Tezos to create on-chain digital products through a new token standard for asset tokenization. InCore Bank would also enable additional digital services with XTZ – the native cryptocurrency of the blockchain network.

Tezos to Power The New Token Standard

According to a press release shared with CryptoPotato, three Swiss fintech organizations will use the blockchain network Tezos to provide tokenized assets to institutional customers based on the Tezos FA2 standard.

Namely, those companies are Crypto Finance Group, InCore Bank, and Inacta. What’s more, InCore Bank would provide staking, trading, and institutional-grade storage for XTZ, making it the first local bank to launch such products.

The trio has joined forces on the matter. Inacta developed the DAR-1 token standard, allowing smart contracts on the Tezos blockchain and providing necessary financial operations. In their turn, Crypto Finance Group and InCore Bank launched the product.

Stijn Vander Straeten – CEO of Storage Infrastructure with the Crypto Finance Group – praised the collaboration between the three institutions. He raised hopes that the move would be beneficial to the financial system:

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“This work by Crypto Finance, InCore Bank, and Inacta is a tangible example of how FA2 on Tezos broadens the potential for tokenization significantly. The launch of these Tezos use cases for the financial sector make innovative, compliant on-chain financial products a reality today.”

Tezos is a decentralized, open-source proof-of-stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.

Shortly after the news broke, the native token increased its USD value to reach a five-month high of over $4.40. Despite retracing slightly since this local peak, XTZ is still more than 10% up in a day.

Societe Generale Also Chose Tezos

The Swiss financial organizations are not the only ones in the field to choose Tezos as an operating underlying network for their services.

As CryptoPotato reported in April, the leading French bank Societe Generale used it to issue a structured product as a security token. In fact, it was the first such service that the third-largest bank in France launched.

The initiative aimed to offer digital asset structuring, issuing, exchange, and custody services to the institution’s professional clients by 2022. Per the report, the “transaction completes a new step in the development of Societe Generale Forge,” which is a regulated subsidiary of Societe Generale Group.

April saw another collaboration between a French company and Tezos. By partnering with the blockchain project, the gaming giant Ubisoft became an official corporate validator node on its network.

The firm outlined its mission to facilitate and spread blockchain adoption and innovative technology. As part of the long-term research plan, Ubisoft will experiment with the proof-of-stake consensus, validating transactions and adding them to the Tezos blockchain.

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Gaming Giant Ubisoft Becomes a Tezos Baker

by CryptoPotato

French game publisher Ubisoft has partnered with Tezos, becoming an official corporate validator node on its blockchain. Nomadic Labs, a research and development team within the Tezos ecosystem, announced the partnership via Twitter. 


Ubisoft is now one of the largest video game publishers to work with DeFi protocols and using blockchain technology. The company is behind many popular franchises like Assassin’s Creed, Far Cry, Tom Clancy’s, and Watch Dogs. Michel Mauny, President of Nomadic Labs and specialist of Tezos Blockchain said:

“We are delighted to have worked with the Ubisoft Strategic Innovation Lab on their exploration of Tezos. Ubisoft is one of the first large companies to show interest in blockchain technology by testing several protocols through the years and we are happy to welcome them in our ecosystem.”

Ubisoft Exploring Blockchain

The company said its mission is to facilitate and spread blockchain adoption and innovative technology. As part of their long-term research plan, Ubisoft will experiment with the proof-of-stake consensus, validating transactions and adding them to the Tezos blockchain.

“We’re happy to be joining the Tezos ecosystem as a corporate baker. Ubisoft believes that blockchain has the potential to bring new possibilities to players and developers alike, and this new collaboration will allow us to pursue our innovation efforts with an ecosystem that aligns with our environmental-friendly approach thanks to its proof-of-stake consensus algorithm.” —Said Nicolas Pouard, Blockchain Initiative Director at Ubisoft.

Ubisoft is now the first gaming corporation to bake XTZ —Tezo’s utility token. Validators can stake 8,000 XTZ, getting involved with the network’s governance and distributing rewards. This is not the first time Tezos works with industry giants, however. The protocol is known for working with high-profile businesses for a while. 

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Societe Generale, one of the largest French banks, did its first experiments with the protocol in September 2020. As reported by CryptoPotato, the bank has officially issued a security token on the Tezos blockchain after several months of testing. The move follows Societe Generale’s plans to offer custody service, issuing, and crypto-asset structuring to its professional clients by 2022.

A few weeks ago, Tezos launched the long-awaited Tenderbake Testnet, an algorithm designed to handle numerous validators on the network. The testnet is the result of a global collaboration between academic researchers and engineers. 

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Societe Generale Issues a Security Token on the Tezos Blockchain

by CryptoPotato

The third-largest bank in France, as well as one of the leading banks in the whole world, Societe Generale, has issued its first structured product as a security token. The bank has chosen Tezos’ blockchain as the underlying network.

  • Following the first covered bond security token issuance for 100 million euros on Ethereum’s blockchain back in April 2019, Societe Generale issued its first structured product as a security token registered on the Tezos public blockchain.

  • According to a press release shared with CryptoPotato, the securities have been fully subscribed by Societe Generale Assurances.

  • Per the release, the “transaction completes a new step in the development of Societe Generale  Forge,” which is a regulated subsidiary of Societe Generale Group.

  • The aims of the latter are to offer crypto asset structuring, issuing, exchange, and custody services to its professional clients by 2022.

  • The issuance has been performed in accordance with the best market practices, and it showcases the regulatory, operational, and legal feasibility of issuing complex financial instruments on public blockchains.

It leverages on this disruptive technology which enables increased efficiency and fluidity of financial transactions: unprecedented capacity of product structuration, shortened time-to-market, automated corporate actions, increased transparency and speed in transactions and settlements, as well ass reduced cost and number of intermediaries. – Further reads the release.

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Tezos (XTZ) Price up 25% in a Week Following Tenderbake Testnet Release

by CryptoPotato

Tezos saw notable gains over the past seven days as the price of its native cryptocurrency, XTZ, surged by around 25%. 

This comes amid news of the release of the Tenderbake testnet – a new algorithm adapted to handle an arbitrarily large number of validators. 

Tezos Tenderbake – What is it All About?

The update was introduced in a whitepaper called Tenderbake – A Solution to Dynamic Repeated Consensus for Blockchains. 

According to the official Medium release, the algorithm is a product of global collaboration between academic researchers and engineers, and it was also supported by the formal verification of Theorems 5 and 6 in the paper. 

Tenderbake takes advantage of the classical style of BFT consensus algorithm adapted to handle n arbitrarily large number of validators. In this, it’s different from the current Emmy+ algo that Tezos runs, and replacing them represents a major change to the network, bringing some notable advantages. 

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Described as a major step forward, with Tenderbake, a block that has just been appended to the chain of some node is known to be final as soon as two additional blocks appear on top of it, irrespective of network latency or chain splits. Referred to as deterministic finality, this means that chain forks will resolve after just two blocks, regardless of chain splits or network latency. 

According to the team, this might be the biggest update on the horizon for Tezos in the past three years. 

XTZ Price Reacts Positively

Being in a wild bull market, the price of the native cryptocurrency of Tezos, XTZ, spiked positively on the announcement of the Tenderbake testnet. 

In the past seven days alone, XTZ is up by 25%, bringing the total by-weekly increase to over 50%. In the past month, the cryptocurrency increased its dollar value by as much as 60%. 

xtzusd_chart
XTZ/USD. Source: TradingView

Data from CoinGecko positions Tezos as the 32nd-largest project by means of total market capitalization, sitting on a formidable $4.89 billion. 

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Bitcoin (BTC) $ 26,249.03 0.69%
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