The best Sundays are for long reads and deep conversations. Earlier this week, the Let’s Talk Bitcoin! Show gathered to discuss Lightning Network technology and two innovative approaches at the wallet level which simplify the new-user experience at a tangible, but seemingly minimal cost. Subscribe to the new CoinDesk Podcast Network for fresh, insightful episodes nearly every day of the week In today’s podcast we zero in on the challenge of “Channel Management”, an until-recently-mandatory and manually-managed part of connecting to and utilizing the still-nascent Lightning Network. A little context:…
Day: January 26, 2020
WEF Launches Global Consortium for Crypto Governance
The World Economic Forum has created an international consortium to design a governance framework for cryptocurrencies, including stablecoins. Announced Friday, the consortium seeks to bring together financial institutions, government representatives, developers and other members of the global community to determine what sort of governance around cryptocurrencies can best further the goal of financial inclusion. Digital currencies are “a key area of interest for the Forum,” said WEF Founder and Chairman Klaus Schwab. The area “requires input across sectors, functions and geographies.” “Building on our long history of public-private cooperation, we…
Financial Institutions Use Stablecoins to Shake Things Up in 2020
For most people, the word “stablecoin” brings to mind cryptocurrencies like Tether or Libra. However, there are many versions of stablecoins — ranging from those that are backed by fiat money to those that are backed by real assets or even other digital currencies. Simply put, a stablecoin’s main aim is to solve the problem of volatility by being a digital asset that is tied to another asset with a stable value. The new year is already turning out to be an exciting time for stablecoins as interest among financial…
Telecommunications Giant Vodafone Leaves the Libra Association
Since the announcement of Facebook’s ambitious cryptocurrency project Libra last year, the social media company has faced a lot of scrutiny from regulators and politicians. This has caused many early backers, such as Mastercard and PayPal to exit the Libra Association, and as of recently, Vodafone has become the latest member to quit the project as well. When Facebook announced its plan to launch a digital currency in June of 2019, the news quickly gained global attention. Regulators were skeptical about the cryptocurrency project despite the company’s assurances that the…
One Wallet Owns 27% of Ether Behind MakerDAO’s Sai Stablecoin
Of all the Ether (ETH) locked in the collateralized debt positions (CDPs) of the old MakerDAO system, 27% belongs to a single Ethereum address. Financial technology data firm Digital Assets Data shared these findings with Cointelegraph on Jan. 26. Dai, which was created by MakerDAO, allows users to borrow or generate the stablecoin by staking their cryptocurrency holdings as collateral. Dai was not supported with bank accounts of reserve currencies but rather is generated by putting Ether into a CDP smart contract. In November 2019, the Dai stablecoin reached its…
Crypto and Blockchain Firms Pitch In to Help Coronavirus Victims
Some blockchain and cryptocurrency firms have pledged to help victims of the coronavirus in Wuhan, China. Cryptocurrency exchange Binance pledged to donate 10 million Chinese yuan ($1.44 million) to the effort. In a tweet on Jan. 25, Binance CEO Changpeng Zhao said that Binance made the pledge but did not make any announcements after a Twitter user tagged him in a news article about cryptocurrency donations being accepted for the cause: “For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus…
Cryptocurrency News From Japan: Jan. 20–24 in Review
This week’s headlines from Japan include several central banks collaborating on digital currency research, Binance removing the Japanese yen from its platform, Japan’s Liberal Democratic Party investigating digital assets, comments from Japan’s Deputy Prime Minister on digital currency research importance, and Coincheck paying out its first Lisk staking reward. Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. Japanese political party proposes digital currencies Japan’s ruling Liberal Democratic Party aims to propose a national digital asset in spring of this year, according to some…
BCH Community Leaders Bitcoin.com and Jonald Fyookball Clarify Positions on Funding Proposal
Since Btc.top founder Jiang Zhuoer revealed an infrastructure funding proposal from five major mining pools last week, which would fund BCH devs via redirection of 12.5% of BCH coinbase rewards, the Bitcoin Cash community has been understandably bustling with debate, discussion, and suggestions. Reactions have ranged from calling the move a “tax” that is incongruous with the foundational values of bitcoin, to support and ideas on how to best implement the plan. While the inundation of opinion and emotion has been noisy, a few prominent community leaders and groups with…
Sorry Bears, Bitcoin Is Still In Mid-Term Uptrend: Here’s Why
Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670. Bitcoin price started a short term downside correction below $9,000 and $8,800. It is currently trading above $8,200 and there are many important supports on downside. There is a declining channel or a bullish flag forming with resistance near $8,500 on the daily chart of the BTC/USD pair (data feed from Kraken). The pair is likely to find…
Ethereum Hesitates But Further Losses Seem Likely: Key Levels To Watch
Ethereum is down more than 10% from the 2020 high against the US Dollar, similar to bitcoin. ETH price is likely to test the $148 support area before a fresh increase. ETH price is currently correcting lower from the $179 swing high against the US Dollar. The price is showing a few bearish signs and it might decline below the $158 support. There is a major contracting triangle forming with support near $158 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair could either rally again above…