Month: January 2022

The Urgent Need for Regulatory Clarity on Stablecoins

Asset-backed stablecoins are digital currencies that are issued against traditional fiat currencies held on a 1:1 peg. In theory, one U.S.-dollar-backed stablecoin should be equal to one U.S. dollar. However, as we’ve seen in the case of tether, this is not always the case. In fact, many popular stablecoins are backed by a similar combination of cash and commercial paper, which is unsecured, short-term debt issued by companies to meet their financial obligations. Source

US Inflation Rate Jumps Highest in 40 Years to 7%, Democrats Concerned Inflation Will Haunt the Party – Economics Bitcoin News

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One of the hottest topics in the United States in 2022 is the rising inflation, as the U.S. Labor Department’s data published on Wednesday indicated that the consumer price index (CPI) rose to 7% in December. This represents the largest annual jump since 1982. Federal Reserve governor Lael Brainard is set to tell congressional leaders today that the central bank is focused on battling inflation. Moreover, members of the Democratic party are concerned that the rising inflation may cost the Biden administration politically. CPI Rate Jumps to 7%, Wholesale Prices…

Regulation, Web 3, Billing: Predictions for 2022

“By the end of the year, all of the notable RIAs in this space are going to be in. I don’t necessarily mean allocating, but just doing something whether it’s education, webinars, tax planning, estate planning.” In this episode of “On Purpose,” host Tyrone Ross dives into his predictions for crypto and the wealth management industry in 2022. Perhaps this will be the year for regulation in areas like stablecoins, investor protections and securities designations. How would this change the role of the…

Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report

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Fidelity Digital Assets — the crypto wing of Fidelity Investments which has $4.2 trillion assets under management–shared their “two sats” on the future of the digital assets space. The key takeaways touched upon miners’ behavior and Bitcoin (BTC) network adoption.  In the annual report released last week, the group shared some insights into the world of BTC mining: “As Bitcoin miners have the most financial incentive tho make the best guess as to the adoption and value of BTC (…) the current bitcoin cycle is far from over and these…

Japan-based crypto exchange DeCurret plans to sell to HK’s Amber Group: report

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The holding company behind DeCurret, the Japan-based company offering trading and exchanges of digital assets, reportedly plans to sell its crypto business to investment platform Amber Group. According to a Wednesday report from the Nikkei newspaper, DeCurret Holdings intends to sell the crypto branch of its business to the Hong Kong-based company Amber Group in February. Though the details of the acquisition are unclear, the news outlet reported that the sale price would be in the millions of dollars. DeCurret established a new business structure in December 2021, launching a…

Ex-CFTC Chair Chris Giancarlo Joins CoinFund as Policy Adviser

CryptoX – Cryptocurrency Analysis and News Portal “As former chairman of the CFTC, Chris was always on the cutting edge of technology and at the forefront of regulatory policy,” CoinFund President Christopher Perkins wrote in an email to CryptoX. “As the regulatory framework continues to crystallize across Web 3, Chris will be able to deliver key insight on how CoinFund and portfolio partners can navigate this emerging landscape.” Source The post Ex-CFTC Chair Chris Giancarlo Joins CoinFund as Policy Adviser appeared first on CryptoX. CryptoX Portal

Bitcoin Is Massively Overvalued, Billionaire ’Bond King’ Jeff Gundlach

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Billionaire Jeff Gundlach has shared his thoughts around bitcoin, saying that the digital asset is massively overvalued. Gundlach who is also known as the ‘Bond King’ is the founder of the investment firm, DoubleLine Capital. Bitcoin which has suffered numerous dips that have caused it to lose over 30% of its all-time high value continues to struggle, but even at these low prices, the billionaire does not believe that the cryptocurrency is actually worth its current value. Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction…

NFTs Are Finance as an Aesthetic Medium

NFTs are a perfect alignment between art and finance. They are two halves of a strange love-finance-aesthetics union hanging together with a precision that has never been achieved in any previous chapter of the interrelationship of art and money. Because NFTs themselves are a kind of currency, the creative possibilities they open (making, borrowing, sharing, rarity distributions, permissioned access, etc.) have direct analogs on the right side of the balance sheet (issuing, lending, pooling, risk curves, investor control, the beat goes on). Source

Wikimedia Foundation Debates Acceptance of Cryptocurrency Donations Over Environmental Concerns – Bitcoin News

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Following Mozilla’s decision to pause crypto donations due to environmental concerns, a number of Wikimedia Foundation community members have submitted a proposal that asks the foundation to stop accepting digital currency donations. The proposal explains that crypto donations “signals [an] endorsement of the cryptocurrency space,” and also says that “Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability.” Proposal Claims Cryptocurrencies May Not Align With the Wikimedia Foundation Members of the Wikimedia Foundation are voting on a proposal that could stop the foundation from accepting digital currencies…