Day: July 14, 2022

Tencent shuts down NFT platform as gov policy makes it impossible to thrive

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China’s internet giant Tencent has reportedly shut down one of the two nonfungible token (NFT) platforms owing to declining sales aided by the regressive monetary policies of the Chinese government. Tencent shut down one of its NFT platforms on July 1 while the other one is struggling to remain afloat. A report from a local daily indicates that the wind-down process for the same began in May. The tech giant transferred key executives responsible for managing the NFT platform in the last week of May and completely removed the digital…

Bitcoin fights key trendline near $20K as US dollar index hits new 20-year high

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Bitcoin (BTC) found a new focus at just under $20,000 on July 14 as United States dollar strength hammered out yet another two-decade high. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY moves bring yen, euro into focus Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding from lows sparked by a fresh 40-year high for U.S. inflation as per the Consumer Price Index (CPI). After briefly dipping under $19,000, the pair took a flight above $20,000 before consolidating immediately below that psychologically significant level. For on-chain analytics resource Material…

Experts Anticipate Volatile Holiday Weekend for Bitcoin Price Chart. U.S. Recession, Yields, Metals.

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Today marked a big day for the United States as the economic data came out from the Atlanta Fed anticipating negative GDP growth in Q2, officially putting the United States into a Recession. On the day of this news, volatile swings occurred in metals and Treasury bond yields. The question now is how will crypto respond to this, and will the stock market, or the Dow Jones, be able to hold itself up on this news? Join me as we look at…

CoinShares launches staked Algorand ETP on Deutsche Boerse Xetra

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Major European cryptocurrency investment firm CoinShares is expanding its exchange-traded products (ETP) with a new physically-backed ETP based on Algorand (ALGO). CoinShares on Thursday announced the listing of its physically-backed staked Algorand ETP on Xetra, the electronic trading platform run by Germany’s exchange operator Deutsche Boerse. Named the CoinShares Physical Staked Algorand, the new crypto investment product will be trading on Xetra under the ticker RAND. The ETP is enabled through CoinShares’ proprietary technology platform Galata, allowing investors to benefit from the 2% staking rewards associated with participating in Algorand’s…

OKX to extend offers in Dubai after securing a provisional license

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Crypto exchange OKX has acquired a provisional virtual assets license granted by the Dubai Virtual Assets Regulatory Authority (VARA), allowing them to offer additional services to qualified investors and financial services providers in Dubai, United Arab Emirates (UAE).  In a statement, the OKX team told Cointelegraph that the license allows them to extend products and services in the region. Following this, the exchange will also facilitate research and knowledge sharing within the VARA regulatory ecosystem. The team underscored that regulatory compliance is a priority for them as it protects users.…

The Key to Attaining the UN Goal to Reduce Remittance Costs to Less Than 3% by 2030 – Op-Ed Bitcoin News

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The cost incurred by African migrants or expatriates when sending funds via the so-called formal corridors remains way above the UN target of less than three percent, the latest data from the World Bank has shown. On the other hand, the cost is much lower than the target when cryptocurrencies are used. Global Average Higher Than SDG Target According to the latest World Bank (WB) remittance data, Sub-Saharan Africa has once again emerged as the most expensive region to send funds to. With an average cost of 7.8% for every…

Policy Body Representing India’s Crypto EcoSystem Disbanded: Sources

Some of the reasons for the decision included a lack of maturity among crypto founders to take matters seriously with the government, inaction around critical matters despite getting chided by India’s parliamentary finance body, and the creation of a vitiating environment, a person with knowledge of internal consultations said. Source BodyCryptoDisbandedEcosystemIndiasPolicyRepresentingSources CryptoX Portal

India’s Crypto Industry Advocacy Body Is Disbanded by Parent: Sources

Reasons for the decision included a lack of maturity among crypto founders when dealing with government, inaction around critical matters despite prompting by India’s parliamentary finance body, and the creation of a counterproductive environment, a person with knowledge of internal consultations said. The IAMAI felt it was risking a reputation and credibility earned over years of working with new industries and it was time the crypto industry recognized it needed to change its approach, a person familiar with the exchanges between industry and the body said. Source