Day: July 26, 2023

McDonald’s in the metaverse, pro players to try Web3: Nifty Newsletter

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In this week’s newsletter, read about how Reddit onboarded millions into Web3 through its nonfungible token (NFT) avatars, and check out McDonald’s first metaverse experience in The Sandbox. Find out why professional gamers are interested in trying out Web3 games, and why Axie Infinity creator Sky Mavis is partnering with NFT collection CyberKongz to develop a new game. And don’t forget this week’s Nifty News, featuring an NFT image of Ethereum co-founder Vitalik Buterin. Reddit engineer shares strategy behind NFT onboarding at EthCC At the recent Ethereum Community Conference (EthCC)…

Binance and Changpeng Zhao Look To File Motions Compelling the CFTC To Dismiss Lawsuit Against Crypto Exchange

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Crypto exchange Binance and its CEO Changpeng Zhao are planning to submit legal motions requesting the dismissal of the Commodity Futures Trading Commission’s (CFTC) lawsuit against the company. According to a new court filing, several Binance business entities, Zhao and Binance’s former chief compliance officer Samuel Lim intend to file two separate motions by July 27th asking the judge to dismiss the lawsuit. The CFTC filed the complaint against Binance in March alleging a long list of regulatory violations, including that the exchange did not properly register with the regulator.…

How France Is Leading Europe’s Crypto Change

With Paris recently hosting the sixth annual EthCC, the first since the introduction of MiCA, this year’s iteration also feels especially significant in line with the recent surge in President Macron’s efforts to make France fertile ground for Web3 enterprise. Having already inspired Circle, Binance and Crypto.com to make Paris their base in Europe, France can point to three interrelated trends working in tandem to solidify the country’s position as a leading hub of Web3 development. In short, collaborative regulators, a massive talent pool and healthy capital flows are underpinning…

Bitcoin traders eye Fed’s Powell as FOMC hikes rates to 22-year highs

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Bitcoin shifted toward $30,000 on July 26 as the Federal Reserve delivered a fresh interest rate hike. BTC/USD 1-hour chart. Source: TradingView Bitcoin tames volatility ahead of Powell press conference Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s (BTC) price performance strengthening after the Federal Open Market Committee (FOMC) took rates 0.25% higher. While still fairly quiet, the largest cryptocurrency was still yet to react to a press conference from Fed Chair Jerome Powell due at 2.30 pm Eastern Time. This is traditionally the main cue for risk asset volatility, with…

FOMC Hikes Benchmark Interest Rate by 25 Basis Points to 5.25%-5.50%

Following a fast 20% rally beginning in mid-June mostly thanks to excitement surrounding BlackRock’s filing for a spot Bitcoin ETF, the price of BTC has stalled during July – at least in part due to the realization that the Fed would indeed begin lifting interest rates again. After trading as high as $31,800 earlier this month, the crypto dipped to a one-month low below $29,000 on Monday. Source

Chinese, Indian investment professionals show strong support for CBDC in new survey

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The CFA Institute, the professional association that provides Chartered Financial Analyst credentialing, surveyed its members on their perceptions of central bank digital currency (CBDC), saying it wanted to examine the demand-side outlook on the financial technology.  The survey found a wide array of opinions that depended on the location and even the age of the respondents. The response was generally unenthusiastic. Although 47% of respondents said they had a moderate understanding of CBDCs and 42% said they believed that central banks should launch digital versions of fiat currencies (with 24%…

Compound (COMP) Bulls Strengthen Market Control With 13% Rally

COMP, THE native token of Compound Finance, has seen its market price rise significantly on Wednesday, emerging as the top gainer of the day. According to data from CoinMarketCap, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market. Initially, COMP began the week with a bearish trend, declining by 16% to trade at $59.14 on Tuesday. However, after touching this price level, the token began showing signs of recovery moving its market price to $62.34 at the close of Tuesday’s…

Twitter Is Dead. Long Live Crypto Twitter?

Threads – While Mastodon may be too technically wonky for many, Threads seems flawed in the other direction: too accessible, and too limited. Perhaps above all, the requirement of associating a Threads account with an Instagram account makes pseudonymity more difficult, a huge negative for crypto users. By many accounts, the quality of Threads content is also very low, and seems likely to stay that way for structural reasons. Source CryptoDeadLiveLongTwitter CryptoX Portal

Singaporean Judge Declares Crypto Is Personal Property In ByBit Case

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In a recent development, a judge of the Singapore High Court has declared that cryptocurrencies are personal properties. The court likened crypto to fiat money, and since fiat passes as personal property, crypto should pass as one, too, the court reasoned.  Genesis Of The Case Judge Philip Jeyaretnam made this declaration in a case that had earlier been brought by crypto exchange Bybit against a former employee named Ho Kai Xin. Bybit alleged that Ho had transferred around $4.2 million USDT from the crypto platform’s account to her accounts.  In…

Canada proposes new capital rules for crypto holdings

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Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets, according to an announcement on July 26. According to the Office of the Superintendent of Financial Institutions (OSFI), the proposed rules will simplify institutions’ approach to perceived crypto risks, defining four categories of crypto assets and their capital treatment. OSFI is opening public consultations on two draft guidelines until Sept. 20. One of the guidelines affects federally regulated deposit-taking institutions, such as banks and credit unions, while another guideline addresses the regulatory capital treatment of…