Month: July 2023

The European Commission’s Web4 strategy is a flop

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On July 11, the European Commission formally adopted its new strategy on Web4 and virtual worlds with the aim of ensuring “an open, secure, trustworthy, fair and inclusive digital environment” for European Union citizens. The strategy is based on four main pillars, revolving around the empowerment of human resources, support of businesses, further development of public services, and shaping of global standards for “Web 4.0” — a freshly coined term that attempts to preempt the next technological wave. While it’s commendable that the European Commission is proactively strategizing for the…

Crypto survey finds 47% of investors expect Ether to ‘surpass’ Bitcoin

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Fidelity Digital Assets released a “Q2 2023 Signals Report” on July 18, which claimed that Ether’s outlook for the next 12 months and the long term is positive. Year-to-date, Ether (ETH) has gained 62%, but while the investment firm might be short-term bullish on Ether, that does not mean it believes that the month-long bullish channel will be sustained. While institutional investors like Fidelity Digital Assets may have a bullish longer-term vision for ETH’s price, let’s compare their analysis against network and market data to see if they’re on the money. Ether/USD…

Centralized exchanges will become gateways for DeFi — dYdX Foundation CEO

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The dYdX Foundation, an independent decentralized finance (DeFi) nonprofit founded to support the dYdX protocol, recently launched a public testnet for its latest version, v4. According to the foundation, this puts dYdX ahead of schedule for the impending launch of the v4 mainnet, something the foundation claims represents complete decentralization for dYdX. As Cointelegraph recently reported, the July 5 testnet launch represented the fourth of five milestones the dYdX Foundation laid out in a roadmap toward decentralization last year. In its current live version, dYdX is still considered partially centralized.…

What is a token maker, and how does it work?

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A token generator simplifies the tokenization process through automation while integrating custom tokenomics and ensuring privacy. Token generators streamline the process of token creation with automated drag-and-drop functions, eliminating the barriers to tokenization that cryptocurrency enthusiasts with little to no programming knowledge typically face. Tokens represent particular utilities or assets. Tokenization effectively converts something valuable into a digital token that blockchain-based applications can then effectively use. Depending on one’s desired utility, tokens can represent either tangible or intangible assets. Tangible assets are those with physical forms, such as real estate,…

US lawmaker calls on SEC chair to reassess stance on crypto following Ripple ruling

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New York Rep. Ritchie Torres has called on United States Securities and Exchange Commission (SEC) Chair Gary Gensler to reconsider the regulator’s position on crypto following a “dreadful day in court.” In a July 18 letter to Gensler, Torres requested the SEC limit its enforcement cases to “bonafide bad actors” rather than “indiscriminately” treating the majority of crypto assets as securities under its purview. The lawmaker’s letter followed a court ruling in the SEC’s case against blockchain firm Ripple that suggested that the XRP (XRP) token was largely not a…

South Korean Shinhan Bank completes stablecoin remittance pilot with Asian partners

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South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project. The project carried out real-time settlement and foreign exchange integration with the banks’ national currencies on the Hedera network. The project was compatible with the Ethereum Virtual Machine (EVM), opening it up to use by a host of other stablecoins. Shinhan Bank conducted its first proof-of-concept project in November 2021 in conjunction with South Africa’s Standard Bank, although that…

Ben McKenzie, the Hollywood Hypocrite Crypto Critic

Betting crypto will collapse is one thing, but betting the industry will collapse without disclosing you stand to profit from it is a whole other game. In fact, it’s essentially the same type of arrangement McKenzie often criticized others for. Kim Kardashian settled with the SEC for failing to say she was paid to promote EthereumMAX, an altcoin built to trade on Ethereum’s better standing. Although it’s unknown when his bet was open, McKenzie was a frequent guest on CNBC, Bloomberg and other daytime finance news programs yapping away about…

Mantle’s MNT Token Outpaces Rivals ARB and OP Over Past 24 Hours

According to a blog post, exchanges Bybit, MEXC and Huobi are supporting the token migration. Per Etherscan, Bybit is the third largest holder of MNT, with more than 15% of the total supply. Moreover, sister companies Jump Capital and Jump Trading have together accumulated more than $5.3 million MNT tokens, after several wallets converted BIT to MNT in multiple transactions, data from blockchain analytics platform Nansen shows. Source

Crypto Whales Send Hundreds of Millions of Dollars Worth of Bitcoin and Altcoins to Exchanges As Markets Pause

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Crypto whales have suddenly come to life in the last 24 hours, with massive amounts of coins being sent to exchanges as markets start to show signs of possible weakness. Blockchain monitoring service Whale Alert has spotted numerous large entities sending large stacks of Bitcoin (BTC) and other digital assets to various crypto exchanges. Whale Alert spotted two transfers of Ethereum (ETH) worth over $40 million from unknown wallets to crypto exchange Coinbase, just hours apart, before another wallet was spotted sending $28 million in ETH to Gate.io. Hours later,…

Bitcoin rally will lead to “speculative blow-off top” in 2024, Mark Yusko predicts

BlackRock’s application for a Bitcoin exchange-traded fund (ETF) has sparked the beginning of a new crypto bull market, which will go parabolic at some point closer to the halving scheduled for April 2024, according to Mark Yusko, the chief investment officer and founder of Morgan Creek Capital.  “Based on Metcalfe’s law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level,” said Yusko in a recent interview with Cointelegraph. After that, Yusko predicted, speculators will come into the market en masse, pushing the…