Day: August 21, 2023

FIBA launches NFT collection for Basketball World Cup

The International Basketball Federation (FIBA) has teamed up with a web3 SaaS platform Venly to introduce a series of distinctive digital collectibles. Directing attention to the host nations – Japan, Philippines, and Indonesia – the digital keepsakes seek to represent the essence of the event and will be launched on Aug. 21. Several distinct offerings The non-fungible token (NFT) collection would include four distinct offerings, each of which caters to the interests of both basketball fans and collectors, a representative of the company shared with crypto.news. The “Fan’s Frenzy” is…

DXY Set To Peak, Fueling Potential Bitcoin Rally To $37,000

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The largest cryptocurrency by market cap, Bitcoin (BTC), dropped after a prolonged period of consolidation around the $29,000 mark. The failure to sustain this level has resulted in a decline to $26,000. Interestingly, Bitcoin’s recent reversal has coincided with speculations of an imminent bull run, with many believing that the cryptocurrency winter is over and that lower price levels will not be revisited.  Nonetheless, this sentiment shifted on July 14th when the US Dollar Index (DXY) initiated a robust rally, surging from 99 points to its current level of 103.…

Sam Bankman-Fried will get one day in court to meet with lawyers

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A federal judge overseeing former FTX CEO Sam Bankman-Fried’s criminal case has issued an order allowing Sam Bankman-Fried to meet with his legal team outside of jail for roughly seven hours. In an Aug. 21 filing in United States District Court for the Southern District of New York, Judge Lewis Kaplan ruled that Sam Bankman-Fried, who also goes by SBF, will be allowed to meet with his counsel in the cell block attorney room at the courthouse on Aug. 22 around one of his scheduled hearings. Kaplan ordered SBF’s bail…

Coinbase takes equity stake in Circle as USDC Centre Consortium shuts down

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Coinbase and Circle have redefined their relationship, according to identical announcements on the Coinbaseand Circle blogs on Aug. 21. The two organizations jointly launched the USD Coin (USDC) stablecoin and have until now governed the token through the Centre Consortium. The Centre Consortium “will no longer exist as a stand-alone entity,” the blog past said, and governance and operations will be handled in-house. Circle will have enhanced responsibilities, including holding smart contract keys and regulatory compliance. The crypto firms attributed the move to increased regulatory clarity: “Circle and Coinbase […]…

Central African Republic expands Sango project to land, resource tokenization

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The Central African Republic (CAR) has extended its Sango blockchain project to tokenization of its land and natural resources. The country, one of the poorest and most crypto-friendly in the world, is also one of the most active in crypto innovation. According to an announcement posted on X (formerly known as Twitter), the CAR National Assembly passed a law on tokenizing land and natural resources on July 24. Among other provisions of the law, it will make it possible to obtain business visas online and allow citizens and foreigners to…

Dwindling optimism for Bitcoin ETF approval to blame as weekly crypto outflows hit $55M

Digital asset investment products saw $55 million in outflows for the week of September 13-19, according to a report from CoinShares.  Optimism surrounding what was previously thought to be the impending approval of a spot-based Bitcoin exchange-traded fund has begun to give way as $42 million worth of the week’s outflows came from BTC alone. This week in Fund Flows by @CoinSharesCo Head of Research @jbutterfill: Digital asset investment products saw outflows totalling US$55m — we believe this is in reaction to recent media highlighting that a decision by the…

Bitcoin Reaches Most “Oversold” Record Since 2020: What This Means

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Bitcoin price just experienced one of its fastest and sharpest corrections in over a year, dropping 10% in a matter of minutes. The mass liquidations and panic from the selloff caused BTCUSD daily charts to reach the most oversold level since the COVID crash in early 2020. BTC Panic-Selling Reaches Extremes Not Seen Since COVID Crash As much as people try to fight it, investing and trading is an emotion-driven process. Few emotions cause humans to take action more urgently than those associated with fear and panic. This is precisely…

Coin Center responds to US lawmakers’ request for crypto tax guidance

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Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to the taxation of digital assets. In an Aug. 21 letter to Sens. Ron Wyden and Mike Crapo, Coin Center pointed to the Virtual Currency Tax Fairness Act — a bill previously introduced in other sessions of Congress — for provisions, including having the Internal Revenue Service (IRS) establish a de minimis exemption for crypto transactions. The measure could be aimed at encouraging crypto as a method of payment by treating digital…

Whale Purchases $38 Million Worth Of SHIB, A Rebound On The Horizon?

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Shiba Inu (SHIB) token has witnessed high-value transactions again, leading to intrigue among its community. As significant amounts of SHIB change hands, many wonder if these moves signal a forthcoming positive shift in its market position or a rebound, as the asset is currently in a downtrend. Whale Alert, a renowned blockchain tracking platform, disclosed that a transaction of 4.65 trillion SHIB tokens, equating to approximately $38.39 million, moved from Bitvavo to an unidentified wallet. 🚨 🚨 4,653,778,173,637 #SHIB (38,391,343 USD) transferred from #Bitvavo to unknown wallethttps://t.co/KFZzJIvU5q — Whale Alert (@whale_alert)…