Day: September 18, 2023

Decentralized finance needs alternatives to blockchain

One of the laziest and most frustrating criticisms of digital currencies — particularly Bitcoin (BTC) — is when pundits liken it to a pyramid scheme dependent on the “greater fool” joining to make a quick buck. While some people do indeed purchase digital assets purely for speculative purposes, it’s unfair to ignore many of the great services and achievements that are being made by developers in areas such as remittances, logistics, financial inclusion and intellectual property. A fairer criticism of blockchains is that, for all proponents say about decentralization, blockchains…

Malta Begins Public Consultation to Align Crypto Rulebook to MiCA

Aside from the EU, Hong Kong and the United Kingdom have also made progress with crypto regulation. Malta’s Financial Services Authority (MFSA) has begun a public consultation on the proposed changes to its crypto rulebook. The regulator circulated a draft document representing the revised version of its crypto regulation on Monday. Malta issued the rulebook for the first time in February 2019. Since then, the document has passed through five revisions to align it with best practices globally. The current attempt seeks to align the rulebook with the Markets in…

Why Is Bitcoin Price Up Today? BTC Climbs Above $27,000

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The Bitcoin price is sustaining its bullish momentum from the previous day. Today, it surpassed the $27,000 threshold, a level not seen since August 31. Notably, BTC recorded its first green weekly closing candle in five weeks yesterday. As of press time, the Bitcoin price has reached an intra-day high of $27,267. Why Is Bitcoin Price Up Today? One major indicator that has captured analysts’ attention is the rapid increase in Open Interest. DaanCrypto, a noted figure in the crypto space, commented on the Open Interest of Bitcoin: “Bitcoin Open…

Blockchain Startup Swisstronik Secures $5M and Launches Private Token Sale

In pursuit of this mission, Swisstronik has recently unveiled two groundbreaking milestones. The startup closed a seed funding round, amassing an impressive $5 million. The second pivotal development by Swisstronik is the initiation of a private token sale, targeting early adopters. Swisstronik, a Web3 compliance startup based in Switzerland, is making significant waves in the blockchain industry. What truly sets the company apart is its steadfast dedication to addressing one of the most pressing challenges in the blockchain realm – finding the delicate equilibrium between regulatory compliance and user privacy.…

UK Antitrust Agency Sets Seven Principles to Guide AI Regulation

According to the CMA, the AI principles will help to promote competition in the UK, while also protecting consumers from exploitation. The United Kingdom’s (UK) antitrust agency has set principles that should form the framework for guiding artificial intelligence (AI) regulation. The Competition and Markets Authority (CMA) published a press release on Monday and included a report following a review of AI systems referred to as foundation models (FMs). In the press release, the CMA explained that these models are AI systems with broad capabilities that can be adjusted to…

Ant Group to Withdraw Investment from A&T Capital amid Market Downturn 

The company’s decision to distance itself from A&T Capital comes when the crypto industry is navigating its own set of challenges. Chinese fintech giant Ant Group is withdrawing its investment from A&T Capital. The crypto venture-focused company received $100 million from Ant Group to invest in offshore crypto ventures, Bloomberg reported Monday, citing people familiar with the matter. According to the report, the move comes amidst the current market winter coupled with internal challenges for the company. The financial investment company, established in April 2021 with robust backing from Ant…

New York Regulator NYDFS Reviews Requirement for Crypto Coin Listings and Delistings

The new guidance will be the first one to key into delisting as a way of protecting investors. The New York State Department of Financial Services (NYDFS) is set to publish a new set of rules for crypto firms. The proposed guidance, per a Wall Street Journal report, will seek to ensure that crypto firms are more open about how they list and delist crypto coins. According to the financial regulator, the guidance will look to build on the previous version of the framework. That is as it also helps…

Coin Metrics co-founder debunks Bitcoin flipping Visa in transactions

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Coin Metrics co-founder Nic Carter says Bitcoin hasn’t flipped Visa regarding annual transaction volume, referring to incorrect data aggregated by on-chain firms. Bitcoin (BTC) is not even close to those transaction volume levels that Visa deals with. At least that’s what Nic Carter, a partner at Castle Island Ventures and the co-founder of Coin Metrics, said in a recent post on X. The Coin Metrics co-founder said that Bitcoin on-chain value declined significantly in 2023. He noted that the network’s annual volume has not grown since 2021. Bitcoin’s annual volume…

What bear market? These crypto websites see traffic rising in 2023

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Cryptocurrencies like Bitcoin (BTC) have been widely described as going through a bear market in 2023, but this may not exactly be the case, according to indicators such as the website traffic of certain crypto platforms. Some major cryptocurrency websites, such as Binance and Coinbase, have seen a significant traffic drop in 2023, but there are many crypto sites that have experienced the opposite. According to data from the web analytics platform Similarweb, the number of total monthly visits on the Binance website tumbled by 22% from 69 million in…