Monthly Archives: July 2021

Pro-crypto Congressman stacks, anti-crypto Congressman receives $100K from TradFi

Alabama congressman Barry Moore has snapped up ETH, ADA, and Doge over the past two months, but his holdings have taken a significant hit amid the crypto downturn. News of two contrasting approaches to crypto from U.S. members of congress surfaced this week. Alabama Congressman Barry Moore has been loading up on cryptocurrencies such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) over the past two months. Meanwhile anti-crypto California Congressman Brad Sherman — whose stated aim is to shut crypto down — has reportedly received more […]

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NFT sales top $2.5B in first half of 2021

NFT sales in June alone have eclipsed those for the entire first half of 2020 for the OpenSea marketplace. Sales of nonfungible tokens (NFTs) have surged to record highs in the first half of 2021. There has been $2.5 billion in NFT sales in the first six months of this year according to DappRadar, a massive increase over the $13.7 million in sales for the same period in 2020. Citing stats from Dune Analytics, Reuters reported that June has been a record month for the OpenSea NFT […]

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Pundits say Bitcoin’s brutal quarter could see Tesla report up to a $100M loss for Q2

Analysts believe reporting requirements may compel Tesla to announce a paper-drawdown of between $25 million and $100 million on its $1.5 billion Bitcoin bet. Bitcoin’s second-quarter price battering has pundits speculating that Tesla may have to report a loss of up to $100 million for Q2. With the price of Bitcoin recently dropping to revisit levels last seen in January, CNBC business analyst Kate Rooney asserted on July 6 that Tesla may face an “impairment charge” — requiring it to report the drawdown in a disclosure to […]

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China Shuts Down Software Maker Over Suspected Crypto-Related Activity, Issues Industry-Wide Warning

The People’s Bank of China (PBOC), the country’s central bank, has shut down a software firm over suspected involvement in cryptocurrency transactions. The central bank also warned organizations not to “provide premises, commercial display, advertising … and other services for cryptocurrency-related business activities.” China’s central bank warned companies on Tuesday against assisting cryptocurrency-related businesses as it shut down a software firm over suspected involvement in crypto transactions, AFP reported. The Beijing office of China’s central bank ordered the closure of a software firm called Beijing Qudao Cultural […]

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Goldman Sachs: Ethereum’s popularity could see ETH become dominant store of value

Goldman Sachs says the popularity of Ethereum’s smart contracts means it could overtake Bitcoin as the number one crypto by market cap soon. Goldman Sachs said in a note to clients on Tuesday that the blockchain with the highest “real use potential” is Ethereum, suggesting its ETH could become the dominant digital store of value. As such, Goldman predicts the total market capitalization of ether (ETH) could overtake the total market cap for Bitcoin (BTC) in the coming years, according to a report in Business Insider.  “[Ether] […]

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Sygnum becomes first bank in the world to offer Eth2 staking

Sygnum emphasized the robust DeFi ecosystem being built on Ethereum. Crypto-focussed Swiss bank, Sygnum Bank, has announced it has become the first bank in the world to allow its clients to stake Ether. According to the July 6 blog post, the firm’s clients can now stake ETH through Sygnum’s institutional banking platform to earn yields of up to seven percent annually. Sygnum describes itself as the “world’s first digital asset bank,” having secured a banking licence in Switzerland and a capital markets services license in Singapore during […]

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Chinese banks tell staff to recruit up to 300 new digital yuan users each

Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year. Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year. According to a translation of a June 6 article from Shenlian Caijing, employees of top banks such as the Industrial and Commercial Bank of China and the Bank of Communications, along with four other state-owned banks, have been instructed to promote digital yuan wallets […]

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Crypto Exchange Binance Suspends Euro Deposits via SEPA Bank Transfers

Troubles at cryptocurrency exchange Binance continue as the platform is now reportedly suspending euro deposits via SEPA bank transfers. Binance says the suspension is temporary and it is due to events beyond its control. Binance’s Troubles Extend to SEPA Transfers Binance users reported Tuesday that they have received a notice from the exchange about the suspension of euro deposits via Single Euro Payments Area (SEPA) transfers. According to the notice shared on social media by several people, Binance explained: Due to events beyond our control, we are […]

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Allied Payment Network Embeds Bitcoin Service, Will Hold BTC in Corporate Treasury

Payment service provider Allied Payment Network has partnered with New York Digital Investment Group, the bitcoin subsidiary of $10 billion asset manager Stone Ridge. Financial institutions using Allied’s platform will be able to offer their customers the option to buy, sell, and hold bitcoin. Furthermore, Allied will keep bitcoin on its balance sheet. Allied Payment Network (Allied), a digital payment service provider for financial institutions, announced Tuesday it has partnered with New York Digital Investment Group (NYDIG), a bitcoin technology and financial services firm. NYDIG is a […]

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Financial Watchdog FinCEN Recruits First-Ever Chief Digital Currency Advisor

Following the Financial Crimes Enforcement Network (FinCEN) explaining the misuse of cryptocurrencies is a national priority last week, the bureau announced on Tuesday it hired its first-ever chief digital currency advisor. FinCEN’s acting director Michael Mosier detailed that Michele Korver will be the bureau’s new crypto expert and she brings “a wealth of digital currency expertise.” FinCEN Enlists Former DOJ Digital Currency Counsel as New Chief Digital Currency Advisor FinCEN, the U.S. regulator that combats domestic and international financial crimes, has announced the organization has hired the […]

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