USDC (USD Coin) provides a fully collateralized US dollar stablecoin, and is based on the open source asset-backed stablecoin framework developed by Centre.
As crypto assets have grown in their importance and adoption, it’s become vital to be able to use fiat currencies for payments and trading. A price-stable currency such as the US dollar (and similar stable currencies such as EUR, GBP, JPY, RMB, etc.) is critical for enabling mainstream adoption of blockchain technology for payments, as well as to support maturation in financial contracts built on smart contract platforms, such as tokenized securities, loans, and property.
Existing approaches have lacked financial and operational transparency, have operated in unregulated offshore jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed source technologies.
USDC solves these problems by offering a solution with detailed financial and operational transparency, operating within the regulated framework of US money transmission laws, with established banking partners and auditors, and is built on an open source framework with an open membership scheme that eligible financial institutions can participate in.
Solana is an open source project implementing a new, high-performance, permissionless blockchain. The Solana Foundation is based in Geneva, Switzerland, and maintains the open source project.
It is possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes. A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control. At Solana, we are demonstrating that these same theoretical limits apply just as well to blockchain on an adversarial network. The key ingredient? Finding a way to share time when nodes cannot rely upon one-another. Once nodes can rely upon time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!
Bitcoin picked up speed once again in the night to Thursday. For a short time, the price even fell to the $42,500 range, its lowest level since the weekend crash at the beginning of December. Two factors are weighing on the price.
On the one hand, the prospect of an even faster end to the Fed’s loose monetary policy is putting pressure on the prices of the top performers of recent years – and thus also on bitcoin. The minutes of the last meeting, published on the eve of the meeting, reaffirm the prospect of an early increase in the key interest rate in the United States. In addition, some of the members were in favor of starting to reduce the size of the central bank’s balance sheet shortly after the first rate hike.
Market participants now fear that the days of cheap money are numbered and are taking profits in asset classes that have particularly benefited from it in recent years. These include (tech) stocks as well as cryptocurrencies such as bitcoin.
Furthermore, the unrest in Kazakhstan due to sharply increased energy prices acts as an additional burdening factor for the Bitcoin, which, in addition to the resignation of the government, also results in a nationwide Internet outage. The problem: After the mining ban in China, numerous miners have found refuge in neighboring Kazakhstan.
Kazakh miners now contribute around 18 percent of the total computing power (hash rate) in the Bitcoin network. This makes Kazakhstan currently the second largest Bitcoin mining nation after the USA. Accordingly, the Internet outage is also having a drastic impact on the Bitcoin network: According to data from YCharts.com, the global hash rate has plummeted by around 13 percent as a result.
In a few months, buyers in Europe will be able to take delivery of the first luxury Stromer from Lucid Motors, as the Tesla rival has confirmed. The Lucid Air is said to have a range of up to 840 kilometers and 1,080 hp under the hood – but it also has its price.
The first examples of the Lucid Air are already available in the USA. In the Dream Edition, which is limited to 520 units, the electric sedan can travel just under 840 kilometers on one charge and has 1,080 horsepower – but it also costs $169,000. In the most affordable version, the Lucid Air costs just under $80,000 (before taxes) – but then it also offers less power. In Europe, interested parties have been able to place online orders for almost two years. But they still have to wait for their vehicle. At least not for much longer, as Lucid Motors has now officially confirmed.
Sony is getting serious about entering the car business: The Japanese electronics giant unveiled its second electric car prototype at the CES technology trade show currently taking place in Las Vegas (US state of Nevada) (January 5-7, 2022). In addition, company CEO Kenichiro Yoshida announced that the group will establish a new mobility subsidiary called “Sony Mobility” in spring 2022. The goal: It is to examine a commercial market launch of the vehicles.
At the beginning of 2022, Banca Generali will complete the full integration into its home banking of the Conio platform (fintech in whose capital it entered a year ago as the main investor of a $14 million capital increase).
From 2022 you will be able to buy them in the bank. At least for Banca Generali’s private clients, who will be able to operate in self mode by buying or selling the most famous cryptocurrency through the platform of Conio Inc, with which the bank 50% controlled by Assicurazioni Generali has entered into a partnership that celebrates one year in these days.
“We will complete the integration at the beginning of next year,” Riccardo Renna, Banca Generali’s Chief Operation Officer & Head of Innovation, tells We Wealth. “From that moment, clients will be able to operate safely on an asset class that could otherwise be risky if approached incorrectly. For Banca Generali, this is “a further step towards the completion of our private hub with services and platforms available to our bankers and their clients”.
Bitcoin has made a slow start to the new year as crypto traders rest up for the Christmas break. The largest cryptocurrency by market capitalization has fallen about 8% in the past week as demand from buyers has dropped dramatically.
The current bitcoin price is around $46,000. This places the coin at the lower end of a two-week price range between $45,000 as well as $52,000. The price range previously led to higher bids for bitcoin.
The Relative Strength Index (RSI) on the Bitcoin daily chart is rising from an oversold level reached on December 10. This is an indication that selling pressure is easing, especially since signals of downtrend exhaustion appeared on the daily chart for the first time since July 2021.
Bitcoin needs to rise above the moving average of the last 200 days to reach further upside targets. This average is currently at $47,962. The next resistance level is seen at $52,000, which could limit short-term gains.
The prices of cryptocurrencies collapsed hard across the board. In some cases, the prices slumped by 20 or more percent, so that Bitcoin as the market leader was traded for a short time at less than 40,000 euros – on Friday, BTC was still traded at more than 50,000 euros. In the meantime, the BTC price has recovered somewhat – buyers: inside took advantage of the dip and pushed the price back to more than 42,000 euros.
The rest of the crypto market is also deep in the red. Ethereum, which this week was preparing to break its own all-time high of more than €4,200, has plummeted hard – down to less than €3,500. Many other crypto assets – from SOL (Solana) to XRP and ADA (Cardano) to DOGE (Dogecoin or LTC (Litecoin) – are down 20 percentage points or more.
A few weeks ago, Tesla CEO Elon Musk began selling shares in his company, and the share price came under noticeable pressure. Now Elon Musk has sold shares again for one billion US dollars. Tesla CEO Elon Musk has again sold off shares in his company. The entrepreneur sold about 934,000 papers for about one billion US dollars, as emerged from mandatory notifications to the US Securities and Exchange Commission on Friday night.
Crypto.com continues its expansion and has acquired two CFTC-regulated trading venues targeting the derivatives market in the US. Crypto.com has been on a marketing spree lately and it shows no signs of slowing down. The project shocked the market when it acquired the Staples Center in Los Angeles in a deal that saw the legendary arena change its name to Crypto.com Arena.
A few days after Jack Dorsey resigned as CEO of Twitter, his other company is changing its name. Square is renaming itself Block as it focuses on technologies like blockchain and expands beyond its original credit card reader. Jack Dorsey’s payments giant said in an announcement that the new name, which takes effect Dec. 10, “recognizes the growth of the company” and “creates room for further growth”
Last week we had already reported on the investments of large companies in Bitcoin. At that time, MicroStrategy had a fabulous 114,042 Bitcoin in its possession. Since September, the contingent has already been expanded by 20,000 Bitcoin. So, with the new purchase of 7002 BTC, the company continues its investment.
The CEO of the multinational company is Michael Saylor. In the past, he had stood out as a big supporter of bitcoin. Apparently, there is no end in sight for his investment strategy.
As he recently announced on Twitter, MicroStrategy acquired another 7,002 Bitcoins for about $414 million. This gave Saylor an average purchase price of $59,187.
Twitter co-founder Jack Dorsey is giving up his chief post at the short message service. His successor is to be the current head of technology Parag Agrawal, as the San Francisco-based company announced on November 29, 2021. “I have decided that it is ultimately time for me to go,” Jack Dorsey wrote on Twitter. That decision apparently matured over several months. As Dorsey noted, he had been working toward the company being able to break away from its founders.
Coinbase is launching a program for direct deposit of paychecks into cryptocurrencies. PayPal and Robinhood already offer this service in the US.
Coinbase will soon allow U.S. companies to deposit their employees’ paychecks directly into accounts at the crypto exchange. In a blog post Monday, Coinbase Senior Director of Product Prakash Hariramani announced the option. This will allow employees to use their paychecks to purchase cryptocurrencies without transaction fees. For their part, companies can set up direct deposits through a supported payroll company in the Coinbase app or through a company’s human resources department.
China bans Bitcoin. At the beginning of the week, Bitcoin in terms of market size is at 43,800 dollars, initially well above the psychological mark of 40,000 dollars. In the slipstream of the Bitcoin recovery, the second most important currency Ether can climb again to a level well above 3,000 dollars. Bargain hunters used the latest price shock on Friday to get back in.
The Chinese central bank (Peoples Bank of China) had declared all activities around Bitcoin and Co illegal on Friday afternoon. Also for foreign exchanges, which are in connection with cryptocurrencies, the offering of corresponding services was prohibited. Accordingly, violations of the rules are to be punished rigorously.
Even if the pronounced ban had triggered price losses on the crypto markets in the meantime, China’s tough stance does not come as too much of a surprise for investors. Already in the spring, it had been announced that it wanted to take stronger action against the entire industry. Bad news from the Middle Kingdom thus has the potential to cause selling pressure in the short term, but obviously not to throw Bitcoin and Co. off track.
Binance Coin (BNB) is outrunning the competition. The third-largest cryptocurrency by market capitalization gained 70 percent in value within the last seven days alone and currently stands at a price of around 590 US dollars. In terms of market capitalization, the proof-of-stake coin is slowly but surely becoming dangerous even to its competitor Ethereum (ETH). After all, the market currently values BNB at a reasonable 91 billion USD. ETH, however, still has a market capitalization that is almost three times as high at USD 248 billion.
In the annual chart, the performance of BNB is no less impressive. The coin, which forms the core of the Binance Smart Chain, has gained a whopping 1,464 percent since the beginning of 2021. That is record-breaking. In the crypto top 10, BNB is the absolute top performer and even beats Bitcoin (BTC) by a long way.
The reasons for the ongoing bull run can be quickly identified. With a volume of 36 billion USD, Binance is still by far the most liquid Bitcoin exchange on the planet. By comparison, Coinbase, in second place, “only,” has a normalized volume of USD 2 billion. So anyone who wants to participate in the highs of the exchanges without having to buy securities such as the soon to be issued Coinbase shares has done well with BNB so far.
Billionaire Ray Dalio considers a Bitcoin ban is hugely potential from America in an identical manner as Gold straight back in 1934 to “shield the fiscal strategy.”
Whoever fund director and Billionaire Ray Dalio shared his notions regarding the long run Bitcoin and said crypto prohibition in America comes with a fantastic likelihood. Dalio summarized the fundamental banks want to know more about managing the requirement and distribution of these own countries, and inserted banks pick whether their attention to own a monopoly on banks at a nation and when matters just like crypto can proceed awful.
Even the crypto current market uses a fantastic bull streak under this systemic drive for crypto and expense businesses, supervisors, and firms such as VanEck, Goldman Sachs, and Fidelity most registered for ETFs together with all the US Securities and Exchange Commission. That directed the fundamental banking institutions to rethink the effect of electronic resources. Additionally, central financial institutions started out adapting to the development of new systems at the fintech distance and a few analyzing the prospect of devoting a CBDC, but that is maybe not true together with different associations using a competitive approach crypto-like India’s principal banking.
Dalio remarked that India’s existing position is aggressive in the direction of crypto. Simultaneously, the county transferred forward with all the programs to prohibit digital belongings preventing crypto holding and trading and blocking the Web Protocol as stated by an anonymous resource by your Indian origins. India’s Finance Minister Nirmala Sitharaman clarified there is a tiny window of chances to get BTC. However, it looks like a window usually means the US government will experiment with BTC while implementing blockchain technological innovation on different businesses.
An affiliate of investment giant Fidelity is the next candidate to try a bitcoin ETF filing with the U.S. Securities and Exchange Commission. On Wednesday, the corresponding Form S-1 was filed with the agency. At its core, the application seeks approval for the “Wise Origin Bitcoin Trust,” an exchange-traded fund with several ties to Fidelity. This is, of course, noteworthy in that Fidelity is one of the world’s largest asset managers.
According to the filing, Fidelity affiliates will serve as the fund’s sponsor, administrator, custodian, and trustee. The fund would track the performance of Fidelity’s Bitcoin Index. Peter Jubber, managing director of Fidelity Digital Funds, would serve as president of the trust.
As early as last fall, Fidelity published a sensational study on the subject of Bitcoin. It predicted that constantly falling bond yields and the expansive monetary policy of central banks would encourage many large asset managers to invest in Bitcoin.
Moreover, Fidelity was among the first prominent asset managers to get involved with crypto stocks. In 2014, they already started mining Bitcoin and Ethereum (ETH) there. That same year, Abigail Johnson took over as CEO of the company from her father. Given Fidelity’s importance to the U.S. capital markets, the SEC added pressure to grant its request for the first Bitcoin ETF.
And that, in turn, could have an impact on the countless other Bitcoin ETF applications that have been received by the SEC in recent weeks and months.
A planned financial product from Goldman Sachs can allow the significant bank to invest indirectly in Bitcoin. The financial institution filed the corresponding application with the US Securities and Exchange Commission (SEC) on March 19.
The financial product is a so-called “linked note.” Such notes are linked to other financial products – in this case, an ETF. Interestingly, the Goldman Sachs note is related to the ARK Innovation ETF, of all things, a fund that is intertwined with the Bitcoin economy.
The Ark Innovation ETF (trading symbol: ARKK) has been around since 2013. The actively managed exchange-traded fund’s stated goal is to invest in technologies and companies with disruptive potential. The ETF is interested, for example, in the energy sector, genetic engineering, artificial intelligence, and precisely also FinTechs and cryptocurrencies. Goldman Sachs’ SEC filing states:
“The ETF may have exposure to cryptocurrencies such as Bitcoin indirectly through an investment in a Grantor Trust. The ETF’s exposure to cryptocurrencies may change over time, and, accordingly, such exposure may not always be represented in the ETF’s portfolio.”
The cost of buying one Bitcoin in Turkey on peer-to-peer crypto markets is over $100,000.
According to LocalBitcoins.com data, the minimum ask price for Bitcoin has reached 509,840 Turkish Lira (~$64,000). Meanwhile, some offline exchanges charge up to $100,000 in lira for the flagship cryptocurrency – almost double the global ask price.
The astronomical price levels come after a major drop in the value of the Turkish lira. The currency plunged as much as 14 percent Monday after President Recep Tayyip Erdogan fired the country’s central bank governor, who is credited with pulling the lira out of its downward slide earlier this year.
Naci Agbal, who replaced Erdogan’s son-in-law Berat Albayrak as central bank governor, was a proponent of higher interest rates. His brief tenure drew applause from local and foreign investors for pushing Turkey toward a more orthodox monetary policy.
Max Lin, an emerging markets currency strategist at NatWest Markets, told The Wall Street Journal that Agbal’s ouster is a sign that President Erdogan does not want to raise interest rates to curb Turkey’s explosive inflation. The lira is now in danger of plummeting further because of its current competitiveness, he said.