Category Archives: Cryptocurrency
Cryptocurrency: who controls the prices of Bitcoin and altcoins? – AS USA
If you're looking for an anonymous currency these days, then even Bitcoin isn't providing enough seclusion for a certain group, who have turned to a volatile class of crypto known as privacy coins.
These 'coins' have been created with the primary aim of masking the identity of users as well as the details of transactions, and have quietly been gaining traction this month as maturing bitcoin inches towards mainstream finance. Monero and Zcash, among the most popular, have respectively gained 7.6% and 46% since 1 March, according to CoinMarketCap data, even as bitcoin has lost about 5%. The pair has gained 4.7% and 16% in the past week. An index tracking privacy coins more broadly, compiled by research firm Macro Hive, has risen 4%.
This could be a blip in the wild ride of privacy coins, which conceal more information about transaction amounts and parties through differences in their underlying blockchains. In the past five years, Monero's market cap - the total value of all the coin out there - has pinballed from $100 million to $6.8 billion to $3.4 billion now, according to CoinMarketCap data.
Yet the interest in crypto privacy coincides with bitcoin's diminishing function as an anonymous currency. It also comes against the backdrop of war in Europe, a tightening sanctions dragnet and strong noises from policymakers in the United States, EU and Japan about regulating the crypto market.
Aidan Arasasingham and Gerard DiPippo, of the Washington-based Center for Strategic and International Studies, note that bitcoin is not truly anonymous, but rather pseudonymous, where coins can be held in wallets opened under alternative or false names.
"If a wallet can be linked to an entity or person, the actor can be identified," they wrote in a report in the context of the possibility of crypto being used in Russia and Ukraine to move funds. "Their transactions and wallets can be traced."
Volatility aside, though, there are several obstacles that keep privacy coins from being a top-tier altcoin, or alternative to bitcoin, which has a market cap of around $776 billion. Some major crypto exchanges do not list privacy coins due to their potential for illicit activity, for example. Daily trading volumes for Monero have mostly been under $250 million this month while altcoin Ripple sees more than $1.5 billion changing hands each day.
"Privacy coins will probably grow. The challenge is that you have to do a lot of things do make them anonymous that make for a horrible user experience and adds big transaction costs," said Dave Siemer, CEO at asset management firm Wave Financial in Los Angeles who owns some Monero coins.
Privacy coins have evolved in recent years as the ability of authorities to track blockchain activity for bitcoin and other major cryptocurrencies has become more advanced.
"Coins can, with some effort, be traced back to the very last "satoshi", bitcoin's smallest unit," Teunis Brosens, head economist of digital finance and regulation at ING, said in a note. "Recent reports of ransomware money being recaptured, and arrests made for crypto exchange hacks made years ago, attest to this progress."
Large regulators have the crypto market in the sights, with efforts intensified by concerns that Russian oligarchs and other sanctioned people could use bitcoin to clandestinely move money.
U.S. senators have introduced a bill that could give the president power to sanction foreign cryptocurrency firms. The European Union has also voted in favor of comprehensive digital asset legislation. Japan's Financial Services Agency has said it will punish anyone making unauthorized payments to those targeted by the sanctions.
Bitcoin's movements have been contained in part by the Ukraine conflict and the Federal Reserve's hawkishness. The crypto kingpin has been stuck between $35,000 and $45,000 since mid-January, unable to reach the $50,000 level it held at the end of 2021. A bitcoin long-to-short positions ratio on Binance is at 1.5, the same level it was at on 24 February when Russia invaded.
Meanwhile data from Glassnode shows a jump in the proportion of bitcoin supply being absorbed by entities with a low statistical history of spending it. Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock, sees this as "suggesting a bullish market structure for the medium-long term".
"Bitcoin is consolidating under $41,000, as the percentage of long-term holders in the market continues to increase," Sotiriou said.
Bitcoin came into existence in 2009 after the concept of a decentralized digital currency was presented by its mysterious creator Satoshi Nakamoto. Since then, it has become the standard for a raft of other cryptocurrencies that use peer-to-peer networks to keep a ledger of all transactions.
This decentralized system of using cryptography and numerous servers for recording and storing the account book of all transactions provides the means by which miners get paid and underpins the security of currency.
In 2008 an academic white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto, an invented name, laid out the system that would become the cryptocurrency Bitcoin. The digital coin is built on a decentralized peer-to-peer network that uses open-source software, so anyone can participate in maintaining the public ledger of all transactions.
Transactions are broadcast to the network and shared amongst all the servers, or nodes, which then reach a consensus on the transactions and include them in blocks. These are placed into the blockchain which stacks the information so that there is a permanent record of all transactions, decreasing the risk of a reverse transaction.
The peer-to-peer software that allows people around the globe to send Bitcoin money to each other also lets people provide their servers to process the transactions. The people who perform this service are known as "miners" and their computers synchronize the record of transactions establishing a consensus and thus secure the network.
For collecting the information and placing it on the blockchain miners receive a transaction fee. But they can also get Bitcoin for adding a new block onto the blockchain. This is done by completing a cryptographic calculation. The first miner to broadcast the next block is rewarded with a Bitcoin. However, over time it gets harder to mine new coins which are limited to 21 million in total.
The value of this digital money is based on mathematics, instead of a physical property or government fiat. As with all currency, Bitcoin's value comes only and directly from people willing to accept them as payment.
Just as with regular currencies or precious metals the value of Bitcoins fluctuate, but they are not legal tender in any country. However, individuals and businesses are using the cryptocurrency for transactions worth millions of dollars everyday.
The value of a Bitcoin has seen spikes in the past only to decrease again. In the autumn of 2020 the value skyrocketed only to lose nearly half its gains the following spring. However, just a matter of months later, the cryptocurrency began climbing again, to almost double going over $68,000 briefly in November 2021.
The maximum number of Bitcoins is limited to 21 million, but each coin can be split into subunits. Currently there are 1,000,000 bits in one bitcoin, or divided up into 8 decimal places (0.000 000 01). If required in the future, more bits could potentially be created for ever smaller transactions. At the end of November 2021, there were just over 2.1 million Bitcoins left to be mined according to the Bitcoin supply chart.
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Cryptocurrency: who controls the prices of Bitcoin and altcoins? - AS USA
Are Russia’s elite really using cryptocurrency to evade sanctions? – The Conversation
Fearing Russias elite will evade economic sanctions by converting their wealth to cryptocurrency, high-profile US Democratic senator Elizabeth Warren has introduced a bill into US Congress to stymie Russian crypto transactions.
Warren warned a Senate committee hearing:
So no one can argue that Russia can evade all sanctions by moving all its assets into crypto. But for Putins oligarchs who are trying to hide, you know, a billion or two of their wealth, crypto looks like a pretty good option.
The bill does not seek to impose a blanket ban on all Russian cryptocurrency transactions. But it would give the US government the authority to ban US companies from processing cryptocurrency transactions connected to sanctioned Russian accounts, and to apply secondary sanctions to foreign cryptocurrency exchanges doing business with sanctioned Russian individuals, companies or government agencies.
But is it even necessary?
Even though the evidence shows that Russian cryptocurrency transactions have been increasing in both number and value in the past month, the scale suggests buyers are ordinary Russians seeking to hold on to their savings as the value of the ruble crashes.
Read more: During the cold war, US and Europe were just as divided over Russia sanctions here's how it played out
The economic sanctions imposed on Russia for invading Ukraine are naturally hurting the entire Russian economy. Their intended target, though, is to hit Putin and the billionaire oligarchs who support his rule where it hurts most.
A cornerstone of this strategy is stopping these individuals from using or moving their wealth around by freezing the assets they hold overseas and blocking financial transactions.
But the continued operation of cryptocurrency exchanges in Russia, such as Binance, Yobit and Local Bitcoins, has been worrying US officials for some time. Even before Russias latest invasion of Ukraine, the US Treasury Department warned cryptocurrencies could undermine the sanctions already imposed on Russia over its 2014 annexation of Crimea.
Our first graph below shows why ordinary Russians have good reason to buy cryptocurrency.
Since the February 24 invasion of Ukraine, the rubles value against the US dollar has fallen by as much as 40%, from $US1 being worth 76 rubles to 132 rubles. At the time of publication, $US1 was worth about 109 rubles.
The ruble falls off a cliff
The next graph shows the value of Bitcoin transactions by Russian accounts in rubles.
Bitcoin is not the only cryptocurrency Russians could buy, but it is by far the most traded and trusted of all cryptocurrency offerings, so is a useful proxy for the market. This data comes from Coin Dance, a leading Bitcoin statistics and services company.
Since the war began on February 24 until time of publication, spending on Bitcoin using rubles has increased by 260%.
Bitcoin trading volumes by Russian accounts in rubles (weekly)
This is an impressive rise, but less impressive when the devaluation of the ruble is factored in. The weekly value of rubles being converted into Bitcoin was about $US28 million last week, compared with about $US14 million in mid-February. That'sa 100% rise.
In global terms, this is still a tiny percentage of the money going into Bitcoin. According to cryptocurrency data provider Kaiko, each week between $US20 billion to US$40 billion is spent on Bitcoin. So the Bitcoin-ruble trade represents less than 0.14% of the total.
It is also important to consider the number of accounts and size of average transactions.
According to Glassnode, another cryptocurrency data service, the number of Russian Bitcoin accounts has increased from 39.9 million to 40.7 million since the February invasion. (The Russian population is about 144 million.)
The daily average size of each Bitcoin-ruble transaction based on data from the the largest exchange in Russia, Binance has risen to $US580 by mid-February. This compares to the average value of American transactions being $US2,198 at the same time.
Read more: Bitcoin is helping both sides in Ukraine conflict, but it won't wreck Russian sanctions
The capacity to put large amounts of rubles through crypto exchanges operating in Russia is also heavily constrained by the relatively low liquidity in Russian crypto trade.
Liquidity refers to the ease with which an asset or security in this case Bitcoin can be converted from or into cash without affecting its market price. When a market has more buyers and sellers, it becomes easier to complete a transaction, and the less impact there is on the exchange rate. With fewer buyers and sellers, it is harder.
A measure of the liquidity of the Russian Bitcoin exchanges is the value of orders submitted by buyers and sellers at any given time. This is about US$200,000, compared with $US22 million for US-based crypto exchanges a volume 110 times larger.
These statistics suggest anyone wishing to trade large volumes of Bitcoin against the ruble will have difficulties.
The evidence therefore points to most of the uptick in Russian cryptocurrency trading being dominated by small-time investors.
It is possible that Putin and his cronies could be using hundreds or thousands of accounts to perform many small-scale transactions to move their fortunes around.
But its more likely their wealth is mostly invested through shell companies in assets in places like Monaco, the British Virgin Islands, Ireland or even the US district of Delaware.
Read more: The next Pandora Papers expos is inevitable unless governments do more on two key reforms
There is little argument against the strategy of using economic sanctions to combat recalcitrant regimes. Other than direct military intervention, there are few other meaningful weapons available. But a detailed analysis of any proposed sanction beforehand is needed so as to not overestimate its likely effectiveness.
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Are Russia's elite really using cryptocurrency to evade sanctions? - The Conversation
Here’s how tax clarification on set-off of cryptocurrency gains and losses affects investors – Moneycontrol
The legal mandate on bringing digital assets under the ambit of taxation in this years budget speech was indeed a welcome and motivating move for the entire digital asset industry and Web 3.0 market.
While a flat tax rate of 30% ongains from trading in virtual digital assets(VDA) announced by the Finance Minister appeared to be a cause of some concern (but not a deterrent in trading and investing) at that stage, the government has stepped up to give cryptocurrencies/VDAs some form of recognition as an asset class for the purposes of taxation, even though the sector otherwise remains largely unregulated.
In addition, while responding to the queries on the said subject matter by one of the Parliamentarians, the Government, on March 21, clarified that as per the provisions of the proposed Section 115BBH to the Income-tax Act, 1961, loss from the transfer of a VDA will not be allowed to be set-off against the income arising from the transfer of another VDA.
This essentially implies that each VDA in an investors portfolio, i.e, crypto coins or non-fungible tokens (NFT), will be treated as a separate asset class, and the gain or loss against the transfer of a particular VDA cannot be set off/adjusted against the loss or gain, respectively, in any other VDA.
In simple words, if an investor trades in Coin A and Coin B, the gains in Coin A in a particular financial year will only be allowed to be reduced/adjusted against the losses incurred while trading in Coin A (not Coin B).
By way of an example (hypothetically), let us say X invested Rs 1,000 in Coin A and Rs 1,000 in Coin B.
When X sold the VDAs (both Coin A and Coin B), gains from Coin A were Rs 500, losses from Coin B were Rs 600, and the remaining capital was as follows:
Coin A: Rs 1,000 + Rs 500 (gains) = Rs 1,500
Coin B: Rs. 1,000 (Rs 600) = Rs 400
Remaining Capital = Rs 1,900
While X suffered an overall loss of Rs 100, as per the government's clarification, since each VDA is required to be treated separately for the purposes calculating gains /losses, X will have to pay tax on the capital gains from trading in Coin A. That is to say, he will have to pay Rs 150 as tax (30 percent of the Rs 500).
Though the governments position on including VDA under the ambit of tax incidence was positive and reaffirming for the industry and market participants, this recent clarification on disallowing the setting off of losses against the income arising from transfer of another VDA is concerning and is likely to dampen the influx of retail investment and participation of investors in this asset class.
Mining cost will not be allowed as expenses
Further, if one were to engage in mining of the VDA, which requires a substantial investment, the Government has clarified that such costs will not be allowed to be adjusted against the gains, as the same is a capital investment. However, depreciation may be allowed to be claimed against capital investment in IT systems acquired for the purposes of mining VDAs.
Considering this clarification by the Government, it is likely that the onus to make relevant disclosures will be put on both crypto exchanges as well as investors, and a KYC process is likely to be mandated along with transactions in fiat currency presumably being linked to PAN and Aadhaar.
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Here's how tax clarification on set-off of cryptocurrency gains and losses affects investors - Moneycontrol
Investopia Summit partners with cryptocurrency platform Crypto.com – The National
The inaugural Investopia Summit signed a preliminary agreement with cryptocurrency platform Crypto.com as Dubai focuses on regulating virtual assets in an effort to safeguard investors while fostering innovation.
Under the agreement, Crypto.com will be the exclusive cryptocurrency trading platform partner of Investopia Summit, which will be held on March 28 in tandem with the World Government Summit.
Investopia Summit will discuss the current major economic transformations in the world, such as cryptocurrencies, and their impact on investors and the world markets, and the solutions that could help investors worldwide, Abdullah Al Saleh, undersecretary of the Ministry of Economy, said.
This agreement with Crypto.com will lead to more rich and diverse discussions about solutions to the challenges facing the economies of the world.
Investopia is one of the events within the first set of the Projects of the 50 developmental and economic initiative announced by the UAE government in 2021.
It is the first platform that unifies all national investment opportunities and development projects from all emirates in line with the Projects of the 50 initiative.
Dubai implemented the Virtual Asset Regulation Law this month to create an advanced legal framework to protect investors and provide international standards for virtual asset industry governance. Virtual assets include cryptocurrencies such as Bitcoin and non-fungible tokens.
The Dubai Virtual Asset Regulatory Authority, which will be established under the new law, will regulate the sector throughout the emirate, including special development zones and free zones, but excluding the Dubai International Financial Centre.
We have a shared vision with Investopia on the transformational impact cryptocurrency can have globally, Eric Anziani, chief operating officer of Crypto.com, said.
The Investopia Summit will involve industry experts, government officials, institutional investors, start-up and SME leaders, social entrepreneurs and other stakeholders to share ideas, create opportunities and promote investments around the world.
Updated: March 23, 2022, 1:52 PM
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Investopia Summit partners with cryptocurrency platform Crypto.com - The National
Singapore High Court issues injunctions against unknown individuals for cryptocurrency theft, and orders cryptocurrency exchanges to disclose…
For the first time in Singapore, the High Court has recognized cryptocurrency as property and granted proprietary injunctions against unknown persons who were suspected of having stolen cryptocurrency. The Court also made disclosure orders against cryptocurrency exchanges with which the cryptocurrency was held, requiring them to provide materials to assist with asset tracing.
A. What happened between the parties?
The plaintiff held Bitcoins and Ethereum tokens (the Stolen Cryptocurrency Assets) in two digital, decentralized hot (i.e., online) wallets accessible by mobile phone applications and protected with passwords. Both wallets utilized the recovery seed methodology to recover passwords and allow access to the wallets in case the plaintiffs mobile phone was lost or destroyed.
In January 2021, while on vacation with friends in Mexico, the plaintiff gave an acquaintance the combination to his safe to retrieve cash. This safe also contained the recovery seeds to his digital wallets. The acquaintance repeated the safe combination aloud in a room with other people.
The next day, the plaintiff discovered that the Stolen Cryptocurrency Assets, worth approximately $7 million, were withdrawn from his digital wallets without his knowledge or consent. The plaintiff believed that the unknown persons who withdrew the Stolen Cryptocurrency Assets (the First Defendants) obtained the recovery seeds from the safe and used them to transfer the Stolen Cryptocurrency Assets.
The plaintiffs investigations and tracing efforts indicated that the Stolen Cryptocurrency Assets were transferred to digital wallets that were held at two cryptocurrency exchanges with operations in Singapore (the Second and Third Defendants).
The plaintiff then commenced proceedings in Singapore and requested the High Court to grant the following orders:
B. What did the Court decide?
The Court granted the proprietary injunction and the disclosure orders. The Court also granted a worldwide freezing injunction against the First Defendants, even though the identities of the First Defendants were unknown. A summary of the Courts decision and analysis is set out below.
The Court has jurisdiction over unknown persons
The Court held that it had jurisdiction to grant injunctions against unknown persons as Singapores Rules of Court do not require the identity of the defendant to be known. In reaching this decision, the Court referred to English and Malaysian cases decided on similarly worded procedural rules.
Nevertheless, the Court noted that the description of the unknown person(s) must be sufficiently certain as to identify those who do and do not fall within it. In this case, the First Defendants were described as any person or entity who carried out, participated in or assisted in the theft of the plaintiffs [Stolen] Cryptocurrency Assets on or around 8 January 2021, save for the provision of cryptocurrency hosting or trading facilities. The Court held that this description met the required standard of certainty.
Cryptocurrency can be protected by proprietary injunctions as cryptocurrency assets are capable of giving rise to proprietary rights
To obtain the proprietary injunction order, the plaintiff had to show that cryptocurrency assets are capable of giving rise to proprietary rights. This issue had been left open by the Singapore Court of Appeal inQuoine Pte Ltd v. B2C2 Ltd[2020] 2 SLR 20.
The Court held that the Stolen Cryptocurrency Assets are assets capable of giving rise to proprietary rights for the following reasons:
In reaching this decision, the Court also referred to other common law jurisdictions regarding cryptocurrency assets, in particular, the New Zealand High Court decision inRuscoe v. Cryptopia Ltd[2020] 2 NZLR 809, which recognized cryptocurrency as a form of property. Further, the decisions of the English High Court inElena Vorotyntseva v. Money-4 Ltd[2018] EWHC 2596 and the Supreme Court of British Columbia inCopytrack Pte Ltd v. Wall[2018] BCSC 1709 were also instructive as both cases implicitly accepted that cryptocurrency may be regarded as property.
Further and on the facts, the Court had little hesitation in holding that the balance of convenience clearly lay in favour of granting the proprietary injunction, as there was a real risk that the First Defendants would dissipate the Stolen Cryptocurrency Assets.
Disclosure orders
The plaintiff sought disclosure orders requiring the Second and Third Defendants to provide the following information:
The Court held that it was just and convenient to grant the disclosure orders as they were needed for the plaintiff to understand what remained of the Stolen Cryptocurrency Assets as well as the whereabouts of these assets. Further, the information sought would facilitate the identification of the First Defendants or any other persons that may have assisted or acted in concert with them.
C. What does this decision mean for you?
This is a welcome decision as it indicates that the Singapore Courts are prepared to recognize and protect cryptocurrencies as properties by granting proprietary injunctions against cryptocurrency theft, even where the identity of the perpetrators is unknown. This decision also demonstrates that Courts are prepared to make disclosure orders against cryptocurrency exchanges that are based or have operations in Singapore, so that victims of cryptocurrency theft or fraud are able to access critical information to assist them in freezing and tracing the stolen assets.
For cryptocurrency exchanges that are based or have operations in Singapore, this decision means that there is now a possibility of being served with disclosure orders issued by the Singapore Courts to disclose information relating to user accounts and freezing injunctions to freeze cryptocurrency held in user accounts. Such Court orders will override any contractual terms between an exchange and its users, for example, terms relating to the users ability to transact in the cryptocurrency and the exchanges duty of confidentiality in relation to user information.
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Singapore High Court issues injunctions against unknown individuals for cryptocurrency theft, and orders cryptocurrency exchanges to disclose...
ALYI Cryptocurrency Backed EV Ecosystem Receives Elevated Attention Following SXSW Participation Featuring Transportation Secretary Pete Buttigieg -…
Dallas, Texas, March 22, 2022 (GLOBE NEWSWIRE) -- Alternet Systems, Inc. (OTC Pink: ALYI) is building an EV Ecosystem that includes organic and partner solutions for all aspects of the growing EV transportation system.
ALYI has established the nucleus of its EV Ecosystem in East Africa where it has already begun to rollout a comprehensive electric motorcycle enterprise.
Participation in ALYIs EV Ecosystem is facilitated through the sale of Revolt Tokens (RVLT) learn more about RVLT at https://rvlttoken.com/.
Last week, ALYI participated in the SXSW Transportation Track in Austin, Texas featuring Transportation Secretary Pete Buttigieg.
ALYI participation focused on representing the Companys EV initiative in Africa in addition to learning about the latest in global transportation initiatives.
ALYIs SXSW participation was centered around ALYIs interest in Formula E. ALYI has worked closely with a Kenyan race event business named East African Grand Prix (EAGP). EAGP has a provisional license with Formula E intended to bring an annual Formula E race event to Kenya. Formula E is participated in a panel discussion at SXSW titled No Turning Back: Formula E and the Electric Future.
The merit of our developing EV Ecosystem brand growing out of the rugged African environment has received a substantial increase in attention following SXSW, commented ALYI CEO Randell Torno. EV solutions derived from an EV industry collaboration bult around demonstrating the best of the best in EV solutions via a globally recognized annual EV race is an enterprise that carries a compelling value proposition and SXSW helped us elevate that message. The feedback following SXSW has been validating from the media outlets that want to tell our story to the acquisition overtures. Clearly, ALYI is on the right EV track.
To learn more about ALYI, visit http://www.alternetsystemsinc.com.
Disclaimer/Safe Harbor:This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Contact:Alternet Systems, Inc.Randell Tornoinfo@lithiumip.com+1-800-713-0297
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ALYI Cryptocurrency Backed EV Ecosystem Receives Elevated Attention Following SXSW Participation Featuring Transportation Secretary Pete Buttigieg -...
Cryptocurrency LEO Token Decreases More Than 3% Within 24 hours – Benzinga – Benzinga
LEO Tokens (CRYPTO:LEO) price has decreased 3.01% over the past 24 hours to $6.01. This is contrary to the coins performance over the past week where it has experienced an up-trend of 1.0%, moving from $5.89 to its current price.
The chart below compares the price movement and volatility for LEO Token over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has decreased 12.0% over the past week, while the overall circulating supply of the coin has increased 0.01% to over 936.73 million. The current market cap ranking for LEO is #29 at $5.63 billion.
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Cryptocurrency LEO Token Decreases More Than 3% Within 24 hours - Benzinga - Benzinga
Cryptocurrency Axie Infinity Up More Than 8% In 24 hours – Benzinga – Benzinga
Axie Infinitys (CRYPTO: AXS) price has increased 8.23% over the past 24 hours to $56.65. Over the past week, AXS has experienced an uptick of over 11.0%, moving from $48.68 to its current price. As it stands right now, the coins all-time high is $164.90.
The chart below compares the price movement and volatility for Axie Infinity over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has increased 22.0% over the past week while the overall circulating supply of the coin has increased 4.13% to over 77.24 million which makes up an estimated 28.61% of its max supply, which is 270.00 million. The current market cap ranking for AXS is #34 at $4.40 billion.
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This article was generated by Benzingas automated content engine and reviewed by an editor.
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Cryptocurrency Axie Infinity Up More Than 8% In 24 hours - Benzinga - Benzinga
Cryptocurrency market down overall heading into Monday morning – Fox Business
Here are your FOX Business Flash top headlines for March 18.
Bitcoin was trading above $41,000 early Monday morning as the cryptocurrency market was down overall.
According to Coindesk, Bitcoin was trading at $41,218, down 1.64%, while Ethereum and Dogecoin were trading at $2,882 (-1.53%) and approximately 12 cents (-1.88%), respectively, the report said.
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Bitcoin and other major cryptocurrencies fell slightly last week, but finished a mostly upbeat week higher than when they started the week, showing stamina to withstand the U.S. central bank's first interest rate hike in four years and Russia's escalating attacks on Ukraine.
Bitcoin was trading above $41,000 early Monday morning as overall the cryptocurrency market was down overall. (iStock / iStock)
Bitcoin was off about 1.3% over the past 24 hours. Bitcoin topped $42,000 late during U.S. trading hours Friday, a more than 7% increase from where it started the week as investors digested the long-expected Federal Reserve's 25-basis-point increase on Wednesday and global unrest tied to Russia's invasion.
Meanwhile, Ether, the second-largest crypto by market cap, was changing hands a little under $2,900, a 1.8% drop over the same period, but well up from where it began the week. Most other major cryptos were in the red over the weekend. Trading volume fell over the past three days, Coindesk reported.
In other cryptocurrency news, an Austin, Texas, city council member last week announced a resolution that would explore possible uses of Bitcoin and other cryptocurrencies in the city.
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The resolution, from Austin City Council Member Mackenzie Kelly (District 6), came ahead of South by Southwests return to the city after two years of the COVID-19 pandemic.
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Cryptocurrency market down overall heading into Monday morning - Fox Business
Where the World Regulates Cryptocurrency – Statista
Some countries declare Bitcoin to be official legal tender while others announce outright bans on cryptocurrency. A world map based on data collected by the Law Library of the U.S. Congress shows where countries have been trying to stop the cryptocurrency hype and where crypto has been given more or less free reign.
One example of a country embracing cryptocurrency is El Salvador, where Bitcoin was declared an official currency in September of 2021 by populist president Nayib Bukele. The country also taxes and otherwise regulates cryptocurrency. El Salvador is in a special position because it does not have its own currency and instead relies on the U.S. dollar, like some other countries in the region.
Other countries which are applying laws to regulate digital currencies probably wouldn't go as far as El Salvador. Rather, these places - which are most typically developed countries - have been investing in projects to launch their own central bank digital currencies. This is arguably a very different approach to using blockchain technology than that of original cryptocurrencies, which are explicitly independent of any state control, but can be very volatile as a result. Among those exploring the concept are the U.S., European countries, Russia and Australia. India and Thailand, both of which are also broadly regulating cryptocurrency, already have more concrete plans to issue their own digital currencies.
Ukraine was also among the countries which have been regulating cryptocurrency, but the nation went one step further on Wednesday when legislating a framework for the cryptocurrency industry in the country. The nation made the move after it received donations in crypto following its invasion by Russia. Rules like having to register or acquire a license for a crypto exchange also exist in the EU, the UK, Canada, the U.S., Mexico, Chile, Japan and Korea, among others.
China was the first major economy to start issuing its national currency on the blockchain in early 2021. The country has taken a more extreme approach to regulating cryptocurrency by issuing an absolute ban on it. According to the Law Library of Congress, nine countries had so far taken this measure, while many more were implicitly banning the use of cryptocurrency through their other laws. This practice was most common in Africa, the Middle East and Asia.
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Where the World Regulates Cryptocurrency - Statista