Category Archives: Cryptocurrency
As Litecoin (LTC) Looks To Score A Century, Here’s How Much You’d Have If You Invested $100 Today And It Touched … – Benzinga
Litecoin (LTC) is a fork of Bitcoin BTC/USD that came into existence in 2011. The cryptocurrency was created by former Google engineer Charlie Lee as an adaption of the apex coin's source code.
In 2014, Dogecoin DOGE/USD, the bellwether meme coin, implemented Auxiliary proof-of-work following Lee's suggestion. This has allowed the two coins to be merge mined. In a way, Dogecoin is a relative of Litecoin.
See Also: Where To Buy Cryptocurrency?
The Investment: At the time of publishing LTC traded 3.4% higher at $99.50 as it hovered around the key $100 mark. The cryptocurrency has shot up 9.9% over the span of the last seven days.
Litecoin touched an all-time high of $412.96 on May 10, 2021.Should an investor be persuaded by the recent spike in LTC price to invest $100 in the coin, here's how much they'd have if the price returns to those highs.
The investor's $100 can potentially turn into $415.03if LTC goes all the way back to its May 2021 ATH level. The gain, in this case, would be 315.03%.
Read Next:These 2 Ethereum Rivals Are Spiking Today Even As Bitcoin Slips
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As Litecoin (LTC) Looks To Score A Century, Here's How Much You'd Have If You Invested $100 Today And It Touched ... - Benzinga
TMS Network (TMSN) Sees Massive Momentum With Presale and Mask Network (MASK) and NEAR Protocol (NEAR … – Analytics Insight
The Web3 industry is consistently evolving, as more projects than ever before are fighting for the top spot regarding market capitalization, utility, and appeal.
As of April 13, 2023, there are over 23,300 cryptocurrencies available. What this means is that a project has a high level of competition and genuinely needs to do something unique to stand out.
One such project among investor circles is TMS Network (TMSN), and today, we will go over what this project is and how it compares to other well-established projects, including Mask Network (MASK) and NEAR Protocol (NEAR).
Mask Network (MASK) is essentially a bridge from Web2 to Web3 that makes it possible for social media platforms, like Facebook or Twitter, to utilize features otherwise exclusive to the blockchain space.
What this means is that by using Mask Network (MASK), anyone will be able to conduct payments, tipping, trading, decentralized file storage, or use non-fungible tokens (NFTs) without needing to leave the social media network.
The native cryptocurrency, Mask Network (MASK), is used for governance and also has a use-case surrounding the incentivization of the protocol.
When we go over the value of the Mask Network (MASK) cryptocurrency, as of April 13, 2023, it was trading at $5.69. The all-time high of Mask Network (MASK) was reached on February 24, 2021, at $41.45.
When we go over its historical performance, in the last 30 days, Mask Network (MASK) grew by 75.3%. In the last 24 hours, the Mask Network (MASK) crypto increased by 5.5%. It is clear that this cryptocurrency has showcased growth, but it is not alone, as investors and traders have also been paying attention to NEAR Protocol (NEAR) and TMS Network (TMSN).
NEAR Protocol (NEAR) is a blockchain built for the creation of decentralized applications (dApps) reliant on the Proof-of-Stake (PoS) consensus model known as Nightshade.
The native cryptocurrency, NEAR Protocol (NEAR), is used for the payment of fees, to run a validator node, and is used for governance votes.
The NEAR Protocol (NEAR) network aims to provide dynamic scalability and stabilize fees.
On April 13, 2023, the NEAR Protocol (NEAR) cryptocurrency was trading at $2.20. In regards to its all-time high, on January 16, 2022, NEAR Protocol (NEAR) reached $20.44.
As for its recent performance, in the last 30 days, NEAR Protocol (NEAR) increased by 7.6%, and in the last 24 hours, it increased by 3.1%.
TMS Network (TMSN) is a decentralized platform that is built on top of the Ethereum blockchain, and that can revolutionize the traditional trading industry. Through the TMS Network (TMSN), anyone globally will be able to trade any derivative. This means that users can leverage the power of TMS Network (TMSN) to begin trading CFDs, forex, stocks, futures, and much more, without the need to create a separate account.
All they need to do to begin using the platform is to connect their cryptocurrency wallet. All of this works without the requirement of FIAT currencies either.
The native token is known as TMS Network (TMSN), and it is used for governance accessing specific advanced trading tools, and its holders can get commissions from the trading volume generated on the platform.
Some additional features behind TMS Network (TMSN) include its implementation of social trading features and support for MT4 and MT5.
At its Stage 2 presale period, TMS Network (TMSN) is trading at a value of $0.075. Analysts within the Web3 space predict that its value can climb to $2.2 by the end of December 2023, and any trader who aims to get it before it rockets in value can do so at the links below.
Presale: https://presale.tmsnetwork.io
Website: https://tmsnetwork.io
Telegram: https://t.me/TMSNetworkIO
Twitter: https://twitter.com/@tmsnetwork_io
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TMS Network (TMSN) Sees Massive Momentum With Presale and Mask Network (MASK) and NEAR Protocol (NEAR ... - Analytics Insight
75% of those who’ve heard of crypto aren’t confident in its safety … – Pew Research Center
Cryptocurrency markets aretakinghits from all sides from declines in valuetomultiple corporate bankruptciestolawsuits and regulatory threats.Among the vast majority of Americans who say they have heard at least a little about cryptocurrency (88%),three-quarters say they are not confident that current ways to invest in, trade or use cryptocurrencies are reliable and safe, according to a Pew Research Center survey conducted March 13-19. This comes out to about two-thirds of all U.S. adults.
Roughly four-in-ten adults who have heard about cryptocurrency (39%) say they are not at all confident and an additional 36% are not very confident in the reliability and safety of cryptocurrencies. On the other end of the spectrum, few of these adults are extremely (2%) or very (4%) confident in cryptocurrencies. About one-in-five (18%) say they are somewhat confident.
While concern about cryptocurrency is broad, some groups of Americans are more concerned than others. For instance, adults ages 50 and older who have heard about cryptocurrency are more likely than their younger counterparts to say they are not confident in its reliability and safety (85% vs. 66%).
Pew Research Center conducted this study to examine Americans views of and personal experiences with cryptocurrency. This survey was conducted among 10,701 U.S. adults from March 13-19, 2023. Everyone who took part is a member of Pew Research Centers American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. This way, nearly all U.S. adults have a chance of selection. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other categories. Read more about the ATPs methodology. Here are the questions used for this analysis, along with responses, and its methodology.
This survey includes a total sample size of 375 Asian adults. The sample primarily includes English-speaking Asian Americans and therefore may not be representative of the overall Asian adult population. Despite this limitation, Asian adults responses are incorporated into the general population figures throughout this report.
Women are also slightly more skeptical of investing in, trading or using cryptocurrencies. Among Americans who have heard about cryptocurrency, 80% of women say they are not confident in it, compared with 71% of men.
Attitudes also differ based on whether someone has invested in cryptocurrency. While one-in-five cryptocurrency users say they are extremely or very confident that it is safe and reliable, that share drops to 2% among those who are familiar with cryptocurrency but have not invested. Still, many who have invested in cryptocurrency also have concerns about its security: 43% of this group say they are not very or not at all confident in it.
Overall, 17% of U.S. adults say they have ever invested in, traded or used a cryptocurrency. This share is mostly unchanged from previous Center surveys conducted in 2021 and 2022.
As was true in past surveys, younger men are more likely to use cryptocurrency compared with men 50 and older and women of any age. For example, 41% of men ages 18 to 29 say they have ever invested in, traded or used cryptocurrency, compared with 16% of women in the same age range.
Cryptocurrency use also differs by race, ethnicity and income level. Some 24% of Asian adults and 21% of Black or Hispanic adults say they have ever invested in or used a cryptocurrency, compared with 14% of White adults.
About one-in-five adults with upper (22%) or middle (19%) incomes have ever invested in, traded or used cryptocurrency, compared with 13% of those with lower incomes.
The survey also asked Americans when they first used cryptocurrency. Roughly three-quarters of those who have ever invested in, traded or used cryptocurrency (74%) say they did so for the first time one to five years ago. Much smaller shares say they first did this within the past year (16%) or more than five years ago (10%).
There are differences by race, ethnicity and household income among newer cryptocurrency investors. Black users (27%) are more likely than White users (12%) to say they first used cryptocurrency within the past year. Roughly two-in-ten Hispanic users (21%) say the same. (There were not enough Asian American cryptocurrency users to be broken out into a separate analysis.) And about three-in-ten users from lower-income households report first investing in cryptocurrency within the past year, compared with about one-in-ten adults from middle- or upper-income households.
Roughly three-in-ten adults (31%) who have ever invested in, traded or used cryptocurrency say they currently do not have any cryptocurrency. Still, a majority (69%) say they do currently have cryptocurrency.
Those who live in lower-income households (43%) are more likely than those in middle- (30%) or upper-income (21%) households to have given up cryptocurrency. And women who have ever used cryptocurrency are more likely than men in this same group to say they currently do not have any of the currency (37% vs. 29%).
A plurality of cryptocurrency users (45%) report that their investments have performed worse than they expected, a result that is statistically unchanged since July 2022, when the Center last asked about this. In comparison, 15% say their investments have done better than expected, 32% say they have done about the same as expected and 7% are unsure.
However, when it comes to the impact these investments have had on users personal finances, three-in-five users (60%) say that they have neither helped nor hurt. Roughly equal shares say that these investments have helped (20%) or hurt (19%) their finances. Just 7% say that cryptocurrency has helped their finances a lot and 3% say that it has hurt a lot.
College graduates (25%) and those with some college experience (20%) are more likely than those with a high school education or less (10%) to say that their cryptocurrency investments hurt their personal finances.
Note: Here are the questions used for this analysis, along with responses, and its methodology.
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75% of those who've heard of crypto aren't confident in its safety ... - Pew Research Center
Ether Extends Rally As Withdrawals From $38 Billion Of Unlocked Tokens Remain Modest – Forbes
Antalya, Turkey - May 21, 2021: Close-up of Ethereum ETH cryptocurrency over computer circuit
Ether extended its rally on Friday, bringing its gain for the week to 11% at midafternoon in New York. The second largest cryptocurrency took off on Thursday after the successful completion of the Ethereum Shanghai upgrade. The upgrade unlocked $38 billion of ether that had been deposited to help run the blockchains operations as it transitioned to a proof-of-stake format from the more energy-intensive proof of work.
Stakers, who earn fees from lending their coins back to Ethereum ETH , seem in no hurry to end their investments, some of which have been locked up since December 2020. Withdrawal requests amount to $1.8 billion, but the process can take days or weeks and only $320 million has left the blockchain so far. That was mitigated by $212 million of staking deposits in the past 24 hours, according to Nansen analyst Andrew Thurman.
Theres been strong net outflows, but were reaching equilibrium faster than I personally anticipated, says Thurman.
Ether is up 9% since Wednesday evening, when the Shanghai update went live trading at $2,084.96 according to CoinGecko.
Governance tokens for staking protocols have risen alongside ether. Lido, the market leader, and RocketPool saw the biggest gains in price, 10% and 20%, respectively, since the Shanghai update went live. Lidos staked eth (stETH) has also benefited, up 8.6% since the Shanghai update and propelling the coin to CoinGeckos list of top 10 cryptocurrencies.
Users looking to take advantage of price differences among different staking providers were likely to withdraw their tokens. In fact, the Kraken exchange accounts for about two-thirds of the unstaking requests because it is leaving the business in the U.S. as part of a settlement with the SEC, which considers the companys staking program to be improper.
About 11% of the ether awaiting withdrawal comes from coins staked through Coinbase, likely exiting because of arbitrage trades through RocketPool, according Thurman.
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Crypto hedge fund North Rock LP contended in a Twitter post on Wednesday that this withdrawn ether would not hit the market as owners sought to find better deals to maximize their staking rewards.
Public crypto mining stocks have also fared well this week, with prices up 40-50%. Riot Platforms, one of the largest in the U.S. was quoted at $13.33 a share on Friday afternoon 46% higher than last weeks close.
As ether no longer uses crypto miners, the bullish results may reflect renewed investor confidence in digital assets overall.
The markets overall value is up 5% for the week and 60% this year. Bitcoin BTC , which still uses miners and accounts for 45% of the market, is up 8.7% in the past seven days and 83% year-to-date.
Investor reaction to the Shanghai upgrade has resonated in the larger crypto market says Brian Dobson, managing director of disruptive technology at Chardan Capital Markets.
The Shanghai update has also been seen as a major win for institutions looking to invest in digital assets with minimized risk. Institutions will be able to stake and earn a yield that mirrors fixed financial instruments such as bonds in traditional capital markets, Mona El Isa, CEO of blockchain-based finance firm Avantgarde Finance said in an emailed statement to Forbes. After the Shanghai fork, staking yields from Ether could be synonymous with the risk-free rate that traditional capital markets use to price their assets.
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Ether Extends Rally As Withdrawals From $38 Billion Of Unlocked Tokens Remain Modest - Forbes
Zambia to finish cryptocurrency regulation tests by June -minister – Reuters
LUSAKA, April 12 (Reuters) - Zambia is planning to finish tests that simulate real-world cryptocurrency usage by the end of June to help it create regulations that balance citizens' safety with innovation, science and technology minister Felix Mutati told Reuters.
The southern African country also needs digital infrastructure, including digital identities, before cryptocurrencies can be introduced, Mutati said in an interview on Wednesday.
The Central African Republic surprised investors last year by making bitcoin legal tender and launching its own cryptocurrency token, but other African countries have been warier, with Nigeria banning banks from handling crypto assets.
"Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments ... against citizens' safety, particularly given that cryptocurrency is very volatile," Mutati said.
"The central bank is simulating that to see what would happen in the real world. The results will assist us (in) the formulation of the regulation."
Prices of digital currencies plunged last year amid the collapse of exchange FTX and a number of other companies, though they have recovered some of the losses this year.
"What we are seeing is increased appetite to invest in Zambia," Mutati said, when asked whether any investments under his purview had been delayed, suspended or cancelled due to Zambia's long-delayed debt restructuring.
Zambia, which was the first African country to default in the COVID-19 era in 2020, could lose gains made from economic reforms, if the restructuring of $18.6 billion of external debt is further delayed, the country's Treasury secretary said on Wednesday.
Creditors from China, which has been accused by some Western officials of slowing down the restructuring process, hold the largest portion of Zambia's external debt - about $5.7 billion at the end of 2022, according to government data.
Mutati said the way Chinese loans were contracted during his tenure as finance minister between 2016 and 2018 depended on the project.
He said state power utility Zesco approached China's Sinohydro about building the Kafue Lower Gorge hydropower project, funded by a $1 billion loan by the Export-Import Bank of China and Industrial and Commercial Bank of China.
The government initiated the new Lusaka international airport, he said, while Chinese investors started the Chambishi economic zone.
Reporting by Chris Mfula and Rachel Savage; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles.
Thomson Reuters
Reports on markets, finance and economics across Sub-Saharan Africa and is based in Johannesburg. Previously she was LGBT+ Correspondent at the Thomson Reuters Foundation, Reuters sister organization, where she was awarded Journalist of the Year in 2021 by the NLGJA: The Association of LGBTQ Journalists, a U.S. organization. Before that Rachel worked for The Economist, covering west Africa from Lagos and east Africa from Nairobi. Her work has also appeared in the Financial Times, The Guardian, The Independent and Euromoney.
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Zambia to finish cryptocurrency regulation tests by June -minister - Reuters
Cryptocurrency-exposed stocks gain as Bitcoin tops $30K – Yahoo Finance
By Scott Kanowsky
Investing.com -- Shares in cryptocurrency-exposed stocks rose on Tuesday, as Bitcoin surged above $30,000 for the first time since June 2022.
Crypto miners Riot Platforms (NASDAQ:RIOT) and Marathon Digital Holdings Inc (NASDAQ:MARA), as well as Bitcoin investor MicroStrategy Incorporated (NASDAQ:MSTR) and digital coin exchange platform Coinbase Global Inc (NASDAQ:COIN) all gained more than 2% in premarket U.S. trading.
The world's largest cryptocurrency was 6.16% higher at $30,052.3 by 08:28 ET (12:28 GMT), while peers Ethereum, Binance Coin and Ripple also jumped. The moves helped lift the total crypto market capitalization to $1.4 trillion.
Bitcoin has increased by roughly 80% this year, far outperforming other asset classes. Its latest rally comes amid a broader improvement in sentiment as markets began pricing in the potential for a limited number of interest rate hikes by the Fed in the coming months, especially as the U.S. economy cools further.
A less hawkish Fed bodes well for Bitcoin and other cryptocurrencies after a sharp uptick in borrowing costs wiped out over two-thirds of the crypto market's total capitalization last year.
Meanwhile, Bitcoin has been on a tear over the past month, as the token attracted some safe haven plays due to concerns over a broader collapse in the financial services industry.
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Cryptocurrency-exposed stocks gain as Bitcoin tops $30K - Yahoo Finance
Could Bitcoin’s White Paper Being Found In MacOS Spell Good … – Analytics Insight
In an interesting revelation, a blog post by the technologist Andy Baio on the 5th of April unearthed that the original white paper of Bitcoin (BTC) was embedded in every modern version of Apples macOS operating system. The cryptocurrency industry is always searching for signs of relevance and importance, so when assessing cryptos like Ethereum (ETH) or Dogetti (DETI), it poses the question of what this means and if it means anything at all.
Cryptocurrencys quest for mainstream acceptance remains an enduring struggle for the industry. But the news that Bitcoins white paper has been lurking in plain sight on the operating systems of Apple could be the pendulum-swinger as far as the industry is concerned. Bitcoin is a well-established name but for the rest of the industry, could this mean a growing acceptance? Does Apples inclusion of Bitcoins white paper signal good things in the future for Ethereum, a widely used coin for its fantastic blockchain technology, or Dogetti (DETI), a new meme-based cryptocurrency that is garnering attention?
On the 5th of April, Andy Baio found the original white paper for Bitcoins network that had been authored by Satoshi Nakamoto. Baio said that a PDF version of the BTC white paper was included in every copy of MacOS since the release of Mojave in 2018. It was the strangest and most accidental of discoveries as Baio had been attempting to fix his printer and scan a document using a wireless scanner.
Baio used the information to find the files location and create easier access to the white paper for others. Baio claimed that the white paper could be found on every version of macOS from Mojave to the current version but not anything that preceded Mojave. He speculated that it might have been included for testing purposes and not end-users.
The temptation to frame this as an endorsement of Bitcoin and other cryptocurrencies by Apple is understandable. It would be a seismic affirmation of cryptocurrencys importance but this is not necessarily the case. The Bitcoin white paper is available online and has been widely circulated for a long time. Its location within macOS will not necessarily have much of a practical impact such as major price surges.
Apples inclusion of the Bitcoin white paper, however, does highlight a growing mainstream recognition of cryptocurrency. The inclusion of Bitcoins white paper in Apple might not result in much practically immediately for crypto investors, but it does highlight that their industry is increasingly gaining a foothold in key sectors.
In the future, could we see crypto like Dogetti (DETI) attaining a similar level of mainstream acceptance? Its possible that it could happen as cryptocurrency gains popularity. Dogetti (DETI) is a meme coin, a popular subcategory within cryptocurrency, that is a decentralised platform belonging to those who hold its DETI tokens. Basing itself on being run as a family, which it evokes through hilarious mafia literature, Dogetti (DETI) could be one of those that benefit from the growing popularity of cryptocurrency.
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_
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Could Bitcoin's White Paper Being Found In MacOS Spell Good ... - Analytics Insight
Cryptocurrency Price Today: Bitcoin Dips Below $30,000 As Ethereum Remains Stable – ABP Live
Ethereum (ETH), the second-most popular coin after Bitcoin (BTC), managed to rise above the $2,000 mark for the first time since May last year, riding high on the success of the Shanghai Upgrade. BTC managed to remain stable within the $30,000 mark early Friday morning. Other popular altcoins Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) saw notable gains across the board. Arbitrum (ARB) emerged to be the top gainer, with a 24-hour jump of over 27 percent.
The global crypto market cap stood at $1.27 trillion at the time of writing, registering a 24-hour gain of 0.19 percent.
Bitcoin price stood at $29,996.48, registering a minor 24-hour dip of 0.87 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 26.08 lakh.
ETH price stood at $2,097.63, marking a 24-hour gain of 0.49 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.80 lakh.
DOGE registered a 24-hour jump of 0.09 percent, as per CoinMarketCap data, currently priced at $0.0893. As per WazirX, Dogecoin price in India stood at Rs 7.68.
Litecoin saw a 24-hour gain of 2.97 percent. At the time of writing, it was trading at $98.87. LTC price in India stood at Rs 8,340.02.
XRP price stood at $0.514, seeing a 24-hour loss of 0.65 percent. As per WazirX, Ripple price stood at Rs 44.25.
Solana price stood at $25.79, marking a 24-hour gain of 6.06 percent. As per WazirX, SOL price in India stood at Rs 2,200.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Render Token (RNDR)
Price: $1.9524-hour gain: 16.49 percent
Rocket Pool (RPL)
Price: $59.4224-hour gain: 12.37 percent
Injective (INJ)
Price: $9.4224-hour gain: 9.67 percent
Casper (CSPR)
Price: $0.0553824-hour gain: 8.98 percent
Avalance (AVAX)
Price: $20.8024-hour gain: 8.76 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
OKB (OKB)
Price: $52.6124-hour loss: 4.30 percent
WOO Network (WOO)
Price: $0.318224-hour loss: 4.14 percent
Klaytn (KLAY)
Price: $0.257424-hour loss: 3.35 percent
Neo (NEO)
Price: $13.3924-hour loss: 2.01 percent
Shiba Inu (SHIB)
Price: $0.0000114324-hour loss: 1.94 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, Over the weekend, Bitcoin remained consolidated around the $30,000 mark, after peaking at $31,005 on Friday, its highest level since June 2022. This led to bullish investors securing their profits. Conversely, Ethereum, the second most popular cryptocurrency, attained a fresh 11-month high of $2,141, arousing renewed optimism among investors after the successful Shanghai upgrade. ETH is now trading at $2,101, representing a 134 percent surge from its low point in June 2022. Overall, the market appears to be bullish.
WazirX Vice President Rajagopal Menon said, Ethereum retained its $2,000+ levels while Bitcoin slid slightly below $30,000 levels which it had retained in the last few days. Potential interest rate hike contributed to the same. Shiba Inu saw a price increase following the launch of the beta version of its Layer 2 network. On WazirX, Cartesi and Celer Network tokens have been the top gainers. Cartesi has introduced a set of new features on its network such as mainnet for Web3 dApps and new initiatives for developer communities across the world.
Sathvik Vishwanath, CEO and co-founder of Unocoin said, Bitcoin is trading sideways between $29,800 and $30,500, while an upside move above $30,500 could lead to another resistance area of $30,700 or $31,000. Ethereum hit a one-year high of $2,123.
Shivam Thakral, the CEO of BuyUCoin, said, In a rare development, Ethereum outperformed Bitcoin after witnessing a jump of over 13 percent in the last 24 hours and trading at $2,100.57 level. BTC, on the other hand, is holding strong above the $30,000 mark with a jump of 5.98 percent during the same period. The crypto market continued its upward trend with most of the crypto assets trading in green. In 2023, crypto heavyweights like BTC and Ether are up by 80 percent and 75 percent, respectively, delivering unmatched ROI.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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Cryptocurrency Price Today: Bitcoin Dips Below $30,000 As Ethereum Remains Stable - ABP Live
Emerging Issues Affecting Blockchain and Cryptocurrency | Epstein … – JD Supra
Last week, blockchain analysis firm, Chainalysis, held its annual conference, Links 2023, in New York City, where private and public sector leaders met to discuss emerging issues impacting the blockchain, cryptocurrency, and digital asset space. The conference featured presentations from notable public and private sector leaders, including government regulators, enforcement bodies who investigate and assist in prosecuting virtual asset fraud, and executives from financial institutions.
Throughout the conference similar themes of concern impacting the cryptocurrency space emerged, including:
A highlight of the conference was a fireside chat with Christy Goldsmith Romero, a Commissioner of the Commodity Futures Trading Commission (the CFTC). Speaking just weeks after the CFTC filed a civil enforcement action against Binance Holdings and its CEO and former Chief Compliance Officer, Commissioner Romero spoke of the CFTCs mission as it relates to cryptocurrency, which is focused on ensuring that there are guardrails in place to prevent illicit and fraudulent financial activity as well as to protect consumers who are active in the digital world.
Given the apparent uncertainty of regulatory authority over the cryptocurrency space in the United States, Commissioner Romero commented on the relationship between the CTFC and the United States Securities and Exchange Commission (SEC), the two major U.S. regulatory bodies which have been tapped to potentially lead the efforts of regulatory oversight in this space. Commissioner Romero stressed that both the CFTC and the SEC have the same client the U.S. government and that the multiple regulators, including state regulators, in this space are working together to fulfill their shared mission of protecting U.S. consumers, and ensuring that theres market integrity in this space as it continues to grow.
Commissioner Romero also commented that cryptocurrency is still a fairly new, and emerging industry that is evolving incredibly quickly. She noted that regulators are focused on resolving issues as they emerge, while also discussing ways to regulate and control issues before they arise. Each and all of these efforts will take time.
Commissioner Romero also described the CFTCs priority areas in the cryptocurrency space:
Finally, Commissioner Romero stressed that it is no longer sufficient to manage cyber risks cyber risks need to be eliminated in order to ensure consumer protection. She explained that the goal is to grow the industry as a safe ecosystem, and that the primary way to achieve this goal is for regulators in the industry to put customers first. The inevitable conclusion from these remarks is that we can expect greater regulation for the crypto industry.
Epstein Becker & Green, P.C. will monitor developments as the blockchain, cryptocurrency and digital asset space continues to evolve.
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Emerging Issues Affecting Blockchain and Cryptocurrency | Epstein ... - JD Supra
Safeguarding the cryptocurrency ecosystem Monash Lens – Monash Lens
Labelled the crypto winter, the cryptocurrency market went through a rollercoaster ride last year. In 2021, riding on the crypto frenzy wave, the poster boy of the crypto industry, Bitcoin, soared to an all-time high of US$65,000 in November 2021, but then plummeted to a low of US$15,869 one year later.
The November 2022 collapse of cryptocurrency exchange FTX made a further dent in the crypto industry, exposing the vulnerability in dealing with cryptocurrencies and engaging with digital asset exchanges (DAXs).
Read more:How to lose a bitcoin fortune
The irony is that FTX wasnt a small player in the crypto market, and was popular among investors, venture capitalists, politicians, and even in the regulatory space.
Its collapse sent a strong signal to crypto enthusiasts if FTX can collapse, all other DAXs could be vulnerable.
In fact, FTX was the 11thth in a series of 2022 crypto shakeouts, and its continued to happen, with the March 2023 collapse of Miami and New Yorks crypto Citycoins.
This will further dent the confidence of crypto enthusiasts and innovators, causing more DAXs to lose customers and the trust they built over years.
On the positive side, the collapses have again woken the regulators, and better regulation is now underway.
The European Central Bank (ECB) and Federal Reserve regulators long broadcasted the importance of strong regulations for the crypto market.
ECB noted that crypto assets comprise only about 1% of the total global financial asset, which is still more than sub-prime mortgages. But if left unregulated, they can wreak havoc and potentially lead to financial stability risks.
To avoid that, the ECB has finalised legislation, Regulation of Markets in Crypto-Assets (MiCA), which is expected to come into effect in 2024, and will harmonise the regulatory approach across the European Union (EU).
The Federal Reserve Board also warned member banks that it intends to prohibit cryptocurrency banking activity to avoid banks being exposed to crypto risk.
Regulators are not here to stifle crypto innovation, but rather to let them develop in a protected ecosystem. In fact, the Federal Reserve Boards Vice-President, Michael Barr,noted that digital assets specialists are needed to help us learn from new developments and make sure were up to date on innovation in this sector.
Regulators are taking prudent measures to avoid crypto risk being transmitted to a larger part of the economy. For instance, the Federal Reserve Board warned member banks that it intends to prohibit a large portion of cryptocurrency banking activity presumptively.
The FRB prohibits member banks from holding most crypto assets. Banks that want to use dollar tokens must prove certain security measures and receive formal approval before their use in banking transactions.
In the United Kingdom, NatWest and other large UK banks have imposed limits on how much money can flow to and from crypto exchanges.
The Securities and Exchange Commission (SEC) has put leading crypto exchange Coinbase on notice for breaking securities laws. Coinbase was once approved by the same SEC to go public in 2021, having deeply reviewed its operation.
Unfortunately, we havent seen unified crypto regulations emerge in the 13 years of its existence.
The challenge is to impose regulatory standards on the nature of crypto while creating a safe environment for crypto-lovers.
But regulators need to be careful to not implement extreme solutions that discourage innovation, such as digital currency or tokens. More restrictions on banks dealing with cryptocurrency means it will be difficult for the DAXs to keep customers crypto holdings safe.
While at one endwe want to make the crypto economy sound, vibrant and safe, tighter regulations are also making crypto players move from a regulated system to offshore locations, where keeping an eye on crypto investment will be a challenge.
Read more:Australia is investigating a digital currency, or e-dollar, but its benefits seem slight
The million-dollar question is what will happen to the crypto industry next.
This will be the year of reset and regulation of the crypto industry. Regulators must make a unified and coordinated effort to safeguard the crypto ecosystem.
No doubt, crypto is here to stay, but with increased regulation it will be less volatile, less speculative, and more attractive as an alternative financial asset.
Regulation will keep the FTX saga from happening again. There will be further innovation in the token market ,and more focus on stablecoins than cryptocurrencies. Not to forget, the hype surrounding the Central Bank Digital Currency (CBDC) is an offshoot of crypto technology.
DAXs will come under more scrutiny, prompting people to hold their investments for longer and bringing price stability to the market.
I anticipate Bitcoin to trade in the range of US$25-30k.
A fewweeks ago, my prediction was half that, but due to recent banking turmoils, many investors and speculators would be keen to invest in crypto, giving a much-needed sustained lifeline to the industry.
Precise and progressive regulation will polish the industry more and pave the way for crypto spring. The crypto players need to improve transparency, build trust, reduce or remove bad actors, and implement robust risk management practices at crypto exchanges so investors and regulators feel safe about the crypto economy.
Originally posted here:
Safeguarding the cryptocurrency ecosystem Monash Lens - Monash Lens