Category Archives: Cryptocurrency
Cryptocurrency Advocacy Group Says Regulators Overstepped Authority by Sanctioning Tornado Cash – The Daily Hodl
Crypto advocacy group Coin Center is looking into challenging the U.S. Office of Foreign Assets Control (OFAC) over Tornado Cash sanctions in court.
Coin Center communications director Neeraj K. Agrawal said on Monday that the groupbelievesOFAC has exceeded its statutory authority by sanctioning the Tornado Cash smart contract.
We believe OFAC has exceeded its statutory authority by sanctioning the Tornado Cash smart contract. Coin Center is exploring a court challenge.
In Coin Centers analysis of the case, the non-profit arguesTornado Cash has no control over its application.
Tornado Cash Entity does not have a property interest in the Tornado Cash Application. It has no legal right to control that Application, and, perhaps more importantly, it has no physical ability to control that application. Moreover, that application is not even property in any reasonable sense of the word.
The Application is non-proprietary software residing simultaneously on the computers of every person around the world running the Ethereum open source client. It is no more the property of the Tornado Cash Entity than the phillips-head screwdriver in every Americans home toolbox is the property of its inventor, Henry F. Phillips.
If the Tornado Cash Application is not property in which some foreign country or nation has an interest (50 U.S.C. 1702), then the Tornado Cash Application cannot properly be added to the SDN List or blocked under the specific powers granted by Congress to the President in IEEPA. Someonemore on whom latershould be able to challenge the designation as being made outside the bounds of the statute and therefore invalid.
Early last week, OFACsanctioned Tornado Cash and the U.S. Treasury Department banned US citizens from using the protocol as it was deemed a national security threat. Later in the week, the suspected developer of the crypto mixer was arrestedon money laundering charges in the Netherlands.
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Cryptocurrency Advocacy Group Says Regulators Overstepped Authority by Sanctioning Tornado Cash - The Daily Hodl
Scaramucci Identifies Significant Reasons Why The Cryptocurrency Market Will Soon Revive – – The Coin Republic
Anthony Scaramucci, Founder and managing partner of Skybridge Capital, has a positive perspective on the future of the crypto market, recommending investors to see the current situation and stay patient for the long term.
During the interview session with CNBC, the hedge fund manager highlighted his belief that several recent developments in the crypto space could spark a lot more commercial activities.
Scaramucci emphasized the two-layer payment system built on top of Bitcoin, the Lightning Networks continuous improvement, BlackRocks relationship with Coinbase, and their subsequent creation of a Bitcoin (BTC) private trust fund as promising developments for the future.
Finally, CEO Larry Fink is seeing institutional demand for digital assets. Otherwise, he wouldnt be setting up those products, and he wouldnt be teaming up with Coinbase. More, I just want to remind people that there are only 21 million Bitcoins out there, and youll have a demand shock with very little supply.
Scaramucci mentioned the impending Ethereum Merge that will likely take place on September 15, which will switch the networks consensus process to proof-of-stake (PoS) as an event that might affect the market price of the second largest cryptocurrency.
In his perspective, traders are purchasing bitcoin because of the mergers potential benefits, but he also cautions that they might sell just as quickly.
A lot of traders are probably buying that rumor; they will most likely sell on the announcement of that merger, he said, adding, I would advise people not to do that; these are wonderful long term investments.
Scaramucci highlighted a comeback of investor interest. With better-than-expected inflation statistics in July, he believes the global economy may return to its strong 2019 Fourth Quarter position within 6 to 12 months.
Scaramucci has a favorable prognosis for the crypto market but warns investors to avoid knee-jerk reactions to negative news and emotion-based trading.
According to Data of The Coin Market, While writing this article, Bitcoin is trading at $24,111, and Ethereum is trading at $1,894.
Many market analysts believe that the crypto market will likely follow trends upward after September 15, the official date of launching Ethereum Version 2.0.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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Scaramucci Identifies Significant Reasons Why The Cryptocurrency Market Will Soon Revive - - The Coin Republic
Cryptocurrency Filecoin’s Price Increased More Than 3% Within 24 hours – Benzinga
Over the past 24 hours, Filecoin's FIL/USD price has risen 3.05% to $8.49. This continues its positive trend over the past week where it has experienced a 4.0% gain, moving from $8.21 to its current price. As it stands right now, the coin's all-time high is $236.84.
The chart below compares the price movement and volatility for Filecoin 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 fallen 25.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.87%. This brings the circulating supply to 261.05 million, which makes up an estimated 13.27% of its max supply of 1.97 billion. According to our data, the current market cap ranking for FIL is #35 at $2.22 billion.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
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Cryptocurrency Filecoin's Price Increased More Than 3% Within 24 hours - Benzinga
Cryptocurrency EOS Price Increases More Than 4% Within 24 hours – Benzinga
Over the past 24 hours, EOSEOS/USD price has risen 4.84% to $1.34. This continues its positive trend over the past week where it has experienced a 12.0% gain, moving from $1.18 to its current price. As it stands right now, the coin's all-time high is $22.71.
The chart below compares the price movement and volatility for EOS 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.
EOS's trading volume has climbed 7.0% over the past week along with the circulating supply of the coin, which has increased 0.22%. This brings the circulating supply to 1.00 billion. According to our data, the current market cap ranking for EOS is #50 at $1.35 billion.
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Cryptocurrency EOS Price Increases More Than 4% Within 24 hours - Benzinga
Cryptocurrency spin-offs added to the BNB Chain Red Alarm flag list – The Financial Express
Binance Coin (BNB) Chain, a blockchain network created by cryptocurrency exchange Binance, has identified over 50 on-chain projects which carries a risk for its users, as stated by Cointelegraph.
According to Cointelegraph, a mixture of cryptocurrency spin-offs resembling Dogecoin (DOGE), Binance, among others, aimed at pandas, cyborgs, and koalas made it to the list of untrustworthy and high-risk projects. BNB Chains Red Alarm feature, created for the purpose to shield investors against potential rug pulls and scams, flags projects are based on the criterias such as if the contract performs differently from what the project owners advertised and if the contract shows risks that can have an effect users funds.
On the basis of data from Cointelegraph, as mentioned by Gwendolyn Regina, investment director, BNB Chain, the Red Alarm system went through 3,300 contracts in July. The company continues to develop further measures for highlighting deceptive practices in the ecosystem, she added. New projects which have not been tried and tested enough, are flagged on the grounds of scams, rug pulls and phishing. As a result, real-time identification of risky projects helps to protect investor funds. Red Alarm also allows users to assess project risks by entering the contract address to discover if it has got frauds or risks attached.
Moreover, information from Cointelegraph noted that Regina advised investors to conduct their separete research before engaging with projects within the BNB Chain ecosystem. Just like investors, well-intentioned projects are too considerable susceptible to attacks and scams. Trading and liquidity marketplace Velodrome Finance was able to recover $350,000 of lost funds, after being able to trace back the attack to one of its team members. While support was shown by many of the community members for the coder, Gabagool owned up the allegations made against him. Later, Velodrome unveiled that it sought the advice of a legal counsel to determine the next steps necessary.
(With insights from Cointelegraph)
Also Read: US Treasury expected to be challenged by Coin Center on Tornado Cash sanctions
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Cryptocurrency spin-offs added to the BNB Chain Red Alarm flag list - The Financial Express
What the Inflation Reduction Act Means for Cryptocurrency Regulation – CPAPracticeAdvisor.com
Jan Jahosky, Ledgible.
For the crypto industry, many are looking for 2022 to be the year of comprehensive regulatory and legislative clarity regarding crypto assets for the United States. Indeed, President Bidens Executive Order earlier this year actually mandated and directed federal agencies to provide this kind of clear, ordered, and meaningful guidance.
Weve seen in the past that parts and pieces of legislation that most would not consider crypto-focused sometimes actually contain very meaningful laws affecting the crypto ecosystem. For instance, the Infrastructure Act, signed into law last year, has changes in the definition of broker that will fundamentally mandate tax information reporting for many companies involved in the transacting of crypto. Now, yet another piece of legislation has appeared in headlines that would not appear to involve crypto assets, but actually does.
The Senate has now passed the Inflation Reduction Act which has a number of sweeping changes in a wide variety of areas of the federal government, including the Internal Revenue Service.
As part of the Act, the IRS is receiving an allocation of approximately 80 billion dollars over the next 10 years. To put that into perspective, the IRS yearly budget is approximately $12.6 billion dollars for 2022, so this represents almost a 75% increase on a yearly basis. Simply put, a tremendous increase in spending on IRS operations and activities.
In terms of the uses for the billions of dollars, you might ask what is the IRS going to be using these funds for? The answer is that the largest amount of funding will be going to the efforts of compliance and enforcement. That could mean greatly increasing the level and number of audits performed and the number of audit candidates pursued by the Service.
Here is an excerpt from the relevant section from the act describing the IRS activities for the 80 billion dollars. One very interesting item to note in this section is the explicit call out for Digital Asset monitoring and compliance activities in short crypto enforcement.
(ii) ENFORCEMENT.For necessary expenses for tax enforcement activities of the Internal Revenue Service to determine and collect owed taxes, to provide legal and litigation support, to conduct criminal investigations (including investigative technology), to provide digital asset monitoring and compliance activities,
How and when these directives get implemented still remains to be seen. However, with this amount of funding and the naming of digital assets in the Act, it seems clear that individuals and institutional investors alike need to be even more certain about all tax obligations relating to their digital asset activities.
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What’s next for bitcoin as the cryptocurrency wrestles with $24000 – CNBC
Bitcoin is struggling at the $24,000 level after finding its perceived low for the cycle in June and going on to rise more than 20% in July, for its best month of the year. The cryptocurrency rose above $24,000 twice this week. It also touched that level at the end of July, but was unable to hold there before retrying this week. However, while a breakout above that mark could open the gates for bitcoin to test the next leg up, it doesn't necessarily have lasting implications, technical analysts say. "I think $29,000 will be very, very difficult for bitcoin to take out on the upside," Julius de Kempenaer, senior technical analyst atStockCharts.com, said this week. "Sellers came in around $24,500 last month and the buyers were not strong enough to push it beyond that $24,500. If that happens, it would be a short-term positive, but you've got to see it all in the light of the big break down." Bitcoin did climb as high as about $24,700 at one point Thursday, though momentarily, as investors digested two better-than-expected inflation reports. It found its low in June, at $17,601.58, according to Coin Metrics, and then went on to the big comeback in July. Since then the crypto world has had plenty of good news to keep investor sentiment high from positive inflation readings and Federal Reserve updates to BlackRock offering investors bitcoin trading, to the successful trial runs of the Ethereum Merge scheduled for September. Still, there could be a lot more pain on the way after this current rally, the technical analysts say, and it's still too soon to call the bottom. "Bitcoin is weak after completing that massive drop," de Kempenaer said of the cryptocurrency's 70% peak-to-trough decline this year. "All the upside that we are currently seeing is taking place in recovery, so we're going counter trend, and those are dangerous rallies because they're very fragile." If bitcoin breaks above $24,000, the upside potential would be limited to about $20,000, he added. On the downside, if bitcoin falls below its June low, it could continue down to $12,500. Bitcoin "is long-term oversold but needs support discovery and improvement in long-term momentum to suggest a major low has been made," according to Fairlead Strategies' Katie Stockton. Mid-September could be a significant turning point for bitcoin, Youwei Yang, director of financial analytics at StoneX, said. For him, $25,000 is the key resistance level for bitcoin. If it can notch that, there's potential for a "near-term summer rally" up to the next key level to test of $28,000, he said ahead of the Federal Reserve's Sept. 21 meeting and the Ethereum merge, which is currently scheduled for the middle of September. Still, Yang said after the midterm elections he expects to see much more pain extending through at least the beginning of 2023.
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What's next for bitcoin as the cryptocurrency wrestles with $24000 - CNBC
The Smartest Things You Can Use Cryptocurrency For – Bitrates
Cryptocurrencies have been widely accepted due to their market growth, and more companies are integrating Bitcoin into their operations.
Recently, the market has faced warnings about the cryptocurrency market. Some cryptocurrencies, such as Luna, and a crypto bank such as Celcius Network, have been considered a massive blowup risk by specialists. Responding to the crypto market risk, retailers began to accept bitcoin as a payment method. Starting to use your bitcoins may be the wisest way to invest.
Cryptocurrency has been widely accepted for online services and entertainment. This might even include the best online casino and the massive entertainment available on its websites. It means you can have unlimited fun while avoiding the wild ride that the crypto market can bring.
Media outlets also have taken bitcoin as a payment method for services like subscriptions. According to Investopedia, it started with the Chicago Sun-Times in 2014, which was the first publication of notability that accepted bitcoin as a valid payment on its platform.
Several companies online accept bitcoin on their websites, and it includes mostly tech products and services, such as Newegg, AT&T, and Microsoft. Actually, Microsoft accepts bitcoin only at its online store and doesnt allow advertisements promoting crypto-related products on its site.
Back in 2014, Overstock was one of the first sites to accept bitcoin as a payment method. However, the volatility of the crypto universe is still an issue to overcome and hampers the acceptance of many notable holdouts, such as Amazon. This worlds biggest online retailer claims it had no plans to engage bitcoins on its services. Not yet, it seems.
Since 2017, after a run-up in bitcoin prices in 2017, another giant of the online industry, eBay, considered the use of cryptocurrency on its platform. However, the relationship between this platform and cryptocurrencies has been confusing. Back in 2019, the company had made several advertisements for cryptocurrency. In the meantime, it does not approve cryptocurrency-based transactions so far.
The insurance industry has moved cautiously in regard to embracing cryptocurrency acceptance. The Swiss insurer AXA recently announced that it had begun accepting bitcoin as a mode of payment. Metromile also accepts bitcoin for premium payments. However, life insurance is still off-limits mostly due to regulatory issues.
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The range of products and services you can get with bitcoin is probably wider than you think. Also, the list of goods and services grows daily as people and sellers get more comfortable with virtual services and payment methods. It is important to keep in mind that for buying things with cryptos, it is necessary to get a debit card. The cards will allow you to withdraw cash from participating ATMs, for example, and it is easy to find on major crypto exchanges.
Once you get your Bitcoin debit cards, for example, you can use it much like regular prepaid debit cards. But remember to preload it with bitcoin or another cryptocurrency of your choice. Thus, when you use your card, the money is paid to the store.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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Is Runfy Token The Next Cryptocurrency to Explode in 2022 like Solana? | Bitcoinist.com – Bitcoinist
One of the areas of the international banking business that is expanding the fastest is cryptocurrency. Cryptocurrencies have emerged as the next big thing in the finance sector, even though several nations have outright banned some or all of these currencies.
There are many different reasons why people invest in cryptocurrencies. Some users make long-term cryptocurrency investments. Cryptocurrency is seen as a quick-hit investment by certain people.
The world of altcoins is expanding steadily in the realm of cryptocurrency stocks. Following in the footsteps of the original cryptocurrency coin, Bitcoin, which debuted in 2009, altcoins have attempted and successfully developed a variety of blockchain platforms and products that have matched those of Bitcoin.
Altcoins are different from Bitcoin; instead, they are digital coins on the market. The term altcoin refers to any cryptocurrency coin listed on the cryptocurrency market that is not Bitcoin.
The variety of choices in the cryptocurrency realm is due to altcoins. There are tens of thousands of alternative coins listed on the cryptocurrency stock market, each with its environment, purpose, and set of features for solving problems.
A large number of altcoin initiatives dominate the list of cryptocurrency stocks in the market. Among them are Ethereum (Ethereum), Solana (SOL), Ripple (XRP), and many others.
In addition, many emerging cryptocurrency alternatives have the potential to rival these leading cryptocurrency projects. This article highlights one of them, Runfy Token (RUNF), in comparison with Solana (SOL)
To modify how users generally engage with blockchains like Ethereum, a major cryptocurrency exchange named Solana hit the market.
Solanas open-source project uses a new layer-1 blockchain that is extremely fast and doesnt require authorization. It is also quite helpful. Solana was created to solve the blockchain trilemma, providing a decentralised blockchain and a speedy and secure transaction each time it is used.
The installation of smart contracts and the creation of decentralised applications are made possible by Solanas third-generation blockchain technology (DApp).
The cryptocurrency used by the Solana system is called SOL. The utility token and native token were first launched in March 2020.
Based on overall market valuation, it is one of the top 10 crypto coins. With SOL, customers can access a staking-based method of exchanging security and value. Granting users governance privileges also makes use of Solanas token.
As blockchain technology has permeated various sectors, including the health and fitness industries, new cryptocurrency projects have emerged to promote and improve fitness for multiple people.
Security and dependability, increased data privacy, eliminating middlemen, and gamificationthe most stimulating elementare just a few advantages of the interwoven relationship between blockchain technology and the fitness sector.
The Runfy Token ecosystem is a platform that users may use to control their health and fitness and is driven by the community.
Runfy Token advertises all health and fitness-related material and provides users with the opportunity to earn bitcoin.
A way of living that also offers an app with cutting-edge features to increase user adoption, such as in-app awards, coaching, step monitoring, and many others, is the Runfy Token ecosystem.
The Runfy token, RUNF, controls the Runfy ecosystem. The RUNF token is a utility token that was created on the Binance Smart Chain, which offers reduced transaction fees. With the help of the RUNF token, users may earn cryptocurrency while staying healthy and fit.
Join Runfy Token (RUNF)s Presale:
Presale: http://go.runfytoken.io/Website: http://runfytoken.io/Telegram: https://t.me/RunfyTokenOfficial
Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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Rise and fall of cryptocurrencies; looking at the cryptocurrency crash in 2022 – The Financial Express
By Vinay K Mayer
The crypto market is in dire straits. The following is an expert analysis by Vinay K Mayer, Director Market Research & Consulting @ Asia Research Partners LLP on the crypto crash of 2022 and what we can learn from it.
Cryptocurrency and blockchain technology has been growing in popularity over the past few years, and as a result, the market for these products has exploded. However, this growth has come with some risk specifically, the risk of investment bubbles bursting.
In this exclusive article, well take a look at some of the key reasons why the crypto market crashed in 2022. As Director of Market Research & Consulting at Asia Research Partners LLP, Vinay K Mayer has expert insights to share on what caused the crash and how to avoid it in the future.
The Rise of Cryptos
The rise of cryptos in 2017 was a spectacular phenomenon. The value of many cryptocurrencies skyrocketed, reaching all-time highs. Many people saw this as a new opportunity to make money quickly.
However, this boom also led to some serious problems like the issue of hacking, fraud, and frenzy buying. All of these factors contributed to the great crypto-market crash in 2018. However, its still not clear what will trigger a new boom in cryptos.
Cryptos and Crash Market: What is Happening?
Investing in crypto was at its peak in 2021. Despite Bitcoin reaching an all-time high of $69,000 (Rs 54.5 lakhs) in November 2021, its overall market capitalization was around $3 trillion. But, the current year 2022 turned out to be not so in favor of it. Cryptos dropped below $2 trillion in January 2022, and after that, it was all downhill except for a slight recovery in April. It was in June that cryptocurrency markets hit a new low of 2022.
The global crypto market cap has declined below $1 trillion to $977 billion. The global cryptocurrency market cap has fallen by over $2 trillion after touching the $3 trillion mark in November last year. There is a 50% to 70% drop in coin prices since their all-time highs.
However, other tokens like Dogecoin, Avalanche, and Solana have taken an even bigger hit, with some tokens losing up to 90% of their value. As of today, the total market cap for crypto is $860 billion.
Reasons for Crypto Crash
The crypto market crash of 2022 was a perfect storm of unfortunate circumstances. Global Inflation, the Terra-Luna crash, and rising interest rates by the US Federal Reserve to stabilize inflation were all factors that contributed to the market crash. Additionally, war situations like Russia and Ukraine also added to the perfect storm that decimated the crypto market.
Additionally, the crypto market is often linked with the stock market so if theres a downtrend in stocks, youll likely see a similar movement in crypto prices. Many factors that affect the stock market also have an impact on cryptocurrencies.
The Russian central bank proposed banning the mining and use of cryptocurrencies in January 2022. This was due to the many financial stability risks that they posed, as well as the potential negative impact on citizens well-being. The Russian central bank also noted that regulating crypto could undermine its monetary policy sovereignty.
Also, India has not yet tabled the crypto bill. It seeks to prohibit all private cryptocurrency usage in the country.The country has also levied a 30% tax on crypto investors and a 1 % TDS on every crypto intra-trader. However, India has not regulated cryptos but wont legalize them as well.
These challenges have made it difficult for investors to decide whether or not investing in crypto is the right thing to do. Plus, the lack of confidence in the currency due to instability can make it look unattractive to potential investors.
Price as on 03.08.2022:
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The author is director market research and consulting, Asia Research Partners LLP
Also read: Binance recovers the majority of funds stolen from Curve Finance
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Rise and fall of cryptocurrencies; looking at the cryptocurrency crash in 2022 - The Financial Express