2021-11-01 19:42 Monday
Finance Redefined: Layer-two growth and the SEC’s scrutiny, Sept. 19–23

Welcome to the latest edition of Cointelegraph’s decentralized finance, or DeFi, newsletter. In a week where DeFi’s parabolic growth continued elsewhere, the United States Securities and Exchange Commission Chair Gary Gensler threatened to tackle stablecoins. What you’re about to read is the smaller version of this newsletter. For the full breakdown of DeFi’s developments over the last week — released a whole lot quicker than Cardano’s smart contracts — subscribe at the bottom of this page.

2021-11-01 19:42 Monday
Big investors pivoting from Bitcoin to Ether futures: JPMorgan

American multinational investment bank JPMorgan has revealed that institutional investors are starting to shy away from Bitcoin futures in favor of Ether derivatives. In a note to investors on Wednesday, analysts at the Wall Street bank said that Bitcoin futures on the Chicago Mercantile Exchange (CME) have traded at a discount compared to spot BTC prices during September. As a consequence, Ethereum-based products have grown in popularity as investors make the switch to the world’s second-largest crypto asset. The analysts commented that there has been a “strong divergence in demand,” before adding:

2021-11-01 19:42 Monday
Yemen national uses crypto donations to fight starvation amid civil war

A Redditor living in Yemen’s capital city of Sana'a claims to be using cryptocurrencies to buy food packages for families unable to access supplies during an ongoing civil war. According to a Thursday Reddit post from user yemenvoice, the Yemen national has raised roughly $12,000 in crypto donations to be used towards fighting starvation in the Middle Eastern nation. They claim to have provided 15 families with flour, rice, oil and beans and hope to reach 30 more in the near future. “I have tried very hard to help my people by finding any possible way,” said yemenvoice. “I have tried to set up online donation campaigns, but unfortunately, all online donation platforms do not support Yemen. So, I thought of using cryptocurrencies as an alternative method, and indeed it was much easier and more effective.”

2021-11-01 19:42 Monday
SEC was the only regulator unwilling to meet with Coinbase: Brian Armstrong

Coinbase CEO Brian Armstrong claims that the United States Securities and Exchange Commission is the only government branch that is unwilling to meet with the firm. Speaking on Anthony Pompliano’s Best Business Show on Friday, Armstrong said that during his visit to Washington after Coinbase went public in April, the SEC was the “only regulator” that refused to meet with him: “I was kind of surprised by that because there are so many different regulators out there. Every single one has been willing to meet with us and every other branch of government,” he added.

2021-11-01 19:42 Monday
Chinese regulators unite forces to crack down on crypto

The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity. 10 Chinese state authorities, including the PBoC, the Cyberspace Administration of China and the Ministry of Public Security, have established a “coordination mechanism” to prevent financial players from participating in any cryptocurrency transactions. According to the announcement, the involved authorities and institutions have completed significant improvements to crypto monitoring platforms to identify illegal cryptocurrency transactions efficiently.

2021-11-01 19:42 Monday
Crypto adoption is a ‘huge challenge,’ says Chinese central bank exec

The rapid adoption of cryptocurrencies like Bitcoin (BTC) poses a major challenge for the traditional financial system, an executive at the Chinese central bank has warned. Wen Xinxiang, director of the payment and settlement department at the People’s Bank of China (PBoC), has expressed concerns over the growing popularity of cryptocurrencies and fiat-pegged stablecoins. Pointing to Bitcoin’s market value now surpassing $800 billion and the total stablecoin market capitalization exceeding $120 billion, Wen outlined major risks associated with the crypto market at a payment and settlement forum on Friday, the Shanghai Securities Journal reported.

2021-11-01 19:42 Monday
$16B charity provider enables Bitcoin donations via The Giving Block

The Giving Block, a major organization focused on the cryptocurrency donations industry, continues to expand its crypto charity reach with a new partnership. The organization will be working with charitable platform provider RenPSG to allow its donors to move cryptocurrencies like Bitcoin (BTC) into new donor-advised funds to support nonprofits and other charitable organizations, The Giving Block announced Sept. 23. As part of the partnership, RenPSG will start offering a solution that allows charities to accept more than 45 different cryptocurrencies like Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE).

2021-11-01 19:41 Monday
Morgan Stanley exec says Bitcoin is the ‘Kenny from South Park’ of money

Morgan Stanley's Dennis Lynch shared a light-hearted analogy during a discussion at Morningstar’s yearly investment conference today, claiming that Bitcoin’s insatiable ability to defy the odds and rise from both technical and fundamental adversity portrays that of the South Park cartoon character Kenny. The 24-series show has garnered a global audience base for its weird and wacky sense of humour, epitomised by the long-standing gag that Kenny dies in each episode, only to be rebirthed and gleefully unaware of his brutal demise in the following show. Head of asset management firm Counterpoint, a Morgan Stanley subsidiary — and a keen advocate of the show — Lynch expressed his belief in the resilience of leading cryptocurrency asset Bitcoin since its inception over a decade ago.

2021-11-01 19:41 Monday
Deutsche Bank analyst: Bitcoin will be 'ultra-volatile,' but it’s here to stay

Marion Laboure, an analyst at Deutsche Bank’s research division, said she can envision Bitcoin taking the role of digital gold in the future: lasting for centuries and largely not controlled by the government. In an update to Deutsche Bank’s website on “what’s next” for the largest banking institution in Germany, Laboure said she could “potentially see Bitcoin to become the 21st century digital gold,” but warned investors against the crypto asset’s volatility. According to the analyst, most Bitcoin (BTC) purchases are made for investments and speculation rather than keeping the coins for a medium of exchange.  “Just a few additional large purchases or market exits can significantly impact the supply-demand equilibrium,” said Laboure. “[Bitcoin] is too volatile to be a reliable store of value today. And I expect it to remain ultra-volatile in the foreseeable future.”

2021-11-01 19:41 Monday
Acting OCC head warns that ‘fools gold’ in DeFi reminds him of lead-up to GFC

Acting head of the United States Office of the Comptroller of the Currency (OCC) Michael Hsu has warned that the exotic financial products developed in some quarters of crypto and DeFi are reminiscent of those that precipitated the 2008 Global Financial Crisis (GFC). Speaking before the Blockchain Association on Sept. 21, Hsu warned that “innovation for innovation’s sake [...] risks creating a mountain of fool’s good,” drawing analogies between the rapid proliferation of digital asset derivatives and the explosion in mortgage and debt derivatives, such as the Credit Default Swaps (CDS) that preceded the 2008 global financial crisis: Hsu notes that “it was nearly impossible to hedge the risk of a borrower defaulting” prior to the creation of CDS in the mid-1990s. However, by the time he joined the SEC in 2004, the acting OCC head recounted that credit derivatives promised investors higher risk-adjusted returns using innovative products that “relied heavily on math and financial engineering."

2021-11-01 19:41 Monday
Arca Labs partners with Securitize on regulated, tokenized financial products

Arca Labs, the innovation arm of digital asset investment firm Arca, has partnered with blockchain tech firm Securitize to launch regulated, tokenized financial products. According to a Thursday announcement, Securitize has signed on to provide a smart contract and issuance platform for the firm, starting with Arca’s tokenized fund dubbed the “Arca U.S. Treasury Fund,” which was launched in July 2020. Arca touts the Arca U.S. Treasury Fund as the first treasury fund registered under the Investment Company Act of 1940 to issue shares as digital assets via the blockchain. The fund meets the same regulatory requirements as a mutual fund, but differs by offering exposure via Ethereum-based digital asset security tokens called “ArCoin.”

2021-11-01 19:41 Monday
Crypto has recovered from China's FUD over a dozen times in the last 12 years

The price of Bitcoin fell 5% today following “breaking” (read: weeks old) news that the People’s Bank of China, or PBoC, had declared all cryptocurrency transactions illegal. With that in mind, let's take a nostalgic look at the last 12 years of FUD out of China, and see if we can spot any patterns. 1: Chinese regulators have never exactly been crypto advocates. When blockchain-based digital currencies were still in their infancy, i.e. 2009, China’s Ministry of Culture and Ministry of Commerce barred the use of "virtual currency" for trading real world goods. Though not specifically targeting Bitcoin (BTC), the move did seemingly set the precedent for a decade of anti-crypto regulations.

2021-11-01 19:41 Monday
U.S. government goes to court over $11M USDT purportedly stolen by fake Coinbase rep

On September 17, a group of officials led by U.S. attorney Tracy Wilkinson have filed a civil complaint in the United States District Court for the Central District of California claiming that they have identified four digital wallets holding more than 9.8 million Tether (USDT) that was involved in wire fraud, computer fraud and money laundering. According to court documents, the legitimate owner of the funds is a California resident who in April 2021 got swindled out of more than 200 Bitcoin (BTC) by someone impersonating a Coinbase employee. As described in the claim, the unidentified victim was contacted by what appeared to be Coinbase customer support shortly after purchasing some 200 BTC to their Coinbase Pro account on the exchange. The alleged representative of the platform claimed that the victim’s account had been frozen due to the size of the purchase and that a transaction limit increase was needed for the funds to go through. The fraudster also suggested that the victim upgrade their account to Coinbase Prime.

2021-11-01 19:41 Monday
Ethereum network's hashrate is 703,884.39 GH/s,mining difficulty is 9,284.83T

According to data from eth.btc.com,ethereum network's hashrate is703,884.39 GH/s,mining difficulty is9,284.83T. ETH's price :$ 2,863.65 Avg Gas Price:40.00Gwei Pending Txs :117677

2021-11-01 19:41 Monday
A third of Salvadorans ‘actively’ using Chivo wallet, President Bukele claims

Salvadoran President Nayib Bukele claims that 2.1 million of his fellow citizens are using the government-backed Chivo cryptocurrency wallet, offering a glimpse into the apparent success of the country’s Bitcoin (BTC) gambit.  The controversial president updated his 2.9 million Twitter followers Saturday afternoon, claiming that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. Bukele indicated that it’s only a matter of time before Chivo adoption eclipses all banks in El Salvador combined. 2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.This is wild!#Bitcoin

2021-11-01 19:41 Monday
Average Aussie crypto portfolio grew 258% in FY 20-21, survey reveals

The average portfolio size on Australian cryptocurrency exchange BTC Markets has grown from $577.65 (795.5 Australian dollars) to $2,069.16 (2849.5 AUD) in the financial year 2021, signaling a 258.2% increase in portfolio holdings, according to exchange data compiled by Statista on a recent BTC Markets survey. Data on the survey shows that the average portfolio size of female and male investors in fiscal 20-21 on BTC Markets was $1,924.30 (2,650 AUD) and $2,214.03 (3,049 AUD), respectively. However, in 2020, the average portfolio size of female Aussie investors exceeded male investors slightly.  Transaction data on the exchange also showed a pattern of growing investment demand with aging. Considering the data provided by BTC Market on Australia’s average initial investment, investors above 65 years old have invested roughly $3,158.03, the highest ofall demographics.

2021-11-01 19:41 Monday
Ethereum network's hashrate is 687,384.13 GH/s,mining difficulty is 9,247.90T

According to data from eth.btc.com,ethereum network's hashrate is687,384.13 GH/s,mining difficulty is9,247.90T. ETH's price :$ 3,167.56 Avg Gas Price:55.00Gwei Pending Txs :122333

2021-11-01 19:41 Monday
US House of Reps to deliver verdict on infrastructure bill this week

According to Reuters, Pelosi expressed confidence the legislation will pass upon announcing the date on Sunday, Sept. 26, stating: “Let me just say that we're going to pass the bill this week." Earlier that same day she reportedly indicated she would not bring the bill to a vote unless she believed it would pass. Speaker of the U.S. House of Representatives Nancy Pelosi announced that the house will vote on whether to pass the Biden administration’s controversial $1 trillion bipartisan infrastructure bill on Thursday, Sept. 30. Pelosi noted the vote is slated to take place the day before the Surface Transportation Reauthorization Act of 2021 is set to expire.

2021-11-01 19:41 Monday
Derivatives DEX dYdX beats out Coinbase by volume amid China FUD

Decentralized derivatives exchange dYdX has seen a surge in trade activity as concerns surrounding a renewed Chinese crypto crackdown have circulated this year, with the DEX now processing more volume than Coinbase for the first time. According to CoinGecko, dYdX has facilitated more than $4.3 billion worth of trades in the past 24-hours, beating out Coinbase $3.7 billion in volume by nearly 15%. DYdX founder and former Coinbase employee Antonio Juliano celebrated the milestone in a Sept. 27 tweet. 5 years ago I left @coinbase and eventually founded dYdX Today, for the first time, @dydxprotocol is doing more trade volume than Coinbase pic.twitter.com/QzoKAUpH29

2021-11-01 19:41 Monday
Announcement on Binance Smart Chain Upgrade

Dear users, TokenPocket is expected to optimize and upgrade the Binance Smart Chain at 0:00 (SGT) on September 28, 2021. At that time, transaction records and Token price updates of Binance Smart Chain will be affected. The upgrade takes about 30 minutes and is expected to return to normal at 0:30 (SGT) on September 28, 2021. Sorry for the inconvenience

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