Bitcoin Fans Are Suddenly a Political Force

A clash over tax rules for digital currencies like bitcoin turned into a political coming-of-age moment for the cryptocurrency industry, galvanizing a usually fractious coalition of investors, exchanges, financiers and social-media influencers.

In public, Ashton Kutcher, Elon Musk and Square Inc. Chief Executive Jack Dorsey brought the Twitter heat over a provision in the $1 trillion infrastructure bill seeking to expand and strengthen tax enforcement of crypto transactions. That helped prompt tens of thousands of followers to call members of Congress.

Behind the scenes, lobbyists, trade-group officials and executives at crypto companies hopped on Google Meet every few hours to coordinate Congressional outreach and tracked legislative contacts in a shared spreadsheet.

Continue reading at wsj.com

Corporate Cryptocurrency Adoption Could Transform Payments

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It is well-known by now that cryptocurrencies are here to stay. They have become an asset class with a market cap of over $1.7 trillion to their nameThe market even topped the $2 trillion mark back in April.

Yet, despite the growing adoption, the gap between crypto and fiat worlds is still some ways off from completely closing. There are two main issues holding back cryptocurrency adoption.

The first is that while crypto and blockchain applications are prevalent, it isn’t straightforward for companies in the fiat world to integrate cryptocurrencies into their service offering.

A good example is Revolut. While they have the resources to introduce crypto-related services, they are still in the process of rolling out crypto-derived services after several years’ worth of effort. They only introduced a crypto withdrawal facility earlier this year. 

Similarly, crypto projects have a hard time accepting payments in fiat. There are practically no solutions that make conducting local/cross-border payments possible for such projects.

Continue reading at beincrypto.com

Elon Musk And The Dutch Central Bank’s Misinformation Campaign

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More than a decade after Satoshi Nakamoto combined proof of work and bitcoin mining together, fallacious comparisons of “energy cost per transaction” continue to be spread by seemingly intelligent and well-researched individuals.

We can trace much of the spread of this narrative back to Alex de Vries—a data scientist who goes by the handle “Digiconomist” and is cited in nearly every anti-bitcoin energy article and op-ed in the mainstream media. There's just one problem. Neither he, nor most of the journalists that cite him, regularly disclose that his employer is De Nederlandsche Bank (DNB), the Dutch Central Bank, which is an undeniable opponent of bitcoin and open payment rails. It’s irresponsible for journalists to cite de Vries, or his work, without disclosing his conflict of interest. He is effectively a DNB lobbyist.

Continue reading at bitcoinmagazine.com

DeFi Project Spotlight: Indexed Finance, Index-Based DeFi Investing

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Indexed joins the fleet of DeFi projects aiming to make passive investing in specific markets in crypto much easier.

Crypto, and DeFi in particular, can be tedious work to follow. By facilitating investment in specific sectors through indices, Indexed Finance creates an enticing financial product that removes much of the hassle of micromanaging a portfolio.  

What Is Indexed?

Not dissimilar to a traditional index fund, Indexed offers passive portfolio management strategies that allow for easy investment in broad sectors of the crypto market.  

In traditional finance, indices are an extremely popular product. There are currently 5,000 U.S. indices available to trade on the stock market. They allow investors to increase their exposure to particular market sectors while softening any sudden downward price movements from a single investment. These indices can represent a country’s largest companies, the key players in a certain sector (the XLV for the health care market, for example), or even a wider selection of consistently well-performing companies like the Dow Jones Industrial Average. Indices play a key role in analyzing the health of a sector and facilitating investments in a broader market.

Continue reading at cryptobriefing.com

Bitcoin Could Be Getting Ready to Jump Again, Analysts Say

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Bitcoin – the world’s biggest and most popular cryptocurrency by market cap – is shooting back up. At the time of writing, the asset is trading for just over $57,000. This is a huge improvement over the $54,000 it was at a few days ago and the $49,000 per unit it was stuck at early last week.

Bitcoin May Grow Again Soon

For the most part, it was believed that bitcoin would likely continue its bullish patterns into the month of May, though thus far, this period is proving to be far more volatile than analysts thought. Nate Cox – chief investment officer of digital assets at Two Prime – explained in a recent interview:

Bitcoin did not move the way many derivative traders expected this month.

Steve Ehrlich – chief executive of Voyager Digital – echoed this sentiment but commented that this could potentially lead into something bigger. He says that a drop of this sort in the past has usually led to heavily bullish behavior, suggesting that bitcoin could be on a route to reach new all-time highs over the summer.

Continue reading at livebitcoinnews.com

Turkish Central Bank Considers Becoming Bitcoin Custodian

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Turkey’s fiat currency, the Lira (TRY), is in serious trouble – especially against Bitcoin – with consumer price inflation reaching an alarming 16% in March of this year. In January of 2008, the Lira traded at near-parity with the US Dollar but is currently near its all time low of 8.5 TRY to the USD.

Perhaps in response to the surging demand for reliable hard money alternatives like Bitcoin, the Turkish central bank, the CBRT, banned cryptocurrency as a payment method for goods and services in mid-April of this year.

The Plan

The subsequent failure of two Turkish crypto exchanges, Thodex and Vebitcoin, was perhaps a fairly predictable consequence of the harsh and sweeping new restrictions. While the CBRT’s governor has denied any blanket ban of crypto, according to a report published on Bloomberg and attributed to a senior government official, the CBRT is now planning to aggressively regulate the Turkish crypto industry. Much of the proposed regulation appears designed to prevent further exchange failures.

Continue reading at newsbtc.com

Tesla urged to review its payment practices after two Australian buyers lose thousands to scammers

tesla

When Andrea Hammond decided to buy a Tesla 3 electric vehicle, her choice was not about the car's slick design or prestige badge.

"Spending that amount of money was not an easy decision, but my commitment to wanting to drive without polluting the atmosphere was my motivation," she said.

"The Tesla cars seemed to stack up in terms of being a car that I could drive for the rest of my days."

At first, the process of buying a Tesla seemed as modern as the car itself.

Continue reading at abc.net.au

Why Bitcoin Is a Better Risk Bet Than a Stack of Penny Stocks

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Bitcoin is getting boring at a time when annualized 30-day volatility as of Thursday’s close has seen a sharp downward dip, in a March with its own type of (weather) volatility.

To emphasize the point, have a look at the chart above, which shows the volatility of bitcoin daily returns for the past month. To be fair, I’m employing a little chart crime here, starting the y axis at 40% in order to accentuate the drop between March 24-25, as all but the last days of February have disappeared from the 30-day look-back on the CoinDesk Bitcoin Price Index.

The boredom engendered by a tame month sparked a mild disagreement with “First Mover” show host Lawrence Lewitinn about penny stocks versus bitcoin. We were discussing the benefits of using indexes weighted either by price or by market cap. Price-weighted indexes can be more volatile because smaller-cap components can have a greater impact. I said a crypto index doesn’t need more volatility because crypto assets already have the volatility of penny stocks.

Continue reading at yahoo.com

Cristiano Ronaldo becomes the first player rewarded with cryptocurrency tokens

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Cristiano Ronaldo received 770 Fan Tokens $JUV ahead of Juventus' match against Benevento on Sunday as a way of marking his record-breaking goal milestone.

It's the first time a footballer has been rewarded with cryptocurrency, which is becoming prominent in terms of fan interaction in the game.

Fan Tokens $JUV allows Juventus fans to interact with their club and participate in various decisions through the Socios app.

Continue reading at marca.com

Cardano losing steam amid profit taking

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Over the past week, the bears took a grip on the crypto as its value plunged by  13.16%.

he fifth most valuable crypto is currently witnessing some sell-offs amid high profit-taking and a rising U.S dollar.

At press time, Cardano’s price was $1.06  with a daily trading volume of $5.3 billion. Cardano is down 4.68% for the day. It was the biggest one-day percentage loss since February 23.

It’s now the 5th most valuable crypto asset with a market value of about $34 billion.  At its highest, the popular crypto designed to help African farmers ease their payment challenges had a valuation of $41.6 billion.

Continue reading at nairametrics.com