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White House Denies Bitcoin Money Status in Biden Report

• The United States government’s economic report released by President Joe Biden on Monday mentions Bitcoin a total of 75 times.
• The report attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the U.S. as the better solution.
• The White House denies Bitcoin the function of money by definition, claiming it fails to fulfill two out of three characteristics of money.

Bitcoin Mentioned 75 Times in US Economic Report

On Monday, US President Joe Biden released the government’s economic report in which Bitcoin plays a major role. BTC is mentioned as many as 75 times throughout the document, which attempts to denigrate Bitcoin and promote a Central Bank Digital Currency (CBDC) of the United States as the better solution.

White House Denies Bitcoin Money Status

In the section titled “The Perceived Appeal of Crypto Assets,” White House spends several pages describing how Bitcoin works before denying it’s status as money by definition. Notably, BTC allegedly fails to fulfill two out of three characteristics of money: unit of account and medium of exchange. The report also denies BTC the characteristic of a store value due to its “significant volatility”.

Response From Crypto Community

For crypto enthusiasts, these accusations should not be taken lightly given recent events such as massive devaluation of USD against BTC, record high inflation, US banking crisis, bailouts for banks and more. In response to this report Troy Cross wrote: “What the White House cannot say, of course, is that the value of Bitcoin is in protecting you from their abuses of authority, monetary or otherwise”.

Bitcoin Mining Attacked

As expected from such a document, White House also attacks bitcoin mining as an energy-guzzling monster without taking into consideration all benefits that come with it such as decentralization and censorship resistance capabilities that are not available with any other form currency or asset class currently known to mankind.

Conclusion

                                                                                                                                          Despite its attempts at discrediting cryptocurrency assets like Bitcoin in general and its mining practices specifically, US government’s latest economic report confirms that cryptocurrency has become too big to ignore nowadays and will continue influencing world economy for years to come even if CBDC does find favour with politicians in Washington Dc eventually or not .

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Billionaire Guo Wengui Arrested for $1B Crypto Fraud

• Chinese billionaire Guo Wengui was arrested by the FBI for his alleged involvement in a multi-million dollar crypto fraud.
• Guo had close ties with former president Donald Trump, and was accused of wire, securities, and bank fraud with financier Kin Ming Je.
• The suspects allegedly used the proceeds of the illegal scheme to acquire luxury items such as Ferraris, a 50,000-square-foot mansion, and a yacht.

Chinese Billionaire Arrested for Crypto Fraud

Several reports have confirmed that Chinese billionaire Guo Wengui has been arrested by the U.S. Federal Bureau of Investigation (FBI) for his alleged participation in a multi-million dollar crypto fraud.

Ties to Former President Donald Trump

Wengui had close ties with former president Donald Trump which is why he was granted a pardon after Steve Bannon – political strategist, Chief Strategist, and Senior Counselor for Trump – was charged and convicted of fraud.

$1 Billion Crypto Fraud Scheme

The FBI and the Securities and Exchange Commission (SEC) accused Wengui, under the name Ho Wan Kwok, and his financier Kin Ming Je of wire, securities, and bank fraud. Authorities claim that Ming Je and Wengui used their influence via social media to attract victims for their billion-dollar cryptocurrency scheme.

Luxury Items Acquired from Fraudulent Funds

The suspects allegedly used the proceeds of the illegal scheme to acquire luxury items such as Ferraris, a 50,000-square-foot mansion, a yacht; all funded by fraudulent funds.

SEC Complaint Against Wengui

The SEC believes that Guo Wengui began this illegal fraud scheme in 2020 through an unregistered security offering based on cryptocurrency called “H Coin”, according to their complaint against him.

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Polygon (MATIC) Prices Drop 6%, Whale Selling and Doge Flipping Market Cap

• Polygon has declined by 6% in the last 24 hours due to whales selling and Dogecoin flipping its market cap.
• The asset hit peak value during mid-February but has since been on a downward trend.
• Whale Alert has spotted several large MATIC transfers on the Ethereum blockchain today.

Polygon Price Drops 6%

Polygon (MATIC) has taken another beating in the past day, with prices dropping 6%. This follows a downtrend observed over the past month, flipping its market cap with Dogecoin and being sold by whales.

Polygon’s Historical Performance

At the time of writing, Polygon is trading around $1.05, down 6% in the last 24 hours. A graph showing the trends in its value over the past month can be seen below: Looks like the price of the coin has been going downhill since a while now | Source: MATICUSD on TradingView As displayed in this graph, Polygon hit a peak during mid-February but has since been observing a constant downtrend. The decline had slowed down for some days before accelerating again in the last 24 hours.

Whale Activity Detected

Whale Alert detected several large MATIC transfers from unknown wallets to Binance today which could be linked to Polygon’s declining trend. In contrast, Bitcoin is down 7%, significantly lesser than MATIC’s 13%.

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Conclusion

Overall it looks like Polygon’s performance is not great during March so far and whales have been contributing to this decline by selling off their assets on Ethereum blockchain according to Whale Alert’s data. Despite these unfavorable conditions there are still attractive bonuses offered by various platforms that may provide an opportunity for investors to make profits given they play their cards right!

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GameFi on Polygon Grows, MATIC Prices Drop Amid Bear Market

• The recent bear market has caused MATIC to shed more than $1 billion in market cap.
• On-chain data shows that the GameFi scene on Polygon is growing in importance and accounts for 32% of fees spent, 35% of active addresses using the network, and 23% of transactions.
• Despite this growth, DeFi activity on Polygon has been dwindling with major protocols like AAVE experiencing a 3-8% decrease in their TVL.

MATIC Price Drops Amid Bear Market

Data by cryptocurrency tracker CoinGecko shows that the MATIC token is flashing red in almost all time frames with the monthly being an exception with an 11% gain. Since February 23, the token has shed more than $1 billion in market cap and trade volumes have been hovering around the $500-600 million range.

On-Chain Data Shows Growing GameFi Scene

A cryptanalyst on Twitter recently shared a thread about Polygon’s current state which revealed that GameFi has been growing in importance for the ecosystem. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now! This is supported by dAppRadar showing that across all gaming-related protocols on-chain, the majority experienced significant increases on unique active wallets with the top 10 gaming dApps experiencing an average gain of 17%.

DeFi Activity Slowing Down For Polygon

Long term growth of the ecosystem’s DeFi scene has been dwindling after hitting its peak back in 2021. Total value locked on-chain has increased by 0.2%, but this barely masks the massive losses protocols have been experiencing with major protocols on Polygon like AAVE suffering a 3-8% decrease in their TVL despite GameFi’s recent gains.

Concerns Over Long Term Growth Of Ecosystem’s DeFi Scene

The data presented raises concerns over long term growth of Polygon’s DeFI scene as total value locked appears to be slowing down despite Gamefi’s recent gains making it one of the most important activities on the blockchain platform today.

Conclusion

In conclusion, while GameFI activity is growing on Polygon there are also concerns over long term DeFI growth due to losses experienced by major protocols like AAVE as well as a 0.20 increase in total value locked being masked by massive losses overall. As such, it remains to be seen whether or not DeFI can make a comeback or if Matics’ price drops will continue amid bearish markets

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Bitcoin Demand Growing: Active Addresses Show Growing Interest

• On-chain data shows that demand for Bitcoin has been returning recently, but at a slower rate compared to previous cycles.
• The relevant indicator here is the “active addresses” which measures the daily amount of unique Bitcoin addresses participating in transaction activity on the chain.
• Recently there has been an increase in the active addresses, suggesting that more users are trading on the blockchain.

Bitcoin Demand Growing Again

On-chain data suggests that demand for Bitcoin is slowly growing again, though not as quickly as it did during past cycles.

Measuring Market Activity

The best way to measure this activity is with “active addresses” – a metric which counts the daily amount of unique Bitcoin addresses taking part in some kind of transaction activity on the chain. This metric takes into account both senders and receivers and only counts each address once even if it is involved in multiple transfers within a single day. When this value increases, it means that more users are engaging in transactions with Bitcoin indicating higher demand. Conversely, low values indicate fewer people transacting with the asset and thus lower demand.

Recent Changes

Recently active addresses have increased following a bottom formed during the previous cycle and a volatile move triggered by the FTX collapse. However, despite these recent changes, the rise in active addresses has still not been too significant yet when compared to past rallies.

Conclusion

It appears that while Bitcoin’s demand is slowly recovering, it still hasn’t gained back its full momentum from prior cycles just yet. Nevertheless, as more investors jump back into trading crypto assets like BTC this could change soon enough so keep an eye out for further developments!

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Paul Pierce Pays $1.1M Penalty for Unlawful EthereumMax Touting

• Paul Pierce settled with the SEC over charges of unlawfully touting digital asset EthereumMax.
• He was paid more than $244,000 in EMAX tokens and will now pay a penalty of $1.1 million.
• Other celebrities such as Kim Kardashian and Floyd Mayweather Jr have also been part of similar cases.

Paul Pierce Settles with SEC Over EthereumMax Charges

Crypto regulations deepen as regulators continue to announce actions against the crypto industry. Today, the NBA Hall of Fame player Paul Pierce settled with the Securities and Exchange Commission (SEC) over charges of unlawful touting digital asset EthereumMax, which the regulator considers a ‘crypto security.’ This comes after the SEC continues to crack down on the crypto industry.

The Offense, The Judgement, And The EthereumMax Lesson

In 2021, NBA legend Pierce promoted EthereumMax tokens. According to the SEC, this is considered an offense as Pierece failed to disclose that he was promoting the token for a profit. Reportedly, pierce was paid a total sum of more than $244,000 in EMAX tokens. As part of his settlement with the SEC, he will pay a sum of $1.1 million as a penalty for the offense committed and discharge “approximately $240,000,” according to the SEC.

Pierce Is Just One Of Them

Pierce hasn’t been the only celebrity involved in legal cases over promotingEthereumMax project; stars such as Kim Kardashian and sports legend Floyd Mayweather Jr were also part of similar cases.

SEC Chairman Gary Gensler’s Reminder

SEC Chairman Gary Gensler noted: ″This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security.” Aside from paying fines ,Pierce’s punishment includes abstaining from promoting any crypto assets for three years .

Conclusion

These recent events show that regardless if you’re an NBA Hall-of-Famer or just an average investor: it pays off when it comes to crypto regulations—to know them well before investing your hard-earned money in any project related to cryptocurrencies!

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China Readies To Boost Its Digital Infrastructure – Get 150% Welcome Bonus!

• China is launching a new research center for blockchain innovation in Beijing.
• The Beijing Academy of Blockchain and Edge Computing (BABEC) is in charge of the institution.
• China has rolled out e-yuan (e-CNY), worth millions of dollars, across the country to promote CBDC adoption.

China Boosts Its Digital Infrastructure with Blockchain Innovation

China has decided to move deeper into blockchain technology after its ban on cryptocurrency transactions in 2021. A recent report from China Daily noted that the country is about to launch a research center for blockchain innovation in Beijing.

National Blockchain Innovation Center

China’s National Blockchain Innovation Center will work with local universities, blockchain experts, and firms to explore core blockchain technologies. The research will yield results that will play vital roles in supporting China’s new digital infrastructure.

Beijing Academy of BlockChain and Edge Computing (BABEC)

The Beijing Academy of Blockchain and Edge Computing (BABEC) will take charge of the new research institution. BABEC is famous for its ChainMaker blockchain, which has backing from 50 business corporations including the State-owned China Construction Bank (China Unicom). Currently, ChainMaker executes 240 million transactions per second (TPS). In 2021, it processed 100,000 TPS.

CBDC Development

Blockchain technology and the CBDC project became the Chinese government’s trademark. As for China’s CBDC development, the central bank has rolled out e-yuan (e-CNY), worth millions of dollars, across the country to promote CBDC adoption.

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Jump on Crypto Deal & Get 150% Welcome Bonus – Don’t Wait!

• The Bitcoin price is heavily influenced by macroeconomic conditions in the US, and after reaching a new 5-month high of $24,241 last Wednesday, it has dropped by 3%.
• This decline was caused by the US Bureau of Labor Statistics reporting an impressive 517,000 new job growth last month and the dollar index (DXY) subsequently seeing a strong bounce.
• Investors will be looking to Jerome Powell’s statements tomorrow for clues on future monetary policy. Thursday’s announcement of initial jobless claims in the US is also important.

Impact Of Macroeconomic Conditions On The Bitcoin Price

The Bitcoin price continues to be strongly influenced by macroeconomic conditions in the US. After BTC reached a new 5-month high of $24,241 last Wednesday, the price is on the decline again. Over the weekend, Bitcoin lost another 3% and was at $22,810 as of press time. Initially, the price was propelled higher last week by the Federal Reserve’s decision to raise its benchmark interest rate by 25 basis points and dovish comments from Jerome Powell.

US Job Growth And Dollar Index Impact

According to the latest figures from the U.S. Bureau of Labor Statistics, the U.S. economy saw a sensational 517,000 new job growth last month – a sign that the Fed is likely to keep interest rates high for longer. The dollar index (DXY) subsequently saw a strong bounce from below 101 to its current 103 level – dragging down BTC prices in turn.

Investors Eyeing Jerome Powell’s Statements

The Upcoming Week For Bitcoin And Crypto After many important economic figures last week, crypto investors can expect a rather uneventful trading week but with one major event: Fed Chairman Powell stepping in front of cameras once again tomorrow (Tuesday). Investors will listen to whether Powell will back up or repeat his dovish statements from his FOMC press conference depending on recent labor market data released this past Friday..

Initial Jobless Claims To Be Released On Thursday

In addition to this Tuesday’s statement from Powell investors should keep an eye out for Thursday’s announcement of initial jobless claims in the US which will take place at 8:30 EST as it is considered one of two most relevant measures for assessing how well jobs are doing in America along with Friday’s labor market report release..

Conclusion

It remains unclear as to what kind of statements Jerome Powell might make following solid labor market numbers but investors should pay attention regardless as this could have an effect on future monetary policies and consequently affect Bitcoin prices positively or negatively depending on what he says..

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China Expands Digital Yuan Pilot Program to 17 Provinces

• The People’s Bank of China has announced the expansion of the country’s Central Bank Digital Currency (CBDC) pilot program to 17 more provinces across China.
• Two new features, offline payments and smart contract capabilities, are being introduced to the CBDC.
• The PBOC is also looking to increase CBDC adoption by offering wealth management products that accept digital yuan payments in pilot provinces.

People’s Bank of China Expands Digital Yuan Pilot Program

The People’s Bank of China (PBOC) recently announced the expansion of its central bank digital currency (CBDC), known as the digital yuan, across 17 more provinces in the country. This comes as part of an ongoing pilot program to test out the use cases for this new form of money.

Offline Payments and Smart Contract Features Added

Alongside this launch, two core features have been added to further improve usage experience with this digital currency – offline payments and smart contract capabilities. Offline payments will enable users to make payments without needing access to the internet through Near-field communication (NFC). Additionally, a “smart contracts” feature will allow users to win daily prizes up to $1,312 through an e-commerce app called Meituan.

Increasing Adoption Of Digital Yuan

In order to increase adoption right from the start, wealth management services that accept digital yuan payments are being offered in some pilot provinces by major investment banks such as China Galaxy Securities. Through these measures, PBOC aims at providing a seamless transition into using this form of money for everyday transactions.

Digital Currencies Gaining Momentum Globally

The rising popularity and acceptance of digital assets has seen multiple countries adding support for these currencies over recent years. Countries like Japan have already issued their own central bank digital currencies while many others are actively researching on developing similar projects for their respective countries.

Conclusion

With its latest announcement, China is taking proactive steps towards making its own CBDC available nationwide while also increasing user adoption through various measures such as introducing offline payment options and smart contract capabilities. As other countries look towards launching their own forms of CBDCs in 2021, it remains to be seen how they stack up against each other in terms of user experience and convenience offered by them

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Unlock the Potential of a Digital Pound: Join Ripple’s Webinar to Discover the Benefits

• Ripple leadership team highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends in 2023.
• Ripple is actively working with the private and public sectors to drive this agenda, specifically in the United Kingdom.
• On Thursday, January 26, James Wallis, Vice President of Central Bank Engagements and CBDCs at Ripple will deliver the keynote at a webinar addressing the potential use cases and benefits of a digital pound.

Ripple, a leading financial technology company, has been at the forefront of predicting and driving the next big trend in banking and finance: Central Bank Digital Currencies (CBDCs). As the global economy continues to shift towards digital currencies, Ripple is actively working with both the private and public sectors to shape the future of CBDCs and their applications.

To further drive this agenda, Ripple has recently joined the Digital Pound Foundation in the United Kingdom, with Susan Friedman, Head of Policy, representing the foundation as a board member. The foundation is focused on the development and launch of a digital pound in the United Kingdom.

On Thursday, January 26, Ripple will be hosting a webinar to address the potential use cases and benefits of the digital pound. James Wallis, Vice President of Central Bank Engagements and CBDCs at Ripple, will deliver the keynote address. Joining Wallis in the discussion will be William Lorenz (co-leader of the Digital Pound Foundation’s use case working group), Chris Ostrowski (CEO and co-founder, SODA), Jakub Zmuda (strategy officer, Modulr), Andrew Dare (CTO banking and financial markets director advisory expert, CGI), Claire Conby (managing director at Billon), and David Karney (head of digital assets, Worldline).

The discussion will focus on the potential for a digital pound to benefit the UK economy, as well as the advantages that CBDCs could provide to businesses and consumers. Wallis and the panel will explore the use cases for a digital pound, including its potential to reduce costs, enhance security, and provide more efficient transactions. Furthermore, the panel will discuss the regulatory and legal framework that would need to be in place to ensure the safe and secure use of digital pounds.

Ultimately, the webinar will provide insight into the potential of a digital pound, as well as the challenges and opportunities that it could bring to the UK economy. With Ripple’s expertise and the Digital Pound Foundation’s commitment to the development of CBDCs, the webinar will be an opportunity to gain valuable insight into the potential of a digital pound.