Crypto

Ethereum killers or just pretenders? But Ether remains king for now

The term “Ethereum killer” is beginning to pick up the pace once again in the cryptocurrency markets as the native tokens of several competing blockchain networks are posting significant gains during September. For any alternative network to be considered as a part of this category, it needs to have one essential feature that serves as the backbone of the Ethereum network: smart contracts. Keeping this in mind, the most prominent blockchain networks by market capitalization that usually come under this purview are Cardano (ADA), Solana (SOL), Binance Smart Chain (BSC), Polkadot (DOT), and Terra(LUNA). The native tokens of these networks have been on an absolute tear this year. Most recently, Solana (SOL) has been in the spotlight after the bulls carrying its rally continued even in the fac...

BTC price falls back to $47K as weekly close neatly tracks Bitcoin futures gap

Bitcoin (BTC) retested $47,000 on Sept. 19 as the weekly close looked set to hinge on the CME futures gap. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin comes full circle after erasing gains Data from Cointelegraph Markets Pro and TradingView showed mixed signals from BTC/USD as the week drew to a close. Saturday had seen a stronger rally from the pair, which subsequently gave way to ranging behavior amid an absence of clear direction. “Happens quite often in the markets,” Cointelegraph contributor Michaël van de Poppe explained. “Slight rally on Saturday for Bitcoin, coming back down to CME close on Sunday. CME closed at $47,490 on Friday, seems to be that we’re going to open there too later today.” The Bitcoin futures closing price...

Bitcoin-based security token offering approved in Germany

German financial regulators have approved a security token offering (STO) based on a Bitcoin (BTC) sidechain. Germany’s Federal Financial Supervisory Authority (BaFin) has greenlighted the EXOeu token by game publisher Exordium, making local retail investors eligible to participate in the sale on Stokr, a major European digital marketplace. German investors can invest in EXOeu via Stokr with a minimum investment amount of $100. EXOeu is the second STO ever approved for the German market on Stokr after BaFin approved an STO by parking network ParkinGO last year. Launched in January 2021, the EXOeu security token is raising funds for the development of Samson Mow’s sci-fi MMO game Infinite Fleet. The offering has been available for investors in other European countries lik France, Luxem...

NFT gaming company Animoca Brands acquires majority stake in Bondly

Animoca Brands, a nonfungible token (NFT) game developer, has announced a substantial investment in the NFT platform Bondly. According to a release issued on Friday, Animoca will own a majority stake in Bondly following the investment. Commenting on the rationale behind its investment in Bondly, Animoca chairman and co-founder Yat Siu told Cointelegraph: “We acquired a majority stake in Bondly because it will significantly assist us to drive true digital ownership via NFTs, and we see this as crucial to the future of gaming and the emergence of the open metaverse.” As part of the investment, Bondly’s NFT technology, including launchpad and cross-chain bridges, will be incorporated into Animoca’s gaming products. Per the announcement, Animoca is looking to utilize Bondly’s suite of NFT tech...

Bybit crypto exchange suspends services in South Korea

Bybit, one of the world’s top cryptocurrency derivatives exchanges, will halt some of its services to South Korean users ahead of a licensing deadline. The exchange officially announced on Friday that it will discontinue Korean language support from its platforms as well as its official South Korean community on social media. The suspensions will take effect starting on Monday. “Korean traders may still use Bybit products and services. These products and services just won’t be offered in the Korean language any more,” a spokesperson for Bybit told Cointelegraph. Bybit will remove the functions ahead of a Sept. 24 deadline for cryptocurrency businesses to submit requests for an official operating license. “We had conversations with Korean regulators on that. We ...

PayPal completes crypto trading rollout for UK customers

PayPal officially announced on Friday that all eligible customers in the United Kingdom can now buy, hold and sell cryptocurrencies using their PayPal accounts. Customers can trade four major cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). As announced previously, crypto trading will only be available to PayPal customers with verified identities. PayPal announced plans to move into the British cryptocurrency market in late August, immediately proceeding with a partial rollout of crypto trading services. The move marks the first expansion of PayPal’s cryptocurrency services beyond the United States. Speaking to Cointelegraph, a PayPal spokesperson said, “PayPal gradually rolled out its new crypto service to its UK customers. That process is complete...

Smashing crypto adoption barrier? Solana aims to do its own ‘thing’

There was a lot of talk at SALT Conference 2021 about Solana Labs, the supersonic racer of layer-one blockchain networks. Not surprisingly, much of that conversation centered on speed — or, in network parlance, transactions per second (TPS). If blockchain technology is ever to achieve mass adoption — 1 billion users, say — then it has to get faster, said Sam Bankman-Fried, CEO of crypto exchange platform FTX, in a Monday morning panel session, adding, “You can’t have 1 billion people using a chain that has 10 transactions per second. It just doesn’t work.” To put things in context: Credit card giant Visa’s payments system processes about 24,000 TPS, while Ethereum, the first smartchain-enabled blockchain network upon which most DeFi and NFT applications still run, does about 30 TPS, though...

CFTC renewed: What Biden’s new agency picks hold for crypto regulation

On Sept. 14, United States President Joe Biden revealed his picks to fill two vacant seats at the United States Commodity Futures Trading Commission (CFTC). In addition, the president nominated Rostin Behnam, who has run the derivatives regulator as acting chairman since January, to assume the office on the permanent basis. The appointments are unlikely to face serious obstacles on their way to confirmation, as nominees will have to secure a simple majority vote in a Senate currently controlled by Democrats. What can the crypto industry expect of the CFTC if Behnam assumes permanent chairmanship and Kristin Johnson and Christy Goldsmith Romero join the agency as commissioners? Bringing the commission up to strength In 2015, the CFTC came forward and defined Bitcoin (BTC) and other digital ...

Bitcoin is great, but real crypto innovation has moved elsewhere

Something is brewing, and those with finely tuned noses can smell it. As traders have come to expect, Bitcoin (BTC) is doing “Bitcoin things” by bouncing around between the usual “key” support and resistance levels, and to be honest, it’s all starting to feel a bit boomerish. Bitcoin’s long-awaited “moon” depended on institutional investor buy-in, breaking the previous all-time high at $19,000, and a set of other firmly held beliefs. Well, all that happened, and the run to $64,900 exceeded many investors’ wildest dreams. But despite this, the entire BTC situation just feels predictable and boring if you are of the opinion that the top-ranked cryptocurrency will eventually top out around $100,000 in the current bull market. So, back to what else is brewing… Decentralized autonomous organiza...

Cardano price dips after smart contract launch, Walmart working with Litecoin is fake news, Coinbase raises $2B from junk-bond sale: Hodler’s Digest, Sept. 12-18

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Cardano launches smart contracts after successful hard fork After years of anticipation, Charles Hoskinson’s brainchild, Cardano, finally launched its smart contract functionality via the Alonzo hard fork on Monday. You’d think the result of this would be some bullish price action for ADA but, alas, its price dropped 10% following the rollout.  While Cardano was keen to celebrate the milestone, it also emphasized in a blog post that it’s still in the “early days” of the project, adding that now is when “t...

American CryptoFed DAO seeks US SEC consent for stable utility tokens

American CryptoFed DAO, a Wyoming-based decentralized autonomous organization, has filed two forms with the United States Securities and Exchange Commission, or SEC, to launch two variants of inter-dependent stablecoins named Locke and Ducat. According to CryptoFed’s Form 10 submission, the tokens are awaiting their registration as utility tokens hosted on the in-house CryptoFed blockchain. However, SEC’s Form 10 is used to register securities for potential trading on U.S. exchanges and is thus not intended for so-called utility listings.  The form submission entitles CryptoFed to automatically be recognized as a DAO in the U.S. after 60 days from the initial filing date, regardless of any outstanding SEC comments. CryptoFed’s filing suggests that Ducat is both an inflation- and defla...

Bitcoin jumps toward $49K amid fears 5%-plus inflation is here to stay

Bitcoin (BTC) inched higher on Sept. 18 as the focus shifted to the Federal Open Market Committee’s (FOMC) policy meeting in the wake of lower inflation numbers last Tuesday. The BTC/USD exchange rate approached $49,000 on the Coinbase exchange, hitting $48,825 before turning lower on interim profit-taking sentiment. Nonetheless, the move uphill raised expectations that the pair would hit $50,000, a psychological resistance target, in the coming sessions. #bitcoin needs to get over $50,000 and just hold it. — David Gokhshtein (@davidgokhshtein) September 18, 2021 Inflation fears boost Bitcoin demand The Bitcoin markets received a boost from fears of persistently higher inflation, despite a softer consumer price index (CPI) report released on Sept. 13. Data showed that the U.S. CPI ro...