Bonfida DEX Restricts Access to US-based Users

Serum-based, Bonfida decentralized digital asset exchange (DEX) is the latest decentralized finance (DeFi) project to put the US in its restrictive region list.

According to Bonfida’s terms of use, the Bonfida DEX is not available to residents of the USA. With this, the US has joined the Democratic People’s Republic of Korea, Belarus, the Central African Republic, the Democratic Republic of Congo, the Crimea region of Ukraine, Cuba, Iran, Libya, Somalia, Sudan, South Sudan, Syria, Yemen, and Zimbabwe.

“If you intend to enter into any transactions involving derivatives, you also confirm that you are not located in, incorporated or otherwise established in, or a citizen or resident of, a Derivatives Restricted Jurisdiction,” said the exchange.

Last month, the decentralized exchange aggregator 1Inch also started geofencing US IP addresses.

As we reported, 1Inch also includes the US in its list of restricted territories and blocks people from these regions from using a Virtual Private Network (VPN) to access the website. The platform said that it had been planning to launch a new product in the US in compliance with the regulatory requirements.

DEX dYdX has also updated its terms of service to mention that if the user is a US citizen or resident, they are required to physically settle all trades made using dYdX and fully close and physically settle all open margin positions within 28 days.

US-based users are also not permitted to access or trade any of the platform’s advanced features, including Bitcoin trading and perpetual contracts on dYdX. They are also not to use a VPN to modify your internet protocol address or otherwise circumvent or attempt to circumvent this prohibition.

Earlier last month, dYdX users celebrated a massive DYDX token airdrop worth thousands of dollars for many people. However, those who traded on the platform using an IP address within the United States were not eligible for the airdrop or to participate in its staking program.

“This has become almost standard now. People don’t need the US market to win anymore, so US regulators no longer have leverage with truly global founders. The future has already escaped their grasp,” commented Balaji Srinivasan, former CTO of Coinbase and General Partner at Andreessen Horowitz.

Read Original/a>
Author: AnTy

1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees

Ethereum multi-chain solution, Arbitrum One is seeing major adoption by the day. The latest protocol looking to tap into lower fees and faster transactions is 1Inch Network.

1Inch Moves To Arbitrum

According to a Wednesday tweet, popular decentralized cryptocurrency exchange (DEX) aggregator 1Inch Network announced support to Ethereum layer-two scaling solution Arbitrum.

The move is expected to give 1Inch users and DeFi proponents lower transaction costs, higher transaction speeds, and fast withdrawals.

Much like the former Matic Network, Arbitrum uses roll-ups and sits atop the Ethereum network. It is tasked with bundling transactions together and validating them before adding them to the main Ethereum network.

This technology greatly aids the Ethereum network to continue operating as the older decentralized applications (dApps) platform battles with the twin challenges of network congestion and high gas fees.

Arbitrum’s lower gas fees and higher throughput would benefit 1Inch users known to use the DEX aggregator to search for competitive prices across several exchanges.

Commenting on the recent integration with 1Inch, CEO of the development team behind Arbitrum, Offchain Labs Steven Goldfeder said;

“The Arbitrum One ecosystem is vibrant with many excellent and high volume DEXes, and we’re very excited to have 1Inch users join as a DEX aggregator.”

1Inch also stated in the announcement that a total of seven protocols would be available once it launches on Arbitrum. This includes the 1Inch Limit Order Protocol, UniSwap, BalancerLabs, BreederDodo, SushiSwap, SwaprEth, and WETH, with more expected in the future.

Arbitrum Making Waves Despite Being A Newbie

Like several Optimistic Rollup solutions, Arbitrum is built with the same code that operates on the Ethereum network. This enables development teams to easily cross-compile smart contracts on both networks, and it also ensures full compatibility between the Ethereum network on smart contracts and the Web3.0 interface levels.

Meanwhile, Arbitrum has been a major success since launching on August 31. The layer-two scaling solution has seen growing adoption from major protocols, most especially from the DeFi-facing sub-sector.

Also, its lower fees and faster transaction speed has lured non-fungible tokens (NFTs) enthusiasts who have now shifted their attention to the newcomer. According to data from L2 Beat, over $2 billion total value locked (TVL) have been processed through the Arbitrum protocol.

This has been due to surging interest in viral internet sensation NYAN. The digital meme token, which shows a rainbow-themed Nyan cat, has been in hot demand as digital collectible fans look to farm the ERC-20 token.

Developed by an anonymous developer, NYAN is meant to generate buzz about the Arbitrum network and encourages investors to lock up tokens on Arbitrum to receive rewards, according to a September 8 tweet.

Read Original/a>
Author: Jimmy Aki

Budweiser Joins NFT Frenzy, Purchases Ethereum Beer-Themed Domain Name

Budweiser Joins NFT Frenzy, Purchases Ethereum Beer-Themed Domain Name

Budweiser has become the latest global firm to jump on the non-fungible tokens (NFTs) bandwagon. The company purchased the Ethereum domain name, Beer.eth, alongside an NFT rocket ship.

Budweiser Changes Twitter Profile Picture To Rocket Design

The NFT rocket ship is a rocket artwork that features three components with the Budweiser name and logo. It was custom named “Life of the Party” and purchased 8 ETH (about $25,000 at press time).

Budweiser also bought the domain “beer.eth” for 30 ETH (around $100,000 at press time).

Reflecting on the multiple purchases, Budweiser changed its Twitter profile picture to a rocket ship designed by renowned NFT artist and owner of the NFT platform Rocket Factory Tom Sachs. The Tom Sachs Rocket Factory was launched earlier this month. The factory is a trans-dimensional manufacturing plan, according to a post by Sachs published last month.

Budweiser is yet to announce the NFT purchase officially. However, the beer outfit’s social media channels posted an update with three rocket emojis.

Budweiser is the largest-selling beer company in the United States by volume. The brand has become a household name and is available in over 80 countries.

Richard Oppy, VP of global brands at Anheuser-Busch, Budweiser’s parent company, had previously announced the company’s plan to invest in an NFT media shop in partnership with internet entrepreneur Gary Vaynerchuk.

According to him, NFTs are a huge opportunity for a brand like Budweiser that’s been closely associated with art, music, sports, and culture for decades.

Companies Continue To Experiment With NFT

AB InBev has had success with NFTs, having released a project under beer brand Stella Artois for National Fried Chicken Day. The brewer believes NFTs can play a role in limited edition packaging, merchandise drops, collectible items, and others.

Payment giant Visa has also jumped into the NFT scene. A few days ago, the firm announced the purchase of CryptoPunk 7610, one of the thousands of NFT-based digital avatars, for nearly $150,000 in Ethereum.

The NFT scene has witnessed unprecedented success over the past few months. In March, auction house Christie’s set records when an image created by the digital artist Beeple sold for $69 million.

Read Original/a>
Author: Jimmy Aki

Altcoins, Not Bitcoin, Drives the Latest ‘Massive’ Surge in Crypto Adoption: Report

Altcoins, Not Bitcoin, Drives the Latest ‘Massive’ Surge in Crypto Adoption: Report

Crypto adoption has been growing at a rapid pace, and in June, the number of global crypto users reached 221 million, up from just over 66 million at the end of May 2020.

In the second half of 2020, the adoption accelerated, and while it took nine months to go from 65 million to 100 million, it only took four months for this to double to 200 million.

Interestingly, while Bitcoin drove this growth in the first two months of this year, “altcoin adoption in May led to a massive surge in crypto users, from 143 million at the end of April to 221 million as of June,” according to a report from Crypto.com.

Monthly growth in unique crypto users who have ever owned BTC was 30.2% in Jan., only to drop to 15.2% and 2.9% in Feb. and March, respectively, compared to 13.1% for Ether (ETH) in the first two months and 2.3% growth in March.

When it comes to the Q2, Bitcoin’s adoption jumped to 6.6% in April and 20% in May, only to decline to 5.8% the next month versus Ethereum’s unique user growth of 4.4%, 20.4%, and 16.1% in April, May, and June respectively.

Global Crypto User Growth Rate

Source: Crypto.com

When it comes to the top two cryptocurrencies, Bitcoin led the adoption growth from January to April due to institutions like PayPal, Microstrategy, Visa, and Mastercard joined crypto, but in May and June, Ethereum saw significant growth as institutional investors started favoring it.

However, Bitcoin and Ether are losing their market shares as investors get attracted to meme tokens and proof-of-stake (PoS) protocols, especially after Bitcoin mining came under more scrutiny for its energy-intensive proof-of-work (PoW) consensus mechanism, as per the report.

The percentage of Bitcoin owners in global crypto owners fell to 51% in June 2021 from 67% in January. As for Ether, it is down from 13% to 10% during the same period, while the collective ownership of other cryptos has jumped by 18% to 38% in these six months.

“Altcoin adoption was likely spurred by the influx of new users who were interested in tokens like Shiba Token (SHIB) and Dogecoin (DOGE), among others,” it noted.

Read Original/a>
Author: AnTy

“Tax Private Stablecoins Out Of Existence,” Proposes Latest Fed Paper Ahead Of Treasury Secretary Meeting

“Tax Private Stablecoins Out Of Existence,” Proposes Latest Fed Paper Ahead Of Treasury Secretary Meeting

Written by a Professor of Finance from Yale School of Management and an attorney at the Federal Reserve System, wants regulators to take a lesson from history, the Free Banking Era because the central bank must have a “monopoly on money issuance.”

Before the Treasury Secretary Janet Yellen met with SEC, OCC, and FDIC officials on Monday to discuss stablecoins, a paper called “Taming Wildcat Stablecoins” was released by the Federal Reserve and Yale over the weekend.

Written by Gary Gorton, Professor of Finance at the Yale School of Management, and Jeffery Zhang, an attorney at the Board of Governors of the Federal Reserve System, the paper laid out the regulatory options for US dollar stablecoins and footnote references to Yellen’s upcoming meeting.

According to these authors, while crypto is all the rage, there is “nothing new” about privately produced money, but the difference is its goal to be accepted at par with no questions asked.

They point to history, the Free Banking Era when private money made it hard to track due to fluctuating prices, which were then curtailed by the National Bank Act of 1863. “Subsequent legislation taxed the state-chartered banks’ paper currencies out of existence in favor of a single sovereign currency,” they noted.

Now, Gorton and Zhang propose regulating the issuers of stablecoins like Tether and Facebook’s Diem as banks and the central bank to issue its digital currency (CBDC).

With regulation outpaced by innovation, an uneven playing field has been created that needs to be corrected.

While stablecoins do not appear to be used as money currently, as they evolve further, “the stablecoin world will look increasingly like an unregulated version of the Free Banking Era—a world of wildcat banking,” it adds.

The paper proposed a couple of ways to address this development and wants regulators to “better get going.”

These options include transforming stablecoins into public money by passing new legislation requiring issuers to become FDIC-insured banks or require stablecoins to be backed one-for-one with Treasuries or reserves at the central bank.

CBDC is also proposed as a substitute to privately produced digital money like stablecoin, mainly because the central bank must have a “monopoly on money issuance,” and paper and metal coins won’t be used forever.

With the introduction of a central bank digital currency, the purpose is to have digital fiat and “tax private stablecoins out of existence.”

“Free banking in the US was a failure DUE to state regulation, not despite it,” argued Nic Carter of Castle Island Ventures and co-founder of CoinMetrics.

“The difference between now and then is that blockchain-based assets are more resistant to state capture, being natively digital (compare with gold specie), are more global in nature (compare binance with say, the royal bank of Scotland), and enable a more egalitarian relationship between depositors and depository institutions as the cost of verification is low, and thus the ease of taking ‘physical’ delivery is high. So easier to hold custodians accountable, and the threat of a ‘run’ is higher.”

Read Original/a>
Author: AnTy

Bitcoin Mining Difficulty Sees 4th Downward Adjustment in a Row; Also Occured At the End 2018 Bear Market

After the latest negative adjustment, the difficulty is now down 45.6% from ATH, and the market is getting the “same vibes” as of December 2018. Meanwhile, the record downward adjustment of 11 times in a row was in 2011, which was a 51.4% drop.

This past weekend, Bitcoin mining difficulty had yet another downward adjustment of just under 5% to 13.673 trillion, last seen in early January 2020, following the most significant drop in Bitcoin’s history two weeks ago.

At the end of May, the mining difficulty was at its all-time high of just above 25 trillion. Since then, four downward adjustments have been recorded in a row, representing a drop of 45.6% due to a decline in hash rate caused by China’s crackdown on cryptocurrency mining.

These downward adjustments in difficulty are helping the hash rate recover from its 68 Th/s low at the end of June to now around 100 Th/s, with Viabtc, Antpool, Poolin, F2pool, and Btc.com being the top mining pools accounting for 59.4% of global hash rate followed by Binance, Foundry, and Slushpool which has captured nearly 22% hash power.

Bitcoin hash rate surged to its peak at 197.6 TH/s in mid-May after miners increased the overall hash power to capitalize on the booming market. Though orders for the new ASIC machines soared at the time, the total capacity was not installed due to supply chain disruption and semiconductor shortage.

“The hash rate about doubled in the past year. But if all the machines on order had been installed, it would have gone up a lot more,” said Alex de Vries of Digiconomist, which tracks Bitcoin’s energy usage.

“Same vibes” as of December 2018

The downward adjustment in difficulty made a record drop in 2011 between August to November when it dropped 11 times in a row. At the time, the fall was 51.4%.

Back in 2018, at the end of the bear market, we recorded four consecutive difficulty drops between October and December; during this time, the BTC price found its bottom. At the time, the drop was only 31% to a six-month low.

Price-wise, trader Loomdart of eGirl Capital is also getting the “same vibes” as of December 2018.

BitcoinMiningDifficulty

The drop in difficulty means mining Bitcoin has become much more manageable. Mining Bitcoin has already been profitable and became more of a windfall for miners in the US, Canada, and Russia after China’s crackdown.

These Chinese are now moving to other parts of the world where production is more active such as Kazakhstan, Russia, Malaysia, and Texas, and Tennessee in the US.

“At $28,000 per coin, electrical usage could rise by 30% above the level before China shut down, and the miners would still make good money,” said de Vries. “If it goes back to $65,000, the miners would double their power usage from before China unplugged.”

Bitcoin mining operations like Bitfarms in Quebec are particularly enjoying the abrupt shutdown in Chinese mining operations. The BTC price above $31k and hash rate needed to capture/mine new coins down by 51% from two months back.

According to Bitfarms’ public disclosures, its “mining costs” per BTC in Q1 2021, consisting of the cost of supplies, labor, and electricity, was $8,500. It mined 598 BTC in Q1, amassing $28 million with the production cost of just $6 million.

“On July 3, the Bitcoin network experienced the largest difficulty drop in history due to recent macro developments in China. This has resulted in Bitfarms producing significantly higher quantities of Bitcoin at a lower cost per Bitcoin.” founder and CEO Emiliano Grodzki explained in the company’s production-update report. “Bitfarms has nearly doubled its market share,” he added.

Read Original/a>
Author: AnTy

Britain’s NatWest Group is Latest to Cap Daily Transfers to Crypto Exchanges

Britain’s NatWest Group is Latest to Cap Daily Transfers to Crypto Exchanges

One of Britain’s biggest domestic lenders, NatWest Group, has capped the daily amount customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud.

This also affects leading cryptocurrency exchange Binance, which, as we reported, has already removed the ability to deposit and withdraw British Pounds (GBP) from the platform through Faster Payments and bank cards.

The suspension of both GBP payment channels on Binance came on the heels of the UK’s financial regulator, Financial Conduct Authority (FCA), issuing a consumer warning against Binance Markets Limited, which is not an outright ban.

Now, NatWest Group has imposed a temporary cap, on June 24, targeting several exchanges and digital asset firms with the maximum amount varying depending on the platform but typically in thousands of pounds. The company spokesperson said,

“We have seen a high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites.”

As such, to protect its customers from criminals exploiting these platforms, a temporary step has been taken to reduce the maximum daily amount that a customer can send to crypto exchanges. The company has also blocked payments to a small number of crypto asset firms where NatWest saw “particularly significant levels of fraud-related harm for our customers.”

Read Original/a>
Author: AnTy

No Major Inflows Yet But Outflows in Bitcoin Funds Stopped for Now, ETH Holdings ‘Quite Stable’

Amidst “extreme fear” in the crypto market due to the latest crypto sell-off that sent BTC to about $31,750 and Ether to $1,890, CME Bitcoin futures are back in backwardation.

The crypto market remains in “extreme fear,” with the Crypto Fear and Greed Index having a reading of 23, albeit still better than 10 from last month.

The latest reason for fear in the market came after the Bitcoin price dropped to about $31,750, and Ether went to $1,890.

The fall in BTC price below $33,000 has social sentiments on Twitter in a downturn and at its lowest level in the past year, as per Santiment data.

Funding rates are negative all around as 173,602 traders got liquidated in the last 24 hours.

And with the latest sell-off, the “extreme divergence between basis on CME futures and futures on crypto native exchanges, which has now pretty much reconverged,” noted trader CL of eGirl capital.

The annualized yield on Bitcoin futures on BitMEX is -8.2%, -3.42% on OKEx, -2.47% on Huobi, -2.01 on Binance, and -1.68% on Bybit, as of writing.

CL actually expects “a lifetime buy opportunity in bitcoin dip” with September futures to get “nuked to backward soon,” which are already 0.1% APR on FTX.

Over the past couple of months, the market has been seeing a lot of ups and downs, and it has sent Bitcoins’ realized volatility to 116, the highest since April 2020, and for ETH, it’s 260, the highest since July 2019.

Given that “volatility *always* reverts to the mean,” the price action is expected to subside; however, trader and economist Alex Kruger notes that direction-wise, the price can go either way, especially given the market deciding the Fed is going hawkish.

In the meantime, inflows are still almost nowhere to be seen in Bitcoin funds but outflows are no more occurring either.

The number of BTC held by various funds has started to see an uptick after falling for more than a month, ever since May 12 when the sell-off started, but it is barely visible yet.

image1

At their peak, about 817,000 in mid-May were held by these funds, which reduced to almost 782,600 on June 18, a level last seen in late February — representing a drop of more than 4.2%.

As of writing, 782,674 BTC are now accumulated by Bitcoin funds, as per ByteTree.

The uptrend in Bitcoin holdings of these funds started last year when only about 335,300 BTC were being held by funds which gained momentum in the last quarter of the year where they added about 200k BTC.

For Ether held by funds, there has been barely a drop, remaining just under 4.1 million, only 11,000 ETH below peak two weeks ago, after starting 2021 at 3.6 million.

Read Original/a>
Author: AnTy

NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship

NASCAR Driver Becomes the Latest Athlete to Accept Payment in Cryptocurrency In Voyager Sponsorship

NASCAR driver set to fully be paid in cryptocurrency. The sports world is heavily embracing digital assets.

In yet another case of an athlete being linked with cryptocurrencies, NASCAR driver, Landon Cassill accepted to be fully paid in cryptocurrencies, becoming the latest athlete to join the bandwagon. The driver entered into a 19-race sponsorship deal with Voyager Digital and will see the majority of his sponsorship paid in Litecoin (LTC) and Voyager Digital native token, VGX.

The statement also confirms a part of the sponsorship will be paid in Bitcoin (BTC). The sponsored car is fielded by JD Motorsports and will participate in the 2021 NASCAR Xfinity Series. Steve Ehrlich, CEO of Voyager said,

“Through innovation, Voyager continues to demonstrate crypto’s multiple use cases, from being a valuable and efficient form of payment to an investment asset class fuelling a new technology revolution.”

Landon joins an illustrious list of athletes accepting cryptocurrency as payment. In a statement to CoinTelegraph, he welcomed the idea of being paid in crypto – having used them in the past.

“Crypto is changing the game for so many people, and is the reason I’ve accepted this sponsorship 100% in cryptocurrencies and will be representing Voyager this season.”

“There are a handful of pilots who like crypto, but I am probably one of the ones who has been around long enough and I am quite comfortable with how it works.”

Read Original/a>
Author: Lujan Odera

Purpose Bitcoin ETF Adds 100 BTC, Cathie Wood’s Ark Fund Buys More GBTC and COIN Shares

The latest dip in prices saw many scooping off cheap coins while the crypto market remains in “extreme fear” and unresponsive to all the good news coming in.

The cryptocurrency market remains choppy, with prices continuing to show weakness while range trading.

Interestingly, amidst the ongoing sentiment of “extreme fear” in the market, the third-largest Bitcoin outflow of 2021 from centralized exchanges was recorded this week.

“A total of 39,040 BTC were withdrawn, the majority coming from Kraken (29,700 BTC),” noted IntoTheBlock.

However, it could be just in-house shuffling as Kraken had made some internal transfers over the weekend as well.

Scooping off cheap coins, however, is still happening as the market remains weak. Purpose Bitcoin ETF, the first one of North America, increased its holdings by 100 BTC, with its total holdings now standing at 19,508 BTC. Up until mid-May, the ETF’s holdings increased significantly but have since slowed down their pace.

As for its Ether ETF, it increased its holdings by a total of 574 ETH, with a total holding of 54,520 ETH. ETH -2.99% Ethereum / USD ETHUSD $ 2,519.04
-$75.32-2.99%
Volume 41.91 b Change -$75.32 Open $2,519.04 Circulating 116.21 m Market Cap 292.74 b
6 h NHL Team, San Jose Sharks, to Accept BTC, ETH, DOGE, And Alts Next Season 7 h Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live 8 h Layer-2 Scaling Solution Polygon Records Continued Growth, But May Not Bring Fees Down on Ethereum

BTC Price vs Number of Bitcoin

Source: Bybt.com

Cathie Wood’s APK Ark Fund also purchased 18,746 shares of Grayscale Bitcoin Trust (GBTC) and 13,718 shares of Coinbase (COIN) this week.

ARKW now holds 7,441,692 shares of GBTC and 799,779 shares of Coinbase, accounting for 4.01% and 3.37%, respectively. APKK meanwhile holds 3,134,630 shares of Coinbase, accounting for 3.44%.

Bitcoin price, however, still went down to about $32,275 despite all the buying and good news the market is seeing.

This week, former US President Donald Trump came out and called bitcoin a competitor of USD, and MicroStrategy shared its plans to buy another $400 million worth of BTC.

Over the weekend, the El Salvador president announced that the country would declare Bitcoin a legal tender. Following this, Paraguayan Congressman Carlitos Rejala added laser-eyes to his Twitter profile. Rejala said,

“As I was saying a long time ago, our country needs to advance hand in hand with the next generation. The moment has come, our moment. This week, we will start an important project to innovate Paraguay in front of the world!”

Fabio Ostermann, leader of the New Party, a libertarian party in Brazil, also joined in along with Francisco Sánchez, a member of the Chamber of Deputies of Argentina, and Gabriel Silva, a Congressman in The National Assembly of Panama. Silva wrote,

“This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the Assembly.”

Read Original/a>
Author: AnTy