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China to Give Away $6.2 Million in Latest Digital Currency Trial

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In brief

  • 200,000 Beijing citizens are eligible for the country’s latest digital currency trial.
  • The project began in 2014, with today’s trial the third of its kind in China.

China’s capital city of Beijing will hold a lottery for residents with a total prize pool of 40 million renminbi ($6.2 million). The winnings will be distributed using the country’s upcoming central bank digital currency (CDBC), Reuters reported today.

Per the report, the Beijing Local Financial Supervision and Administration Bureau has announced a total of 200,000 so-called digital “red envelopes” to the capital’s residents later this month. Red envelopes are a Chinese tradition in which literal red envelopes with money are usually given out during the holiday season in China.

Each envelope will contain 200 yuan (roughly $31) in the form of the digital yuan—officially dubbed Digital Currency Electronic Payment (DCEP).

Beijing residents have until midnight on June 7 to register for the lottery. The winners will be announced a few days later. They can claim their prizes via two banking apps and then spend the money at selected merchants.

China outpacing peers in digital currency race

The latest lottery—already the third of its kind—is part of its CBDC effort, which first began in 2014. Ultimately, China aims to become the first major economy to launch its own digital currency.

However, the People’s Bank of China has no plans to use its digital currency to replace U.S. dollars. The country aims to implement the CBDC for domestic use only, the bank’s deputy governor Li Bo reiterated last month.

“For the internationalization of the renminbi, we have said many times that it’s a natural process, and our goal is not to replace the U.S. dollar or any other international currency. I think our goal is to allow the market to choose and to facilitate international trade and investment,” Li explained at the time.

Chinese tech hub Shenzhen held a similar lottery last October. At the time, authorities distributed more than 10 million yuan (around $1.5 million) to 50,000 residents. The winners could spend their prizes at 3,389 merchants such as restaurants, supermarkets, gas stations, metro stations, department stores, and businesses.

In late March, six Chinese banks—the Bank of Communications, Postal Savings Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and the Bank of China—offered their clients an option to apply for a digital yuan wallet.

China’s digital currency project is far ahead of other global powers, but that may soon change. The European Central Bank today urged other countries to develop a similar offering or else be outpaced. 

Source: https://decrypt.co/72540/china-gives-away-6-2-million-latest-digital-currency-trial

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SEC Puts $7.6 Million Fine on Crypto Invention Database

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: https://cryptobriefing.com/sec-puts-7-6-million-fine-on-crypto-invention-database/

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How Archer Swap Has Helped End Ethereum’s Bidding War

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Most DeFi users have heard of Ethereum’s high congestion issues, but few are aware of the controlling forces operating behind the scenes, and how badly they can be impacted by this single problem. When traders send a regular transaction via the Ethereum network, it is susceptible to attacks from bots or front-running software run by entities seeking to profit from trader activity.

Ethereum’s ecosystem is perhaps amongst the fastest growing in the crypto space. Thus, there are already many solutions that tackle this issue and operate for the benefit of the users and decentralized exchange (DEX) traders. Most of them have gone under the radar.

Archer Swap is part of the Archer DAO, a project with features designed to mitigate the risks associated with sending transactions on Ethereum. It protects users from Miner Extractable Value (MEV) strategies, sandwich attacks, and front-running bots while maintaining a connection with Uniswap and SushiSwap, two of the most popular DEXs on Ethereum.

In this sense, Archer Swap can be described as a DEX extension that enhances the trader experience on these dApps. This protocol combines two powerful sets of features that give traders improved operations on Ethereum – protecting them and making trades more cost-efficient.

The first set of benefits are called Archer MEV Shield. Besides protecting transactions from bot attacks, it allows users to eliminate failed transaction fees, a recurring problem on Ethereum. Traders can also cancel transactions at no additional cost.

The second feature is called Archer Trader Extractable Value (TEV), a proprietary and innovative concept introduced by Archer Swap. Operating within the Archer Relay, Archer TEV uses automated rebalancing transactions with bots to sync market prices when big market moves occur.

After a trade or a big swap, there is usually an arbitrage opportunity in a market. Archer TEV uses these opportunities to capture the value and redistribute it to Archer Swap users. In essence, Archer TEV takes revenue generated by Archer Swap and gives it back to one of the protocol’s core components, the traders.

Archer Swap Launches Campaign To Reward Traders

Following a community vote, Archer DAO recently launched a 6-week campaign to buy back and distribute its native token ARCH. In this way, the protocol can reward early adopters. The tokens will be acquired with the revenue generated by Archer TEV.

The protocol won’t have to touch its treasury reserves to attract new users to the platform. The protocol and the users will benefit – as more users trade on Archer Swap, the campaign will have more resources to acquire and distribute ARCH. Therefore, the token will most likely see an increase in buying pressure during the coming weeks, and the platform will see a surge in the number of users.

Archer DAO will distribute rewards every Friday from June 11th to July 16th, 2021. The platform will calculate rewards for each user based on their transacted volume for each week. The rewards will be delivered automatically and with basically 0 risk for the users, all they need to do is trade.

Archer Swap has had famous trades. In May, during the high of the dog meme coins, the inventor of Ethereum, Vitalik Buterin, used Archer Swap to dump his supply of Shiba Inu (SHIB), AKITA, MIRI, ELON, and others into the market.

The dump served a good cause, as Vitalik used this money to send over $1 billion to different charity organizations. The most notable is the Covid-19 relief campaign for India started by Polygon’s co-founder, Sandeep Nailwal. This trade could be among the most famous in 2021 and was enabled by a protocol whose main objective is to shield its users and give them back the power to operate safely within the Ethereum dark forest.

Source: https://bitcoinist.com/how-archer-swap-has-helped-end-ethereums-bidding-war/?utm_source=rss&utm_medium=rss&utm_campaign=how-archer-swap-has-helped-end-ethereums-bidding-war

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Crypto Crash Trends On Twitter As Bitcoin Falls Below $30,000

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Twitter has gone into a frenzy after bitcoin fell below $30,000 this morning. The hashtag #cryptocrash is currently trending on the platform. This is after the coin broke the $30,000 stronghold and fell below it. A price that has been a stronghold for bitcoin for a while now. Speculations were that as long as the asset didn’t fall below $30,000, then there would be a recovery.

Related Reading | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News

Bitcoin has been in a downtrend for a couple of days now. News of mining rigs closing down in China pushing the price even further down. Falling below $30,000 means bitcoin is about to erase its gains for 2021. The coin was trading at $29,001 n December 2020. Only breaking the $30,000 barrier in 2021. Now bitcoin is trading at only 3% gains for the year 2021.

Bear Market Trends

Richard Bernstein was on Trading Nation two weeks ago to talk about the trends in bitcoin. The CEO called bitcoin a bubble. He pointed out that bitcoin was currently in a bull market. Noting that people were leaving the markets that were actually in a bull market behind.

Chart showing bitcoin crash below $30,000

Bitcoin crashes below $30,000 before recovering back up to $32,000 | Source: BTCUSD on TradingView.com

Bitcoin has been struggling for the past two months. This was after the coin finally hit the all-time high of $64k in April. There was a lot of speculation that the coin was headed for $100k. But it seems the asset had other plans.

Analysts have compared this to the 2018 crash. When bitcoin hit a new ATH of nearly $20k and then proceeded to lose 80% of its value. At one point trading at a little over $3k.

There Is Still Hope For Bitcoin

Mike Novogratz was on CNBC earlier to talk about the price drop below $30,000. Novogratz said that while he was less happy than he was at $60,000, he still hopeful about the coin.

Novogratz further explained that calling a bottom on the crash is hard to do. This he attributed to the large liquidations currently taking place across a number of assets.

With regards to the $30,000 price level, Novogratz said, “We’ll see if it holds on the day. We might plunge below it for a while and close above it.”

Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China

The co-founder of Galaxy Digital noted that he wasn’t worried about the price crash. Explaining that he does not expect another crash of the 2017 magnitude to occur again. This he chalked up to the maturity of the ecosystem. Pointing out that much more mature players are now moving into the system.

“Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that didn’t buy it the first time will see this as an opportunity to buy it and get involved.

– Mike Novogratz, CEO of Galaxy Digital

Twitter users have taken to the platform to express their opinions on the current market movements. There are countless tweets asking people to not panic. That the market is going to recover. And right now, it is starting to look like they’re right as the market has gone back into the green. Bitcoin is currently back up to $32k, after a dramatic price drop below $30k.

Featured image from Forbes, chart from TradingView.com

Source: https://bitcoinist.com/crypto-crash-trends-on-twitter-as-bitcoin-falls-below-30000/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-crash-trends-on-twitter-as-bitcoin-falls-below-30000

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