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SEC Chair Gary Gensler Reveals Plans To Clean Up Crypto Space – Stablecoins At Grave Risk?

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Rising Inflation Could Destabilize Stablecoins And Bring Crypto Industry Down — Coinbase CEO In Search Of Solution

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Key takeaways

  • SEC chair Gary Gensler goes on rampage against the cryptocurrency industry in recent interview.
  • Gensler considers over 5,000 cryptocurrencies to be securities and won’t relent in going after them.
  • He also considers stablecoins to be private monies and not liable to last. 

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), opened up to address prevailing concerns of market observers on the commission’s plans to regulate the cryptocurrency industry in a recent interview.

In the interview with David Ignatius of the Washington Post, Gensler again described the crypto-market with his often-used “wild West” analogy saying that the space was fraught with warning signs that might have repercussions for consumers if the SEC did not do something about it.

Chairman Gensler has proven to have a deep understanding of Bitcoin, even being able to quote Bitcoin’s anonymous creator Satoshi Nakatomo by heart. He again showed this understanding in what seemed like he was creating a distinction between Bitcoin and other cryptocurrencies. In the interview, his views on Bitcoin were that it is a digital store of value, albeit highly volatile and speculative, that is at the heart of radical change in the finance world with its distributed ledger technology.

“I think it’s been a catalyst for change. Nakamoto-san’s innovation, not only bitcoin as the first sort of one but this whole distributed ledger technology has been a catalyst for change that, around the globe, central banks and the private sector are looking in on how we can enhance our payment systems,” he said.

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He however does not hold many other cryptocurrencies in the same light as Bitcoin. He stated that the SEC will not relent in going after over 5,000 different cryptocurrencies that it considers to have characteristics of securities. According to Gensler, these cryptos have the characteristic of the public relying on their creators “in a common enterprise, anticipating profits.”

He also raised alarm over stablecoins that he describes as acting like “poker chips at the casino” – privately owned monies. Gensler, highlighting his plans for stablecoins, stated that the commission was working with Congress under the guidance of Secretary Yellen on a report around stable coins. This collaboration was also targeted at filling up the gaps he has identified in the powers of the SEC, although he considers the commission to already have robust powers. 

“Private monies usually don’t last that long. So, I don’t think there’s long-term viability for five- or six thousand private forms of money,” Gensler said, adding “So, in the meantime, I think it’s worthwhile to have an investor protection regime placed around this.”

Gensler also spoke on the situation brewing in China, where investors are afraid of the consequences that the Evergrande debt default was going to have on the U.S. and the cryptocurrency market.

The SEC chair reassured investors that the SEC was sitting well on the fears of contagion and taking steps to counteract them. He highlights that the commission had put a pause on new Chinese companies issuing in the U.S. until they can comply with providing full disclosure to investors.

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Source: https://zycrypto.com/sec-chair-gary-gensler-reveals-plans-to-clean-up-crypto-space-stablecoins-at-grave-risk/

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Billionaire Peter Thiel Thinks Bitcoin Crossing $60,000 Is A Pretty ‘Hopeful’ Signal — Here’s Why

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Billionaire Peter Thiel Thinks Bitcoin Crossing $60,000 Is A Pretty ‘Hopeful’ Signal — Here’s Why

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Peter Thiel, the billionaire founder of Palantir and co-founder of PayPal, is doubling down on Bitcoin. 

Peter Thiel: Bitcoin Is The “Most Honest Market”

Bitcoin has climbed back past $60K after its early 2021 parabolic run slowed. The bitcoin price has added 2.79 percent over the last 24 hours, taking it within touching distance of its all-time highs. BTC hit $64,490 on Tuesday — just shy of the 64,804 high set in April.

BTCUSD Chart by TradingView

Thiel claimed that the world’s largest cryptocurrency by market cap topping the $60,000 mark was a very optimistic signal.

“I don’t know that you should put all your money into bitcoin at $60,000 a bitcoin right now. But surely the fact that it is at $60,000 is an extremely hopeful sign,” Thiel said recently during a conference hosted by the Stanford Federalist Society.

Bitcoin’s fresh rally comes as the first-ever bitcoin-linked exchange-traded fund (ETF) is greenlighted in the United States. The ProShares Bitcoin Strategy Fund launched on the New York Stock Exchange under the ticker BITO with an opening price of $40.88. The bitcoin futures-based ETF registered over $1 billion of trading volume on its first day, making it the largest in terms of “natural” volume. 

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The venture capitalist went on to describe bitcoin as the “most honest market” in the U.S. He touted the crypto’s latest price rise as the “canary in the coal mine”, which might suggest that the current “decrepit” regime is on the verge of exploding. 

“It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit regime is just about to blow up.”

Thiel, an outspoken Silicon Valley supporter of former US President Donald Trump, harbors the opinion that the Biden administration is shaping up as an absolute “catastrophe”.

Thiel has been known for his interest in the crypto space. His billion-dollar big data analytics company Palantir already accepts bitcoin as a payment option. Moreover, he earlier declared that Bitcoin could become a financial weapon for China against the United States. Thiel has also opened a Bitcoin mining facility in West Texas.

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Source: https://zycrypto.com/billionaire-peter-thiel-thinks-bitcoin-crossing-60000-is-a-pretty-hopeful-signal-heres-why/

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Ethereum Breaks $4,000, All-Time High Unavoidable?

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The Ethereum rally continues and seems to be moving into FOMO levels. At press time, the second crypto by market cap has blasted through the major resistance at $4,000 and moves fast into price discovery.

Related Reading | Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase

Ethereum records a 4% and 14% in the daily and weekly charts, respectively. The euphoria in the market seems to be driven by the launch of a Bitcoin-linked ETF in the U.S.

The market has positively responded to this event and has allowed Ethereum and Bitcoin’s price to surge with a spike in institutional demand, as several experts have pointed out.

Unlike some predictions, the ETF event doesn’t seem to be operating as a “Buy the rumor, sell the news” or a trigger for another capitulation event.

In lower timeframes, Ethereum must hold above current levels to turn $4,000 into support and allow the rally to follow through in case of potential downside risk.

As pointed out by pseudonym analyst John Wick, Ethereum entered a “volatility squeeze shading” with a bullish trend, as indicated in the image below. The analyst added:

Squeeze shadings precede violent moves that are often the start of new trends. Green bars say probability to the upside!

Ethereum ETH ETHUSD
Source: John Wick via Twitter

In that sense, losing the $3,000 area could signal a potential trend reversal to the downside. However, the second cryptocurrency by market cap could make a 5x profit from here.

Related Reading | Ethereum Supply Shock Grows As Reserves Decrease, ETH 2.0 Contract Increases

Ethereum ETF On The Way, Bulls With More Ammo In-Store

Analyst Justin Bennett believes the key for more upside actions relies on Bitcoin. If the benchmark crypto can continue its upwards trend uninterrupted, Ethereum could follow right into its May trend line, as the analyst claimed.

Ethereum ETH ETHUSD
Source: Justin Bennett via Twitter

This could send Ethereum as high as $20,000 for 2022. In support of this theory, QCP Capital recorded an increase in ETH-based options with $10,000 to $50,000 strikes to be expired by March 2022 on the rise.

Related Reading | TA: Ethereum Breaking This Barrier Could Spark a Significant Surge

With the launch of the Bitcoin ETF, QCP Capital noted the following on the future of Ethereum:

As we mentioned in our previous post on ETFs, long-term attention seems to be shifting from BTC to ETH with potential ETH ETF release after BTC, coupled with ETH V2 catalyst.

Ethereum ETH ETHUSD
Source: Skew via QCP Capital

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Source: https://www.newsbtc.com/news/ethereum/ethereum-breaks-4000-all-time-high/

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ADAyield lending protocol announce token private sale after massive success in seed sale

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ADAyield lending protocol announce token private sale after massive success in seed sale

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Adayield is a lending platform where users can hold their assets and receive interest or borrow tokens and repay it after a while. Like other currency market protocols, Adayield is built on cardano network, open-source, and non-custodial Defi protocol. Two principal roles are supplier and borrower.

Adayield in full operations will provide borrowers with better interest than competitors, a new mechanism for determining interest rates is considered, choosing each market’s borrowing interest rate. Based on this mechanism, the borrower will repay the system at a more stable rate than other platforms. The interest received from the borrowers is distributed among the suppliers according to the amount they have provided. 

Features of Adayield Protocol

The Adayield team provides some practical and more user-friendly features to make borrowers and lenders satisfied with their goals. Furthermore, Adayield has some competitive variables that we can assure you haven’t seen in other DeFi platforms before.

Protocol Governance: The $AYID token can be used to govern various components of Adayield platform, including the futures protocol, exchange parameters, and protocol upgrades via a DAO structure. Governance decides to burn, liquidity mining, or other usages by voting on the proposals submitted.

• Burning: The portion of the Adayield income will undergo a buy-back-and- burn event to accrue value for $AYID.

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• Liquidity Mining: Governance can plan to distribute a specified number of $AYID tokens daily weighted by each network participant’s liquidity. In fact, Liquidity mining in the world of DeFi refers to the process of depositing or lending designated token assets with a mining mechanism to provide liquidity for the product’s fund pool and thus obtain an income. This mechanism will increase the number of users and interacts with the platform.

•Permission-less: Lend on any pairing. Our governance will ensure that the best offers are available and that only the safest oracles are used.

• Staking: taking is particularly useful for large stakeholders who want to ensure maximum protection of their funds while supporting the network and getting rewards for it. This method removes the tokens from the circulation and event to accrue value for $AYID.

•Ecosystem Foundation Layer: Attract assets and build incentives that can empower an ecosystem of financial products.

Investors who did not take part $AYID Token seed sale can now participate in $AYID Token Private Sale and become an early adopters of $AYID Token at a discounted price. 

Here’s the link to the private sale: https://adayield.net/?page_id=119 

Social Media:

Twitter: https://twitter.com/adayield 

Discord: https://discord.gg/wkxxeRYE 

Medium: https://medium.com/@Adayield 

Media Details

Company Name: ADAyield Finance

Contact Name: Nader Poordeljoo 

Email: Support@adayield.net

Location: UAE, Dubai

Website: https://www.adayield.net 

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Source: https://zycrypto.com/adayield-lending-protocol-announce-token-private-sale-after-massive-success-in-seed-sale/

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