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Will Bitcoin Hibernate – Or Hit $100,000 This Year? Altcoin Daily Looks at State of Crypto Markets

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Aaron Arnold, co-founder and host of Altcoin Daily, is unveiling why he believes Bitcoin is not yet ready to go into hibernation.

In a new video, Arnold tells his 815,000 YouTube subscribers that he remains extremely bullish on the flagship cryptocurrency amid the sustained growth of the Bitcoin network.

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“I’m extremely bullish on Bitcoin. Besides the strong fundamentals: censorship-resistant, decentralized, permissionless, undebaseable that Bitcoin has always had, there’s so much going on in 2021. In my opinion, there’s no way Bitcoin does not make it over $100,000 this year… 

Bitcoin has so much going for it. Bitcoin hashrate is up. Bitcoin active addresses are up. Bitcoin balance on exchanges is still very low.”

The crypto analyst also points to the fact that institutions and regulatory bodies continue to embrace the largest crypto asset.

“PayPal, Venmo, plumbing, infrastructure like nothing we’ve ever seen before. The U.S. Comptroller of Currency is in approval mode. They’re regulating it. Regulation equals game on. Regulation means they’re not going to ban it. This is why Wall Street is accepting it. This is why we’re seeing institutions create the plumbing, create the infrastructure. They’re preparing for the next decade not just the next year. CBDC (central bank digital currency) adoption. This is amazing PR (public relations) for Bitcoin.”

Looking at on-chain data, Arnold says that HODLers remain confident in the long-term outlook of Bitcoin as they take the recent market crash as a chance to increase their holdings.

“Long-term HODLers are stacking on this dip. They can tell entities that are ‘long-term HODLers’ because they have a history of buying much more than they ever sell and these people are buying the dip. In fact, to get specific, in the last month, long-term HODLers have added 221,000 Bitcoin to their holdings.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/05/31/will-bitcoin-hibernate-or-hit-100000-this-year-altcoin-daily-looks-at-state-of-crypto-markets/

Blockchain

MiamiCoin Could Free Residents Of Tax Burden, Says Mayor

Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures. ICYMI my interview on MiamiCoin w/ @FoxBusiness ✅The revolutionary concept of @mineCityCoins ✅Understanding how it’s generated $5M+ for the City ✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw — Mayor Francis Suarez (@FrancisSuarez) September […]

The post MiamiCoin Could Free Residents Of Tax Burden, Says Mayor appeared first on CryptoCoin.News.

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Thanks to its recently launched cryptocurrency, Miami is exploring a new way to fund municipal expenditures.

MiamiCoin earns 2,000 USD every 10 minutes for the city

In February, Miami mayor Francis Suarez made first advancements to transform the city into a cryptocurrency hub. His plans were further cemented when the municipal cryptocurrency MiamiCoin launched last month with 30% of all mined coins going directly to the city.

In a recent interview with Fox Business, Suarez confirmed that the city receives roughly 2,000 USD every 10 minutes though MiamiCoin. Annualized, this transfers to a revenue of over 100 million USD, although Suarez has been more careful, estimating a yearly revenue of 60 million USD. The money is earmarked for specific projects, such as funding for underprivileged communities, crypto education, and climate change mitigation.

Crypto could revolutionize government funding, says Francis Suarez

In his interview, Suarez stated that MiamiCoin could theoretically abolish Miami’s already low tax burden altogether:

It’s interesting because it’s not an involuntary tax and it’s not philanthropy. It’s something that is completely different and could revolutionize the way governments are funded in the future.

It is still a long way to go for that though. In 2015, the City of Miami recorded a total tax revenue of roughly 240 million USD. Yet, the move towards municipal coins is a very natural development.

Using cryptographic tokens as a funding vehicle for developing DeFi platforms and other decentralized applications is a tested method and has specially made great advancements over the last year. It should be only a matter of time until this method will be tried on a municipal, or even nationwide scale.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptocoin.news/news/altcoin/miamicoin-could-free-residents-of-tax-burden-says-mayor-64826/?utm_source=rss&utm_medium=rss&utm_campaign=miamicoin-could-free-residents-of-tax-burden-says-mayor

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Blockchain

Osprey Funds launches first-ever Polygon fund in the U.S

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The cryptocurrency market is witnessing a huge dump right now, one that was triggered by a sudden meltdown in global financial markets. Even so, many, including quite a few institutional investors, remain confident in the asset class. While the likes of Bitcoin and Ethereum have often stolen the limelight, of late, others have come to the fore. The example of Polygon (MATIC) is a case in point.

Crypto-asset management firm Osprey Funds is in the news today after it introduced its fifth digital asset investment product. According to an official press release,

Osprey Funds, LLC, a premier digital asset management firm, launches its fifth investment product of the year ​​― the Osprey Polygon Trust. It is the first U.S. fund to invest exclusively in MATIC, the native token of the Polygon network.”

The product will offer exposure to MATIC, the native token used on Polygon, an Ethereum Layer-2 blockchain network. According to Osprey CEO Greg King,

“Polygon is a disruptive layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions.”

He added,

“We’re excited to offer investors a new way to tap into the growing Ethereum market via the Osprey Polygon Trust.”

The trust is available to accredited investors with a $10,000 minimum investment. Moreover, Osprey plans to list the fund on the over-the-counter OTCQX exchange “as soon as possible and has also agreed to waive the management fee for all investors until January 2023.”

This development comes just weeks after it launched its Solana Trust. Meanwhile, it also offers products tied to Bitcoin (BTC), Polkadot’s DOT, and Algorand’s ALGO tokens.

Polygon (MATIC) has seen a lot of traction both inside, as well as outside the (crypto) community. For instance, one of the world’s largest consulting firms, Ernst & Young (EY), has now partnered with Polygon to aid its Ethereum scaling.

Moreover, despite the current market being what it is, its on-chain metrics have painted a promising picture.

Its unique addresses (no. of ETH wallets holding MATIC) as well as total wallets held over time, have both seen a parabolic incline over time.

Source: Dune Analytics

The number of unique transactions too has played a positive role behind the coin’s surge since its inception.

It won’t be a surprise to see more firms jumping on this fast-paced bandwagon. For example, Grayscale Investments has also shared its interest in incorporating the said token under its belt.

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Source: https://ambcrypto.com/osprey-funds-launches-first-ever-polygon-fund-in-the-u-s

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XRP Lawsuit: Ripple’s appeal in the pre-clearance data dispute has been “DENIED”

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The latest update in the XRP lawsuit saw the court deny Ripple’s Motion to Compel SEC to produce documents reflecting the SEC’s trading preclearance decisions of SEC employees’ transactions in Bitcoin, Ether, or XRP, as well as annual certifications concerning SEC employees’ XRP holdings.

Ripple’s Privacy Act Argument falls flat

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In its opposition, the SEC had already argued that Ripple’s request has a “low bar of relevance” and is an “unjustified intrusion” into SEC’s employees’ sensitive financials. Ripple argued against SEC’s Privacy Act claims, stating that the defense only seeks aggregate and entirely anonymized data of narrow scope and of a limited timeframe. Ripple ascertains in its response that their motion to compel discovery possesses “no Privacy Act obstacle to the Court ordering production of this information.”

While the defendants appealed for anonymized or aggregated documents, the Court stated that the data related to Ethics Counsel’s preclearance decisions is not sufficiently probative. Furthermore, according to the Court’s decision, partially probative evidence cannot justify the intrusion into SEC employees’ financial conduct, even if anonymized, aggregated, or redacted.

The Court clarified that the Privacy Act protects information retrieved directly or indirectly from a system of records like the SEC’s Personal Trading Compliance System. However, the only way to discard the Privacy Act pursuant to a court order is by providing the court with evidence justifying the disclosure.

Furthermore, ‘the court must accord proper weight to the policies underlying…statutory protections, and…compare them with the factors supporting discovery in a particular lawsuit’. The Court order has also highlighted the defendants’ failure to display that such disclosure is justified in the XRP lawsuit.

The defendant’s annual certification appeal has also been denied through the existing Congress ban of “disclosure of such financial information through federal privacy statutes and regulations in order to maintain government employees’ privacy.” However, the Court directed the SEC to provide Defendants with data supporting SEC counsel’s statement during August 25, 2021, meet and confer that, after the formal order of investigation was issued as to Ripple on March 9, 2019, SEC employees could no longer trade XRP.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/xrp-lawsuit-ripples-appeal-in-the-pre-clearance-data-dispute-has-been-denied/

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