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The United States will not follow the example of China in imposing an outright ban on cryptocurrencies but is looking at regulating stablecoins, the Fed Chairman said on Thursday. The Fed Has “No Intention” Of Banning Cryptocurrencies The United States Federal Reserve does not intend to ban all cryptocurrency transactions, the chairman Jerome Powell emphasized during a two-hour hearing held by the House Committee on Financial Services. The revelation came in response to a question from Representative Ted Budd (R-NC) of North Carolina. “As a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we’re seeing in China?” Budd asked the central banker. Chair Powell responded: “No. There is no intention to ban them.” The official added, however, that cryptocurrencies — stablecoins in particular —  need to be regulated. “But stablecoins are like money-market funds, they are like bank deposits, but they are, to some extent, outside of the regulatory...

Key takeaways Orlando Bravo, co-founder of Thoma Bravo reveals he holds Bitcoin. He believes cryptocurrencies to be superior to data-based software solutions in all use cases. Growing number of billionaires have shown support for Bitcoin and have also advised government’s not to over regulate the industry.  Billionaire Orlando Bravo, co-founder and managing partner of Thoma Bravo – a private equity firm, says he is an investor in Bitcoin and believes the pioneer cryptocurrency will surge in value over the years with more institutional adoption. While speaking yesterday with CNBC’s Leslie Picker during the just concluded CNBC Delivering Alpha Conference, he asked “how could you not love crypto?” adding, “Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system. So it is here to stay.” He expands on his stance by noting that blockchain, the underlying technology of cryptocurrencies, could be more powerful an...

Key takeaways Ethereum Foundation researcher Danny Ryan reveals that the Altair upgrade is expected on October 27. The Altair upgrade is expected to introduce incentive and punishment structure to keep validators active. The upgrade announcement, which is also billed to bring the network closer to PoS, has had very little impact on the price of ETH. It would appear that the Ethereum blockchain network is inching closer to migrating to the proof-of-stake (PoS) protocol as it has announced that its Altair upgrade is locked in to go live at epoch 74240 that is set to arrive on October 27.  The upgrade follows the London upgrade that ushered in the much-publicized EIP-1559 and is to be the first mainnet upgrade to the Beacon Chain. According to a blog post by Danny Ryan, a researcher at the Ethereum Foundation who first disclosed the agreed date, the upgrade will bring light-client support for the core consensus, as well as step up the “punitive parameters” for EIP-2982 (tha...

Key takeaways Chamath Palihapitiya says Bitcoin has “effectively replaced gold” as an inflation hedge. His take is the latest in the long ongoing discourse on Bitcoin versus gold.  Evidence however indicates that Bitcoin is getting the upper hand in the argument.  Billionaire Venture capitalist Chamath Palihapitiya has recommended Bitcoin as the ultimate inflation hedge, saying he thinks Bitcoin has “effectively replaced gold” and will continue to do so in that role. Palihapitiya, who is the CEO of Social Capital, a serial investor, and a former senior executive at Facebook, made the statement in an interview with CNBC’s Delivering Alpha anchor, Scott Wapner. His stance is guided by his concerns about inflation which he is hedging against with three types of assets in the meantime. Palihapitiya stated that the assets he was using as inflation hedges include hyper-growth companies stocks, cash-generating businesses, and a handful of assets, like bitcoin, that don’t c...

Cryptocurrency investments are becoming more and more attractive to institutional investors who are now looking to grow their revenue long-term by moving into crypto products. A new survey by European investment firm Nickel Digital Asset Management found that 62% of institutions with no exposure to crypto will make their first investments within one year. Nickel Digital polled 50 institutional investors and 50 wealth managers across the US, the UK, Germany, France, and the UAE in May and June 2020. Profits, Increased investments, and regulation favor crypto adoption As per the survey, 47% of the institutions said they are planning to invest in crypto long-term primarily for its potential to increase capital. 44% cited their main reason as growing confidence in cryptocurrency as an asset class due to increased crypto investments like Bitcoin by other fund managers and corporations. A further 41% of the respondents said they are willing to invest in crypto due to the increased reg...

Terra Money blockchain ecosystem has completed the Columbus-5 Upgrade, a set of upgrades and integrations that will bring cross-chain interoperability with other cryptocurrency platforms. Terra kicked off the two-and-a-half-hour irreversible upgrade on Thursday. The enhanced chain is currently stable and ready to use according to the protocol’s developers. “Columbus-5 is now officially live as the new Terra mainnet! Welcome to the future of Terra.” Terra aims to create a stable cryptocurrency to enable mass crypto adoption, especially in the e-commerce sector. It is a proof-of Stake protocol that uses the LUNA native token for governance. Terra is also a decentralized payments network powered by the non-collateralized stablecoin UST that Terra stabilizes through an algorithm without using collateral.   Terra’s TeFi Columbus-5 unlocks multiple dimensions for Terra, allowing it to better capture value transfer value across other blockchains built on the Inter-Blockchain C...

It has been observed that the crypto space is never short of new enthusiasts regardless of the unstable market situation. Meanwhile, as the adoption of cryptocurrencies continues to approach mainstream, the records of new venturers are on a significant rise whether or not the market is bullish or bearish. However, these new enthusiasts are often faced with certain challenges due to different factors. A majority of the problems faced with beginners in the crypto space are usually with crypto exchange platforms. In a bid to protect the interests of new users, ChangeHero , a non-custodial instant cryptocurrency exchange has provided a user-friendly platform to curtail most of the problems beginners experience with cryptocurrency exchanges. Problems Faced With New Users Complicated User Interface This is a very common problem faced by many beginners. People tend to find new platforms quite complicated since they lack familiarity with the platform. Yet, considering the unfriendly u...

There is no question that 2021 has been a great year for Dogecoin. The token has displayed an astounding performance for the better part of the year, subsequently beating some of its peers. For perspective, the DOGE price has ballooned from $0.004 at the start of the year to 20 cents at present. Dogecoin creator Billy Marcus, however, thinks two important changes would drastically help dogecoin succeed, in a tweet from Thursday. Ethereum Bridge And NFT Platforms Will Help Dogecoin Billy Markus, the software engineer who co-created Dogecoin in 2013 based on the Shiba Inu meme as a satire of Bitcoin, has shared his opinion on two things he is confident would boost the adoption of Dogecoin (DOGE) and increase its utility. Markus believes that the Dogecoin network will improve when the Ethereum bridge is completed. Additionally, the inclusion of non-fungible token (NFTs) platforms such as Opensea that will accept DOGE-ETH as a payment option is necessary. NFTs are currently in high ...

Spellfire , a legendary card-based NFT game powered by Ethereum and incorporating some unique features, has successfully completed its seed funding round. Terranova, x21, Autonomy Capital, and Mars4 have led 360,000 USD investment into the project, with more investors eyeing spellfire’s incoming private round. Spellfire has some unique features which make it stand out among its peers in the industry.  NFTs acquired are digital and physical, making it the first NFT based game that allows owners to touch their NFTs. Special NFTs have an “Augmented Reality” feature allowing the owners to interact with their NFTs using gestures. NFTs will be upgradable. Players can create their own NFTs with unique characteristics. Spellfire includes a P2E mechanic which allows owners to generate revenue from their NFTs and from playing the game, with 40,000,000 tokens being distributed through in-game rewards: Tournaments, Special collections, Achievements, and 90 percent of NFT generated p...

Panther has the vision of a surveillance-free decentralized world for DeFi and Web3 users, where DApps and protocols have privacy features by default. The protocol also aims to connect all EVM compatible blockchains through a privacy layer, allowing users to share whatever information they choose, thereby balancing trust and privacy. Part of achieving this goal is Panther’s recent partnership with the NEAR blockchain. Importantly, both Panther and NEAR believe privacy is an essential human right. NEAR has, therefore, awarded Panther a grant to develop its open-source privacy infrastructure. The latter comprises Rust libraries, tooling, and APIs, all of which are necessary for the deployment of Panther’s privacy solution on NEAR’S EVM, Aurora. Ethereum gas fees have been pushed to an all-time high due to the network’s design and high volume of transactions. Near’s Aurora solves these challenges with its 1000x lower gas fees, 50x higher TPS, and 2 seconds finality. In the future, Au...

JPMorgan’s Jamie Dimon has recently spoken at length on his take on Bitcoin and its possible future. The CEO laid out his thoughts on Bitcoin in a recent interview with India times, and unlike previous times, it wasn’t as bearish.  JPMorgan’s CEO is confident that Bitcoin will get the regulation it deserves Although he maintains that he doesn’t care for Bitcoin and that the continuous debate about digital currencies is a colossal waste of time, he is certain that digital currencies will eventually get regulated. “Governments regulate just about everything. I don’t know if it’s an asset. I don’t know if it’s a foreign exchange. I don’t know if it’s a currency. I don’t know if it’s the securities laws, but they’re going to do it. And that will constrain it to some extent.” His statements are quite bullish considering the friction between the cryptocurrency industry and the US Securities and exchange commission. With the SEC clamping down on cryptocurrency firms, market players ...

Ardadex finance, the first defi platform that provides both AMM and NFT Marketplace on the Cardano blockchain network, has announced the launch of the Defi protocol Ardadex . Additionally, the team behind Ardadex finance has launched the native token for the Ardadex protocol dubbed ARDAN token. Notably, Ardadex finance has announced through a press release that it has prepared to list its native token ARDAN on major crypto analytics firms including CoinGecko and Binance-backed Coinmarketcap. As time goes by, the Ardadex team has promised that it intends to have the native token listed on top crypto exchanges in the world. The official launch of the DeFi platform Ardadex and its native token comes at a time when the Cardano ecosystem is experiencing a notable global adoption. Recently, the Cardano ecosystem launched the smart contract capabilities. With the Smart Contract enabled on the Cardano ecosystem, developers can now expect cheaper and scalable services compared to its larges...

Following two successful rounds of token sales in their Initial Exchange Offering (IEO), the third fundraising round for blockchain-based advertisement platform AdMonstar is off to an exciting start. AdMonstar is seeking to change the fundamental principles by which digital advertising operates, using the power of decentralization to cut through third-party costs while delivering more meaningful engagement to advertisers.  The AdMonstar IEO is hosted on crowdfunding website Exmarkets where participants can purchase AdMonstar’s $ADMR token for Ethereum (ETH) or Tether (USDT). Phase 3 of the IEO began Sept. 22 nd and will conclude on Oct. 10 th . The IEO token price current $0.15 per $ADMR. This price is set to increase to $0.20 per token upon the start of the fourth and final round, on Oct. 11 th .  Bringing Blockchain 2.0 and DeFi to Advertising AdMonstar is the first business-to-business (B2B) platform for advertisements built on the Binance Smart Chain, which means t...

Advantages of cryptocurrencies over fiat money Most of the world’s central banks cautiously introduce crypto-currencies into legislation and just consider the idea of making them official. At the same time, El Salvador has taken a big step forward and became the first in the world to declare Bitcoin legal tender. The law was enacted on September 7, 2021, and from that day it will be possible to pay for goods, services, and taxes in Bitcoins in the country. In this regard, the popularity of services related to cryptocurrencies has grown significantly. For instance, recently an ingenious application – a  multi-currency wallet Bitmarket Network Client  was developed.  Following El Salvador, which recognized bitcoin as an official means of payment in June, other countries with an undeveloped financial system, depending on transfers of funds from abroad and offshore states, may follow. Their politicians can do this due to several factors – populism, a desire to get closer ...

The head of the New York-based investment firm SkyBridge Capital has said that in the future, traditional banks may be eyeing the leading cryptocurrency exchange firm Coinbase . Scaramucci believes traditional firms will take interest in Coinbase-like ventures Anthony Scaramucci made this known in an interview with Bloomberg, in which he predicted that one of the leading banks will eventually buy the exchange giant. If not that, he follows up with the fact that it might be a crypto-related venture. He believes that their motive will be tailored around wanting to make a transformation and that it would happen faster than he had initially expected it to happen. He added that investors are beginning to consider multiple options in terms of their directive, as hedge funds are now testing the private equity and venture capital ecosystem. Like Scaramucci, the managing partner at Architect Partners Eric Risley has echoed the exact same sentiment. Banks and investment banks will race for...

At press time, Ethereum is the most solid performing cryptocurrency within the top 10 crypto assets. Gains are past 2% and Ether has smashed through $3,000 to now trade at a price of $3,035. Ether bulls seem very charged up, although prices hit a daily high of $3,163 before the mild drop, the market is still in a very promising state at this time. Ethereum At $3k After hitting a price low of $2,800, Ether bulls made a rebound along with the rest of the market . However, while the correction has been recorded with other cryptocurrencies, Ether seems to have gotten an extra push from JPMorgan’s recent report. As a JPMorgan Analyst wrote in a note to investors, market players are increasingly pulling out and dumping their Bitcoin futures, as they set their sight on Ethereum futures. The analyst further noted that Bitcoin futures underperformed this September, and even traded below the value of a single Bitcoin. Investors have been moving to Ethereum futures since August as a “s...

On Tuesday, Polygon reported that its native coin MATIC had surpassed Ethereum in daily active users (DAU) for the first time. According to on-chain stats, the number of active addresses interacting with the polygon Network on Monday reached 351,000 beating that of Ethereum which at the time was 326,000. This is a new milestone considering that MATIC, the native token for Polygon has a market valuation of $7.5 billion compared to Ethereum which currently stands at $355 billion. Polygon increasingly attracting users globally  Polygon’s appeal to users and other networks globally has been on a parabolic rise with devs dropping a hot list of partnerships and products on the network. The network which is built on the Ethereum Layer 1 network aims at transforming Ethereum into a multi-chain ecosystem with secured Layer 2 chains & standalone chains. Of late Polygon has been making inroads in the DApps metaverse with over 500 Dapps already actively working on its ecosystem d...

Bitcoin may have run out of steam for now and may not be returning on a sustained bull run that would see the price exceed the previous records of $64,000 or $53,000 any time soon– until after there is a major shakeout. This is a notion held by renowned traders and analysts including Crypto Chase, who tweeted about it earlier today.   “I’m not shorting because BTC rarely obeys, but I will be buying capitulation if it’s offered optimally between $34,000 to $36,000.” Despite opening at a $47,328 per one BTC on Monday, the price was back to a low of $39,876, signifying a sell-off and underlying market challenges for the bulls. With most technical currently flashing a mild-to-a-strong sell signal, analysts say this selling could intensify if the bears maintain the price below the 100-day SMA. It is currently trading at $43,369 at the time of this writing. Strong resistance and a subsequent price rejection at $45,000 could lead the price testing new support at $34,600. Moreov...

Network resource exhaustion can grind the entire blockchain down to a halt. As more people begin to rely on and use blockchain technology in their everyday lives, a hiccup or a bottleneck in the system can cause a domino effect and ultimately shut the entire blockchain down. That’s what happened to a high-performance public network BETA system this year in September. The system halted for an excruciating 17 hours and locked up $11 billion USD in investors’ money due to high transaction demand, which caused the nodes to suffer an Out of Memory (OOM) situation. Attempts to rescue the system included forking but this comes with a disadvantage. New forks failed to accumulate sufficient verification consensus, thus rendering the entire transaction to become invalid and as a result, causing transaction stagnation. Consequently, the token price of this network fell by 15% from this incident. Unfortunately, it’s not always the users at fault. Bots can even unleash a coordinated attack to t...

Bitcoin whales are racking up significant activity in the markets in recent weeks. Whale activity in this period exceeds the volume that was set in May when Bitcoin was knee deep in a bullish phase. Analysts deduce that whale actions in the markets allude to significant volatility on the horizon. Bitcoin whales are having a field day in the markets as there is a noticeable increase in the number of activities between them. While prices remain unimpressive, whales continue to move coins around the network with increasing regularity. Bitcoin Whales Are Moving More BTC Than Ever Transactions of up to $10 million are within the purview of whale activity and these transactions are now more than 10 billion in recent weeks. This record surpasses the one set in May when Bitcoin was at the peak of its powers, trading over the $60K mark. A careful perusal into the transactions of these whales unearths certain characteristics in the different sizes of whales. Larger whales increased the...

Ripple has unveiled a $250 million Creator Fund aimed at enabling creators to explore new use cases for NFTs on the XRP Ledger (XRPL). According to a Wednesday announcement which is part of APEX 2021, XRP Ledger’s Developer Summit, Ripple said that this fund would also enable creators to engage more deeply with the communities they care about by supporting creators to build and monetize accessible and innovative NFT experience on the ledger. “The fund will provide targeted support for creators, brands, and marketplaces to explore new use cases for NFTs on the XRPL leveraging its innate advantages of speed, cost, and sustainability.” The announcement read. The XRP Ledger first launched mainnet in late August is a decentralized, public blockchain for minting and managing NFTs. Its fast, energy-efficient and reliable model allows NFT creators to mint, launch, and transact their art at incredibly low transaction costs without the need for Layer-2 protocols. Ripple which has kept fr...

Nigeria is set to be the first African country to launch its Central Bank Digital Currency. The website of the CBDC went live and has since recorded over one million hits, which is indicative of mass curiosity. The CBDC is scheduled to be launched in the coming week and has been dubbed eNaira. After a rocky year with cryptocurrencies , the Central Bank of Nigeria is set to launch its CBDC, making it the pioneering African nation to experiment with these currencies. The website for the proposed currency went live and has elicited a major buzz amongst citizens. eNaira – Charting A New Course Africa’s most populous country with a population of over 200 million has set things in motion for the launch of its CBDC called the eNaira. The website for the project has been unveiled to the public ahead of the scheduled launch of the project. The project has piqued the interest of Nigerians with over a million hits being recorded on the website just days after being launched. According t...

Flare Network is excited to announce the launch of its long-awaited Canary Network, Songbird, aimed at testing and hardening the underlying protocols before the official launch of the Flare Network. As per the announcement, Flare’s Canary Network is officially up, and the SGB token has been distributed to all addresses. Originally launched on September 16, 2021, Songbird has successfully exited its initial 10-day observation mode.  Notably, Songbird will follow three -preset phases before it’s up and running. The first phase, dubbed the ‘Observation mode, was conducted on September 27 at 14.00 GMT. The initial stage has been fundamental in checking and testing the underlying network and the Flare Time Series Oracles (FTSO). This stage tested the first three protocols that will enable about 65% of the value in the cryptocurrency industry. The process will notably be done trustless on Flare alongside the scalable smart contracts on Ethereum Virtual Machine.  Also, the com...