The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido

Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprised of 31 tonnes of this precious metal, is in dispute since 2019 when Guaido asked the Bank of England to freeze these assets in order to avoid a possible sale.

London High Court Rules in Favor of Opposition Leader Juan Guaido

The saga of the Venezuelan Gold stored in the vaults of the Bank of England seems to be nearing its end. The High Court of London has determined that the management of the 31 tonnes of gold corresponds to Juan Guaido, the opposition leader that proposed an alternate government in the country back in 2019.

According to the sentence, due to the recognition that the government of England has of Guaido as interim president of Venezuela, the rulings of the Supreme Tribunal of the country, which disregarded Guaido’s right on managing this gold, were ignored. The judge stated:

I have … concluded that the Guaido Board succeeds: that the Venezuelan supreme court judgements are not capable of being recognized.

Guaido’s team considered this a victory, and considered this decision a “step towards protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people.” However, the government of President Maduro prepared to appeal this decision, considering it an “unfortunate ruling.” Even with this decision, Guaido will not be able to move this gold until the matter is fully resolved.

Not Your Vaults, Not Your Gold

The process involving the seizure of the gold due to Guaido’s petition and the whole judicial battle between the two parallel governments of the country has originated worries about the trust that third parties can have when possessing assets held in foreign countries. The final ruling will also determine how the British government might rule in similar cases involving government conflicts in the future.

The government of Maduro is seeking to repossess these assets since 2020 when the Central Bank of Venezuela wanted to sell these assets to aid the population to deal with the covid-19 pandemic, a request that was denied at the time. The institution stated:

The BCV remains concerned that the cumulative effect of the judgments of the English Court appears to accord a simple statement by the UK Government recognizing as a head of state a person with no effective control or power over any part of that state.

What do you think about the 31-tonne Venezuelan gold saga? Tell us in the comments section below.

via Sergio Goschenko

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Survey That Asks if The Merge Could Cause an Ethereum Chain Split Sparks PoS Delay Discussions

While there’s 50 days left until the week of September 19, the crypto community has been discussing whether or not Ethereum developers will delay the penciled-in date for The Merge. Moreover, on July 27, the crypto hedge fund Galois Capital published a survey on Twitter that indicates more than 33% of the survey’s respondents think Ethereum could split in two once again.

The Merge Getting Delayed in September Becomes a Topical Conversation

After the so-called penciled-in date for The Merge was announced, the price of ethereum (ETH) and ethereum classic (ETC) skyrocketed in value against the U.S. dollar. The Ethereum developer and Beacon chain community director, Superphiz, explained that the “timeline isn’t final,” but the planning timeline he shared said The Merge could be implemented on the week of September 19. Essentially, The Merge will finalize the transition from a proof-of-work (PoW) chain to a proof-of-stake (PoS) consensus model.

Almost immediately after the announcement, the price of ethereum jumped considerably higher after previously suffering from the bear market downturn. ETH has gained 62.4% against the U.S. dollar in the last 30 days. However, with the date getting closer there’s a lot less hype and people are now wondering if Ethereum developers will delay The Merge fork. The subject of delaying The Merge has been a topical conversation on social media this weekend. One individual wrote:

I think everyone’s too fixated on the September deadline for The Merge that they think everything has to be settled within the next few months. But what if the Ethereum Foundation just delays it again?

Unpopular Question:
What’s the probability of “Another Delay in Merge”? #ETH

— CryptoVizArt.btc 📈 (@CryptoVizArt) July 29, 2022

Ethereum Supporter Says It’s a ‘Low Probability Bear Scenario if The Merge Is Delayed’

There are multiple Twitter threads discussing the possibility of The Merge getting delayed and a myriad of theoretical scenarios. One individual named Chris who calls himself a “retired degen” published a thread that shows the upsides of The Merge if it is successfully implemented with no issues.

Hedge fund guy discovers Ethereum last week: “delay the Merge, you really need to rethink this roadmap thousands of people have been executing against for years” https://t.co/8Vdnq6XYaA

— Mike D🫡das (🏌️‍️, ⛳️) (@mdudas) July 31, 2022

Chris insists The Merge would drop the blockchain network’s energy use down 99.95%, it will make ETH deflationary and institutional investors will flock to the project. However, Chris further remarked that a bear scenario could take place if The Merge is delayed again.

“A low probability bear scenario is if the merge is delayed, AGAIN,” Chris explained. “A delay isn’t highly probable because the Devs are quite confident enough to set a date for the event. But then some testnets are yet to be migrated from PoW to PoS. Namely Ethereum’s Goelri and Sepolia.”

Galois Capital Survey Sparks ETH2 Delay and Chain Split Discussions

In addition to the large number of Twitter discussions talking about The Merge being delayed, the crypto hedge fund Galois Capital has shared a survey that asks whether people think Ethereum will split into two chains after The Merge is implemented. 53.7% of the survey’s respondents said The Merge will go smoothly but 33.1% thought the chain could split. If it did split there would be a PoW and PoS token even though a PoW version of ETH already exists.

Question 1: What happens during the merge? If Choice 2 or 3 go to Questions 2-5.

— Galois Capital (@Galois_Capital) July 27, 2022

The Ethereum Classic (ETC) network was introduced after the fork in 2016 to remedy the DAO hack and the Galois Capital survey shows that 51.8% of the respondents think ETH miners will transition to ETC.

Just delay the merge/fork and sort this out.

— Galois Capital (@Galois_Capital) July 31, 2022

The Galois Capital survey also asked if there was a non-trivial chance stablecoin company Tether would support a PoW token that splits away from the PoS ETH network. However, Tether CTO Paolo Ardoino said on Sunday that Tether plans “to support ETH2.” Ardoino also stressed that “support of ETH2 will be seamless” and he added:

It’s not about what I/we prefer between PoW/PoS. Stablecoins should act responsibly and avoid disruption for users. Especially for [decentralized finance] it’s really delicate.

What do you think about the recent discussions revolving around The Merge upgrade and the questions about the possibility of Ethereum splitting into two chains? Do you think The Merge will be delayed or have issues when the upgrade is implemented? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9%

On July 29, the U.S. Bureau of Economic Analysis reported on America’s personal consumption expenditures (PCE) price index for the month of June, and the figure saw the largest 12-month increase since 1982. On the same day, Stanford University’s senior fellow at the Hoover Institution and professor of economics, John Cochrane, said the Federal Reserve should increase rates above 9% to tame inflation.

PCE Price Index Increased 4.8 Percent From One Year Ago

The U.S. economy continues to look gloomy every time a new economic report or data is released to the general public. In mid-July, the Bureau of Labor Statistics Consumer Price Index (CPI) report was published, and it revealed June’s CPI data reflected a record peak 9.1% year-over-year increase. On July 27, the U.S. Federal Reserve hiked the federal funds rate by 75 basis points (bps) in order to help curb the red hot inflation.

Two days later, the Bureau of Economic Analysis (BEA) released the closely watched personal consumption expenditures index data otherwise known as PCE. The PCE index saw the largest 12-month jump rising 6.8% in June, an increase that hasn’t been recorded since January 1982.

“From the same month one year ago, the PCE price index for June increased 6.8 percent,” the BEA report details. “Prices for goods increased 10.4 percent and prices for services increased 4.9 percent. Food prices increased 11.2 percent and energy prices increased 43.5 percent. Excluding food and energy, the PCE price index increased 4.8 percent from one year ago,” the government entity’s records note. The BEA plans to release results from the National Economic Accounts annual update on September 29.

Professor of Economics at Stanford University Thinks a Gold or Bitcoin Standard Won’t Work

On the same day, the economist John Cochrane did an interview with Kitco’s newsdesk and said the U.S. central bank should bump interest rates higher than 9%. Cochrane further remarked that a gold or bitcoin standard would not be able to control inflation. The professor of economics at Stanford University said that the “consensus view” was that the Fed should hike rates “substantially above” the 9% region.

“That means, right now with 9 percent inflation, economists are talking about 10, 11, or 12 percent interest rates to bring [prices] down,” Cochrane remarked. “I think the Fed and markets are counting on a lot of inflation going away on its own without interest rates having to go quite that high,” the Stanford economist told Kitco News anchor David Lin.

Lin also asked Cochrane about a gold standard or a bitcoin standard used to control inflation. “Sorry, no,” the economist replied. “Under the gold standard, there was a lot of inflation and deflation. 10 or 20 percent ups and downs of inflation and deflation, but every inflation was then matched by a deflation. I’m sorry, we’re not going back to gold.” Cochrane believes the Fed needs to implement tighter fiscal policy in order to combat inflationary pressures.

As far as a bitcoin standard, Cochrane said it was an awful idea and insisted bitcoin (BTC) is “worthless.” “That’s a terrible idea,” Cochrane said in his interview with Lin. “In terms of financial technology, Bitcoin is an attempt to revive gold, something intrinsically worthless that people only hold onto because it’s rare… Bitcoin is also very poor for making transactions itself, since it’s so computationally intensive.” Cochrane concluded:

The best answer is our governments should start running sober fiscal and monetary policies, and pay more attention to keep inflation under control.

What do you think about the latest PCE data and the economist John Cochrane’s opinion? Do you think improved fiscal and monetary policies can help tame U.S. inflation? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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While the Bear Market’s Claws Drag ETH Prices Down, Ethereum Network Fees Remain Low

While ethereum prices jumped 61% higher during the last 30 days, the crypto asset’s U.S. dollar value is still down more than 60% lower than ether’s all-time high recorded nine months ago. Amid the market downturn, the network’s average fees have been lower than $5 per transaction and on July 30, at 9 p.m. (ET), the average fee was roughly 0.001 ether or $1.70 per transfer. Moreover, the Gas Tracker on etherscan.io recorded even cheaper transfers this weekend, as transactions in the $0.18 to $0.66 range have been confirmed by ethereum miners.

Ethereum’s Average and Median-Sized Network Fees Remain Low

Ethereum is more than 60% less valuable than it was on November 10, 2021, but network transfer fees have been much lower these days. Data shows on July 30, Ethereum’s average transaction fee was roughly 0.001 ETH or $1.70 per transfer.

Median-sized fees on the network have been even cheaper at 0.00039 ETH or $0.663 per transaction. Ethereum’s average transaction fees in July did not surpass the $5 mark. Additionally, Ethereum’s median-sized fees did not cross the $2.50 mark per transfer in July.

Data transfers at the end of July on the Ethereum network indicate transfer costs recorded by etherscan.io’s Gas Tracker were a lot lower than bitinfocharts.com estimates. Gas Tracker stats say an Opensea sale on July 30 could cost a user $0.86, an Uniswap trade was estimated to cost $2.21, and an ERC20 transfer on Saturday was around $0.65.

Layer Two Fees Hang Below $0.50 per Transfer or Swap

Low through high Ethereum network transfer fees recorded by etherscan.io were between five to six gwei per transfer on July 30. These values are a lot different from the transfer costs recorded nine months ago when ETH reached $4,878 per unit.

At that time, bitinfocharts.com metrics detail that the average ETH transfer fee was around $29 per transfer. A snapshot recorded on archive.org shows etherscan.io’s Gas Tracker charted cheaper transaction rates.

While July 30 fees were between five to seven gwei, the lowest fee on November 9, 2021, was 171 gwei or $12.83 per transfer. The cost of an ERC20 transaction was $39.71 and a decentralized exchange (dex) trade was $122.18.

With Ethereum network fees so low, layer two (L2) fees recorded on July 30 were even lower. A Loopring transfer was $0.02 and to swap tokens, the cost was $0.39. ZKSync transactions were $0.05 and token swaps were roughly $0.13. Optimism and Arbitrum have the highest L2 fees with $0.21 to $0.25 per transaction and $0.31 to $0.41 per swap.

What do you think about Ethereum fees continuing to remain low during the last 30 days? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Analysts: BRICS Currency Meant to Rival USD, Trump Warns of Depression as Kiyosaki Predicts Bond Crash, Waits to Buy Bitcoin — Bitcoin.com News Week in Review

BRICS nations have revealed they’re “creating an international reserve currency” analysts believe is meant to challenge the U.S. dollar and the International Monetary Fund’s Special Drawing Rights (SDR) currency. Further, Donald Trump warns of a depression in the U.S., Rich Dad Poor Dad author Robert Kiyosaki says we’re in for the “biggest bond crash” in over 200 years, and FTX CEO Sam Bankman-Fried says he’s ready to deploy “hundreds of millions beyond what we have thus far” to help digital currency companies. Buckle up for another Bitcoin.com News Week in Review.

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency

While inflation data in Europe and the U.S. has risen significantly higher last month, Russia and members of the BRICS countries revealed leaders in the five major emerging economies are in the midst of “creating an international reserve currency.” Analysts believe the BRICS reserve currency is meant to rival the U.S. dollar and the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) currency.

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Donald Trump Warns US Economy Is Facing ‘Much Bigger Problem Than Recession’ — ‘We’ll Have a Depression’

Former President Donald Trump has warned that the U.S. economy is facing “a much bigger problem than recession.” Noting that “We’ll have a depression,” he stressed: “We have to get this country going, or we’re going to have a serious problem.”

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FTX to Help Voyager Customers, CEO Says Firm Willing to Deploy ‘Hundreds of Millions’ to Help Crypto Industry

The founder and CEO of the leading exchange FTX, Sam Bankman-Fried, has offered to give early liquidity to Voyager Digital’s customers, according to an announcement FTX published on July 22. Furthermore, Bankman-Fried discussed the crypto industry with CNBC in an exclusive interview, and noted that he was willing to deploy “hundreds of millions beyond what we have thus far” to help digital currency companies affected by the crypto market downturn.

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Robert Kiyosaki Warns of ‘Biggest Bond Crash Since 1788’ — Waiting to Buy Bitcoin at Lower Price

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned of the “biggest bond crash since 1788.” He stressed that the “real problem” is in the bond market, which is “40 times larger” than the stock market. He is waiting for the price of bitcoin to fall further to buy some.

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Do you think the BRICS nations will succeed in creating a new international reserve currency? If so, will it challenge U.S. dollar dominance? Be sure to let us know in the comments section below.

via Bitcoin.com

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Report: The Central African Republic Requests Regional Central Bank’s Assistance in Crafting Crypto Regulations

A new report has claimed the Central African Republic, which became the first country in Africa to make bitcoin legal tender, recently requested the regional central bank’s assistance in developing a cryptocurrency regulatory framework. The report also said the CAR had expressed its “commitment to the single currency and respect for the statutes of the Bank of Central African States.”

Developing a Crypto Regulatory Framework

After initially clashing with the Central African Republic (CAR) over its decision to make bitcoin legal tender, the Bank of Central African States (BCAS) recently claimed it had received a request for assistance in developing the “regulatory framework governing crypto assets” from the government in Bangui. In a statement, the BCAS revealed the CAR had reiterated its commitment to the regional group’s statutes.

By sending this request for assistance to BCAS, which serves six countries that make up the Economic and Monetary Community of Central Africa (EMCCA), the CAR may be signaling its willingness to end a feud that started after it made bitcoin legal tender.

As previously reported by Bitcoin.com News, the CAR decision has been criticized by its peers in the region. The global lender, the International Monetary Fund (IMF) also warned the country’s leadership against making bitcoin legal tender. However, before this latest report, the CAR had largely ignored the warnings and had proceeded to launch a cryptocurrency known as the Sango coin.

Yet, according to a report in the Business in Cameron, the announcement of the BCAS rapprochement with President Faustin-Archange Touadéra’s government was made after a meeting of the Central African Monetary Union (CAMU)’s ministerial committee on July 21.

The report also added that the BCAS’ Herve Ndoba and the CAR’s Minister of Finance and Budget had both signed the statement that signaled the two parties’ commitment to work together again.

The CAR Committed to a Single Regional Currency

Outlining what the CAR’s reiteration of its commitment to a single currency means, the BCAS document states:

After examining the implications of the law governing cryptocurrency in the Central African Republic concerning the community’s regulatory architecture in monetary and financial terms, the Board of Directors welcomed the expression by the CAR of its commitment to the single currency and respect for the statutes of the Bank of Central African States, the texts governing the monetary union and its community commitments.

Meanwhile, the Business in Cameron report suggested that the comments by both the BCAS and CAMU signal that cordials have relations with France — the custodian of the regional economic group’s currency, the CFA francs — may have been restored.

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What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Apecoin DAO Approves Funding a Bored Ape-Centric News Publication

Apecoin DAO community members have approved a governance proposal that will fund a Bored Ape Yacht Club (BAYC)-centric news publication called the Bored Ape Gazette with $150,000 for the first year. While the Bored Ape Gazette has been in operation since June 1, 2021, the site’s operator promises to “keep the community better informed” with plans to “ramp up” Bored Ape news coverage.

Apecoin DAO to Fund a Bored Ape-Focused News Site for 12 Months

Members of the Apecoin DAO have hired their own news publication for the next 12 months according to the governance proposal AIP-70. According to the proposal, the operator of the news site The Bored Ape Gazette says the publication has “grown exponentially over the past year.”

The publication’s operator insists that he is “committed to building a trusted source of information for this community and I would like to expand the operations into continuous research, analysis, and reporting across the ecosystem.”

The Bored Ape Gazette’s sole writer and editor figures it will cost $150K for the next 12 months of operation and the funds will go toward “coverage of all things ape will ramp up from 1-2 stories a day to 3-5.” The Bored Ape Gazette will focus on keeping the Apecoin DAO community “better informed” as the owner intends to draft “bi-weekly newsletters and in-depth reports.”

STAKING UPDATE » After The @apecoin Foundation Announced That @HorizenLabs Would Be Building The Staking System, The Gazette Interviewed Horizen Labs Co-Founder @Crypto_Counsel To Find Out More

The full story here: https://t.co/jEQpaNFbmy

— The Bored Ape Gazette🍌 (@BoredApeGazette) July 29, 2022

The Bored Ape Gazette plans to do interviews with AIP authors and interviews with community members debating specific governance proposals. The Apecoin DAO’s community and governance system utilize the crypto asset apecoin (APE). The digital currency is currently the 34th largest crypto by market capitalization and APE’s overall market valuation today is just over $2 billion.

During the last 30 days, APE has gained 44% against the U.S. dollar but it’s down 74% from the crypto asset’s all-time price high of $26.70. The Bored Ape Gazette’s coverage delves into a great deal of BAYC-centric news, in general, that discusses subjects tied to all things ape.

News coverage includes categories like “Famous Apes,” “Club News,” “Roadmap 2.0,” and “Notable Sales.” Besides BAYC, the publication also covers subjects like the Mutant Ape Yacht Club (MAYC) NFTs, Meetbits, Yuga Labs, Bored Ape Kennel Club (BAKC), and NFT marketplaces.

Similarweb statistics show that The Bored Ape Gazette has a global website rank of 865,175 and has seen 52.4K visits. The site’s visits are down 45.68% lower than the month prior with Taiwan and the U.S. being the news site’s top traffic regions.

“Over the next year, we believe that The Bored Ape Gazette will become the go-to news source for every member of this community,” The Bored Ape Gazette’s AIP says. “With the support of the DAO, the Bored Ape Gazette website will become a 24-hour style news site.”

Furthermore, the official Apecoin DAO Twitter account explained this week that The Bored Ape Gazette’s AIP had passed and thanked everyone for participating in the governance process.

What do you think about the Apecoin DAO approving the year-long funding of the Bored Ape Gazette? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Non Custodial Crypto Exchange Changeangel Adds Cashback and Affiliate Programs

PRESS RELEASE. July 30, 2022 – Changeangel.io is making its crypto exchange service more attractive to current and prospective users by adding convenient and lucrative Cashback and Affiliate program. Created by cryptocurrency entrepreneurs and developers, Changeangel.io is a quick and a non-custodial way to exchange over 100 coins.

“Apart from the security that comes from keeping your crypto in your own wallets, Changeangel.io is now also a way to earn some cool passive income through its new cashback and affiliate programs. Initially we thought of issuing our own token, to provide, as a cash back incentive, but with 8000+ tokens out there in the market, we didn’t want to add another token to the mix, instead we will reward our customers with coins/tokens that are already in the market” said a spokesperson from the brand.

Launched in 2019, Changeangel is a blockchain company that offers a collection of services. Their aim is to bring blockchain, cryptocurrency solutions, and exchange services to the world and give easy access to the people. A portion of the swap income is donated to aid innovation and development, such as open-source and volunteer-run blockchain projects.

Changeangel offers an easy, 3-step exchange process that starts with creating a transaction, where one has to select a currency. This is followed by sending funds to the address shown at the end step of the transaction. After that, all one has to do is sit back and relax while Changeangel.io exchanges funds for the best rates with the lowest fees.

Over the years, the popularity of crypto has skyrocketed. It has eliminated the challenges of a traditional bank and has given people the power of decentralized banking. Today, anyone with a mobile phone can transfer funds without the need to create a bank account. Cryptocurrency is truly the future of money and Changeangel intends to make it more accessible to people so that they can truly enjoy the freedom that comes with it.

Changeangel.io uses an advanced algorithm to find the best available rate for the customer and easily swaps it to the desired currency. Changeangel is thus earning popularity and trust for offering good value as well as returns. The company boasts of innumerable loyalists who have relied on Changeangel with their funds.

“Changeangel is the most TRUSTED and RELIABLE company that I use for swapping assets. The customer service support is flawless and my experience using Changeangel for the past year has been GREAT!” said a customer of Changeangel.io.

Several reasons contribute to the great feedback received from many customers. One of them is the 24X7 customer support that is always there to answer questions and give the required support to the customers. Another reason is the assurance of utmost security. Changeangels uses multiple layers of protection to ensure complete privacy and security for transactions. All the transactions happen smoothly and quickly. Approximately 10-60 minutes are taken to complete a transaction after blockchain confirmation. There is also Multi Hash Verification in place which securely stores transactions on multiple systems.

All the above reasons make Changeangel a preferred choice amongst crypto investors and enthusiasts. With Changeangel.io one can easily navigate the system and invest in currencies that have been chosen for them by the advanced algorithm. Visit the official website of Changeangel.io to know more.

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com Media

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Do Kwon, Terraform Labs Face Class-Action Lawsuit for Allegedly Selling Unregistered Securities

While most of the crypto economy’s digital assets have seen significant gains this month, Terra’s luna 2.0 has been stagnant as it has shed 24.37% against bitcoin during the last 30 days. LUNA is down 89.8% from the token’s all-time price high two months ago on May 28. Moreover, the whistleblower Fatman has revealed that victims of the Terra collapse have filed a class-action lawsuit against Terraform Labs, Do Kwon, and Nicholas Platias.

Crypto Whistleblower Fatman Reveals Getting Involved in Terra Lawsuit so ‘Justice Can Take Its Course’

On July 26, the whistleblower Fatman (@Fatmanterra on Twitter) shared a sign-up link for investors who were hurt financially by the Terra collapse in mid-May. The case is being handled by the litigation firm Scott+Scott and the defendants include Terraform Labs (TFL), Nicholas Platias, and Do Kwon. Furthermore, Jump Crypto, Jump Trading, Republic Capital, Republic Maximal LLC, Tribe Capital, Definance Capital, GSR Markets Limited, Three Arrows Capital (3AC), and the Luna Foundation Guard (LFG) are included.

In Fatman’s Twitter thread that discusses the lawsuit, the whistleblower complimented Do Kwon’s intellect but noted that the Terra co-founder did not use it for good. “Instead of using his genius for good, Do used it to create a scheme so convincing, ingeniously mixing in real utility with sheer lies, that it not only led to the downfall of thousands of investors but also some big funds who had been hoodwinked in spite of solid research,” Fatman remarked in the thread. Fatman added:

We will be joining the class action lawsuit filed in the U.S. by the international law firm Scott+Scott. We are also preparing actions in another jurisdiction. We demand a fair trial to uncover all of TFL [and] Do Kwon’s wrongdoings and so that justice can take its course.

LUNA 2.0 Markets Flounder, South Korean Authorities Investigate Terra Co-Founders Do Kwon and Daniel Shin

While the class-action lawsuit participants prep for the case against TFL, the project’s luna 2.0 token called LUNA has not been performing as well as most of the crypto economy. LUNA has lost 24.37% against bitcoin (BTC) since last month and 9.62% against the U.S. dollar in the same time frame. Out of 13,099 crypto coins in existence, LUNA is ranked 148 with its $261.63 million market valuation. Since LUNA’s all-time high on May 28 when it reached $18.87 per unit, LUNA has lost 89.8% in USD value.

LUNA has significant exposure to tether (USDT) pairs as cryptocompare.com statistics indicate that USDT represents 77% of all LUNA’s trades during the last 24 hours. USDT is followed by USDC (11.43%), TRY (9.57%), USD (0.68%), and EUR (0.37%). Additionally, LUNA’s total value locked (TVL) in the world of decentralized finance (defi) is $26.88 million while just over $12 million is still held in defi protocols on the Terra Classic chain. In addition to the Scott+Scott lawsuit, Terra’s co-founder Daniel Shin is banned from leaving South Korea.

South Korean law enforcement officials are investigating TFL, Shin, and Kwon and Fatman say a rough translation of the article details that “the prosecutor also brought up the possibility of cooperating with Interpol to issue a Red Notice for Do Kwon’s extradition.” The class-action complaint published by Scott+Scott claims all of the Terra tokens TFL has issued are unregistered securities and TFL never registered with the Securities and Exchange Commission (SEC). In Fatman’s Twitter thread, the whistleblower stressed that it was hard to convey how badly some Terra investors were affected by the collapse. Fatman’s Twitter thread concluded by noting:

It’s time to take matters into our own hands. I’m sick of seeing our space invaded by scammers who think they can brazenly rob thousands of innocents and get away with it. People like Do Kwon make this industry rotten. It’s time for a purge so crypto can be reborn anew.

What do you think about the class-action lawsuit against the Terra team members? What do you think about the lackluster market performance LUNA 2.0 has seen during the last month? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: FIL up 25%, as DOT Surges to 6-Week High on Saturday

Filecoin was one of Saturday’s biggest gainers, as prices rose by as much 24% to start the weekend. The move saw the token reach its highest point since early June, and comes despite cryptos being mostly in the red in today’s session. DOT was also higher, as it too hit a multi-week high.

Filecoin (FIL)

Filecoin (FIL) was one of the big movers in crypto markets on Saturday, as prices of the token surged by over 24%.

On Saturday, FIL/USD rose to an intraday high of $7.49, which comes less than a day after being at a bottom of $5.81.

As a result of this, FIL reached its highest level since June 7, which came as prices raced past a key resistance point.

Looking at the chart, FIL broke past this ceiling of $6.25 earlier in today’s session, which then led to a rise of bullish pressure.

After breaking this ceiling, prices have now collided with yet another resistance, this time at $7.60.

Bulls seem to be targeting the $8 point, however with prices now overbought, this run to $8 may be a little more challenging to achieve during the course of this weekend.

Polkadot (DOT)

In addition to FIL, polkadot (DOT) was also in the green during today’s session, with prices climbing by nearly 10%.

Saturday saw the token climb to a peak of $8.78, as prices rallied beyond a recent ceiling of $8.45.

Like with FIL, this point is the highest level DOT has traded at since early June, and comes less than 24 hours after prices were at a low of $7.83.

The 14-day relative strength index (RSI) is now also at a three-month peak of 64.54, and this could disrupt bullish momentum, as prices are now overbought.

Should momentum continue to rise however, it is likely that the $9 level is what bulls will target as a potential exit point.

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Do you expect polkadot to climb above $9 this weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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Funko Partners With Entertainment Giant Paramount to Drop Avatar Legends NFTs

On July 29, the pop-culture consumer products firm, Funko, announced that the company has partnered with the multinational mass media and entertainment corporation Paramount Global. The two corporations plan to introduce a series of non-fungible tokens (NFTs) based on the Avatar Legends universe. The latest Avatar Legends Digital Pop release from Funko will drop on August 9, 2022, via the NFT platform Droppp.

Avatar Legends NFTs — Publicly-Listed Consumer Products Firm Funko Collaborates With Paramount

Funko (Nasdaq: FNKO) has announced the company has partnered with the entertainment corporation Paramount (Nasdaq: PARA) and has plans to drop a new collection of NFTs based on the Avatar Legends universe. The franchise Avatar Legends stems from the popular Nickelodeon-based Avatar animated television series — “The Last Airbender” and “The Legend of Korra.”

The upcoming Funko and Paramount Digital Pop NFTs will feature popular characters like Kuruk, Painted Lady, and Fire Nation Aang. “Avatar Legends x Funko Series 1 Digital Pop! coming soon to Droppp,” Funko tweeted on Friday. The NFTs will feature Funko’s unique bobble-head, pop art style and the Avatar Legends’ standard pack of NFTs will be $9.99 per pack.

Premium packs will be $29.99 per unit and Funko says there will be a total of 625,000 NFTs in the Avatar Legends Digital Pop series. “Each pack of Digital Pop! gives you a chance to reveal one of the rare Funko Digital Pop! when opened, which can then be redeemed for a free, limited edition, physical vinyl collectible,” Funko’s Avatar Legends announcement details.

The Avatar Legends NFTs follow Funko’s recent launch of Jay and Silent Bob Digital Pop NFTs. In addition to the Jay and Silent Bob and Avatar Legends NFTs, Funko also released Digital Pop NFTs from brands such as Warner Bros., Hanna Barbera, My Little Pony, Kellogs, Transformers, Bob Ross, Star Trek, DC Comics, and Iron Maiden.

Meanwhile, NFT sales have been dreary during the last few weeks, and the last seven days of NFT sales are down 25.26% lower than the week prior. Interest in NFTs has plateaued, as Google Trends data indicates that worldwide searches for the term “NFT” dropped from an all-time high score of 100 at the end of January, to the current score of 16.

Funko Digital Pop NFTs are issued on the Wax blockchain which saw $379K in sales during the past seven days, according to cryptoslam.io’s weekly stats. The average Wax blockchain sale during the month of June was $6.46 per NFT, and in July the average was $4.63. Cryptoslam.io metrics show Wax is the ninth largest blockchain in terms of NFT sales among 17 networks.

Dappradar.com statistics further show the Wax non-fungible token market Atomicmarket is the tenth largest NFT marketplace in terms of all-time sales. On August 9, Funko’s non-fungible tokens will be distributed via the NFT platform Droppp. A few days ago, Paramount’s PARA shares were downgraded by Goldman Sachs, while FNKO shares have been on a tear.

Funko’s shares have been doing well because the company has seen “solid demand across product categories,” according to a zacks.com report published on Friday. Funko recently acquired the collectible brand and limited edition screen printed poster producer Mondo in June. The consumer products firm Funko’s quarterly earnings are expected to be released soon.

What do you think about Funko teaming up with Paramount Global to introduce Avatar Legends Digital Pop NFTs? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Weekend

Following strong gains on Friday, bitcoin was consolidating under a key resistance level to start the weekend. Bulls opted to secure gains as price uncertainty heightened in crypto markets, which as of writing are down 1% on the day. Ethereum was also marginally lower in the session.

Bitcoin

After strong gains on Friday, bitcoin (BTC) was trading marginally lower on Saturday, as prices fell below a key resistance point.

Following yesterday’s high of $24,294.79, which saw prices briefly breakout of the ceiling at $24,200, BTC/USD dropped to a low of $23,481.17 earlier in the day.

This low comes as traders seemingly opted to take profits at this point of uncertainty, opposed to attempting to send prices even higher.

Looking at the chart, the resistance level of $24,200 came as another ceiling was hit, this time in the form of the 62 mark on the 14-day RSI (relative strength index).

Relative strength recently rose to its highest point since April 4, when BTC was trading above $43,000, however price momentum in this instance stalled, due to current market conditions.

Prior to today’s price decline, bitcoin bulls were somewhat targeting the $25,000 mark, however in order to reach this, the RSI would need to move beyond 62.

Ethereum

Ethereum (ETH) was also lower in today’s session, as recent bullish sentiment shifted slightly to the bearish side to start the weekend.

The world’s second-largest cryptocurrency was consolidating on Saturday, as prices fell to a low of $1,662.79.

Saturday’s drop comes a day after ETH/USD failed to move beyond its long-term price ceiling of $1,780, which has been held since June 10.

This failure then led to a reentry from bears that smelled blood, and moved to pressure out earlier bulls from their positions.

As of writing, ETH is trading at $1,689.70, with the 14-day relative strength index tracking at 64.75, which is marginally below its own resistance level at 66.

Should bearish pressure persist in today’s session, the next landing spot for prices could be a floor of $1,620.

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Regulation of Cryptocurrency in South Africa Should Not Scare Away Investors Experts Say

Two experts have said they welcome South Africa’s planned regulation of cryptocurrency but warned this should not scare away investors. If the regulation is balanced between the need to protect investors and stimulating interest in crypto investment, this “could see funds stream into South Africa while growing the country’s burgeoning crypto ecosystem.”

Crypto as a Financial Product

South Africa’s impending cryptocurrency regulations as well as the central bank’s decision to regulate cryptocurrency as a financial product is welcome as long as this does stimulate interest in crypto investment, two experts have said.

In their joint statement shared with Bitcoin.com News, both Thomas Lobban, the legal manager at Tax Consulting South Africa and Greg Rodrigues, the CFO at a local crypto exchange, Revix, assert that any such regulations must not scare away investors.

The remarks by Lobban and Rodrigues follow reports quoting the deputy governor of the South African Reserve Bank (SARB) Kuben Naidoo who confirmed that the country expects to have regulations in place by end of 2023. As reported by Bitcoin.com News, the SARB had resolved to regulate cryptocurrencies after it had observed that “a lot of money” was flowing into these assets. The objective is to bring them “into the mainstream.”

Reacting to Naidoo’s comments and his subsequent announcement of when the SARB plans to start regulating cryptos, Lobban said:

Now we know crypto will be seen as a financial product with all the associated controls and requirements in place, including FIC [Financial Intelligence Centre], tax and exchange control compliance.

The FIC is a South African government that is tasked with the monitoring as well as the identification of criminal activity, money laundering and terrorism financing.

‘Crypto Is Global and Highly Fluid’

For his part, Rodrigues said regulation of the crypto industry is something that Revix not only welcomes but also takes seriously.

“Crypto is global and highly fluid, tending to flow into markets where regulations are welcoming, and just as easily out of those that are not,” the CFO said.

Therefore, South African regulators including the SARB are urged to be wary of pursuing policies that protect investors and overburden them at the same time. According to the two experts’ joint statement, when regulation is balanced, this “could see funds stream into South Africa while growing the country’s burgeoning crypto ecosystem.”

Meanwhile, Rodrigues pointed to the issue of crypto ownership and custody as one important factor that South African regulators also need to consider. He called for the external independent verification of crypto service providers’ claims relating to the quantity and security of clients’ assets.

Lobban suggested that the SARB needs to engage in public and other stakeholders “to ensure the policies it develops are informed by the interests of all parties who will be affected by them.”

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Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in Ukraine

According to a report stemming from the blockchain intelligence company Chainalysis, the firm identified 54 pro-Russian groups that have “collectively received over $2.2 million worth of cryptocurrency.” The paramilitary groups in Ukraine primarily received bitcoin and ether donations but also got tether, litecoin and dogecoin as well, the Chainalysis study details.

$2.2 Million in Crypto Sent to Pro-Russian Groups Located in Ukraine, Says Chainalysis

Chainalysis believes more than $2.2 million worth of crypto assets have been acquired by pro-Russian paramilitary groups located in the Donbas region of Ukraine. More specifically, Chainalysis says the recipients were located in Donetsk and Luhansk.

There’s been a conflict in Donbas and the Donetsk and Luhansk regions of Ukraine for quite some time. Separatists insist Donbas declared independence from Kyiv in 2014, and pro-Russian military groups agree with the separatists’ declarations. The blockchain intelligence company’s study notes that it discovered roughly 54 pro-Russian groups that have obtained donations in crypto assets.

“Most of the cryptocurrencies donated thus far have been sent to just a few organizations in particular,” the Chainalysis report explains. “However, many more have received still-considerable sums. Five organizations have received over $100,000, 17 have received over $10,000, and 35 have raised more than $1,000 worth of cryptocurrency.”

Since the start of the Ukraine-Russia war in February, the 54 pro-Russian entities in the Donbas region acquired $1.45 million in bitcoin (BTC) donations and $590K in ethereum (ETH) donations.

“The accounts that support militias often publish pictures of the purchased equipment and descriptions of how future donations will be used,” the Chainalysis report says with an accompanying picture of military equipment purchased with crypto. “Sometimes the posts even itemize the purchases,” Chainalysis researchers wrote.

Chainalysis Says Onchain Data Gives ‘Gleaning Insights Into Pro-Russian Activities’

The news from Chainalysis was published on July 29, 2022, as the Ukraine-Russia war continues with no end in sight. In recent times a specific mining study shows that Russia is a popular destination for crypto asset miners. The research published by Intelion Data Systems discovered that crypto miners are flocking to Moscow and Moscow Oblast, Karelia, and Buryatia.

Furthermore, many believe that Russia, China, and the BRICS nations are targeting the U.S. dollar’s perceived hegemony by crafting a new international reserve currency. Just recently both Russia and Ukraine have traded blame over a deadly attack on a prisoner of war prison in a separatist region in Ukraine.

The Chainalysis report further says that funds are being sent to people listed on the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned individuals list. For instance, “Alexander Zhuchkovsky, an OFAC-designated Russian national, has used social media to solicit donations for the Russian Imperial Movement.”

While the $2.2 million in crypto is a significant sum, Chainalysis researchers remark that the information is useful. “Because public blockchains are transparent, we can follow each transfer in these accounts’ chains of payments, gleaning insights into pro-Russian activities that would be harder to extract from fiat money investigations,” the company’s report concludes.

What do you think about the recently published Chainalysis report that discusses $2.2 million sent to pro-Russian groups in Ukraine? Let us know what you think about this subject in the comments section below.

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Santander to Offer Cryptocurrency Services in Brazil in the Coming Months

Santander, one of the biggest banking institutions in the world, has announced it will start offering cryptocurrency services in Brazil. Its CEO, Mario Leão, made the announcement in an interview with local media, stating that the company was still seeking the best way of getting into the cryptocurrency services market. Other banks and fintech organizations are already offering crypto services in the country.

Santander to Start Offering Crypto Services in Brazil

Santander, one of the biggest financial institutions in the world, serving more than 153 million customers, has announced plans to start offering cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by Santander’s CEO in the country, Mario Leão, who stated that these new services might be introduced in the coming months.

Leão stated:

We expect in the next few months to have definitions about it, who knows in the next release of quarterly results, or even before.

Leão further recognized that the cryptocurrency market was “here to stay,” and that this move was more than just a reaction to other competitors entering the crypto market earlier. He explained that this was a move driven by the demand of the company’s users in the country and that Santander was studying the best way of getting into the crypto services market.

Crypto Offerings Thriving in Brazil

While the company is still working on a comprehensive and clear law framework for the asset class, many banks and fintech companies are considering offering cryptocurrency-related services due to the demand of their customers for these investment products. One of these institutions is Itau Unibanco, one of the largest banks in Brazil, which reported it was mulling the introduction of such products earlier this month.

In the same way, Picpay, a popular fintech wallet and payments company, announced it would introduce crypto in its services list. The company also explained it had plans to launch a stablecoin pegged to the value of the native fiat currency, the Brazilian real, later this year.

Nubank, another Brazil-based financial company, brought this kind of crypto trading and custody service into its platform in May. Even Visa is now working with traditional banks to integrate crypto services directly into banking applications, according to statements given in September last year by Eduardo Abreu, Visa’s vice president of new business in Brazil.

What do you think about Santander’s plans of offering crypto services in Brazil? Tell us in the comments section below.

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Bitfarms Adds 18 MW of Capacity to ‘The Bunker’ — Miner’s Daily Production Taps 16.8 BTC per Day

On July 28, the bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, by adding roughly 18 megawatts (MW) of capacity to the operation. The mining facility dubbed “The Bunker,” now has approximately 3.8 exahash per second (EH/s), after the 18 MW increase boosted the computational power by 200 petahash per second (PH/s).

Bitfarms Adds 18 MW to ‘The Bunker,’ Firm Says Daily Production Reaches 16.8 Bitcoin

Bitfarms Ltd. (Nasdaq: BITF) has announced the company has improved The Bunker by adding 18 MW of capacity to the facility. The company completed Phase 2 of The Bunker’s construction and there’s a total of 9,450 bitcoin miners installed. The Bunker started operations in March 2022 and Phase 3 will see the data center built out. Phase 3 aims to add an additional 3,250 miners to the facility which will add 325 PH/s of hashrate.

For now, Phase 2 was an 18 MW increase which added 200 PH/s to the operation, and the company claims to manage a total of 3.8 EH/s today or roughly 2% of the current global hashrate. “Completing Phase 2 of The Bunker expansion is a strategic milestone that contributed to growing our hashrate to 3.8 exahash per second (EH/s), up 5.5% from the beginning of July,” Geoff Morphy, the president and COO of Bitfarms said in a statement.

Morphy added:

Together with an additional 3 MW of low-cost hydropower that went online this month at our mining facility in Washington state, our total operating capacity is now 158 MW. Significantly, with our higher hashrate came an increase in our current production to 16.8 BTC/day, a 15% increase from 14.6 BTC/day at the end of June.

Bitcoin Mining Industry Weathers the Storm, Bitfarms Exec Expects a ‘Gradual Increase in Hashrate’ to Reach Company’s August and Year-End Goals

Bitfarms completing Phase 2 comes at a time when digital asset prices are much lower than they were a few months ago. Damian Polla, Bitfarm’s Latam general manager explained during the first week of June, that falling bitcoin prices constitute a challenge. “The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs,” Polla said at the time.

There’s been a lot happening within the bitcoin mining sector and the network’s difficulty adjustment just recently made it 5% easier to find BTC block rewards. The bitcoin mining operation Marathon recently secured 254 MW of power to enhance operations and the mining company Cleanspark says crypto winter has shown “unprecedented opportunities.”

In addition to The Bunker, the company’s Washington state farms just got an additional 3 MW of capacity and the low-cost hydropower and stable electricity rates give the facility an advantage over the company’s other mining sites.

“This past week, we have been selectively redeploying some mining assets while continuing to bring new miners online,” Morphy added. “Coupled with slight delays in receiving new mining shipments, the net effect is we expect to experience a more gradual increase in our hashrate and reach our 4 EH/s goal in early August. In addition, we remain confident in executing our current international growth plan and achieving 6 EH/s by year-end.”

What do you think about Bitfarms expanding The Bunker and reaping 16.8 bitcoin per day? Let us know what you think about this subject in the comments section below.

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Biggest Movers: GRT, LINK Rally to Multi-Week Highs on Friday

The graph was a notable mover in Friday’s session, as the token rallied to a multi-week high. Prices rose by as much as 16% in today’s session, with chainlink also seeing its price climb by a double-digit percentage. Overall, the global crypto market cap is up 1.92% as of writing.

The Graph (GRT)

The graph (GRT) was one of the big movers in crypto markets on Friday, as prices of the token surged by over 16%.

Following a low of $0.1082 during Thursday’s session, GRT/USD rallied to an intraday high of $0.1373 earlier today.

Today’s move saw the token breakout of a key resistance level at$0.1305, hitting its highest point since June 11 in the process.

As a result of this increased bullish momentum, GRT saw its relative strength index of 14-day hit a three-month high of 64.89.

Now that the token is moving into overbought territory, bears will likely be preparing for re-entry, with a ceiling at $0.1585 a possible entry point.

Should this current run continue, this would likely be the destination bull’s target, with many likely to secure gains at that point.

Chainlink (LINK)

In addition to GRT, chainlink (LINK) was also in the green during today’s session, with prices climbing by over 10%.

Friday saw the token climb to a peak of $7.83, as prices rallied beyond a recent ceiling of $7.40.

Like with GRT, this point is the highest level LINK has traded at since June 11, and comes less than 24 hours after prices were at a low of $6.76.

The 14-day RSI is now also at a three-month peak, with the momentum of the 10-day and 25-day moving averages trending upwards.

Should this continue, the next possible target for bulls could be beyond $9, with a ceiling at $9.50 a possibility.

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Fed Board, FDIC Order Voyager Digital to Retract Federal Deposit Insurance Claims

Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and misleading, and the entity prohibits anyone from “representing or implying that an uninsured deposit is insured.”

FDIC Insists Voyager Digital Published Misleading and False Federal Deposit Claims

On July 28, 2022, the Federal Reserve Board and FDIC issued a letter to the publicly-listed company Voyager Digital Ltd. (TSE: VOYG). The letter claims the bankrupt Voyager misled investors with claims concerning FDIC deposit insurance and the company is accused of violating the Federal Deposit Insurance Act.

“The FDIC and the Board of Governors of the Federal Reserve System have reason to believe that Voyager Digital, LLC, and its related-entities, by and through their officers, directors, and employees have made false and misleading statements, directly or by implication, concerning Voyager’s deposit insurance status, in violation of 12 U.S.C. § 1828(a)(4),” the letter sent to Voyager details.

The FDIC details that Voyager made false and misleading statements on the website, mobile application, and social media that suggested “Voyager itself is FDIC-insured,” “customers who invested with the Voyager cryptocurrency platform would receive FDIC insurance coverage,” and the “FDIC would insure customers against the failure of Voyager itself.” The FDIC letter to Voyager highlights that these claims are false. The letter states:

These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds.

Voyager is now mandated to remedy the issue by removing any false statements suggesting in any form that Voyager is insured by the FDIC. Voyager has two business days to comply with the government’s request. If Voyager thinks the FDIC’s claims are inaccurate, the company can attempt to prove it via provided information and documentation.

The FDIC wants a “prompt response” or it will have to take “further action, as appropriate, with respect to the foregoing or any other violations of law or regulation, or unsafe or unsound banking practice.”

What do you think about the FDIC letter to Voyager Digital that claims the company made false and misleading statements that say Voyager was FDIC insured? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $24,000, While ETH Nears $1,800

Bitcoin rose for a third consecutive session on Friday, as prices rose above $24,000 to end the work week. Today’s rise comes as sentiment in crypto remains bullish, following Wednesday’s interest rate hike by the Fed. Ethereum was also higher, as prices approached $1,800.

Bitcoin

Bitcoin (BTC) was trading higher for a third straight day, as prices climbed over $24,000 in today’s session.

The world’s largest cryptocurrency hit an intraday peak of $24,294.79 earlier in the day, which comes after BTC was at a low of $22,722.27 on Thursday.

Friday’s high sees BTC/USD hit at its highest point since June 12, when prices were trading over $26,000.

As a result of this move, bitcoin has now collided with a long-term resistance level at $24,200, with some earlier bulls opting to liquidate their positions.

For this reason, previous momentum has momentarily fallen, with the token now sitting at $24,040.61 as of writing this.

Although bulls will likely be targeting a move towards $25,000, they will need to overcome a ceiling of 62 on the 14-day RSI in order to reach this point.

Ethereum

Like bitcoin, ethereum (ETH) extended its recent winning streak, climbing higher for a third consecutive session in the process.

This latest high saw ETH/USD rise to $1,774.58, which comes less than 24-hours after the token was trading at $1,604.89.

This was the highest price for ethereum since June 10, when prices were trading at a high above $1,800.

However, like bitcoin, earlier bullish momentum has given way as today’s session has progressed, with the token now trading at $1,604.89

Which comes as the 14-day relative strength index failed to break out of a ceiling at the 66 level, and subsequently has now fallen to a reading of 63.72.

If bulls are to reach their target of $1,800 this upcoming weekend, price strength will need to surge beyond this hurdle.

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Report: IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks

The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”

Keeping Payment System Open and Competitive

The International Monetary Fund (IMF) has reportedly said the Kenyan central bank’s proposed digital currency should complement and not threaten the existing private sector digital money. The global lender insisted that if no safeguards are put in place, a digital currency issued by the Central Bank of Kenya (CBK) can potentially lower transaction costs to the point of driving out mobile money operators such as M-Pesa out of business.

According to a report by The Nation, the IMF, in its commentary, said it wants the CBK’s digital shilling document to outline how the central bank plans to keep the payment system open and competitive.

“The paper could state the intent of potential issuance of CBDC is to complement rather than substitute existing private-sector digital payment solutions, and affirm CBK’s commitment to an open, competitive payment system. We note in this regard that the balance between central bank money and private sector payment instruments is not fixed over time, and there is no ‘right’ balance,” the IMF is quoted as stating.

CBDC Must Do No Harm

Besides posing a threat to fintechs, the CBK’s proposed digital shilling also poses a threat to banks which have also made “remarkable progress in developing digital solutions.” According to the IMF, the CBK’s digital shilling paper must make clear that the proposed digital currency will “do no harm.” It must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”

The IMF also argued that the digital shilling must also not result in the increased cost of financing for banks, or deny “banks of valuable information they obtain through establishing customer relations.”

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Call for Creation of Common African Digital Currency, Kenyan Activists Turn to Crypto Funding, Ghana on the Brink

In Bitcoin.com News’ inaugural newsletter featuring the biggest crypto and economic news stories from Africa, the head of an African regional central bank, Herve Ndoba, implores the bank’s board to introduce a common digital currency. At the same time, the regional bank warned that the Central African Republic’s bitcoin law is incompatible with regional laws. Meanwhile, Kenyan activists have said cryptocurrencies can potentially create new ways for young people to earn. The latest Visual Capitalist rankings of countries with the highest default risk in 2022 show Ghana as the first ranked in Africa, and second globally.

The Central African Republic’s Bitcoin Law Compels Head of Regional Central Bank to Call for Creation of Common Digital Currency

The head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating crypto as well.

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As Traditional Funding Dries Up, Kenyan Activists Believe Cryptocurrencies Provide an Alternative Fundraising Channel

According to some Kenya-based activists, raising funds through cryptocurrency and non-fungible token (NFT) sales is not only faster but less costly as well. The activists added that digital currency also has the “potential to create new ways for young people to earn, spend, save and send money.”

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Ghana Is Rated as the African Country Most Likely to Default on Its Debt Obligations

After seeing its inflation rate surge to over 29% in June, Ghana, West Africa’s second-largest economy, is now ranked as one of the countries most likely to default this year, Visual Capitalist’s latest sovereign debt vulnerability rankings have shown. According to the data, Ghana is now ranked first in Africa and placed second globally, just behind the Central American state and first country to make bitcoin legal tender, El Salvador.

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Despite the White House Debate, Critics Insist US Officially in a Recession After 2 Consecutive Quarters of Negative GDP Growth

The U.S. economy has declined for the second-straight quarter as the country’s gross domestic product (GDP) declined by 0.9% in Q2. The Bureau of Economic Analysis’s summary of the U.S. GDP follows the recent debate over the technical definition of a recession.

America’s Q2 GDP Data Points to a Recession

One of the principal agencies of the U.S. Federal Statistical System, the Bureau of Economic Analysis (BEA), released the commerce department’s latest gross domestic product (GDP) statistics on Thursday. The report notes that the GDP data shows a 0.9% annualized decrease in economic growth during the second quarter.

“Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022,” the BEA report explains. “The price index for gross domestic purchases increased 8.2 percent in the second quarter, compared with an increase of 8.0 percent in the first quarter.”

WE HAVE RECESSION:
Q2 GDP -0.9%, EXP 0.4%

— zerohedge (@zerohedge) July 28, 2022

A number of economists and analysts mocked U.S. bureaucrats and members of the Federal Reserve for horrible economic predictions. “Just a friendly reminder that the Fed in December put out a 4% GDP growth forecast for 2022,” Northman Trader analyst Sven Henrich tweeted on Thursday. Lots of people on social media thanked U.S. president Joe Biden in a sarcastic manner for the country’s economic downturn. Most tweets loudly exclaimed that the U.S. is in fact in a recession after the country’s GDP declined by 0.9% in Q2.

White House Press Secretary Karine Jean-Pierre Claims 2 Decling GDPs Is ‘Not the Definition’ of a Recession

A week before the BEA released the GDP data, the Biden administration published two blog posts that claim two GDP declines in a row does not constitute a recession. This sparked a heated debate across the country on social media as numerous analysts, economists, websites, and textbooks state the very opposite. The BEA’s report on Thursday fueled the debate further; as many individuals insisted that the U.S. economy is most definitely in a recession.

Weird how 2 consecutive quarter declines in GDP was a recession each time except this time. pic.twitter.com/CnxlV9mvWW

— Sven Henrich (@NorthmanTrader) July 28, 2022

When the White House correspondent for Fox News Peter Doocy asked the White House press secretary Karine Jean-Pierre “If things are going so great, why are White House officials are redefining recession?” Jean-Pierre replied “We are not.” After the comment, Doocy stressed that a recession is two consecutive quarters of negative GDP growth… How is that not redefining recession?” Jean-Pierre insisted “That’s not the definition.”

Even the economist and Nobel Laureate Paul Krugman told the public to “ignore the two-quarter rule… We might have a recession, but we aren’t in one now.” Gemini exchange co-founder Cameron Winklevoss explained that he doesnt believe the Biden administration’s experts.

We are officially in a recession.

Q2 GDP is negative, which is the second consecutive quarter.

— Pomp 🌪 (@APompliano) July 28, 2022

“According to the White House and the ‘experts’ that be, we’re not in recession,” Winklevoss wrote on Thursday. “According to the numbers (two consecutive quarters of declining GDP), we’re in a recession. I trust the numbers because the numbers don’t lie, people do.”

The BEA’s GDP report follows the U.S. Federal Reserve raising the federal funds rate 75 basis points (bps) for a second time in a row this week. “The Fed is working expeditiously to bring inflation down,” the Fed’s chair Jerome Powell said on Wednesday.

What do you think about the U.S. economy’s GDP declining for a second consecutive quarter? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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UK Law Commission Publishes Proposals to Reform Laws Relating to Digital Assets — Says Reforms Must Not ‘Stifle Development’

According to the Law Commission, the United Kingdom statutory body, digital assets play an increasingly important role in modern society and as such, the law relating to these must be reviewed. Reforming the laws will not only protect the rights of users and maximize the potential of digital assets but can potentially position England and Wales “as a global hub for digital assets.”

Several Key Areas Still Need to Be Reformed

A British statutory body, the Law Commission has released a consultation paper wherein it proposes to reform the law relating to digital assets. The commission said the release of the paper follows a request by the government for it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”

In a recently released statement, the Law Commission acknowledged that digital assets “play an increasingly important role in modern society.” As a consequence, there is a need to craft laws that allow “a more diverse range of people, groups, and companies to interact online and benefit from them.”

While acknowledging that both England and Wales have already taken steps to accommodate emerging technologies like cryptocurrencies and non-fungible tokens (NFT), the commission claimed there are “several key areas” of the law that still needs to be reformed. Such reforms will “protect the rights of users and maximize the potential of digital assets.”

Commenting on the commission’s proposals, Sarah Green, the Law Commissioner for Commercial and Common Law, said:

Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it’s vital that our laws are adaptable enough to be able to accommodate them. Our proposals aim to create a strong legal framework that offers greater consistency and protection for users and promotes an environment that is able to encourage further technological innovation.

Developing the Right Legal Foundations

Green also emphasized the importance of directing the commission’s efforts towards “developing the right legal foundations to support these emerging technologies.” She suggested the commission should avoid rushing to impose a regulatory regime as this may have an unintended consequence of stifling the further development of these technologies.

By doing this, both England and Wales “could reap the potential rewards and position itself as a global hub for digital assets.” Meanwhile, in the statement, the Law Commission said those that wish to give it feedback must do so by November 4.

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via Terence Zimwara

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