Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill

The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryptocurrency bill on September 2. The Senate defended the initiative, stating that passing the bill would benefit the country due to its effect on tracking the energy consumption of crypto miners and the income that mining taxes would bring to the state.

Paraguayan Senate Affirms Cryptocurrency Bill Approval

The Paraguayan Senate is ready to fight against the president when it comes to the passing of the recently approved cryptocurrency bill. President Mario Abdo exerted a complete veto action on this initiative earlier this month, but the Senate has reaffirmed its support for the sanction of this bill in a new discussion, rejecting the action.

Senators argued that there are several decisions in the bill that would bring benefits to the state and the cryptocurrency industry, including crypto miners. Senator Enrique Salyn Buzarquis vowed in support of the sanction of the bill, stating that the state should formalize collecting taxes on the cryptocurrency mining activities that are taking place in Paraguay. He explained:

It is better for the cryptocurrency business to formalize and charge what corresponds, so I defend the bill.

Abel Gonzalez, another senator, also argued in favor of this sanction, stating that the energy should be used to generate income for the state, instead of being wasted. Senator Daniel Roja also decided to support this bill again, explaining that it might contribute to the use of energy in new forms of employment through cryptocurrency.

All 33 senators rejected the presidential veto on the mentioned bill.

Background and Possible Scenarios

The cryptocurrency bill was vetoed fully, taking several environmental and operational concerns into account. The veto predicts that, if the cryptocurrency mining industry keeps growing, the country might have to import power at some time in the future. The rejection document considers that cryptocurrency mining is “characterized by its high consumption of electrical energy, with intensive use of capital and little use of labor.”

Also, the power fees proposed in the cryptocurrency bill for mining operations have been subject to criticism by the power administration of the country, with some officers stating they were inadequate.

Now, the cryptocurrency bill will be passed to the National Deputy chamber, which will have to discuss whether it also rejects the presidential veto. If this does happen, the bill will be sanctioned finally, even without presidential support. The matter is expected to be resolved before 2023.

What do you think about the evolution of the proposed cryptocurrency bill in Paraguay? Tell us in the comments section below.

via Sergio Goschenko

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A Recent SEC Filing Shows the World’s Largest Asset Manager Blackrock Plans to Launch a Metaverse ETF

According to a recent filing, Blackrock, the multi-national investment company based in New York City and the world’s largest asset manager, has plans to create a new exchange-traded fund (ETF) based on metaverse companies. The fund — dubbed the Ishares Future Metaverse Tech and Communications ETF — will track metaverse firms with exposure to virtual reality, non-fungible tokens (NFTs), augmented reality, and game-centric finance (gamefi) applications.

ETF Filing Shows Blackrock Plans to Launch a Metaverse Exchange-Traded Fund

The world’s largest asset manager by assets under management (AUM), Blackrock, has been investing more energy into the digital asset and blockchain space in recent times. On Friday, Bloomberg’s Katherine Greifeld and Vildana Hajric first reported on the U.S. Securities and Exchange Commission (SEC) filing for Blackrock’s new ETF called the Ishares Future Metaverse Tech and Communications ETF.

The news follows the recent launch of the Ishares Blockchain Technology UCITS ETF, and in August Blackrock partnered with Coinbase to provide clients with access to crypto assets. Hajric’s and Greifeld’s report highlights a filing submitted on Thursday, September 29. The reporters note that the new metaverse ETF doesn’t have an assigned ticker yet.

The latest Blackrock metaverse ETF could include firms exposed to “virtual platforms, social media, gaming, digital assets, [and] augmented reality,” the report adds. Blackrock’s chief executive officer Larry Fink remarked last year, that as far as bitcoin is concerned, he’s “more on the Jamie Dimon camp.”

At the time, however, Fink further remarked that he envisioned “a huge role for a digitized currency” and said he believes that it’s “going to help consumers worldwide, whether it’s bitcoin or something else.” On the other hand, Blackrock’s Rick Rieder, the chief investment officer (CIO) of the asset manager, has said bitcoin and cryptocurrencies are durable assets.

“I still think bitcoin and crypto are durable assets,” Rieder explained during an interview with Yahoo Finance Live. “It’s a durable business, but there was so much excess built around it,” Rieder added during the interview.

Furthermore, just after the company partnered with Coinbase, Blackrock launched a bitcoin private trust in mid-August. The multi-national investment company said the reason it launched the private BTC trust was because bitcoin is still a “primary subject of interest,” according to Blackrock’s clientele.

What do you think about Blackrock’s desire to launch a metaverse ETF? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Germany’s Inflation Hits Double Digits for the First Time Since WWII, Parliament Reveals $195B Subsidies Package to ‘Make Prices Drop’

Following the Covid-19 pandemic, the massive amount of stimulus, and amid the Ukraine-Russia war, Germany’s inflation has soared. Official data from Germany’s consumer price index (CPI) indicates that inflation jumped to a 10.9% annual pace in September and it’s the first time since the end of World War II that Germany has dealt with double-digit inflation.

German Inflation Skyrockets Tapping Double-Digits in September

All across the world, inflation rates have risen a great deal. Many economists believe that the energy crisis in Europe that is tied to the Ukraine-Russia war is one of the main reasons. However, similar to the United States, the U.K. and Europe deployed massive amounts of stimulus packages in order to shore up the economy amid the Covid-19 pandemic. Germany enacted a vast number of stimulus packages in order to fend off the economic fallout from government-enforced business shutdowns and lockdowns.

On Thursday, Germany’s official CPI data shows the country’s inflation spiked at a 10.9% annual pace in September. Germany’s inflation is up from 8.8% the month prior and it’s the highest inflation rate Germany has seen since 1951, or roughly around the end of the second World War. Inflation came awfully close to double-digits in Germany back in 1999 when the European Union (EU) introduced the euro. Statistics show that Germany’s energy prices are up a whopping 44% in September compared to this time last year.

“The high energy and food prices, which are likely to rise further in the coming year, are causing significant losses in purchasing power,” Torsten Schmidt, the head of economic research at the Leibniz Institute for Economic Research told the New York Times on Thursday.

Germany Led the Pack When It Came to Covid-19 Stimulus Packages and Subsidies, to Combat Rising Prices Parliament Adds Another Package for $195 Billion

In addition to the financial disaster caused by the Ukraine-Russia war, Germany was a leader when it came to ushering out stimulus programs. Between February and May 2020, Germany deployed an $844 billion recovery package with roughly $175 billion for stimulus and $675 billion dedicated to lending. The German government also introduced wage subsidy programs which maintained a threshold of providing 60% of employee wages.

The country also introduced a three-month payment moratorium on German-based consumer loans and at the end of June, the German Parliament ushered in another $146 billion stimulus package. Parliament further created a $56 billion rebate package for German residents who purchased electric cars. While Germany’s red-hot inflation is high and economists believe it derived from a three-pronged problem tied to Covid-19, stimulus, and the war in Europe, German bureaucrats are planning to drop another package of subsidies.

At the same time, German inflation jumped to 10.9%, and members of the German Parliament revealed another package for $195 billion. Germany’s latest subsidy package also placed price limits on natural gas. The German government aims to “cushion rising energy costs and the most severe consequences for consumers and businesses,” officials said on Thursday. “Prices have to come down,” chancellor Olaf Scholz told reporters during a press conference. “To make prices drop, we are rolling out a wide defense shield,” the chancellor added.

What do you think about German inflation rising to double digits in September? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: XRP Rebounds on Friday, Nearing Recent Highs

Xrp was up by nearly 10% on Friday, as the token moved closer to a recent four-month high. The move comes as consumer sentiment data in the United States came in at 58.6, which is higher than August’s reading of 58.2. UNUS SED LEO was also in the green, climbing by as much as 12% in today’s session.

XRP

XRP was up by over 10% in today’s session, as prices moved closer towards a multi-month high.

Following a low of $0.4285 on Thursday, XRP/USD rallied to an intraday peak of $0.503 earlier in the day.

The move saw the token formerly known as ripple near last week’s high of $0.558, which was the strongest point since May.

As can be seen from the chart, earlier gains have somewhat eased, as the relative strength index (RSI) collided with a ceiling.

The index is currently tracking at 63.81, which is marginally lower than the aforementioned resistance point of 65.00.

Should XRP bulls attempt to recapture last week’s high, then a breakout of the RSI ceiling will need to take place.

UNUS SED LEO (LEO)

Another notable mover in today’s session was UNUS SED LEO (LEO), which trading by as much as 12% higher.

LEO/USD raced to an intraday peak of $4.69 on Friday, which comes less than a day after hitting a low of $4.18.

Today’s rally comes as LEO bounces from a key support point of $4.05. The token is now moving close to a ceiling of $4.80.

In addition to bouncing off the price floor, another reason for the rally was the 14-day RSI breaking out of a ceiling of its own.

The index moved past its resistance of 48.90, and as of writing, is tracking at a mark of 50.96.

Should we see LEO collide with the $4.80 point, then it is likely that traders will move to secure gains, leading to a decline in prices.

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Do you expect UNUS SED LEO to climb and hit $4.80 this weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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State Securities Regulators Object to Celsius’ Court Motion to Sell Stablecoins

As Celsius’ bankruptcy proceedings continue, the court’s trustee William Harrington appointed an examiner on Thursday in order to review the company’s finances, according to a filing submitted on September 29. On the same day, state securities officials from Vermont and Texas filed objections to the crypto lender accessing the company’s stablecoin cache. 15 days prior to the objections, the crypto lender filed paperwork that said Celsius was looking to access $23 million in stablecoin reserves.

State Securities Officials Step Into the Celsius Bankruptcy Battle

State securities regulators have been very busy with cryptocurrency cases in recent times. On September 29, the Texas State Securities Board (TSSB) filed an objection against a recently filed motion by Celsius. The motion was Celsius’ plan to sell $23 million in stablecoins as the company petitioned the court on September 15 to gain access to the stash.

“The debtors fail to disclose in the motion how [many stablecoins] will be sold, and how the monetization of the stablecoin ultimately benefits the bankruptcy estate and the many consumer creditors of the debtors,” the TSSB objection notes. The Texas securities regulator further noted that while the examiner was being appointed the request was “inappropriate.”

After the filing submitted by the TSSB, the Vermont Department of Financial Regulation (VDFR) also filed an objection to the stablecoin motion Celsius filed 15 days ago. Vermont’s securities regulator detailed on Thursday that the motion was “unclear” and further “creates [a] risk that the debtors will resume activities which violate state law.”

The VDFR objection explains that “at least 40 state securities regulators were engaged in a multistate investigation” into Celsius and its principals.

“It is not at all clear what the debtors intend to do with the proceeds of any such sales, whether the relief requested extends to stablecoin-denominated assets such as retail loans to consumers, and the degree to which debtors’ use of sale proceeds will be supervised by the court,” the VDFR filing details.

Trustee Adds Court Appointed Examiner to the Celsius Bankruptcy Case

Celsius had issues with state securities regulators last year before the firm suspended withdrawals and eventually filed for bankruptcy protection. At the end of September 2021, securities regulators from New Jersey and Texas cracked down on the crypto lender. At the same time, the Alabama Securities Commission filed a cease and desist order against Celsius, and the state of Kentucky followed.

In addition to Celsius, Blockfi had issues with regulators in New Jersey, Kentucky, Vermont, Texas, and Alabama around that same time. Four days ago, the crypto lender Nexo was hit with enforcement actions from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland.

During the Celsius bankruptcy proceedings, recently leaked audio that featured Celsius executives uncovered plans to create a so-called IOU crypto asset. Two days before the objections from the state securities regulators, Celsius CEO Alex Mashinsky resigned. The court’s trustee William Harrington also appointed Shoba Pillay as the court-appointed examiner on Thursday.

After Mashinsky resigned, the company’s native crypto asset celsius network (CEL) dropped in value against the U.S. dollar. CEL is down 7.6% this week and 18.9% during the last 14 days, while year-to-date statistics show CEL has shed 70.7% against the greenback. FTX and Okx are the top two crypto exchanges trading CEL and the digital asset has around $7 million in 24 hour global trade volume.

What do you think about the state regulators objecting to Celsius’ plan to sell stablecoin assets? 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 Continue to Consolidate Ahead of U.S. Consumer Sentiment Data

Bitcoin continued to trade below $20,000 on Friday, as market sentiment remained mostly unchanged heading into the weekend. The world’s largest cryptocurrency attempted to climb towards this milestone, but declined as it encountered a hurdle on the relative strength index (RSI). Ethereum was also largely unchanged, as markets prepared for the release of U.S. consumer data.

Bitcoin

Bitcoin (BTC) prices continued to consolidate on Friday, as market sentiment remained largely unchanged heading to the weekend.

The token continued to climb towards $20,000 in today’s session, hitting a peak of $19,632.98 in the process.

Today’s turbulence comes ahead of the latest U.S. consumer sentiment report, which is expected to show an increase in confidence.

Looking at the chart, BTC/USD has also stalled after hitting a ceiling on the 14-day relative strength index (RSI).

As of writing, the index is tracking at 46.45, as price strength continues to fall away from its recent ceiling of 49.00.

Bulls will still likely make another run towards the $20,000 price point, however, we will likely not see this reached until the aforementioned resistance is broken.

Ethereum

Ethereum (ETH) was once again trading near a key support point on Friday, as prices of the token also consolidated.

Since hitting a peak of $1,346.13 earlier in the day, ETH/USD has fallen, as price uncertainty continues to remain high.

As of writing, the world’s second largest cryptocurrency is trading at $1,332.67, which is marginally above its $1,330 floor.

Like with bitcoin, the 14-day RSI is also hovering below a ceiling, in this instance the level of 42.00, which has been in place for the past fortnight.

This has contributed to the sideways trajectory of the token, which appears to be stabilizing, following the recent Merge event.

This afternoon’s consumer sentiment report could act as a trigger to end this spell of consolidation, should the data be greater than markets had initially forecasted.

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What do you believe is causing ethereum to consolidate? Leave your thoughts in the comments below.

via Eliman Dambell

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Bank Buys Bitcoin in Kazakhstan, Country to Develop Crypto Exchange

A financial institution and a coin trading platform in Kazakhstan have teamed up to carry out what they say is the country’s first such joint transaction for the acquisition of cryptocurrency. Meanwhile, Kazakhstan’s leadership has declared readiness to further develop crypto exchange in the nation’s financial hub.

First Banking Operation With Crypto Assets Opens Door for Legal Coin Purchases in Kazakhstan

Almaty-headquartered Eurasian Bank and the Kazakhstan-based crypto exchange Intebix have reported conducting what they presented as the first crypto-related transaction in the country involving a digital asset trading platform, a banking institution, and a customer. The deal, in which cryptocurrency was acquired with local fiat, was announced at the Digital Bridge 2022 forum.

“This precedent makes it possible for Kazakhstanis to legally purchase cryptocurrencies for tenge, while Eurasian Bank’s proprietary solution made it possible to set one of the lowest fees in the world for such a transaction,” the bank said in a press release. Intebix Exchange Director Talgat Dosanov went even further, claiming:

This is the first cryptocurrency exchange-bank-client transaction in the entire Eurasian continent.

In May of this year, regulators approved pilot regulations permitting crypto transactions in Kazakhstan, under certain conditions. In order to participate in the project, crypto exchanges are required to obtain a license while banks need to adhere to the adopted rules. The government maintains that the framework meets international standards in terms of transaction oversight and security.

The process of buying crypto with Kazakhstani tenge was demonstrated to the country’s head of state. President Kassym-Jomart Tokayev expressed his administration’s readiness to support the further development of the project to facilitate crypto asset exchange in the Astana International Financial Center (AIFC), the Central Asian nation’s financial hub, if the trial is successful.

Kazakhstan intends to become a leading player in the field of new digital technologies, the cryptocurrency ecosystem and regulated digital mining, Tokayev emphasized. “If this financial instrument shows further demand and security, then it will certainly receive full legal recognition,” he was quoted as saying.

The pilot project at the AIFC was launched this past summer when registered crypto exchanges were allowed to open accounts with domestic banks. Two trading platforms, Intebix (operating under the Biteeu brand in the EU and Australia) and Ataix Eurasia, as well as Halyk Bank, Altyn Bank, and Eurasian Bank are participating in the tests. The pilot will run until the end of 2022.

Eurasian Bank also announced a plan to issue a crypto card this year. It will be linked to an Intebix wallet and holders will be able to pay in tenge while spending their digital coins. The banking institution is currently working out the details with the National Bank of Kazakhstan. Eurasian Bank ranks seven among Kazakhstan’s banks in terms of assets and is a leader in the retail banking market.

Do you expect a rapid increase of crypto-fiat banking operations in Kazakhstan? Tell us in the comments section below.

via Lubomir Tassev

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Genso’s ROND Token to Be Listed on Bybit

PRESS RELEASE. GensoKishi Online is excited to announce that on September 29th, 2022 10AM(UTC), their in-game token ROND will be listed on Bybit, a leading crypto asset exchange.

GensoKishi, the web3 sequel to the award-winning Nintendo Switch/PS4 game “Elemental Knights”, has undoubtedly become the most anticipated GameFi title to have originated from Japan. Now, GensoKishi will rebrand as “Genso”, the No. 1 metaverse from Japan.

“From the gaming world to the metaverse!”

Genso has all the factors necessary to become Japan’s number one Metaverse:

• The game has been running for 14 years and already boasts a robust community and user base.
• It has always been a 3DMMORPG with a fully-functioning 3D metaverse already that has accumulated over 8 million downloads worldwide via iOS, Android, Nintendo Switch, and PS4.
• The development company has been in the sector for over 20 years and has connections with Japanese IPs.

“The most LOVED game in Japan will become Japan’s No.1 metaverse”

How will Genso become Japan’s No.1 Metaverse?

Users can explore many areas inside the Genso Metaverse- Lands created by various Japanese IPs and also web3 brands that Genso have been collaborating with.

The ROND token is part of Genso’s essential foundation for building a new economy within the Metaverse space. With this token, users will experience Genso as if it were a theme park full of Japanese brands and IPs.

Genso will also keep improving the gaming world ‘GensoKishi Online METAWORLD’ which will always be an integral part of the metaverse “GENSO.”

2022 will be the genesis year of our metaverse.

The team will accelerate their efforts to make ‘GENSO’ a deeply rooted name in modern society.

To become the world’s go-to metaverse in means of Japanese IPs and brands, the Genso team is committed to investing in ‘GENSO’ and building a stable economy based on the newly listed ROND (token).

White Paper (Lite): https://genso.game/pdf/WhitePaper_genso_lite_EN.pdf

AMA regarding updates on Genso to be hosted

CEO Maxi will host an AMA on the plans of the GENSO metaverse, and 5 participants of the AMA will receive free Yoshitaka Amano x GensoKishi collaboration NFTs.

For more information, please follow GensoKishi’s official Twitter account, as there will be an announcement in the next few days.

Official Twitter Account:https://twitter.com/genso_meta

Details of the Yoshitaka Amano Collaboration NFT Collection:https://genso.game/en/news/detail/?seq=315738554d37364b627247545339424d3541447061413d3d

What is Bybit?

Bybit is a Singaporean crypto asset exchange founded in 2018.

Its user base consists of individuals from 130 different countries, and it is considered one of the world’s most popular crypto asset exchanges.

Official website: https://www.bybit.com

Official Twitter: https://twitter.com/Bybit_Official

What is ROND token?

ROND can be exchanged for miniROND (hereafter referred to as mROND) and brought into the metaverse.

Users can use mROND currency for economic activities such as production, distribution, and consumption in the metaverse.

For example, users can use mROND currency to purchase items, base weapons and armour; to pay for participation in different modes, events and quests that are only available under certain conditions; to strengthen and forge base equipment; to trade NFTs, and to produce UGC (User Generated Contents) maps.

By selling items obtained from adventures within the fantasy world or defeating monsters in the Metaverse, GensoKishi establishes that players can earn a “Play to ECO” environment and mROND. One of the essential features of the metaverse is that mROND earned within the metaverse can also be exchanged for ROND.

Difference between MV Token

The MV token is the governance token for the Genso metaverse. By owning MV tokens, players receive various rights and privileges inside and outside the metaverse. For example, to bid in our LAND auctions and Cosplay NFT auctions, you need $MV. The UGC feature is an essential feature of the metaverse, and to unlock this feature, you need to stake a certain amount of $MV (UGC allows users to earn by designing/creating original maps, NPCs, and Cosplay NFTs). Also, by staking $MV, players receive $ROND, our in-game token.

GensoKishi Online -META WORLD- Community

Official site: https://genso.game/

Twitter: https://twitter.com/genso_meta

Discord: https://discord.gg/gensometa

Telegram (English): https://t.me/gensometamain

Telegram (Chinese): https://t.me/gensometazw

Telegram (Japanese): https://t.me/gensometajpn

YouTube: https://www.youtube.com/channel/UCMi4wGMEWgC9VVps8d_NLDA

 

 

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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 Media

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Biggest Movers: SOL Moves Towards $35.00, XMR Extends Recent Gains

Solana rose for a second straight day on Thursday, as the token moved closer to its long-term resistance point of $35.00. Monero was also in the green during today’s session, extending recent gains in the process. Overall, markets attempted to rebound, following a red wave which swept through markets to start the week.

Solana (SOL)

Solana (SOL) was mostly higher during Thursday’s session, as the token moved towards a key resistance level.

Following a low of $32.79 on Wednesday, SOL/USD rose to an intraday high of $33.92 earlier in the day.

The move saw solana move closer to its ceiling of $35.00, which has mostly held firm for the past fortnight.

As can be seen from the chart, today’s climb led to the 10-day (red) moving average nearing a crossover with its 25-day (blue) counterpart.

Despite the prospect of this occurring, prices may remain lower up until the 14-day relative strength index (RSI) breakout out of an upcoming ceiling of its own.

The index, which is currently tracking at 49.22 is nearing a resistance mark of 51.00, which will likely be a major hurdle in preventing SOL from further gains.

Monero (XMR)

Another notable mover in today’s session was monero (XMR), which also moved higher for a second consecutive day.

Despite current market volatility, XMR/USD was able to rise on Thursday, hitting a peak of $148.98 in the process.

As a result of today’s surge, the token remains close to Monday’s top of $152.84, which was a two-week high.

This point was also close to a resistance of $153.00, and it appears as if bulls opted to secure gains as opposed to pushing for a breakout.

Chances are, monero bulls are now aiming to not only recapture, but rally beyond this ceiling in the coming days.

However, like solana, XMR will need to move beyond a ceiling of 51.55 on its RSI, if it is to extend today’s run.

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Could monero hit a fresh multi-week high in the coming days? Let us know your thoughts in the comments.

via Eliman Dambell

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Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Hong Kong’s central bank detailed that it interfered in forex markets in order to defend the Hong Kong dollar (HKD) as it showed signs of weakness against the greenback on September 28.

HKMA Interferes in Forex Markets to Defend the HKD From Capital Flight to USD Assets

While the euro and pound sterling lost 12-17% against the U.S. dollar during the last six months, there’s been a significant amount of capital flight to the greenback. The Hong Kong dollar (HKD), however, has fared better than a myriad of fiat currencies worldwide against the U.S. dollar.

On Wednesday, September 28, reports detail that a “flight of capital from the Hong Kong dollar market” pushed the HKMA to step in and defend the HKD in forex markets. South China Morning Post (SCMP) reporter Enoch Yiu explained on Wednesday that the HKMA said it intervened in order to “support the peg after the local currency hit the weaker end of its HK$7.75 to HK$7.85 trading band.”

SCMP details that it’s the first time in seven weeks the central bank defended the HKD in this fashion and the HKMA has chosen to intervene in the foreign exchange market 32 times this year. Year-to-date, the HKD/USD exchange rate is down 0.83% and the de facto central bank has purchased HK$215 billion this year.

The authority sold roughly $27.39 billion USD in 2022 and recent reports detail that the central bank has purchased local dollars “at a record pace to defend the city’s currency peg.” Furthermore, as Hong Kong and Japan recently tampered in the forex arena, India, Chile, South Korea, and Ghana have also defended their currencies in foreign exchange markets.

Hong Kong’s move to defend the local dollar follows the HKMA, Indonesia, and the Philippines raising benchmark bank rates following the United States Fed’s recent rate hike on September 22. At the time, the HKMA hiked the rate by 75 basis points (bps) bringing the lending rate to 3.5%.

The third and current chief executive of the HKMA, Eddie Yue, detailed that he did not see a major risk to the territory’s housing market. “The latest rate on bad debt is about 1% and may adjust upward a little bit. But it is still low as compared to some international levels,” Yue remarked last week.

What do you think about the HKMA stepping in to intervene in forex markets in order to defend the HKD? 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: Market Volatility Remains High, as BTC Climbs Above $19,000

Volatility in cryptocurrency markets remained high on Thursday, as markets began to consolidate following a recent red wave. Bitcoin was back above $19,000 in today’s session, with ethereum also rebounding following recent losses. As of writing, the global crypto market cap is up 2.43%

Bitcoin

Bitcoin (BTC) was trading higher on Thursday, as crypto markets marginally rebounded following yesterday’s sell-off.

The token rose to an intraday high of $19,688.34 earlier in today’s session, less than a day after trading at a low of $18,927.12.

Volatility in bitcoin has been heightened in recent weeks, as markets reacted to rising inflation, as well as a stronger U.S. Dollar.

Looking at the chart, it appears that bulls are once again targeting a resistance point of $20,300, however they could face some obstacles in recapturing this point.

The obstacles will likely come in the form of the 14-day relative strength index (RSI), which is nearing a resistance of its own at 49.50

Currently, the index is tracking at 46.38, with BTC falling from earlier gains, and as of writing trading at $19,440.82.

Ethereum

Like bitcoin, ethereum (ETH) was, relatively speaking, also back in the green in today’s session, as it moved above $1,300.

Wednesday saw ETH/USD slip to a bottom of $1,267.87, however this was short lived, with bulls taking the token to a high of $1,351.96 earlier today.

The move sees the world’s second largest cryptocurrency race past a resistance of $1,330, however volatility in the market still remains.

Since hitting earlier highs, ETH is now trading at $1,334.94, with traders attempting to keep the token from falling below the floor mentioned above.

This coincides with the RSI hitting a ceiling at the 41.00 level, which has led to an increase of price uncertainty.

If price strength moves beyond this level, then we could see ethereum continue to climb heading into the weekend.

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Do you expect further declines from ethereum in the coming days? Leave your thoughts in the comments below.

via Eliman Dambell

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Russia Said to Allow Crypto Mining in Regions With Hydroelectric and Nuclear Power

Cryptocurrency mining should be allowed in areas with excess energy and prohibited in those that experience deficits, according to Russian officials preparing to legalize it. An expert from the crypto industry has recently marked the regions where Moscow is likely to authorize mining and the ones where it will probably ban the extraction of digital currencies.

Expert Lists Russian Regions Most Suitable for Crypto Mining and Those Expecting Ban

The Central Bank of Russia and the Ministry of Finance recently agreed on legislation designed to regulate the mining of cryptocurrency that should be adopted by the end of this year. Lawmakers working to finalize it have indicated that the industrial activity should be permitted only in parts of the vast country that can produce more electricity than they need.

One of them, the Chairman of the parliamentary Financial Market Committee Anatoly Aksakov, also said that the energy-intensive process should be banned in other areas facing power shortages. The deputy assured that the respective bill will be filed with the State Duma in the near future and also called for the simultaneous regulation of mining and cryptocurrencies.

The idea to authorize the minting of digital coins only in regions with a steady surplus in electricity generation is not new. A proposal in the same direction was made by the Russian Ministry of Economic Development in February, when the department also suggested introducing “acceptable” electricity rates for miners.

Roman Nekrasov, co-founder of ENCRY Foundation, which represents IT companies providing services in the field of blockchain and tech innovations, has shared with RBC Crypto his expectations about which Russian regions are most likely to be allowed to host crypto mining operations. He also listed those where miners will hardly be welcome.

Mining will be permitted in regions with hydroelectric and nuclear power plants, he told the crypto news outlet, which have been already populated with cryptocurrency farms for several years now. These include Irkutsk Oblast and Krasnoyarsk Krai, which have many hydroelectric power plants, as well as Tver, Saratov, Smolensk, and Leningrad regions, with their nuclear power plants.

The minting of digital currencies will probably be banned in the capital Moscow and the adjacent Moscow Oblast, Belgorod Oblast, and Krasnodar Krai, which have historically been energy-deficient, Nekrasov explained. He also expects the crackdown on illegal mining facilities in Dagestan to intensify. The Russian republic is another region with insufficient electricity supply where mining has spread as a popular source of income amid high unemployment.

The crypto industry expert also thinks Russian authorities could allow the extraction of cryptocurrencies in Karelia. However, this could happen under certain conditions such as requiring mining enterprises to support the construction of small hydropower plants, Roman Nekrasov remarked. Karelia was listed among the most popular crypto mining destinations in Russia in study released earlier this year.

Do you expect Russia to allow mining only in its energy-rich regions? Share your thoughts on the subject in the comments section below.

via Lubomir Tassev

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Bitcoin․com To Deploy Verse Development Fund To Expand Ecosystem

PRESS RELEASE. Bitcoin.com, a digital ecosystem and secure self-custody platform where users can accessibly and safely interact with cryptocurrencies and digital assets, is launching the Verse Development Fund, an initiative to accelerate growth and innovation in Bitcoin.com’s Verse ecosystem. In addition, the fund will empower projects that embody Bitcoin.com’s ethos of economic freedom and democratized finance.

“Since 2015, Bitcoin.com has been a leader in introducing newcomers to crypto and guiding them along their digital asset investing journeys,” said Bitcoin.com CEO Dennis Jarvis. “So far, we’ve built an incredible portfolio of products and services used by over 4 million individuals monthly. The Verse Development Fund will be the instrument by which we leverage this diverse and passionate community’s energy into building an even stronger ecosystem with even more popular appeal.”

The fund, which will start accepting grant applications from developers and other ecosystem participants in Q1 2023, will begin by focusing on Decentralized Applications (dApps), integrations, projects, and events that support Bitcoin.com’s Verse community.

VERSE, Bitcoin.com’s rewards and utility token, is a cross-chain token built on the ERC-20 standard and designed with broad EVM compatibility. VERSE will be integrated into Bitcoin.com’s suite of products, enabling individuals to receive rewards for buying, selling, spending, swapping, and staying informed about crypto.

“The VERSE token, and therefore the entire Verse ecosystem, adds tremendous value by incentivizing uptake of Bitcoin.com’s products and services, building loyalty, and nudging people to dive deeper where there are more opportunities to benefit from the economic freedom enabled by decentralized finance,” said Lizzie Eng, Lead for the Verse Development Fund. “The resources made available by the fund will spur innovation and growth within the Verse, and broader Bitcoin.com communities, making it even more valuable to the people who use it.”

The VERSE token will launch in Q4 of 2022 following the public sale in November.

The fund draws its resources from the VERSE token supply. Strategic buyers, including Digital Strategies and Blockchain.com, purchased 10% of the VERSE token supply for $33.6 million in a private sale completed in May this year, as reported by Bitcoin.com News. Thirty-four per cent of the VERSE token supply is allocated to the Verse Development Fund. Tokens are made available to the fund on a block-by-block basis linearly, over seven years.

The key components of Bitcoin.com’s ecosystem include,

• its award-winning news portal with over 2.5 million monthly-active readers;
• user-friendly self-custodial multichain Web3 wallet, comprised of over 34 million wallets; and
• The multichain Verse DEX: a permissionless exchange where anyone can earn a share of trading fees by funding liquidity pools.

Developers and other ecosystem participants can stay up to date on the Verse Development Fund grant application process by visiting https://getverse.com/fund/.

 

 

 

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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 Media

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Mirandus: Open World MMORPG Finally in Web3

PRESS RELEASE. Finally, the moment has arrived. A dozen hours have gone into farming the materials needed for a brand-new mighty axe. The epic weapon crafted at the forge will take the player to unprecedented heights of power, but only for the player to discover it does not have any real value.

This jarring feeling is all too familiar to gamers if they have spent hundreds of hours playing MMORPGs. Playing games takes time, effort, and sometimes even real money, but all that effort doesn’t change the gamers’ empty wallets. Instead, the gaming industry spends many resources on ensuring game items are worthless and circumventing that will result in RMT bans.

In the game, Mirandus, however, not so much. Finally, an MMORPG where every item has value. The cache discovered by a player in the unexplorable glade has equipment not required for their gameplay? It is possible to put it up on the market for sale, so someone else can use it, and a lot more. The game brings a revolutionary era for MMORPG and blockchain gaming!

The Fantasy RPG of the Future?

Mirandus is a game where everything has real value beyond the confines of the fantasy world. As a fully Web3 integrated MMORPG, everything that makes the world in the game is wholly owned by the game players. Players can use items and game areas made and created by other gamers, like swords, to fend off monsters and hide in towns to stay away from goblins. It is a monumental thing for both Web3 and the whole RPG genre!

Every player in Mirandus can play as any exemplar they own. These NFT characters can be freely traded on secondary markets and come with different races and special perks. Many are standard and readily available on OpenSea, but some exemplars are rare; for instance, out of the 50,000 total exemplars, only 1000 are elves.

Mirandus is creating the future of the MMORPG genre here by being revolutionary and innovative. It is a game based on the idea that players own their character and everything that comes with building up their character in the game; and this gives a sense of ownership and eagerness to the gamers, who are encouraged to explore the game and discover different areas and items – since it will not be a waste of their time and for the time spent, present real-life worth outside the game too.

The Adventurous Unknown

The game Mirandus is a Web3 dream come true for many. To have total control over creating their gameplay and world, telling the story they want, crafting the weapons they want with real-world worth and exploring vast unexplored areas unrestricted is genuinely magical. Gamers will start in the world in a wild land, with mysteries waiting to be discovered by the adventurers of the unknown.

Suddenly what a player does with their time in the game has real value. All the exploration and adventure can result in benefits in real life. Perhaps, in the game, a player’s character is a skilled craftsman, producing items that others need and can access; or some equipment/weaponry is useless to a gamer who can quickly sell it to someone else on OpenSea to save them hours of exploration and farming for materials.

It is exciting to think about all these concepts in an MMORPG. Creating a real-world economy around time and success with your character could refresh a genre that has been stagnant for a long time. Many players are happy to spend their money on their RPG adventures, but game developers quash any effort to RMT and refuse to give real value to any in-game items. MMORPGs have always formed robust economies but have remained cut off from real value unless it was for the game publisher’s benefit. However, integrating Web3 within games could change the genre to something more beneficial for gamers.

Mirandus Can’t Come Soon Enough

Mirandus is still developing, but there is positive news about its progress. The development team has been updating the public about a few playtests so far and is transparent about their development with the game’s Discord community. For example, early game supporters who own an Exemplar have had the chance to participate in a playtest of the beta version and have earned Materium – the in-game currency.

Overall, the game has some broad, sweeping goals for the future of Web3 gaming and MMORPG. It is a game with all the appeal of being epic, where gamers can genuinely make the gameplay their own – by having ownership of game assets that are real-value treasures and going on uncharted exploration and adventures.

Learn more about Mirandus here: https://mirandus.game

 

 

 

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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 Media

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Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

Following the extremely volatile European markets during the past few days and the euro and pound dropping rapidly against the U.S. dollar, the Bank of England has decided to intervene in bond markets. U.K. government bond yields have been erratic and the pound sterling also dropped to a lifetime low against the greenback. On Wednesday, the Bank of England noted that it was monitoring the “significant repricing” of U.K. assets very closely.

Bank of England Opens the Stimulus Flood Gates Again — Central Bank Intervenes in UK Bond Markets

The Bank of England (BOE) disclosed on Wednesday that it will start temporarily buying long-dated bonds and suspend the quantitative tightening tactics the central bank recently deployed. Two days ago, the U.K.’s native fiat currency, the pound sterling, slid to an all-time low against the U.S. dollar, and during the early morning (ET) trading sessions on Wednesday, the pound plummeted to 1.0541 nominal U.S. dollars per unit.

Yields on U.K. government bonds have skyrocketed in recent times and are suffering from the same volatility as U.S. Treasury bonds. The yields in the U.K. experienced the largest rise since 1957 and in a statement Wednesday, BOE said it was monitoring the situation very closely. “Were dysfunction in this market to continue or worsen, there would be a material risk to U.K. financial stability,” the BOE said on Wednesday. The U.K. central bank added:

“This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy. In line with its financial stability objective, the Bank of England stands ready to restore market functioning and reduce any risks from contagion to credit conditions for U.K. households and businesses.”

The BOE’s actions follow a similar move by the Bank of Japan six days ago. After the Japanese yen slipped to a 24-year low, the Japanese central bank decided to intervene in foreign exchange markets. The yen rebounded following the intervention, and on Wednesday, the pound sterling also rebounded against the greenback after the BOE’s announcement to begin temporary purchases of long-dated U.K. government bonds.

At the time of writing, the pound is trading for 1.0661 nominal U.S. dollars per unit, down 0.61% during the last 24 hours. The BOE detailed that it plans to intervene “on whatever scale necessary” to “restore orderly market conditions.”

What do you think about the Bank of England intervening in U.K. bond markets? What do you think about the pound’s performance against the U.S. dollar? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low

While crypto markets were mostly lower on Wednesday, quant rallied to a six-month high earlier in the day. Today’s move came as the token broke out of a key resistance level, en route to its strongest point since March. Cosmos was another notable mover, dropping for a second straight session.

Quant (QNT)

Quant (QNT) rose to a six-month high on Wednesday, despite crypto markets mostly hovering in the red.

Following a low of $122.08 on Tuesday, QNT/USD rallied to a hump-day high of $143.26 earlier in the day.

The move came as prices raced past a key resistance point of $133.00, hitting their highest point since March 29 in the process.

Shortly after the breakout, we saw bears reenter the market, likely as a result of uncertainty spurred by earlier bulls who opted to close positions.

As of writing, quant is currently trading below the aforementioned resistance point, with the 14-day relative strength index (RSI) also hitting a ceiling.

Currently, the index is deep in overbought territory, and tracking at 70.47. Should bulls aim to take price higher, the ceiling of 71.00 on the RSI will need to be broken.

Cosmos (ATOM)

On the other side of the spectrum, another notable mover on Wednesday was cosmos (ATOM), which fell by as much as 10%.

ATOM/USD slipped to a low of $12.69 earlier in today’s session, breaking out of a key support point of $13.40 in the process.

This decline pushed cosmos to its lowest point since September 8, days after the token rallied from a support of $11.55

Looking at the chart, today’s drop comes as the 10-day (red) moving average had a downwards cross versus its 25-day (blue) counterpart.

Should this bearish momentum continue, we could see ATOM on a collision course with a floor of $11.55.

A positive for bulls comes in the form of the 14-day RSI, which seems to have found a floor of 44.95, which could help stop the bleeding momentarily.

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Do you expect ATOM to hit a floor of $11.55 this week? Let us know your thoughts in the comments.

via Eliman Dambell

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Bitcoin Network’s Mining Difficulty Drops for the First Time in 2 Months

Following four consecutive Bitcoin mining difficulty increases, the network’s difficulty dropped for the first time in 68 days, sliding 2.14% at block height 756,000 on Tuesday. The change means it’s currently 2.14% easier to find a bitcoin block reward following the mining difficulty’s all-time high (ATH) that took place on September 13.

Bitcoin Difficulty Slides 2.14%

Bitcoin miners caught a break this week after the network’s mining difficulty slid by 2.14% on Tuesday evening. The difficulty is now 31.36 trillion following the 32.04 trillion ATH recorded on Tuesday, September 13. The network’s difficulty will remain at 31.36 trillion for the next two weeks, as the difficulty is adjusted every 2,016 blocks.

While the network’s hashrate is coasting along at 234 exahash per second (EH/s), statistics show during the last 2,016 blocks the average hashrate was 225.2 EH/s. According to current metrics, with current BTC prices and electrical costs at $0.07 per kilowatt hour (kWh), roughly 41 SHA256 application-specific integrated circuit (ASIC) bitcoin miners make an estimated profit between $0.12 and $7.95 per day. At $0.12 per kWh, nine ASIC bitcoin miners make an estimated profit between $0.33 and $4.24 per day.

 

The top five most profitable ASIC mining machines today include the Bitmain Antminer S19 XP with 140 terahash per second (TH/s), the Antminer S19 Pro+ Hyd (198 TH/s), the Microbt Whatsminer M50S (126 TH/s), the Microbt Whatsminer M50 (114 TH/s), and the Bitmain Antminer S19 Pro (110 TH/s).

During the past three days, 423 blocks were discovered by miners and Foundry USA found 108 blocks. Foundry has been the top miner during the last three days with 25.53% of the global hashrate or 56.53 EH/s.

Foundry is followed by Antpool, F2pool, Binance Pool, and Viabtc respectively. Currently, 11 known mining pools are dedicating hashrate toward the Bitcoin blockchain, representing 98.11% of the global hashrate. Unknown hashrate commands 1.89% of the global hashrate today or 4.19 EH/s used to discover eight blocks out of the 423 found in three days.

Meanwhile, at current block time speeds the next difficulty change is estimated to be an increase of roughly 1.32%, but that could change a great deal over the next 1,957 blocks left to mine.

What do you think about the latest mining difficulty change? 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 Lower as Powell Claims There Are ‘Structural Issues’ With Cryptocurrency

Bitcoin was back in the red on Wednesday, as U.S. Federal Reserve Chair Jerome Powell called for more regulation in decentralized finance (defi), citing “structural issues” as a key reason. The token fell below $19,000 on the comments, moving closer to a key support point as a result. Ethereum also slipped following yesterday’s rebound, with the price back below $1,300.

Bitcoin

Bitcoin (BTC) was back in the red on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell.

Speaking on Tuesday evening, Powell stated that more regulation is needed in the crypto market, with recent declines in price highlighting “structural issues.”

In his comments, Powell said of the current relationship between defi and traditional finance: “Ultimately that’s not a stable equilibrium and we need to be very careful about … how crypto activities are taken within the regulatory perimeter.”

Following the remarks, BTC/USD slipped to an intraday low of $18,553.30 earlier in the session, less than a day after hitting a peak of $20,338.46.

As a result of today’s sell-off, bitcoin moved closer to its key support point of $18,300. However, bulls have responded, pushing price away from this level.

Currently, BTC is trading at $18,976.35, as traders seem to have closed out earlier shorts, giving way to some bullish sentiment.

Ethereum

Bitcoin wasn’t the only token impacted by Powell’s comments, with ethereum (ETH) also trading lower in today’s session.

The world’s second largest cryptocurrency fell to an intraday low of $1,267.87 on Wednesday, hitting a one-week low in the process.

Following a string of bearish sessions over the past fortnight, ETH/USD has recently moved into consolidation territory.

As can be seen from the chart, this has been between a support point of $1,230 and a resistance level of $1,300.

It seems that this sideways action has helped to curb a high level of bearish momentum, with the 10-day (red) moving average appearing to have found a bottom.

Should this be the case, it is likely that we will see further consolidation in coming weeks, with the potential for a rally at some point in October.

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What is a realistic price target for ethereum in October? Leave your thoughts in the comments below.

via Eliman Dambell

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Australia Issues White Paper for Central Bank Digital Currency

Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects.

Central Bank of Australia to Pilot CBDC Until Middle of 2023

The Reserve Bank of Australia (RBA) has set out to explore use cases for a digital version of the Australian dollar. It’s collaborating on the project with the Digital Finance Cooperative Research Centre (DFCRC), a research program funded by the government and the financial sector. This week, the two released a white paper for the central bank digital currency (CBDC).

The document titled “Australian CBDC Pilot for Digital Finance Innovation” details the main objectives of the initiative and explains the design of the new currency. Members of the industry have been invited to propose use cases that have the potential to improve the functioning of Australia’s economy and financial system, the RBA announced.

The monetary policy regulator said that one of the key tasks is to also explore business models that could be supported by a CBDC. The pilot project, which was launched in July and will be completed in mid-2023, will also allow financial authorities to better understand technological, legal, and regulatory aspects associated with the issuance of a central bank digital currency.

Compelling use cases, wholesale or retail, will be included in the pilot and used to assess the rationale for an Australian digital currency, the RBA said. A wide range of stakeholders are welcome to take part in the project, including financial institutions, fintech firms, public sector agencies, and tech companies.

Regulators such as the Australian Securities and Investments Commission (ASIC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, will also be engaged and will work on any regulatory implications that may arise during the testing.

Only Residents and Domestic Companies to Hold Australian Digital Currency During Pilot Phase

The Australian central bank also noted that the pilot digital currency, referred to as eAUD in the document, will be its liability and denominated in Australian dollars. The coins in circulation will be capped at an amount which will be determined by the RBA, taking into account the requirements of selected use case providers.

Only Australian residents and entities registered in the country will be able to hold eAUD and the holdings will not bear any interest. All end users will need to be invited by an approved use case provider or know-your-customer provider. The CBDC will be stored in both custodial and noncustodial wallets.

The Reserve Bank of Australia specifically remarked that its research project does not reflect intentions to end the use of paper money. “The RBA is committed to ensuring Australians continue to have good access to physical cash for as long as people need or want to use it,” the authority emphasized.

Amid the growing spread of cryptocurrencies in the past few years, dozens of central banks around the world have started exploring the option of issuing digital versions of their fiat currencies and some have already launched pilot CBDC projects.

In mid-August, Australia’s securities watchdog insisted that the increased popularity of cryptocurrencies makes a “strong case for regulation.” ASIC quoted a survey, according to which 44% of the country’s retail investors held crypto in late 2021. Later that month, the Australian Treasury announced a plan to stocktake crypto holdings.

Do you think Australia will catch up with other nations developing central bank digital currencies? Share your thoughts on the subject in the comments section below.

via Lubomir Tassev

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