Table of Contents
Bitcoin News: 19th October 2021
- Bank of England likely to give in to bitcoin as several MPs were found interested in Crypto. But will it?
- Salman Khan launches India’s first crypto token GARI.
- NYAG directs 2 crypto firms to shut down and at the same time investigates 3 others.
- There’s a Ethereum price chart pattern suggests ETH can reach $6.5K in Q4
- US Treasury says it must ‘modernize and adapt’ to digital currencies.
- Cardano Loses 3rd Spot On Crypto Top 10, Is there even a deeper downfall yet to come?
- Braintrust’s Network’s Co founder Adam Jackson says “Nike is in Crypto Now and They May Not be Fully Aware”
- Arbitrage bot’s spam attack on the Polygon network generated $6,800 per day
Bank of England likely to give in to bitcoin as several MPs were found interested
Despite recent Bank of England (BoE) crypto warnings, sources suggest that an increasing number of UK legislators are already investing in the asset class.
MP Marcus Fysh announced his Ethereum and Cardano holdings earlier this year. Former Downing Street Chief of Staff Dominic Cummings has also spoken out in favour of blockchain, while MP Philip Davies is a crypto supporter. Further, It was found that, according to recent sources, MP Steve Baker is another name with a Bitcoin wallet.
What gave fire to this bush was the decision of former Chancellor Philip Hammond to quit politics. A decision that soon followed him joining Copper, a UK-based crypto startup dealing with custody and trading. What is particularly interesting is Copper is reportedly still awaiting the regulator’s approval in the country.
But Will BoE admit defeat?
With all this ongoing drama, industry expert Max Keiser believes that even BoE will soon end up buying Bitcoin. In the context of the Bank of England’s warning, he stated that the central bank is in the second stage of grief and anger. He stated,
“The bargaining phase will be their central bank digital currency stage and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin.”
Keiser essentially meant that BoE will eventually give in to Bitcoin as it is “designed to trigger a meltdown of the current fiat money banking system.”
Salman Khan Launches India’s First Crypto Token GARI
The cryptocurrency craze has swept the entire country, with Bitcoin prices skyrocketing like never before. The Hindi entertainment industry has also jumped on board, launching non-fungible tokens (NFTs) and promoting cryptocurrency platforms.
GARI — India’s first-ever crypto token launched by micro-content, short video application Chingari — was recently unveiled by Salman Khan, the latest entrant, in the Bollywood megastar crypto race.
What actually is Gari?
A fungible blockchain token, GARI will serve both “as a future in-app currency and a governance token,” the company said. The token will be built in partnership with the Solana blockchain.
Users of the Chingari app can use GARI tokens both inside and outside of the app to connect and transact with their counterparts, cast governance votes, and catalyse platform engagement and user base growth. Four groups of actors drive the Chingari ecosystem: 1) Creators of content, 2) Viewers, 3) Advertisers, and 4) Developers The GARI token connects all stakeholders on the platform.
NYAG directs 2 crypto firms to shut down, investigates 3 others
The New York Attorney General’s office has alleged two unnamed crypto lending platforms operating in the state have engaged in unlawful activities and ordered three others to provide information on their businesses.
The New York Attorney General’s office announced on Monday that it has ordered two crypto lending platforms — the names of which were still redacted at the time of publication — to “cease any and all such activity” relating to selling or offering securities and commodities within ten days. Attorney General Letitia James also requested that three crypto businesses based in New York — whose names have been redacted — provide information on their lending products, policies, procedures, clients in the state, and other pertinent information.
Although the request for information from the three companies was not legally binding, the NYAG’s office left the possibility of serving a subpoena open in the letter. The shutdown order is supported by the state’s Martin Act, which gives the AG the authority to bring civil or criminal charges against unregistered securities offerings.
For now, All crypto brokers, dealers, salespeople, and investment advisers must register with the New York Attorney General’s Investor Protection Bureau if they do business in the state, according to current state law. Those who do not comply without an exemption will face civil and criminal penalties.
This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4
Ether (ETH), Ethereum’s native token, has risen by more than 415 per cent this year to over $3,800, and two major bullish patterns developing on its charts indicate the potential for further gains, eventually toward the $6,200–$6,500 price range.
The first decisive break above the psychological $4,000 level, which serves as a resistance trendline to a five-month-old ascending triangle and a cup and handle pattern, could signal the start of a textbook price rally in the coming sessions.
In particular, the Ascending Triangle pattern has a profit target of $6,250, which is calculated by measuring the widest distance between its horizontal and rising trendlines and adding the output to the potential breakout level of $4,000.
Simultaneously, the Cup and Handle pattern, which has a slightly lower success rate than the Ascending Triangle, indicates a potential run-up toward $6,550 in the coming sessions, up by 56% from current levels.
Its profit target is determined by measuring the distance between the Cup’s right peak and bottom and multiplying the result by the potential breakout level of around $4,000 — the same as the Ascending Triangle.
Trading volume, which has been declining throughout the formation of the aforementioned patterns, is one of the primary catalysts that support the two bullish indicators. This indicates a lack of confidence among traders. Meanwhile, the relative strength index (RSI) is below the overbought level of 70, indicating that there is still room for a bull run.
US Treasury says it must ‘modernize and adapt’ to digital currencies
“Digital assets and payments systems could harm the efficacy of our sanctions” if left unchecked, the Treasury said.
The US Department of the Treasury has released a report on sanctions, recommending that the government invest more in digital asset infrastructure and policies.
The Treasury Department recommended that the government adopt a structured policy framework, coordinate with allies and partners when possible, ensure sanctions are understood, enforceable, and adaptable, and implement them “to mitigate unintended economic, political, and humanitarian consequences,” according to the report. To deal with the issues of digital assets, the department needs modernise to incorporate the “appropriate skills, technology, and employees,” according to the agency.
Sanctions have been used by the US Treasury Department in the fight against ransomware attacks that endanger the country’s infrastructure, such as when Russia-based DarkSide hackers attacked the Colonial Pipeline system in May. Last month, the department issued sanctions against the Czech Republic and Suex OTC, a Russian company, for allegedly letting hackers to access cryptocurrencies given as ransomware payment.
Cardano Loses 3rd Spot On Crypto Top 10,
Cardano has dropped to third place in the crypto top ten as its price refused to move in lockstep with the rest of the market. While other cryptocurrencies have risen in tandem with bitcoin, ADA had remained largely unchanged.
Despite the initial buzz generated when the smart contracts feature was unveiled last month, interest in the asset has waned. It had overtaken Binance native token BNB to clinch the top three slot in the race above $3. However, ADA has lost ground to BNB, which has surged ahead of ADA by $9 billion in market capitalization.
It’s possible that the ADA may continue to lose money.
In recent months, there has been no market-moving news about the Cardano project. The project has been reported to be investing in smaller Cardano-focused firms. Nothing, on the other hand, has generated interest in the initiative.
Despite the start of the tour, ADA’s price has not seen much upward movement, which is not the kind of news that the digital asset needed. The price continues to struggle around the $2.1 price level, reducing momentum.
Adam Jackson was recently interviewed for a user-owned talent network. Think Fiverr for web3. He is the Co founder of Braintrust
Braintrust completely operates on Ethereum and boasts thousands of users, as well as companies such as NASA, TaskRabbit, Nike, and Nestlé. It has processed millions of dollars, although few people in the crypto industry have heard of it. And it could be by design, given the team’s goal on establishing a platform that isn’t solely centred on cryptocurrency.
Braintrust debuted its token last month, which was handed to hundreds of freelancers who had never used cryptocurrency before. Holders of tokens can now participate in governance and manage the platform’s operations. We discuss how introducing a token improves incentive alignment across the entire ecosystem, resulting in positive feedback loops and increased value for all parties involved.
Brainstrust, according to Adam, is an example of how open-source networks and software are disrupting closed organisations as well as the web2. Braintrust is a collection of smart contracts that is owned by no one firm but maintained and expanded by many others. As a result, it can provide services at a lesser cost than web2 competitors.
The so-called gig economy, according to Adam, is dysfunctional because platforms are encouraged to extract as much value as possible, leaving employees feeling duped. Market-driven solutions based on web3, DeFi, and user-owned marketplaces, he claims, are the way to go.
Arbitrage bot’s spam attack on the Polygon network generated $6,800 per day
One of the major storylines of 2021 has been the rise of layer-two protocols, as the popularity of decentralised finance (DeFi) and nonfungible tokens (NFT) has driven transaction prices higher on the Ethereum (ETH) network, thus pricing out many players.
The Polygon network, formerly known as MATIC, rose to prominence earlier this year as one of the leading competitors in the battle for an effective Ethereum layer-2 scaling solution, and the project’s QuickSwap DeFi platform was one of the most popular Uniswap clones.
Polygon was once highly popular, but as alternative platforms like as Arbitrum and Optimism arose, debates about the platform faded, and some traders now refer to it as “slow.” According to data from Flipside Crypto, the Polygon network’s low-cost capabilities were harmed after a skillfully developed arbitrage bot managed to turn 14 Ether into 218.5 Ether in less than four months.
Each block was filled with “meaningless transactions” by the bot.
The attack began in early May, according to statistics from Flipside Crypto, and pushed transactions on the Polygon network peaked at 8 million per day in June. The largest number of transactions on the Ethereum network at the time was 1.2 million.
A deeper look into the network’s transactions and addresses found that two contracts, which have been determined to be arbitrage bots that execute thousands of daily transactions to multiple decentralised exchanges, were responsible for about 30% of the network’s transaction count (DEX).
Spam transactions have reduced from 2 million to 500,000 per day, a 75 per cent decrease, although they still account for 16.7% of daily transactions, according to network data. This means that the bots spend about $5,000 of their daily profit of $6,800 on petrol to keep the scheme afloat.
Read Yesterday’s news here.