August is popping right into a document month for non-fungible token (NFT) gross sales.
According to information from Nonfungible, $ 896 million has been spent on NFT up to now 30 days. It will most certainly exceed $ 900 million by the tip of the month, which is a brand new document for the rising business.
This is greater than 3 times the earlier finest month, $ 255 million in May. NFT gross sales soared in August thanks largely to Cryptopunks and Axie Infinity.
Cryptocurrency Market Aug 27 by cryptonew: Bitcoin price failed to carry above the $ 47,200 help space, extending the decline and testing the $ 46,500 space. At 04:00 UTC it’s within the purple and might proceed falling in direction of $ 46,000.
Likewise, many of the huge altcoins will fall. ETH is trading under $ 3,150 and might take a look at $ 3,000. XRP examined the help degree of $ 1.05 earlier than beginning a interval of consolidation. ADA continued to say no, even climbing under the $ 2.50 help.
After the Bitcoin price closed under $ 48,000, it prolonged its decline. BTC broke the USD 47,200 and USD 47,000 ranges. It even examined $ 46,500. The subsequent main help is close to the $ 46,000 mark. Any additional downtrend might open the door to maneuver in direction of $ 45,000.
On the flip aspect, quick resistance is close to the $ 47,200 mark. The first main resistance is close to the $ 47,800 mark, adopted by $ 48,000. The predominant resistance is at $ 48,500, above which a gradual restoration is feasible.
Ethereum price broke the USD 3,110 help and prolonged its decline. ETH examined $ 3,050 and remains to be liable to additional losses. After that, the subsequent huge help is close to the $ 3,000 mark. A break under $ 3,000 can transfer the price in direction of $ 2,880.
On an upward correction, quick resistance shall be close to $ 3,150. The predominant resistance is at the moment forming close to the $ 3,200 degree.
Cardano (ADA) is down 4% to interrupt the USD 2.60 help space. ADA is even under $ 2.50 and is struggling to recuperate. If it closes under $ 2.50, additional decline in direction of the $ 2.20 help space is feasible. Conversely, the price can recuperate to $ 2.65. The subsequent main resistance is close to the $ 2.72 degree.
Litecoin (LTC) has settled under USD 170 and seems to be struggling to carry above the USD 165 help. If the bears break the $ 165 mark, they might be headed for a take a look at of the $ 155 mark. The subsequent huge help is at $ 150. On the flip aspect, the bulls might face hurdles close to $ 172.
Dogecoin (DOGE) is at the moment trading nicely under the $ 0.280 pivot degree. The subsequent huge help is at $ 0.250, under which there’s a danger of a bigger decline. If there’s a restoration wave, the price might encounter promoting curiosity close to the $ 0.280 mark.
The XRP price has settled under the USD 1.12 help. It even examined the $ 1.05 help. If the bears stay lively, a decline in direction of the $ 1.00 help is feasible. On the draw back, the earlier help close to $ 1.15 might act as resistance.
Many altcoins fell 8% together with NEAR, FTM, DASH, ZIL, ZEC, HNT, XTZ, DGB, KCS, ONE, NEO, AUDIO, SC, RVN and MIOTA. Of this, NEAR and FTM fell by greater than 12%.
Overall, the Bitcoin price is slowly falling under $ 47,000. In reality, if BTC breaks the $ 46,500 mark, staying above $ 46,000 may very well be tough.
In this episode of The Bitcoin Matrix podcast, its host Cedric Youngelman interviews Nik Bhatia – a financial researcher, CFA charter holder, and Adjunct Professor of Finance and Business Economics.
They discuss US Treasuries, the Gold Florin, the discipline of hard money, how banks use their balance sheets to create money, the US vs China, CBDCs, are financial panics avoidable in a fractional reserve system, Hal Finney and much more.
The episode premiered on August 20, 2021.
The U.K. financial regulator, (FCA), has announced that cryptocurrency exchange Binance has complied with the requirements it imposed on the company in June. The FCA further clarified that while Binance is allowed to provide some investment services, it is not authorized to provide services related to crypto assets in the U.K.
The U.K. Financial Conduct Authority (FCA) announced Wednesday that Binance has complied with the requirements it imposed in June on Binance Markets Ltd. and other companies in the Binance Group operating in the U.K. The FCA wrote:
On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements.
The regulator issued a consumer warning about Binance in June stating that the company “is not permitted to undertake any regulated activity in the U.K.”
The British regulator also noted at the time that “Based upon the firm’s engagement to date, the FCA considers that the firm is not capable of being effectively supervised. This is of particular concern in the context of the firm’s membership of a global Group which offers complex and high-risk financial products, which pose a significant risk to consumers.”
Binance was required to display an FCA notice on its websites and media channels to that effect. The firm was also ordered to remove any advertising and financial promotions by close of business on June 30, and provide written confirmation to the FCA. In addition, Binance must “secure and preserve” all records relating to all U.K. customers and retained at a location in the U.K. These records must be available to the FCA promptly at its request.
The FCA further explained that Binance has been an authorized investment firm since April 2018 under the name Eddieuk. The firm was acquired by Binance Capital Management Ltd. in May 2020, and its name was legally changed to Binance Markets Ltd. in June 2020. It also registered a trading name of Binance UK.
According to the FCA, the firm is permitted to carry out some investment activities including providing investment advice, arrange investment deals, safeguard and administer investments, and hold client money.
The regulator noted that Binance “signed an undertaking that it would not offer any cryptoasset activities unless and until either it was registered or the authority informed the firm that it could avail itself of the transitional provisions in the MLRs [Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017].”
This Article Republished from Here.
The Bank of Spain should make known, in the coming days, the mechanisms necessary for registering bitcoin exchanges (BTC) and other cryptocurrencies, as well as crypto-asset custody platforms.
The measure is framed in Law 10/2020 on Prevention of Money Laundering and Terrorism Financing . It establishes the opening of a registration process for “providers of virtual currency exchange services for fiduciary currency and custody of electronic purses.”
Subsequently, the Spanish Government published Royal Decree Law 7 / 2021, in which the lapses were set to put the record in tune. The term is six months, began on April 29 and ends on October 29 .
The decree establishes that the objective is “Perfecting the mechanisms for preventing terrorism and improving the transparency and availability of information on the beneficial owners” of bitcoin exchanges and custody platforms.
After October, the companies involved with the provision of services with cryptocurrencies, they will have the opportunity to register until January 29, 2022 .
The law also indicates that people who provide services of “Exchange of virtual currency for legal tender”. or legal entities that provide safeguarding services for private cryptographic keys on behalf of their clients, for the holding, storage and transfer of virtual currencies in a manner similar to that of the custody of funds or traditional financial assets. ”
The regulation also establishes the obligatory nature of the registration of the trust.
The single registry will be connected with those of other European Union countries and will remain available to public access to the information, as reported by CriptoNoticias on last June.
The official provision designates the Bank of Spain, as the entity in charge of supervise compliance with the obligations and conditions required by the Spanish State.
Experts such as the financial lawyer and founder of IcoFunding, Alejandro Gómez de la Cruz, have considered that these regulations “will represent a before and after for the providers of services related to cryptocurrencies in Spain” , as reported by CriptoNoticias.
Most analysts consider that a stricter regulation will come as a result of the regulations. They also argue that this fact will require a significant rearrangement in the operation and operation of companies.
Many experts also argue that there is a “reduction in the safeguarding of privacy standards” with the single registry.
The European country has been taking steps to regulate bitcoin more strongly. Last July, CriptoNoticias reported the reform to the Bill on Prevention and Fight against Tax Fraud.
The regulations oblige to declare the holding of cryptocurrencies in Spanish and foreign custody platforms . Self-custody purses are exempt.
This Article Republished From World Weekly News.
Cardano (ADA) resumed its decline and traded below the USD 2.60 support. If the bears remain in action, the price could even trade below USD 2.50. In the stated case, the next major support is near the USD 2.35. Conversely, the price might start a fresh increase above the USD 2.65 resistance zone.
Litecoin (LTC) is consolidating losses near the USD 168 level. An immediate support is near the USD 165 level. A downside break below USD 165 could open the doors for a move towards the USD 155 level. On the upside, the first key resistance is near the USD 180 level, followed by USD 188.
Dogecoin (DOGE) is moving lower and it traded below the USD 0.280 support. If the price remains in a bearish zone, the next stop for the bears might be USD 0.250. Conversely, the price may possibly recover and test the USD 0.292 resistance zone.
XRP price is now trading well below the USD 1.20 pivot level. The price is struggling to stay above USD 1.10 and it seems like the price might even test the USD 1.05 support. The next major support for the bulls is near the USD 1.00 handle.
Bitcoin is currently experiencing a downward correction after the price moved past $50K on Monday. While corrections down are to be expected with such a rally, indicators point to this being a bearish scenario for bitcoin. The price looks set to drop further after this correction. This would most likely see bitcoin lost a good percentage of the gains it had made last week.
Even though bearish scenarios look negative for the market at large, this scenario is most likely going to play into the favor of bitcoin. Bullish indicators are much easier to spot as indicating an upward trend. But bearish indicators can do as well a job when it comes to speculating on the movement of the digital asset. This current bearish scenario puts BTC in a position to experience a significant downward drop from here on out.
Current trends, when compared to that of the previous bull markets, show that a bearish situation is most likely the next setup for the digital asset. This scenario would see the price of bitcoin drop 18% in the coming weeks. Leading to a price drop that would put the floor of the downtrend at $41. This meaning bitcoin would end up losing over $9K from its recent high of $50K.
BTC set to witness an 18% drop | Source: Twitter
While an 18% price drop is significant, this is needed to complete a setup that would most likely send bitcoin barreling up to $100K. These indicators are behind the recent ambitious price predictions of analysts across the crypto space putting the price of BTC by the end of the year at $100K. The price drop will provide an opportunity for investors to buy into the asset while the market gathers momentum.
A bullish signal that would drive the price of bitcoin up 250% got triggered last week. Bitcoin hash ribbons have shown significant buy pressure in the market. The only catch is a dip is required to complete this trigger. An 18% dip would be the perfect setup for this signal. Completely the bullish setup that saw the price of BTC move up 250% last time a setup like this was completed.
Bullish setup requires dip to complete | Source: Twitter
Other things are most likely going to play into the rebound of bitcoin after the dip. Significant buy pressure in the market will see the value of the digital asset go up. While a dip will further encourage this buying pressure by providing an opportunity for investors to buy in at a slightly lower price in wait for the next run-up.
BTC price drops back down to $47K | Source: BTCUSD on TradingView.com
Data also shows that holders of BTC are holding for the long term now. This is evident in the number of short-term holders hitting an all-time low. Long-term holding bitcoin addresses have increased. Diamond hands are becoming the more popular way to invest in cryptocurrencies. Hence introducing scarcity into the market as investors consolidate their coins to long-term holding addresses.
Last but not least is market sentiment. For most of the months following the all-time high, market sentiment had gone into extreme fear. With the recent resumption of the rally, market sentiment has risen out of extreme fear and overall market sentiment has now moved into extreme greed. This plays further into the buying pressure that is currently being experienced in the market because investors, old and new alike, want a share of what bitcoin has to offer.
This article repulished from Here.
70% of Nature Seychelles’ recently launched Nature Collectibles have been sold after 3 weeks of being offered. A total of $7,000 in revenue was realized from the token sales for conservation of a unique songbird once on the brink of extinction.
Nature Seychelles an environmental non-governmental organization (NGO) is well known for innovations – its projects are usually game changers and ‘first to market’.
The Nature Collectibles (NFTs – for conservation) are a digital likeness of 59 endangered Seychelles magpie robins (Copsychus sechellarum) currently found on Cousin Island Special Reserve. The Million Dollar Bird, as it’s called by Nature Seychelles, was selected as a forerunner for the world’s first digital nature collectibles launched in partnership with the International Union for Conservation of Nature (IUCN) and the Swiss-based NGO, Porini Foundation.
According to analysis from Porini Foundation, the smaller denomination NFTs costing 10, 50 and 100USD sold out soon after the launch and were trailed in the following weeks by 6 of 200USD and 4 of the 1000USD. The big-ticket collectible worth 10,000USD is still up for grabs as are most of the 500USD. The collectibles have generated interest in 64 different countries on their selling platform, with the United States being in the lead.
Dr. Shah says the NGO will be looking at other funding disruptions including cryptocurrency, remote ecotourism, and others yet to be unveiled.
If you’re anything like me, you’ve been wishing for a quiet week in crypto news for a while now. Wouldn’t it be nice to sleep? But no, Visa decided to announce Monday morning that it paid $150,000 for a CryptoPunk NFT, a kind of blockchain art token, to add to its “collection of historic commerce artifacts.” In an accompanying blog post, Visa declared that “NFTs mark a new chapter for digital commerce.”
There are certain events and inflection points that mark the transition from fringe to something approaching mainstream, and crypto and blockchain have already had at least two of those in recent months. First we had a nation-state getting serious about bitcoin, then the entire U.S. Senate fought over whether wallet programmers are brokers.
Related: CryptoPunk NFTs Break Sales Record as Visa Sparks Buying Frenzy
Visa’s purchase of a CryptoPunk, I think, serves as a similar marker for the inevitable mainstreaming of non-fungible tokens. They’ve already featured on “Saturday Night Live” and drawn in celebrities from Tom Brady to Jay-Z, but the apparent stamp of approval from a major financial institution takes things to another level. Cynically, $150,000 is probably a steal for Visa considering the PR it’ll get (including this article). But the announcement set off a $20 million frenzy of CryptoPunk trading, and that hype train isn’t coming back to the station.
Visa’s move, though, also returns us to an inescapable question: Why in the name of all that is holy would anyone pay $150,000 for a 25×25 pixel image stored on an extremely expensive and slow database?
It’s impossible to wrap your head around this, I think, if you’re looking for a truly rational or utilitarian explanation. But there are some very good reasons, it turns out, rooted in our deep, totally irrational animal brains – the same strange forces that lead us to make other major purchases that seem completely loony if you think about them too long.
“You have this rock stuck on your finger,” points out William Quigley, co-founder of the NFT-focused WAX blockchain. “It doesn’t look like it does anything. It’ll never do anything. And you paid $10,000 or $20,000 for that.”
Related: Visa Buys a Punk as Bitcoin Returns to $50K
The transition to more and more online living, Quigley thinks, means physical status symbols like jewelry have new competition from similarly exclusive digital objects. Both Jay-Z and National Football League player Odell Beckham Jr. have recently bought CryptoPunks costing tens of thousands of dollars (at least) and made them their Twitter avatars. That’s probably the biggest single use of NFTs right now. The uselessness, you might say, is the point.
To understand any of this, some basic knowledge about the technology is essential. NFT stands for non-fungible token, which basically means it’s unique. An NFT exists on a blockchain ledger just like a bitcoin or ETH token, but one bitcoin is basically the same as the other several million – they’re “fungible” (with an asterisk).
An NFT is just as immutable as a bitcoin, but there’s only one: There are 10,000 CryptoPunks, but each of them is unique, and that uniqueness creates a lot of variation in their value. Visa, for instance, bought one of about 3,800 female Punks. CryptoPunks are particularly attractive because they were issued in 2017, making them among the first NFTs ever created.
NFTs come in a lot of different forms – they can even be interactive objects programmed to change based on certain inputs – but the most common type right now are image NFTs. Many of these are still essentially links to JPEGs stored elsewhere, which is a genuine problem for trust in the assets. But just last week CryptoPunks announced it had moved all data onto the Ethereum blockchain itself. It seems likely that this move helped push Visa to finalize its decision, because the move makes the assets more robust. Expect more NFTs, especially 8-bit series like the Punks, to transition to on-chain storage rapidly and, if you’re an investor, maybe look for that as a feature.
All this adds up to something deliriously simple: An NFT is a unique digital object. It is exclusive in a way that even bitcoin can’t claim. In fact, not even most real-world status symbols have the capacity to be as unique.
When someone buys an NFT avatar, “they’re saying, this is who I am,” says Henry Love, a managing partner at the NFT-focused investing fund Fundamental Labs. “So it’s more like a custom Rolex with your name on it. It’s one of one.”
Another crucial thing to know is that despite Visa grabbing headlines and all the comparisons to Rolexes and diamond rings, the NFT craze seems to be truly broad and grassroots. Trading volumes on OpenSea, the dominant NFT trading platform, have exploded, recently hitting $1 billion in monthly trading volume for August. But even that’s just the 10,000-foot view: There’s a frenzy of collecting and creation going on across Twitter and Telegram. NFT drop schedules are being watched as closely as Yeezy or Supreme drops were a few years ago.
And while a lot of that is fueled by insider speculation, there’s also something that feels much more real and special about this than, say, debating whether you’re going to buy $100 worth of cardano or solana. Because they’re ultimately about identity and taste rather than just money, NFT shopping has a personal element that seems likely to draw a much broader user base.
However, there’s a major barrier, especially for Ethereum-based NFTs like CryptoPunks: Transaction fees on Ethereum make buying and selling less-expensive assets impractical. I was just about to buy a $60 avatar NFT (because I too am an ape afraid of being left behind by my tribe). But the transaction fee was $50, which is quite a psychological barrier.
That’s why low-fee standalone chains like WAX and Flow (which hosts NBA Top Shot), which are largely focused on less-pricey branded collectibles, are significant right now, and have a real opportunity to grow from a core value proposition. It also suggests the market for NFTs on Ethereum, which have a significant credibility premium, will get substantially more insane, particularly at the low end, when Ethereum completes its transition to a lower-fee, proof-of-stake system.
This article is republished from Here.
PayPal has announced that UK customers will be able to trade bitcoin and other cryptocurrencies from this week.
The announcement has helped boost an already-resurgent cryptocurrency market, with bitcoin rising above $50,000 on Monday to hit a three-month price high.
PayPal first opened up crypto services to US customers earlier this year and plans to continue rolling it out to more of its 403 million international customers this year.
When PayPal first announced plans to introduce crypto services last year, the price of bitcoin rose to a yearly high above $12,000, having been described as “a major step forward towards the mass adoption of digital currencies” by Nigel Green, CEO of financial advisory firm deVere Group.
It helped spark the record-breaking price rally that has since pushed the combined crypto market cap above $2 trillion, ranking it above the likes of Amazon, Facebook and Alphabet (Google) in terms of overall value.
PayPal has trailed its launch of crypto buying and selling in the UK for some time but has today announced its intention to allow UK-based users to buy and sell crypto tokens from this week. Users will be able to hold a basket of four cryptoassets – bitcoin, ethereum, litecoin and bitcoin cash, but it is unclear as of yet whether the firm will allow users to make payments in said cryptos.
The price of BTC has been on a rapid rebound since late July in what has been a rollercoaster ride for the cryptoasset in 2021.
BTC began last week trading in the mid $46,000 range before trading down to $44,000 by Thursday. It has since staged another late-week surge, rising from a low of $44,177 to trading around $50,147 at the time of writing.
Ethereum had a similarly tumultuous week, slumping from just below $3,300 to below the $3,000 level midweek. It has since rallied however and is now trading around $3,325 – its highest level since late May this year.
Facebook’s much-trailed crypto development looks set to jump start with the launch of its ‘Novi’ digital wallet.
Facebook declined to give more details on the precise timing of a launch, and which coin or coins the wallet might hold, following reports that it is looking to work with a stablecoin other than Diem, a beleaguered digital currency initiative also spearheaded by the social media group.
Marcus, who currently heads up Facebook’s financial services arm F2, is one of the co-creators of Diem, a project announced in 2019 that initially sought to create a synthetic cryptocurrency backed by a basket of currencies. The project is backed by 26 businesses and non-profit organisations, including Facebook, which designed Novi to hold Diem coins.
Its stable coin, now named ‘Diem’ is still in the works. But the company’s chief of financial services David Marcus said the firm was poised to launch the accompanying digital wallet, dubbed ‘Novi’.
US banking giant Wells Fargo has registered its own bitcoin fund with regulators.
Per CoinDesk, the firm’s new fund is a passive bitcoin tracker, only available to high-net-worth clients. The revelation comes in the wake of the news that JPMorgan also filed with the SEC for a bitcoin fund on Thursday.
Major institutional players are now making clear steps into crypto. JPMorgan and Wells Fargo join Goldman Sachs and BNY Mellon in expanding their crypto remits for clients.
The moves reflect a developing demand for crypto from a different kind of demographic to that of more tech-savvy online exchanges. Banks in the US were only given permission to hold cryptoassets in July 2020. The expansion since then of crypto operations among the big institutions seems to have begun to gather pace.
Prices for AUDIO, the governance token of decentralized music streaming protocol Audius, nearly doubled in the 24 hours, pushing its market capitalization above $1 billion for the first time.
The price surge comes after Audius announced its partnership with popular video-sharing app TikTok.
At press time, AUDIO was changing hands at $3.10, up 86% in the past 24 hours, according to Messari.
Data from TradingView and FTX shows that AUDIO’s price started pumping around 16:00 UTC on Aug. 16 and reached a high at $4.04 at approximately 6:00 UTC on Aug. 17. News of the TikTok tie-up first emerged at 15:00 UTC on Aug. 16.
As CoinDesk reported, TikTok chose Audius to power its new “TikTok Sounds” library, the first of its kind for TikTok, with an aim to streamline the app’s music upload and selection process.
As the governance token of Audius, AUDIO is staked by users to secure the platform. In return, users receive a share of network fees, governance voting power as well as some value-added services like their favorite artists’ tokens and badges, according to Audius’ website.
While the token lives on the Ethereum blockchain, parts of the Audius platform run on the Solana blockchain.
The instant price pump also pushed the total market capitalization of AUDIO above $1 billion for the first time, according to CoinGecko, making it one of the 90 cryptocurrencies worth at least $1 billion. Its current market cap sits at $1.23 billion.
Audius, known as the “decentralized Spotify,” was founded in 2018 and is one of the largest decentralized consumer blockchain applications by monthly users.
AUDIO trading is mostly concentrated on centralized exchange Binance, according to CoinGecko. The exchange provides multiple AUDIO trading pairs including AUDIO/USDT, AUDIO/BUSD and AUDIO/BTC. The token is also available on decentralized exchanges such as Uniswap.
Cryptoassets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.
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