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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
How Japan Is Leading the Race to Regulate Stablecoins
Japan’s stablecoin regulations attempt to address some of the biggest fears about major stablecoins: Do issuers really have the assets to back them?
Bitcoin News
PYUSD Supply Skyrockets by 49%, Marking a Shift in Distribution as New Holders Emerge
https://static.news.bitcoin.com/wp-content/uploads/2023/10/p-768x432.jpg According to current metrics, Paypal’s stablecoin PYUSD has increased its supply by more than 49% since the end of September, rising from 94.39 million to 140.86 million. Moreover, the number of PYUSD holders has risen by 55% since September 30, 2023. Concentration, however, is still evident in PYUSD, with the top 100 holders owning 99.95% of its current supply.
Paypal Stablecoin Witnesses Redistribution Among Top Holders
Paypal’s stablecoin ecosystem experienced growth in October. The number of unique addresses and transfers has risen, and more PYUSD has been issued. On September 30, 2023, 924 unique wallets held PYUSD. Today, that number stands at 1,438 holders. Additionally, PYUSD had only 180 transfers 25 days ago, but that count has now reached a total of 8,307 transactions. Still, this count is extremely modest when set against USDT’s 204 million transfers and USDC’s 73 million transactions.
In terms of issuance, PYUSD’s supply has jumped by 49.22% since September’s close. Back then, 94.39 million of Paypal’s stablecoins were in circulation, and now that figure stands at 140.86 million. Boasting a market capitalization of $140 million, it secures the 13th spot among USD stablecoins by market value and ranks 206th among over 10,000 crypto assets. While a lion’s share of the 140.86 million PYUSD is held by a handful of addresses, its distribution landscape has undergone a few notable changes.
Crypto.com has risen to become the top PYUSD holder, wielding 98.21 million tokens, equivalent to 69.72% of the total supply. Paxos follows closely, securing the second and third largest wallets with holdings of 28.81 million and 4.83 million PYUSD, respectively. Kraken possesses the fourth largest PYUSD wallet, containing 1.5 million tokens, while Curve Finance boasts the fifth, housing approximately 998,658 PYUSD.
A noteworthy 966,936 PYUSD finds its home on Uniswap, paired with USDC, making it the sixth-largest PYUSD account. Intriguingly, the identity of the seventh largest PYUSD holder remains a mystery; however, their wallet is brimming with 859,335 PYUSD. This mystery address also shelters $3.08 million in various digital assets, including a substantial $1.4 million in wall street memes (WSM) and $175K in worldcoin (WLD).
Coinbase and Uniswap lay claim to the eighth and ninth-largest PYUSD wallets, respectively. Rounding out the top ten, another anonymous entity emerges as the tenth largest PYUSD holder, with approximately 500,000 PYUSD in their possession, having received the funds directly from Coinbase.
What do you think about the increase in PYUSD’s overall supply? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Bitcoin Hovers Over $34K as BlackRock IBTC Ticker Euphoria Fades Out
Growth among most crypto majors seemed to lull as traders likely took profits on gains since the start of this week.
CoinDesk
Mashinsky's Arrest, Ripple Ruling, Etc.
I was on vacation for the last week-and-a-half but before I left, I sent a list of things to watch for to my colleagues that in hindsight, was wholly inadequate. Anyway, here's my effort to catch up.
Bitcoin News
Putin Signs Digital Ruble Law Allowing CBDC Payments in Russia
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2329478001-1-768x432.jpg President Vladimir Putin has signed into law a bill on the introduction of the digital ruble in the Russian Federation. The new legislation, which legalizes and regulates the use of Bank of Russia’s digital currency for payments and other transactions, will enter into force on Aug. 1.
President Putin Greenlights Law Introducing Digital Ruble as New Form of Russian Fiat
Russian President Vladimir Putin has approved a bill providing the legal basis for the implementation of Russia’s central bank digital currency (CBDC), the Tass news agency and other Russian media reported. The new federal law introduces a third, digital form of the national currency, the ruble, after cash and non-cash (bank) money.
Putin’s signature opens the door for using the CBDC named “digital ruble” as a means of payment and for other transfers in the Russian Federation. These will be free of charge for citizens while businesses will pay a 0.3% commission on the amount transferred.
Transactions with the digital currency will be processed through a dedicated information system — the digital ruble platform. Under the law, the Central Bank of Russia (CBR) is the sole issuer of the CBDC and will be the only operator of its payment system.
The CBDC will be stored in digital wallets and accessed through the mobile apps of commercial banks. At the same time, the law does not permit users to open bank accounts with digital rubles or receive loans in the central bank digital currency.
Ruble Remains the Only Legal Tender in Russia
The legislation, which was passed earlier in July by both houses of Russian parliament, the State Duma and the Federation Council, introduces amendments to the country’s Civil Code. Its main provisions will enter into force on Aug. 1.
The adoption of the law is viewed as part of Moscow’s efforts to not only offer an alternative for payments inside Russia but also find ways to circumvent financial restrictions imposed over its war in Ukraine. Last week, Governor Elvira Nabiullina revealed that the CBR is exploring options to integrate its platform with other CBDC systems to facilitate the use of the digital ruble in cross-border settlements.
Russian officials have also been discussing the legalization of cryptocurrency payments, but only in foreign trade and under special legal regimes. Also this month, Putin signed a law effectively banning certain crypto payments for goods and services in Russia.
This legislation requires exchanges for digital financial assets, or tokens issued on blockchains run by authorized operators, to reject transactions where these assets can be employed as “monetary surrogates.” At least for now, the ruble, in its different forms, remains the only legal tender in Russia which is yet to determine the legal status of decentralized cryptocurrencies like bitcoin.
Do you think the digital ruble will see wide use in Russia or cross-border trade? Share your expectations in the comments section below.
CoinDesk
ZkSync's Largest Lender Struck by $3.4M Exploit
EraLend, the largest lending protocol on Ethereum scaling blockchain zkSync, has been hit by a $3.4 million reentrancy attack, according to blockchain security firm CertiK.
CoinDesk
Venture Capital Firm a16z Unloads $7M of MKR Tokens as Price Soars
Lending platform Maker’s governance tokens soared to near one-year high prices last week prior to the transactions.
CoinDesk
From Vintage to MNTGE: Digital Fashion Brand to Release NFT Patches Linked to IRL Rewards
The patches were designed by 11 artists, including Jen Stark, Nyan Cat creator Christopher Torres and Bored Ape Yacht Club artist Seneca, and are embedded with NFC chips.
CoinDesk
Bitcoin Mining Has a Superpower
It's the blockchain's electricity consumption patterns, Texas Blockchain Council President Lee Bratcher writes.
Bitcoin News
Examining Worldcoin’s Concentrated Supply at Token Launch
https://static.news.bitcoin.com/wp-content/uploads/2023/07/wc-768x432.jpg Following the Monday, July 24, launch of the worldcoin (WLD) token, the cryptocurrency quickly peaked at $3.30 per coin but has since depreciated by over 35%. Despite 18 months of beta testing and claims of more than 2 million sign-ups, the token has a scant 164,195 holders with its circulating supply exceeding 100 million WLD tokens. A Look at Worldcoin’s Concentration of Holders at LaunchThe Worldcoin iris scanning crypto endeavor, striving to fortify universal basic income (UBI) and promote digital identification amid the era of artificial intelligence (AI), debuted its cryptocurrency on Monday, July 24. As for Tuesday’s data, at 10:15 a.m. Eastern Time (ET), a maximum supply of 10 billion WLD tokens exists, and currently, coingecko.com and coinmarketcap.com report a circulating supply of 107 to 108+ million WLD tokens. Upon its initial exchange listing, the price stood at $1.88 per token, later reaching a peak of $3.30 per coin that same day.
As of July 25, 2023, WLD is being traded for prices ranging from $1.91 to $2.56 per coin, exhibiting extreme volatility. With current prices at $2.17 per unit, WLD has declined over 35% from its all-time high. The Worldcoin concept and initiative have been in existence since 2019 when they were established by Openai CEO Sam Altman, Max Novendstern, and Alex Blania from the San Francisco and Berlin-based Tools for Humanity. Initially created on Ethereum, the token now utilizes the Optimism (OP) layer two blockchain.
The project boasts support from numerous venture capital investors like Reid Hoffman, Andreessen Horowitz, Anatoly Yakovenko, Gavin Wood, Day One Ventures, Digital Currency Group (DCG), Coinfund, Blockchange Ventures, and more. Currently, with 107 million WLD tokens circulating, the cryptocurrency’s distribution is highly concentrated and held by only a few entities. For instance, among the 164,195 unique addresses possessing WLD tokens, the top wallet controls a significant 63.29% of the entire supply.
To illustrate this concentration further: the largest wallet holds 112,540,589 WLD, while the second largest wallet contains 32,488,727 tokens or 18.26% of all WLD. The third biggest WLD wallet possesses 8,722,407 coins, representing 4.9% of the circulating supply. Currently, the majority of WLD tokens are held by market makers and exchanges like Binance, Bybit, and the Optimism Gateway. Very few transfers have occurred since its inception — just 275,591 transactions have taken place since launch. Lots of which are “claim” transfers in the amount of 25 WLD per claim.
The objective of WLD is to ensure fair global distribution to individuals solely based on their unique identity. It’s reported that 75% of WLD will be allocated to the Worldcoin community; 10% is reserved for the Worldcoin team and advisors; an additional 10% is designated for the Worldcoin Foundation; and the remaining 5% is intended for early investors and strategic Worldcoin partners. Yet, the timeline for diluting the currently aggregated supply, along with the duration of its aggregation, hangs in the balance. Presently, it’s the market makers who primarily hold the reins of worldcoin’s (WLD) distribution.
What do you think about the worldcoin supply and how it will be fairly distributed at the level of concentration we see today? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Ripple vs. SEC — Respite for a Beleaguered Industry
https://static.news.bitcoin.com/wp-content/uploads/2023/07/xrp900000-768x432.jpg On July 13, 2023, the U.S. District Court for the Southern District of New York (SDNY) finally issued an order in the infamous case brought by the Securities and Exchange Commission (SEC) against the payment settlement system and currency exchange, Ripple Labs, Inc. (Ripple). District Judge Analisa Torres’ highly anticipated order has been touted as a landmark victory by some digital asset lawyers and other professionals in the beleaguered industry. The SEC claimed Ripple and some of its senior leaders conducted unregistered offering and sale of “crypto-asset securities” in connection with its issuance of the XRP token (XRP).
The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law Ripple vs. SECSpecifically, the SEC alleged in its complaint that Ripple sold more than 14.6 billion XRP, valued at more than $1.38 billion from 2013 through 2020, without filing a registration statement. According to the complaint these sales constituted a violation of Sections 5(a) and 5(c) of the Securities Act of 1933 (Securities Act). Further, the SEC alleged that Ripple sold XRP as an investment contract, which is a security under the SEC’s jurisdiction according to the Securities Act (15 U.S.C § 77b(a)(1)). The SEC alleged Ripple conducted three types of unregistered securities offerings: (1) programmatic sales on digital asset exchanges for which it received $757 million; (2) institutional sales under written contracts for which is received $728 million; and (3) other distributions under written contracts for which it recorded $609 million in “consideration other than cash.” How Judge Torres Ruled and WhyIn party holding for Ripple, the court considered whether XRP was an investment contract under the Howey Test, a legal doctrine that was developed by the U.S. Supreme Court in SEC v. W.J. Howey Co (328 U.S. 293 (1946)) to determine whether certain transactions are investment contracts. For the uninitiated, the Howey Test has three prongs: (1) an investment of money; (2) in a common enterprise; (3) with the expectation of profits to be derived from the efforts of others.
Cryptocurrency advocates and executives from centralized exchanges such as Binance, Coinbase, and Kraken have argued for years that the Howey Test is incompatible with cryptocurrencies and other digital assets. However, courts like the SDNY and regulatory agencies like the SEC appear to firmly believe the Howey Test is applicable to digital assets. Those who oppose applying the Howey Test tend to focus their arguments on the third prong, and argue that retail investors do not have a reasonable expectation of profits to be derived from the efforts of others when buying from anonymous sellers through exchanges. Unsurprisingly, the third prong is where much of the controversy stemmed from in Judge Torres’ ruling.
Judge Torres held under the Howey Test that programmatic sales of XRP to retail investors on digital asset exchanges did not constitute the offer and sale of securities because those sales were blind bid/ask transactions and retail buyers could not have known if their payments of money went to Ripple, another retail investor, or another seller of XRP.
However, Judge Torres also held that Institutional sales of XRP did constitute the offer and sale of securities because institutional investors would have purchased XRP with the expectation that they would derive profits from Ripple’s efforts, and Ripple led institutional investors to believe it would use the capital received from its institutional sales to improve the market for XRP and develop uses for the XRP ledger, in turn increasing the value of XRP. Additionally, other distributions were held not to constitute the offer and sale of investment contracts [...]
CoinDesk
Optimism Tokens Worth $36M to Be Unlocked on Sunday; OP Slides 3.5%
Layer-2 blockchain Optimism is set to unlock $36 million worth of tokens on Sunday, and the anticipated increase in supply spurred a 3.5% slump in the blockchain's native token (OP) on Tuesday.
CoinDesk
Avalanche Foundation Commits $50M to Bring More Tokenized Assets to Blockchain
The program follows Avalanche’s initiative to financial institutions to test blockchain services on one of its subnets.
CoinDesk
Riot Platforms at the Heart of Texas' Debate Over Bitcoin Mining’s Effect on the Grid
The world’s biggest bitcoin mine has drawn the ire of some local residents concerned with Bitcoin's community impact.
CoinDesk
How Bitcoin Miners Can Stay Clear of SEC Scrutiny (and Fall Foul of It)
Regulators view Bitcoin and other proof-of-work cryptocurrencies as commodities. But mining firms can still trip over securities regulations if they’re not careful. This story is part of CoinDesk's Mining Week.
Bitcoin News
Former FTX Boss Sam Bankman-Fried to Testify on Thursday in High-Stakes Trial
https://static.news.bitcoin.com/wp-content/uploads/2023/10/67-768x432.jpg Ex-FTX chief Sam Bankman-Fried is slated to make his case directly to the jury in his ongoing trial, as shared by his defense lawyer, Mark Cohen. Bankman-Fried’s decision to testify comes on the heels of several witnesses who have spoken against him in recent weeks.
Facing Accusations: Sam Bankman-Fried Prepares to Plead His Case Directly to Jury
Having already shared his side of the story with outlets like The New York Times and Good Morning America, Sam Bankman-Fried (SBF) is gearing up to assert his innocence to a panel comprising 12 jurors and six alternate jurors.
Defense counsel Mark Cohen announced that SBF will take the witness stand, in a press statement conducted via teleconference on Wednesday. This development has been widely reported, with Matthew Russell Lee of Inner City Press providing insights. Russell Lee has confirmed that he will be broadcasting a live stream of SBF’s testimony through social media platform X.
SBF has sat through testimonies from past colleagues, including Caroline Ellison, Gary Wang, and Nishad Singh. He has also heard from FTX’s former general counsel and the CEO of Blockfi, all of whom have testified against him.
Despite these challenges, the ex-FTX CEO maintains his innocence, pleading not guilty to all charges, even as he stares down a potential sentence of over 100 years in prison. His testimony is scheduled for Thursday, October 26, 2023, and Cohen has hinted that it will be a comprehensive examination likely to take all day.
SBF won’t be the only one speaking in his defense; Joseph Pimbley of PF2 Securities is also set to testify on his behalf. The latest development follows strategic moves by both the U.S. government and SBF’s defense team as they submitted their juror preferences and requests in anticipation of the trial’s outcome.
What do you think about SBF testifying at his trial this week? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Biggest Movers: LINK, SOL Race to Highest Levels Since 2022
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2128586516-768x432.jpg Chainlink extended recent gains on Wednesday, as the cryptocurrency rose to its highest point since last year. Prices rose by as much as 9% today, taking the total gain to 50% over the last seven days. Solana was another notable gainer, surging over the $33.00 mark.
Chainlink (LINK)
Chainlink (LINK) was a notable gainer on Wednesday, as the token rose to a by as much as 9% in today’s session.
Following a low of $9.84 on Tuesday, LINK/USD rallied to an intraday peak at $11.55 earlier in the day.
As a result of the move, the cryptocurrency climbed to its strongest point since last year, when price peaked over $12.00.
Looking at the chart, the latest surge in price has kept the relative strength index (RSI) above the 80.00 level.
At the time of writing, the index is tracking at 81.87, which is its highest point since August 2020, which is deep in overbought territory.
LINK is trading at $11.13, as of writing.
Solana (SOL)
Solana (SOL) also rallied higher in today’s session, after climbing above the $33.00 level earlier in the day.
SOL/USD climbed to a high at the $33.69 on Wednesday, which comes a day after falling to a low of $29.70.
Today’s surge in price pushed solana to its highest level since last November, and comes after a breakout on the RSI.
Price strength broke out of a ceiling at the 73.00 mark, with the index now tracking at a reading of 77.05.
This is a marginal decline from a high of 82.00 earlier this week, which was also a key point of resistance.
In order to move towards a possible target at $35.00, bulls will need to force a surge past the aforementioned 82.00 point.
Register your email here to get weekly price analysis updates sent to your inbox:
Could solana reach $35.00 in the coming days? Let us know your thoughts in the comments.
CoinDesk
Binance Crypto Withdrawals Back Online After Temporary Outage
Withdrawals on cryptocurrency exchange Binance are temporarily unavailable due to a "technical issue," according to a post on the exchange's X account.
CoinDesk
Bitcoin Stuck Below $30K Before Likely Fed Rate Hike, While DOGE Spikes 9%
Except for the popular meme coin, which was recently up more than 10%, the largest cryptos by market cap were largely unchanged over the past 24 hours as investors awaited a likely 25 basis point increase from the U.S. central bank.
Bitcoin News
Economist Analyzes Challenges of BRICS Currency Competing With US Dollar
https://static.news.bitcoin.com/wp-content/uploads/2023/07/us-dollar-768x432.jpg An economist has shared her analysis of how a common BRICS currency could compete with the U.S. dollar. “You need foreign exchange reserves and you need the trust of the investment community,” she explained, noting that the only country in the BRICS economic bloc to carry such a reserve currency was China.
Economist on Chinese Yuan and Reserve Currency
The chief economist of South African financial services firm Nedbank, Nicky Weimar, discussed how a common BRICS currency could challenge the U.S. dollar’s hegemony last week, Independent Online reported. The BRICS group comprises Brazil, Russia, India, China, and South Africa.
Noting that the economic bloc seeks to create a reserve currency on par with the U.S. dollar and reduce its dependency on the USD, Weimar emphasized that to achieve this goal:
You need foreign exchange reserves and you need the trust of the investment community.
The economist explained that the U.S. dollar became the global reserve currency due to the backing of the Federal Reserve, which the market trusted.
“The U.S. has never defaulted on its debt. It’s given many people scary moments, but it’s never actually defaulted on its debt. The same cannot be said for any of the countries in the BRICS grouping. That’s the first problem,” Weimar described. Recently, the U.S. managed to avoid defaulting on its debt obligations amid a debt ceiling crisis.
The second problem was that the only country in the BRICS economic bloc to carry such a reserve currency was China, Weimer described, adding:
But China has capital controls. You cannot have a reserve currency if you have capital controls. So China in order to make this possible would have to undergo enormous financial liberalisation if they really want to compete with the dollar.
Furthermore, the economist stressed: “They also can’t do it and then change course. They would have to do it and stick with it to gain the trust of the investor. So this is miles away because, ultimately, you must gain the trust of the investor. A currency only has value if people believe it has value. And that trust has got to be there. So they’ve got a long journey ahead of them.”
Noting that China has the ability to do this, but huge changes must be implemented, she opined: “I don’t actually see them talking along those lines. It’s almost like they haven’t made that connection yet that you need to let go of some of the control. You also need to always be willing to provide it.”
Do you agree with Nedbank’s chief economist? Let us know in the comments section below.
CoinDesk
DeFi Headed Toward a ‘Major Resurgence,’ Tribe Capital’s Boris Revsin Says
The managing partner of the $1.6 billion investment firm says infrastructure is the key to turning crypto into a $10 trillion industry.
CoinDesk
Revenue Constraints Will Drive Bitcoin Mining to Sustainability
CoinDesk
Is It Finally Time to ‘X-it’ Twitter For Threads?
Threads hopes to swoop in and capture Web3 users that are looking for social media alternatives. But does the app have what crypto natives are looking for?
CoinDesk
AI Creates Security Risks and Attack Vectors. Can Blockchain Help?
because recipients of the other distributions did not pay money or “some tangible and definable consideration” to Ripple for their XRP.
Many digital asset influencers, advocates, and even legal professionals have hailed the case as a decisive victory for both Ripple and the industry at large, claiming that Judge Torres essentially cemented that the XRP token itself is not a security and that her reasoning can and will be applied to other digital assets that have recently been subject to SEC scrutiny. However, the implications of this much-anticipated ruling are not yet certain and that may not change for several years. What Happens Next?The SEC will go back to the drawing board, and given that Chair, Gary Gensler, has already publicly expressed his disappointment with the ruling, an appeal to the Second Circuit Court of Appeals remains a possibility. Gensler’s disappointment notwithstanding, an appeal could be risky for the SEC because the agency’s jurisdiction over cryptocurrency markets could be reduced significantly if it appeals and loses. But part of this case – that Ripple executives aided and abetted securities law violations in connection with institutional sales – still has to go to trial, and SDNY has not yet set a date. What Should You Do in the Meantime?In light of ongoing regulatory uncertainty and the increasing frequency of enforcement actions by the SEC, it’s more important than ever to consult with legal experts well-versed in digital assets. Consulting with the lawyers here at Kelman PLLC early on is the most efficient way to ensure compliance with potentially applicable laws and regulations, and avoid legal pitfalls and expenses that could otherwise handicap your business.
Fill out our contact form here to set up a free 30-minute consultation.
What do you think about the recent Ripple Labs ruling? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Bitcoin Is on the Ballot in 2024
CoinDesk
Namibia's Crypto Assets Bill Is Now a Law
Namibia's virtual assets bill was put into law on Friday, according to the Gazette of the Republic of Namibia.
CoinDesk
Overheard at EthCC — Is Crypto Back, Boosted by Artificial Intelligence?
The intersection of AI and crypto has everyone riled up, but there is little agreement on what is its best iteration.
CoinDesk
Crypto Exchange KuCoin to 'Adjust Some Personnel as Needed', but Denies Report of Major Layoffs
A report circulated on Twitter on Tuesday that the exchange plans to eliminate 30% of its workforce amid declining profit.
CoinDesk
Elon Musk’s Twitter Overhaul Could Be Huge for DOGE and Crypto Generally
“Elon clearly has an affinity for DOGE, almost as part of a running joke, but I wouldn’t be surprised if he actually went through with enabling payments via DOGE.”
