Binance ‘Not Authorized’ to Operate in Ontario

Crypto Exchange Binance ‘Not Authorized’ to Operate in Ontario, Says Regulator

The Ontario Securities Commission has denied that crypto exchange Binance can continue its operations in the province.

By Andrew Asmakov           3 min read • Dec 31, 2021

Binance, the world’s largest crypto exchange in terms of trading volume, isn’t authorized to operate in Ontario, according to the province’s securities regulator.

In a statement, the Ontario Securities Commission (OSC) notified investors that Binance is not registered under securities law in Ontario.

“This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province,” reads the press release.

The OSC’s statement came after Binance users in Ontario received emails earlier this week, saying that the exchange would be able to continue to operate in Canada’s most populous province.

“As a result of ongoing and positive cooperation with Canadian regulators, Binance in Canada has been successful in taking its first steps on the regulatory path by registering as a Money Service Provider with FinTrac,” said Binance.

The exchange added that “there is no need for Ontario users to close their accounts by December 31, 2021.”

The notification received by Binance’s Ontario users most likely stems from the exchange’s Canadian entity last week’s registration as a money services business with FinTrac, Canada’s anti-money laundering authority.

Canada’s crackdown on unregistered crypto exchanges

In June, after the OSC moved to restrict trading on centralized crypto exchanges that offer derivatives products, including Poloniex, ByBit, and KuCoin, Binance informed its Ontario-based users that they had to close all active positions by the end of the year.

“Binance represented to OSC Staff that no new transactions involving Ontario residents would occur after December 31, 2021. Binance has issued a notice to users, without any notification to the OSC, rescinding this commitment. This is unacceptable,” the OSC said.

The agency stressed that “no entity in the Binance group of companies holds any form of securities registration in Ontario.”

The Canadian Securities Administrators, an umbrella organization of Canada’s provincial and territorial securities regulators, currently lists six crypto trading platforms registered both nationwide and in Ontario. These include Wealthsimple, Coinberry, Netcoins, CoinSmart, Fidelity, and Bitbuy.

The OSC’s latest statement is another setback to Binance, which has faced pushback from regulators across the globe over the past year. In August, the UK’s Financial Conduct Authority stated that Binance’s UK entity was “not capable of being effectively supervised,” though that hasn’t stopped the exchange from once again attempting to gain a license in the country.

In September, Singapore’s MAS added Binance.com to its Investor Alert List, which includes entities that “may have been wrongly perceived as being licensed or regulated by MAS.” Some jurisdictions, such as Malaysia, have even launched enforcement action against Binance for allegedly operating illegally in the country.

On a more positive note, Binance recently made an important step towards becoming a fully-regulated crypto exchange after receiving “in-principle approval” from the Central Bank of Bahrain.

Last week, Binance also signed a Memorandum of Understanding with the Dubai World Trade Centre Authority with the aim of establishing an industry hub in Dubai.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Andrew Asmakov.

Article re-posted on Markethive by Jeffrey Sloe

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Senate Aide to Oversee Crypto Policy

SEC Appoints Senate Aide As Senior Advisor to Oversee Crypto Policy

Corey Frayer has joined SEC Chair Gensler’s executive staff as a senior advisor on the agency’s oversight of cryptocurrencies.

By Andrew Asmakov           3 min read • Dec 31, 2021

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has picked Corey Frayer as his senior advisor to facilitate policymaking related to the regulator’s oversight of crypto assets.

Per an SEC announcement on Thursday, Frayer will also provide guidance regarding the Commission’s interagency operations related to digital assets.

Before joining the SEC, Frayer served as a senior staffer on the U.S. Senate Committee on Banking, Housing, and Urban Affairs under chairman Sherrod Brown.

Prior to that, he worked as a senior advisor responsible for issues related to consumer and investor protection, as well as emerging financial technologies, for U.S. Representative Maxine Waters on the House Financial Services Committee.

In addition, the SEC announced the appointment of Philipp Havenstein, Jennifer Songer, and Jorge Tenreiro as operations counsel, investment management counsel, and enforcement counsel, respectively.

Citing his executive staff new members’ “exceptional experience,” Gensler said he has “already begun to rely on their valuable counsel on policy, enforcement, and agency operations.”

Frayer’s appointment comes on the heels of the resignation of Republican commissioner Elad Roisman from the SEC earlier this month.

Roisman, who is stepping down from his role in January, had been a vocal opponent of a number of Gensler’s priorities, and had sided with fellow commissioner Hester Peirce in her pursuit of a clearer approach to which crypto assets constitute securities.

Gensler’s stance on crypto

When Gensler, who previously taught a course on blockchain at MIT, took office in April, many in the crypto industry hoped that under his direction the SEC would take a moderate approach toward crypto as a new asset class.

One thing many American investors hoped for was the approval of a highly anticipated spot Bitcoin ETF. However, the SEC soon dashed those hopes, with Gensler making clear his preference for an ETF that tracked Bitcoin futures instead.

And while a number of Bitcoin futures ETFs have been approved over the past year, the SEC has repeatedly delayed or disapproved applications for a physically-backed Bitcoin ETF. Just last week, the SEC rejected filings for spot Bitcoin ETFs proposed by Valkyrie and Kryptoin.

Gensler, who was named Decrypt’s 2021 Person of the Year, has also taken aim at the booming sector of decentralized finance (DeFi), suggesting that it needs tougher regulation.

With the new arrivals, the SEC is now likely to step up its efforts at creating a more comprehensive regulatory framework for crypto. As Galaxy Digital CEO Mike Novogratz put it, Gensler “wants to be the sheriff of Cryptoville”—and now he has his posse.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Andrew Asmakov.

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Bitcoin Makes It Into Scrabble Dictionary

Bitcoin Makes It As A New Word In The Sixth Edition Of The Merriam-Webster Scrabble Dictionary After An Explosive 2021

By Aliyu Pokima – December 30, 2021

  • Bitcoin has gone mainstream after it debuted in the Merriam-Webster scrabble dictionary.
  • The cryptocurrency has seen its usage soar and is now increasingly becoming part of the everyday lexicon.
  • The asset currently trades at $47,000 after a memorable 2021.

Bitcoin is unquestionably mainstream as cryptocurrencies seep into our collective consciences. Scrabble players can now use cryptocurrency as a valid word in their games.

The Bitcoin Word

Bitcoin has been added to the Merriam-Webster Scrabble dictionary as it cements its place as an everyday term. The move means that scrabble enthusiasts can now use the word in games as the dictionary updates its words.

Emily Brewster, an editor with the dictionary stated that the addition of Bitcoin and other new words to the Scrabble dictionary will inject excitement and make people play regularly.

Bitcoin has a value that is worth 11 points in the game and at the time of the inclusion in 2018, the asset was trading at $6,400. Since then, the leading cryptocurrency has soared in adoption and value to trade at $48,000 within three years. Google searches of the word are also on the rise following a wave of mass institutional adoption. Tesla’s decision to add $1.5 billion worth of BTC on its balance sheet played a huge role in setting off a chain reaction of adoption as several firms followed their lead.


BTCUSD Chart By TradingView (Click image for larger view)

The word “bitcoin” was used over 100,000,000 times on Twitter as the social network became the de facto home for the asset’s enthusiasts. “There were 101,000,000 tweets containing the word “bitcoin” in 2021 – 350% the volume of 2020,” wrote Jameson Lopp.

The Rise of Cryptocurrencies

Cryptocurrencies have risen in popularity in recent months as the term has seeped into public consciousness. Mainstream media companies like Times, CNBC, CNN, and the BBC have regularly reported on cryptocurrencies with the stories making the front pages of several high-profile publications.

NFTs became the Collins Dictionary Word Of The Year after a stellar year in review. Google searches for the term shot through the roof as more investors latched onto the technology. Mainstream media was stunned when Beeple’s digital painting sold for a staggering $69 million in early 2021 while Jack Dorsey’s tweet sold as an NFT for over $2 million.

Cryptocurrencies like Shiba Inu and Dogecoin are terms that also gathered steam in the year in review, with the meme coins going on a hot streak that towered over Bitcoin and Ethereum.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Cryptos Firm At The End Of A Historic Year

Cryptos Firm At The End Of A Historic Year

By RTTNews Staff Writer | Published: 12/30/2021 8:26 AM ET

Cryptocurrencies numbering more than 16000 are approaching the fag end of 2021 with mixed emotions. Most of the top-15 cryptocurrencies had found their best levels in 2021. The only exceptions are XRP, and stablecoins Tether and Binance USD.

However, there is palpable gloom as well. Despite the staggering valuation gains in 2021, the aggregate market capitalization which had peaked at $2.97 trillion in mid-November is just around $2.23 trillion near the end of December.

Market leader Bitcoin (BTC), which scaled its best level of $68,789.63 in November 2021 is currently trading at $47,636.19, almost 31 percent below the peak. Bitcoin’s market capitalization which almost touched $1.3 trillion during the same time is now only $901 billion. 2021 would be remembered for Tesla’s investment in Bitcoin, the legal tender status in El Salvador, launch of futures-based ETF as well as the Taproot upgrade.

Rival contender and lead alternate coin Ethereum (ETH) which also touched an all-time high in November 2021 is also significantly lower than the peak level. Ethereum’s current price of $3,742.25 is 24 percent below the $4,891.70 peak. EIP 1559 or the London Hard Fork was a major milestone for Ethereum in 2021.

Third-ranked Binance Coin (BNB) is currently trading at $526.61, 24 percent below the all-time-high of $690.93 level recorded in May 2021.

Fifth-ranked Solana (SOL)’s current price is $175.41. SOL, dubbed the fastest blockchain, had touched a record high of $260.06 in early November. The drop in price since then is around 33 percent.

Sixth ranked Cardano (ADA) had touched an all-time high of $3.10 in September 2021. It has since slipped around a whopping 56 percent to trade at $1.37.

Ninth ranked Terra (LUNA) scaled fresh peak of $103.33 three days ago. But it too has dropped around 17 percent and is currently trading at $87.27.

Tenth ranked Polkadot (DOT) and 11th ranked Avalanche (AVAX) scaled all-time highs in November 2021. DOT is now trading at $27.99, 50 percent below the peak of $55 whereas AVAX is currently trading at $105.08, 29 percent below the all-time high of $146.22.

12th ranked meme-coin Dogecoin (DOGE) slipped more than 75 percent from its peak of $0.7376 touched in May 2021. The coin has seen great support in 2021 from the likes of Elon Musk.

13th ranked meme-token SHIBA INU (SHIB) is currently trading at $0.00003416 versus the level of $0.00008845 touched in late October.

14th ranked Polygon (MATIC) touched a record of $2.92 three days ago and at current level of $2.56, has fallen just 14 percent from that peak.

Market capitalization of the Smart Contracts category is currently at $666 billion. DeFi market cap is at $168 billion whereas Stablecoins command a market capitalization of $163 billion. Web 3 category market capitalization aggregates to $75 billion, closely followed by the Research category which has a $61 billion market cap. NFTs & Collectibles related cryptocurrencies add up to $58 billion in market cap whereas memes category size is $43 billion. Metaverse cryptos have an accumulated market cap of $39 billion.

At press-time, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP (XRP), Terra (LUNA), Polkadot (DOT), Avalanche (AVAX), Dogecoin (DOGE), Polygon (MATIC), Algorand (ALGO), Litecoin (LTC), TerraUSD (UST), and NEAR Protocol (NEAR) are the 15 top ranking coins in terms of market capitalization.

In the tokens category, Tether (USDT), USD Coin (USDC), SHIBA INU (SHIB), Binance USD (BUSD), Crypto.com coin (CRO), Wrapped Bitcoin (WBTC), Uniswap (UNI), Chainlink (LINK), Dai (DAI), Decentraland (MANA), Axie Infinity (AXS), FTX Token (FTT), The SandBox (SAND), Bitcoin BEP2 (BTCB), and UNUS SED LEO (LEO) rank in the order of market capitalization.

2021 was indeed a defining year for cryptocurrencies. Valuations skyrocketed as NFTs, Web 3, Metaverse, DeFi etc. and a host of other innovative adaptations of blockchain technology exploded on the global digital assets landscape.

Crypto world would be welcoming 2022 hoping blockchain technology would permeate newer realms, cryptocurrencies would scale new price peaks and digital assets would be accepted even more into the mainstream. Lingering anxiety regarding a tight monetary policy regime and fear of greater regulatory control could moderate price hike expectations to a limited extent.

For comments and feedback contact: editorial@rttnews.com

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Elon Musk On Dogecoin

Elon Musk On Why Dogecoin Is Fundamentally Better Than Anything Else He Has Ever Seen

By Brenda Ngari – December 29, 2021

The person who has arguably the strongest pull on the Dogecoin leash, Tesla founder Elon Musk, has admitted that the original meme coin is fundamentally better than anything else he has ever come across.

Musk Explains Why Dogecoin Is Fundamentally Better

Elon Musk praised Dogecoin for the umpteenth time during his latest appearance on the Lex Fridman podcast. The South African-born tech magnate compared DOGE to Bitcoin, obviously favoring the former.

Musk argued that Dogecoin has a much higher transaction volume functionality compared to the most valuable cryptocurrency as well as significantly lower transaction costs. “Right now, if you want to do a Bitcoin transaction, the price of doing that transaction is very high so you could not use it effectively for most things, and nor could it even scale to high volume,” he said.

In other words, Dogecoin is a viable payment option — one that can routinely be used to purchase a cup of coffee — unlike Bitcoin. According to the Tesla chief, the small Bitcoin block size and a long synchronization time made sense back in 2008 owing to the poor internet infrastructure at the time. But in 2021, Bitcoin’s transaction speed is “comically slow”.

Musk then noted that Dogecoin’s inflationary supply encourages more people to use the coin. If investors expect the price of a crypto asset to appreciate in time due to a scarce supply, the Tesla chief says they will be reluctant to spend it. This is why he believes Dogecoin is “fundamentally better than anything else I’ve seen, just by accident”.

Earlier this month as Musk was named by Time Magazine as their 2021 person of the year, he reiterated that Dogecoin is a better substitute for transactional currency than Bitcoin, which most people would rather HODL as a store of value.

Is Dogecoin Really Much Better Suited For Tesla Than Bitcoin?

DOGE has come a long way since its modest beginnings as a joke crypto project based on a viral internet meme of a Shiba Inu doge. Notable companies and people have embraced Dogecoin this year but it is Elon Musk that has basically helped the coin take an entirely new life of its own.

Earlier this year, Tesla invested $1.5 billion into Bitcoin and even went further to accept it for payment on its electric cars. Just three months later, though, Tesla infamously u-turned on its decision, citing Bitcoin’s electricity usage as a cause for concern. Experts in the crypto space were quick to highlight the fact that Dogecoin employs the same proof-of-work (PoW) consensus mechanism as BTC, litecoin, and other cryptos. This means that the mining of the doggy-themed cryptocurrency consumes as much energy as that of bitcoin.

Yet, Musk announced this month that Tesla would begin accepting DOGE as payment for its merchandise on an experimental basis. It’s worth noting that the development team behind Dogecoin recently laid out its first-ever roadmap detailing an array of new exciting projects, including a possible jump to the energy-efficient proof-of-stake (PoS).

Dogecoin enthusiasts are hoping the Dogefather will not reverse course on their favorite coin this time around.

On Wednesday, DOGE was changing hands at around $0.1691, down more than 7% over the last 24 hours amid crypto market sell-off.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Why Cryptos Whipsawed In 2021?

Why Cryptos Whipsawed In 2021?

By RTTNews Staff Writer | Published: 12/29/2021 8:58 AM ET

Perhaps it was in 2021 and 2021 alone that the world sat up and took notice of the developments in crypto world to such a great extent.

At the end of 2020, cryptocurrency market capitalization was just $759 billion. By the end of January 2021, the market cap touched the psychological $1 trillion mark. Within a month, crypto market cap increased to $1.38 trillion and $1.84 billion was achieved by the end of March, 2021. The $2 trillion peak was scaled on 10th April, 2021 and markets closed April at $2.13 trillion.

When crypto markets scaled the $2.53 trillion level on May 12, there was all-round optimism and little inkling of how long it would take to breach that level again. Emission-related tweet storms and the force of regulatory crackdown on mining in certain countries caused the market cap to slump to $1.6 trillion at the end of May 2021. By the end of June, crypto market cap had fallen further to $1.42 trillion.

On July 20, there was global sell-off across world markets and the contagion spread to digital assets as well, causing the aggregate cryptocurrency market cap to slump to as low as $1.2 trillion. Soon, bullish momentum returned taking the market cap up to $1.63 trillion by the end of July.

The $2 trillion level was breached on 20 August and the closing market cap for August was $2.09 trillion. Crypto prices whipsawed in September as a flash crash followed after the frenzy that surrounded El Salvador’s according of legal tender status to Bitcoin. Bitcoin’s tryst with legal tender status in El Salvador was a bumpy beginning marked by technical glitches and protests that triggered an unprecedented volatility that shook the entire crypto space. Sentiment was dampened and the market capitalization at the end of September was just $1.90 trillion.

ETF frenzy pushed Bitcoin prices and resultantly crypto market capitalization to $2.59 trillion by the close of October. The metaverse frenzy that was triggered with Facebook’s rebranding to Meta also supported market sentiment in cryptosphere.

The Squid Game fiasco, an episode of money haste and money heist that happened in early November caused a flutter in the crypto market. The rug-pull event, a malicious manoeuvre in the cryptocurrency industry where crypto developers abandoned a project and ran away with investors’ funds, used privacy protocols like Tornado Cash to masquerade the heist transactions.

Crypto market capitalization touched a historic high of $2.97 trillion on 11th November amidst multi-year high inflation readings in the U.S. Bitcoin and Ethereum scaled fresh peaks as the role of an inflationary hedge pumped up crypto prices amidst the increasing hyper-inflation narrative. But the euphoria was short-lived and a flash crash eroded valuations and pushed crypto market cap to $2.76 trillion. Cryptos were reportedly hurt by fear of stock market meltdown and the haunting contagion from other asset classes, especially the property debt woes. Fresh concerns about the adequacy of reserves held by stablecoin players also seemingly played spoilsport to crush the party at the peak.

Cryptos closed trading for the month of November with a market capitalization of $2.63 trillion after a painful Black Friday meltdown. Another flash crash in early December saw valuations plunge again. Market cap dropped to $2.21 trillion and it has been a bumpy ride from then onwards.

The runaway inflation, the Fed dropping “transitory” from its inflation narrative, the withdrawal of pandemic-era monetary stimulus and the progression to a tight monetary policy regime dominated investor sentiment through much of December and kept crypto markets on tenterhooks.

At press time, on Wednesday, crypto market capitalization, is around $2.20 trillion, a gain of 183 percent over the levels recorded at the end of December 2020. Bitcoin is trading at $46,973, recording annual gains of 63 percent. Ethereum is trading at $3,722, having gained 404 percent on an yearly basis.

It is indeed the extraordinary volatility that beckoned many a new class of traders and investors to the cryptocurrency industry. Sans the volatility, the knowledge of the potential use cases of cryptos would have been confined to only a miniscule population of money managers.

For comments and feedback contact: editorial@rttnews.com

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Hoskinson Reveals Plans For 2022

ADA Set To Gain Incredible Grounds As Hoskinson Reveals Groundbreaking Plans For 2022

By Nick James – December 28, 2021

It’s been a hectic year for the Cardano network, but it seems that things are yet to slow down. If anything, Cardano is about to enter a whole new level in the blockchain and crypto industry.

That’s according to a recent update by founder Charles Hoskinson. Charles set out to talk about his plans for the network come 2022.

Creating A DeFi Structure

Cardano has had plans to roll out a proper DeFi structure that will allow the deployment of various DeFi protocols on its blockchain.

Charles envisions this kind of structure to be open-source and likens it to the Linux Hyperledger. DeFi protocols, powered by smart contracts, have locked upwards of $260 million across multiple blockchains in the industry.

In the case of Cardano, this new feature will be supported by the fact that the network became fully decentralized back in April 2021. In September, smart contracts were launched, giving the network the much-needed capability to host DeFi applications.

Public DeFi Application

However, public DeFi applications are still not running on the Cardano network, but Charles predicts a surge in activity in the coming year. This is particularly promising because Cardano has been on a charm offensive in different parts of the world.

Besides, its native crypto, ADA, has been performing well and has maintained a position among the top coins in the charts. At the time of this writing, ADA sits at position 6, right behind Solana. It trades at around $1.47 and posts $50 billion in total market cap. The crypto currently exhibits a 5.8% price decline over the last 24 hours, with an impressive 15.8% improvement over 7 days.

Fulfill More Cardano Improvement Proposals (CIP)

Meanwhile, developers are working hard to implement more of Cardano’s Improvement Proposals as well as draft new ones. The creation of a new native wallet is among the proposals. A peer-to-peer system is also in testing. The P2P feature will make the Cardano network even more decentralized and enable network validators to deal directly without having to rely on nodes run by IOG.

From the look of it, whatever Charles Hoskinson is planning for Cardano in the coming year will be great for the network, and if done well, it’s possible that it would impact ADA as well.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Nick James and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Cryptocom Teams Up With LA’s Angel City Football Club

Crypto.com Teams Up With LA's Angel City Football Club

By RTTNews Staff Writer | Published: 12/28/2021 9:19 AM ET

Crypto-trading platform Crypto.com has teamed up with Angel City Football Club (ACFC) to become its founding partner and the team's official cryptocurrency and NFT partner. This is claimed to be the first direct sponsorship of a professional women's sports team by a major cryptocurrency platform.

This follows close on the heels of a recent announcement of a naming rights agreement for the Crypto.com Arena in Los Angeles. These partnerships are part of Crypto.com's efforts to increase access and awareness of cryptocurrencies, blockchain, and Web3 technologies among LA soccer fans, ACFC players, and across the broader ACFC organization.

Crypto.com will also educate players on crypto and allow the players to use the power of Non-Fungible Tokens (NFTs) to connect with and create a deeper relationship with their fans. Crypto.com rolled out a NFT marketplace in June with exclusive content from popular artists, musicians, athletes, and sports. The exclusive content is auctioned on the invite-only marketplace in the form of digital NFT.

This is also an effort by Crypto.com to foster financial education, independence, and financial empowerment for women.

This partnership with ACFC is the latest in Crypto.com's growing portfolio of global sports partnerships, including UFC, F1, Paris Saint-Germain, and the NBA's Philadelphia 76ers. Crypto.com also partners NHL's Montreal Canadiens, esports team Fnatic, and Lega Serie A, the Italian Football league and Twitch Rivals.

Last month, Crypto.com and AEG, the world's leading sports and live entertainment company, announced a historic, 20-year naming rights agreement to rename the AEG-owned and operated STAPLES Center, one of the most iconic sports and entertainment arenas in the world.

The STAPLES Center is now known as Crypto.com Arena, effective December 25. This agreement also makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.

For comments and feedback contact: editorial@rttnews.com

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Crypto.com Teams Up With LA’s Angel City Football Club

Crypto.com Teams Up With LA’s Angel City Football Club

By RTTNews Staff Writer | Published: 12/28/2021 9:19 AM ET

Crypto-trading platform Crypto.com has teamed up with Angel City Football Club (ACFC) to become its founding partner and the team’s official cryptocurrency and NFT partner. This is claimed to be the first direct sponsorship of a professional women’s sports team by a major cryptocurrency platform.

This follows close on the heels of a recent announcement of a naming rights agreement for the Crypto.com Arena in Los Angeles. These partnerships are part of Crypto.com’s efforts to increase access and awareness of cryptocurrencies, blockchain, and Web3 technologies among LA soccer fans, ACFC players, and across the broader ACFC organization.

Crypto.com will also educate players on crypto and allow the players to use the power of Non-Fungible Tokens (NFTs) to connect with and create a deeper relationship with their fans. Crypto.com rolled out a NFT marketplace in June with exclusive content from popular artists, musicians, athletes, and sports. The exclusive content is auctioned on the invite-only marketplace in the form of digital NFT.

This is also an effort by Crypto.com to foster financial education, independence, and financial empowerment for women.

This partnership with ACFC is the latest in Crypto.com’s growing portfolio of global sports partnerships, including UFC, F1, Paris Saint-Germain, and the NBA’s Philadelphia 76ers. Crypto.com also partners NHL’s Montreal Canadiens, esports team Fnatic, and Lega Serie A, the Italian Football league and Twitch Rivals.

Last month, Crypto.com and AEG, the world’s leading sports and live entertainment company, announced a historic, 20-year naming rights agreement to rename the AEG-owned and operated STAPLES Center, one of the most iconic sports and entertainment arenas in the world.

The STAPLES Center is now known as Crypto.com Arena, effective December 25. This agreement also makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Altcoins Rally

Altcoins Shine In Crypto Rally

By RTTNews Staff Writer | Published: 12/27/2021 7:59 AM ET

Crypto market capitalization is near the $2.4 trillion level amidst a broad-based rally in most cryptocurrencies. In the past week, Bitcoin’s market capitalization increased by 10.3 percent while Ethereum’s increased by 9.7 percent. The remaining coins recorded a 14.7 percent surge in market capitalization.

With Bitcoin’s dominance falling to 40 from 40.7, and Ethereum’s dominance falling to 20.1 from 20.6 during the same period, it clearly is an altcoin driven rally. Cryptocurrencies other than Bitcoin and Ethereum now command 39.90 percent of the market capitalization as compared to 38.8 percent seven days ago.

The 10 top-ranked cryptos excluding Bitcoin and Ethereum that have made decent gains in the past week are Binance Coin (6.6%), Solana (16.5%), Cardano (28.7%), XRP (9.5%), Terra (26.7%), Polkadot (31%), Avalanche (11.8%) and Dogecoin (16.6%).

Of the top-100 cryptocurrencies, only 7 are in overnight negative territory. Likewise, in the same group, only 4 cryptocurrencies are negative on a weekly basis.

Bitcoin is now trading at $50,955.60, up 11.18 percent in the past week. 76 percent of the holders are in the money at current prices.

The recent rally to the multi-week high of $51,814 is despite the U.S. SEC rejecting two Bitcoin spot ETF proposals from Valkyrie Investments and Kryptoins stating failure to meet the regulator’s requirement of preventing manipulative practices and frauds.

Ethereum’s current trading price is $4,079.36, a surge of 7.79 percent over the past seven days. Only 7 percent of Ethereum holders are out of money at current prices.

Meanwhile, Ethereum network recently launched the first proof-of-stake Kintsugi public testnet that marks a significant step in the transition from proof-of-work to the proof-of-stake consensus mechanism.

Terra (LUNA) has touched a fresh all-time high of $103.33, a few hours ago. Terra (LUNA) tops the DeFi space with a market capitalization of around $35 billion. Terra, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems has gained close to 28 percent in the past week.

As of this writing, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP (XRP), Terra (LUNA), Polkadot (DOT), Avalanche (AVAX), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), Algorand (ALGO), TerraUSD (UST), and NEAR Protocol (NEAR) are the 15 top ranking coins in terms of market capitalization.

NEAR Protocol (NEAR) entered the coveted league of top-15 cryptocurrencies after an 83-percent weekly rally. NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform. The coin had touched an all-time high of $16.39 a few days ago and is currently trading 6 percent below the level at $15.40.

Polkadot (DOT), Algorand (ALGO) and NEAR Protocol (NEAR) have gained in rankings whereas Avalanche (AVAX), TerraUSD (UST) and Bitcoin Cash (BCH) have fallen a notch since our review on December 22.

In the tokens category, Tether (USDT), USD Coin (USDC), SHIBA INU (SHIB), Crypto.com coin (CRO), Binance USD (BUSD), Wrapped Bitcoin (WBTC), Uniswap (UNI), Chainlink (LINK), Dai (DAI), Decentraland (MANA), Axie Infinity (AXS), The SandBox (SAND), FTX Token (FTT), Bitcoin BEP2 (BTCB), and Gala (GALA) rank in the order of market capitalization.

Crypto.com coin (CRO), The SandBox (SAND) and Gala (GALA) have improved their rankings since the earlier review. However, Binance USD (BUSD), FTX Token (FTT), Bitcoin BEP2 (BTCB) and UNUS SED LEO (LEO) have slipped.

Stablecoin dominance dropped to 6.76 percent, from 7.03 percent five days ago, in reflection of the greater levels of risk-taking visible in the market. Stablecoin market capitalization is currently at $162.16 billion.

The crypto market surge in the past few days has generated interest in cryptos beyond the top-ranked coins also. Crypto categories in the field of Web 3, Research, Decentralized Exchanges, DAO, Yield Farming etc. have all surged more than 5 percent. None of these categories include the cryptocurrencies Bitcoin or Ethereum.

Riding piggy-back on the popularity of market leaders Bitcoin and Ethereum are a host of cryptocurrencies with a wide variety of use cases. With increasing popularity, these alternative cryptos are getting accepted into the financial mainstream for various payments as well. Those seeking to innovate and apply blockchain technology and cryptography can be hopeful that altcoins too are destined for acceptance and eventually valuation gains.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe