Traders watch for a trend reversal after Ethereum price drops to $4,100

Ether (ETH) traders might have a few reasons to panic after today’s 13% drop down to $4,100. The swift pullback appears to have broken a 55-day ascending channel that had a target at $5,500. Ether/USD price at FTX. Source: TradingView Those not worried about technical analysis will understand that the cryptocurrency’s 3.4% daily volatility justifies the 10% negative price swing. Still, one should not disregard externalities such as the United States infrastructure bill approval on Monday. The legislation requires that digital asset transactions worth more than $10,000 are reported to…

NYDIG partners with Houston Rockets basketball franchise, plans to pay team in BTC

The New York Digital Investment Group will be paying the National Basketball Association’s Houston Rockets franchise in Bitcoin as part of a partnership aimed at promoting crypto education and adoption. In a Nov. 16 announcement, the Houston Rockets said the New York Digital Investment Group, or NYDIG, would become the team’s official Bitcoin (BTC) services partner and platform. As part of the partnership, NYDIG is planning to name some of the Rockets’ premium seating at the Toyota Center in Houston the ‘Bitcoin Suites.’ The deal with the NYDIG seems to…

Mt. Gox rehabilitation plan is now ‘final and binding’

The rehabilitation plan to compensate creditors from the now-defunct crypto exchange Mt. Gox is now finalized following confirmation from a Japanese court. According to a Tuesday announcement from Mt. Gox trustee Nobuaki Kobayashi, the rehabilitation plan originally filed in the Tokyo District Court in February is now “final and binding.” The confirmation order of the rehabilitation plan in Japan’s court system is one of the final steps in a long process that began with a 2018 petition to compensate creditors of the exchange that collapsed in early 2014. Kobayashi said…

Polygon launches a zk-STARK scaling solution for DApp deployment

Polygon, a layer two scaling solution for Ethereum compatible blockchains, stated in a press release provided to Cointelegraph that it has launched its zk-STARK powered Miden Virtual Machine for the development of decentralized applications, also known as DApps. 1/7 We are proud to reveal the newest member of the Polygon family – Polygon Miden, an upcoming STARK-based, EVM-compatible Rollup! The project is led by @bobbinth, former Facebook’s lead ZK researcher who led the development of Winterfell. A on why this is exciting… pic.twitter.com/5RqAJgnZlP — Polygon | $MATIC – We’re hiring!…

Peru’s Central Bank Is Developing a CBDC

The Central Reserve Bank of Peru (BCRP) is developing a central bank digital currency (CBDC), BCRP President Julio Velarde said Tuesday. “We have been working on a digital currency,” Velarde said at an online business forum in Peru. “We are involved in a lot of projects with several central banks.” The initiative follows a range of similar efforts throughout Latin America and beyond. Velarde, who said the central banks of India and Singapore are partners in the project, was optimistic about the future of CBDCs. “We are not going to…

Market Wrap: Cryptocurrency Sell-Off Stabilizes Amid US Tax Concerns

Cryptocurrencies were mostly lower on Tuesday as some traders reacted to the signing of the U.S. infrastructure bill containing a controversial crypto tax-reporting requirement. The bill would require all crypto brokers to report transactions under the current tax code. Industry proponents worried the definition would be too broad, involving entities such as miners and other parties that don’t actually facilitate transactions, CoinDesk’s Nelson Wang reported. “We’ve seen the U.S. infrastructure bill get signed, which has initiated a sell-off from traders who are concerned about regulation and taxation” for digital currencies,…

IoTeX ‘MachineFi’ rebrand backs 200%+ rally to a new all-time high

In the past 30 years the growth of the internet and digital technology has transformed the way the world operates and today artificial intelligence and machine learning continue to shift the balance of power away from physical labor and more toward a future filled with automation and smart technology.  IoTeX (IOTX), a blockchain-based project focused on Internet of Things (IoT) devices and the future of machine learning in the workforce, aims to design an open ecosystem that facilitates interaction between people and machines and over the past month the projects…

Ripple Proposes Its Vision for Cryptocurrency Regulation

Key Takeaways Today Ripple laid out its vision for a regulatory landscape surrounding digital assets in the United States. It proposed three key pieces: public-private collaboration, building upon already-existing regulatory frameworks, and safe harbor provisions. The proposal arrives amidst Ripple’s own ongoing legal battle with the SEC. Share this article Ripple has released proposed guidelines for cryptocurrency regulation in the U.S. The proposal is introduced amid Ripple’s own ongoing battle with the SEC. Ripple Releases Suggestions for Crypto Regulation Ripple, the company behind XRP, has released a set of guidelines…