Eurosystem Publishes New Oversight Framework

Key Takeaways Today, the European Central Bank published its new framework for electronic payments, which includes “crypto-asset related services” and “digital payment tokens.” The new oversight will apply to relevant companies in the Eurosystem within the next year. This is amidst “forthcoming EU regulations on crypto-assets (including stablecoins).” Share this article The European Central Bank (ECB)’s Governing Council has today announced a new oversight framework for electronic payments. ECB Regulatory Framework Published The ECB’s oversight framework for electric payment instruments, schemes, and arrangements (PISA) replaces the current Eurosystem oversight approach…

First Mover Asia: Bitcoin Drops to $56.5K After Brief Rally; Ether Also Falls

Good morning. Here’s what’s happening this morning: Market moves: Bitcoin rallied in early trading on U.S. markets before dropping. Technician’s take: Short-term downside is likely into the Asia trading day. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin (BTC): $56,452 -4.6% Ether (ETH): $4,107 -5.1% Market moves After picking up slightly earlier in the day, bitcoin continued its recent downward trend. At the time of publication, the cryptocurrency was trading above $56,500, down more than 4% over the past 24…

Brazil’s Central Bank Plans to Launch a CBDC Pilot in 2022: Report

The Central Bank of Brazil (BCB) plans to launch a pilot of a digital currency (CBDC) by 2022, BCB President Roberto Campos Neto said on Friday, local media outlet Estadao reported. In September, the BCB told the Brazilian Senate that it planned to launch the final version of a digital real in 2024, according to estimates made by Fabio Araujo, an economic advisor to the BCB, who added that the monetary authority would conduct initial tests in 2022. Brazil’s central bank has also been discussing a bill to regulate digital…

Citi to Expand Digital Assets Division with 100 New Hires

Key Takeaways Banking giant Citi has announced that it will hire 100 new employees in order to expand its digital asset division. It will also appoint Puneet Singhvi, who headed another of the company’s blockchain efforts, as head of the division. Citi initially formed its digital asset division this June; the number of employees involved at that time is unknown. Share this article Banking giant Citi has announced that it is hiring 100 employees for its digital assets division, according to various reports. Citi Will Expand Its Crypto Efforts Citi…

Impermanent Loss, Crypto’s Silent Killer, Threatens the Core Tenets of DeFi: Bancor

Share this article One of the original creators of DeFi is aiming to fix one of the industry’s most pressing problems. When Bancor launched the first-ever DeFi liquidity pool in 2017, the project’s founders saw a tragic flaw in their invention: That when a token rises in price, investors are prone to lose money, fast. The issue, known as “impermanent loss”, costs users billions in crypto gains each year. Today, more than $20 billion staked in liquidity pools is affected. Bancor released a solution in late 2020 that fully protects…

South China Morning Post Releases White Paper for NFT Standard Built on Flow Blockchain

The South China Morning Post (SCMP) has released a white paper detailing its new non-fungible token (NFT) metadata standard called Artifact. The standard will be used to mint historical NFTs, including the SCMP’s own inaugural NFT collection. The SCMP said that Artifact’s metadata structure will be built on the Flow blockchain that was originally created by Dapper Labs, the makers of the popular NBA Top Shot video NFTs. The Artifact white paper outlines a proposed governance structure as well as the development of a dedicated marketplace for the sale of…

Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K

Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today’s drop back under $56,000 is raising eyebrows among traders. Data from Cointelegraph Markets Pro and TradingView shows that after starting the week near $60,000, several days of bears hammering the price of Bitcoin resulted in a revisit to $55,600. BTC/USDT 1-day chart. Source: TradingView Here’s what analysts have to say about the latest price action from Bitcoin and…

Sotheby’s Metaverse announces latest and largest NFT charity auction

Sotheby’s, the world’s oldest art and luxury auction house, announced its collaboration with the public health care advocate and nonprofit organization Sostento to auction off its latest NFT collection via the Sotheby’s Metaverse. The auction titled Gifted: The 140 Collection is considered to be Sotheby’s “biggest NFT charity auction ever,” with all of its proceeds going towards Sostento.  The NFTs were originally gifted by Twitter as part of a giveaway of 140 NFTs to 140 random followers in June of this year. Its recipients became known as “The Besties.” Now,…

This Singapore tech company says its recycling 90% of waste heat from Bitcoin mining

It takes a lot of energy for miners to verify transactions and mint new blocks on the Bitcoin (BTC) blockchain. According to Statistica, one Bitcoin transaction consumes as much electricity as over 1 million VISA transactions. Moreover, the cryptocurrency’s environmental burden increases even more if the energy used for mining stems from fossil fuels. But SAITech, a Eurasia-based Bitcoin mining operator with headquarters in Singapore, seeks to recycle the waste energy from mining for use in residential, agricultural, and industrial applications. The company is also undergoing a $228 million special…

Why Bitcoin Weakness Is Attributed To Dollar Strength

Bitcoin price is currently on the ropes, potentially about to lose support at around $56,000. But could the recent weakness in the cryptocurrency market be more a factor of a strong dollar? TD Sequential Triggers Anti-Correlated Signals On BTCUSD, DXY Weeks ago, we posed the question if or not the Dollar Currency Index making new highs in 2021 was a dangerous situation for Bitcoin. After more than $10,000 per coin was wiped off the price of BTC, the answer was a resounding yes. But much like the cryptocurrency uptrend in…