Latest Cryptocurrency and Blockchain News 1st August 2019.
- Craig Wright sues Roger Ver over YouTube video
- Federal Reserve Bank is planning to print more US dollars
- US Senator comments on the future of cryptocurrency
- UK regulatory agency is kind to BTC and ETH
- Chinese Bitcoin mining giant launching an IPO in the US
Updated: The court has ruled in Roger Ver’s favor regarding Craig Wrights claims.
Craig Wright sues Roger Ver over YouTube video
Everyone’s favorite person in the world of cryptocurrency, Mr. Craig Wright is back in the news. This time because a judge has struck down a libel lawsuit against Roger Ver, that was filed by the man who continues to claim he is Satoshi Nakamoto Mr. Craig Wright. Wright alleged that Ver defamed him in a YouTube video that was published in mid-April 2019, in which Ver denounced Wright’s claim to be bitcoin’s creator. Citing both Wright’s international reputation and bitcoin’s global community, the court found that there was “no objective evidence” Wright’s reputation in England was harmed. Let’s see if Mr. Wright continues down this path or just goes back to claiming he is Satoshi Nakamoto.
Federal Reserve Bank is planning to print more US dollars
The US Federal Reserve is expected to cut the target interest rate for the first time since the global financial crisis in 2008. This move by the FED could cause a huge rise in the value of bitcoin, What the FED will be doing is increasing the supply of US dollars, which diminishes the value of the currency. Because of this investors will be looking for asset classes that will remain the same or appreciate. Since Bitcoin is capped at a maximum supply of 21 million, bitcoin may turn into what many have wanted it to be, which is kind of like digital gold.
US Senator comments on the future of cryptocurrency.
In recent hearings in the US Senate, Senator Mike Crapo from the great state of Idaho said that it would be difficult or impossible to ban bitcoin in the United States. The Senator went on to cite many positive aspects of bitcoin as he chaired the Senate Committee on Banking, Housing, and Urban Affairs cryptocurrency hearing. “If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.” What does the future look like for government regulations and cryptocurrency?
Britains’ financial regulator, the Financial Conduct Authority, has said it will not regulate Bitcoin as a part of its recent guidance on crypto assets. The regulatory body issued its finalized policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.”, and intends to bring more regulatory clarity to existing types of digital assets. Will the soon say the same about other digital assets?
Chinese Bitcoin mining giant launching an IPO in the USA
The Chinese maker of Bitcoin mining hardware Canaan Creative is looking to go public in the U.S.A, Canaan has already filed the application documents with the Securities and Exchange Commission. The cryptocurrency mining rigs maker is looking to raise approximately $200 million from the IPO. Let’s see how this pans out for them after the IPO is launched.
You can watch this video here: https://youtu.be/-PeGCUi5dSs
Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK
Shortly after lifting the country’s Telegram ban, Russian authorities began investigating potentially fraudulent offerings involving the company’s unlaunched token, Gram. The token was at one time meant to serve a new blockchain ecosystem known as the Telegram Open Network, or TON. Reports indicate that Russian prosecutors are set to investigate a British firm that allegedly sold fraudulent tokens related to Telegram’s terminated blockchain project. The news was reported on July 3 by the local news agency, Baza.io.
According to the report, the action was brought to a local investigative committee by “several Russian entrepreneurs” that claimed to have purchased $11.7 million in Gram tokens. Telegram CEO Pavel Durov officially announced closure of the TON project on May 12. At that time, the Russian investors reportedly attempted to terminate their contract with the British company. Allegedly having Russian roots itself, the unnamed British firm reportedly wrote off $1.5 million in commissions, having returned just $10.2 million to investors, according to Baza.
This news comes soon after Telegram apparently settled its long-running legal battle with American authorities over the company’s $1.7 billion initial coin offering, or ICO. The ICO involved roughly $400 million in investments from United States citizens. On June 26, the U.S. court’s final judgment required Telegram to return $1.2 billion to investors. Telegram purportedly has already repaid the amount, with some U.S. investors confirming that they received a 72% refund. This amount is in line with Telegram’s original reimbursement scheme.
Russia’s interest in Gram comes against the backdrop of some meaningful regulatory changes. After two years of unsuccessful efforts to block Telegram messenger in the country, Russian authorities suddenly decided to lift the ban on June 18. The decision came just a few weeks before Russia conducted a seven-day long constitutional vote — the results of which could potentially allow President Vladimir Putin to extend his 20-year rule until 2036.
Ethereum DeFi Breaks Records in June, However, Other Categories Are Suffering
Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi. Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions. According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield.
Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation allows Curve to provide competitive slippage and fees for exchanging assets. Deposits on Curve rose almost three-fold in June, while daily volume reached peaks of $60 million — 30 times more than its previous average. Demand for USDT pairs was the highest, capturing more than 58.5% of the total volume. This is due to USDT having one of the most significant COMP yields for an extended period of time. Uniswap also benefited from the COMP craze, with monthly volume doubling in June. Kyber and 0x had more modest performances: despite posting fresh monthly highs, the project’s growth was in line with the rest of the year.
According to DappRadar’s Q2 report, the dominance of DeFi indirectly led to the decline of gaming activity. Over $8 billion was transacted on DeFi platforms in Q2, which led to gas prices soaring exponentially. Ethereum’s vibrant gaming DApp ecosystem suffered as fees came to represent a significant portion of each transaction. DappRadar reported a staggering 79% decline of gaming-related activity on-chain over the previous quarter.
EOS appears to be the main recipient of Ethereum’s loss as its gaming transaction volume rose by about 80% since the previous quarter. While this is positive news for the platform, it still hasn’t fully recovered from the damage caused by the EIDOS airdrop in late 2019. Volumes remain well below the highs of Q2 2019. Finally, Tron (TRX) saw growth in its DeFi ecosystem after porting several Ethereum projects on its chain. In addition to the previously-launched clone of Single Collateral Dai, a platform named Oikos.cash recreated both Synthetix and Uniswap on Tron. Nevertheless, total volume for all Q2 is just $15 million. The majority of Tron’s activity remains in the gambling and “high-risk” categories.
EOSIO-Based Social Media Platform Voice Launches Ahead of Schedule
Voice, a blockchain-based social media project developed by EOS creator Block.One, briefly went live one day before its scheduled launch. Based on the open source EOSIO protocol, Voice aims to use Blockchain technology to create a trusted social experience, free from bots and fake accounts. Revealed in June 2019, the project uses biometric authentication technology to verify every account, limiting accounts to one-per-person and promising to protect user data.
Voice’s main page temporarily displayed several posts from different accounts which featured multiple likes and comments. As of press time, the website is no longer available. It now displays “Error 1020” instead, which specifies that the website is “using a security service to protect itself from online attacks.”. In early June, Zalatimo announced that the platform is set to roll out on U.S. Independence Day. He noted that only registered users would be able to publish content or engage online.
After revealing their plans for Voice in June 2019, EOS’ parent firm, Block.One, invested $150 million in Voice during March 2020. The investment was said to provide Voice with resources to operate independently from Block.One. Numerous blockchain-related social media projects have been released to date.
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