El Salvador’s President, Najib Bukele, has announced his intention to introduce a bill to the country’s Congress that aims to eliminate all taxes on software and hardware innovations.

In a tweet on Wednesday, Bukele said that the bill would exempt technology innovations such as software programming, coding, apps, AI development, computing, and communication hardware manufacturing from all taxes, including income tax, property tax, capital gains tax, and import tariffs.

@azcoinnews

The announcement comes as part of Bukele’s efforts to promote technological innovation in El Salvador, which has already taken significant steps in this direction. In June 2021, El Salvador became the first country in the world to make Bitcoin legal tender, with Bukele stating that it would help to promote financial inclusion and provide opportunities for the country’s unbanked population.

Since then, El Salvador has shown various policies to utilize Bitcoin, including plans to build a “Bitcoin City” powered by geothermal energy and the launch of a government-backed Bitcoin wallet called Chivo. Bukele’s new tax exemption bill for technological innovation is another step towards positioning El Salvador as a hub for innovation and technology in the region.

The details of the bill, including whether crypto assets such as Bitcoin will be included, have not yet been revealed. However, the announcement is likely to be welcomed by tech entrepreneurs and investors, who will now have more incentive to invest in El Salvador and contribute to the country’s economic growth.

The move could also attract the attention of other countries looking to promote technological innovation and create a more favorable environment for businesses in the tech industry. Bukele’s government has shown a willingness to experiment with new and innovative policies, and the tax exemption bill for technological innovation is another example of this approach.

In conclusion, President Bukele’s announcement of a tax exemption bill for technological innovation is a positive development for El Salvador’s tech industry. If passed, the bill would help to attract more investment and promote the country’s position as a hub for innovation and technology in the region. With El Salvador already leading the way in making Bitcoin legal tender, this latest move shows the country’s commitment to embracing new and innovative ideas.

#Elsalvador #Bukele #Bitcoin #BTC #azcoinnews

This article was republished from azcoinnews.com

South Korean tech giant Kakao Enterprise has announced its plans to expedite the establishment of a platform for issuing token securities based on blockchain technology. The company’s blockchain platform has already developed an electronic wallet and an application program interface based on Klaytn, and it is participating in the Central Bank Digital Currency project of the Bank of Korea.

Kakao Enterprise has a number of improved security features for account management, and the blockchain platform has several functions specific to financial institutions. Furthermore, the platform has been developed in Korea, which enables it to effectively respond to maintenance and service advancement.

@azcoinnews

Token securities are digitized securities using blockchain technology. Assets that were previously difficult to divide and trade, such as art, real estate, and music copyrights, can be digitized and traded like stocks.

Kakao Enterprise has recently announced that it will participate as a technology partner in ‘Korea Investment ST Friends’, a token securities consultative group formed by internet banks such as Kakao Bank and Toss Bank. Korea Investment ST Friends is the first case in which a financial institution has been formed to support the institutionalization of token securities.

Kakao Enterprise will be responsible for establishing an issuance infrastructure that can supply products suitable for token securities in the relevant token securities council. It will also support the design of securities token issuance and account management methods using blockchain technology, and will be in charge of technical review for the overall STO of Korea Investment & Securities.

The company also plans to expand its alliances with banks and card companies for the operation of the STO blockchain network. With these initiatives, Kakao Enterprise aims to build a faster, more stable, and more efficient platform so that various financial institutions can participate in the STO ecosystem centered on Korea Investment & Securities.

Kakao Enterprise has designed and successfully operated the entire process of stablecoin issuance-distribution-disposal for the Bank of Korea and 14 banks through the Bank of Korea CBDC simulation project. This experience will undoubtedly prove useful in the company’s efforts to establish a platform for issuing token securities.

#Kakao #KakaoTalk #crypto2023 #STO #azcoinnews

This article was republished from azcoinnews.com

The Monetary Authority of Singapore (MAS) has announced that it aims to release feedback on consultations regarding cryptocurrency and stablecoin regulations by the middle of 2023.

This announcement comes after the central bank published two consultation papers in October of 2022, seeking responses on proposed regulatory measures to protect consumers from the risks of trading in crypto and support the development of stablecoins.

The consultation period closed on December 21st, 2022, and MAS received substantial feedback from a wide range of respondents. In response to a parliamentary question, MAS Chairman Tharman Shanmugaratnam stated that the authority is currently reviewing the feedback received and intends to publish its response by mid-2023.

Among the proposed regulatory measures for crypto service providers, MAS is considering banning the use of credit facilities and leverage by retail consumers for trading. Meanwhile, for stablecoins, MAS intends to regulate the issuance of single currency-pegged stablecoins with over S$5 million (US$3.7 million) worth in circulation. The authority also plans to allow Singapore banks to issue such stablecoins.

It is worth noting that Singapore has been vocal about its stance on cryptocurrency, with the government repeatedly highlighting the risks associated with trading in the industry. Singapore has taken steps to restrict the advertising and promotion of cryptocurrencies, as well as blocking crypto ATM services.

MAS has made it clear that it intends to balance the risks and benefits associated with crypto and stablecoins. While the authority recognizes the potential benefits of these technologies, it is committed to ensuring that consumers are adequately protected from the risks. The forthcoming feedback on consultations regarding crypto and stablecoin regulations will provide further clarity on how MAS plans to balance these competing interests.

In conclusion, MAS is taking a measured approach to regulating the cryptocurrency and stablecoin industry in Singapore. The forthcoming feedback on consultations will provide insights into the authority’s plans for regulating the industry and ensuring consumer protection. It remains to be seen how the industry will respond to these proposed regulations, but MAS has made it clear that it intends to strike a balance between risk and reward.

#Singapore #MAS #crypto2023 #azcoinnews #BTC

This article was republished from azcoinnews.com

The French parliament has been making moves to regulate the cryptocurrency industry in the country, with a bill that will require cryptocurrency companies to register with regulators from January 2022. However, it seems that France is not stopping there in its efforts to regulate the industry, as a new amendment has been agreed upon to ban influencers from advertising cryptocurrency.

According to reports, the Economic Committee of the French National Assembly agreed to the amendment, which will ban influencer direct and indirect promotion of cryptocurrency without permission. This move is seen as part of the country’s strict regulation of the industry, despite being positive towards it.

It is worth noting that currently, there is not a single cryptocurrency company officially licensed by the French financial authorities, effectively banning influencers from promoting cryptocurrency altogether. The bill will go into effect after getting the consent of the Senate and the House of Representatives.

The bill requiring cryptocurrency companies to register with regulators from January next year was passed earlier this year, with 109 votes in favor and 71 against. The registration process will include proof of compliance with governance and anti-money laundering regulations.

The main objective of the bill is to force French cryptocurrency companies to acquire cryptocurrency operator licenses until the announcement of MiCA, a cryptocurrency regulation that covers the entire European Union, by the end of 2024.

French senator Herve Maury, who is part of the French Finance Committee, explained the purpose of the bill, stating that “French cryptocurrency companies have to obtain licenses before October of this year, but no one has done so.” This means that local cryptocurrency companies that are not registered with the French Financial Markets Authority (AMF) will have to obtain a license from 2024.

As the regulation of the cryptocurrency industry becomes more important around the world, it is likely that more countries will follow in France’s footsteps in making strict laws for related regulations.

#French #MiCA #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

Amazon, the world’s largest e-commerce company, is reportedly launching its own NFT (non-fungible token) marketplace, according to Blockworks. The news has been circulating since April 1st, based on information from seven sources and leaked terms of service.

The marketplace is said to be in its final stages of development and will feature popular NFT collections like Beeple and Pudgy Penguins. Amazon’s traditional payment methods, including one-click purchases, will be used to purchase the NFTs.

In addition, Amazon has reportedly partnered with multiple Web3 companies, including Artifact Labs from Hong Kong, NFT collector group Proof Collective, and digital fashion developer The Fabricant. Amazon’s streaming service, Twitch, will also collaborate on promoting Amazon’s NFT business, and NFT purchasers may get the right to distribute gameplay videos on Twitch.

According to Blockworks, Amazon will have a premium Discord membership for partner companies, and affiliated brands will operate an exclusive Discord community for end users, offering special content, events, and opportunities to market NFTs.

The terms of service also suggest that Amazon’s NFT marketplace will run on a private chain, and users will not have to pay for gas. However, the functions for NFT creators will be limited, such as not being able to issue new cards.

While the marketplace was initially expected to launch as early as the fourth quarter of 2022, it has reportedly faced multiple delays, according to three sources.

The marketplace is expected to offer benefits to NFT purchasers, such as exclusive drops of music, e-books, movies and TV shows, physical product shipments, access to private clubs, meet-and-greets with musicians and celebrities, among others.

Although Amazon has not officially confirmed the launch of its NFT marketplace, the news has generated a lot of buzz in the NFT community. If the reports are true, Amazon’s entry into the NFT market will likely be a game-changer and have a significant impact on the market’s future.

#Amazon #NFT #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

Silicon Valley Bank (SVB), which has been a major source of funding for startups for the past 40 years, has been acquired by First Citizens, a US small and medium-sized bank. The announcement was made by the US Federal Deposit Insurance Corporation (FDIC) on March 27th, stating that First Citizens has agreed to underwrite all deposits and loans of SVB. This comes after SVB went through bankruptcy procedures due to a bank run on March 10th.

Established in 1983 as a subsidiary of Silicon Valley Financial, SVB has grown into the 16th largest bank in the United States, serving as a source of money for startups. It was the center of the US venture capital industry that finances technology projects, and has provided investment and private banking services as well as deposits and loans to startups. SVB has 44% of US tech and healthcare venture companies as customers, and has supported many startups such as Cisco, Circle, TrueUSD, Airbnb, LinkedIn, and Uber.

However, the failure of crisis management due to the short-term sharp rise in the benchmark interest rate eventually led to the bankruptcy of SVB. The value of US Treasury bonds fell as interest rates soared, and startups that had difficulty attracting funds increased deposit withdrawals, resulting in losses for the bank.

To make up for this, the bank announced a capital increase plan, which led to a plunge in stock prices and a large withdrawal on March 9th. Deposits began to decrease as startups began withdrawing deposits they had entrusted to them all at once in a situation where financing was difficult across the market.

The news of SVB’s collapse caused a massive bank run and eventually led to bankruptcy. As SVB, which served as a source of funding for startups, closed, the anxiety in the Silicon Valley ecosystem, which needs funding, is growing.

The impact of the Silicon Valley bank’s bankruptcy has also spread to Europe. Credit Suisse, the world’s ninth-largest global investment bank in terms of assets, was sued for not disclosing internal control problems, and a bank run occurred after the stock price collapsed. The Swiss central bank hastily provided a bailout, and the government led the acquisition by UBS, but unrest in the market remains.

The closure of SVB has increased anxiety and fear across Silicon Valley, with startups struggling to find funding in a difficult market. The procession of bankruptcies in US banks later led to the closure of Signature Bank, and massive deposit withdrawals continued to take place at First Republic Bank of San Francisco, which has the 14th largest asset size in the United States. 11 large US banks, including JP Morgan Chase, supported deposits of $30 billion to stabilize the situation.

In conclusion, the bankruptcy of SVB has sent shockwaves through the startup ecosystem and the banking industry, with its impact, felt not only in the US but also in Europe. It highlights the importance of crisis management and the risks of short-term investments. The fallout from this event is likely to be felt for some time to come, with many startups and banks struggling to recover from the financial losses incurred.

#SVB #SVBBank #Binance #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

BitDeer, a subsidiary of former Bitmain co-founder Jihan Wu, has revealed that its operational capacity has surged to 562 MW at the end of 2022. The company has powered 4.2 EH/s and 6.3 EH/s in proprietary mining and hosting hashrate, respectively, as of June 2022.

BitDeer has made a significant leap in capacity from its operational capacity of 280 MW in September 2021, thanks to the construction in Rockdale, Texas. The company has achieved an operational capacity of 386 MW as of June 2022 and increased the developed capacity of the Texas site to 562 MW by the end of 2022.

The new figures place BitDeer in direct competition with Riot, which claims to have 700 MW in developed capacity in the same Texas city. BitDeer’s diversified business models include proprietary mining, hashrate sharing, and hosting. The company generated $75 million through hashrate sharing, similar to selling cloud mining contracts using its own hashrate.

@azcoinnews

The company’s revenue diversification breakdown indicates that BitDeer’s three segments played a more equal role in revenue contribution in 2022 compared to previous years. Notably, the revenue from the hosting segment increased from $26 million in FY’21 to $60 million in the first half of 2022 alone.

@azcoinnews

Texas remains the largest mining hub in North America with about two gigawatts of operating capacity as of Q4 2022, according to an updated North American mining power distribution map by TheMinerMag. Despite industry headwinds, Bitcoin mining is booming in Texas, as reported by Reuters. BitDeer’s success in Texas is a testament to the state’s friendly regulatory environment for crypto miners.

#Bitdeer #RIOT #Texas #Bitcoinmining #azcoinnews

This article was republished from azcoinnews.com

Despite the Hong Kong government’s efforts to make the city a crypto asset hub, many cryptocurrency firms are still struggling to open local bank accounts. Even licensed crypto firms are finding it difficult to do so, especially after the closure of Silvergate Bank and Signature Bank, two of the world’s biggest crypto-friendly banks.

According to SCMP, banks in the city are not keen to serve them, and as a result, Hong Kong’s cryptocurrency-related companies are scrambling to find ideal banking partners around the world and in their home city.

Adrian Wang, the founder and CEO of digital asset management firm Metalpha, stated that quite a few crypto funds and firms are seeking to find local Hong Kong banking partners to do business with to prevent the SVB-style crisis from happening to them again. While digital asset regulations in the city have become friendly overall, Hong Kong banks still have stringent requirements when dealing with crypto businesses.

Current regulations for crypto assets in Hong Kong do not restrict local banks and financial institutions from working with businesses engaged in crypto-related activities. However, the Hong Kong Monetary Authority requires banks to perform due diligence and ongoing monitoring of these clients. For instance, if the customer is a crypto asset service provider (VASP), the bank will need to see if the VASP is licensed and assess its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) controls.

As many VASPs are not currently licensed in Hong Kong nor registered for AML/CTF requirements, this poses a significant hurdle for many VASPs to open a bank account in Hong Kong. But even licensed crypto firms in Hong Kong face challenges, as they can also find it difficult to open bank accounts and often have very limited options.

Many Hong Kong firms are now hoping that local banks could expand their services and develop solutions fit for crypto companies, now that the government has set its mind to attract such businesses back to the city after a previous exodus. In October last year, Hong Kong unveiled a range of policies aimed at boosting its crypto asset sector and becoming a hub and proposed rules on legalizing retail crypto trading.

However, some industry players think such measures are not enough. There are already multiple ways for retail customers to buy crypto, and the real question is that there’s no proper, regulated, and convenient fiat on-ramp and off-ramp infrastructure in Hong Kong.

#Hongkong #crypto2023 #Regulation #azcoinnews #crypto2023

This article was republished from azcoinnews.com

Hardware wallet manufacturer Ledger has successfully completed a €100 million funding round, according to a report by Bloomberg on March 30.

The Paris-based startup is now valued at €1.3 billion, the same valuation it received from its last raise in June 2021. The round’s investors include True Global Ventures, Cité Gestion SPV, Digital Finance Group, and VaynerFund.

Ledger claims it stores more than 20% of the world’s cryptocurrencies and 30% of the world’s NFTs, highlighting its dominant position in the crypto wallet market. The funding round’s success comes as the broader crypto industry experiences volatility, making Ledger’s hardware wallets an attractive option for investors looking for security and stability. A second closing is expected in mid-April, with a third closing to follow due to high investor demand.

Ledger’s success highlights the importance of hardware wallets in the crypto industry, as investors seek secure and reliable storage solutions for their digital assets. With the rise of non-fungible tokens (NFTs), the demand for secure storage solutions has increased significantly, making Ledger’s position as the largest hardware wallet manufacturer all the more valuable. Investors recognize the value of Ledger’s dominant position in the market, evident by the strong support it received in the funding round.

Looking ahead, the success of this funding round is likely to further solidify Ledger’s position in the market and attract new investors looking for secure storage solutions for their digital assets. Additionally, it underscores the continued growth of the crypto industry, despite the recent market turbulence, as investors recognize the potential for significant gains in the world of digital assets.

#Ledger #crypto2023 #BTC #dyor #azcoinnews

This article was republished from azcoinnews.com

In a recent tweet, Ryan Selkis, co-founder of on-chain data analytics firm Messari, made some bold predictions about the future of Bitcoin. He claimed that the cryptocurrency would reach the $100,000 mark within the next 12 months and that there would be more bank failures in the coming weeks.

Selkis’s prediction is based on the return of monetary easing by the Federal Reserve, in which interest rates are cut and quantitative easing is resumed. He believes that this will lead to sustained moderate inflation, which will cause Bitcoin to rise in value.

According to Selkis, Bitcoin is perceived as healthy money amid the continued devaluation of the dollar. He believes that companies like MicroStrategy will accumulate cryptocurrencies faster than federal regulators can move to shut down assets, such as Bitcoin regulation.

Selkis’s optimistic bet on the future of Bitcoin is that it will change from ‘outside money’ to ‘healthy money’ and reach $100,000. He emphasized that Bitcoin is perceived as a life raft and peaceful exit option in the current economic climate.

However, the key to this prediction is that institutions must be able to buy and defend Bitcoin alongside individual investors. Selkis predicts that institutions will buy Bitcoin faster than federal regulators can shut down assets.

As a recent report by AZCoin News, Balaji Srinivasan, the former CTO of Coinbase, has made a daring prediction that Bitcoin’s value will hit $1 million by June 17th. To demonstrate his confidence in his forecast, he has proposed a $1 million wager. The bet was set in motion on March 17th when a Twitter user known as James Medlock offered to bet anyone $1 million that the United States would not suffer from hyperinflation. Balaji accepted the challenge and tweeted, “I will take that bet. You buy 1 BTC. I will send $1M USD. This is ~40:1 odds as 1 BTC is worth ~$26k. The term is 90 days.”

#Bitcoin #BTC #BTC100k #Messari #azcoinnews

This article was republished from azcoinnews.com

In the world of cryptocurrency, market sentiment is a critical factor that can drive prices up or down. As we approach the end of the first quarter of 2023, the current state of the market for Bitcoin seems to be leaning towards a more positive outlook, with on-chain metrics suggesting a slight bias towards the upside.

According to CryptoQuant, a leading provider of on-chain data analytics, there has been a significant drop in the estimated leverage ratio for BTC margined Bitcoin futures, despite recent rallies. This suggests that traders are taking a more cautious approach and not relying on excessive leverage. This is a positive development, as it reduces the risk of a sudden market crash due to over-leveraged traders.

Another important metric to consider is Long/Short Liquidations, which provides valuable insights into market sentiment. In October 2022, when the price of BTC was trading around $15,500, there was a dryness in Short liquidations, indicating that traders were not too pessimistic about the market. However, as the price started to make a sharp push upward, we saw $80 million in Short liquidations at the start of 2023, indicating that a significant number of traders were short.

Currently, we are seeing a similar trend, with $80 million in Short liquidations following the break of the $26,000 price point. However, there are no major long liquidations nearing the $25/$30 million range. As we monitor this metric, we can gain a better understanding of market sentiment and potential price movements.

It is important to note that the ongoing banking crisis creates more risks in the market, and it will be interesting to see how the US deals with this situation and how the market reacts. So far, the banking crisis has proven to be positive for crypto, as more investors shift funds into the crypto economy. This trend could continue if the crisis deepens, further fueling the adoption and demand for cryptocurrencies.

In conclusion, the current state of the market for Bitcoin suggests a positive bias, with traders taking a more cautious approach and less involvement of leverage. However, the ongoing banking crisis creates uncertainties that could impact the market, and it is essential to keep a close eye on the Long/Short Liquidations metric to gain insights into market sentiment. As always, the crypto market is highly volatile and unpredictable, and investors should always exercise caution and conduct their own research before making any investment decisions.

#bitcoin #BTC #crypto2023 #dyor #azcoinnews

This article was republished from azcoinnews.com

Digital asset funds have seen negative money flows for six consecutive weeks, according to a recent CoinShares weekly report.

As of March 17th, there was a net outflow of $94.7 million from all crypto funds. The outflow from digital asset funds last week is notable as major cryptocurrencies, such as bitcoin, rebounded amid concerns over the banking system.

The report shows that digital asset investment products experienced outflows for six consecutive weeks, totalling $95 million, with the five-week total being $406 million, representing 1.2% of total assets under management (AuM). However, AuM has risen by 26% over the past week and now stands at $33 billion, which is the highest it has been since the Three Arrows Capital collapse in June 2022. Trading volumes in investment products were also double the average, reaching $2.6 billion.

CoinShares suggested that the outflows from digital asset funds may be due to investors’ need for liquidity during the ongoing banking crisis, rather than negative market sentiment. The report drew a parallel with the early days of the March 2020 pandemic, during which a similar situation was witnessed.

By asset, there was a net outflow of $112.8 million from Bitcoin funds last week, while $12.7 million was withdrawn from the Ethereum fund. In contrast, $34.7 million flowed into short bitcoin funds that bet on falling bitcoin.

Interestingly, Litecoin, Solana, Polygon, and XRP funds recorded small inflows, while Bitcoin and Ethereum funds experienced outflows. CoinShares explained that the positive flow of funds from altcoin funds also supports the view that outflows from bitcoin and ethereum funds are due to liquidity needs.

In conclusion, the recent CoinShares report shows that digital asset funds have experienced negative money flows for six consecutive weeks. While this could be a cause for concern, the report suggests that the outflows may be driven more by investors’ need for liquidity during the ongoing banking crisis, rather than negative market sentiment. It will be interesting to observe how the market develops in the upcoming weeks and months, and whether the trend of outflows will continue or change.

#Bitcoin #Solana #ETH #XRP #azcoinnews

This article was republished from azcoinnews.com

The Shiba Inu (SHIB) community has risen dramatically recently, with many investors waiting for the token’s price to rise. However, the price of SHIB, like any cryptocurrency, is subject to market swings and can be influenced by various factors.

These variables could make the meme token an appealing investment option for traders at any time of year. Given that the Easter vacations are only a few weeks away, we were able to anticipate the price of Shiba Inu on Easter Day, April 9, using CoinCodex’s AI analysis.

Shiba Inu is expected to trade at $0.000009976 on April 9th, according to data obtained on March 21. The expected price, however, is slightly lower than SHIB’s current price of $0.00001052 at the time of writing.

SHIB April 9 price prediction | Source: CoinCodex

There is no particular reason why crypto traders might desire to acquire Shiba Inu around Easter. However, given the possibility of it being purchased as a present or used to pay for gifts at particular merchants during the Easter season, traders may expect some volatility in the price of digital assets.

Shiba Inu has tremendous potential for growth and adoption as more businesses and individuals recognize and accept money as a means of payment. This could result in higher demand for Shiba Inu and a subsequent price increase.

Furthermore, sentiment on the one-day gauges at the finance and cryptocurrency analytics portal TradingView is typically unfavorable for SHIB. The summary advises a sell at 14, based on oscillators in the buy zone at two and moving averages indicating a strong sell at 14.

SHIB 1-day gauges | Source: TradingView

With a market capitalization of $6.2 billion, SHIB is trading at $0.00001093, rising 4% in the last 24 hours and down 5% over the last week.

Incidentally, before April 9, the crypto community predicted the SHIB price for March 31, 2023, at $0.00001191, which was somewhat higher than its current price and much more than the Easter Sunday AI projection.

Shibarium is expected to raise the value of SHIB and create a new use case, which would promote higher demand and lead to a price explosion.

Shibarium’s beta release is an important milestone for the Shiba Inu community and the broader cryptocurrency industry. Shibarium’s faster and less expensive transaction processing, staking incentives, and DEX that supports SHIB and other ERC-20 tokens can potentially transform the landscape of Layer 2 solutions.

#ShibaINU #Shiba #azcoinnews #Shibarum #memecoin

This article was republished from azcoinnews.com

Bitcoin has once again taken the investment world by storm, as it recorded a remarkable performance in the first quarter of 2023. According to Bloomberg, Bitcoin was one of the best-performing assets, outpacing major investment products in the same period.

Bitcoin’s Q1 performance is quite impressive, given that it rose by about 70%, marking its best quarterly performance in two years. This is a significant improvement from its 103% return at the end of the Q1 2021 bull market. On the other hand, major investment products such as NASDAQ 100, gold, S&P 500, and STOXX Europe 600 failed to match Bitcoin’s performance, as they all recorded a lower increase in value.

Bitcoin performance against other asset classes. Source: Bloomberg

Market analyst Noel Acheson attributed Bitcoin’s success to the foundation it has been building for a rally since the end of 2022. According to Acheson, Bitcoin’s performance is not surprising, given the recent developments in the cryptocurrency market. In addition, the possibility of additional interest rate hikes by the US Federal Reserve System being raised again as a response to inflation could have contributed to Bitcoin’s rise.

It is also worth noting that Bitcoin’s performance was further boosted by the increased interest in cryptocurrency as an alternative to the centralized currency system. This is particularly true following the bankruptcy of Silvergate Capital, Signature Bank, and Silicon Valley Bank, which affected the confidence of investors in traditional banks.

In summary, Bitcoin has regained momentum in 2023, and its remarkable performance has surpassed major investment products. With the increasing interest in cryptocurrency, it is expected that Bitcoin’s performance will continue to attract investors’ attention in the coming months.

#bitcoin #btcsoaring #crypto2023 #Binance #azcoinnews

This article was republished from azcoinnews.com

An ad truck featuring a male model synthesized with the face of Federal Reserve Chairman Jerome Powell holding a piece of paper that reads “Buy Bitcoin” appeared outside the headquarters of SVB Bank in the United States, providing a Did-It-Happen moment for Bitcoin maximalists and cryptocurrency enthusiasts.

Bitcoin surged 30% in a short time after the SVB crash, reinforcing the logic of the Bitcoin camp that it is an ‘alternative investment’ that emerged as a hedge while the banking crisis was not suppressed, and the stock price of banking stocks plummeted.

Bitcoin is a decentralized digital currency that can be sent from user to user on a peer-to-peer network without the need for intermediaries. It does not rely on trust and is immune to central bank and government failures. Anyone can pay with Bitcoin whenever and wherever they want, making it a popular option among cryptocurrency enthusiasts.

The cryptocurrency market is going through a ‘back to basics’ moment, according to Ryan Watkins, co-founder of Synchrash Capital. Bitcoin is leading the narrative that it will be an alternative to money, and Ordinals Protocol is re-emphasizing the block size problem. Ethereum is expected to show better performance ahead of the Shanghai upgrade.

Bitcoin is based on Proof of Work (PoW). Other proof-of-stake (PoS) coins, such as Ethereum, are exposed to securities risk. Securities and Exchange Commission Chairman Gary Gensler recently argued that proof-of-stake coins are securities. As an alternative investment, Bitcoin is free from securities attacks.

While some skeptics argue that Bitcoin is still useless and does not function as exchange, value measurement, or value preservation, they do acknowledge that cryptocurrency enthusiasts are better than central bankers. Rob Arnault, founder of Research Affiliate, said, “I am a Bitcoin skeptic. But I think crypto enthusiasts are still better than central bankers who are horribly incapable of offering any alternatives. Bit maxies are dreaming of a very passionate goal.”

A cryptocurrency activist who drove a Bitcoin ad truck to the SVB headquarters told Bloomberg, “Currently, a broken financial system is the best marketing for Bitcoin. The Fed is the best advertiser.” This highlights the sentiment among Bitcoin maximalists that the traditional financial system is broken and that Bitcoin provides an alternative solution.

The uncertainty in the financial market is yet to see the majority of retail or institutional investors entering the cryptocurrency market. However, the changed liquidity environment is good for risk assets, particularly for Bitcoin. Cryptocurrency analyst Noel Acheson said, “What drives the price of Bitcoin now is the changed liquidity environment. It is a good environment for risk assets, especially for Bitcoin.”

In conclusion, the ad truck outside the SVB Bank headquarters has given Bitcoin maximalists and cryptocurrency enthusiasts a Did-It-Happen moment. The surge in Bitcoin’s price after the SVB crash has reinforced the logic of the Bitcoin camp that it is an ‘alternative investment’ that can hedge against a banking crisis. While skeptics argue that Bitcoin is still useless, they do acknowledge that cryptocurrency enthusiasts are better than central bankers. The cryptocurrency market is going through a ‘back to basics’ moment, and Bitcoin is leading the narrative that it will be an alternative to money.

#Fed #Bitcoinad #buybitcoin #azcoinnews #crypto2023

This article was republished from azcoinnews.com

In a move that further highlights the growing trend of using blockchain technology to enhance customer engagement, Salesforce, the world’s leading customer relationship management (CRM) platform, has partnered with layer-2 blockchain Polygon to build an NFT-based rewards system. The partnership between Salesforce and Polygon marks a new milestone in the interaction with customers through Web3 technology.

On March 16th, the cloud computing software giant confirmed that it is preparing to launch an NFT-based rewards solution, which will allow users to track real-time blockchain data of Ethereum and Polygon collections in their CRM. The loyalty program is considered the best strategy to retain customers, prolong the customer life cycle, and create a platform for business growth. According to data from Smile.io, loyalty programs can generate about 40% of revenue for businesses.

In recent years, blockchain technology has been increasingly applied in strategies to increase customer engagement, particularly in loyalty programs. For instance, Starbucks, the popular coffee shop chain in the West, also chose Polygon as its partner to build its own NFT-based rewards system in September 2022.

The new rewards system built by Salesforce and Polygon is expected to enhance customer engagement and provide a unique experience to users. Through the use of NFTs, the rewards system can offer more personalized incentives, such as unique digital collectibles and other exclusive items, that can be tailored to the interests and preferences of individual customers.

With the new system, customers will be able to earn rewards through purchases, referrals, and other actions. They can then redeem their rewards for exclusive products, discounts, or other incentives offered by the business. By providing customers with a more personalized and engaging experience, businesses can create a deeper and more meaningful relationship with their customers.

The partnership between Salesforce and Polygon represents a significant step forward in the adoption of blockchain technology in customer engagement strategies. As more businesses recognize the benefits of using blockchain technology in loyalty programs, we can expect to see more innovative solutions in the near future.

#NFT #Polygon #Salesforce #nftcommunity #azcoinnews

This article was republished from azcoinnews.com

Billionaire venture capitalist Tim Draper has urged businesses to consider diversifying their cash management strategies and holding a portion of their reserves in Bitcoin (BTC) and other cryptocurrencies. Draper, who is known for his bullish stance on Bitcoin, suggests that companies should keep at least two payrolls worth of cash in digital currencies.

The call comes amidst a period of economic uncertainty and increasing government regulation, which could potentially lead to bank failures. Draper emphasizes the need for contingency plans that can help businesses weather financial crises, and reduce their reliance on one bank or governing body.

In his Founder Considerations for Cash Management document, Draper advises companies to diversify their risk by keeping six months of short-term cash in each of two banks, one local and one global. He suggests that businesses should also hold at least two payrolls worth of cash in Bitcoin or other cryptocurrencies, as a hedge against economic uncertainty.

Draper argues that governments are taking over banks, and that governments themselves are at risk of becoming insolvent. Bitcoin, he claims, is a hedge against a “domino” run on the banks and on poor over-controlling governance.

The venture capitalist also highlights the importance of yield and capital appreciation in cash management, and the need for companies to be aware of fraud and the vulnerabilities of their customers and suppliers.

Draper’s call for businesses to diversify their cash management strategies and hold reserves in Bitcoin is not new. However, it does come at a time when Bitcoin’s value has been on a rollercoaster ride, with the cryptocurrency reaching new all-time highs before experiencing a sharp decline. Nevertheless, Draper remains bullish on Bitcoin, and he believes that it can play an important role in helping businesses weather financial storms.

Overall, Draper’s call for businesses to consider holding a portion of their cash reserves in Bitcoin and other cryptocurrencies highlights the increasing interest in digital assets as a hedge against economic uncertainty. As governments continue to print money and interest rates fluctuate, it seems likely that more companies will follow Draper’s advice and explore the potential benefits of holding digital currencies.

#TimDraper #crypto2023 #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

Blockstream CEO Adam Back has recently caused a stir in the cryptocurrency community with his tweet stating that “Crypto and Bitcoin are completely different things.” He shared an image depicting Bitcoin as being much more important than other cryptocurrencies, and compared it to the movie Highlander, which portrays immortals who never die.

Back, who was a key developer in the early days of Bitcoin and is known as a Bitcoin maximalist, emphasized that Bitcoin is not just an investment asset but also a store of wealth and money used for transactions.

Twitter: @azcoinnews

He went on to say that one can choose to become a Bitcoin maximalist now or later, indicating that Bitcoin’s importance will only continue to grow. This statement has sparked discussions among the crypto community, with some agreeing that Bitcoin is a separate entity from other cryptocurrencies, while others disagree.

Blockstream, the company that Back heads, is focused on developing technologies that make it easier to use Bitcoin for payments and remittances, as well as supporting the adoption of Bitcoin as legal currency in El Salvador. It is also involved in the issuance of volcanic bonds secured by Bitcoin.

Bitcoin maximalists believe that Bitcoin is the only true cryptocurrency and that other digital assets are merely imitators. They argue that Bitcoin’s decentralized nature, limited supply, and high level of security make it the only viable option as a global digital currency.

However, critics of Bitcoin maximalism argue that this view is narrow-minded and ignores the innovation and potential of other cryptocurrencies. They argue that Bitcoin’s dominance in the crypto space is not a given and that it could be replaced by other digital assets in the future.

Regardless of one’s opinion on the matter, Back’s tweet has sparked a new round of discussion and debate about the role of Bitcoin and other cryptocurrencies in the digital economy.

#Blockstream #Adamback #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

In a surprising turn of events, the Ethereum voluntary exit count exploded on March 16th, marking the second-highest count since the merge. The voluntary exit count refers to the number of validators who have opted to leave the validator pool and stop participating in the consensus process. While this may seem like a cause for concern, experts say that this is actually a positive sign for the Ethereum network.

When a validator chooses to exit, they enter the exit queue and no longer propose or attest to blocks. However, their ETH stake cannot be withdrawn until the Shanghai upgrade is online. Despite this, there were 183 voluntary exits on March 16th, marking the highest recorded number since the merge.

Along with the surge in voluntary exits, the price of ETHUSD has also gone up, leading to fees exploding to their highest level this year. According to CoinMarketCap data, ETH is trading at $1,800, up 9.2% from 24 hours ago. This increase in price is believed to be due to increased demand and interest in Ethereum.

Despite the high number of voluntary exits, experts say that this is a positive sign for the Ethereum network. The surge in voluntary exits indicates that the network is becoming more decentralized and that there is more competition among validators. This is a good thing for the network as it makes it more resistant to centralization and ensures that no single entity can control the network.

The Ethereum network is undergoing several upgrades to address scalability and security concerns. The Shanghai upgrade, which is currently in progress, is expected to address these concerns and make the network more efficient and secure. With the surge in voluntary exits, the network is poised to become even more robust and decentralized.

In conclusion, the surge in voluntary exits on March 16th is a positive sign for the Ethereum network. It indicates that the network is becoming more decentralized and that there is healthy competition among validators. While it may take some time for validators to withdraw their ETH stakes, the network is poised to become more efficient and secure with the upcoming upgrades. As the demand and interest in Ethereum continue to rise, we can expect to see further developments and innovations in the world of decentralized finance.

#Ethereum #ETH #crypto2023 #azcoinnews #ethereumshanghaiupgrade

This article was republished from azcoinnews.com

In a podcast on March 20, Cardano founder Charles Hoskinson made some interesting remarks about Credit Suisse and the current state of the banking sector. Hoskinson pointed out the irony of Credit Suisse’s current troubles and its disapproving attitude towards cryptocurrency and him personally, nine years ago.

Hoskinson noted that Credit Suisse had dismissed the idea of cryptocurrency as too dangerous and unstable, claiming that it would harm its reputation. However, recent events have proven that the traditional banking system is not immune to instability and reputational damage.

The Cardano founder’s comments come in the wake of Credit Suisse’s recent losses and scandals, including its involvement in the collapse of Greensill Capital and the implosion of the Archegos Capital Management hedge fund. These events have raised serious questions about Credit Suisse’s risk management practices and have led to a significant decline in the bank’s stock price.

Hoskinson’s comments also highlight the growing acceptance of cryptocurrency and blockchain technology in the financial sector. Despite early skepticism and caution from traditional financial institutions, many banks and financial firms are now exploring the potential of these new technologies. In fact, UBS, one of Credit Suisse’s main competitors, has reportedly been investing heavily in blockchain technology and is now considering offering cryptocurrency trading services to its clients.

The irony of Credit Suisse’s current troubles and its past dismissal of cryptocurrency is not lost on Hoskinson or the broader crypto community. As the traditional banking system continues to face challenges and disruptions, it seems likely that cryptocurrency and blockchain technology will play an increasingly important role in shaping the future of finance.

In conclusion, Charles Hoskinson’s comments about Credit Suisse and the banking sector’s current state of affairs are a reminder of the importance of innovation and adaptation in a rapidly changing world. While traditional institutions may be hesitant to embrace new technologies, the crypto community is forging ahead and making its mark on the future of finance.

#Cardano #Hoskinson #ADA #CreditSuisse #azcoinnews

This article was republished from azcoinnews.com