ValteFri, Sep 10, 2021 8:35 AM
Weekly Digest: SEC Investigate Coindesk & Solana New ATH
Every week we make a digest about the most significant news in crypto with bloggers and crypto community members, but this week we decided to find out what companies’ representatives and media think about all things crypto.
Please enjoy and don’t forget to add your favourites to your CoinJoy Feed!
The largest digital asset exchange by trading volumes informed that it will support Cardano’s Alonzo upgrade that will be coming on September 12 and is considered as the most significant in its history. The upgrade will make launching smart contracts possible on the proof-of-stake blockchain. The hard fork will cause the unavailability to withdraw and deposit cryptocurrencies, though trading possibilities will not be affected. Binance will resume deposits and withdrawals once the upgrade is considered to be stable.
The US Security and Exchange Commission has warned Coinbase Global Inc Co that any attempt to implement a financial product that lets users earn interest through lending digital assets will cause lawsuits. That’s why the company made a decision to delay the product for a few months and published an article in the corporate blog wondering why the SEC wants to create problems for the company without even defining a reason. The news came just after the company announced the plan to buy $500 million on crypto. Coinbase CEO, Brian Armstrong also didn’t stay aside and posted a series of tweets explaining how much time he spent earlier talking to the regulators, but, as he says, didn’t succeed in planning a meeting which is avoided by the SEC. In Armstrong’s opinion, the SEC has a biased opinion on Coinbase and the whole crypto world. This point can be proved by the lawsuit against Ripple and two of its top executives at the beginning of the year and also an investigation into Uniswap Labs, developing the largest DeFi exchange.
“Even the FED itself and its chief, Jerome Powell, spoke openly in July about the need to have an “appropriate regulatory framework, which frankly we don’t have” — En.Cryptonomist
After Bitcoin became a legal tender in El Salvador even McDonald's and Starbucks are now accepting Bitcoin as a means of payment. The news was proved by Aaron van Wirdum who went to McDonald's and succeeded in paying for his breakfast in Bitcoin. To accept payments in the king of cryptos McDonald's uses the OpenNode platform which is already worldwide, which means at any moment fast-food restaurants can expand this option to the other parts of the world. To pay the customer only needs to scan the QR-code. Those new thoughts didn’t have a positive effect on the Bitcoin price that continued to drop after Monday's rise. Even though it caused a massive sell-off most of the analysts found it normal after what was happening to Bitcoin price.
“Rather than pointing to any major downturn in bitcoin’s fundamentals, today’s drop from $52,000 to below $46,000 is undoubtedly linked to the news from El Salvador, which today became the first country to accept the cryptoasset as legal tender”. — Simon Peters, eToro crypto analyst
The Russian State Hermitage Museum — the largest museum in the world, situated in St Petersburg has held NFT auction and has sold NFT worth $440,000 via the Binance NFT platform. To do that the museum signed a partnership with Binance to sell 5 tokenized collectibles for BUSD, including depicted pieces of art by Leonardo da Vinci and Vincent Van Gogh. The auction included five NFT copies of hermitage-hosted artworks: Wassily Kandinsky’s “Composition VI,” Giorgione’s “Judith,” Da Vinci’s “The Madonna and Child,” Claude Monet’s “Corner of the Garden at Montgeron” and Van Gogh’s “Lilac Bush”. Each work has 2 digital copies — one is to be stored in the museum and the other one to be auctioned off. The highest bid was “Madonna and Child” which was sold for over $150,000 worth of BUSD and the other works were sold in the price range from $60k to $80k. The transactions with the details (date, place, time, and the director of the museum signature) were recorded on the blockchain. All the proceeds from the auction are sent to the museum in fiat.
“The Hermitage does not make any operations with cryptocurrency. All funds will go to the Hermitage in Fiat currency — Russian rubles.” — The Russian heritage Museum representative
Solana token has reached a new all-time-high increasing 29, 21% in 24 hours with the market cap reaching $55 million. If it will continue moving ahead with the same speed it can be definitely called one of the most innovational blockchain startups in the last couple of years. Most of the experts reckon that due to the increased transaction speed and lowering the fees comparing, for example, with Ethereum. As it also supports Smart contracts that are now being on high demand worldwide. And SOL token experienced price surges one after another in the last couple of months and now getting close to $200 reaching out for new ATH almost every day. The trend is supported by the big number of token holders an increasing amount of transactions. The closest competitor is Ripple, but there is a big chance SOL will leave it behind in the coming days if the token price reaches $230.
Shiba Inu, the meme cryptocurrency that experienced unpredictable success this year growing more than 5 million percent, since its creation last year, does not seem to stop its surge and has climbed more than 20% in the last 24 hours. This rise appeared after the market-wide corrections, but also the industry updates might have influenced the token. On September 8th Coinbase Pro announced it will not support the transactions with Shiba Inu anymore, though inbound transfers are available in the regions where trading on the platform is supported and this caused the price to skyrocket. At the same time, it can’t be said that the cryptocurrency went through the best period even though it avoided major selling like Doge. But as lately a whale bought SHIB worth $1.26 million, making whale domination 80% and Shibu a risky investment if the whale will decide to sell his part.
“SHIB’s identification with DOGE goes far beyond its look as both networks, along with most meme coins, lack a set of actual use cases. Instead, they are driven mainly by speculation and community support.” — Ambcrypto
The Iconic Italian fashion brand Dolce & Gabbana launches its first one-of-a-kind 9-peace NFT collection personally designed by Domenico Dolce and Stefano Gabbana exclusively for UNDX, Polygon-powered NFT marketplace. The collection is available as NFT and in a real physical version. The real items will go to the museum and rare NFT versions will be available for bidding. Nowadays NFT becoming a more and more popular way for the brands to connect with their audience and the new partnership of Dolce&Gabbana with UNXD aims to contribute to the global NFT adoption.
“We believe this collection represents the future of NFTs. A way for the metaverse and the universe to coexist and be both integrated and additive. We’ve spent a great deal of time thinking about how to create an amazing experience for our collectors and community,” — Dolce & Gabbana
As the price of Link token, the native coin of Chainlink, the platform represented itself as one of the best cryptocurrency performers of September 6. For the first time since May of the last year, the token reached the price of $ 36.35, after spending months at the bottom point of $13.45 and thus recovering 170%. It is connected to the integration of Chainlink’s market-leading decentralized oracle with Ethereum layer-two service that caused the straight-away rise of the price and it’s the same algorithm like the one that helped Chainlink to close 2020 at more than 500% profit. With the increasing demand for DeFi services and dependency on Chainlink to protect the live data the number of buyers and speculators interested in Link grew a lot. The coin showed the rising tendency in Q1 2021 and then followed the correction tendencies of the crypto market. Analysts think that the growth of ETH prices will be very beneficial for LINK.
“If Chainlink can once again reach 0.02 Eth per Link, at Ethereum’s current price, this would place the Link token at about $65, or a 2.6x increase from its current price of $25.” — Stephen Tuttle, a financial analyst at Seeking Alpha