Day: May 27, 2021

Bank of Canada sees no strong case for a digital dollar — for now

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The Bank of Canada does not see a strong reason for issuing a central bank digital currency, or CBDC at the moment. Timothy Lane, the Bank of Canada’s deputy governor and head of research at the bank’s fintech and crypto department, spoke on CBDC issues at a Wednesday panel, Reuters reports. According to the official, the Canadian central bank is now focused on CBDC implementations in more concrete terms, thinking about how it might work and look. However, the Bank of Canada has not found any solid case for issuing…

Elon Musk not right person to lead green Bitcoin debate, Nic Carter says

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Castle Island Ventures’ Nic Carter doesn’t think Elon Musk is the right person to lead the “clean Bitcoin“ debate, “possibly not as far as the Bitcoin community is concerned.”  He told Bloomberg, “Bitcoiners are still intensely skeptical of Musk, and they view him as conflicted given that his business partially involves the sale of offsets.” However, asking for Bitcoin miners to be more transparent about their energy mix is a good proposal no matter who it’s coming from, Carter stressed, alluding to the recently formed Bitcoin Mining Council.  Bitcoin is a…

Has Coinbase launched a decentralized fact checking portal?

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Coinbase CEO Brian Armstrong has announced the launch of what he’s calling a “Fact-Check” via the company’s blog. In a May 27 post titled “Announcing Coinbase Fact Check: Decentralizing Truth in the Age of Misinformation,” Armstrong expressed the firm’s desire to combat untrue assertions aimed towards Coinbase and the crypto industry as a whole: “We will use this section of the blog to combat misinformation and mischaracterizations about Coinbase or crypto being shared in the world.” The post was subtitled: “Every tech company should go direct to their audience, and…

Ren launches bridge to Polygon for seven top crypto assets

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The launch of the new Polygon x RenVM Bridge was announced to Twitter by Polygon on May 28, who emphasized the bridge will allow Bitcoin and other assets to be used on the high-speed and low-cost layer-two. Ren and Polygon have teamed up to launch a bridge allowing BTC and other assets to be transferred between Bitcoin and the Ethereum scaling solution. Excited to announce the launch of a direct bridge to Polygon by @renprotocol! With the Polygon x RenVM Bridge, users can move #BTC and many more assets directly…

Ethereum Corrects Gains, Here’s Why 100 SMA Is The Key for Fresh Increase

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Ethereum failed to continue above $2,900 against the US Dollar. ETH price corrected gains and it is now trading near a major support at $2,640 and the 100 hourly SMA. Ethereum broke the $2,850 resistance, but it failed to gain pace above $2,900. The price is now testing the $2,650 support and the 100 hourly simple moving average. There was a break below a key bullish trend line with support at $2,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the 100 hourly…

Crypto couple tells court the IRS has no right to tax newly mined coins

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A couple investing in crypto have claimed that coins gained by mining or staking are not taxable until sold, in a complaint filed to federal court.  The Tennessee couple are seeking a refund from the Internal Revenue Service (IRS) and filed a complaint with the U.S. District Court for the Middle District of Tennessee on Tuesday, May 25. Joshua and Jessica Jarrett claim that earnings from staking are not taxable transactions because they constitute the creation of property. They compared this to a baker making a cake or an author…

Uniswap v3 looks set for layer-two scaling on both Arbitrum and Optimism

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The Uniswap community has voted in favor of launching the leading decentralized exchange’s v3 iteration on layer-two scaling solution, Arbitrum. Uniswap’s creator, Hayden Adams, announced the vote on May 27, revealing the proposal’s governance vote received 41.35 million votes in favor and zero opposing votes from UNI token holders. He noted that work is already underway to plan the deployment and design its interface. 2/ Assuming the snapshot passes we intend to support the community by deploying the v3 smart contracts to Arbitrum! We have already begun work on interface…

Here’s Why BTC Remains At A Risk of Fresh Drop

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Bitcoin price failed to clear the key $40,000 resistance zone against the US Dollar. BTC is correcting gains and it remains at a risk of more losses towards $36,000 or $34,000. Bitcoin is struggling to clear the $40,000 and $40,500 resistance levels. The price is currently holding the $37,000 support and the 100 hourly simple moving average. There was a break below a short-term contracting triangle with support near $38,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate lower if…

Nvidia reports record earnings, claims it’s ‘hard to determine’ impact of crypto miners

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Nvidia, a leading manufacturer of graphics processing units, or GPUs, has announced record earnings for Q1 2021. However, the firm has downplayed the role of the crypto bull market in driving its impressive performance, primarily attributing demand for its products to gamers. The firm reported an 84% increase in sales overall, with the impressive performance owing to a period of sustained growth despite global shortages of semiconductors. Nvidia’s sales and earnings both surpassed the expectations with Wall Street, reporting revenue of $5.66 billion and earnings of $3.66 per share after…

Billionaire Carl Icahn says he may drop up to $1.5B into crypto

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Former crypto skeptic Carl Icahn, the founder of Icahn Enterprises, told Bloomberg he’s set to enter the crypto market in a “big way” — teasing an investment of around $1.5 billion. Icahn is an investor and former advisor to the Trump administration who has a net worth of $15.6 billion according to Forbes. In 2018 Icahn told CNBC that crypto is “ridiculous” and added “maybe I’m too old for them, but I wouldn’t touch that stuff.” But speaking on May 26, Icahn explained he’s now considering a large investment and…