Bitcoin News and Finance: What You Need to Know

The new decentralized finance (defi) stablecoin project called Fei had some issues this week after the 1:1 USD pegged token dropped well below its targeted $1 value. The Fei project was supposed to be similar to Maker DAO’s algorithmic DAI stablecoin and it was backed by major venture capital firms. Fei Protocol Market Price Drops to $0.73 and the Stablecoin Fei’s Bid Slides to $0.136 On social media and forums, crypto advocates have been discussing the defi project called Fei after it lost its peg with the U.S. dollar this week. Currently, a single fei (FEI) is exchanging hands for $0.76 per unit but the price sunk lower than current exchange rates. Coingecko data shows a single FEI dropped to a market price low of $0.73 per token on April 7, 2021. 1 FEI = $0.136, @rleshner is down 80% from his bullish buying price. I think one takeaway is big names mean nothing. pic.twitter.com/xGiwKqUUON — banteg (@bantg) April 7, 2021 However, the Fei protocol’s bid hit $0.136 and crypt...

Everyone already knows that a hardware wallet is critical to protect your digital assets, but did you know that Ledger offers much more than that? By combining the hardware wallet with the Ledger Live app you can buy, sell, lend, swap and stake multiple cryptocurrencies – all in one place. Access the Full Ledger Solution If you are an experienced crypto user you probably already know that a Ledger hardware wallet is the best solution to protect and own your private keys . In fact, you probably already own a Ledger hardware wallet as the company sold over 2 million hardware wallets in more than 165 countries since 2014. What you might not already know is that Ledger also offers a solution to accessing all your other crypto needs. To access the full solution all you need is a hardware wallet combined with the Ledger Live app . This is easy and requires no further investment as all Ledger hardware wallets come with app. The app allows you to install crypto applications on your hardwa...

As demand for smart contracts climbs, Chainlink’s modular oracle for the Substrate framework aims to power developers and defi applications with trusted off-chain information and pricing data needed to attract projects to Polkadot and Kusama. Blistering Growth in Defi and Smart Contracts Beckon New Layer of Trust As the smart contract revolution continues to gain traction, the fissures and flaws in existing infrastructure that supports these transactional protocols are becoming more apparent. Among the chief issues facing smart contracts, costs and security are the main factors in the spotlight. To continue growing and scaling these unique protocols while not only addressing the accompanying shortcomings, smart contracts will effectively need to be “smarter.” Yet, given blockchains’ validation constraints, which are intended to preserve stability and security, there is a barrier to off-chain information by design. Concerning smart contracts, satisfying contractual conditions may d...

JPMorgan’s boss Jamie Dimon has a bone to pick with cryptocurrencies, shadow banking, and the financial technology (fintech) economy. In a letter to JPMorgan shareholders, Dimon explained that banks are “playing an increasingly smaller role in the financial system” and there’s a list of items like digital currencies he’s named that needs to be “dealt with – and rather quickly.” Jamie Dimon’s Letter to JPMorgan Shareholders Says Banks Need to Focus on the Future Jamie Dimon has written a comprehensive letter to shareholders about the company’s accomplished goals and future concerns. Dimon’s letter, of course, meets the needs of his friends in Davos and the World Economic Forum’s 2030 playbook . The JPMorgan CEO addressed many of these targets like addressing climate change and lending more money to minorities who have limited access to banking. In addition to the accomplishments and future changes, Dimon noted that financial incumbents are “bogged down in the past” and a concentrat...

Following the acquisition of the Chinese mining pool Btc.com, the China-based lottery company 500.com revealed the purchase of a bitcoin mining rig manufacturer Bee Computing. The Shenzhen firm purchased the semiconductor and mining device manufacturer for roughly $100 million in a share exchange agreement. 500.com Changes Name to Bit Mining Limited and Acquires Bee Computing for $100 Million On April 5, 2021, the company 500.com Limited (NYSE: WBAI) registered a statement with the U.S. Securities and Exchange Commission (SEC) in a Form 6-K filing. The Shenzhen-based firm detailed that it entered into a share exchange agreement with the company Bee Computing. The mining rig manufacturer Bee Computing was established in 2018 and the filing notes that it specializes in 7nm-powered mining machines. Additionally, after acquiring the well-established mining pool Btc.com, 500.com changed its name to “Bit Mining Limited.” Bee Computing has two mining rigs and both leverage 7nm semiconduct...

Allianz’s chief economic advisor Mohamed El-Erian says that bitcoin is not too big to fail and that governments may intervene. While he believes that cryptocurrency will grow in popularity, the economist says “it takes away a lot from governments,” adding that this asset “can only establish itself if governments allow it to.” Economist Warns of Government Intervention, Bitcoin Is Not Too Big to Fail Mohamed El-Erian said in an interview with CNN Tuesday that bitcoin is not “too big to fail” and its failure could disrupt the global monetary system due to the “liquidity paradigm.” El-Erian, an Egyptian-American businessman, is the president of Queens College, Cambridge University. He is also the chief economic adviser at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer. He explained that there are three types of crypto investors. The first type consists of those who use bitcoin to mitigate risk, viewing ...

PRESS RELEASE. Blockchain-based carbon offset platform XELS provides global access to the decentralized carbon market and its ERC20 token will launch on Bittrex Global on April 8th, 2021. 7th April 2021, Date Tokyo, Japan — XELS is one of the leading startups tackling climate change by increasing participation and transparency in carbon markets, listed its eponymous XELS token on Bittrex Global on April 8th, 2021. Tokenized Carbon Credits XELS will provide both businesses and individuals access to a blockchain-based carbon offset platform, initially focused on tokenized voluntary carbon offset credits. These credits are increasingly attractive to companies that want to show consumers they’re serious about reducing their carbon footprint. Tackling Fraud With Blockchain Since the birth of carbon markets following the Kyoto Protocol and Paris Agreement, fraud has hindered the effectiveness of carbon credit sales and trading. Bad actors sometimes sell fake or expired credits...

A South African cryptocurrency exchange, Ice3x, announced on April 6, that it will permanently stop operations, less than a month after suspending bitcoin and litecoin withdrawals. Ice3x, which one of the oldest crypto exchange in that country, says it came to this decision after lawyers advised the firm to start liquidation proceedings. ‘Extreme Pressure’ In a statement sent to clients on April 6, the exchange claims it “processed the withdrawals which have already been submitted” and therefore, “all withdrawals from the platform have been disabled.” However, in the same statement, Ice3x urges frustrated clients to remain calm and “respectful.” The statement continues: Please be conscious of the fact that staff are operating under extreme pressure at the moment, and can only provide assistance as directed. We understand your frustration but please be respectful when communicating with the service desk staff. According to the statement, Ice3x was scheduled to “provide further ...

This latest move to broaden cooperation between Cardano and Coti builds upon previous collaborations as the former seeks to upgrade its payment solution on top of the former’s expanding financial infrastructure. Strategic Investment Marks First Allocation for New Ecosystem Venture Fund One of the earliest proposed use cases for blockchain was the democratization of financial services, namely by reaching unbanked and underbanked communities worldwide. From remittance payments, access to credit facilities, or even just digital wallet solutions, advancements across the blockchain landscape have finally made this vision a reality. Among them, Coti is developing the enterprise-grade base layer for the rest to build atop of. Coti, which is short for “currency of the internet,” operates a fintech platform that supports stakeholder-driven payment solutions and empowers these stakeholders to digitize any currency. This aim aligns with Cardano’s ambitions of affordably and instantaneously ...

The value of Ripple’s XRP token soared to $1.09 on April 6, 2021, making it the first time the crypto has surged past the $1 mark in nearly three years. The token’s new 52 week high has coincided with an altcoin price rally which has seen the value of some tokens surging to new all-time highs. However, at the time of writing, XRP had retreated to just under $1 as the altcoin rally appeared to tapper off. Token Defying SEC Lawsuit Meanwhile, XRP ’s rally, which has seen the value of token more double in the past seven days, comes as the token issuer, Ripple continues to battle the U.S. Securities and Exchange Commission (SEC). In its latest piece on the SEC vs Ripple legal battle, Bitcoin.com News reported that a U.S. Court had stopped an attempt by the SEC to block XRP holders from joining the case. In late December 2020, the SEC sued Ripple after accusing the fintech firm of issuing securities ( XRP tokens) in violation of the U.S. Securities Act. Immediately following the a...

Coinbase has announced its earnings estimates for the first quarter of 2021. The company says its estimated revenue for the period is nine times more than the amount generated in the same period last year. In addition, the crypto platform says it has 56 million verified users and a total trading volume of $335 billion. Coinbase’s Q1 Revenue Increases 9-Fold Cryptocurrency exchange operator Coinbase Global announced its first quarter estimated results and full year 2021 outlook on Tuesday, ahead of the company’s initial public offering (IPO) on Nasdaq next week . For the first quarter ended March 31, Coinbase expects total revenue of approximately $1.8 billion, which is more than nine times the $190.6 million revenue generated in the same quarter last year. In addition, the company expects its net income to be approximately $730 million to $800 million, up from $31.9 million a year ago. Coinbase also expects a total trading volume of $335 billion during the same period with total ...

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of IQQ which occurred on the 31st of March 2021 at 10:00AM UTC. IQQ was created by IQONIQ FanEcosystem, as the utility token to reward entertainment and sports fans for their engagement. IQQ started trading with ETH , USDT and BTC pairs. What is IQONIQ? IQONIQ is a new fan engagement platform that exclusively targets the sports and entertainment world. Existing social networking sites are not tailor made for sports and entertainment, with fans of idols and organisations in sports and entertainment often having to scour multiple platforms to get the content they desire. And when they get it, the content is often only one-way and detached, leaving many fans unfulfilled and wanting more. By combining all the modern-day features of fandom into a single platform, IQONIQ provides fans with a unique fan club, which offers an all-in-one, game changing solution. IQO offers fans a more personal fan experience, with...

Ripple Labs has reportedly won discovery from the U.S. Securities and Exchange Commission (SEC). The court has ordered the commission to produce internal records relating to discussions of whether XRP tokens are similar to bitcoin and ether, which are currently not classified as securities. Ripple Wins Discovery From SEC, Gaining Access to the Commission’s Internal Crypto Records A telephonic discovery conference was held Tuesday for the case against Ripple Labs brought by the U.S. SEC. Ripple Labs reportedly “won discovery” from the SEC. U.S. Magistrate Judge Sarah Netburn said, “I’m going to grant in large part the defendants’ motion,” noting that it was a “high-stakes” discovery win. she then proceeded to order the SEC to produce internal discussions relating to whether XRP tokens are similar to cryptocurrencies like bitcoin ( BTC ) and ether ( ETH ), which are currently not regulated as securities. The judge clarified that email communications between staff members are not ...