XRP price – Bitcoin price and Altcoins Rebound, Kakao’s KLAY Suddenly Enters Top 20; Arweave and Ankr Clinch New Record Highs

Bitcoin price is on a rebound after massive declines since the beginning of the week. Shortly after attaining highs of $60,100 on Mar. 18, Bitcoin price entered a downtrend till bulls bought the dip at $50,305. Following the quarterly Chicago Mercantile Exchange (CME) Bitcoin and Ethereum options expiry and as the weekend approaches, investors expect Bitcoin price and Altcoins to gain ground from the current price levels.

Bitcoin leads the rest of the crypto market in a collective rebound, up by 4.50% at a present price of $54,700. Ripple (XRP) also posted gains of nearly 8% over the last 24 hours. Some selected Altcoins have posted double-digit gains including Terra (+11.39%), Holo’s HOT (+23.40%), Filecoin (+27.71%), and THORChain (+22.25%) while Arweave and Ankr clinched new record highs.

Klaytn (KLAY) is Kakao’s enterprise-grade, a service-centric platform that aims to bring a user-friendly blockchain experience to millions of users. Recent reports indicate that crypto exchange trading in South Korea is on the rise. Earlier in March, the reported volume across major platforms temporarily exceeded the market activity of the country’s stock market.

This has led many Analysts in South Korea to predicting a significant share price increase for internet giant Kakao (Kakao runs the most popular chat app in South Korea while making crypto transactions a part of their messaging app, KakaoTalk) amid the current Bitcoin bull market.

Last year September, Data indicates that Coinone, a South Korean exchange, saw its user base rise by about 10,000 people per month after listing Kakao’s Klaytn (KLAY) token in June. Fast forward to this year 2021, Klaytn (KLAY) suddenly emerges in the top 20 cryptocurrencies by market cap as listed by coinmarket cap.

Arweave (AR), a decentralized storage network that seeks to offer a platform for the indefinite storage of data rose to all-time highs of $26.20 on Mar. 26.

The reason why Arweave (AR) is on the rise? Data storage remains a profitable business. Arweave stores data in a decentralized manner and asserts that it will be stored forever unlike centralized companies where users have to blindly accept their policies and hope the company will not go out of business and that they also use proper security measures to safeguard the data.

This is paramount during the present non-fungible token (NFT) frenzy where buyers are paying a huge amount in dollars to buy NFTs of their choice. If the NFT is misplaced or stolen due to any reason, it will incur a huge loss to the buyer. Therefore, Arweave’s claim of permanent storage may seem appealing for NFT owners.

At the time of writing, Arweave is trading at $25.13, up 25.28% in the last 24 hours and 36.12% weekly.

Filecoin, another decentralized storage system that aims to “store humanity’s most important information” has been on a tear since mid-March rallying to highs of $119. The asset has gained 28.45% in the last 24 hours and 41.66% weekly.

The Ankr network is a blockchain-based distributed computing platform that aims to create an easy and affordable way for developers to deploy multiple blockchains to leverage idle computing power from devices and data centers.

Following a Coinbase listing on Mar. 25, ANKR rallied to new all-time highs of $15.24 (as seen on Binance). ANKR is up by 49.16% in the last 24 hours and 107.16% weekly as at the time of writing while trading at $0.1389.

Image Credit: Shutterstock

XRP price – Bitcoin price and Altcoins Rebound, Kakao’s KLAY Suddenly Enters Top 20; Arweave and Ankr Clinch New Record Highs Tags: XRP price

“It’s really getting a mind of its own.”

That’s how Sam Williams, CEO of file storage service Arweave, described his blockchain project in the six months since raising $5 million in a token sale with heavy hitters Andreessen Horowitz (a16z), Union Square Ventures (USV) and Multicoin Capital.

Since then, the number of apps on Arweave has doubled from 100 to over 200 while the number of daily transactions has also climbed, jumping from 147,000 total transactions to nearly 1.75 million, Williams said. The firm concluded an additional $8.3 million token sale last month with further participation from a16z and USV, plus Coinbase Ventures.

Arweave operates on the same idea as other blockchain-based file storage services such as Filecoin or Storj, but with far larger ambitions backed by new technical developments unveiled Wednesday as Arweave 2.0. 

The team is working toward “virtually unlimited” and permanent data storage for what they compare to a digital Library of Alexandria. 

Read more: Filecoin, But Forever: Arweave Raises $5 Million to Build Out ‘Permaweb’

“[Arweave 2.0] takes the mechanisms that we built in Arweave 1.0 and scales it up basically to [storage] sizes that are so large that it becomes indistinguishable from infinite for the normal user,” Williams said in a phone interview with CoinDesk.

The team is leaning on two new features with Arweave 2.0, Williams said: the “Fast Write” mechanism and bundled transactions. 

Technically speaking, Fast Write keeps the proof of a transaction occurring in a Merkle root accessible on the network while pushing data to local storage on nodes that wish to carry the information. This makes the network lighter and faster.

Bundled transactions, on the other hand, are a Layer 2 technology. Each Arweave transaction can be moved off-chain, mixed with other transactions and then placed back onto the main chain as one large transaction. 

Together, Williams said, the scaling tech makes storage on Arweave near “infinite.”

The two technologies are not that different from options Ethereum, the blockchain behind ether (the second-largest cryptocurrency by market cap), has been exploring for its upcoming switch to a Proof-of-Stake (PoS). The Eth 2.0 research team led by Ethereum co-founder Vitalik Buterin is considering stateless clients and polynomial commitments, which can act as lightweight digital receipts for transactions.

Watch: Vitalik Buterin Explains the New Tech Behind Eth 2.0

Ethereum platforms such as IDEX have also incorporated a similar Layer 2 option called Rollups to scale transactions by moving them off-chain.

As for Arweave’s future, the team is eyeing Arweave 2.1 for later in 2020. The goal remains the same: unlimited, permanent storage. Williams said the next update should get Arweave to the finish line.

“People just use it and people build stuff on it and often they don’t even tell us anymore,” Williams said, referencing the dozens of decentralized apps (dapps), from finance to gambling, that make up the Arweave library.

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After several days of price slumps, bitcoin has bounced off and neared the $55,000 level. Despite this increase, though, its market dominance has suffered as most altcoins have added more value in a day. Ethereum has jumped to $1,700, BNB is above $250 again, and Cardano has increased to $1.20.

The past several days didn’t go well for the primary cryptocurrency. Following a pro-BTC announcement from Elon Musk’s Tesla, the asset spiked to above $57,000. However, the situation sharply reversed, and bitcoin headed south vigorously.

In the next 48 hours, the cryptocurrency lost roughly $7,000 of value and even scared the bulls that it could dip beneath $50,000 for the first time since early March.

At that point, though, BTC reversed its trajectory and started slowly increasing and went to above $53,000. Although there were fears that the record-breaking $6 billion worth of options contracts that expired yesterday could plummet the price, they didn’t materialize.

Just the opposite, BTC continued its gradual ascend, which drove it to an intraday high of $55,600 (on Bitstamp). Since then, the cryptocurrency has retraced slightly and currently stands just beneath the coveted $55,000 price tag.

What’s arguably more notable is that bitcoin’s market capitalization managed to reclaim $1 trillion after a few day hiatus below it.

The altcoin market, which also suffered as its leader, has reacted well in the past 24 hours. Ethereum dropped to about $1,550 a few days ago but has bounced off nicely and currently stands around $1,700.

Binance Coin (BNB – 3%) has increased above $250, Cardano (ADA – 5%) has jumped to $1,20, and Ripple (XRP – 2.5%) is at $0.55. Polkadot and Uniswap have gained the most from the top ten. DOT is up by 6% to above $32, while UNI (6.1%) has neared $29.

THETA is the only top ten coin in the red after a 7% retracement on a 24 hours scale. Interestingly, the team behind the project said that it will delay the mainnet launch with a few months earlier this week.

Further gains are evident from Filecoin (40%), AscendEX Token (37%), Holo (32%), Nervos Network (21%), Ankr (20%), Voyager Token (20%), Arweave (19%), and more.

The rising altcoins have managed to reduce BTC’s market capitalization to 59.4%. Just a few days ago, the metric comparing bitcoin’s market cap with all other crypto assets was above 62%.

Source

The cryptocurrency community is buzzing with reports and tweets about the prices. Bitcoin is frequently marking fresh yearly highs. Even the 2019 record of nearly $14,000 was taken down and seems far behind.

Just yesterday, the primary cryptocurrency gained about $1,500 of value in 24 hours. As something similar occurred precisely three years ago, before the all-time high of $20,000, it got the community speculating and anticipating a new record.

Although most alternative coins were late to the party, it seems that they have finally joined as well. Ethereum has surged to above $430, Ripple trades over $0.25, while coins such as Chainlink and Litecoin have marked double-digit price increases in the past 24 hours alone.

Ultimately, the total market capitalization has added over $60 billion in less than a week. The cumulative market cap of all cryptocurrency assets displayed $386 billion on November 3rd. As of writing these lines, it has neared $450 billion – the highest level since May 2018.

Despite the aforementioned impressive price performances, not all coins are equal. In fact, there’re several well-known names within the community that haven’t gained as much, and some are even deep in red.

CoinGecko data reveals that Arweave leads this negative trend from the top 100 coins. Actually, its 17.5% decline in the past week has threatened AR’s position in the top 100.

Huobi Token is next with a 14% decrease. The native cryptocurrency of the popular exchange has suffered lately, primarily due to controversy related to Huobi.

Reports recently emerged that the company’s COO was under investigation. Although Huobi denied the accusations immediately, it seems that the token’s price has felt the consequences.

Other notable losers from the past week include Crypto.com Coin (-12.7%), Yearn.Finance (-11.2%), and Nexus Mutual (-10%).

Even coins from the top 10 have lost some traction in the past week. Bitcoin Cash, which could undergo a hard fork later this month, has lost 4.7%. Binance Coin has also declined a bit by 3.4%, and it trades below $30.

Solana and CryptoLocally are forging ahead in their common aim of providing a decentralised platform for users. The listing of Sol on the CryptoLocally platform will enable peer-to-peer (P2P) trading of the highly sought-after cryptocurrency.

CryptoLocally is fast becoming one of the go-to platforms for trading of decentralised cryptos such as SOL. The tokens that are listed here are part of the CryptoLocally goal of providing a compelling trading experience for its users. 

Solana is a leading platform for Dapps and provides open-source decentralised finance solutions. The listing on CryptoLocally will enable both projects to gain more exposure to clients across the globe. 

A brief introduction to Solana 

Solana is a high-performance blockchain created by professionals from the world’s leading companies, such as: Apple, Google, Intel, and Microsoft. Top Cryptocurrency projects are choosing to build on Solana and these include: Waves, Swipe, Arweave, and Serum, among many others. 

Solana leverages the permissionless nature of Blockchain to enable the building of DApps on its platform. Innovations on Solana allow transaction speeds of 50,000 TPS, which make it: 

“the most performant blockchain and the world’s first web-scale decentralized network.” 

Anatoly Yakovenko, Co-founder of Solana Labs. 

The Solana blockchain hybrid protocol reduces transaction validation and smart contract execution considerably. The lightning-fast transaction and processing times are not only attracting individual user interest, but that of institutions as well. 

CryptoLocally – a trusted P2P trading platform 

The fact that CryptoLocally has no intermediaries for users to deal with, makes it the ideal, trusted P2P trading platform. CryptoLocally’s radical Smart Contract Escrow system enables users of the platform to buy and sell 20 varied and popular Cryptocurrencies with fiat currency – an excellent and cheaper alternative option to centralised exchanges such as Coinbase. 

Buyers and sellers can employ any means they choose in order to make transactions, whether that be peer-to-peer, payment processors, or bank transfers.  

A decentralised, peer-to-peer and fiat onramp, CryptoLocally might be considered the perfect platform to enable traders to buy the likes of SOL tokens in a decentralised way that obviates the need for a third party. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Article source

It’s certainly been a Merry Crypto Christmas and a Happy New Bitcoin Year for hodlers ‘going long’ (as Arya Stark’s actress might agree.)

We had some incredible stats on the Iconomi fund, if you’re a part of that.

And now… we have a healthy correction for what was clearly unsustainable in the short-term.

Did you sell at peak, to buy the dip? Who cares? for… hopefully you’re not wasting your time trying to time the market, but may have some spare cash simply to buy up more.

And if prices slip too far down, you can continue ‘dollar cost averaging’ again.

However, it’s not likely this will happen again. Too much interest and too many converging influences on the market.

During this recent, terrific start to 2021, I read some article by a guy who was well pleased with himself for leaving the Bitcoin market and taking his profits, admittedly at (quite) a good time. But we’ve all been there. It’s funny, what a focus on short-time price and hope, will make people miss out on.

You see, this guy actually believes he won’t be back for more. The rabbit-hole I mean. The Crypto Ship. And I really wonder about how many real gains he will miss out this year, overall.

Because, there is only one elite crew of real winners on board the true, trusty crypto ship: the Patient Ones. The ones who are working to create a new landscape for money. The builders and explorers of web3. The ones catching and hodling many small-fish tokens and never letting them go.

So let the idea of trading crypto just… go. And you’ll be wiser and happier.

Bitcoin is proving itself to be a hedge in uncertain times, of which there are many to come, and technological adoption is also starting. Infrastructure and young, interoperable networks are also waking up.

When faced with a runaway Bitcoin price, hodlers everywhere are (hopefully) starting to answer their own questions more and more, as to why they are hodling… This might be you!

Perhaps you realise how awesomely liquid Bitcoin is, and how scarce it’s becoming.

Perhaps you realise how integral it is to the entire emerging crypto ecosystem.

You might realise you’re v. tired of banks, full stop. The delays, the freezing of funds, the many log-in codes etc, the patronising and dependence on intermediaries to ‘do a good job’ with your money. (That’s ok, most of us have – or will have – our Revolut accounts, Monolith card, or other crypto VISA top-up cards, for now.)

Not to mention the hypocrisy about laundering and corruption, where banks ‘lose’ hefty sums every year.

You realise that the ‘legendary’ volatility is only a temporary, short-term aspect of Bitcoin (and not as bad as most other cryptos), which hasn’t affected its long-term growth, and usually bounces back – v. nicely. Many assets including gold are highly volatile too by the way. But Bitcoin will be more than gold, which remains largely irrelevant to most non-ostentatious folk.

Perhaps you can’t stand the ‘concerned’ bodies like the FCA ‘advising you’ and apparently ‘protecting’ innocent little investors from disrupting their old system. Apparently, you must be prepared to ‘lose all your money’ investing in cryptocurrency. In fact, this year, you could lose all your money in a bank.

And, you just realise how much passive income you can make with your crypto, compared to traditional instruments. That’s called De-Fi by the way.

Or you realise you are in love with the technology, and the innovation Bitcoin has incited, and will not be separated from it merely by short-term price fluctuation.

Welcome on board, in fact… to Ade’s Crypto Press, and another year of secretive, sporadic insight from ‘down the rabbit hole’. Follow along and get the odd update. Here, we see right through mainstream media articles, although many of them are getting more readable, strangely.

And many secrets are more widely known, and they will continue to spread like a virus affecting all parts of the old financial order in 2021.

Web3 is coming, and no, it won’t be chilly at all…

Jan 2021. Uploaded to Arweave.

PS: Coins to watch in 2021 include Ethereum and Blockstack. And no, this is not ‘professional’ financial advice. This is crypto financial advice, which assumes you are starting to take responsibility for your own ‘money’!

After dropping 13% yesterday, bitcoin is once again on the ascent. Meanwhile, Janet Yellen has offered a more nuanced view of crypto and small Ethereum mining pools are organizing a campaign against a potential network upgrade.

Miners revolt! Eight Ethereum mining pools amounting to around 30% of the network’s hash power have formed a quasi-cartel to push back against a proposed blockchain update that would reduce their mining fees. Ethereum Improvement Proposal (EIP) 1559, floated by Vitalik Buterin, would burn mining fees to help reduce transaction cost volatility. While larger mining pools, like BitFly, F2Pool and Sparkpool, are ambivalent about the upgrade, smaller miners are calling to nix EIP 1559, according to CoinDesk tech reporter Will Foxley.

Banking deposits Signature Bank disclosed $10 billion in deposits from its cryptocurrency company clients, in an earnings call Thursday. Representing 16% of the New York firm’s total deposits, this sum is also twice that of competitor Silvergate Bank, which is widely considered the first crypto-forward bank, CoinDesk’s Nathan DiCamillo reports. Without revealing names, Signature’s chief executive said it now banks the “top five crypto exchanges.”

Crypto sweep The U.S. government’s top investments watchdog flagged a series of unregistered cryptocurrency companies for allegedly duping mostly international investors with false corporate information. Of the 28 suspect investment firms the U.S. Securities and Exchange Commission (SEC) called out Thursday, CoinDesk reporter Danny Nelson found eight that appear to target would-be cryptocurrency investors.

Big in Japan Following the U.S. Securities Exchange Commission’s (SEC) lawsuit against Ripple, Japanese XRP-stans are left wondering. The cryptocurrency has gained traction in the country as a remittance tool, is backed by one of the largest Japanese financial firms, SBI, and is considered a “cryptocurrency” – not a security, arguably – by Japan’s economy regulator. “The crypto community, I feel, sees this as a big blow to them and as kind of a precursor to what could come in the future, that other companies are also vulnerable,” Mike Kayamori, Liquid Global CEO, told CoinDesk’s Sandali Handagama.

BITCOIN ETF: Five reasons it should be approved. (Bloomberg opinion)

HUMAN TRADERS: A quant fund (not crypto-specific) is giving people a chance. (Bloomberg)

FOR THE FAITHFUL: Joe Weisenthal thinks bitcoin is a religion. Who’s the Pope? (Bloomberg)

BLUE SKIES? Jack Dorsey’s open-source social media platform released a 6o-page overview of the decentralized ecosystem. (Blog)

CUT TO THE CORE: A notable Bitcoin Core dev reflects on his time building and argues Bitcoin needs to decentralize. (Blog)

Efficient markets? Two events batted around to explain bitcoin’s 13% price drop on Thursday are a bit more complicated than they appear on the surface. Yesterday, bitcoin saw its biggest intraday drop since March 12, 2020, when bitcoin tumbled 39%.

CoinDesk tech reporter Colin Harper set the record straight: The transaction that looked like a double-spend – the very phenomenon Bitcoin was created to address – was a normal occurrence. The trouble bubbled up after BitMEX researchers found an orphan block containing a 0.00062063 BTC transaction that was also included in a valid block mined to the blockchain.

But it really was no big deal. In what’s called a block reorganization, Bitcoin programmatically dealt with the issue. While the bitcoin was technically “double-spent,” Harper notes, “no new coins were added to Bitcoin’s supply.”

Meanwhile, following a U.S. Senate hearing where Yellen spoke briefly about money laundering and terrorist funding issues that plague bitcoin on Wednesday, the former Federal Reserve Chair disclosed a nuanced opinion of crypto in a letter to the Senate Finance Committee a day later.

To wit: “I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities,” she wrote. “If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.”

She is likely to be confirmed today, CoinDesk regulatory reporter Nikhilesh De said.

While neither the rumored double-spend nor Yellen’s concerns are nonevents, they were both based on limited or faulty information that was picked up, (including in yesterday’s Blockchain Bites).

That said, neither news items should be blamed for the market spat, nor should the new information in the public register be seen as leading to today’s price appreciation. As Nic Carter as written, the efficient market hypothesis, the idea that states that asset prices reflect all available information, is complicated.

For now, like during the panic in March, it’s best to keep in mind that “time in the market beats timing the market.”

Bitcoin’s support Yesterday was a show of solidarity in the Bitcoin community, after nChain Chief Scientist Craig Wright pushed for cultural touchstones, Bitcoin.org and Bitcoincore.org, to pull the first cryptocurrency white paper off their sites.

Wright, who has long claimed to be Bitcoin’s pseudo-anonymous creator, Satoshi Nakamoto, has filed for patents over Bitcoin’s earliest documentation and intellectual property. The notably rambunctious developer, law student and academic is also the creator of Bitcoin SV (for Satoshi’s Vision), a fork of Bitcoin Cash and competitor coin.

Bitcoin.org rebutted Wright’s legal challenge and kept the document up, though Bitcoincore.org – the main repository for the Bitcoin code base – took it down.

No matter, as CoinDesk Managing Editor Zack Seward reported, some of crypto’s most prominent voices have decided to host a mirror copy. These include Square, Coin Center, Facebook subsidiary Novi and CoinDesk, among dozens more companies, nonprofits and individuals. It has also been uploaded to the “uncensorable” Arweave platform as well as internet alternative the InterPlanetary File System (IFPS), Seward notes.

According to Bitcoin.org, the Bitcoin white paper was published under an open MIT license by Nakamoto, making it a public domain document. “There is no doubt” people have the legal right to host the white paper, the nonprofit said.

Wright has long been a thorn in the Bitcoin community’s side, launching several lawsuits against prominent personalities who questioned his claims of being the authentic Nakamoto. Hodlnaut, the pseudonymous account behind the lightning torch experiment and who was sued for defamation, was vaulted into the spotlight in 2019 with a wave of bitcoin enthusiasts adopting his cartoon cat avatar for their Twitter profile photos.

While the event shows Bitcoin is still capable of rallying together, the real issue at play is much bigger than Wright’s copyright claims. Dozens of businesses have patent key technologies off of, or that support, this open-source system. In some sense, some would argue, a copyright is simply anathema to Bitcoin’s core ideal of permissiveness.

Mustafa Yilham, VP of global business development at Bixin, joins the show. Bixin is an early Asia-based Bitcoin miner; they operate a popular wallet app, and they run a Bitcoin-denominated quant fund of funds. We cover prevailing myths around industrial Bitcoin mining and the reality of sourcing energy at competitive prices for mining. In this episode:

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Nic Carter 0:00 Mustafa, welcome to the show. It’s such a pleasure to have you with us today.

Mustafa Yilham 0:07 Yes, thank you so much for having me today, Nic, really appreciate it.

Nic Carter 0:11 I’ve really been looking forward to this conversation. Actually, I think we’re gonna learn a lot about mining in particular. You’re a wealth of knowledge on the topic. So I’m super, super pumped. Why don’t you tell us a little bit about your role at Bixin and your responsibilities over there? And also, tell us about Bixin too, because I don’t think Americans are sort of as familiar with it.

Mustafa Yilham 0:41 Sure, sure. So my current role at Bixin is vice president of global business development. And my main task, you know, is to help different subsidiaries on their Bixin group to expand internationally. And to tell you a bit more about Bixin mostly have two different business focus. One of them is Bixin wallet, and another is Bixin finance. We are one of the largest blockchain crypto wallet provider in Asia is I think, currently, 1 million registered users and Bixin wallet offer different services to its retail clients such as custody, escrow, trading, lending, payment, cloud mining, etc as part of its ecosystem. And at Bixin finance, we run two very large operation like Bixin mining and fund of fund. We currently manage around 300 megawatt of power roughly that’s currently equivalent to 2% of global Bitcoin network. We are also very early investor in Whatsminer which is one of the largest mining manufacturer. And on the fund of funds side, which we announced earlier this year. We currently have an asset under management around 7000 Bitcoin with the main purpose of investing in global crypto quant funds. And you know, the fund is completely Bitcoin denominated and also supported by our prop capital. And lastly, we also have $100 million fund that is focused on open finance venture investment. Previously, we invested in companies such as micro bt, whatsminer, nervos, algorand, arweave, etc. And, you know, our newest investment is to a $2 million Asia lead investment to Mina protocol, formerly known as Coda.

Nic Carter 2:40 That’s a lot of separate concerns within one institution. Mustafa.

Mustafa Yilham 2:45 Yes [laughs].

Nic Carter 2:46 I dont know how you manage it all. There’s so many things we can cover, maybe we can start with the Bitcoin denominated quant funds, because that totally blew my mind when I first heard about it. So the objective of that fund is to invest Bitcoin in sort of arbitrage for quant funds. And actually, you’re not targeting fiat returns, you’re targeting returns against your Bitcoin benchmark, right?

Mustafa Yilham 3:14 Yes, so the fund of fund is completely Bitcoin denominated. So we are targeting returns only in BTC. And you know, the main goal is to obviously increase our Bitcoin holding and at the same time hopefully provide liquidity to global Bitcoin network.

Nic Carter 3:37 Have you found that the managers that you approach have been amenable to using Bitcoin as the index and only kind of taking carry if they beat Bitcoin?

Mustafa Yilham 3:49 So I think that have a slight difference between quant fund in the West and Asia. And, you know, we we actually started investing in crypto fund quant funds since last year in China. And after we announced the news this year, we started to build more global presence on the investment side, in US, Europe, Russia, the Singapore. In China, most of the quant managers are very used to Bitcoin denominated terms when investing in crypto funds. And outside of China and most team we spoke to offered USD denominated terms. I think that’s mostly due to regulation and institutional investor preference that these teams are there are potential investors. But I think that’s like rapidly changing now, starting quarter two this year, more team actually have come back to us and told us, you know, they now have a Bitcoin denominated terms on more us teams we spoke to no also have a Bitcoin denominated terms.

Nic Carter 5:06 And so your perspective as an institution as you’re just interested in increasing your stock of bitcoins, as opposed to its value in fiat terms, because I guess in your view, that’s the most important thing is gradually growing your share of bitcoins. Kind of on your balance sheet is that right?

Mustafa Yilham 5:27 Yes. And you know, when we first announced the news, us it was a huge surprise to a lot of people. I think it was May where we put in right 6600 Bitcoin and at the time, you know, people were very surprised because this this portion is all hatched. It’s one zero Fiat 100% Bitcoin denominated, but you know, six months later now, the original value, I believe was around $66 million with 6600 Bitcoin now the asset under management is at 7000. Bitcoin with overall value in fiat value over $130 million at the fund of fund alone. So that’s like two x, then, I think now six months, and, you know, people start to change their view on whether it be a right decision or not,

Nic Carter 6:21 right. So as a as a firm, like bixin, you’re miners, but you’re not trying to actually hedge your exposure and be market neutral, you are sort of directionally long on Bitcoin, generally.

Mustafa Yilham 6:37 Generally, we are Bitcoin denominated. But you know, as a miner, we still have operational costs, such as electricity, labor costs, etc. So, you know, obviously, we do have a risk department that constantly ensure, you know, we are hedged to certain degree, but largely speaking, yes, we are very Bitcoin dominated.

Nic Carter 7:02 So, let’s talk about mining for a little bit. This is an topic of endless fascination for me, I think a lot of traders are paying attention to mining, there’s been a huge amount of chatter recently about miners not being able to sell their coins. So that was the rumor, at least, which I think you helped dispel a little bit on social media.

I think the one big question that people ponder is, you know, what is the effect of miner behavior behavior on Bitcoin cycles? You know, because there’s this one theory that, you know, miners have a pro cyclical effect on Bitcoin in terms of, they sort of hoard the coins that they’re mining during bull phases. And then in bear markets, they are forced to liquidate a lot of their coins. And so that actually adds to the sell pressure and bear market. So it sort of intensifies the price action in both directions. Is that kind of consistent with your experience? I mean, that’s definitely the popular narrative around miners. Is that does that align with what you’ve seen?

Mustafa Yilham 8:11 Yes, most miners are like this. But I think it’s very important to note that it has nothing to do is the situation that’s going on in China right now, it has always been like this, and this for a very similar reason. Because, you know, for most miner, after they invested a lot in purchasing mining machine and setting up operation, they don’t have a lot of extra capital just sitting there to pay for electricity. So they need to sell their Bitcoin to cover that. Now, obviously, during a bull market, you can sell less to cover your cost. So you can hold more Bitcoin and during the bear market, you know, our experiences that electricity cost can be as high as as high as 90%. So for most miners, you know, during the bear market, you would have to sell more to cover your cost. So I think that statement hold true. But again, it I don’t see it have anything to do with what’s going on in the China ecosystem currently.

Nic Carter 9:11 Right, right. Yeah, I didn’t mean to imply they’re related. Would you say just, as far as attitudes go, I mean, the entrepreneurs that set up mining farms, are they doing it because they want to accumulate as much Bitcoin as possible? Or are they doing it because they see an arbitrage and they feel that they can get they can mined Bitcoin more cheaply than the sort of median Bitcoin is mined, and they just want to play that arbitrage and they don’t really care about the asset in the long term.

Mustafa Yilham 9:40 Um, I think that really depends on different miners from our experience in China. Most large scale miners are very firm believers into bitcoin take Bixin as an example the founder actually started mining Bitcoin, I believe in 2009. And since then, himself and the firm have been a very firm believer into bitcoin and we are Bitcoin denominated, and I think there are other miners that hold different view and constantly liquidate their portfolio. So I think it really varies.

Nic Carter 10:25 Yeah. Yeah, that’s fair. So part of your mandate in your role is actually finding suitable electricity for mining. And this is another topic, which really fascinates people, because there’s all this chatter, you know, about, like, you want to have a cold climate and you want cheap electricity, you want sort of geopolitical stability and so on. But I figured I would ask you, you know, what are the traits you look for? In a, an energy, you know, center, you know, when you’re scouting for a suitable place to mine? What are sort of the key considerations for you?

Mustafa Yilham 11:08 Yeah, so when we are looking at different market to source electricity, I think the most important thing to note is that we’re looking for electricity surplus or waste energy. And to give you an example, China has a lot of electricity surplus during summer months, especially in the Sichuan region, which produce a lot of hydro power during the rainy season. So the price of electricity is much cheaper compared to you know, rest of the world. In addition, we also consider costs such as like logistic cost and labor costs. And we have also been paying attention to overseas market and already made some significant investment in Central Asia. And during the due diligence process of mining, farm investment, there are a few key factors we look for, such as energy type, price, voltage, and capacity, and location, geolocation. The price of electricity normally is the most important crucial component in crypto mining. And the voltage, you know, oftentimes determines our potential cost for infrastructure investment. I think in addition, we also pay very close attention to other factors such as local regulation, policy, taxations, governmental support, we also want to pay close attention to reliability of the local energy company, our local partners background. So I think during this initial due diligence, and the sourcing process of electricity, there’s a lot of factors that we normally put in taking place.

Nic Carter 13:00 And so, I mean, your role basically involves scouring the globe and scouting out these locations. I mean, is that are you even during sort of COVID times, are you still sort of trotting around finding cheap electricity sources?

Mustafa Yilham 13:17 Yes, that is part of my role, because, you know, I spend like, like three to six months in Siberia, and this far east of Russia, for example, in end of 2018, and 2019, which was a very fascinating experience. And, but during the COVID time, our overseas expansion was kind of put in halt temporarily, just because labor and logistic are very difficult to arrange at this time.

Nic Carter 13:56 What are the most promising jurisdictions that I mean, you know, he don’t have to give up the full secret sauce, because I’m sure there’s some, some proprietary, you know, information as far as it pertains to your business, but what generally, you know, geographically, what are some interesting locations that you’ve discovered for mining purposes?

Mustafa Yilham 14:21 So I would say like, you know, when we look at a geolocation. So, you know, price, regulation, temperature are like the most important factors. I think Central Asia is great for mining outside of China, speaking in Central Asia is great. Russia, I think have huge potential. North America, I think has the probably most potential in next few years, for a few different reason. But I think those are generally the regions we look at when I sourced electricity?

Nic Carter 15:04 And so with North America, I mean, would it be because I know there is hydro here I actually visited an old aluminum smelting plant in in in Massena New York, which was powered by hydro which had been converted into bitcoin mine. So you know, I’ve certainly seen some of that firsthand what it what is it that makes you bullish on on North America as a potential venue for mining?

Mustafa Yilham 15:33 So, I think based on our conversation with different mining manufacturers, on average, right, like around 60%, of the mining machine sell in past two quarters or so have been outside of China, in recent months, and mostly actually in North America. And I think that there’s few factors that plays into why North America could be huge in mining in future. One of them is price. I think you’ll be surprised to hear that. In fact, the price right now in North America notice are cheaper than the average price in China. And in the past, we used to think, you know, US high labor costs, less mining ecosystem, and, but we can clearly feel that things are changing rapidly, who’s in past one to two years. And I think during the next cycle, you will see a much higher involvement from us and other country into mining. And I think the most important factor also for us miner, is that they have access to cheap capital cost, meaning, you know, they have the ability to go out there and, you know, basically borrow at a much cheaper rate than Chinese miners are able to.

Nic Carter 16:59 Is there an element of political stability that comes in I know, certain jurisdictions in the US, you know, kicked out foreign miners who said they didn’t even want Bitcoin mining to happen at all, but I guess there’s probably slightly less capriciousness in terms of, you know, local regulators changing their minds on mining, as compared with China. That’s sort of just me speculating. Does that political stability come into play at all for you?

Mustafa Yilham 17:30 Um, so I think for the next two to three years, I think you will see more local miners from US increase their hash rate, but I think the cross border geo relocation, we don’t see that happening quite a lot. Just because, at least under the current environment, like you said, there are a lot of uncertainty on political, economical, and overall macro side. And so I think you’ll see Chinese miners continue to grow in China, but a lot of the hash rate will also start to grow in other countries like Russia. And, you know, US and North America excetera.

Nic Carter 18:22 Have you I’m sure you’ve looked at this. Have you looked at the Cambridge center for alternative finance their dashboard on Bitcoin mining? location wise?

Mustafa Yilham 18:32 Yes. And I think most of you are looking at it in China, right?

Nic Carter 18:37 Yeah. Maybe I’ll pull it up right now. They we had Apolline Blandin on the show to talk about it. They partnered up with pools, and did some work on geolocation. I let me see if I can. Yeah, so right now China’s got 65% US 7%, Russia, 7%, Kazakhstan, 7%, Malaysia 4%, around three 3.8%? Do these numbers seem kind of reliable to you? No. You do see these numbers and think, yeah, this is sort of roughly, you know, consistent with my experience, or is it sort of wildly, wildly, you know, different in your experience?

Mustafa Yilham 19:25 Um, I think for now, it is consistent with our experience, but I think within next one or two years, those data will change drastically.

Nic Carter 19:38 What do you make of the kind of significant mining in Iran do does that strike you? Is the state subsidizing Bitcoin mining? I know the Iranian government has recently sort of indicated their desire to be more active with Bitcoin or have you you know, anecdotal Seen, you know, big mining operations kind of locating themselves in Iran?

Mustafa Yilham 20:05 Yeah. So this might come quite surprise to you. But I think even as a Chinese miner where we like, like Bixin, for example, I’m sure they are some miners who does not pay too much attention to, you know, OFAC and other sanction list. But yeah, as we have always avoided Iran, and we I mean, I haven’t even looked at the region or did any due diligence on that. Just because, you know, the, I think it has a Chinese miner, we do not want to, you know, just violate any OFAC regularly. That’s right.

Nic Carter 20:55 Yeah, that strikes me as a good idea. Yeah, I know. I, I, you don’t have to answer this if you don’t want to, but um, what would you say, you know, to someone who’s like thinking of getting into mining, what would you say would be a good electricity price for them to even be competitive in the market today? Would you say it’s sort of in the 5-6 cent per kilowatt hour range?

Mustafa Yilham 21:20 I think it depends on the scale you’re trying to go for. And the price of bitcoin? I think under I mean, right now, if you are you a retail customer, and you’re trying to go into bitcoin, I think it’s very difficult for a few reasons. Number one, you need to purchase mining machine, which I think both what’s Whatsminer and Bitmain are, are booked out until next year, April to June.

Nic Carter 21:49 Right.

Mustafa Yilham 21:49 You need to find mine like investment very large scale investment mining farm. build that out. I mean, that it requires a lot of capital, and it requires a lot of experience to run a mining operation properly. If you are just trying to purchase mining machine, and there is a way for you to purchase a you try to host I think maybe, you know, four to five cents. Five point five could be a competitive price. I think that on the current bitcoin price. And I think that that’s general price we seeing North America for hosting at the moment.

Nic Carter 22:29 Yeah, but so you wouldn’t encourage anyone listening to to get into mining as an individual as a as a profession

Mustafa Yilham 22:38 At this stage of mining cycle, probably wouldn’t.

Nic Carter 22:44 What does it tell you that the hardware from whatsminer in bitmain is sort of spoken for? I mean, that sort of implies that people are like everything about what a an asyik is, it’s like a physical instantiation of future Bitcoin rewards. So it’s kind of like people have bought these forwards or these these physically settled Bitcoin futures in hardware form. I mean, that strikes me is pretty bullish. What’s your interpretation of that?

Mustafa Yilham 23:13 I think, you know, a lot of the purchaser, like we discussed earlier for this round of purchasing are from outside of China. A lot of them are very large institution, some even publicly listed company in United States. I think where you previously worked out fidelity’s, one of the large minor in North America, alone side few others, for institution to mine Bitcoin. You know, I think that’s really due to the fact that for them, you’re right, it’s a very long option, and also, probably better option than to buy bitcoin directly.

Nic Carter 23:55 So there was a huge discussion point earlier this year, I’m sure you saw this hash rate dropped dramatically, a couple of months ago, and a lot of people were speculating that it was due to this seasonal migration, where I believe it’s, you know, the rainy season, this dry season, and the volume of water flowing through hydro in, you know, provinces like Sichuan declines. And so then maybe the miners base their migrate their hardware to other regions in China, with sort of non renewable sources of energy. That was certainly the speculation out here in the west to explain the hash power dynamics. Is that something you’ve noticed, I mean, are you aware of this, this seasonal migration? People talk about it, but, you know, is that something that they you know about?

Mustafa Yilham 24:51 Absolutely. seasonal migration, I think really depends on geolocation, but it does hold true for Chinese minor. So like for Bixin during the summer months in the rainy season, our operation are mostly based in Sichuan. You know, and during the winter, we migrate to Xinjiang and Inner Mongolia. We also have mining farm in Kazakhstan, where we deploy some of our mining machine. But in countries like Kazakhstan price are same all year round. So migration is not required within the border. But it definitely holds true for Chinese mining community.

Nic Carter 25:34 Do you think that actually explains the rate the really dramatic drop we saw in hash rate? Or, you know, is it could it just be normal variance?

Mustafa Yilham 25:44 Yeah, I think during I think during the past cycles, each year, during the miners are migrating during the rainy and dry season, you will see a drop in the hash rate. And I think it’s just normal because, you know, see, if you look at China is very huge. And, you know, most of them are going by train and so trying to sit down have quite a distance for them to do that. I’ll just take I set it up locally afterwards.

Nic Carter 26:16 Yeah, it is a long way. Yeah. Besides the country entirely.

Nic Carter 26:23 I’ve so I’m so so curious about mining. This is amazing. It’s amazing. All the information. There’s so many, like myths that were busting or confirming? You wouldn’t believe. I mean, I guess you would the chasm in understanding between kind of east and west. I guess one thing is, you know, you have these withdrawal issues that the major Chinese exchanges, you mentioned on Twitter that you didn’t think that was the cause of the Bitcoin rally. I certainly agree with that. I mean, I had the team at coin metrics, look at this. And they found that miners were able to liquidate their coins as normal. So I guess we can sort of put that one to rest. In your view, the withdrawal issues at various Chinese exchanges did not cause this current rally, correct?

Mustafa Yilham 27:16 Yeah, I think that statement is not true. That’s for several reasons, which, you know, I didn’t- I made that statement

Venture capital firm Andresseen Horowitz is reportedly gearing up to increase its bets on blockchain and cryptocurrency. The California-based company is looking to raise at least $450,000,000 for its second crypto investment fund. According to the Financial Times, two people briefed on the company’s plans say details could be finalized as early as next week, and there is no hard cap on how large the fund will be when it launches. ADVERTISEMENT Andresseen Horowitz raised $300 million for its first crypto fund, which launched in 2018. The firm began focusing on the crypto industry back in 2013 and has since invested in a long list of crypto companies, including Coinbase, Celo, Dfinity, TrustToken, Filecoin, Maker, Celo and Arweave. It is also a founding member of Facebook’s Libra Foundation. According to CB Insights, total equity funding in the blockchain space dropped 28% in 2019, down from an all-time high of $4.3 billion in 2018. Featured image: Shutterstock/ArtStudio29

A blockchain-centric art project is pushing the boundaries of modern art with a controversial digital display. The , a loosely affiliated group of roughly a dozen visual artists across the globe, teamed up with the non-fungible token (NFT) marketplaces and plus the file-storage blockchain to publish the names and faces of American police officers accused of killing unarmed black people. The project, , was published June 6 in collaboration with crypto veteran Dennison Bertram, founder of the DappHero project. “The collective got in touch with me,” Bertram said. “Social justice is something that I’ve always been interested in. They’d already minted and created these tokens. … It’s a fascinating demonstration of how to do social protests using blockchain technology.”  The DADA Collective’s Judy Mam said 10 artists contributed to this piece to support Black Lives Matter and police reform, with pictures of 30 officers along with their alleged crimes and case statuses.  The artists leveraged Arweave’s blockchain to create a wallet associated with each person killed, holding tokens that have data for the corresponding officers’ information.  “The private keys of the wallets that control these tokens have been destroyed. No one controls these tokens. These tokens can’t be censored, modified or taken down,” the project’s .  “Blockchain is itself a political statement, the ability to organize outside of government control,” Bertam said. “What about decentralizing justice or human rights or other aspects of society that are critical to the ways people live?” And yet, this project raises tricky questions about the ethics of immutable digital records. In Europe, lawmakers have introduced a “right to be forgotten” with the. Even in the United States, Mam said the artists behind this project prefer to stay anonymous because some jurisdictions limit access to evidence that might incriminate police officers. “The police do take action against [outspoken] people,” Mam said. “These [visual pieces] are tokenized but they’re not for sale. … It was about making a statement.”  With simple text beneath black and white photos, the message is clear. There’s scant artistic flourish in this piece.  “We don’t forget. We find out who you are,” Mam said. “Maybe someday some of these men will get a [prison] sentence. … But at least now there’s a record that is there forever, immutably, of these people and their crimes.” The criminal justice system failed to proceed with formal charges in most of these cases, despite community efforts, according to from Bowling Green State University. This piece is just one of many activist projects already with such information. Howard University student and crypto aficionado Gerald Nash, who was not affiliated with the “No Justice No Peace,” said he thinks the project is interesting.  “People should take into account this isn’t an organization doing unbiased research,” Nash said of the art collective. “As a black person and someone who wants to see justice. … I see no difference between this and holding up a sign.”  Of course, “censorship resistance” is a relative term. Governments could make it difficult to access affiliated websites and keyword searches, even if the blockchain data remains unaltered. Some experts would also argue a blockchain’s immutability depends on its incentive structure and participants, which likely are not infallible. The Arweave blockchain’s distribution is still nascent, with less than 3,000 members in the project’s. Even with these limitations, University of New Hampshire law professor agreed this art project is an interesting use case – memorializing information. “I would compare it to what news reporters do … [but] reporters have to be very thoughtful about ways to correct the record, even if that’s to add to and not take away from,” Evans said, describing American freedom of speech laws. “Code is also speech. It will be interesting to see what type of innovation emerges during this period with regards to protecting free speech.” ArtBlockchainNFTsActivistsArweaveBlack Lives MatterPolicy BrutalityFree SpeechDisclosureThe leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Resource: Adobe/MQ-Illustrations

Here is our once a week selection of electronic possession directory as well as delisting, exchanging pair-related statements through cryptocurrency swaps that our team discovered recently as well as today.

Have our team skipped one thing? Perform you know concerning brand new directories and/or delistings? Permit our company recognize listed below.

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Bibox Listings: ABBC Coin (ABBC)

BiKi.com Listings: Multicoin (MTCN) Wrapped Bitcoin (WBTC) Compound (COMP)

Bilaxy Listings: Ormeus Cash (OMC) Ormeus Coin (ORMEUS) RiverMount (RM) Flexacoin (FXC) IDEX Token (IDEX) BitcoinPoS (BPS) SwissBorg (CHSB) Storj (STORJ) CoinDash (CDT) Compound (COMP) V-ID (VIDT) SyncFab (MFG) xDAI Stake (STAKE) QuickX Protocol (QCX) BABB (BAX) Added brand new exchanging set: ZelaaPayAE/ Tether (ZPAE/USDT)

Binance Listings: Everipedia (INTELLIGENCE) Penta (PNT) DigiByte (DGB) Added brand new exchanging sets: Bitcoin/ British Pound (BTC/GBP) Ethereum/ British Pound (ETH/GBP) XRP/ British Pound (XRP/GBP) Binance Coin/ British Pound (BNB/GBP) British Pound/ Binance USD (GBP/BUSD)

Bitfinex Listings: BTSE Token (BTSE) RingX (RINGX)

BitForex Listings: Essek Tov (ETO)

Bitmart Listings: Nuls (NULS) Added brand new exchanging sets: Dropil/ Tether (DROP/USDT)

BitMax Listings: BetProtocol (BEPRO)

Bitstamp Listings: Stellar Lumens (XLM)

Bittrex Listings: 4ART Coin (4ART) Arweave (AR) Added brand new exchanging set: Origintrail/ Ethereum (TRAC/ETH) Origintrail/ Tether (TRAC/USDT)

Bit-Z Listings: Bgoex (BGO) EDCC Coin (EDCC)

BKEX Listings: Siacoin (South Carolina) Quick Cash (QC) Bancor (BNT) Added brand new exchanging set: Gas/ Tether (GAS/USDT)

BTSE Listings: UNUS SED LEO (LEO)

Changelly Listings: Travala (AVA) Aryacoin (AYA)

Coinbase Pro Listings: Compound (COMP)

CoinBene Listings: Bitcoin Vault (BTCV)

CoinDCX Listings: Everipedia (INTELLIGENCE)

CoinEx Listings: Bancor (BNT) Aave (LEND) SimpleChain (SIPC)

Coinone Listings: Compound (COMP) Treecle (TRCL)

CoinTiger Listings: Nuls (NULS)

Crex24 Listings: TerraBit (CREDIT) Paytomat (PAYTOMAT) Billetcoin (BLT) Infinite Ricks (RICK) Halving Coin (HALV) Delistings: LeisureCoin (LSR)

Digifinex Listings: AEN Smart Token (AENS)

FTX Listings: Compound (COMP)

Exx Listings: Chainlink (LINK) EJF Coin (EJF) Kyber Network (KNC)

Gate.io Listings: Arweave (AR)

HitBTC Listings: BitBall (BTB) Electra (ECA) Gleec (GLEEC)

Hotbit Listings: Energi (NRG) Crypto Price Index (CPI) Everipedia (IQEVPD) VN99 Exchange (VN) Storj (STORJ) WorldPet (WPT) Compound (COMP) Gold Mining Members (GMM) Arweave (AR) Status (SGT)

Huobi Listings: Origin Protocol (OGN)

Kraken Listings: Australian Dollar (AUD)

KuCoin Listings: Paparazzi (PAZZI) Xensor (XSR)

Kuna Listings: USD Coin (USDC) Dai (DAI) Added brand new exchanging set: Ethereum/ Tether (ETH/USDT)

IDEX Listings: Compound (COMP)

Indodax Listings: Hive (HIVE) Theta (THETA) Theta Fuel (TFUEL)

LATOKEN Listings: DeFiChain (DFI)

Liquid Listings: BTC3S (BTC3S) BTC3L (BTC3L) ETH3S (ETH3S) ETH3L (ETH3L)

LocalCryptos Listings: Litecoin (LTC)

MXC Listings: Maker (MKR) Dai (DAI) dForce (DF) Everipedia (INTELLIGENCE) Storj (STORJ) Bluzelle (BLZ) Genaro Network (GNX) Compound (COMP)

OKEx Listings: Everipedia (INTELLIGENCE) TMGT Token (TMTG)

P2PB2B Listings: Empow (EM) NovemGold (NNN) Eagleo (EGL) Lohit Token (LHO) The Transfer Token (TTT) Spheroid Universe (SPH) CashbackPro (CBP)

Poloniex Listings: Compound (COMP) Filecoin (XFIL) Compound USDT (CUSDT)

ProBit Listings: Compound (COMP) Atromg8 (AG8) Yocoin (YOC) XTRM (XTRM) Gentrion (GENT) Cloudbit Token (CDB) Master Coin Point (MACPO) Kepler (KMW) Amber (AMB) Healing Plus Token (HP) Added brand new exchanging set: HOM Token/ South Korean Won (HOMT/KRW)

Resfinex Listings: Tron (TRX) Aeryus (AER) SWYFT (SWYFTT) YOKcoin (YOK)

OceanEx Listings: Binance USD (BUSD)

Upbit Listings: PayProtocol (PCI)

WazirX Listings: StormX (STMX) Added brand new exchanging set: BitTorrent/ Indian Rupee (BTT/INR)

YoBit Listings: Mask (MASK)

Coinbase is considering adding a new range of digital assets, including VeChain, Aragon, Bancor, Siacoin, Origin Protocol, and Ren to its potential listings.     Coinbase has been evaluating potential digital assets under its Digital Asset Framework, to review the project’s security and compliance before completing the listing on the exchange.   Other projects on Coinbase’s list include Arweave, COMP, DigiByte, Horizon, Livepeer, NuCypher, Numeraire, Render Network, SKALE Network, and Synthetix.   “Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions,” the Coinbase blog read. “As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.”   With the announcement of the potential listing of the cryptocurrencies on the Coinbase exchange has led to a rise in digital asset value before dumping shortly after the listing has been confirmed.   Most assets have seen a jump in price between 8 to 25 percent, with an average of 17 percent, according to data from Messari. Vechain (VET) price has seen an increase of 12.34% after Coinbase’s announcement.    However, the US exchange did not give a timeline for listing the mentioned cryptocurrencies.    Coinbase recently faced outages during Bitcoin price surges which have led to some members of the crypto community refusing to use the exchange. Coinbase users withdrew 22,000 more Bitcoins than they deposited on June 7, which was worth around $214 million.    The US exchange has also faced skepticism when news came out of Coinbase’s intention to sell a blockchain analytics software, named  “Coinbase Analytics” to the Internal Revenue Service (IRS) and the US Drug Enforcement Administration (DEA). 

Digibyte and Vechain are among several crypto assets that are outperforming Bitcoin and Ethereum in the past 24 hours The past 24 hours have seen a dozen or so altcoins gain more than 10% on news that US-based cryptocurrency exchange Coinbase was looking to add support for nearly 18 digital assets. Digibyte, Bancor and Vechain are among several tokens outperforming major altcoins after Coinbase’s announcement. According to Coinbase, its team would use its Digital Asset Framework evaluate and decide on the listing of any of the following crypto assets: Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin, SKALE Network, Synthetix and VeChain. In the past, Coinbase listings have been bullish signals for digital assets. Digibyte has surged over 19.5% on the day, from lows of $0.016 to $0.0197. Digibyte is trading up by more than 24% then on its price a week ago. Vechain’s price has gained more than 18% to see its price rise from $0.0081 to $0.0098 on intraday volumes of more than $101 million. The altcoin is up 38% in the weekly charts. Another top gainer due to the Coinbase announcement is Bancor; spiking by close to 20% in the past 24 hours on rising volumes. The crypto asset is now more than 47% up over the past seven days. Siacoin, ranked 59th on CoinMarketCap, has gained over 13% on the day to see its value increase more than 7% on weekly charts. As altcoins rally, the crypto community has not relented in its call for a mass exodus from Coinbase. This follows the recent outages and reports that the company was likely to offer its intelligence platform to the Internal Revenue Service (IRS) and the Drug Enforcement Agency (DEA).

Venture capital firm Andreessen Horowitz has launched a new $515 million fund to invest in crypto networks and businesses. The California company says it’s particularly interested in supporting the areas of next-generation payments, modern stores of value, decentralized finance and new monetization methods. Andreessen Horowitz also wants to invest in the development of web 3, saying the arrival of new third-generation tech is imminent. “High-performance programmable blockchains will make decentralized network development much more accessible. After years of R&D, we are excited that a number of next-gen programmable blockchains will begin rolling out in the near future.” The $515-million total exceeded Andreessen Horowitz’s minimum target of $450 million. The venture capital giant raised $300 million for its first crypto fund, which launched in 2018. ADVERTISEMENT Upon making the announcement, Andreessen Horowitz also invited crypto entrepreneurs to reach out. “In the same way that it wasn’t obvious in 2007 how applications on top of mobile phones would change so many aspects of the ways in which we move, consume, travel, communicate, and even date, it’s hard to imagine what the very best apps and use cases will be for blockchain-based computing platforms. In just a decade of existence, crypto has gone through several waves. With each new wave, the applications of crypto extend to a greater number of categories and more visionary entrepreneurs enter the space. If you’re one of them, we’d love to hear from you.” The firm started investing in the blockchain and cryptocurrency industry in 2013. Among its many investments in the space are Coinbase, Dfinity, TrustToken, Filecoin, Celo, Maker and Arweave. Featured Image: Shutterstock/Stokkete