SEC chair hints at greater regulatory oversight for US crypto exchanges

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BakerySwap, Syscoin and Utrust rally as altcoin season kicks into high gear

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Fantom Signs Up With Tajikistan Government To Build Their E-government Infrastructure

The Ministry of Industry of New Technologies of the Republic of Tajikistan signed an agreement with the Fantom Foundation on April 22, 2021 to use Fantom’s blockchain-based IT solutions to power its e-government infrastructure.

From Implementing Fantom’s Customized CRM Solution

Initially, Fantom will assess data flows and documentation in the Ministry to build a customized CRM/MIS system that will streamline business processes and increase productivity. As the Ministry tests Fantom’s solution, the two parties will look to establish a Research and Development Hub to train local developers in blockchain-based systems.

Building a Blockchain-Based, Competitive Economy

Since assuming power in 1994, Tajikistan President Emomali Rahmon has worked to reconstruct and modernize the nation. Keen to tap the potential of new technologies to spur economic growth and raise living standards, he has prioritized the digitalization of the country’s information infrastructure.

In 2019, for example, he oversaw significant legislation calling for increased broadband access, the expansion of technology training programs, and the creation of agencies to manage the adoption of digital technologies.

In this context, Fantom and the Tajik Ministry set as their long-term goal a durable public-private partnership in which the R&D hub will expand to serve as a launchpad for the nationwide implementation of blockchain-based data-sharing, transparency, and automation solutions. The Fantom team will also explore how Central Bank Digital Currencies (CBDC) can revolutionize payments systems and kick-start the digital economy in Tajikistan.

Over the last eight months, Fantom team members Barek Sekandari, Samuel Harcourt, Jakub Stephanik, and Jawid Sikandar have played vital roles brokering deals in Central-Asia and South-Asia.

Commenting on Fantom’s growing presence in the area, Fantom Director of South Asia Jawid Sikandar stated: “Following our success in Afghanistan and Pakistan, the agreement to begin work in Tajikistan truly underscores the ways Fantom’s solutions respond to the pressing needs of growing economies. It is tremendously gratifying to know that we can play a part in helping these countries reach their development milestones.” 

Coinbase stock plunges to record low, further decoupling from crypto

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Tether (USDT) On-Chain Volume Hits $1 Trillion All-Time High

Tether (USDT) On-Chain Volume Hits $1 Trillion All-Time High 

Tether (USDT) on-chain volume has reached the $1 trillion mark for the first time ever. The world’s largest stablecoin controls a 64 percent market share of the total stablecoin transaction volume as of April 30, according to a report by TheBlock on May 5, 2021.

Tether (USDT) Reaches New Milestone

Despite the numerous controversies that have plagued Tether, the issuers of the world’s number one stablecoin, the digital currency has continued to wax stronger and it appears the storm may be finally over for the project.

Barely three months after tether (USDT) on-chain volume reached $232 billion for the first time since it started trading in February 2015, the stablecoin’s on-chain volume has hit a fresh all-time high of $1.01 trillion, maintaining a 64 percent market share of the total stablecoin transaction volume which sits at roughly $1.6 trillion.

For those who are unaware, on-chain transaction volume refers to only the transaction volume within a blockchain. In essence, it does not include the trading volume of USDT on centralized exchanges. 

Tether Still the Preferred Choice

While tether (USDT) remains the number one choice for crypto traders, other stablecoins are fast gaining traction. USD Coin (USDC) maintains a 20 percent share of the stablecoin market with its $312 billion on-chain volume, while Dai has an eight percent market share at $114 billion.

Commenting on the stablecoin’s latest achievement, Paolo Ardoino, the Chief Technical Officer (CTO) of Tether reiterated that “Surpassing the $1 trillion mark in on-chain volume represents yet another milestone in Tether’s ascent.”

As reported by BTCManager earlier in February 2021, the age-long court case between Tether partner, Bitfinex cryptocurrency exchange, and the New York Attorney General Office came to an end after the former reached an $18.5 million agreement with the regulators, while also promising to be more transparent in their operations.

Last March, the Tether team published an attestation via Moore Cayman accounting firm, verifying that it held $35.28 billion in assets backing its USDT tokens as of February 28, 2021, against its total liabilities of $35.15 million.

“Tether has always been fully backed, and the assurance opinion we made available today confirms it once again. As Tether’s growth in the market continues to validate our business, we understand the public’s interest in this matter. We are pleased to share this attestation as part of our ongoing commitment to transparency,” declared Tether at the time.

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FBC Fund Has Tripled Investors’ Earnings Thanks to RJVX13 Algorithm

Within several months the FBC Fund has significantly increased its parameters, and thereafter, the profit of investors. There are 2 reasons for that. The first one is a significant growth of almost all cryptocurrencies’ rates over the past few months.

The second reason is that the Fund has updated and optimized its famous stock market prediction algorithm – RJVX13.

FBC (Finance and Business Capital LTD) is best known for its unique proprietary algorithm that allows you to predict the short-term behavior of the stock market and cryptocurrency quotes. The Fund is also known for its early investments in Defi sector projects. FBC has brought its investors more than 1,000% over the past year.

And last but not least – just recently the Fund has removed any restrictions on the deposit and withdrawal of funds for citizens of any country. The company is planning to open offline representative offices not only in its home country – the UK but also in other countries.

 

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of NewsBTC. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, NewsBTC does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

$ETH Breaks $3600, Mark Cuban Says It ‘Is Uncapped in Terms of How High It Can Go’

On Thursday (May 6), the Ethereum price broke $3,600 to set a new all-time high.

Data by TradingView indicates that at 16:24 UTC on crypto exchange Bitstamp $ETH broke above the $3,600 level for the first time ever, and five minutes later, it hit $3,610 to record a new all-time high.

Currently (as of 17:32 UTC on May 6), ETH-USD is trading around $3,589, which means that in the past 24-hour period, it is up 5.49%; as for the year-to-date period, ETH-USD is up 386.97%

According to a report by Liam Frost and Daniel Roberts for Decrypt, earlier today, billionaire investor and entrepreneur Mark Cuban, who owns both Bitcoin and Ethereum, had this to say during a panel at Decrypt‘s Ethereal Virtual Summit:

Between DAI and ETH 2.0, and all the staking that happens to provide liquidity everywhere else, it wouldn’t shock me if we’re getting significant deflation, which is one of the reasons that ETH is skyrocketing so much. So that’s why I think ETH really is uncapped in terms of how high it can go.

According to another report by Daniel Roberts for Decrypt, Cuban also said:

I think Bitcoin is the greatest risk of a pullback, simply because there’s so many dollars worth of derivatives, and so people speculate so much, and you don’t have an efficient market in terms of buying and selling it…

Each global market has its own pricing, and a buyer of Bitcoin, or any crypto for that matter, doesn’t automatically get the best price like you do with a share of stock, for the most part…

I think Ethereum has greater long term value, period, end of story. Because Ethereum has more utility than Bitcoin does.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Featured Image by “elifxlite” via Pixabay.com

Flippening? Record $10B Ethereum futures volume briefly outpaces Bitcoin’s

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They see ETH rollin’: Why did Ether price reach $3.5K, and what’s next?

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Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa’s Inter-Regional Trade

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa’s Inter-Regional Trade

South African venture capitalist, Michael Jordaan, recently suggested that a single decentralized cryptocurrency may be the solution that brings great benefits to inter-regional trade and investment in Africa. According to Jordaan, who is also the former CEO of one of South Africa’s leading banks, FNB, such a single African currency “would go a long way to make borders matter less.”

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa's Inter-Regional Trade

A Decentralized Currency for Africa

However, in his tweet on April 27, Jordaan offers his take on why he sees crypto (and not fiat) as the solution that unlocks the “most under-penetrated payments market in the world.” Jordaan tweeted:

Imagine a day when Africa has only one currency. (Such a currency) will make it so much easier to trade with each other and invest across the continent. Cannot see all/ most of the countries agreeing on a central bank or a monetary policy. More likely to be a decentralised cryptocurrency. But which one?

Nevertheless, the venture capitalist concedes that such a decentralized cryptocurrency has to be an “African or global stablecoin, which is not as volatile as say bitcoin or ethereum.”

Benefits of a Single Currency

Meanwhile, a local report quotes the venture capitalist further expanding on this idea and how countries benefit. For instance, Jordaan states that since the 55 African countries have 41 different currencies, it means that payments are slow, expensive and that both importers, as well as exporters, face exchange rate risk. However, when African countries adopt a single decentralized currency, such problems are eliminated.

In addition to boosting inter-regional trade and investment, a decentralized currency will stop individual states from “raiding their own central banks by printing money and causing inflation.”

While it is seemingly unlikely that African governments will embrace Jordaan’s plan any time soon, the venture capitalist, however, says he will keep dreaming of an Africa that trades with itself – like Europe and Asia – instead of relying on foreign aid.

Do you agree with Jordaan’s sentiments that Africa needs a single decentralized cryptocurrency? You can share your views in the comments section below.

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