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Crypto operations opposed by the Bank of Russia

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According to the Russian legislation, it is not prohibited for individuals or legal entities to buy cryptocurrencies in foreign markets, but it is prohibited to issue them on domestic platforms and use them as means of payment within the Russian Federation.

In an interview on Friday the 17 December 2021, by the local media house finmarket.ru, the Governor of the Bank of Russia, Elvira Nabiullina enlarged the fear around the future of digital assets regulation in the country.

“You know our attitude towards cryptocurrencies, to put it mildly, skeptical, connected with the fact that these are big risks for retail investors, the volatility of this asset is very large. Cryptocurrencies are often used for illegal operations of a criminal nature, they are not transparent, so we cannot welcome investments in such kind of assets. And we advocate that the Russian financial infrastructure is not used for transactions with cryptocurrency, it is quite possible to implement it”

Central Bank of Russia sees high risks in development of the Cryptocurrency market

The bank of Russia has repeatedly articulated that it is looking at the purchasing of blockchain technology-based assets by individuals with a lot of apprehensions. The fact that Nabiullina’s statement came exactly a day after there were reports about the absolute ban on the exchanges of these virtual assets in Russia increases speculations about the fate of the virtual coin market.

In proportionate views, the most rigorous degrees against digital currency were enforced by China, which in September prohibited foreign exchanges from providing services for buying digital assets in the country and also banned miners from working in the country. At the same time, plenty of European countries and the United States of America are slowly removing constraints on the use of cryptocurrencies as a financial means of payment. In particular, in Sweden, the use of cryptocurrency is allowed by the authorities, while its purchase is considered as a transaction with assets, and anti-money laundering laws are observed.

Bitcoin may not last long: Cornell professor

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Bitcoin, the most beloved coin of the world, has been experiencing very inconsistent prices in the market. Through it all, it remains the most valued asset in the industry, it ranks as the No.1 cryptocurrency. At the time of writing, Bitcoin was priced at $46,541.09 and experienced a drop of 2.55% in the last 24 hours.

An economics professor at Cornell University and author of ‘The Future of Money: How the Digital Revolution is Transforming Currencies and Finance’ says that Bitcoin’s use of blockchain technology is not very efficient and that the asset itself may not last long.

The real legacy of Bitcoin is not the cryptocurrency itself, but blockchain technology

Eswar Prasad, senior professor of international trade policy at Cornell University, told CNBC in a recent interview that Bitcoin hasn’t used blockchain technology in a very efficient way. He also states that there are many other steady coins, that have used blockchain far more decisively.

According to Prasad, the world’s largest cryptocurrency hasn’t been serving well as a medium of exchange and it is not going to have any elemental value except for what investors feel,

“Cryptos have become purely speculative assets”

Furthermore, he adds that this cryptocurrency has a validation mechanism that ostensibly destroys the environment and it doesn’t calibrate very well. It is true that the said coin’s carbon footprint is extremely massive and that it is bigger than the whole of New Zealand. Cambridge University researchers say that this cryptocurrency consumes more energy than the entire annual energy consumption of the Netherlands.

Over the years, the crypto market has seen the rise of gobs of other altcoins that have been stable in terms of price and consume a subjacent amount of energy in comparison to BTC.

Professor Prasad stated that the promise of Decentralized Finance(DeFi) using blockchain technology is real. He believes that blockchain technology, the primitive automation of cryptocurrencies, will be radically revamped magnificently in the ways of transactions in our daily lives. Blockchain technology is the future, it has already brought about changes in our central financial ways leaving everyone to wonder what it holds in the future.

Mrs.Trump ventures into the NFT space; Details remain hazy

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The former US first lady, Melania Trump, picks Solana blockchain to purchase her new Non Fungible Tokens(NFT). The NFT is to be paid through MoonPay, a new Start-up crypto payment infrastructure.

Mrs. Trump, took to Twitter to announce that her first NFT, a painting called, ‘Melania’s Vision’ by the artist Marc-Antoine Coulon, and an audio recording with a message of hope from the former first lady, could be purchased at 1SOL using MoonPay. This is available on her website starting from the 16 December to the 31 December 2021.

“Excited for this new venture, which combines my passion for art and commitment to helping our Nation’s children fulfill their own unique American Dream. #MelaniaNFThttp://MelaniaTrump.com“

Solana Labs and MoonPay dismiss rumors of a partnership with Trump’s NFT project

While Melania launched her NFT project, Solana Labs and MoonPay had to deal with rumors of partnering with Melania’s NFT project. Solana labs immediately stated,

“I wanted to inform you, to avoid any confusion, that her choice to use the Solana blockchain was completely organic, and this project is not part of any Solana-led initiative”

MoonPay tweeted about the same and stated that the story by Bloomberg, titled ‘MoonPay as a partner to a new NFT effort by Former First Lady Melania Trump,’ is factually incorrect and that they had no role to play in it. MoonPay is a company that helps people exchange cryptocurrencies and fiat, or government-issued currencies using major payment methods. It is used in more than 160 countries and more than 250 wallets, websites, and applications to make payments and defeat fraud.

Solana is a high-powered blockchain with an extravagant performance that supports the builders of crypto assets to create crypto applications. This altcoin has been gaining a lot of popularity. however, Ethereum is the most popularly used blockchain for NFTs.

At the time of writing, Solana was priced at $181.46 and experienced a bullish market at 2.58% in the last 24 hours. Ethereum on the other hand was priced at $3957.97 and witnessed a daily drop of 0.77%.

Spencer Schiff finds Musk’s obsession with Dogecoin bizarre

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Spencer Schiff, a former goldbug and now an advocate for Bitcoin [BTC] finds it bizarre that Elon Musk is still so enthusiastically consumed by Dogecoin [DOGE].

Spencer Schiff, the son of an American stockbroker, financial commentator, and radio personality, Peter David Schiff, wonders why the Tesla CEO, Musk, cherishes the meme coin.

Elon Musk has been an evident supporter of the DOGE asset ever since 2019. He took to Twitter, not very long ago, to announce that his company, Tesla, will be accepting DOGE in exchange for some merchandise, specifics of the merchandise haven’t been mentioned though. Musk has always expressed his firm views of the altcoin and has been supporting cryptocurrency for a while now.

Elon Musk aware of Bitcoin Lightning Network, yet favors DOGE

The Time Magazine named Elon Musk ‘The Person of The Year” for 2021. The owner of the Bitcoin account, ‘Bitcoin Meme Hub’ posted a video of the interview and tweeted that it’s almost 2022 and the CEO of Tesla should know about the Bitcoin Lightning Network. Under this Twitter huddle , Spencer Schiff stated,

“He does. He’s mentioned it before. But for some reason he’s still obsessed with Doge, which is bizarre”

Lightning Network(LN) is a second layer to Bitcoin’s blockchain which is adduced to unblock it’s network by creating micro-payment channels between two parties, which makes the transaction faster, cheaper and more readily approved than those conducted directly on the Bitcoin blockchain. The scalability of LN is quite high, as capable as millions to billions of transactions per second across the network. According to Spencer Schiff, Elon Musk is aware of how Bitcoin LN functions, but he still calls the meme coin, Dogecoin his favorite.

Musk, in Time’s interview, said that Dogecoin is better for transactions in many ways. At the time of writing, Dogecoin was priced at $0.1827 and enjoys a bullish market with a soar of 1.75% in the last 24 hours.

RichQuack launches hyper-deflationary token with high liquidity rewarding holders with static rewards

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RichQuack, a new hyper-deflationary token backed by a community of over 100,000 on Twitter and 65,000 on Telegram, launches on the Binance Smart Chain with the simple goal of making its investors rich. RichQuack is a play on words, mocking those who want to get rich fast without working hard. They are a community of members that work hard together, for token holders to earn money simply by holding the token. The company also provides a launchpad, alongside an incubator program with financial incentives, to help other projects kick off their own tokens. 

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RichQuack launches hyper-deflationary token with high liquidity rewarding holders with static rewards 2

As the U.S. Federal Reserve navigates the pandemic-stricken economy, inflation has reached its highest levels in 30 years. Federal Reserve Chair Jerome Powell says the high inflation is “transitory,” meaning temporary.  The rising prices of cars, food, and gas are actually causing a psychological shift in Americans’ minds, as inflation becomes a top concern for many.

RichQuack bypasses the problem of inflation by launching a deflationary token with a built-in 12% transaction fee distributed as follows:

  • 4% Tax To Reward Holders and Feed the Blackhole.
  • 8% Tax for Self Generating Auto Liquidity

From the 8% Auto-Liquidity Tax, Liquidity Manager will:

  1. Lock 50% of Auto Liquidity Generated to Team.Finance (4%)
  2. Remove 50% QUACK/BNB (4%) Liquidity Generated

Manually, daily (24–48h) and split it up to:

  • 2% Tax for Marketing & Dev Wallet
  • 2% Tax for QUACKPump & Blackhole Wallet

RichQuack’s incubator program helps launch other tokens by making them a pitch deck and providing capital. The QUACK token is listed on Gate io, Bitmart, Digifinex, Hotbit, ZT Global, XT.com Exchange, PancakeSwap, MEXC, and BKEX.

Robo Trading with Delta Exchange: How you can level up your trading game

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While economies worldwide were hit hard by the Covid-19 pandemic and are still reeling from its after-effects, the crypto industry has been one of the few to see a positive demand shock across geographies. According to Fortune Business Insights, the global crypto industry is set to grow at a CAGR of 11.1%, from $910.3 million in 2021 to $1,902.5 million in 2028. And despite proposals for regulations and outright bans in some jurisdictions, cryptocurrencies have continued to skyrocket in value.

A large part of the planet is betting on cryptocurrencies as the currency of the future, and supporters and enthusiasts are flocking to get hold of them before they become any more valuable. With the potential to make huge profits in a significantly shorter space of time than other standard investments like stocks or bonds, it’s no shocker that people are now getting into crypto trading more than ever. This volatility, however, is also one of its major drawbacks.

Cryptocurrencies are infamous for their dramatic price movements that can occur within the space of a few seconds or minutes. Moreover, since cryptocurrency markets operate 24/7, traders are inevitably required to monitor crypto exchanges across the globe at all times. This causes difficulties for most traders to react to market fluctuations promptly. Slowdowns in crypto exchanges and transaction delays aggravate the matter even further.

This is where trading bots come in. Crypto trading bots are essentially automated trading systems that trade on behalf of traders and investors. When certain conditions for trade are satisfied, they allow traders to execute trades automatically. Trading bots are especially useful in a highly volatile market like the crypto market since they are more efficient and make fewer human errors.

Delta Exchange, one of the world’s leading crypto derivatives exchanges, offers advanced Robo Trading strategies that help investors actively trade in the crypto markets and make profits. Here’s a look at the various types of Robo Trading strategies available on Delta Exchange. Some of these strategies also offer users additional; rewards in DETO – the utility token of Delta Exchange.

  1. Top 20 momentum

The Top 20 momentum strategy trades in the top 20 cryptocurrencies, which are chosen on the basis of their market capitalization. This strategy takes long or short directional positions based on short-term price momentum. Subscribers can also earn DETO rewards up to 3000 per day.

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  1. Top 2 momentum

Similar to the Top 20 momentum strategy, the Top 2 momentum strategy trades in BTC and ETH only – the top 2 cryptos based on market cap.

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  1. BTC momentum

This strategy can be used solely for BTC inverse perpetual and has given returns of around 6.50% since inception. The strategy also takes long or short positions on the basis of price momentum.

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  1. ALTBTC momentum

The ALTBTC momentum strategy provides returns of around 1.80% and trades in top altcoin pairs.

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Robo Trading with Delta Exchange: How you can level up your trading game 14
  1. DeFi momentum

This momentum strategy trades in the top DeFi assets which are chosen on the basis of their market capitalization. Generally expected to perform well in a volatile and trending market, this strategy maximizes the holding period for profitable trades and minimizes it for losing trades. This helps to improve performance while reducing drawdown.

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  1. Large Cap AMM

The Large Cap AMM strategy is particularly designed for a relatively lower risk profile and primarily aims to minimize drawdowns. Being an AMM (Automated Market Maker), this strategy aims to make profits by providing liquidity on the books of coins like BTCUSDT and ETHUSDT, which have a significantly large market capitalization. Users are also eligible for DETO rewards under this strategy. In proportion to their ownership of the units outstanding, 17500 DETO/day are distributed to subscribers.

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  1. BTCUSD AMM

The BTCUSD AMM strategy aims to deliver bids and offers to order books on BTCUSD inverse contracts. Users should be aware, however, that contributions to this strategy may only be made in BTC. DETO rewards include 2000 DETO per day.

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  1. Cash Future Arbitrage

This strategy enables investors and traders to profit from the premium offered by BTC and ETH futures over their spot market prices. Traders may also use the strategy to earn funds by trading perpetuals and spot pairs in a market-neutral setup. Under this strategy, 3275 DETO/day are distributed to subscribers as DETO rewards.

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Robo Trading with Delta Exchange: How you can level up your trading game 18

There’s no doubt that crypto trading bots are here to make your crypto journey easier. Take it a step further with Robo Trading strategies from Delta Exchange to enhance your trading game.

You can also follow Delta Exchange on Facebook, Twitter, Medium, and Telegram.

n.exchange Partners with FatBTC, Enables More Fiat Options for Millions of Traders Worldwide

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Partnerships between crypto organizations are stimulating constant improvements in the relatively young industry by creating more options and opportunities for people to join the future of finance. FatBTC and n.exchange, two companies that have been operating in the crypto space since the industry’s early days, are now joining forces to create more crypto purchase possibilities.

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n.exchange is enabling tomorrow’s financial system by providing a seamless gateway into the crypto world. Established in London, in 2016 n.exchange has grown exponentially within the last 5 years. The organization now consists of a growing number of experts in the fields of Technology, Crypto, Finance, Marketing, and Sales and is set to continue to grow. 

Currently, the teams are distributed worldwide, creating an effective remote environment as a response to the ever-changing market needs. The company now also has offices in Lithuania and Portugal, where top engineering and commercial talent is being attracted to showcase their unique abilities in continuously achieving organizational goals of n.exchange. The ultimate vision is ambitious, according to n.exchange founder, Oleg Belousov, the future, where crypto is accessible to everyone, is being locked next door, the n.exchange aims to unlock it.

That has been shown recently when n.exchange partnered up with FatBTC, a Chinese multifunctional exchange that operates in more than 200 countries and territories worldwide. This fresh business integration is now enabling millions of FatBTC users to buy Bitcoin and Ethereum using the Russian Ruble. Both organizations are set to remove current financial ecosystem barriers as well as to enable a simple and seamless gateway into the crypto world by bridging traditional and digital finance to encourage ideas of financial revolution and widespread adoption of blockchain and cryptocurrencies. 

FatBTC has been promoting the trading of pioneer blockchain currencies such as Bitcoin and Ethereum since 2014. The rapid exchange growth has onboarded millions of registered users worldwide and today, the application is available in multiple languages, including English, French, Spanish, Portuguese, Chinese, Korean, Vietnamese, Indonesian, Russian, and Arabic. 

With the rapid growth of cryptocurrency adoption in 2021, the crypto market is getting crowded while the traditional financial markets are being inflated. Moreover, as the traditional banks are continuously increasing charges to consumers, more fintech and crypto companies are focusing to ease these feelings by offering modern solutions for people to participate in economics. Therefore, such partnerships between crypto companies are necessary and inevitable to ensure financial security, stability, and trust within society. What we cannot achieve alone, we will achieve together. 

ChainSwap’s Cross-Chain Bridge Aggregator goes LIVE

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ChainSwap, a cross-chain bridge hub for smart chains has launched its own cross-chain bridge aggregator. Announcing the same in its official Twitter handle, the multi-chain platform revealed that the initial version of the Bridge Aggregator would integrate the three popular bridge solutions- Poly Bridge, Multichain, and AnySwap and would be supporting additional bridges in the near future. Revealing on its primary objective, the network aims to integrate all cross-chain bridges available on the crypto market and in turn become the ‘go-to platform for all cross-chain solution seekers’.

ChainSwap Bridge Aggregator Use Cases

A multi-chain bridge intermediary like ChainSwap allows users to transfer a token seamlessly from different networks such as Ethereum [ETH] to Binance Smart Chain [BSC] with decentralized cross-chain technology. Without an aggregator such as ChainSwap and it’s like, users often encounter a few challenges like researching which bridge supports the token on both chains and finding which among them offers the lowest slippage and transaction fee, on top of other information such as estimated bridge duration time.

This in turn is a lot time-consuming and difficult as one goes on comparing all the currently offered bridge solutions.

What does the ChainSwap market looks like?

As per on-chain data provider Dune Analytics, the combined total value locked [TVL] of Ethereum bridges is $23.66 billion at the time of writing, rising by more than 100% in a span of 60 days. In addition to that, the data also tracks 17 prominent Ethereum bridges which are growing at a staggering rate.

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Apart from that, there are several cross-chain solutions that are currently available in the broader market which include Cambridge, Hop, Binance Bridge, Terra Bridge, Anyswap, Allbridge, RenBridge, Xpollinate, Polynetwork, etc. More such cross-chain projects are expected to be deployed in the future.

As for now, the first step of the integration with Poly Bridge and Multichain is just been completed and the ChainSwap’s ultimate goal is to roll out the entire product in small steps. The next process would be to provide support for other bridges such as AnySwap and Wormhole, which is currently in the development phase and is expected to go live shortly.

ConstitutionDAO [PEOPLE] charts a New High after OKEx Listing

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ConstitutionDAO [PEOPLE] saw a massive surge in the price movement, hitting as much as $0.087 in the early hours of 27th November 2021, and continued to rake in new highs. Apart from that, the single-day trading volume on the previous day swooped a whopping $48 million, which is higher than the sum of the past 7 days. The network also witnessed the number of currency holding addresses has exceeded 11k.

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The latest uptick has been attributed to the recent announcement of the Seychelles-based crypto exchange OKEx that it was listing PEOPLE tokens on its spot trading platform. Meanwhile, the CEO of the digital exchange firm shared a brief message on his Twitter handle.

In addition to that, the tremendous upside momentum in the coin’s market came in the backdrop of market participants going on a dumping spree for the Ethereum blockchain’s native token, Ether [ETH]. That is mostly because ConstitutionDAO, a decentralized autonomous organization [DAO] led by a community of crypto investors, raised over $47 million in Ether in a crowdfunding campaign through the sale of PEOPLE tokens.

It intended to use the earnings to purchase the first copy of the United States constitution in an auction but lost its bids to Chicago Billionaire Kenneth Griffin who is the CEO of the leading multinational hedge-fund firm, Citadel. Despite losing the highly anticipated bid, the effort has brought the attention of the diverse use cases of blockchains  and  cryptocurrencies  to  the  fore: DAOs. 

DAO takes the Centre-stage

Decentralized Autonomous Organization [DAO] is built using the functionality of the smart contracts protocol, a feature widely used in major blockchains such as Ethereum, Solana [SOL], and Cardano [ADA]. Traditional organizations appoint a board of directors who are authorized to make changes to a firm and its governance. Whereas a smart contract is a program intended to self execute when some predetermined conditions are met, thus eliminating the need for an intermediary or time loss.

On top of that, no single member can make any changes in the DAO and can only be modified after a majority is reached. Since it is built on a blockchain, every decision taken is pitched, discussed, and documented automatically.

China set to follow new regulatory trends on crypto

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China has already cracked down the entire crypto industry. Today, during the 2021 First Lujiazui National Financial Security Summit and the 11th China Anti-Money Laundering Summit, People’s Bank of China’s Anti-Money Laundering Monitoring and Analysis Center stated that digital assets can satisfy the privacy, wealth appreciation, and currency trust of some people.

Gou Wenjun, the director of the analysis center, said that at the same time, crypto’s decentralized, anonymous, and borderless features bring many underlying risks, including tax evasion, terrorist financing, gambling, money laundering, drug trafficking, extortion, and other illegal activities.

China mentions four aspects to look into

Wenjun thinks that crypto’s innovative nature and iteration speed make it extremely fast, and therefore, it requires better risk supervision and governance. He further added that there are four aspects to pay attention to while managing risks involved in digital assets:

  • Define the non-financial characteristics of digital assets and improve regulatory procedures for new virtual assets. They are inherently separated from the outside world and have some interoperability, making them ideal for criminals to use as a money-laundering method.
  • Improve virtual asset transaction assessment and analysis to penetrate and uncover the essence of digital asset transactions. As the exchange link between legal currency and virtual assets, banks and payment institutions should verify virtual asset transaction participants with real names and enhance the ability to spot fraudulent activity.
  • Establish a virtual asset transaction traceability and scene tracking system and boost the innovative application of new technologies. One approach is to widely deploy address probes and use artificial intelligence, machine learning, and other technologies to label accounts that transact with the probe address directly or indirectly. The second step is to create a transaction value model that can be used to detect different transaction scenarios from massive transaction data using clustering and other technological methods. The final step is to use address labeling and transaction scenario feature clustering to combine the information given by law enforcement agencies, trading platforms, and foreign financial intelligence agencies.
  • To build an international collaborative force against crimes involving virtual assets, improve information sharing and collaboration with abroad financial intelligence agencies. With 60 foreign financial intelligence agencies, the Anti-Money Laundering Center of China will continue to strengthen sharing of information and co-investigation coordination.