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What the Shiba Inu-led memecoin craze says about crypto oversight – Yahoo Finance

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This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe
Tuesday, November 2, 2021
There’s a lot happening in the fast-moving world of cryptocurrency nowadays, and two trends highlighted over the last few days underscore why regulators are trying to get ahead of developments in the sector — even if some think they’re already behind the curve.
While bitcoin sucks up the most oxygen in the crypto world, there are other digital coins that investors and policymakers are just starting to wrap their heads around. Last week, with market players transfixed by the rise of Shiba Inu (SHIB), another memecoin based on the hugely popular “Squid Game” Netflix series came from nowhere.
In a matter of days, the squid coin went supernova — then crashed and burned as developers yanked the rug out from aspiring crypto fortune-hunters. To crib a phrase from that chef from Seinfeld, “no soup for you.”
SHIB’s sudden rise and the commensurate drop in squid couldn't have arrived at a more auspicious time. On Monday, the U.S. government released a long-awaited set of recommendations on how regulators and lawmakers should treat stablecoin, a slice of the digital coin market where values are tied to fiat currencies like U.S. dollars or shorter-dated securities.
Yahoo Finance’s Jennifer Schonberger, who’s been pursuing this story for weeks, noted that the inter-agency recommendations “are intended to curtail risks posed to the financial system,” and that regulators are calling on Congress to mandate that issuers “become banks subject to oversight by the Federal Reserve and the Comptroller of the Currency.”
As one might expect, crypto players like the Chamber of Digital Commerce (which also spoke to Schonberger last week) are pushing back against the idea that an asset whose very existence is predicated upon being stable could pose systemic risk.
Other market participants like Circle co-founder, CEO and Chairman Jeremy Allaire see the writing on the wall, and want to at least make sure they get to choose the ink.
“We are fully supportive of the call for Congress to act and establish federal banking supervision for stablecoin issuance,” said Allaire in a statement.
“The rapid scaling and strategic importance of this to dollar competitiveness in the age of crypto and blockchains is critical. This is huge progress in the acceptance of stablecoins and provides a path for their adoption as fundamental infrastructure for financial and economic activity in the coming decade,” he added.
Given all that’s been happening in the world, true-believing crypto "hodlers" can be forgiven for thinking this is just another governmental power grab. But the central question of regulation revolves around the fact that, for better or worse, cryptocurrency is becoming way more than just an asset class.
The proliferation of products like exchange traded funds, stablecoins and the like are creating an ecosystem in which people can trade digital coins, borrow and lend against them, and conduct transactions denominated in the crypto unit of their choice.
It’s creating a dynamic that Acting Comptroller of the Currency Michael J. Hsu said on Monday was “equal measures awe-inspiring and unsettling. While the salient risks may be mostly trading-related today, tomorrow the risks will be much broader than that and it behooves us as regulators to be strategic in how we approach this and think ahead,” he said in a statement.
“I fully support the recommendations in today’s paper. Stablecoins need federal prudential supervision to grow and evolve safely,” Hsu added.
And in a universe where cryptocurrencies have mushroomed (a recent report by Morgan Stanley pegged them at 10,000 and growing), it’s not hard to see why regulators want to appear proactive instead of reactive.
“Cryptocurrency companies are creating a new system of payments and transactions that competes with traditional finance,” analysts at Morgan Stanley wrote last week in a lengthy report.
“As institutional investor interest intensifies, the crypto regime of leveraged price rises is moving to a regime of regulation,” the bank added.
The stablecoin market by itself is worth an estimated $135 billion of the $2.5 trillion crypto market. And with investors big and small piling into crypto — and the broader market appearing frothier by the day — the federal government would probably prefer to look overzealous than asleep at the wheel when the inevitable instance of criminality and/or meltdown occurs.
By Javier E. David, editor at Yahoo Finance. Follow him at @Teflongeek
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"First Mover" hosts speak with stablecoin USDC issuer Circle CEO Jeremy Allaire as the company facing increasing scrutiny from the regulators amid Biden Administration's stablecoin report. Voyager Digital CEO Steve Ehrlich shares insights into the multi-year partnership signed with Mark Cuban's Dallas Mavericks. Plus, Blockchain Research Institute Co-founder and Executive Chairman Don Tapscott shares his take on big tech diving into Metaverse.
As this year's U.N. climate talks go into their second week, negotiations on key topics are inching forward.
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Following another mixed day for the majors on Thursday, a Bitcoin move back through to $62,500 levels should support the broader market.
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(Reuters) -Tesla Inc Chief Executive Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% of his Tesla stock. "Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock," Musk wrote in a tweet referring to a "billionaires' tax" proposed by Democrats in the U.S. Senate. Musk's shareholding in Tesla comes to about 170.5 million shares as of June 30 and selling 10% of his stock would amount close to $21 billion based on Friday's closing, according to Reuters calculations.
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Shares of connectivity chip designer Skyworks Solutions (NASDAQ: SWKS) were down just over 4% on Friday. There is lingering doubt whether Skyworks' sales boom last year is going to stick. Then, as 2021 got underway, a global shortage of chips boosted sales further as Skyworks' manufacturing partners have been working overtime to crank out semiconductors.
The heavily indebted property developer raised more than $50 million last month by selling two of its private jets, bringing in much needed cash to help avert a default on its U.S. dollar debt.

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Polygon Reveals Details About Its Future Collaboration With LBank During AMA – Press release Bitcoin News – Bitcoin News

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November 7, 2021

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PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discussing Polygon’s achievements, collaborations, NFT and Gaming markets, Nightfall solution, future plans and so on. Here’s the summary of this AMA.
Ethereum is the blockchain development platform of choice, but it has limitations such as low throughput, poor UX, and no sovereignty. As a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, Polygon breaks through these limitations by aggregating scalable solutions on Ethereum and supporting a multi-chain Ethereum ecosystem.
Polygon Outperforms Ethereum In-terms Of Active Users
As a layer 2 solutions aggregator built on top of Ethereum, Polygon has made some great achievements since its birth, its POS chain has over 2000 DApps live and processes over 7 million transactions daily. In fact, Polygon now has more daily active users than Ethereum.
MATIC, the token for the polygon network, is already live on trading platforms like LBank Exchange, and currently the trading volume of it is over 1 billion across exchanges. Polygon team is aiming to make more people hold MATIC tokens, and it’s hoping to see MATIC’s trading volume on LBank Exchange continue to grow as well.
Expanding the Polygon ecosystem
With the power to bring thousands of new users into blockchain, NFT and Gaming markets are strategic sectors that Polygon continues to focus on. There are already some of the largest gaming projects live on Polygon, such as Decentral Games, Sandbox, Somnium Space, Vulcan Verse, etc. As for NFT projects, there are OpenSea, Lazy.com, Autograph, etc.
The team will be bringing many more such games and NFT projects onto Polygon so that its community can enjoy more artwork and fun. In addition, Polygon allows for massive scalability, and compared to Ethereum, minting costs on Polygon are 100,000 times cheaper on average.
Polygon also has products designed for enterprise customers who need privacy and scalability, such as Nightfall, a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK Rollups. It creates a scalable and private hybrid of the two popular technologies.
Polygon Nightfall has the power to bring many large enterprises into blockchain, the team believes that it will lead to a large number of transactions on Polygon and further add new projects and users to the Polygon ecosystem.
Big Plans Ahead
The Polygon team has already got some big plans ahead. On the technical side, Polygon is investing heavily into ZK and ZK Rollup technology, for example, the team has already spent $250 million on acquiring Hermez, which is a decentralized, open-source ZK Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.
Polygon has also acquired another 4 teams to build more ZK Rollup chains, to achieve the goal of building highly scalable EVM enabled ZK Rollup technology. In addition, Polygon has updates coming for its POS chain and details on EIP 1559 implementation.
On the business side, Polygon has many exciting updates as well, with lots of big DApps and integrations planned. Significantly, Arjun, Polygon’s Head of Growth, points out that LBank is enhancing its global branding. He also assures that the love of the community makes the team achieve its goals, so it will continue to collaborate with LBank Exchange to bring more Polygon projects and tokens to the community. Polygon team will keep posting on its official social media accounts such as Twitter to reveal more details about future plans and latest updates.
 
About Polygon
Polygon is a layer 2 aggregating scalable solution on Ethereum that supports a multi-chain Ethereum ecosystem. The platform resolves the blockchain challenges like high gas fees, slow speed without sacrificing security. It is a protocol and framework to build and connect Ethereum-compatible blockchains.
Visit to Know more:
Website: https://polygon.technology/
Twitter: https://twitter.com/0xPolygon
Telegram: https://t.me/polygonofficial
Discord: https://discord.com/invite/polygon
 
About LBank
LBank is an ever-growing crypto trading platform which offers safe trading for the users worldwide. The team aspires to build the professional integration services for crypto-assets being a convenient trading platform. It has become popular with over 6.4 million users around the world.
Visit to Know More:
Website: https://www.lbank.info/
Twitter: https://twitter.com/LBank_Exchange
Telegram: https://t.me/LBank_en
LinkedIn: https://www.linkedin.com/company/lbank
Facebook: https://www.facebook.com/LBank.info/
 
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
Check all the news here
Up to 12 Million Iranians Own Cryptocurrency, Traders Choose Local Exchanges
Cryptocurrencies are a popular investment among Iranians and estimates suggest that the number of those who already own one coin or another may be as high as 12 million. The majority of Iranian traders prefer the services of local crypto … read more.
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‘Trillions Of Dollars’—Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance’s BNB, Solana, Cardano And XRP Soar – Forbes

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November 7, 2021

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Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3 trillion as ethereum, Binance’s BNB, solana, cardano and XRP make double-digit percentage gains.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price has climbed from around $45,000 per bitcoin in early October to all-time highs of $67,000 late last month, in part due to the launch of the first U.S. bitcoin futures exchange-traded funds (ETFs). Bitcoin has recently dropped back—despite huge new price targets even as ethereum and its smaller rivals hit fresh highs.
Now, Michael Saylor, a bullish bitcoin buyer, has predicted “trillions of dollars” will flow into bitcoin once the U.S. regulator approves a fully-fledged bitcoin ETF—helping bitcoin to replace gold and become the primary asset index for the Western world.
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The bitcoin price has surged through 2021 but much of the crypto market’s gains have come from … [+] ethereum, Binance’s BNB, cardano, solana, and XRP.
“To do that, you need the spot ETF,” said Saylor, the chief executive of business intelligence software company MicroStrategy, speaking this week at Bloomberg‘s Financial Innovation Summit. “And once these spot ETFs roll, I think you’ll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them.”
Over the last year, Saylor has pivoted Microstrategy to a bitcoin acquisition vehicle, buying more than 110,000 bitcoins. The value of the company’s bitcoin holdings is around $7 billion, making up almost all of MicroStrategy’s $8 billion market capitalization.
Saylor said he expects a U.S.-based spot bitcoin ETF would act as an institutional on-ramp for investors who want bitcoin exposure, adding he’ll continue buying bitcoin via MicroStrategy. Such funds are already live in other countries, including Canada.
The launch of two U.S. bitcoin futures ETFs in October generated huge media attention, with the ProShares Bitcoin Strategy ETF accumulating more than $1 billion in assets in mere days. However, some, including general partner at Castle Island Ventures Nic Carter, have called futures-based ETFs “inferior” as they don’t give direct exposure to the underlying asset. Carter, speaking alongside Saylor, said a spot bitcoin ETF would be “the hottest commodity ETF launch of all time.”
“The right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages,” said Saylor.
CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has risen more than 300% over the last 12 months, making bitcoin a $1 trillion … [+] asset. However, bitcoin has been left in the dust by ethereum, Binance’s BNB, solana, cardano, and XRP.
Meanwhile, bullish bitcoin and crypto market watchers continue to predict prices will surge into the end of 2021. While bitcoin has lost ground this week, ethereum has added almost 5%, with its too biggest rivals, Binance’s BNB and solana, both surging by around 20%.
“Intraday volatility is completely normal after such a bullish month, but the higher time frame is looking solid for now,” Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based bitcoin and crypto trading platform Bitpanda, said in emailed comments. “The crypto market is more integrated into the world economy every day which only shows how important it is for bigger institutions but on the other hand, is also under pressure from macro events.”
“A melt-up in bitcoin and ethereum into year-end is likelier than retracement, we believe, after 2021 corrections cleansed speculative positions, and with increasing demand and adoption, and declining supply, sustaining a bull market,” Bloomberg Intelligence senior commodity strategist Mike McGlone wrote in his latest market report, pointing to a “tidal wave of U.S. ETFs.”
“The startup of U.S. ETFs and the fact that cryptos counter China bans limit downside risks.”

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XRP Set for Massive Breakout With Altcoins Poised to Steal the Show From Bitcoin, Predicts Top Crypto Analyst – The Daily Hodl

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2 years ago

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November 7, 2021

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One closely followed crypto analyst is bullish on XRP and thinks that altcoins are in a prime position to outpace Bitcoin (BTC).
The pseudonymous analyst known as Credible Crypto tells his 257,400 Twitter followers that XRP’s price structure looks very similar to data-sharing protocol OriginTrail, whose native token TRAC just rallied more than 300% following its recent listing on Coinbase Pro.
He expects XRP to follow a similar path to TRAC, taking the cryptocurrency back to its previous all-time high of $3.40.
“The XRP chart below is from my last YouTube video on XRP made in August. The chart next to it is another coin that I came across today that has the same structure but is one step ahead with the 5th wave already in progress. Do you see it now?”
After Ethereum’s new breakout against Bitcoin (ETH/BTC), the trader anticipates ETH’s next leg up to kick off a new alt season.
He also notes that Bitcoin dominance has likely already topped out, further paving the way for an altcoin rally.
“ETH/BTC broke out today, closing above the key resistance zone I was watching. This is a great sign and indicates BTC dominance may have already found its top and alts may be about to steal the show, led by ETH.”
The analyst says that Bitcoin dominance dropping doesn’t necessarily mean that BTC’s price will drop.
No it just means that if BTC is rising alts will probably rise faster. We saw this in 2017 in the latter stages of the bull run as lots of new money started pouring in.
— CrediBULL Crypto (@CredibleCrypto) November 3, 2021

Taking a closer look at the top crypto asset, Credible says that Bitcoin is close to deciding whether it wants to break to the upside or continue ranging.
According to his analysis, a rejection of $63,000-$64,000 could take BTC back to major support around $58.000.
“63-64k tagged BTC. Now to see if we break out to new ATH [all-time high] or reject soon and continue to range.”
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