Category: Cryptocurrency News

The Chinese has government loosened its original guidelines for AI it released in April and scheduled them to take effect starting on Aug. 15.

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Discover effective strategies to maintain online privacy and learn how to safeguard your personal information while navigating the digital landscape.

Like the title states, 19 years ago on Sunday August 15, Hal Finney released his Reusable Proof of Work. This was intended as a prototype for a digital cash based on Nick Szabo's "Theory of Collectibles." To launch RPOW, Hal sent this email to a list of cypherpunks. https://preview.redd.it/76l75eybv9ib1.png?width=566&format=png&auto=webp&s=693e85805a9bcd70a963d381522fd22a157b61f8 On the RPOW website, Hal explained,…
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With a maximum 240-day window available to the SEC to delay crypto ETF applications, some firms could wait until March 2024 to hear decisions on filings made in July 2023.

The Monetary Authority of Singapore (MAS) has unveiled the features of a new regulatory framework aimed at ensuring a high degree of stability for stablecoins in the country. This is the outcome of the central bank’s public consultation, which commenced in October 2022. Feedback from this public consultation was considered during the design of this new set of stablecoin rules in Singapore. According to MAS, these rules will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency – including the US dollar. MAS Releases “Key Requirements” For Stablecoin Issuers In Singapore In a media release published on Tuesday, August 15, the Monetary Authority of Singapore outlined key requirements for issuers of single-currency stablecoins in the country. The new regulatory framework for stablecoins consists of various provisions relating to value stability, base capital, redemption timeframes, and disclosure. Related Reading: US Congresswoman Raises Concerns About Paypal Stablecoin In The Absence Of Regulation The central bank stated that reserve assets – of a stablecoin – will be subject to requirements relating to their composition, valuation, custody, and audit, to give a high level of assurance on value stability.  Meanwhile, issuers are required to maintain minimum base capital and liquid assets to lower the risk of bankruptcy. This is to also facilitate an “orderly wind-down” of business – if the need arises. Additionally, SCS issuers in Singapore must refund the equivalent value of the stablecoins to holders within five business days after a redemption request is submitted.  Finally, the Monetary Authority of Singapore has mandated all stablecoin companies to provide appropriate disclosures to their users. Some of the information they are expected to disclose to their customers include SCS’ value stabilizing mechanism, the rights of SCS holders, and the audit results of reserve assets. The MAS noted that only issuers that fulfill all requirements under this new regulatory framework can apply for their stablecoins to be recognized as “MAS-regulated stablecoins.”  However, the financial regulator also warned issuers against misrepresenting their tokens as MAS-regulated stablecoins, as it may result in penalties under the revised stablecoin regulatory framework. MAS’ Stablecoin Regulatory Framework – A Positive Sign For Global Adoption? In the press release, the MAS defined stablecoins as digital payment tokens designed to maintain a constant value against one of more specified fiat currencies. “When well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the “on-chain” purchase and sale of digital assets,” it added. Meanwhile, Ms. Ho Hern Shin, MAS’ deputy managing director, reacted to this development in a statement:  MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange and as a bridge between the fiat and digital asset ecosystems. We encourage SCS issuers who would like their stablecoins recognized as “MAS-regulated stablecoins” to make early preparations for compliance. Taking these statements into account, this new regulatory framework represents a positive attitude by the Singaporean authorities towards the use of stablecoin as a trusted means of payment. Moreover, it is expected to provide the needed clarity for stablecoin companies to operate in the country. It is worth mentioning that Singapore is not the only country making positive strides in terms of stablecoin regulation. There have also been discussions on regulating these digital payment tokens in the United States. Related Reading: Can PayPal’s PYUSD Be Frozen In Your Wallet Like Tether’s USDT? In what was dubbed a “momentous move”, the US House Financial Services Committee recently advanced a bill titled “Clarity for Payments Stablecoin.” This proposed bill, if passed, will regulate the issuance and use of payment stablecoins in the United States. Crypto Total Market Cap at $1.15 trillion | Source: daily TOTAL chart from TradingView   Featured image from Shutterstock, chart from TradingView

Collective creativity and shared ownership of content in the metaverse raise considerations regarding fair use, credit and compensation for creative contributions.

Prosecutors alleged that the executives of a Filecoin mining project orchestrated an elaborate pyramid scheme and scammed the participants.

In today’s micro update from Capriole, founder Charles Edwards presented a compelling analysis that draws parallels between the current low volatility of Bitcoin and its historical behavior in 2016. With Bitcoin’s price stagnating around the $29,000 mark, experts are closely watching for signs of a potential bullish breakout. “Bitcoin’s price remains at $29K, in a sideways consolidation that has created one of the absolute lowest volatility periods in Bitcoin’s 14 year history,” Edwards states. This prolonged period of low volatility is reminiscent of 2016, suggesting that a significant price movement could be imminent. Bitcoin Breakout Imminent? While the technicals indicate a bearish breakdown from the $30,000 mark, the absence of a downward momentum offers a glimmer of hope for bullish investors. “If price was going to collapse, we would usually have seen that follow through by now,” the report notes. However, for a more concrete bullish sentiment, “a close back above $30K on the daily timeframe is required at the minimum as a technical confirmation of a failed breakdown.” Related Reading: Bernstein Predicts Spot ETFs Could Claim 10% Of Bitcoin’s Market If Greenlit On the fundamental front, Bitcoin’s on-chain data continues to contract, albeit at a decelerating rate. The imminent decisions on several Bitcoin ETF approvals could potentially disrupt the current low volatility phase. “An approval could cause a break from the current low volatility range. Best not to pre-empt this though, as these decisions often get pushed. Confirmations are key to mitigate risk,” Edwards cautions. Diving deeper into the technicals, the report highlighted two key observations: Since 2010, Bitcoin’s historic volatility has only been lower than today in 2016. Suggesting a big price move is on the horizon when volatility expansion (reversion to the mean) occurs. Bitcoin’s $30K breakdown has (so far) failed to follow through… A close back into the Wyckoff structure at $30K would signify a failed breakdown and therefore be a very positive technical signal. BTC On-Chain Indicators Are Neutral Capriole’s Bitcoin Macro Index, a comprehensive tool that amalgamates over 40 Bitcoin on-chain, macro market, and equities metrics into a machine learning model, currently scores at -0.36, indicating “Contraction”. This suggests that while the short-term outlook remains neutral, the long-term perspective appears bullish. Remarkably, this strategy takes long-only positions in Bitcoin. In slowdowns and contractions, cash is held. “The Macro Index today remains in a period of relative value (below zero), suggesting decent long-term value for multi-year horizon investors,” the report elucidated. Related Reading: Bitcoin Price Supported By Thin $40 Million Bid Pool, But For How Long? A noteworthy addition to Capriole’s analysis toolkit is the “Bitcoin Production Cost” model, which evaluates the cost of mining a Bitcoin based on global average electrical consumption. Currently, this model indicates that Bitcoin is trading within a long-term value region, with the report speculating, “I would be surprised if this holds into 2024.” In conclusion, the analysis from Capriole paints a picture of potential long-term value amidst the current bearish technicals. Drawing parallels with 2016, the report suggests that Bitcoin’s current low volatility phase could be a precursor to a bullish breakout. “All else equal, Bitcoin is like a beach ball submerged underwater. Nonetheless, we remain in a technical breakdown. We don’t know how long that hand will hold the ball underwater for. Prudent risk-management will await a technical confirmation before acting.” With the cyclical nature of Bitcoin’s expansion and contraction cycles, only time will tell if history will indeed repeat itself; especially with the backdrop of a totally different macro environment. At press time, the BTC price remained stagnant, trading at $29,445. Featured image from André François McKenzie / Unsplash, chart from TradingView.com