State regulators aren’t the only ones going after the cryptosphere right now. Group actions are also on the rise. Indeed, like Coinbase , the iFinex group (Bitfinex and Tether) is targeted by a class action . After almost 2 years of procedure, it has just experienced a favorable rebound.
2019: the year of all worries for Bitfinex
It was the New York attorney general who filed a lawsuit against the iFinex group in April 2019. The complaint accused them of illegally concealing massive financial losses , including the allocation of a loan of 850 million. of dollars in USDT by Tether to Bitfinex. This huge cash flow shortfall is said to have been caused by the use of Crypto Capital’s services by Bitfinex.
In addition, the companies Bitfinex and Tether, after being ordered to produce all the documents relating to their financial exchanges, obtained on appeal the suspension of this injunction from the Supreme Court of the State of New York. Finally in February 2021, the iFinex group finally reached an agreement with the New York attorney general’s office to ratify the case without having to admit the facts. Thus, the companies paid a fine of $ 18.5 million.
In October, it is a group action(class action) which was filed in New York against iFinex for acts of fraud , of market manipulation of digital assets and complicity of laundering money. As such, the Bitfinex exchange is accused of being at the origin of a manipulation of the price of Bitcoin.
The plaintiffs claimed the sum of 1.4 billion dollars from the group iFinex, in only damages . In addition, this class action was based on violations of the law on organizations corrupted and influenced by racketeers (RICO law). Finally, the Tether branch is accused of false claims that the USDT stablecoin was fully backed against the US dollar.
2021: a small victory for Bitfinex and Tether
The New York District Judge, Katherine Polk Failla , by an order of September 28, 2021 partially granted the requests for inadmissibility made by iFinex. Indeed, out of the 12 requests made by the plaintiffs in the class action , the order rejects 6 and partially one . For example, all of the class action claims based on breaches of the RICO Act were rejected. Thus, Bitfinex and the other defendants will not have to respond to the charges of organized crime.
The judge subsequently turned to the plaintiffs’ argument relating to the violation of the Sherman Anti-Trust Act . This law aims to limit anti-competitive acts in the business world. In particular, it prohibits any illicit agreement restricting trade and penalizes any abuse of a dominant position. On this point, the ordinance only partially rejects the request:
Although the Court does not agree with the plaintiffs’ argument that the mere purchase of a product in a market subject to price manipulation is sufficient to demonstrate antitrust prejudice, it ultimately concludes that the plaintiffs have sufficient alleged facts to establish that the price manipulation by which they claim to have been harmed was the product of an anti-competitive practice. “
Katherine Polk Failla
Finally, the iFinex group is enthusiastic about the idea of moving on to the debate phase in this case, which it considers a “clumsy attempt to steal money” .
Bitfinex and Tether have until October 28, 2021 to respond to the claims of the claimants upheld by the judge. To be continued ! But in any case, the group iFinex does not seem ready to let go.
A new report from the International Monetary Fund (IMF) takes a look at the subject of financial stability. He is naturally suspicious of cryptocurrencies, but discusses the reasons why they are more particularly adopted in certain countries.
The IMF is wary of cryptocurrencies …
The IMF’s Global Financial Stability Report covers a lot of topics, but an entire chapter is devoted to cryptocurrencies. Unsurprisingly, it is the risks supposedly posed by these assets that are highlighted by the institution. We learn that the players in the cryptocurrency sector are too ” young ” to be able to promote financial stability, according to the IMF.
The report points out in particular a tendency to speculation considered excessive , operational risks, with platforms that are not stable enough, as well as governance risks. The IMF also explains that stablecoins should come under greater scrutiny in order to be better regulated. (More: Top 5 cryptocurrencies for profitable investments in October)
All of this is of course nothing new: these are the arguments often repeated against the cryptocurrency ecosystem, by institutions that view with a wary eye the emergence of parallel economies . Last July, the IMF had already warned of the dangers of the adoption of Bitcoin (BTC) by El Salvador, its positioning has therefore been established for a long time.
but recognizes that some countries are adopting them more and more
What is more exciting in this report is that it highlights some factors favoring the adoption of cryptomonnaies . As the IMF explains, these are indeed booming in some economies:
“ The adoption of cryptocurrencies in some emerging countries and developing economies is happening faster than in advanced economies. “
The report recalls that the 5 countries that have adopted cryptocurrencies the most are all emerging markets, and that this is no coincidence. The “ cryptoisation ” of certain countries is indeed based on necessities, according to the IMF.
Cryptocurrencies settle where they are needed
The institution first reports that unsustainable macroeconomic policies , coupled with inefficient payment systems, are the biggest drivers of adoption. The IMF notes that speculation surrounding cryptocurrencies has its part to play, of course, but that it isn’t necessarily the most important trend behind this growing adoption.
Among other factors contributing to the democratization of cryptocurrencies, the IMF notes that “ less credible ” central banks only speed things up. In the absence of a strong fiat currency, cryptocurrencies act as an alternative store of value, like the dollar (USD) in some countries. And the advantage of cryptos is that they are not subject to the same restrictions as the dollar, especially in terms of limitations on the flow of capital.
Another reason for the democratization of cryptocurrencies in emerging countries: inefficient payment systems and limited access to financial services. The IMF notes in particular the lack of interoperability between the different payment systems used, as well as their slowness. The flexibility of cryptocurrencies, and their ability to ignore borders, therefore represent another advantage.
Restrictions, not necessarily the solution?
It’s also not a surprise, the IMF report concludes by recommending more regulation for cryptocurrencies in general and stablecoins in particular. But the institution also recognizes that restrictive measures are not necessarily effective:
“ Restrictions on capital flows need to be reconsidered , in terms of efficiency, supervision, and enforcement. “
So all of this shows that the value proposition of cryptocurrencies – independent assets that exist outside of central banks – has indeed found its target. In Latin America, Africa, and other regions where they find their audience, cryptomonnaies already show that they become unavoidable … No offense to institutions like the IMF. (More: Twitter to use NFTs as profile picture)
Crypto trader Michael presented five altcoins ready to grow in October. Its collection includes the following currencies: Chainlink, Curve Finance, SKALE Network, The Graph and THORChain.
We analyze why these cryptocurrencies hold promise for investment in October 2021 based on principles and project data, uncovering the latest news. In addition, we will separately forecast on the chart against Bitcoin.
We bring to your attention that a lot of the growth of these altcoins will depend on the future of DeFi and the price of Bitcoin next month.
So let’s go!
LINK
The first in the review is the Chainlink currency – this project is the most sought-after provider of blockchain oracles and does not need a special presentation. According to Michael, she has a great chance to grow against Bitcoin and that’s why.
The coin fell as a result of the Bitcoin correction, but has now passed the build-up and is showing an interesting price structure. There is strong support above the 5,000 Satoshi mark, and you may also see the emergence of an uptrend due to higher highs and lows. The next serious resistance is at the 6,600 Satoshi level, it is likely not to be passed the first time around, but if the “bulls” break through this level, LINK’s next stop will be at 8,000 Satoshi.
It should be added that the continued adoption of Chainlink by other projects may help to achieve this forecast, as this list has been completed by DeFi Aurum in the Binance Smart Chain network.
A Chainlink sponsored hackathon for new projects is also slated to take place in October, with a prize pool of $ 300,000. And right now, the “whales” continue to accumulate LINK. Over the past week, their wallets have been filled with tokens of nearly $ 1.5 billion.
CRV
The second for today will be the governance token of the DeFi Curve Finance protocol. Michaël’s forecast indicates that the currency has a potential upside of 44% in October. His point of view is based on the fact that the coin has gone through a phase of consolidation, forming strong support. Then, it went to the next level and this support also made a nice retest. Now the token can start growing towards the goal of 8,600 Satoshi. If the latter is reached, the route to update the current maximum will be cleared.
Interesting forecast: we can add that Curve Finance is the original DeFi project, similar to Chainlink, as it is also requested by other decentralized applications (dApps). But while LINK provides information using its oracles, Curve Finance provides liquidity for staking, farming, and trading on DeFi platforms. Without liquidity, this market does not function which is the problem that Curve Finance solves. There is also a trend now for DeFi, especially in the context of new restrictions in China.
SKL
The third altcoin is SKALE Network. This is another project that intends to solve the problem of Ethereum’s scalability, because waiting for the solution from Vitalik Buterin and his company is absolutely not profitable. For example, 2 days ago (September 27) the average price for a transfer was again $ 46.
This is why Level 2 solutions are as sought after as many DeFi, such as Uniswap, use them.
The SKALE Network project is still very young and is just starting its work. In the summer the first DeFi were selected for launch, and in September it was shown how to quickly launch low cost “Smart Contracts” into their network.
In turn, Michael gives the following forecast on the currency: Consolidation has passed, after which the currency moved higher and made the first stress test at the 1000 Satoshi level, then saw a return to support and he resisted.
Therefore, it makes sense to expect another “assault”, and if all goes well with the price of Bitcoin, the next logical step will be the exit at the 1,400 Satoshi level.
The trader notes that the current phase of the market is practically a perfect copy of the movement that took place this winter before the start of the parabolic growth with the current price fixing. If the next resistance at 1400 Satoshi is successful, then this scenario can be expected to repeat with the maximum update.
GRT
The fourth position is occupied by the token The Graph. Another corner which by nature performs an important function for the development of modern blockchain technologies. It is already in use by projects such as Uniswap, Synthetix, AAVE, Balancer, Decentraland and many more. The simplest explanation of how The Graph works is a search engine inside the blockchain, mainly Ethereum. As DeFi protocols must constantly obtain information not only from external sources, which Chainlink provides, but also from other “Smart Contracts” to regulate the liquidity supply, prices, returns, etc.
The project is really cool, but unfortunately it doesn’t get enough media coverage. They need a partnership or a renewal, and then we can talk about future growth.
However, Michael believes The Graph has upside potential as the currency prepares to break the falling trend. A series of constant highs and bottoms is stopped. Now the currency shows the potential for reversal, we see how the maximums and minimums are gradually increasing. This could be the start of an acceleration to break through the resistance level of 3000 Satoshi, and settling above at least paves the way for reaching the current record.
RUNE
The last in our compilation today is the THORChain project, or just RUNE. It is a liquidity protocol that allows you to trade cryptocurrencies on different networks without having to use other services. In this regard, they offer a number of original solutions, which makes RUNE more reliable for users than similar DeFi. At the moment, they support the most popular blockchains, namely Ethereum and Binance Smart Chain, but they plan to add other networks to this list. It should be noted that the project team is completely decentralized and that it does not win on RUNE. All their income comes from holding tokens on their own wallets, as they get the commission for the trades made.
From a trader’s point of view, Michaël notes that all the “bears” have left the market. Now the support zone after the start of the recovery, where the buyer is located. Local highs and funds are also increasing. The next local high could reach the 2,500 Satoshi mark, and the continuation of the bullish momentum will bring the price of RUNE into the 3,000 to 3,400 Satoshi range.
Please note that not all forecasts in this article are a financial recommendation, you should always do your own research. Also they are directly dependent on changes in Bitcoin.
The crypto community is eagerly following the battle of strength between Ripple and the SEC. A court ruling on this could point the way to the extent to which the exchange supervisory authority is responsible for the crypto market at all.
• SEC sues Ripple • Cryptocurrencies a security? • Out of court agreements
The dispute between the SEC and Ripple Labs began in December 2020 when the US Securities and Exchange Commission accused the payment platform Ripple Labs of violating securities regulations and therefore filed a lawsuit. Ripple had used the associated cryptocurrency XRP to finance its core business with cross-border transactions. This unregistered securities offering is said to have raised $ 1.3 billion.
Different views
The lawsuit came as a surprise to Ripple, because it was of the opinion that XRP does not fall under the “securities” category and that the sale would therefore not have been subject to approval. Ripple pointed out that the regulatory authority would ultimately also allow other cryptocurrencies such as Bitcoin or Ethereum to be traded like commodities, which therefore do not have to be registered as securities.
The SEC countered that the situation with XRP was different, after all, the token created by Ripple Labs was actively used to finance Ripple’s business. It basically represents an investment in the company itself, making XRP a security that falls under the supervision of the SEC.
Directional judgment
The lawsuit against Ripple has brought even more uncertainty into the already ongoing debate as to whether cryptocurrencies should be treated like securities, like raw materials, or like something of their own. This distinction is important because securities must be licensed and regulated by the SEC, and companies concerned must disclose certain information to the SEC.
The SEC under its new boss Gary Gensler is taking a tough course against the crypto industry. The authority feels responsible for crypto currencies and exchanges to ensure the protection of investors. Against this background, it becomes clear that the dispute between the SEC and Ripple must be viewed in the larger context. Because market participants hope the ruling will provide more clarity about what the crypto industry can expect from the SEC and the US judiciary in the future.
But now there has recently been an interesting development. According to “Investing.com”, the two parties have come to an out-of-court agreement that certain documents that have been requested as evidence by the other party will remain under lock and key. This could indicate that a settlement is pending, so that the lawsuit against Ripple could not be used as a precedent in the future.
A branch of the U.S. crypto exchange, Kraken Security Labs , has identified several security flaws in the Bitcoin distributor, General Bytes BATMtwo, with common use. The imperfection of device systems, according to the developers, allows fraudsters to access them. Information on this topic appeared on September 29 on the blog of the exchange platform.
The Kraken Review
Kraken analysts have discovered several security vulnerabilities of popular crypto distributors at the software and hardware level. According to the crypto exchange platform’s blog, these are devices from the manufacturer General Bytes. Representatives of Kraken drew attention to the fact that the developers have released several fixes to eliminate the insecurity. Despite this, the system remains sensitive. The developers encountered issues in the Android software running on the devices. By connecting a USB keyboard to the BATMtwo, one can gain full access to the user interface. In theory, this would allow potential criminals to install apps, copy files, or even send private keys to the device.
Kraken drew attention to the imperfection of access protection to General Bytes configurations. You can enter the system using a QR code. The developers noted that the same code applies to many crypto distributors.
“Our team found that a large number of distributors were configured with the same default administrator QR code allowing anyone to intervene and compromise the distributor,” said the Kraken Security Labs team.
Kraken has provided a number of means of protection for users and the owners or operators of Bitcoin distributors. For users, Kraken only recommends distributors that are in stores equipped with surveillance cameras. As for the owners and operators of General Bytes, on their own, Kraken offers to change the admin code, place the dispenser in an area with security control, and follow General Bytes best practices.
At the end of September 2021, General Bytes devices accounted for around 30% of the crypto ATM market. The majority of BATM distributors are located in the United States and Canada, and their total number is approximately 5,300 units, while in Europe there are approximately 824 distributors. Clearing the defaults will help preserve the assets of a large number of cryptocurrency users, analysts say.
Recall that previously, information appeared on the network that Kraken was fined $ 1.25 million for illegally providing US users with tools to trade Bitcoin-based margin products and ‘other cryptocurrencies. Representatives of the crypto exchange platform did not deny the breach .
As crypto enthusiasts wrangle over the intrinsic value of digital art objects (non-fungible tokens, NFTs) and the value of owning them, Twitter deals a preemptive blow to the part of the community who thinks that to put a picture of any popular NFT collection as profile picture, there is no need to purchase it. The social network is testing a feature that will allow a non-fungible token to be used as a profile picture and even show which blockchain this digital art object belongs to, thus proving its authenticity.
Twitter’s head of consumer product marketing Justin Taylor posted a video in which chief software engineer Mada Aflak showed users the all-new feature that will allow them to use their NFTs as profile photos.
Here’s a sneak peek👀 on what we’re working on for NFT profile verification.
Those who wish to use non-fungible tokens as avatars on Twitter should click on the “Change Photo” button, after which they will see a new “Select NFT” function. It will allow Internet users to connect a digital wallet such as Coinbase, Metamask or any other offered by the network to their Twitter account. Select an NFT and confirm the action!
We also know that in addition to NFT profile pictures, users will be able to display other NFTs they own via the upcoming menu option “Collectibles” which will be between “Tweets and replies”, “Media” , “Reactions” and other activities on Twitter. This option will contain information about all digital art objects owned by the user.
Twitter hinted at these features when, on September 23, the network implemented a Bitcoin (BTC) payments tool via the Lightning Network protocol. However, the timing of the implementation of the capabilities associated with the NFT remains unknown.
An interesting puzzle consists of the bankruptcy of Evergrande in China, the energy crisis in Europe and the political problems in the United States, due to which the country is threatened with default. Previously, the problem of the public debt limit was easily solved by Congress, but now Republicans and Democrats cannot come to an agreement.
All of this can be part of the planning of a controlled financial crisis, which will bring down the stock market and other assets, including Bitcoin and cryptocurrency.
Why can such a crisis occur, who and how can it organize it and what will be the consequences?
Fault
In China, interesting developments are continuing with the country’s largest manufacturer, Evergrande Group, and the information coming from it is rather contradictory. On the one hand, they seem to have sold some of the assets to pay off the current debt, and at the same time the Bank of China has poured $ 16 billion in liquidity into the markets to support the whole system. And on the other hand, there is information that the Heavenly Government is already giving instructions to prepare for the failure of Evergrande Group.
It should be understood that this company is officially considered a developer, but in fact it is a large company with different interests, which is clearly visible in this graph.
That is, in addition to construction, they are engaged in the production of cars, electronic vehicles, they have a bank, an online marketplace, a travel business and that’s not all. At the same time, there is information that despite promises Evergrande has failed to meet its current debt obligations and has now taken a 30 day deferral period. During this time, they will either find money or file for bankruptcy. And the Chinese government is going to make it an example for other companies, how not to get into debt. (Check: Nayib Bukele proudly talks about the Chivo project)
It is clear that the Chinese authorities are not interested in the crisis and if they allow the collapse of Evergrande, they will try to minimize its impact on other companies. It is not certain that this works.
In the middle of the summer we were first talking about the default of the United States, whose public debt is approaching $ 29 billion.
So, the current Minister of Finance Janet Yellen called on Congress to raise the ceiling on public debt, so as not to end up in a situation of default in August. Nothing happened, but the US Department of Finance found the money again and brought the issue to the attention of Congress in early September. He indicated that the Treasury’s balance sheets were at a pre-pandemic level and that this money was enough for about a month, that is, in October the United States could not pay the debts.
But what’s the deal if they can just print more dollars? In fact, the problem exists, because the dollars are printed by the FED and the Treasury borrows them. And since the United States has almost reached the maximum level of public debt, it can no longer borrow money. The situation is absurd, but this is the way this system works, and if Congress does not allow the limit to be raised, then in the middle of the month America will have to declare itself in default. (More: The Cardano-Chainlink partnership: what does it mean for alts?)
FED has already warned that such a situation would deal a blow to all financial markets:
“If you really cross that line and get to the point where the government doesn’t pay its obligations, I think it’s going to create a very negative dynamic, not just in the United States, but around the world.”
For now, the lower house of Congress has already voted in favor of increasing the public debt ceiling and now the problems only arise in the Senate, where Republicans are blocking passage of the law. Interestingly, before such problems in the United States were solved without problems, constantly increasing the limit, but now politicians can go to principle, and the situation may get out of hand.
Politics
The current public debt problems in the United States are caused only by the lack of a political solution, because if Congress gives the green light, the Fed will immediately print the right amount of dollars and there will be no default. But the Republican Party is categorically opposed because it does not want Democrats to continue spending money in an uncontrollable manner, thus turning America into some kind of communist system. One of the main issues they don’t like is Biden’s $ 3.5 trillion social plan. (Also Read: Cosmos (ATOM) vs Solana (SOL): which has more potential?)
An interesting fact: During Donald Trump’s presidency, the Republican Party raised the public debt ceiling three times and saw no problem. But now they want revenge for the defeat in the last election and earn more points with voters ahead of the congressional byelection next fall. Therefore, the Republicans have taken a firm stand: they would not be against saving the country from default, but the Democrats should not scatter the money.
And the most interesting thing is that, in fact, Democrats and Biden are profiting from the crisis here and now. Because it is obvious that the stock market is incredibly overheated and there is no guarantee that it will not collapse until the next election, creating a crisis that we have not seen in the 21st century. Especially in a context where the Chinese economy is seriously threatened and where the energy crisis is intensifying in Europe, all these factors combined can lead to very big problems.
What can Biden and the Democrats do in such a case to have good positions in the next election? The answer is very simple, they must create a regulated crisis now to blame the Republicans for it and present themselves as the rescuers of the situation. Of course, this is only a theory, but it is quite possible to organize a controlled crisis here and now.
Crisis
A perfect example of the controlled crisis we received last year, when, despite the fact that countries were quarantined and many industries were left without clients, the financial market still showed an incredible pace. recovery.
The secret of such a miracle lies in the incredible impression of money in the United States, Europe and even China. As a result, we have rising inflation around the world, supply chains are still not restored, and shipping prices are breaking records, which in turn is boosting commodity prices. There has already been a price spike on lumber, aluminum, copper and other materials, now gas and coal prices have skyrocketed, although the latter has other good reasons. Obviously, countries can’t just print money anymore, so Europe has already started cutting asset buybacks from the market, and the FED promises to start doing that from November 3, which is sure to hit the markets.
Add to this the political problems in the United States, which can turn into a temporary government blockage and the threat of default, and we have the perfect mix for a stock market meltdown. And then we can see the following picture: The Democrats use their technical majority to the detriment of the decisive vote of the vice president, bypass the procedure and vote independently to increase the limit on the public debt. After that, the banks, which are currently actively accumulating money on the balance sheet, buy back the market fund from the FED.
It is worth noting that they have already raised around $ 1.4 trillion and this process started in April of this year.
I remind you that this is only a theory, but if it becomes a reality, then with the price of Bitcoin, incredible changes will also occur.
In March 2020, as in other crises, the fall in the US stock market means an even greater pullback in all financial markets, including gold and Bitcoin.
Thus, in 2020 a controlled crisis of such a model will take place. Bitcoin was adjusted by 60% and stopped at the 200 weekly moving average:
If we assume that Bitcoin will make a similar decline, then -60% of the current price just falls on the 200 week slide:
It’s a level of around $ 16,000, but it’s much more important that every time Bitcoin hits that line it drops to its current bottom. So we can expect a restart of the growth cycle, which will start with a rally to the current high of $ 64,000 and then go even higher.
Do you know “the coolest dictator in the world” ? This is the President of El Salvador, Nayib Bukele . In any case, this is what he said in his bio on Twitter . “El Dictador más cool del mundo mundial” (the coolest dictator in the world). The president also indicated that in terms of cryptocurrencies, his country’s Chivo wallet reached 2.1 million active users; enough to respond to the critics who predicted the failure of his project.
2.1 million active users
Failure, there will ultimately not be! The evil tongues spoke badly this time. Indeed, rather than a failure, the Chivo project led by Mr. Bukele is doing extremely well. It currently has 2.1 million active users . But be careful, we are talking about active users, not the number of downloads. Moreover, Bukele himself drew attention to this detail. He also clarified that Chivo has more users than any bank in the country and it could even have more than all the banks in El Salvador combined.
2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
If Bukele’s vision of the future materializes, he will be able to reach a new milestone in his ambition project. The president dreams of ensuring that banking services are fully democratized and accessible to everyone.
If Bukele is fully in his Chivo project , he has not forgotten Bitcoin (BTC). A relentless defender of cryptocurrency, he announced that he was “buying the bottom of the wave” when the value of the digital asset fell very low.
El Salvador, very controversial
Nayib Bukele has pharaonic plans for his country regarding the cryptocurrency sphere. To encourage the transformation of El Salvador into a major mining center and attract investors, he had shared plans and announced that he had instructed one of his ministers to carry out the project. Note that the promised facilities will be completely ecological , if we are to believe the information provided by the president.
El Salvador has also taken other steps to become a haven for foreign Bitcoin (BTC) investors . The country does not tax them on the increase in capital or income.
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
Despite its various strategies, El Salvador still struggles to convince its peers. Several countries have revealed that they are not ready to keep up with its momentum. Moreover, all were interested in the many demonstrations that there have been in the country. Indian Finance Minister Nirmala Sitharaman even referred to it in an interview. She also took the opportunity to question the transparency of Bitcoin (BTC).
On the legitimacy of BTC in El Salvador, The Blockchain LatAm Report 2021 from Sherlock Communications , said: “Half of Latin Americans agreed that it was a good idea overall, and 43% said they believed their country should follow suit. Some level of ambivalence was noted, with 37% of the region neither agreeing nor disagreeing that it was a good idea overall, as well as 34% who did not agree. not specified if they thought their own country should follow suit ”.
El Salvador of Nayib Bukele wants to start a new dynamic regarding the cryptocurrency market. Presenting himself as the “coolest dictator in the world,” the president shed some light on the Chivo project , which he says has 2.1 million active users.
The app is working on the new feature on Whatsapp Pay, the digital payments service.
Whatsapp may soon guarantee you a cashback on your purchases . The Menlo Park team leading the development of the messaging app would be working on a rewards system for using Whatsapp Pay in the (few) countries where it is currently available. The platform with which you can buy items from companies and send money to friends and family can currently be used in Brazil and India , but Facebook is working to sand down the regulatory hurdles that prevent it from landing globally.
It works similar to other digital payment apps – just add your credit card and choose whether you want it to be available in certain apps or in all Facebook apps. You can initially use it to pay for fundraisers, in-game purchases, event tickets or small-amount person-to-person transfers, but when fully operational, it will transform into your digital wallet on Facebook, Messenger, Whatsapp and Instagram . Think of the influencers, who will be able to sell their items directly from the Stories, or the Marketplace where it will no longer be necessary to be in person but will have an experience similar to eBay: you enter, buy and receive the package at home. Without forgetting, of course, Whatsapp, where you can divide the dinner bill with friends, collect money in the group for a birthday or a graduation party or pay the merchants who will be credited to the system developed with WhatsApp Business .
And now, with the arrival of cashback, you can even earn on your purchases by getting a refund within 48 hours on the amounts you decide to pay through the new system set up by Whatsapp. For those who do not know what it is, cashback is the reimbursement of a percentage of the expense on the customer’s account, as if it were a sort of discount on the final price of the purchase made by the credit institution. Well before the launch of state cashback , many financial organizations offered similar solutions as an incentive to use digital payment at the expense of cash.
The news broke during the Cardano Summit last weekend. Input Output , the company behind the Cardano blockchain has claimed to have entered into a partnership with the Oracle Chainlink network . This collaboration promises significant support to programmers who develop smart contracts on the Cardano blockchain . The DeFi space will therefore derive tangible and intangible benefits from it. The point in this article!
According to the official announcement, developers who use blockchain will be able to integrate real-time data from Chainlink into their smart contracts. The functions of these contracts would then be more intuitive and more interesting . Basically, they only work with data present on the blockchain.
Chainlink’s oracles will make it possible to work, this time, with external data , which will be much more advantageous. So think about data on sports for prediction matches, on weather conditions for parametric insurance products or on random data for games that can now be exploited! (Also Check: Cosmos (ATOM) vs Solana (SOL): which has more potential?)
Chainlink has established itself as one of the best reference oracle solution providers in the space. A host of smart contract developers have already built their DeFi products with the updated data from this network. Cardano (ADA) therefore joins the elite. However, are these collaborations beneficial?
What is the situation of the HODLers?
The HODLers’ situation is hardly encouraging as of this writing. ITB data showed that only about half of them were in profit. During this time, the other half suffered losses or was in a neutral position, that is, without gain or loss.
However, the HODLers did not surrender; their tenacity paid off, as the price and profitability eventually increased over the following months. This situation is similar, in many ways, to what happened last year. The chances that the same result will occur are therefore very high.
Incidentally, it should be noted that the average size of LNK transactions is experiencing a remarkable increase. The last day saw the price hike by 5% . Conversely, the trade balance was down right now, indicating the movement of tokens to private wallets and cold storage. (Also Read: “I don’t care about Bitcoin” say CEO of J P Morgan Jamie Dimon)
The performance of the Chainlink network
Currently, the relationship between network value and Chainlink transactions appears to be healthy. However, this ratio is quite far from the rally period of November-December of last year. This generally means that there is still room for improvement . This margin will increase with the evolution of the activity of the Chainlink network .
All prospects tend to improve the current situation. If it were to occur, the behavior of market participants, the state of the network and the partnership would have a positive impact on the price of LINK.
Cardano-Chainlink is a new partnership that will revolutionize the world of cryptocurrencies in many ways. It remains to be seen whether this project will go far and what the real implications will be in the lives of clients of both companies.
