|All Time High:
|The price of #ACT today is $0.00129 USD.
The lowest ACT price for this period was $0, the highest was $0.00129, and the current live price for one ACT coin is $0.00128899.
The all-time high ACT coin price was $1.48.
Use our custom price calculator to see the hypothetical price of ACT with market cap of BTC or other crypto coins.
|The code for Achain crypto currency is #ACT.
Achain is 6.5 years old.
|The current market capitalization for Achain is $1,224,538.
Achain is ranked #854 out of all coins, by market cap (and other factors).
|The trading volume is medium today for #ACT.
Today's 24-hour trading volume across all exchanges for Achain is $418,098.
|The circulating supply of ACT is 949,999,997 coins, which is 95% of the maximum coin supply.
|Note that there are multiple coins that share the code #ACT, and you can view them on our ACT disambiguation page.
Achain Technology Update
1) Research EIP-4626,a standard API for tokenized Vaults representing shares of a single underlying EIP-20 token. 2) Fix a few small engine API discordances. 3) Solve unmarshalling JSON null values as a proper result instead of nil. 4) Fix dumpgenesis which failed due to a bad database key write. 5) Improve pending tx filter to return hashes, not full txs by default. 6) Fix act_feeHistory to accept decimal blocks again. 7) Solve Ubuntu PPA builds after the Go 1.20 fallout. 8) Closed an issue where geth refused to start following a partial datadir wipe. 9) Rename *-private-ipv4 to *-private-ip cli args. 10) Add task type label to task metrics.
Achain Technology Update
Research EIP-4527, provide a process and data transmission protocol via QR Code between offline signers and watch-only wallets., The JSON-RPC client no longer hangs when invalid batch results are returned by the server., A corner-case issue in the filter system is resolved., Various improvements to snap sync are included in this release., Many engine API issues found by hive have been fixed for this release., The RPC server supports a new option ReadHeaderTimeout., Registering of clef ruleset UIs should now work correctly., The — netrestrict option is now also applied for discv5., A few minor regressions in gact CLI argument handling are fixed., RPC methods returning transaction objects now return the chainId for legacy transactions.,
ACT Swap Announcement
Dear Achain Community, We seriously inform you that Achain’s old main network will officially cease operation on December 31, 2022, and only Achain’s new main network will remain in operation after that date. If you have not yet completed the ACT swap, please do the swap before December 31, 2022. After that date, we will no longer support the swap between the old and new main networks. ACT Swapping Guide for Achain Wallet Users (both PC and Web Wallet) Achain’s New Main Network Configuration Guide Thank you very much for your continued understanding and support! Achain Te
Achain Technology Update
1)Research EIP-3525,Defines a specification where EIP-721 compatible tokens with the same SLOT and different IDs are fungible. 2) The log filtering system now uses a LRU cache for block logs, speeding up repeated queries for the same block range. The cache size can be configured using the — cache.blocklogs command-line flag. 3) act_feeHistory now also works with the finalized block specifier. 4) actclient now supports the act_feeHistory method. 5) The RPC server supports a new option ReadHeaderTimeout. 6) RLP-decoding of trie nodes is ~33% faster due to reduced allocations in the decoder. 7) act_createAccessList is now much faster when no gas limit is provided. 8) Registering of clef ruleset UIs should now work correctly. 9) The RPC server supports a new option ReadHeaderTimeout. 10) Storage of trie node hash preimages is now disabled by default. You can enable it again using the — cache.preimages flag. — — — — — — — — — — — — - 1)Research EIP-4361,Sign-In with Ethereum describes how Ethereum accounts authenticate with off-chain services by signing a standard message format parameterized by scope, session details, and security mechanisms (e.g., a nonce). 2) most other command-line tools now use a newer version of the command-line argument/flag handling library. 3) The gact js subcommand has been removed. 4) The new — discovery.port flag allows configuring a sepa...
Achain’s New Main Network Configuration Guide
It’s now easy to add Achain’s new network through wallets such as Metamask. Users can follow the step-by-step instructions given below to add the new network successfully. Once the network is added, users can view the new ACT tokens they have exchanged in their wallets. Click the MetaMask network switch button and select Add Network at the bottom., 2. Fill in the relevant parameters for Achain’s new master network and click the Save button. Network Name: Achain New RPC URL: explorer.achain.com Chain ID: 59300 Currency Symbol: ACT Block Explorer URL: explorer.achain.co
ACT Token Swapping Guide for Achain Wallet Users (both PC and Web Wallet)
Step 1: Open your Achain wallet Step 2: Send your entire ACT tokens to the official Achain wallet address by setting up the following: Type: ACT Address: ACTP3C6v7Mp6b82TecY8UhjHna2r3A8DSYc7 Amount: <Enter your entire ACT token balance> Note (Optional): <Enter your Ethereum receiving address after the first 2 letters “0x” prefix> ℹ️The address format of the new chain ACT is the Ethereum address. Due to the character limit of the notes on the chain, please remove the first 2 letters “0x” prefix when you fill in the Ethereum format address. Step 3: After you send your ACT tokens, kindly send an email to email@example.com. Once we receive an email and verify your TX, we’ll complete the ACT token swapping process.
Announcement of the Completion of Achain Network Upgrade
Dear Community, We are happy to inform you that after the complete development and continuous efforts of the Achain core team, we have finally completed the upgrade of the Achain network. You can access the latest block explorer at explorer.achain.com. Also, Achain’s old chain will stop running on June 30, 2022. For the token exchange problem caused by the mainnet upgrade, the specific policies implemented are as follows: 1. Exchange users: We are working with the exchanges such as Huobi, Kucoin, OKEx, and Indodax to support the 1:1 ratio exchange of ACT tokens from the old chain to the new chain. The exact timetable of the different exchanges will vary, and the specific rules are subject to the announcement of each exchange. 2. Wallet users: For KCash and Achain Wallet users, you can apply for token swapping by sending an email to Achain’s official mailbox at firstname.lastname@example.org before June 30, 2022. For more information, please pay attention to our announcement. Thank you for your continuous attention and support.
Achain Technology Update
Research EIP-4200, encode the destination as a signed immediate value. These can be useful in the majority of (but not all) use cases and offer a cost reduction., Improve mainnet accounts, simplify Arguments. Unpack., Upgrade rpc apis and remove unnecessary comment., Improve trx broadcast and test for edgecase in VerifyRangeProof., Upgrade transaction calldata, evict old payloads, type PayloadID., Add new transaction type and support chainId for GnosisSafeTx., Core/rawdb: enforce readonly in freezer instantiation., Trie: use keyvalue reader for non-mutating methods., Improve network and fix serverHandler crash after setHead., Graphql: fix block resolving for parent field.,
Achain Technology Update
Add the documentation of the use of cli., Add Ram purchase documentation and cli can not connect to node problem documentation., Replace the exceptions thrown by assert to the stack and stack operations., Organize and add error codes, so that the log for the error record more detailed, easy to analyze and locate the problem., Investigate Achain’s native DPOS consensus model, consider taking the optimized PBFT algorithm to ensure consistency., Study whether it is possible to temporarily generate a pair of public and private keys for each peer for message interaction to ensure the security and isolation of messages., Study how to minimize the redundancy of network messages during transaction or block broadcast, and improve the effective communication efficiency of messages., Considering the preference of different nodes for encryption protocols, the encryption algorithm required for message encryption can be negotiated during peer handshake.,
Achain Technology Update
Optimize the p2p message notification process by removing the broadcast of messages with newly generated block ids., Stop broadcasting in the process of synchronizing other peers, because these messages will eventually be discarded as waste data by other nodes as well., Change type_name to type-safe string_view type., Start data synchronization before the next expected block is started, which will shorten the synchronization time in handling irreversible logic., Optimize the build script and add a build progress bar to the build log, Send handshake messages continuously when the block is not connectable, and get peer at the first time when the connection is restored., Add http response parameter setting in the test script to avoid inconsistent test results caused by passing this value to the old nodeos version in multi-version tests., Add previous_pending_mode mode, add delay scheduling when processing this mode., Complete the design of the light node side of the Bloom filter.,
More Achain (#ACT) News
|Ethereum: Balancing Act At $2,300 – Scaling The Heights Or Facing ...
The past few weeks have been a rollercoaster ride for Ethereum. Buoyed by a waning Bitcoin dominance and an influx of traders seeking greener pastures, Ethereum's price surged towards critical resistance levels near $2,500.
Yet, a palpable anxiety lingers in the air, fueled by questions about Ethereum's long-term scalability and the increasing chorus of bearish whispers. Can the second-largest crypto navigate this tightrope walk and reclaim its DeFi crown, or will it take a tumble from grace?
Ethereum Rises: Growth, Innovations, And Challenges
Beneath the surface of rising price charts lies a complex story of intertwined strengths and weaknesses. Ethereum's impressive 87% year-on-year market cap surge, catapulting it from $140 billion to a hefty $267 billion, paints a picture of robust growth.
The Merge upgrade, a landmark event streamlining Ethereum's blockchain, and the burgeoning DeFi ecosystem pulsating with innovative applications are key contributors to this ascent.
However, lurking beneath this facade is a critical bottleneck: Ethereum's Layer 1 scalability limitations. The network's notorious high transaction fees and sluggish throughput have become thorns in the side of DeFi expansion, frustrating both users and developers yearning for a smoother experience.
As of writing, on this 26th of December, Ethereum's price hovers around $2,233, painting the daily and weekly charts red with a dip of roughly 1.5%, data from Coingecko shows. This recent descent adds further in...
|US Senator Ted Budd Introduces Keep Your Coins Act
In a move aimed at preserving the autonomy of cryptocurrency users and safeguarding their ability to self-custody digital assets, U.S. Senator Ted Budd (R-NC) has introduced the Keep Your Coins Act.
This legislative proposal, which came after last year's FTX exchange collapse, seeks to protect individuals' rights to conduct cryptocurrency transactions without relying on third-party intermediaries.
Senator Ted Budd’s Keep Your Coins Act
U.S. Senator Ted Budd announced on November 7 the introduction of the Keep Your Coins Act. This legislation aims to protect individuals' rights to self-custody Bitcoin and other cryptocurrencies, effectively allowing them to conduct transactions without needing third-party intermediaries. This development comes after last year's FTX exchange collapse, which exposed vulnerabilities in centralized custody systems.
If passed into law, the legislation would empower cryptocurrency users by allowing them to maintain custody of their digital assets in self-hosted wallets. It prohibits any federal agency from proposing rules that hinder an individual's capacity to act as a self-custodian of digital assets.
Senator Budd emphasized the importance of this legislation, stating, 'As consumers face new challenges and risks associated with the use of digital currencies, we should be empowering individuals to maintain control over their own digital assets. This approach will foster financial freedom and a more decentralized cryptocurrency ecosystem.'
|'Verified Satoshi' Handle on X Triggers Debate Among Bitcoin Circles, El...
On the social media platform X (formally Twitter), an account created in 2018 is causing a lot of uproar as the account is called “@satoshi,” and has a verified check mark confirming its identity. A few bitcoin influencers have called on Elon Musk to remove the account's checkmark, and others, including a Community Notes post, suggested the account is associated with the Australian Craig Wright.A Tangled Tale of Crypto-Identity — 'Satoshi' Account Stirs Controversy on X Platform
This week, an account with the handle '@satoshi,' has sparked discussion in bitcoin and crypto circles. The account, created in May 2018, posted for the first time on October 2, 2023, since its last post recorded on October 31, 2018. The account itself has a blue checkmark, follows no one, and has more than 75,000 followers. The X post published on Monday said:
Bitcoin is a predicate machine. Over the following months, we shall explore different aspects that were not explicitly contained within the white paper. These aspects are all parts of bitcoin, and are important. Some of these ideas were touched upon in the early years; now is the time to extrapolate and explain.
The post on October 31, 2018, nearly five years ago, was a thread that contains the white paper written within the 280-character limit for each post. The post published this week on October 2, has a Community Notes fact-check attached to it that says, “This isn't the real Satoshi Nakamoto, creator of Bitcoin. It'...
|House Financial Services Committee Advances Clarity for Payment Stableco...
On July 27, 2023, The U.S. House Financial Services Committee advanced a stablecoin-focused bill for the first time. The Clarity for Payment Stablecoins Act of 2023 would establish a federal regulatory framework for stablecoins with the U.S. Federal Reserve playing a pivotal role. The bill would grant the Federal Reserve the power to write requirements for issuing stablecoins but would not infringe on the authority of state regulators.
The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law
Under this bill, stablecoins are generally understood as digital assets which an issuer must redeem for a fixed monetary value, a definition that all those involved in blockchain technology and cryptocurrency are likely familiar with. However, this bill's controversy largely stems from what or who can become a permitted issuer. Permitted issuers would be the only entities allowed to issue a payment stablecoin for use by people in the United States.
The bill would require that permitted issuers be “a subsidiary of an insure depository institution that has been approved to issue payment stablecoins,” “ a Federal qualified nonbank payment stablecoin issuer that has been approved to issue payment stablecoins,” or “ a State qualified payment stablecoin issuer.” The third category of permitted issuers opens the door for appropriate state legislators and represents a carve-out for states looking t...
|Republican Congressman Seeks to Oust SEC Chair Gensler With SEC Stabiliz...
Warren Davidson, the Republican congressman who first introduced the legislation in mid-April, has filed the SEC Stabilization Act to remove Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC). Davidson insists the act aims to safeguard U.S. capital markets 'from a tyrannical chairman.'Legislation Filed to Remove SEC Chair Gensler in Effort to Safeguard U.S. Capital Markets
Several Republican lawmakers have openly criticized SEC chairman Gary Gensler for his performance in leading the federal securities regulatory division. Among them is congressman Warren Davidson (R-OH), who recently announced his intention to introduce legislation to remove Gensler from his position. Less than two months later, Davidson filed the SEC Stabilization Act and shared the news on Twitter on June 12th.
'U.S. capital markets must be protected from a tyrannical chairman, including the current one,' Davidson said in a statement. 'That's why I'm introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. It's time for real reform and to fire Gary Gensler as chair of the SEC.'
Davidson also announced that U.S. congressman Tom Emmer, a Republican from Minnesota, has joined him in supporting the bill. 'American investors and industry deserve clear and consistent oversight, not political gamesmanship,' Emmer said. 'The SEC Stabilization Act will make common-sense changes to ensure that the S...
|Ron Paul Warns Fiscal Responsibility Act Will Erode US Dollar Value, Has...
Former U.S. Representative Ron Paul has warned that the Fiscal Responsibility Act, recently signed into law by President Joe Biden, will escalate government spending, debt, and deficits. It will also erode the value of the U.S. dollar, 'making it more likely that the U.S. dollar will lose its world reserve currency status sooner rather than later,' he cautioned.Ron Paul Warns of U.S. Dollar Losing World Reserve Currency Status
Former U.S. Representative Ron Paul warned in an article published on the Ron Paul Institute website Monday that the Fiscal Responsibility Act (FRA) will have a number of negative consequences for the United States, including eroding the U.S. dollar’s dominance. Paul is an American author, physician, and retired politician. The former representative from Texas established The Ron Paul Liberty Report in 2015 to provide insightful opinions and analysis on current issues impacting our lives and finances.
President Joe Biden signed the Fiscal Responsibility Act of 2023 into law on Saturday after intense negotiations in Congress due to the looming possibility of the U.S. government defaulting on its debt obligations.
While the Act helps the U.S. avoid having to default on its debt on June 5, Paul stressed: “It allows the government to continue adding trillions of dollars of debt that will be monetized by the Federal Reserve.” The former congressman cautioned:
Of course, this default will be felt by the people in the form of an inflation tax...
|US Treasury Secretary Janet Yellen Urges Congress to Act Quickly on Debt...
U.S. Treasury Secretary Janet Yellen has warned again about the consequences of the U.S. defaulting on its debt. During a press conference in Niigata, Japan, Yellen stated that this would be a self-inflicted crisis, and urged Congress to act quickly on the matter, stating that defaulting would be an unthinkable outcome on this issue.
US Treasury Secretary Janet Yellen Urges Congress to Act Quickly to Avoid Debt Default
U.S. Treasury Secretary Janet Yellen has urged Congress to act quickly on the issue of raising the debt ceiling to avoid a possible debt default that would bring negative consequences for the economy of the country. In a press conference in Niigata, Japan, ahead of the G7 meeting of finance ministers and central bank governors, Yellen warned again about the terrible effects that such an event would cause.
There is no good alternative that will save us from catastrophe. I don’t want to get into ranking which bad alternative is better than others, but the only reasonable thing is to raise the debt ceiling and to avoid the dreadful consequences that will come.
Furthermore, Yellen stated that, for her, this would be a self-inflicted crisis that has no reason to be happening. She explained:
There is no good reason to generate a good crisis of our own making. The U.S. Congress has raised or suspended the debt limit almost 80 times since 1960. I urge it to act quickly to do so once again.
Defaulting Would Be 'Unthinkable'
|Brazilian President Lula to Act as BRICS Liaison to Help Argentina, Disc...
Brazilian President Luiz Inacio Lula da Silva stated Brazil will serve as a facilitator to try and arrange BRICS bloc assistance for Argentina. Lula stated that the New Development Bank — the BRICS bank — could modify some of its rules to aid Argentina. Also, the two countries are negotiating the establishment of a credit line to pay for Brazilian exports in reals.
Brazil to Serve as Bridge Between BRICS and Argentina
Brazilian President Luiz Inacio Lula da Silva committed to serving as a liaison between Argentina and the BRICS bloc — integrated by Brazil, Russia, India, China, and South Africa — to facilitate economic help to aid the country in its financial and economic crisis.
In a 4-hour meeting that took place in Brazil, Lula vowed to help his Argentine counterpart Alberto Fernandez in seeking international assistance for the ailing country. Lula stated:
From a political point of view, I made a commitment to my friend Alberto Fernández that I will make any and all sacrifices so that we can help Argentina in this difficult time.
Lula criticized the role that the International Monetary Fund (IMF) has played in the progress of the situation that Argentina, registering record numbers of inflation and devaluation, is currently facing. Lula called the IMF to 'take the knife from Argentina's neck,' explaining:
The IMF knows how Argentina got into debt, knows who it lent the money to. Therefore, you cannot keep putting pressure on a cou...
|Republicans Seek to Repeal Biden's Inflation Reduction Act in Exchange f...
There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be 'devastating,' and European Central Bank president Christine Lagarde warned it would be a 'major disaster' if the U.S. defaulted on its obligations. It now appears that Republican politicians are willing to raise the country's debt limit, but only if fellow lawmakers repeal the mandates on green energy and climate change in the Inflation Reduction Act.Debate Over Inflation Reduction Act Heats Up as Debt Ceiling Deadline Approaches
This weekend, there is a great deal of discussion regarding repealing several measures installed in the Biden administration's Inflation Reduction Act. Republicans, led by House speaker Kevin McCarthy (R-CA), are looking to gut the Inflation Reduction Act, and in return, they would be willing to raise the debt ceiling. On Wednesday, McCarthy said that the repeals would 'end the green giveaways for companies that distort the market and waste taxpayers' money.'
McCarthy is not the only lawmaker proposing to repeal the Inflation Reduction Act. Congressman Andy Ogles (R-TN) introduced legislation in February aimed at 'repealing the Democrats' record spending.' 'President Biden and his House Democrat colleagues shoved through countless spending measures to further their woke 'green agenda,'' Ogles said at the time. There were complaints against the Inflation Reduction Act before it was passed, wit...
|Polygon With an Open Letter to EU Parliament, Seeks Amendments to Data A...
In the letter, Polygon’s board requests amendments to Article 30 of the EU Data Act, which the board fears could stifle blockchain development in its current format.
The company behind Polygon, a Proof-of-Stake multi-chain blockchain platform around its ERC-20 token MATIC, has sent an open letter to representatives of the EU Parliament regarding Article 30 of the EU Data Act.
Unintended Consequences Of EU Policy
The EU Data Act, whose main purpose is to break up monopolies that companies tend to have regarding the data of its users, may have unforeseen consequences for blockchain developers, according to the letter.
1/ Today @0xPolygonLabs published an open letter to the EU on Art. 30 of the #DataAct, which could have serious consequences for permissionless smart contracts. @Ledger has joined in proposing amendments to narrow Art. 30 to protect decentralized software development. Read pic.twitter.com/AZHGCm14sQ
— Rebecca Rettig (@RebeccaRettig1) April 17, 2023
In its current form, the EU Data Act does not target blockchain development explicitly. In fact, the main targets of said legislation are companies that benefit from a treasure trove of Internet-of-Things (IoT) generated data that, for the most part, is made unavailable to parties with a legitimate interest that could help improve the quality of life of EU citizens through research and development powered by this currently inaccessible data.
However, Article 30 of the Act proposes amendments to blockchain...
|New RESTRICT Act in the US Puts VPN Users at Risk of Facing 20-Year Jail...
The U.S. Senate has recently passed the Restricting and Encouraging Abusive Online Tracking (REACT) Act, which may have severe consequences for users of Virtual Private Networks (VPNs). Under this new law, VPN users could face up to 20 years in prison for concealing their online activity.
The REACT Act aims to combat online tracking and requires website operators to obtain explicit consent from users before collecting their data. While this may seem like a positive development for online privacy, the act also criminalizes the use of VPNs and other tools that allow users to mask their online activities.
While the REACT Act has yet to be signed into law, it highlights the importance of understanding the legal implications of using privacy tools such as VPNs. Users should carefully consider the potential risks of using such tools and ensure they are in compliance with relevant laws and regulations.
As the online landscape continues to evolve, it is crucial for individuals to stay informed about their online privacy rights and the legal implications of their actions. The REACT Act serves as a reminder that online privacy is a complex issue that requires careful consideration and attention to the evolving legal landscape.
|India Brings Crypto Transactions Under Prevention of Money Laundering Ac...
India's finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move 'is a positive step in recognizing the sector,' a crypto insider explained that it will strengthen the industry's efforts to prevent virtual digital assets 'from being misused by bad actors.'India Applies PMLA to Crypto Transactions
India's Ministry of Finance published a gazette on Tuesday notifying that certain crypto activities 'when carried out for or on behalf of another natural or legal person in the course of business' will be subject to the Prevention of Money Laundering Act, 2002 (PMLA).
According to the notice, the exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets, and the transfer of virtual digital assets will be covered under the money laundering law. Moreover, the safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will also fall under the purview of the PMLA.
Sharat Chandra, co-founder of India Blockchain Forum, told local media that this notification is a great step towards compliance for the crypto industry. He was quoted as saying:
It mandates entities dealing in crypto to follow KYC [know your customer], anti-money laundering regulations, and due diligence as followed by banking and other financial entities which fall under...
|India's Central Bank Digital Currency Will Act as Alternative to Cryptoc...
An official of India's central bank, the Reserve Bank of India (RBI), says that the country's central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity.India's CBDC Update
Reserve Bank of India (RBI) Executive Director Ajay Kumar Choudhary provided some updates on India's central bank digital currency (CBDC) during an interview with CNBC-TV18 on Friday.
The Indian central bank is exploring the offline functionality of the digital rupee, Choudhary conveyed. Noting that the CBDC will soon become a medium of exchange in India, he emphasized that it needs to have all features of physical currency, including anonymity. The RBI executive director previously said the design of India's CBDC will be the least disruptive and will not replace physical currency or the current financial system.
Choudhary further told the news outlet that the digital rupee will provide the public with a digital form of money and will act as an alternative to cryptocurrencies. His statement echoed RBI Deputy Governor T. Rabi Sankar's recent claim that the digital rupee should be able to do anything cryptocurrency can do but without the associated risks of crypto.
India's central bank began piloting its digital rupee in the wholesale sector in November and in the retail sector in December last year. Reliance Retail became the first retailer to accept digital rupees. Last month...
|Puerto Rico Defines Act 60 Tax Exemptions for Blockchain Companies
The Economic and Commerce Development Department of Puerto Rico (DDEC) has issued a document in which it defines the rules that blockchain projects must follow to receive tax benefits that the state offers companies. The action seeks to create an 'atmosphere of certainty and stability' for blockchain companies, according to DDEC Secretary Luis Cidre.
Puerto Rico Establishes Rules to Attract Blockchain Business
Puerto Rico is making moves to attract blockchain companies interested in establishing operations in the U.S. island territory. On Feb 23, the Economic and Commerce Development Department of Puerto Rico (DDEC) issued information regarding a letter announcing a regulatory framework to spearhead the attraction of more blockchain companies to the region.
The letter clarifies the conditions these companies must meet to benefit from tax exemptions via the Puerto Rican exemptions code, also known as Act 60. Manuel Cidre, secretary of the DDEC, explained that with this move Puerto Rico expects to position itself as part of the most sought out destinations for blockchain companies. Cidre stated:
Through this effort, we seek to be proactive in addressing an emerging technology, on which a lot of economic activity is being created around the world, and the island is not and should not be the exception.
The document also establishes other significant definitions for national companies trying to export their blockchain-related services, as it establishe...
|US Lawmaker Launches CBDC Anti-Surveillance State Act to Protect America...
U.S. Congressman Tom Emmer has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act 'to halt efforts of unelected bureaucrats' from 'stripping Americans of their right to financial privacy.' The bill also prohibits the Federal Reserve 'from issuing a CBDC directly to anyone.'CBDC Anti-Surveillance State Act Introduced
U.S. Congressman Tom Emmer (R-MN) announced Tuesday that he has introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act in the House of Representatives. The recently elected House Majority Whip tweeted:
Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy.
Emmer elaborated in a follow-up tweet that the bill 'does three things' by amending the Federal Reserve Act. Firstly, it 'prohibits the Fed from issuing a CBDC directly to anyone,' the lawmaker wrote. Secondly, it 'bars the Fed from using a CBDC to implement monetary policy and control the economy,' and thirdly, it 'requires the Fed's CBDC projects to be transparent to Congress and the American people.'
The bill is supported by Representatives French Hill, Warren Davidson, Andy Biggs, Mike Flood, Byron Donalds, Pete Sessions, Barry Loudermilk, Young Kim, and Ralph Norman.
'Proud to join forces with @GOPMajorityWhip on legis to keep the Fed from issuing a central bank digital currency. The Fed should be focused on its core mission of stabl...
|Ethereum Network's Rising Gas Fees in 2023: A Balancing Act of Growth an...
Ethereum gas fees have increased 13.71% in the last two weeks, with the average fee rising from $4.52 per transaction to $5.14 per transfer on Feb. 3, 2023. Despite ethereum's price seeing significant growth this year, its network's gas fees have also seen a similar increase. As the demand for Ethereum's capabilities continues to soar, it remains to be seen if these rising fees will ultimately hinder its growth.Ethereum Gas Fees Continue to Increase
With a value of $1,701 per coin reached on Thursday, Feb. 2, 2023, ethereum (ETH) has reached new heights, soaring to its highest value this year. However, despite the increase in ethereum's token value, the cost to send the cryptocurrency onchain has also risen.
On Jan. 18, 2023, data from bitinfocharts.com showed an average transfer fee of 0.0029 ETH or $4.52 per transaction. Just 15 days later, the transfer fee had risen to 0.0031 ETH or $5.14 per transaction.
The median fee for transactions was around $1.96 per transaction on Jan. 18, 2023, and jumped 20% to $2.36 per transaction on Feb. 3, 2023. The median fee to transfer ether is now 0.0014 ETH.
Transacting on Opensea currently costs around $3.89, while a decentralized exchange (dex) swap costs around $10.02 per transaction. On the Ethereum network, the cost to transact with an ERC20 token such as USDT or USDC is around $2.94 per transfer on Feb. 3.
Exploring L2 Alternatives: Ethereum Transactions vs. Optimism and Arbitrum Networks
According to Dune Analytics data, the aver...
|Using LastPass to Store Passwords? You Must Act Quickly
One of the most popular password management tools - LastPass - has recently been compromised, and cryptocurrency users may have been affected.
With that in mind, it's important to take reasonable action.
First off, reports of LastPass being compromised started appearing yesterday. Some claim that customer details were leaked in data breaches, and these include contact details, company and customer names, as well as IP addresses.
The breaches themselves took place back in August and November and were acknowledged by the company, which said that a malicious actor was able to steal the source code and technical information from their development environment.
With that in mind, Udi Wertheimer took it to Twitter to suggest a few steps users can take to prevent their crypto from being stolen, assuming someone used LastPass to secure crypto-related apps and wallets.
He argued that changing the master password now won't help because 'they already have a copy that is unlockable' with the old password.
Therefore, Wertheimer suggested that users stop using the app altogether and immediately move their assets to new wallets.
In addition, he also advised changing passwords to email accounts, crypto exchanges, and virtually all applications, including account passwords for Google or iCloud.
1/ LASTPASS USERS READ THIS
Twitter is full of misinformation and bad advice.
If you use LastPass, attackers probably have a copy of your vault.
CHANGING YOUR MASTER PASSWORD NOW WON’T HELP, t...
|Pro-Crypto US Senator Introduces Stablecoin Trust Act Ahead of Retiremen...
Pro-crypto U.S. Senator Pat Toomey has left a parting gift for Congress before he retires. On Dec. 21, he filed the “Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022,” also known as the “Stablecoin TRUST Act of 2022.”
The Republican has advocated for progressive legislation that does not stifle fintech innovation or send crypto companies overseas. However, his counterparts, Senators Elizabeth Warren and Sherrod Brown, want to ban the asset class entirely.
In his final days in office before Congress closes down for the holiday period and he retires, Senator Toomey said:
“I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation.”
A Stablecoin Act for Issuers
The stablecoin act aims to authorize licensed entities such as depository institutions, state-based money-transmitting businesses, and national trust banks to issue stablecoins.
It also proposes the establishment of new, standardized public disclosure requirements for all payment stablecoin issuers. The bill wants to keep stablecoins out of traditional finance and, as such, classify them as non-securities.
“Clarifies that payment stablecoins are not securities and payment stablecoin issuers are not investment companies or investment advisers.”
It goes on to reject the notion that “existing and antiquated Bank Secrecy Act reporting requirements” sh...
|Cosmos Clings To $12 As Price Struggles, Will This Region Act As Strong ...
ATOM's price shows strength as price breaks bounced off from $12 with good volume with eyes set to reclaim $13.
ATOM breaks out of a downtrend as the price resumes a bullish structure.
The price of ATOM continues to trade above 50 Exponential Moving Average (EMA) in the four-hourly timeframe.
The price movements of Bitcoin (BTC) have hurt most altcoins, with Cosmos (ATOM) finding its price at key support as bulls defend this region with blood and sweat. The recent Consumer Price Index news had a significant impact on the crypto market, as the price of BTC fell to a low of $18,200 before rebounding to $19,300, with many altcoins struggling to keep up, but Comos (ATOM) proved resilient. (Data from Binance)
Cosmos (ATOM) Price Analysis On The Weekly Chart. Despite experiencing some great price movement in recent weeks due to so many traders and investors becoming interested in the various projects built on the Cosmos ecosystem, this, in a way, serves as a huge catalyst for such price movement.
After the price of ATOM dropped to a weekly low of $6, the price rallied from this low to a high of $17, where the price faced resistance to breaking above this region to a height of $20.
The price of ATOM faced a rejection to a low of $11.5, where the price bounced and rallied to a high of $12, reclaiming this region as it has been a key support for ATOM prices.
ATOM's next weekly candle closed bearish, but the new week's candle opened with bullish signs as the p...
|Kevin O'Leary Expects Bitcoin to Go up When Stablecoin Transparency Act ...
Shark Tank star Kevin O'Leary, aka Mr. Wonderful, expects the price of bitcoin to go up when the Stablecoin Transparency Act passes, which he believes could be soon after the November midterm elections. O'Leary emphasized that crypto cannot be stopped, stating: 'You either join the wave or get lost.'
'Regulations Come, Bitcoin Goes Up'
Shark Tank star Kevin O'Leary, the chairman of O'Shares Investment Advisers, shared his reason why investors should long bitcoin on the Crypto Banter Youtube channel Friday.
Mr. Wonderful explained that there is a bill called the Stablecoin Transparency Act that has a chance of getting passed by the U.S. Congress after Nov. 8, when the midterm elections take place. The Shark Tank star explained:
This Act is very simple in nature which is why it may pass. It's being supported by both parties and the reason that's the case is that it makes, effectively, the U.S. dollar the default payment system worldwide.
He proceeded to describe why the passing of this Act will boost the price of bitcoin. 'Even though it has nothing to do with bitcoin, that will be the first regulation passed by U.S. regulators, and I would argue you want to be long bitcoin going into that outcome,' O'Leary emphasized. 'You're going to see a lot of interest in institutional capital coming into' stablecoins, he added.
'If institutions smell policy, then you've got a real move up, and that's when you break out of the $19,000 to $22,000 trading range against the U.S. dollar. I thi...
|2008 'Lehman Moment About to Hit'— Major Banks Suffer; How to Acce...
In this week's edition of the Bitcoin.com News Week in Review, two of the world's largest banks - Credit Suisse and Deutsche Bank - are suffering from distressed valuations, with credit default insurance levels looking like those last seen in the 2008 financial crisis. For those interested in assets outside of such behemoth tradfi (traditional finance) institutions, a handy guide on how to claim your ETHW tokens from the recent Ethereum hard fork can also be found in this edition. Further, a U.S. senator has introduced a 'No Digital Dollar Act,' and Japanese gaming giant Sega is set to launch its first blockchain game.
'Trading Like a Lehman Moment' - Credit Suisse, Deutsche Bank Suffer From Distressed Valuations as the Banks' Credit Default Insurance Nears 2008 Levels
It's been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the United States, collapsed and filed bankruptcy. Close to 14 years later, Credit Suisse and Deutsche Bank, two of the world's largest banks, are suffering from distressed valuations and the banks' credit default insurance levels are approaching degrees not seen since 2008.
A Step-by-Step Guide on How to Access Your ETHW Tokens if You Held ETH Before The Merge
With the new Ethereumpow (ETHW) network launch, ethereum holders are eligible to receive a single ETHW for every ether they own. The following is a simple guide that shows ethereum holders how to access their ETHW ...
|Federal Energy Agencies' Unwillingness to Act on White House's Crypto Mi...
Jared Huffman, a United States lawmaker who advocates for increased scrutiny of crypto-mining entities, has reportedly chastised U.S. energy agencies that he accuses of failing to act on the White House's call on them to do 'reliability assessments of current and projected crypto-asset mining operations on electricity system reliability and adequacy.' However, a commissioner at the Federal Energy Regulatory Commission, Allison Clements, insists crypto mining should not be singled out from grid studies. Agencies Reviewing White House Recommendations
Jared Huffman, a United States House of Representatives member, has reportedly queried some U.S. federal agencies' unwillingness or reluctance to give their response to recommendations contained in a recently released White House report on cryptocurrency mining.
According to Huffman, a California representative and member of the Democratic Party, the Federal agencies' silence could well mean 'this problem [environmental damage allegedly caused by crypto mining] is potentially getting worse.'
As stated in a Bloomberg Law report, U.S. energy and environmental officials haven't announced plans to pursue possible efficiency standards or to conduct energy use studies as demanded by the White House report. For instance, Costa Samaras, the principal assistant director for energy in the Office of Science and Technology Policy, is quoted in the report acknowledging that agencies are yet to issue a response.
'Each agency is reviewing the rec...
|Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance
On-chain data shows the Bitcoin aSOPR profit-loss junction has continued to act as resistance to the price of the crypto.
Bitcoin aSOPR Bounces Back Down From The Breakeven Line
As pointed out by an analyst in a CryptoQuant post, the aSOPR value equal to '1' line has been acting as resistance for around 185 days now.
The 'Spent Output Profit Ratio' (or SOPR in short) is an indicator that tells us whether the average Bitcoin investor is selling at a profit or at a loss right now.
When the value of this metric is greater than 1, it means the holders as a whole are moving their coins at some profit currently.
On the other hand, the indicator's value being lesser than the mark implies the overall market is realizing loss at the moment.
Naturally, SOPR values exactly equal to 1 signify that the average holder is just breaking even on their investment.
A modified version of the metric is the 'Adjusted SOPR' (aSOPR), which excludes from the data the transactions of all those coins that moved again within only an hour of their last transfer.
Now, here is a chart that shows the trend in the Bitcoin aSOPR over the last couple of years:
The value of the metric seems to have been in the loss region for a while now | Source: CryptoQuant
As you can see in the above graph, the quant from the post has marked the relevant zones of trend for the Bitcoin aSOPR.
During historical bear periods, the indicator has always found sharp resistance at the junction between the profit and loss regions, ...
|Post Merge: Ethereum Investors Act With Caution (Report)
The Merge, one of the biggest upgrades in the cryptocurrency industry, turned into a sell-the-news event. While the long-anticipated transition did not light a fire under the Ether's price, many experts believe it would offer some strong tailwinds in the future.
Nevertheless, investors are treading with caution. The figures come amid a relatively low activity week as a mixture of positive and negative flows by providers and assets continued to demonstrate a lack of engagement amongst investors at present.
According to the latest edition of Digital Asset Fund Flows Weekly, CoinShares' reported that the flows aftermath of the Ethereum Merge flows indicated continued caution amongst investors. As such, the 4th week of outflows equaled $15 million, while the total numbers since the beginning of the year stood at an astonishing $375.8 million.
However, the run of outflows has been quite minor and was recorded at $80 million.
Investors Remain Cautioned
After years of delays and setbacks, Ethereum finally transitioned to a Proof-of-Stake network rather smoothly. Data reveals that the amount of staked ETH has been on a consistent uptrend while network participation also remained high. Client diversity was also trending in the right direction. So far, there is no noticeable hitch on the technical side of things.
The entire staking process theoretically presents bullish prospects for the crypto-asset. The circulation is expected to drop in the form of a fee that needs to be paid to the...
|Zimbabwe to Hike Benchmark Rate to 200%, Central Bank Minted Gold Coins ...
After seeing the country's inflation rise to 191.6% in June, Zimbabwean monetary authorities said they have resolved to increase the benchmark interest rate to 200% per annum. In addition, the central bank said it will introduce gold coins which will act as an instrument that will 'enable investors to store value.'Discouraging Speculative Borrowing
Monetary authorities in hyperinflation-stricken Zimbabwe reportedly plan to hike the benchmark interest rate to 200% per annum, one of the highest in the world. According to an official quoted by Bloomberg, this plan is expected to help put the brakes on the country's runaway inflation. The latest data from Zimbabwe's statistical body shows the country's inflation rate now stands at 191.6%.
Explaining the rationale behind the planned move, Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe (RBZ)'s monetary policy committee, said that by hiking the benchmark rate the central bank will discourage speculative borrowing. Gwanyanya added:
At a time when banks were still adjusting their interest rates, they will be confronted with steep rates.
Before this latest announcement, the RBZ had on June 17 asked banks to cease lending at rates below 80% starting on July 1, 2022.
Gwanyanya is also quoted in the same report conceding that the central bank's initial year-end inflation target of between 25% and 35% can no longer be achieved. Due to the effect of what he called 'external shocks,' the monetary policy committee has now upp...
|Bulgarian Chief Prosecutor Accused of Willfully Failing to Act Against O...
The legal representative of victims of the Onecoin bitcoin scam operation, Jonathan Levy, has accused the Bulgarian prosecutor of deliberately failing to take action against Onecoin. The lawyer said due to the prosecutor's inaction, more victims are losing millions of dollars to the fraudsters.Prosecutor Refusing to Take Action Against Ruja Ignatova's Mother
A lawyer representing victims of the Onecoin bitcoin Ponzi scheme, Jonathan Levy, has suggested that the criminal scheme's masterminds may be getting protection from the Bulgarian chief prosecutor, Ivan Geshev. In an open letter addressed to Yuliya Kovacheva, Bulgaria's deputy minister of justice, the lawyer claimed Geshev's inaction has allowed Onecoin to defraud new victims of millions of dollars.
According to Levy, the prosecutor has failed to act against the key Onecoin mastermind Ruja Ignatova's mother, despite the existence of arrest warrants that have been issued by Interpol, Europol, and German law enforcement.
As previously reported by Bitcoin.com News, Ignatova was placed on Europol's most wanted list after the law enforcement group accused her of being the driving force and intellectual inventor of Onecoin. The agency has since offered a reward of more than $5,300 to anyone with information that may lead to Ignatova's capture.
Bulgarian Government Urged to Probe Chief Prosecutor
Meanwhile, in a letter in which he expresses his dissatisfaction with Geshev's conduct, Levy accuses the prosecutor of not only fail...
|Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secre...
Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to 'six months of home detention and two years of probation.' Hayes has agreed to pay a fine of $10 million.Bitmex's Arthur Hayes Sentenced
The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense.
U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform 'that profited him millions of dollars,' Hayes 'willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.'
Williams added: 'He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.'
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the near future.
Like Hayes, the two other co-founders have also been ordered to pay $10 million each in a civil monetary penalty.
What do you think ab...
|Senator Introduces Financial Freedom Act to Allow Crypto in Pension Plan...
The Republican lawmaker believes the government should not limit the type of assets that people can select for their retirement plans.
In an op-ed for CNBC on May 5, Tuberville wrote that:
“The federal government has no business interfering with the ability of American workers to invest their 401(k) plan savings as they see fit.”
In March, the U.S. Department of Labor released regulatory guidance in an attempt to prohibit 401(k) accounts from investing in crypto assets, singling out that specific asset class. A 401(k) is an employer-sponsored defined-contribution pension plan.
Advocating Financial Freedom
Previously, pension plan participants could use “brokerage windows,” a tool used by savers to self-select their retirement investments. “The agency’s new guidance ends this tradition of economic empowerment in favor of big-brother government control,” added Tuberville.
The Senator strongly believes that Americans should be able to invest their retirement savings as they choose. The Financial Freedom Act will enable them to do exactly that if it passes Congress, where there is a lot of resistance to the crypto industry.
The bill would prohibit the Labor Department from limiting the type of investments U.S. citizens can have in their retirement accounts. He reiterated:
“Whether or not you believe in the long-term economic prospects of cryptocurrency, the choice of what you invest your retirement savings in should be yours —...
|SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, ...
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF).
SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not If'
The U.S. Securities and Exchange Commission (SEC) has now approved not one but two different structures of bitcoin futures exchange-traded funds (ETFs). This has led to the optimism in the crypto industry that the securities watchdog is closer to approving a spot bitcoin ETF.
The first structure utilizes the Investment Company Act of 1940 (40 Act). Most proposed bitcoin futures ETF to date are filed under this Act. The second uses the Securities Act of 1933 (33 Act). The Teucrium Bitcoin Futures ETF was approved earlier this month using the latter structure.
Grayscale Investments CEO Michael Sonnenshein explained to CNBC last week: 'From the SEC standpoint, there were several protections that 40 Act products have that 33 [Securities Act of 1933] products don't have, but never ever did those protections address the SEC's concern over the underlying bitcoin market and the potential for fraud or manipulation.'
He continued: 'So the fact that they've now evolved their thinking and approved a 33 Act product with Teucrium really invalidates that argument and talks to the linkage between the bitcoin futures and the underlying bitcoin spot markets that give the futures contracts their value.' Sonnenshein opined:
|USDC Inflow Spikes Up, Will It Act As Dry Powder For New Bitcoin Rally?
On-chain data shows the USDC exchange inflow has spiked up. Historically, stablecoins have provided dry powder for kicking off new Bitcoin rallies.
USDC Exchange Inflow Sharply Rose To High Values Recently
As explained by an analyst in a CryptoQuant post, almost one billion USDC has flowed into exchanges recently. Past pattern suggests this may lead to uptrend for Bitcoin.
The 'USD Coin exchange inflow' is an indicator that measures the total amount of the stablecoin entering wallets of all exchanges within a given period.
When the value of this indicator moves up, it means investors are depositing a higher amount of coins at the moment. Usually, holders transfer stablecoins to exchanges for converting them into a volatile crypto, like Bitcoin. They may also withdraw the coins to fiat.
Investors use stablecoins like USDC when they want to exit volatile markets and hold on until prices are favorable enough for re-entering them. These inflows have amounted to around 1 billion coins.
There were two other instances earlier during the period where similar values were also observed. Over the past month, the crypto has lost 11% in value.
The below chart shows the trend in the price of the coin over the last five days.
BTC's price seems to have dropped down once again today | Source: BTCUSD on TradingView
Yesterday, Bitcoin showed some sharp uptrend and broke above the $42k level again.