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ESL Gaming to Offer NFTs at Flagship E-Sports Event

Source: Crypto Briefing Go to Source Author: Vishal Chawla Related posts: Crypto Briefing Appoints New CEO Fan tokens: Day trading your favorite sports team 1,000 true fans? Just two will do with NFTs: Li Jin of Atelier Crypto.com Approved to Offer Bank Transfers in Malta

Islamic Organization in Indonesia Issues Fatwa Against Cryptocurrency

Islamic Organization in Indonesia Issues Fatwa Against CryptocurrencyA provincial branch of one the largest Islamic organizations in Indonesia has declared cryptocurrency “haram,” or forbidden under religious law. The decision came after a “heated discussion” joined by a crypto expert who was invited to explain in detail the practice of using digital coins. Cryptocurrency Deemed ‘Haram’ in Indonesia The local branch of the […]

Bitcoin hodlers ‘only halfway’ to selling BTC after new $500K price prediction

RHODL adds to the indicators demanding much more upside for Bitcoin price action before the macro top sets in.

Bitcoin (BTC) investors will resist selling their coins for a lot longer and the bull run will continue, new analysis argues. 

In a Twitter debate on Oct. 28, data analyst Mitch Klee delivered fresh evidence that the current bull run is only 50% complete.

RHODL demands more upside

Using the Realized HODL Ratio (RHODL) indicator, created by popular analyst Philip Swift, Klee showed that Bitcoin is still far from the classic top signals it gave at the height of previous bull markets.

RHODL is based on the well-known HODL Waves tool, and its increasing size conforms to bull markets gathering pace — both then top out at once.

“RHODL ratio shows seller exhaustion, and we are only halfway there,” he said as part of a Twitter comment.

Bitcoin RHODL vs. BTC/USD chart. Source: Mitch Klee/Twitter

As Cointelegraph reported, RHODL is far from alone in calling for an extended end to the bull run. Other sources include Bitcoin Stock-to-Flow model creator PlanB, who believes that Bitcoin has a good six months left before a turning point hits.

Bitcoin price top must “be high enough to wow”

Klee was responding to Pete Rizzo, editor at major exchange Kraken.

Related: Bitcoin price dip matches October 2017 with BTC ‘explosion’ still forecast before 2022

In a recent episode of the Best Business Show, a podcast hosted by Anthony Pompliano, Rizzo called cycle price tops “psychological attacks on Bitcoiners.”

“If Bitcoin wants to create a top, it going to have to convince some of the never-sell-Bitcoin bulls to give up some Bitcoin,” he said.

“I’m confident in the Bitcoin technology’s ability to coax sellers back to the market, and the price at which it does so will likely be higher than we can posit currently because it’s an attack on us.”

Rizzo casually mentioned now-commonplace figures ranging from $300,000 to $500,000 — “high enough to really wow.”

Powers On… Why US officials ignore ethics and STOCK Act by trading stocks?

About two weeks ago, The Wall Street Journal ran an expose on the number of judges who held or traded the stock of companies over which they presided in legal proceedings. The article identifies 131 federal judges nationwide who did this during the period of 2010 to 2018. Of those 131 members of the judiciary, 61 judges purportedly traded the public company stock of litigants during the case. Imagine that! Its quite incredible, actually.

Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on Blockchain, Crypto and Regulatory Considerations.

It seems there would be ethical reasons for judges to not allow themselves to fall into that situation. When I litigated cases, parties were required to disclose the public companies affiliated with the party so that the judges could assess if they had any possible conflict in handling a particular case assigned to them. These conflicts could be that the judge knows the parties in the action personally, or the witnesses. The parties written disclosure is also supposed to trigger an obligation for the judge to see if they, or a family member, own stock in the public corporation involved in the lawsuit.





There is also a 1974 law that prohibits a judge from presiding over a case when their family members own shares of stock of a public company litigant. It was passed shortly after the Watergate crisis and President Richard Nixons resignation from office. This is an outright ban; it is not discretionary by the jurist. It cannot be waived by the parties. The judge is supposed to disqualify, or recuse, themself from the litigation. So, why does this happen, and should we tolerate it from our judicial branch of government?

The Federal Reserve

Now, lets turn to the Federal Reserve, which is part of the executive branch of our government, and its 12 reserve bank presidents. The Boston and Dallas Federal Reserve Bank presidents Eric Rosengren and Robert Kaplan, respectively both resigned in the last month, perhaps from allegations coming to light that they traded stocks over the last year while helping direct macroeconomic policy for our country. To me, this was, for sure, ill-advised conduct by these former presidents. They know on a continuous, confidential basis how the Fed might use certain monetary tools that tend to favor certain industries and, as a corollary, the stock prices of companies in those industries.

In another publication by The Wall Street Journal just last week, it was reported that Fed Chairman Jerome Powell imposed sweeping personal-investing restrictions on the Fed presidents and the seven governors on the central banks board. These include prohibiting the purchase or sale of individual stocks, a one-year holding period, and a 45-day pre-approval process for buying or selling mutual funds. No wonder the crypto crowd is losing faith in our institutions and seeking autonomously driven technology like blockchain to cleanse us and give everyone a level playing field.

The STOCK Act of 2012

Now, while it may seem to many that there was nothing prohibiting judiciary or Federal Reserve officials from owning or trading stock before this new investment policy by Powell, I disagree. Enter The STOCK Act of 2012, passed by Congress in April of that year during the administration of Barack Obama. STOCK stands for stop trading on congressional knowledge. Catchy, right? Congress loves its acronyms.

The STOCK Act applies to members of Congress, executive branch employees including the president and vice president and judicial officers and employees. The stated purpose of the act is:

To prohibit Members of Congress and employees of Congress [and the executive and judicial branch] from using nonpublic information derived from their official positions for personal benefit [or profit], and for other purposes.

It was in part enacted because political intelligence companies started popping up, advising hedge funds on the likelihood of governmental action. Sometimes, these companies learned information from government officials, information not otherwise readily available in the public domain, and passed it on to hedge fund managers who traded stocks based on that information. There is also a requirement to report stock transactions.

Before the laws passage, it became a problem for regulators and prosecutors that the securities law on insider trading was somewhat gray as to whether the source of the information the government officials did anything wrong by passing it on to the intelligence company. This law makes clear that it is wrong and, in fact, a felony to do so. A section of the act explicitly addresses these government officials, stating that Each Member of Congress or employee of Congress owes a duty arising from a relationship of trust and confidence. It also states that the covered government workers are not exempt from the insider trading prohibitions arising under the securities laws.



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So, with the disclosure of the trading activities by certain jurists and Fed presidents, the question that now arises is whether they were in possession of nonpublic information and used it to trade stocks. For argument, I think a judge is clearly in possession of nonpublic information before they rule in favor of one party in a litigation, before the decision is rendered in writing or orally in court. For a Fed president, it gets even more problematic. Dont they always possess nonpublic information, meaning any stock trades to avoid losses or to gain profits from upcoming Fed policies can be arguably in violation of this law?

To date, I am unaware of even one criminal prosecution under the STOCK Act. The closest thing to using the act was the 2018 indictment of former Congressperson Chris Collins. But the insider trading charge related to his purported learning of information while sitting on a public companys board, not from his congressional duties. It will be interesting to see if the Securities and Exchange Commission or criminal investigations are made known in the coming days or months arising from the reports by the WSJ.

Marc Powers is currently an adjunct professor at Florida International University College of Law, where he is teaching Blockchain, Crypto and Regulatory Considerations and Fintech Law. He recently retired from practicing at an Am Law 100 law firm, where he built both its national securities litigation and regulatory enforcement practice team and its hedge fund industry practice. Marc started his legal career in the SECs Enforcement Division. During his 40 years in law, he was involved in representations including the Bernie Madoff Ponzi scheme, a recent presidential pardon and the Martha Stewart insider trading trial.

The opinions expressed are the authors alone and do not necessarily reflect the views of Cointelegraph nor Florida International University College of Law or its affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.





Guild of Guardians Is a Stunning Multiplayer RPG Where You Play to Earn Epic NFT Rewards

Guild of Guardians Is a Stunning Multiplayer RPG Where You Play to Earn Epic NFT RewardsGuild Of Guardians is a multiplayer RPG where players earn epic rewards. The project has top tier partners such as Ubisoft and one of the largest and most well-funded, VC-backed teams building NFT games. The developers have big ambitions for disrupting the $100 billion mobile gaming industry by creating a quality experience that is both […]

Crypto exchange Liquid attains Japanese derivatives licence

The exchange filed the application to Japan’s financial regulatory body in Q2 of 2020.

Japanese cryptocurrency exchange Liquid has announced that its subsidiary firm, Quoine Corporation, has acquired a Type I Financial Instruments Business license under the Financial Instruments and Exchange Act from the Japanese regulatory authorities.

The approval will allow Liquid to commence derivatives trading on its platform, offering investment opportunities to both retail and institutional clients, although a specific date for launch was not disclosed.

Founded in 2014, Liquid is one of the world’s largest crypto-fiat exchanges with in excess of 800,000 customers and a reported highest daily trade volume of $1.1 billion across 2021. The platform operates under Japan’s Payment Services Act via Quoine Corporation and has also applied for a license with the Monetary Authority of Singapore.

Liquid’s chief operating officer, Seth Melamed, shared his thoughts on the importance of attaining regulation within the sector:

“The Type 1 license issuance is the culmination of a great deal of preparation and collaboration by the entire Liquid team. It is also a validation that trading derivatives in crypto can be done in a compliant manner with full customer protections & transparency.”

Related: Hacked Liquid exchange receives $120M debt funding from FTX

In mid-August this year, Liquid was the victim of a $97 million security hack on its hot wallets, although the company was keen to stress that users’ wallet balances were not affected by the incident.

Hot wallets such as Metamask and Phantom are a method of storing and trading cryptocurrencies widely considered more susceptible to breaches than the offline alternative of cold wallets.

In the weeks following the targeted attack, the exchange announced positive news of a $120 million debt financing investment from FTX Trading, a subsidiary of FTX, in a bid to improve the exchange’s balance sheet, support licensing endeavors in jurisdictions of Japan and Singapore, enhanced capital and liquidity generation, as well as customer support services.

Crypto exchange Bitfinex testing new AML compliance tool

Launched in production in 2020, Notabene’s Travel Rule solution now processes transactions between 50 crypto exchanges.

Cryptocurrency exchanges Bitfinex is preparing to test out a new Anti-Money Laundering (AML) tool on its platform.

The firm announced Wednesday that it will be testing a new solution designed for complying with the “Travel Rule,” an AML/Counter Financing of Terrorism regulation for financial institutions introduced by the Financial Action Task Force (FATF) in 2019.

Bitfinex partnered with compliance startup Notabene to implement its software-as-a-service solution to identify virtual asset accounts, track cross-border transactions and comply with other broad obligations of Virtual Asset Service Providers (VASPs). The integration will supposedly allow the firm to ensure privacy while collecting and managing Travel Rule-related data.

According to the announcement, the solution allows Bitfinex to share, send and receive counterparty information alongside blockchain transactions to any counterparties using the same infrastructure. Bitfinex’s sister company Tether, which operates the world’s largest stablecoin Tether (USDT), has also begun using Notabene’s solution.

Paolo Ardoino, chief technology officer at Bitfinex and Tether, said that Bitfinex has “always taken a leading role in meeting new global regulatory requirements.” 

Notabene CEO Pelle Braendgaard told Cointelegraph that the firm launched its travel rule solution in August 2020. The service is currently processing transactions between at least 50 different exchanges, including Paxful, Luno, BitSo, OnChain Custodian and others.

Notabene has been running tests across many jurisdictions, including a pilot with the Financial Services Regulatory Authority of Abu Dhabi Global Market in early October.

“With this updated Guidance, FATF is increasing the urgency yet also acknowledging the real-world issues VASPs and Travel Rule service providers like us have pointed out to them over the last year. They are now recommending that regulators be flexible during the initial rollout,” Braendgaard said.

Related: Bank of Spain issues registration guidelines for crypto services

Braendgaard added that Travel Rule compliance is growing rapidly every quarter, and the firm expects major VASPs to comply by the first or the second quarter of 2022.

Since releasing the crypto Travel Rule more than two years ago, the FATF has continued working on the framework to improve it and fit the growing cryptocurrency industry. In February, the authority issued a review document to adapt its Travel Rule guidance for stablecoins and crypto peer-to-peer transactions.

Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE

The DOGE price rally appeared after Shiba Inu briefly flipped Dogecoin to become the ninth-largest cryptocurrency by market capitalization.

Dogecoin (DOGE) soared on Oct. 28 amid massive capital rotations out of its top meme coin rival’s market, Shiba Inu (SHIB).

Notably, DOGE’s price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB’s losses in the same period. On the other hand, the so-called “Dogecoin killer” dropped almost 28% to log an intraday low at around $0.000057; in the same hour, DOGE printed its daily top.

SHIB/USD vs. DOGE/USD daily price chart noting inverse correlation. Source: TradingView

The sudden price rally also pushed DOGE’s market capitalization to over $40 billion, a mettle that Shiba Inu achieved hours before, with the two cryptocurrencies now neck-and-neck and currently battling for the ninth place by market cap.

Traders started flocking into Dogecoin markets hours after Elon Musk, CEO of Tesla and SpaceX, posted a new tweet about the meme cryptocurrency. 

Musk’s earlier supportive tweets prompted DOGE to climb by more than 1,500% in the first five months of 2021.

Long DOGE, short SHIB

Shiba Inu rallied exponentially heading into Q4, rising by around 1,200% in October on hopes that it would gain a listing on Robinhood, a United States-based zero-fee trading app, and its foray into the emerging decentralized finance and nonfungible token sectors with new product launches.

Nonetheless, SHIB’s supersonic bull run has also made it overvalued, based on some key metrics, notably the Relative Strength Index. Thus, it appears that spot and derivative traders have decided to secure and/or rotate their profits. 

Su Zhu, co-founder, CEO and chief information officer of fund management firm Three Arrows Capital, noted earlier on Thursday that traders rotated their easy-to-short Shiba Inu perpetual swap profits — as SHIB topped out at $0.00008854 — into the Dogecoin perpetual market.

The former Deutsche Bank trader suggested that DOGE can rally toward $0.88 next should traders rotate profits from SHIB to Dogecoin. 

Around $20.8 million DOGE rekt

Dogecoin’s price moves also caught derivatives traders off-guard as they lost about $20.8 million in total liquidations across the previous 24 hours. Around $18.17 million worth of those liquidations emerged out of leveraged long bets after DOGE’s price dropped to its weekly low of $0.2179 on Wednesday.

In contrast, the ongoing 12-hour timeframe saw bears taking more losses than bulls, with $8.9 million worth of bearish Dogecoin bets getting liquidated against $5.22 million worth of bullish bets concerning the same token.

DOGE total liquidations across all exchanges. Source: Bybt 

On the whole, however, Dogecoin traders were the majority short in the previous 24 hours, with FTX and OKEx users turning out to be exceptionally bullish, with 58% and 77% of their net positions skewed long, respectively.

A sudden bearish reversal in the Shiba Inu market also led to SHIB liquidations worth $31.41 million, the third-highest among all cryptocurrencies in the previous 24 hours.

Related: Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion

PostyXBT, an independent market analyst, warned about excessive leverages in both SHIB and DOGE markets. 

“Play spot and not leverage,” he said, adding, “The volatility could quite easily wipe out before a big move in intended direction.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

El Salvador Buys Another 420 Bitcoin as Market Dips

Source: Crypto Briefing Go to Source Author: Timothy Craig Related posts: Civil Lawsuit Against Craig Wright Wants High Court to Rule Against His Bitcoin White Paper Claims Craig Wright’s Law Firm Granted Permission from High Court to Serve Bitcoin.org Operator Cobra Craig Wright Wins Default Judgment Against Cobra — Bitcoin.org Forced to Remove White Paper […]

XRP On-Chain Data Flashing Signal That Historically Leads To Price Rises: Santiment

Blockchain analytics firm Santiment is predicting that, based on two metrics, XRP Ledger’s native asset (XRP) could go up in price. Santiment says on Twitter that an increase in the number of addresses on the XRP Network and a rise in social media mentions signals that XRP’s value could increase. “XRP is getting increased social […]

The post XRP On-Chain Data Flashing Signal That Historically Leads To Price Rises: Santiment appeared first on The Daily Hodl.

Wharton accepts crypto payments for blockchain program tuition fees

The six-week program costs $3,800 and the Ivy League university expects to attract thousands of students each year.

Crypto adoption scores another win with the Ivy League University of Pennsylvania, but there’s a catch.

The Wharton School, one of the premier business schools in the United States, will accept Bitcoin (BTC) and other forms of cryptocurrencies for tuition fees, Bloomberg reports. However, the adoption is limited to its new online blockchain and digital assets program scheduled to start in January. 

Titled Economics of Blockchain and Digital Assets, the six-week program costs $3,800, and the university expects to attract thousands of students each year. The Wharton School will use Coinbase Commerce, the e-commerce platform of the United States-based crypto exchange, to accept crypto payments.

Wharton is currently offering an introductory class to crypto and blockchain via the online education platform Coursera, which is part of a more extensive course about financial technologies or fintech.

Related: Anyone who studies Bitcoin ends up investing in it, says Scaramucci

The business school made news earlier this year when it received a generous $5 million gift in Bitcoin. An anonymous benefactor gifted $5 million, roughly translated to 118 BTC, in May. The Wharton School reportedly exchanged the donation to fiat immediately, which would be worth more than $7 million at today’s Bitcoin price.

As Cointelegraph reported, the World Economic Forum recently partnered with the Blockchain and Digital Asset Project at the Wharton School. Led by Professor Kevin Werbach, the project aims to address the business and regulatory aspects of distributed ledger technology.

Eth2’s Altair upgrade goes off smoothly with 98.7% of nodes now upgraded

The Altair update will introduce Beacon Chain to the Ethereum Mainnet.

The Ethereum 2.0 Altair Beacon Chain update has gotten off to a successful start, with 98.7% of nodes already upgraded. 

On Oct. 27, Ethereum 2.0 developer Preston Vanloon tweeted that the Altair upgrade had been “activated successfully.”

Altair is the first upgrade to the Beacon Chain since it went online in December 2020 and is likely the last before the merge with the Ethereum mainnet and the change to proof-of-stake.

The upgrade brings light-client support to the core consensus, cleans up beacon state incentive accounting, fixes some issues with validator incentives, and steps up the punitive params (penalties for offline validators) as per EIP-2982.

Paul Hauner is the Lead developer and reviewer of the Altair code in Lighthouse, an Ethereum 2.0 implementation. Hauner Told Cointelegraph: 

“Altair introduced two primary changes. Firstly, it added support for light clients, which are low-resourced nodes that follow the chain with fewer features and slightly weaker security assumptions. Think of a lightweight node on your phone or in your browser. Secondly, it increased the penalties for being offline and for slashing. These penalties were set low from genesis so we didn’t penalize users who were just learning the ropes. The merge will increase these penalties even more. Apart from these two primary changes, there was a handful of efficiency and tidiness.”

The Altair upgrade was a hard fork, meaning that any of the 250,000 or so validators who didn’t upgrade are now offline, and will see their ETH stake slowly diminishing at a rate of about 10% per year.

In order to be compatible with the Altair upgrade, beacon node operators needed to update their client version, a process that only took around 10 minutes.

Although participation dropped as low as 93.3% during the first epoch after the upgrade, it quickly increased to around 95% and has since risen to around 98.7% with about only one percent to go.

“It looks like we have practically all the validators online and running Altair now. It’s hard to tell on these privacy-preserving systems, but I’d say we have no more than 1–2% still offline,”  said Hauner.

According to Beacon Chain data, this clocks in at about 247,400 active validators and 3,000 inactive validators.

Ethereum 2.0 developer Jeff Coleman tweeted, “If they don’t fix it they will cross a threshold and be ejected.”

“I believe full ejection would happen once they drop below 16 ETH, which would take a pretty long time since the network is still finalizing,” said Coleman. 

“The protocol sees no difference between a validator that didn’t upgrade and one that’s just temporarily offline due to a power or network issue. Those that didn’t update just need to update and then restart their nodes, they’ll start validating again once their node catches up with the Altair chain,” explained  Hauner.

The Ethereum devs will be breathing a sigh of relief as the successful upgrade means its full steam ahead to the merge and the scheduled aim of being ready to “switch off Proof of Work forever” by February 2022.

Developer Ben Edgington described the significance of the upgrade in a blog post from earlier this month:

“This is our one and only real-life practice run at upgrading the beacon chain before the merge. If it goes badly (perhaps because many stakers did not upgrade their clients in time) then it will certainly push back the merge date.”

“The proof of stake upgrade, known as The Merge, will be the biggest upgrade in Ethereum’s history.”

“The Altair upgrade will give us valuable experience to ensure that The Merge goes smoothly when it is ready for deployment in 2022,” said Edgington.

Read more: Ethereum 2.0 inches closer with the Beacon Chain’s Altair upgrade

The Beacon Chain is the first stage of Ethereum’s new proof-of-stake blockchain, which will merge with the current mainnet as part of the implementation of Ethereum 2.0.

PoS is 99% more energy-efficient than PoW, which is the method Bitcoin (BTC) miners use and relies on stakers and validators rather than miners.

The final upgrade of Ethereum 2.0 is slated for early to mid 2022.

Actor Matt Damon plugs Crypto​.com in global TV spot

The actor said the platform “shares [his] commitment to empowering people around the globe with the tools needed to take control of their futures.”

Cryptocurrency exchange Crypto.com is rolling out a new ad featuring Hollywood star Matt Damon, which it plans to introduce to consumers worldwide.

The “fortune favors the brave” ad, starring Damon amid a digital landscape of historic figures, including the Wright brothers and Sir Edmund Hillary, is aimed at reaching a global audience of potential crypto users and investors. According to Crypto.com, the ad will appear on billboards and in television spots around the world and be included in its portfolio of partnerships with major sports franchises and organizations.

The announcement comes the same week Crypto.com donated $1 million to Water.org, a clean water initiative co-founded by Damon and Gary White in 2009. The actor said the platform “shares [his] commitment to empowering people around the globe with the tools needed to take control of their futures.”

Still shot of Matt Damon in the Crypto.com TV spot

Damon, a winner of an Academy Award and two Global Globes, is arguably one of the biggest celebrities to throw his name behind a cryptocurrency exchange. Cointelegraph reported in September that almost half of Americans in a survey of 2,200 people said they would consider investing in a digital asset if it were endorsed by a celebrity. Singer Mariah Carey announced on Oct. 19 that she would be partnering with crypto exchange Gemini to boost Bitcoin (BTC) adoption.

Related: Celebs and crypto in 2020: Blockchain cities, Bitcoin newbies and Twitter trolling

Founded in 2016, Crypto.com has quickly emerged as one of the fastest growing platforms in the digital asset space. The exchange started by offering customers a crypto-focused Visa card that pays out rewards for staking its native Crypto.com Coin (CRO). Most recently, the company expanded its insurance program to cover up to $750 million for its 10 million users, reflecting heightened consumer protection standards.

Thailand’s biggest shopping center trialing digital currency

Central Retail Corp., a major Thai retail company, has announced a test of its virtual currency “C-Coin.”

Central Retail Corp., a leading firm in Thailand’s retail industry, is testing a digital currency among its employees. After the sandbox phase is finished, the retail giant plans to extend the service to customers and the general public, according to a report by Bloomberg. 

The “C-Coin,” a blockchain-powered cryptocurrency, is being offered to 80,000 Central Retail Corp employees around the world as a reward for exceptional performance as a bonus to their usual salary.

While holders can use C-Coin to pay for meals and buy items and services from Central Retail’s partners using it, this is just a test project for Central Retail Corp. The long-term objective of the firm is to transition towards cashless societies and venture into the e-commerce industry.

According to Kowin Kulruchakorn, Central Tech’s chief innovation officer, the currency may be made available to the general public once all employees have signed up and the firm understands more about its performance. Central Retail’s Central Tech is the unit that created the C-Coin and manages all of CRC’s omnichannel and e-commerce systems.

Central Retail Corp is Thailand’s biggest shopping mall owner, comprising more than 40 department stores and high-end retail outlets. It also operates Central Festival, Big C Supercenter and Seacon Square. Outside Thailand, it runs the Italian department store La Rinascente, Danish brand Illum, and Vietnam’s Big C supermarket chain.

Central Retail Corp. is not the only entity developing a digital currency in Thailand. As reported by Cointelegraph, the Bank of Thailand announced that it is considering a central bank digital currency. In Q2 2022, the initial testing phase for the digital baht is set to commence.

CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari

CBDC Could Increase Nigeria’s GDP by  Billion in 10 Years: President BuhariThe Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in his speech at Monday’s launch of the e-naira CBDC, […]

Bitcoin suddenly passes $61K as a $1.7K hourly candle fuels BTC bulls

Bitcoin pulls a fresh surprise out of the hat just as opinions were beginning to flip bearish below $60,000.

Bitcoin (BTC) delivered another classic surge during Oct. 28 as bulls enjoyed a $1,700 hourly candle.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin suddenly abandons the bears

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD breaking back above $60,000 after tracking sideways since early Wednesday.

The move meant that the pair cast firm doubt on recent bearish behavior, all but invalidating a head and shoulders pattern in line with expectations.

As Cointelegraph reported, analysts were already unfazed by Bitcoin’s retracement, with some even increasing their price targets over longer timeframes.

At the time of writing, BTC/USD circled $61,000, having reached local highs of $61,250 on Bitstamp. Funding rates remained low, pointing to the successful “flushing” of leverage in recent days.

Dogs dominate altcoins

Altcoins moved upwards in step with Bitcoin, with the top ten cryptocurrencies by market cap seeing gains of several percentage points.

Related: Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

The market was still dominated by Shiba Inu (SHIB), however, the altcoin advancing 43% on the day and 150% in a week.

The spotlight subsequently switched to Dogecoin (DOGE), which put in a copycat move as SHIB/USD came off record highs. 

DOGE/USD 1-hour candle chart (Bittrex). Source: TradingView

Forget Bitcoin and Ethereum — Crypto Traders Are Piling Into Dog Coins

Source: Crypto Briefing Go to Source Author: Ali Martinez Related posts: Sotheby’s to Auction Never-Before-Seen Muhammad Ali Artwork NFT NFT Weekly Roundup: Earning Through NFTs, Legendary Muhammad Ali Collectibles, NFT Display in Times Square, and More Ethernity Chain Presents the Muhammad Ali NFT Collection 14 Years of Art for $500K: Youtuber Ali Spagnola Compiles All […]

Bitpanda taps former JP Morgan exec to lead fully-regulated crypto exchange

Investors are treating crypto in the same way as stocks and ETFs, the new Bitpanda Pro CEO told Cointelegraph.

The crypto ecosystem picked yet another executive from traditional finance. Two months after raising $263 million, the Europe-based cryptocurrency trading platform Bitpanda announced that Joshua Barraclough, a former exec at JP Morgan, joined its ranks as the CEO of its fully-regulated digital asset exchange Bitpanda Pro. 

Before transitioning into the crypto world, Barraclough worked as the global head of the fintech team and then as the co-head of digital innovation at JP Morgan. Answering Cointelegraph’s questions about the transition, Barraclough said that leaving JP Morgan to join Bitpanda was an easy decision.

“I have always been at the bleeding edge of innovation, and my job at JP Morgan was to launch new businesses to challenge and transform traditional finance,” he said, adding:

“The crypto ecosystem is the most exciting part of that right now, with an incredible pace of change and growth in adoption. We want further to bridge the gap between digital assets and traditional finance, building on my prior experience.”

Barraclough reminded the skyrocketed crypto adoption and fresh institutional money. “This wave of institutional investment, unaffected by many of the regulatory worries of the last bull run, has proven the viability of Bitcoin (BTC) as a secure store of value and inflation hedge,” he explained.

He also pointed to the increasing interest in other Layer 1 protocols such as Solana and Avalanche and innovative DeFi applications. “Far from being the meme-fueled gamble that many still view it as, investors are treating cryptocurrencies in the same way as stocks and ETFs,” he added.

“Bitcoin is a $1 trillion asset and has seen the world’s biggest investors allocate significant portions of their portfolios to the currency. When the likes of JPMorgan and Blackrock are taking an investment seriously, it’s a sure sign that it’s here to stay.”

Speaking about cryptocurrencies’ role as a gateway to more traditional investments, Barraclough highlighted that crypto is gaining traction as the first investment asset for younger digital natives and “acts as a gateway to further financial education, building wealth through a diversified portfolio.”

Related: Unicorns in crypto: A growing herd of billion-dollar crypto companies

Bitpanda is known to offer digitized versions of precious metals such as gold, silver and platinum. This portfolio is yet to be added to Bitpanda Pro, an advanced and EU-wide regulated version of the main platform. Barraclough told Cointelegraph that the exchange is “actively looking at offering even more traditional assets other than gold and silver, using blockchain technology and tokenization to facilitate this.”

Bitpanda has secured $263 million in a Valar Ventures-led Series C round, bringing its total market value to $4.1 billion. Besides new hires, the company then announced that it would use the fresh capital to expand to new markets in France, Spain, Italy and Portugal.

Ethereum-Based Altcoin Blasts Into Stratosphere After Unexpected Launch on Crypto Exchange Coinbase

An altcoin designed to power an automated crypto trading platform is skyrocketing after earning support from the top US crypto exchange, Coinbase. The Ethereum-based crypto asset Kryll (KRL) just shot from a 24-hour low of $1.02 to a high of $1.82 as it became clear that the coin will be listed on Coinbase Pro. That’s […]

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Volt Equity’s ‘Bitcoin revolution’ ETF goes live on NYSE today

Volt Equity’s ETF consults with PlanB’s Bitcoin Stock-to-Flow model to adjust exposure.

The New York Stock Exchange (NYSE) continues listing Bitcoin (BTC)-linked exchange-traded funds (ETF), with Volt Equity becoming the latest company to debut such a product on the exchange.

Volt Equity’s Crypto Industry Revolution and Tech ETF will debut trading on the electronic securities exchange NYSE Arca on Oct. 28, the company’s CEO Tad Park told Cointelegraph. The ETF will be available for trading at market opening under the ticker symbol BTCR.

BTCR will open at $21, giving a nod to Bitcoin’s capped supply of 21 million Bitcoin. According to the company, the ETF is implementing a management approach informed by PlanB’s Bitcoin Stock-to-Flow (S2F) model, a major quantitative model intending to predict BTC price.

“We consult the famous Stock-to-Flow model as one input to understand how Bitcoin’s mining supply shock due to its scheduled halvings could affect Bitcoin’s price and when. Based on what we’re seeing, we could adjust our mining-related exposure accordingly,” Volt Equity said.

Approved by the United States Securities and Exchange Commission (SEC) in early October, Volt Equity’s product is not a pure Bitcoin ETF as it’s based on companies with significant exposure to Bitcoin.

The ETF tracks so-called “Bitcoin Industry Revolution Companies,” including Michael Saylor’s MicroStrategy, Tesla, Twitter, Square, Coinbase crypto exchange as well as Bitcoin mining companies like Canaan, Bitfarms and Riot Blockchain. Volt Equity will regularly review the fund’s holdings and allocations “when appropriate” based on research, data and models like the S2F.

“Bitcoin is not just a coin, it’s a revolution that encompasses miners, companies using it on their balance sheet, and everyday HODLers who want to hold the first digital store of value that can’t be inflated away by a government,” Park said.

Related: SEC Chair Gary Gensler actually is pro-Bitcoin, Volt Equity CEO argues

The latest ETF launch comes soon after NYSE Arca listed a Bitcoin futures-linked ETF by investment company ProShares on Oct. 19. As previously reported, ProShares’ Bitcoin Strategy ETF became the first Bitcoin futures-linked ETF to launch in the United States.

In mid-October, major cryptocurrency fund Bitwise Asset Management also applied with the SEC to list a pure Bitcoin ETF on NYSE Arca. The SEC has not yet approved an ETF that would track Bitcoin price directly.

Major asset management firm AXS Investments filed for two Bitcoin futures ETFs on Oct. 27. According to Bloomberg senior ETF analyst Eric Balchunas, major crypto investment firm Grayscale Investments expects the SEC to approve its spot Bitcoin ETF by July 2022.

New Bitcoin hash rate highs remove any trace of China mining ban

China’s exit from Bitcoin mining is now all but unnoticeable as network fundamentals take care of their own recovery.

Bitcoin (BTC) has all but deleted any trace of the mining ban which saw hash rate dive 50% this year.

According to the latest estimates, the network hash rate is now back at levels from May, just before China outlawed its Bitcoin mining industry.

Hash rate recovers the dip

Five months since the largest ever migration in Bitcoin’s history began, network fundamentals have staged a major comeback.

Coming in leaps and bounds as miners relocated and started over, the recovery in hash rate and network difficulty is now approaching a seminal point.

While impossible to measure in definitive terms, hash rate has seemingly accounted for the entire China debacle, doubling from its bottom several months ago.

Likewise, the mining difficulty is set to increase by 5.7% next week, bringing it to within 4 trillion of its 25 trillion record high.

Not only that, but Bitcoin will seal an eighth straight difficulty increase — the first time such an event has occurred since 2018.

“Hash rate has only been higher than today on just 6 other days in history,” Charles Edwards, founder of investment firm Capriole, wrote in associated comments.

“We are knocking on new all time highs in network security. That’s kind of unbelievable.”

Bitcoin hash rate chart. Source: Blockchain

Bitcoin has gained 50% since May, while sources hint that China could be starting to regret its decision.

Warnings over miner trend retest

Meanwhile, other data analysis questioned the sustainability of current Bitcoin price action.

Related: Friday’s jaw-breaking $3.2B Bitcoin options expiry could kick-start a new rally

Coming after BTC/USD dipped to $58,000, figures covering miner costs pointed to a potential local top based on historical patterns.

Nonetheless, miners have been in no hurry to sell earned coins in recent months, a trend that continues.

Bitcoin miner outflows chart. Source: CryptoQuant

Analyst Jason Pizzino Unveils Top Altcoin Picks, Says Several Cryptos Primed To Hit All-Time Highs

Digital asset analyst Jason Pizzino thinks a handful of altcoins have the potential to surge to new peaks. In an interview with the YouTube channel Crypto Tips, Pizzino says he’s bullish on DOT, the native asset for smart contract platform Polkadot. DOT is trading at $40.48 at time of writing and hit its all-time high […]

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Slovenia Launches Public Consultations on Crypto Taxation Law

Slovenia Launches Public Consultations on Crypto Taxation LawAuthorities in Slovenia have prepared new legislation tailored to determine how crypto holdings and transactions are taxed in the country. The proposal, aimed at clarifying the matter, has been submitted for public consultations this week, local media reports revealed. Slovenia to Amend Tax Rules for Cryptocurrencies The Finance Ministry in Ljubljana has opened public consultations […]

Nifty News: Wolf snaps up Punk, Disney NFTs, Economist mag cover fetches $422K…

The real-life Wolf of Wall Street Jordan Belfort has vowed that he is “not leaving” NFTs, The Economist raised $422,000 for charity via NFT auction, and the WWE is dropping NFTs.

The wolf of nonfungible streets

Erstwhile crypto skeptic Jordan Belfort has bravely outed himself as an NFT proponent amid the booming growth of the sector in 2021.

Belfort is known for his dodgy antics while working as a stockbroker on Wall Street, with his story being captured in “The Wolf of Wall Street” film starring Leonardo DiCaprio.

The 59-year-old has slammed crypto on multiple occasions, and in 2018 he even compared Bitcoin to the level of fraud that his firm Stratton Oakmont used to engage in before he was indicted for securities fraud and money laundering in 1999.

On Oct. 25, Belfort revealed to his 600,000 followers that he purchased CryptoPunk #6033, depicting a male wearing a durag and smoking a vaporizer pen. According to the transaction history on OpenSea, Belfort spent 102.49 Ethereum (ETH) worth roughly $410,000 on the NFT.

He then followed that up by bullishly tweeting “Wow! I love NFT Twitter! And now that I’m here, I’m not fucking leaving!”

Earlier this month Belfort unveiled his own upcoming NFT drop, which will feature artwork inspired by The Wolf of Wall Street Movie and his life. While details are sparse at this stage, Belfort tweeted on Oct. 21 that he is currently working on how to “add utility for each holder” of his NFTs so that he can make it a unique drop.

Disney NFTs are the ‘bare necessities’

Disney is taking the plunge into the NFT sector with a collection of tokenized characters from popular movies and shows owned by the multinational giant.

While details of the specific characters have not been announced, there is a vast amount of content to choose from given Disney also owns Pixar, Marvel and the Star Wars franchise.

The drop is set to go live on Nov. 12 and is being launched in collaboration with the VeVe NFT platform. The collection is dubbed “Golden Moments” and any NFT purchaser will also receive three months of free service on the Disney+ streaming app.

Disney NFT drop: VeVe

VeVe hosts a marketplace for licensed NFTs, and the firm has previously launched digital comics in collaboration with Marvel and DC, along with launching NFTs depicting content from Adventure Time, Monster Hunter, Star Trek and Jurassic Park to name a few.

The Economist’s NFT sale raised $422K for charity

The Economist, the 178-year-old global news publication sold a tokenized magazine cover for around $422,000 on Oct. 25.

The NFT magazine cover was from the “Down the rabbit hole” edition of The Economist on Sept. 18, which explored the world of decentralized finance (DeFi). The cover depicts an Alice in Wonderland-themed illustration, with Alice looking down a rabbit hole while various crypto coins take the plunge below.

Down the rabbit hole: The Economist

The NFT sold via auction for 99.90 ETH ($400,000 at current prices) on Monday, with the profits from the sale going to The Economist Educational Foundation, which is an independent youth outreach charity that teaches young people to analyze current affairs.

WWE seeks NFT-based summer slam

World Wrestling Entertainment (WWE) has penned a deal with Fox’s NFT firm Blockchain Creative Labs to launch licensed NFT collectibles.

The multi-year deal was announced on Oct. 27 and the partnership will see the rollout of NFTs depicting iconic moments in WWE history, along with its stars and events such as WrestleMania and SummerSlam. A marketplace will be launched to host the assets, although the details are yet to be announced.

Related: Upgradable NFTs: How collaborations will leap forward

With the new partnership, it appears that the WWE is looking to learn from the mistakes of its previous NFT drops. WWE hall of famer John Cena labeled his own licensed drop a “catastrophic failure,” last month. Cena said that fans only purchased 7.4% of his NFTs and questioned whether the price point for the 500 Gold tier packages was too high.

“Myself and the folks in the WWE thought $1,000 was a fair price point. We were wrong. We were absolutely wrong,” Cena said at Florida Supercon 2021 on Sept. 12.

Other NFT News

Software giant Adobe announced on Tuesday that it is partnering with major NFT marketplaces including OpenSea, KnownOrigin and SuperRare to allow users to verify the authenticity of the digital content on the platforms.

On Monday, GameStop listed a total of eight jobs for crypto-friendly candidates to work on its NFT platform and Web3 gaming initiatives. The listings include three roles for NFT-experienced software engineers, three jobs for product marketers, and two roles focused on Web 3.0-based gaming.

US gov attorneys to target individuals and gatekeepers for crypto prosecutions

Major regulatory agencies plan to work harder to prosecute individuals and companies that have had dodgy dealings with digital assets.

A group of high-level U.S. government attorneys has oulined their priorities for the enforcement and prosecution of individuals and companies that have committed crypto-related crimes.

Enforcement officials from the U.S. Department of Justice (DoJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) spoke about the direction their agencies will take at a panel discussion at the American Bar Association’s annual institute on white-collar crime in Miami on Oct. 27.

In addition to corporate players, lawmakers are taking a closer look at individuals according to a report of the event by Law360. Principal deputy assistant attorney general of the DoJ’s Criminal Division, Nicholas McQuaid, stated the prosecution of individuals in white-collar cases was a top priority.

He added that the department was expanding its use of data-based probes in such cases relating to cryptocurrencies. The DoJ is forming a specialized group within the FBI to work with its fraud section to assist with investigations and prosecutions.

SEC Enforcement Director Gurbir Grewal commented on the agency’s increased scrutiny of unregistered and fraudulent initial coin offerings (ICOs), unregistered crypto exchanges, and crypto lending and award programs. He stated “we’ll make sure that those players and actors are abiding by the rules,” before adding:

“That’s why we’ll be taking a hard look at gatekeepers like auditors and audit firms, attorneys, and underwriters.”

In early September, the SEC threatened legal action against Coinbase over its stablecoin yield program, Lend. Coinbase has since scrapped plans to launch the service.

The SEC also targeted Terraform Labs CEO Do Kwon with a subpoena in September. Being a resident of South Korea, Kwon hascontested it on grounds that the regulator had no jurisdiction.

In October 2020, the DoJ filed criminal charges against four BitMEX executives for illegally operating a derivatives exchange, the trial has been set for March 2022.

Related: Regulatory and privacy concerns trail SEC’s threat to Coinbase

Acting director of enforcement for the CFTC, Vincent McGonagle, said he was also concerned about digital assets and the decentralized finance (DeFi) sector. He did note that the crypto asset space may not be the sole component of illegal activity as there may be other factors involved such as forex:

“In the digital asset space, we’ve brought several actions against entities where they’re offering digital assets, Bitcoin or others on a margin or finance basis.”

Government agencies are clearly ramping up activity against crypto companies and individuals.

In mid-August, lawmakers urged the SEC and CFTC to form a joint working group on crypto assets so that they could work out how to “effectively use their current jurisdiction cooperatively.” In late September, the CFTC charged 12 New York crypto options firms for failing to register.

On Oct. 18, the New York Attorney General’s office ordered crypto lending firms to cease activities. The Celsius crypto lending platform stated that it was not one of the two but was instead working with NY regulators.

How NFTs Help Musicians Reconnect With Fans in the Post-Pandemic Space

The Covid-19 pandemic was an unexpected, world-shaking threat to all of us. Suddenly we were forced to stay inside for weeks and ordered to cease all social interactions for the foreseeable future. While the pandemic was no fun for any of us, it certainly made the careers of artists a little more complicated. As we […]

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Indian Crypto Regulation Is Planned for February: Report

Indian Crypto Regulation Is Planned for February: ReportThe Indian government is reportedly planning to introduce cryptocurrency regulation by the time of the next general Budget, which is in February next year. Instead of banning cryptocurrencies, like bitcoin, the government is likely to regulate crypto assets as commodities, according to reports. Indian Crypto Law Could Comes as Early as February The Indian government […]

SEC reportedly knocks back Valkyrie’s leveraged Bitcoin ETF

The SEC does not appear to have the appetite for more exotic Bitcoin futures products.

Reports are emerging that the U.S. Securities and Exchange Commission has rejected one, or possibly two, recent Bitcoin exchange-traded fund applications signaling that the regulator is not quite ready for more exotic futures products just yet.

Just a day or so after Valkyrie filed for a leveraged Bitcoin futures ETF and Direxion applied for an inverse fund for bears, the SEC appears to have vetoed them both.

On Oct. 28, Bloomberg’s senior ETF analyst Eric Balchunas referred to a Dow Jones alert indicating the Valkyrie leveraged fund had been shelved by the SEC. He added that the move was likely also to apply to the inverse fund application.

On Oct. 26, ETF issuer Direxion filed for a Bitcoin Strategy Bear ETF that would enable speculators to buy futures that short the price of BTC. On the same day, Valkyrie filed for a leveraged BTC futures ETF that would have offered 1.25x exposure to the asset.

The Direxion product invested purely in futures, however, the Valkyrie one would have held futures, swaps, options, and forwards. Another Dow Jones alert reported the SEC only seems interested in direct futures products at the moment, funds that buy contracts from the Chicago Mercantile Exchange (CME).

The regulator does not seem keen to approve any products that invest in the asset itself or anything other than CME futures contracts at this stage. Balchunas confirmed:

“Would be interesting (and poss) if they let the Inverse one go through. That one was limited to futures. Valkyrie’s was a bit of a departure from that language.”

Related: Crypto breaks Wall Street’s ETF barrier: A watershed moment or stopgap?

ETF Store President, Nate Geraci, reported that two more ETFs had been applied for on Oct. 27 from AXS Investments. The SEC filings are for a regular Bitcoin Strategy ETF similar to the two already approved, and another shorting or inverse fund.

Another Dow Jones report states that Grayscale is confident that the SEC will be ready to approve a spot Bitcoin ETF by July 2022.

On Oct. 19, Grayscale filed an application with the SEC to convert its popular Bitcoin Trust (GBTC) into a spot fund that is backed by the asset itself as opposed to futures contracts.

Geraci, commented on the current lack of regulation over spot crypto markets, “So crypto markets/exchanges will be regulated by then? Seems ambitious.”

In related news, VanEck is making final preparations for the launch of its Bitcoin Strategy ETF which will trade under the ticker XBTF. On Wednesday, Balchunas said there was a “good chance” it could start trading on Friday, Oct. 29, but possibly Thursday.

El Salvador buys a smokin’ hot 420 more Bitcoin

The recent purchase brings the Latin American nation’s stash to about 1,120BTC.

The President of El Salvador, Nayib Bukele tweeted earlier today that his government has taken advantage of the recent Bitcoin price drop and added 420 additional BTC to the nation’s stash.

“It was a long wait, but worth it,” he tweeted, “We just bought the dip!”

Shortly after he tweeted: “We’re already making a profit off the #Bitcoin we just bought.” During the time between the tweets, the value of the country’s Bitcoin grew by around 0.4% or $100K.

Many onlookers online have speculated on the significance of El Salvador purchasing 420 Bitcoin specifically, which is a popular slang term for marijuana consumption.

“Nice! blaze it!” commented Reddit user theylie86, using another popular term in marijuana culture.

“I’m starting to believe he’s doing this on purpose,” speculated Reddit user EGarrett. “Actually, now that I check he was born in 1981 so he probably is. Funny to see the results of millennials starting to inherit the world.”

Four hundred and twenty Bitcoin is worth about $24.6 million USD. The purchase brings the country’s total amount of Bitcoin to 1,120 BTC, which is worth about $87.4 million USD. The country has an estimated average purchase price of just above $53,300.

El Salvador first purchased two batches of 200 BTC on September 6 this year, snatching up another batch of 150 BTC a day later, when it also became the first country in the world to make Bitcoin legal tender. On September 19, El Salvador bought another 150 BTC, which brought the country’s total holdings to 700 BTC.

However, other observers were less positive about the recent purchase, expressing concerns over the security of the nation’s Bitcoin holdings.

Twitter user @dolomiteHEX replied to the President’s tweet asking, “Who holds their private keys?” The user also asked what would happen if the nation were to be hacked.

User @EnocWatcher shared these concerns, adding that Bitcoin purchased using taxpayer money should be stored in a publicly disclosed entity.

Read more: Latin America stands to benefit most from crypto, says Uphold exec

El Salvador’s Central Bank chief Douglas Rodriguez told Bloomberg earlier this month that the Latin American country continues to invest under the expectation that Bitcoin will soon lose its reputation as a speculative asset and become a legitimate payment system.

“We don’t see any risks. Perhaps, upside risks,” Rodriguez said. Bitcoin will, “become a payment system, a system for financial inclusion.”

The price of Bitcoin has recently taken a downwards turn at $58,570 after hitting an all time high of $66,976 earlier this month. Despite the dip, the cryptocurrency is still up about 20% since September 7.

Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion

A SHIB hodler who spent $3,400 on the memecoin last August is now a crypto billionaire from that purchase alone, with the asset gaining 94278239.8%% over the past year.

An address with the foresight to purchase $3,400 worth of Shiba Inu (SHIB) last August has seen the value of the coins grow to a whopping $1.55 billion today.

In total the unknown person has bought SHIB 44 times since August 2020 — with $3200 the largest purchase at any one time — and their total holding of 70,200,003,107,594 SHIB is now worth $5.63 billion.

After the wallet address was shared on Twitter, user “Untraceable” questioned whether the SHIB market was liquid enough to “absorb $5.7 billion if this wallet sells?”

According to Etherscan, the anonymous SHIB hodler purchased the dog-themed token on nine occasions in August 2020, spending a total of $3,400 worth of Wrapped Ethereum (WETH) that month.

As the price of SHIB has since gained more than 94,278,239.8%% over the past year to sit at $0.00008094 at the time of writing, the hodler has become a crypto billionaire from their August purchases alone.

According to data from CoinGecko, the total market cap of SHIB is now worth $40.3 billion. The asset’s mammoth 1063% gain in value over the past 30 days has seen SHIB oust the beloved Dogecoin (DOGE) it was modeled on as a top ten ranked coin.

At the time of writing, SHIB is currently ranked ninth with, while DOGE is sitting at eleventh with a market cap of $31.6 billion. The flippening of DOGE has sparked a new meme online in which people are calling Dogecoin a “boomer meme coin.”

Earlier today Cointelegraph’s market team reported on three reasons behind the bullish momentum of SHIB, pointing towards an increase of user access via listings on multiple crypto exchanges, the launch of the Shiba Inu’s own NFT project dubbed “Shiboshi’s,” and surge in futures open interest (OI) on multiple exchanges including OKEx, FTX and Huobi.

Related: Mask Network, 1inch and Shiba Inu ignore Bitcoin’s downtrend, posting 20% gains

While SHIB has seen a meteoric rise of late, DOGE’s appreciation fails to match up in comparison, with the elder memecoin gaining a mere 18.5% over the past 30 days to sit at $0.23.