The World Bank has announced that it will issue its first CHF digital bond on June 11. This 7-year, CHF 200 million (9 million) bond is the largest CHF issuance by the World Bank since 2009. It utilizes distributed ledger technology and settles using Swiss Franc wholesale central bank digital currency (CBDC) from the Swiss […]
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Court Filing Shows Genesis Settled With NYAG, Aims to End Crypto Lending Platform Dispute
After settling with the U.S. Securities and Exchange Commission (SEC), Genesis Global has reportedly reached an agreement to settle with the Office of the New York Attorney General. The official had accused the company, along with its parent company Digital Currency Group and Gemini, regarding “fraudulent schemes” associated with its lending platform. Genesis and NYAG […]
Bitcoin News
Argentina Registers First Bitcoin Settled Lease Agreement
Argentina has registered one of its first lease agreements denominated in bitcoin after the application of the emergency executive order issued by President Javier Milei, which opened the door for this kind of settlement. The agreement stipulates that the tenant must pay the 0 USDT worth of bitcoin to the property’s landlord each month.
Argentina Starts Implementing Bitcoin-Settled Lease Agreements
Argentina has reached a milestone in crypto adoption, registering one of the first contracts involving bitcoin payments. According to La Capital, a local Argentine news outlet, the first Bitcoin-settled lease agreement was recently signed in Rosario City.
The agreement stipulates that the tenant will pay the equivalent of 0 USDT in Bitcoin to the landlord each month, having selected Fiwind, a national cryptocurrency exchange, as the provider of the referential bitcoin price to execute these payments. The contract also determines that the tenant will execute these payments during the first five days of each month to an address provided by the landlord.
While there were records of real estate sales settled in bitcoin before, this is the first lease agreement of this kind, local sources state.
Diana Mondino, the Minister of Foreign Affairs of Argentina, had clarified that as a result of the application of the first mega executive order issued by President Javier Milei, which eliminated the lease and rents law, these contracts could be settled in bitcoin, in other cryptos, and also in other assets.
The executive order that enables these agreements will be reviewed by the courts of the country, which have already suspended the effects of some segments awaiting the final decision on the legality of this document. Also, the emergency executive order can be suspended if both chambers of Congress reject it.
Nonetheless, the executive order allows tenants and landlords to legally sign this kind of bitcoin-denominated lease contract that evades having to transact in Argentine pesos, the embattled and devalued national fiat currency.
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What do you think about the first Bitcoin-settled lease agreement in Argentina? Tell us in the comments section below.
Argentina Settled Almost 20% of Its Imports in April and May Using the Chinese Yuan
The government of Argentina has noted that 19% of all imports authorized in the national system were settled using the Chinese yuan in April and May. .72 billion in Chinese yuan were approved to complete these payments, taking advantage of the Chinese swap line to preserve the dollar reserves of the country, according to Commerce Secretary Matias Tombolini.
Argentina Advances in Substituting Dollar-Settled Imports Using Chinese Yuan
Argentina is showing advancements in substituting means other than the U.S. dollar to settle import payments. According to data presented by the Commerce Secretariat, imports denominated in Chinese yuan rose to almost 20% in April and May, with operations equivalent to .72 billion authorized. This development has been qualified as an advancement by Commerce Secretary Matias Tombolini, who believes this improves the economic outcome for Argentina.
Tombolini stated:
The alternative of imports in yuan strengthens our reserves and improves the outlook for net reserves, giving us greater freedom and ability to operate to intervene against those who speculate on the economic situation.
Argentina, facing significant levels of currency devaluation and inflation, had to take advantage of a billion Chinese swap line established in a bilateral meeting between Argentine President Alberto Fernandez and Chinese President Xi Jinping in 2022. The extension of the swap line to almost billion — with billion available for free management — in June, allowed Argentina to take advantage of these resources, introducing the yuan as a significant currency in the internal import adjudication system.
Use of Dollars Still Predominant
While the usage of the Chinese yuan has advanced, the dollar is still the predominant currency for settling international transactions, accounting for 62% of all the imports made during the April – May period. The Argentine government is interested in growing the yuan-settled negotiations due to the low level of its dollar-denominated foreign reserves, which stumbled to their lowest number since 2016 in May.
The Central Bank Of Argentina identified this situation as positive, explaining that the Chinese swap line allowed for a “growth in commercial operations carried out in local currencies.”
However, Economy Minister Sergio Massa has a trip scheduled to the U.S. to seek the advancement of a set of disbursements from the International Monetary Fund (IMF) to boost the central bank reserves and maintain a healthy cash flow. Argentina is also seeking to be admitted as a member of the New Development Bank, also called the BRICS bank, to get additional funding.
What do you think about the state of the de-dollarization process in Argentina? Tell us in the comments section below.
Dogecoin’s Transaction Surge Surpasses Bitcoin and Ethereum With 2 Million Transactions Settled in 24 Hours
The Dogecoin blockchain has witnessed a significant surge in transaction activity ever since the inception of DRC20 tokens. When compared to other prominent networks, Dogecoin has stood out with its substantial volume of processed transactions. Recent statistics reveal an unprecedented milestone reached on May 27, 2023, as the number of DOGE transactions soared to a record-breaking high of more than 2 million.
Dogecoin’s Transfer Activity Skyrockets, Hashrate Climbs More Than 38%
The leading meme coin network, Dogecoin, has been leaving behind network giants like Bitcoin and Ethereum in the race for daily transaction settlements. While Bitcoin has averaged around 400,000 to 532,000 confirmed transactions per day over the past week, and Ethereum has been processing approximately a million transfers daily, Dogecoin has surpassed them both.
Since May 22, the Dogecoin network has consistently confirmed over a million transactions each day, reaching 1.42 million on May 23. Saturday, May 27 witnessed a milestone for the Dogecoin network as it soared to an all-time high, processing 2,079,070 transactions.
Today, on May 28, 2023, the network shows no signs of slowing down, with the transaction count already surpassing the million mark and continuing to climb. The surge in DOGE transactions can be attributed to the introduction of DRC20 tokens, akin to the BRC20 tokens minted on the Bitcoin blockchain.
The realm of DRC20 tokens is expansive, but their current values lack the indexed structure found in BRC20s, making it difficult to figure out the worth of these newfound assets. Presently, DRC20s, also known as Doginals, are primarily exchanged through over-the-counter (OTC) trades, reminiscent of the early days when Bitcoin-based Ordinal inscriptions were traded before the advent of Ordinal exchange platforms.
Alongside the surge in transactions, the Dogecoin network, which can be merge mined with Litecoin, has experienced a notable uptick in hashrate over the past few weeks. To illustrate, the Scrypt hashrate dedicated to the Dogecoin network on May 9 stood at 638 terahash per second (TH/s). However, it has escalated by 38.71% to its current standing of 885 TH/s.
What do you think about the Dogecoin network settling more than 2 million transfers on Saturday? Do you expect this trend to continue? Share your thoughts and insights in the comments section below.
B2C2 Launches New Gold Derivative Priced and Settled in Bitcoin
n B2C2s new gold-Bitcoin derivative pays out in BTCn
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CME Exec No Plans for Physically Settled BTC Contracts
n A senior executive says CME Group has no current plans to launch physically settled BTC contractsn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
CME Exec No Plans for Physically Settled BTC Contracts Currently
n A senior executive says CME Group has no current plans to launch physically settled BTC contractsn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Bakkt Physically Settled Bitcoin Futures Product to Launch in September
After a long wait, the highly anticipated Bakkt physically settled Bitcoin (BTC) futures product is almost a reality, as the company announced today that they are cleared to launch their platform and product in the coming weeks.
This news has since spread like wildfire across the crypto industry and even led Bitcoin to spike nearly 4% from roughly ,000 to highs of ,450.
Bakkt to Launch Long-Awaited Bitcoin Futures Product in September
In a Medium post from today, Kelly Loefler, the CEO of Bakkt, she noted that the company’s “ambitious vision” of bringing institutional infrastructure to the crypto markets will finally be realized on September 23rd, which is just over one month away.
This news came about after the platform gained approval from all necessary regulatory entities, including the Commodities and Futures Trading Commission (CFTC) and the New York State Department of Financial Services, which have greenlighted the company to be a qualified custodian for the Bitcoin that backs the physically settled futures products.
“Regulated exchanges differ from trading platforms, such as crypto spot markets in many respects, including risk management, compliance and market surveillance,” Loeffler noted while emphasizing the benefits that a fully regulated platform brings to the crypto industry.
Importantly, Loeffler also explained that all the futures products will be covered by the ICE Clear US guaranty, which will ensure that all the products are protected by a hefty insurance fund.
“The Bakkt futures contracts will also be covered by the existing guaranty fund at ICE Clear US, which has an established risk waterfall across multiple commodities markets… Importantly, we’ve designed the Bakkt Warehouse to provide regulated, secure custody of bitcoin that is protected by 5 million in insurance,” she noted.
BTC Surges Amidst News Regarding Bakkt Launch
Immediately after news broke regarding the launch of Bakkt’s platform, Bitcoin’s price surged over 3% from lows of ,000 to highs of over ,400, before settling to its current price of ,370.
Although it remains unclear as to whether or not this news will be enough to continue propelling BTC higher in the near-future, it is likely that this will bolster the upwards momentum that the crypto first incurred yesterday when it posted a strong recovery after dipping to lows of ,500.
As the platform nears its official launch next month, it is highly probable that the hype surrounding its launch will reinvigorate the crypto markets and could provide a much needed boost investor’s sentiment.
Featured image from Shutterstock.
The post Bakkt Physically Settled Bitcoin Futures Product to Launch in September appeared first on NewsBTC.
Cardano Price Analysis: ADA/USD Settled Below Key $0.05 Support
Key Highlights
- ADA price fell sharply and declined below the .0600 and .0500 support levels against the US Dollar (tethered).
- There is a major bearish trend line formed with resistance at .0490 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
- The pair is currently trading well below the .0500 support and it could decline further.
Cardano price declined below key supports against the US Dollar and Bitcoin. ADA/USD may correct higher, but it could face sellers near .049 and .050.
Cardano Price Analysis
During the past two days, there were continuous declines in cardano price below the .0750 support against the US Dollar. The ADA/USD pair fell sharply and traded below the .0600 and .0500 support levels. The decline was such that the price even broke the .0450 support zone. A low was formed at .0428 and the price is currently trading well below the 100 hourly simple moving average.
A short term consolidation is underway above the .0430 level. An initial resistance is .0470 and the 23.6% Fibonacci retracement level of the recent decline from the .0640 high to .0428 low. Moreover, there is a major bearish trend line formed with resistance at .0490 on the hourly chart of the ADA/USD pair. Above the trend line, the next resistance is at .0500. If buyers push the price above .0500, there could be a recovery towards the .0530 level. It represents the 50% Fibonacci retracement level of the recent decline from the .0640 high to .0428 low. On the downside, an initial support is at .0440, below which the price could slide below the .0428 low.
The chart indicates that ADA price is under a lot of pressure below the .0500 level. There could be a short term correction, but upsides are likely to be capped near .0490 or .0500.
Hourly MACD – The MACD for ADA/USD is placed slightly in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently below the 45 level.
Major Support Level – .0440
Major Resistance Level – .0500
The post Cardano Price Analysis: ADA/USD Settled Below Key .05 Support appeared first on NewsBTC.