Aurelia Butler

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    in Cryptocurrency

    Venture Funding for New Crypto Projects Is Dead: Kevin O’Leary

    Famous Canadian businessman, Kevin O’Leary, asserted that venture funding for new crypto projects is virtually dead and that existing projects would later be sold at massive discounts.O’Leary expressed this sentiment on Twitter today, arguing that regulators now enforce penalties and huge fines on crypto businesses. “The venture community has moved on to the next big thing — AI,” O’Leary opines.Furthermore, O’Leary added a snippet from a Zoom meeting where he was asked to comment on the current situation of the bankrupt FTX exchange. O’Leary, previously an FTX spokesperson, expressed that the US senators are tired of gathering every six months after a crypto project blows up. Additionally, he stated:The businessman further suggested that the value of regulated exchanges will increase over the next few years while unregulated crypto firms will drop to zero.Interestingly, in a widely shared video on Twitter, O’Leary was seen arguing that the intrinsic value of the Binance utility token BNB was nothing. On the contrary, information on CoinMarketCap suggests that the BNB token powers various functionalities for crypto enthusiasts and developers.Moreover, the BNB Chain has processed over 3 billion transactions from 163 million unique addresses since its launch in 2020. The BNB Smart Chain (BSC) ecosystem has over 1,300 active dApps across multiple categories, such as DeFi, metaverse, blockchain games, NFTs, and more.The post Venture Funding for New Crypto Projects Is Dead: Kevin O’Leary appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    Hong Kong’s crypto ambition gets subtle nod from Beijing: Report

    In October last year, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto and allow retail investors to “directly invest into virtual assets” that could possibly be in contrast to China’s widespread crypto ban.Continue Reading on Coin Telegraph More

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    in Cryptocurrency

    Solana Price Prediction 2023-2030: Will SOL Price Hit $35 Soon?

    Aside from Bitcoin (BTC) and Ethereum (ETH), there are other digital currencies worth considering for people looking to diversify their portfolios and get experience with new cryptocurrencies, Solana (SOL) is one of them.Solana is an open-source, public blockchain that facilitates using smart contracts, decentralized applications (dApps), and NFTs (non-fungible tokens). The SOL token, which is intrinsic to the Solana blockchain, serves as a means of exchange and ensures the safety of the network via staking.If you are interested in the future of SOL and want to know its predicted value for 2022, 2023, 2024, 2025, and 2030, keep reading!Solana is a powerful open-source project that offers DeFi (decentralized financial) infrastructure solutions by leveraging the permissionless nature of blockchain technology. The Solana Foundation, based in Geneva, Switzerland, began conceptualizing and working on Solana in 2017, and the platform was officially launched in March 2020.The Solana protocol makes it easier to develop decentralized applications (DApps). To increase scalability, a proof-of-history (PoH) consensus is introduced and layered on top of the blockchain’s underlying proof-of-stake (PoS) consensus. The Solana Foundation has devoted a lot of resources to spreading the use of decentralized financial systems.Solana is well-known in the cryptocurrency space due to the blockchain’s incredibly rapid transaction processing. The hybrid protocol utilized by Solana significantly reduces validation and execution times for both transactions and smart contracts. Solana has attracted a great deal of institutional interest due to its blazing-fast processing times. The Solana protocol is designed to serve both casual users and large businesses. According to one of Solana’s primary promises, customers will not be surprised by increased fees and taxes, and the protocol creates low transaction costs while ensuring scalability and rapid processing.Solana utilizes proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms. Proof-of-history is essential to the Solana protocol, as it handles most transaction processing. PoH logs successful operations and the interval of time between them, ensuring the blockchain’s lack of trustworthiness. The proof-of-stake (PoS) consensus is a monitoring tool for the proof-of-work (PoH) processes, validating each block sequence it generates. Combining two consensus mechanisms distinguishes Solana as a singular phenomenon within the blockchain industry.One crypto analyst also a degen with over 132k followers tweeted on Twitter that Solana price has a potential of breaking higher high.However, there is a tweet from another analyst mentioning that Solana is dead. He said Solana will never reach rank of 5 again. Ethereum founder, Vitalik tweeted that Solana chain has a brighter future. According to CoinMarketCap, Solana (SOL) is hovering over $25.07 at the time of writing, with a total of 378,258,189 SOL in circulation. SOL has a 24-hour trading volume of $1,013,403,455, with a 43.14% decrease. And during the past 24 hours, the price of SOL decreased by 5.02%.The most popular crypto exchanges to trade Solana (SOL) are Binance, OKX, BingX, MEXC, and Deepcoin. Let’s continue with our SOL price research for 2023.By market capitalization, SOL ranks 11st on CoinMarketCap’s list of the biggest cryptocurrencies. Will Solana’s most recent improvements, additions, and modifications help the SOL price rise? First, let’s focus on the charts in this article’s SOL price forecast.The post Solana Price Prediction 2023-2030: Will SOL Price Hit $35 Soon? appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    Beijing Lays Support for Hong Kong’s Dream to be a Crypto Hub

    According to recent expositions, the Chinese Government has been laying support to Hong Kong in accomplishing the city’s ambition to become a crypto hub, in contrast to the mainland’s strong opposition to the crypto industry.Significantly, on Monday, the Securities and Futures Commission (SFC) of Hong Kong started a consultation process for Virtual Asset Service Providers (VASPs), marking its first move to flourish retail crypto trading.In addition, SFC proposed the due diligence process on tokens prior to listing, facilitating the traders only with pre-approved tokens. Also, it necessitated a risk profile for the users to ensure that their exposure is reasonable.Notably, the Beijing authority had not been strongly objecting Kong Kong’s development in the crypto industry. When in October, the Government of Hong Kong proposed to introduce its own crypto regulating bill, allowing retail investors to “directly invest into virtual assets” Beijing took effort to understand the necessity of the requirement.Though the proposal challenged China’s widespread crypto ban, the people familiar with the matter informed that the representatives from China’s Liaison Office and other officials have been visiting Hong Kong, analyzing the city’s crypto gatherings.Nick Chan, a crypto lawyer and member of the National People’s Congress commented that Hong Kong has its own right to move forward in attaining its goal. Furthermore the lawyer stated:It was understood that the officials engaged with the procedures had a friendly approach, which directs to the expectation that Beijing would support Hong Kong to become a flourished crypto city.The post Beijing Lays Support for Hong Kong’s Dream to be a Crypto Hub appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    BIS: 2022’s Crypto Crash Had Little Impact On Traditional Finance

    A recent report by the Bank of International Settlements (BIS) found that the turmoil in the crypto market last year had little impact on the broader financial conditions. Market data gathered by the BIS suggested that there is a weak correlation between crypto losses and stress in the broader financial market.The crypto crashes induced by the collapse of Terra and the downfall of FTX last year had a devastating impact on the crypto industry. However, according to BIS’s latest bulletin, data suggests that crypto crashes have a limited impact on equity prices or broader financial conditions. This also highlights the fact that the stress in the crypto industry rarely spills over to the wider financial industry.The following graph takes a closer look at the relationship between crypto adoption and the broader financial system amid the crypto crashes. By looking at the losses incurred during the crashes and the change in local equity prices, one can conclude that the aggregate impact on the broader financial system was limited, despite the impact on individual investors.Source: BIS Bulletin No. 69“Despite crypto’s large user base and the substantial losses to many investors, the market turmoil in 2022 had little discernible impact on broader financial conditions outside the crypto universe, underlining the largely self-referential nature of crypto as an asset class.”Additionally, the BIS’s report also found that the trading activity on major crypto exchanges like Binance and Coinbase (NASDAQ:COIN) saw a massive rise in the aftermath of Terra’s collapse. Furthermore, the data set on retail bitcoin holdings revealed that bitcoin investors from emerging economies were hit the hardest by 2022’s crypto crashes.The post BIS: 2022’s Crypto Crash Had Little Impact On Traditional Finance appeared first on Coin Edition.See original on CoinEdition More

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    in Economy

    Explainer-Why Germany doesn’t like the EU’s debt reform proposals

    WHICH RULES WILL BE REFORMED? The EU is discussing how to adjust rules that govern national budgets, known as the Stability and Growth Pact. According to the Maastricht Treaty, a country’s budget deficit should not exceed 3% of gross domestic product and the overall government debt should not exceed 60% of GDP.The rules will remain suspended until the end of the year after first being paused in 2020 in response to the COVID-19 pandemic. WHY DO THEY NEED TO BE REFORMED?If a government does not respect these rules, it can be fined, but this has never happened and is unlikely to. Most countries were not complying with the rules before they were suspended in 2020. Some countries argue that these rules are not realistic, particularly in the post-pandemic reality of high public debt and moves towards a zero-emissions economy against the backdrop of a cost-of-living crisis.WHAT IS THE EU PROPOSING?The EU Commission has proposed individual debt reduction paths. This means that the Commission would negotiate with a plan to reduce debt with each individual country. Instead of implementing one-size-fits-all rules, the Commission will take a more flexible approach, taking into account the current and future conditions of each country to find a feasible path towards the debt reduction goals. The Commission proposed that countries would have four years to put debt on a robust downward path through an appropriate setting of net primary expenditure every year. This would ease the burden of quick adjustment on countries like Italy, which has a public debt of 148% of GDP, or Greece with 186%. The four years could be extended to seven if justified by investment in areas that are a priority for the EU, like fighting climate change, or reforms that improve debt sustainability.WHY DOES GERMANY REJECT THIS PROPOSAL? German Finance Minister Christian Lindner is in favour of a “multilateral rules-based approach.” Germany is critical of bilateral negotiations between the European Commission and individual countries, arguing that tailored rules will mean that not all countries are equal. Germany wants clear rules, with numerical references and benchmarks, applicable to all countries so that comparisons are feasible. The second argument is that longer and individually negotiated debt reduction paths would encourage governments to postpone difficult decisions to near the end of the timeframe. For Lindner, it is essential that deficits and debt ratios are reduced at the same time in every adjustment phase.DOES GERMANY HAVE ANY ALLIES? Countries such as Denmark and the Netherlands consider poorer southern countries to lack fiscal discipline. Last week, as negotiations for the reforms started, the German finance minister visited Finland and Austria, countries with a similar stance on fiscal rules. IS THERE ROOM FOR COMPROMISE?”Germany recognises that some member states need slightly more flexible adjustment paths in terms of time,” Lindner told Reuters, adding that monitoring of the rules should become more binding. For countries with public debt higher than 60% of GDP, the rules stipulate that debt should be reduced by 1/20th of the excess, as an average over three years. “It doesn’t do us any good if we have very ambitious timeframes, but in reality we arrive at ever higher debt levels,” Lindner told Reuters. WHAT DOES THIS MEAN FOR FINANCIAL MARKETS?Anything perceived as strengthening the euro zone’s infrastructure and favouring cohesion is welcomed by financial markets, as was the case with the Next Generation EU pandemic response fund. The debt reform would likely strengthen the euro and narrow government bond yield spreads over Germany. Once agreements are reached, the reform of the Stability and Growth Pact to adapt to post-pandemic realities could help avoid fragmentation within the bloc. More