Home Blog

European Parliament rapporteur on the Crypto MiCA law Stefan Berger sells a pair of flip flops as NFT


freedom in a walletis how Stefan Berger, Member of the European Parliament, describes the non-fungible token (NFT) he is currently selling on Opensea. The NFT represents a pair of shoes”Bergoletten“. The shoes symbolize the first step in every development, says Berger, who has invested efforts to ensure that the next European cryptocurrency legislation gets the support of his colleagues.

A European legislator is auctioning off sandals NFT on Opensea

Stefan Berger, the German member of the European Parliament who has been tasked with facilitating the progress of the European crypto asset market project (Mica), launched a summer initiative to promote tokenization, a phenomenon “as revolutionary for the world as the introduction of the stock market in the 17th century“.

European Parliament rapporteur on Crypto MiCA law Stefan Berger sells pair of slides as NFT

At the end of July, the member of the conservative European People’s Party group urged his Twitter followers to join a auction on the Opensea NFT Marketplace. “My NFT is out now“, Berger announced in a post about the sale, which ends on Monday, August 15. “For me this NFT is a piece of digital freedom in a wallet“, he wrote in the tweet.

The NFT Bergoletten, which he claims to have designed, depicts the photo of a pair of sandals for men, one of which is marked “#bergo” and the other – “rope“. The sandals are the ultimate summer accessory and have been chosen as the NFT motif because every great evolution begins with a first step, the seller Explain on his website:

What was negotiable yesterday is now tokenized on the blockchain. Yesterday you wore sandals at your feet, today you carry them in your wallet – in the form of this NFT.

EU studies treatment of NFTs under MiCA regulations

Stefan Berger’s publicity stunt on NFTs came after a significant move towards passing pan-European cryptocurrency regulation. In early July, the main participants in the Union’s complex legislative process – the Parliament, the Council and the Commission – reached an agreement to implement MiCA across the entire bloc of 27.

Stefan Berger played a role in the decision to drop a controversial proposal to ban the provision of services for currencies based on the algorithm’s power-intensive proof-of-work principle mining of the project. These texts, which would have amounted to an effective ban on crypto-currencies like bitcoin, the mining of which requires a lot of electrical energy, have sparked negative reactions from the continent’s crypto space.

The agreement did not cover NFT’s unless they fall under the “existing crypto-asset categories“, officials in Brussels said at the time. European institutions must now decide whether separate regulations are needed for NFTs. This type of crypto-assets, also called “digital collectibles“, has various applications, including storing digital records on a blockchain and proving the authenticity and ownership of works of art, for example.

According to a recent statement by Peter Kerstens, adviser to the European Commission on technological innovation and cybersecurity policy, European lawmakers “have a very narrow view of what an NFT is.“, he suggested that many NFTs will be treated like other digital currencies.

Speaking at Korea Blockchain Week, Peter Kerstens clarified that if a token is issued as a collection or series, even though the issuer may call it an NFT and each individual token in that series may be unique, European regulators will not consider it a non-fungible token. This means that the requirements applicable to cryptocurrencies will also apply to NFTs.

To display Hide the table of contents

Source link

BFM Crypto: Correction for Bitcoin and Ether


This Tuesday, August 16, Antoine Larigaudrie looked at the caution that we should have on cryptos at the start of the week following the drop in value of Bitcoin and Ether, in BFM Crypto in the program Good Morning Business, presented by Stéphane Pedrazzi. Good Morning Business can be seen or listened to from Monday to Friday on BFM Business.

the | Duration: 2:33

Source link

Despite the bankruptcy of Celsius, the price of its token explodes by more than 6000%


The price of the celsius cryptocurrency has increased by 6000% in the space of two months.

Despite the bankruptcy of cryptocurrency lending company Celsius, its token celsius (cel) is experiencing a very large form. The price of the cryptocurrency has risen 6,300% in the space of two months, from $0.07 in June to $4.65 on Monday, according to data from Tradingview. The price of the token has been falling for a few hours, trading at 10:30 a.m. this Tuesday morning around 2.7 dollars.

The token’s price hit the level it was at just before its users halted withdrawals, which signaled the company’s early liquidity issues amid market turbulence. This is a rather incredible phenomenon, but which also affects, as we know, the shares of bankrupt companies which continue to trade.

There is a whole speculative game that causes effects of this kind, especially in a deregulated market such as that of cryptocurrencies. As a reminder, customer withdrawals and transfers from the Celsisus platform have been halted on June 12. On the other hand, at no time were transactions on its token stopped.

Short squeezes

Learning of the fund’s difficulties, its lack of liquidity and its probable filing for bankruptcy protection, a large number of investors positioned themselves in short selling, through options, on the token.

But since mid-June, the price of its token has not stopped climbing. Options triggering liquidation threshold effects force positioned investors to buy back their position at any price for margin call reasons, which is called a “short squeeze”. Again, this is a traditional finance process that even digital assets are no exception to.

Bottom line: Cryptocurrency is up over 6000% in two months, and it may not be over. There is also the hope that Celsius assets will be resold for scrap at a fair price: this includes technology, infrastructure, and quite a few of those tokens that have regained a lot of value.

We know that Ripple and Goldman Sachs among others are taking a close look at Celsius’ assets. However, investing in this kind of token is all the more risky as Celsius is very far from out of the woods: the company has a hole of 1.2 billion dollars in its reserves, according to data. she has provided herself since filing for bankruptcy.

As a reminder, Celsius was one of the main cryptocurrency lending/staking platforms, which consists of lending its cryptocurrencies on a blockchain against interest. The company offered interest rates over 18% for savers, but only 0.1% for borrowers.

It plunged its 1.7 million customers, spread across more than 100 countries, into the uncertainty of one day recovering their funds.

Antoine Larigaudrie, edited by PA

Source link

NFTs already on the decline in 2022?


After a wild year in 2021, trading volumes are leveling off in the NFT market.

After exploding in 2021, is the NFT market already declining? In the first quarter of this year, the total amount of trade in so-called “qualified” NFTs* represented $7.8 billion, compared to $8.3 billion in the fourth quarter of 2021. That is a drop of 6% between the two periods, according to a study by NonFungible.com, a site specializing in data on the NFT market, which was presented this Tuesday at the Paris NFT Day show.

As a reminder, NFTs (or non-fungible tokens) are digital titles of ownership, issued by a blockchain (mainly Ethereum), and associated with a digital asset (photo, video, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, the luxury sector, video games or for trading cards in sports.

The number of transactions in this market is falling even faster than the amounts. We have thus gone from 14.04 million sales in the fourth quarter of 2021 to a transaction volume of only 7.44 million in the first three months of 2022. A drop of 46.8%. The same observation can be made on the number of active “wallets” (or portfolios that host NFTs), down 25% over a quarter to 14.04 million.

“We are facing a massive drop in NFT trading volume: a lot of people are disappointed with NFTs. If you don’t know what you’re investing in, you’re going to lose money,” warns Gauthier Zuppinger, COO ( COO) of NonFungible.com.

“No market crash”

It therefore seems that the NFT market is catching its breath after its spectacular surge last year. A year ago, in the first quarter of 2021, qualified NFT exchanges weighed barely 550 million dollars for 470,000 sales and 93,000 active portfolios. The market is therefore still growing very strongly over one year, whether in terms of total amount of trade (+1318%), number of sales (+1483%) or number of active wallets (+1463%). .

“There is no market crash in the NFT industry. There is a stabilization and the average price of an NFT is rising again. However the total volume is falling, mainly due to of the conflict in Ukraine”, analyzes Gauthier Zuppinger. “We are at the start of a new era,” he said.

Moreover, the volumes on the secondary market (the second-hand market, once the NFTs have already been sold for the first time, for example) are more and more important than on the primary market (when the NFTs are created and sold for the first time). “It’s a very good signal. People are trading this asset more and more,” said Gauthier Zuppinger. The COO of NonFungible.com estimates that the NFT market should weigh 100 billion dollars this year. On the other hand, the other side of the coin of this democratization of NFTs, according to him, we will see more and more hacks in NFTs this year.

*The so-called “qualified” NFT exchanges correspond to transactions that are qualified or verified. NonFungible.com has removed all dubious trades (such as wash-trading, where a trader buys and sells the same NFT from multiple accounts to imply high demand) or made by bots or as part of testing.

By Pauline Armandet, with Jean-Louis Dell’Oro

Source link

BFM Crypto: BTC and ETH hit resistance


This Monday, July 11, Aude Kersulec returned to the resistance of BTC and ETH, and the decline in the NFT market since January, in BFM Crypto in the program Good Morning Business, presented by Sandra Gandoin and Christophe Jakubuszyn. Good Morning Business can be seen or listened to from Monday to Friday on BFM Business.

the | Duration: 2:00

Source link

JPMorgan boss warns ‘something worse’ than a recession could be coming


JPMorgan CEO Jamie Dimon shared his predictions for the US economy, including the possibility of “something worse” than a recession. “There are storm clouds“, said the leader, citing interest rates, QT, oil, Ukraine, war and China.

Economic forecast from JPMorgan chief Jamie Dimon

While noting that the U.S. economy is strong, with consumer and business balance sheets in good shape, the leader stressed that “you have to think differently” when making predictions. The JPMorgan chief described: “What’s outside? There are storm clouds. The rates, the QT, the oil, theUkrainewar, China.

Jamie Dimon shared: “If I had to put probabilities: soft landing 10%. Harder landing, mild recession, 20%, 30%.” He added :

Harder recession, 20%, 30%. And maybe something 20 or 30% worse.

It’s a bad mistake to say ‘here’s my one-point forecast’“, he clarified.

His predictions echo what he said in June when he warned that an economic hurricane “was heading towards us“. He advised investors to be prepared.

Although Jamie Dimon is considering the possibility of something worse than a recession, he pointed out during a recent visit to JPMorgan Chase’s bank branch in Olneyville: “Whatever the future holds, JPMorgan is ready.

Various analysts have predicted that the global economy could experience a recession this year. Bank of America’s U.S. economics chief Michael Gapen told Fox Business on Monday there was a good chance of a mild recession this year. He expects the Federal Reserve to inadvertently trigger a downturn with its war on inflation. “This cycle probably ends in a slight recession… How can I get to this? It’s basically the story. It’s really hard to achieve a soft landing“, opined the analyst.

David Mericle, an economist at Goldman Sachs, detailed in a client note: “Our overall conclusion is that there is a doable but difficult path to a soft landing, although several factors beyond the Fed’s control can facilitate or complicate this path and increase or decrease the chances of success.

Source link

Soon NFTs on Instagram in more than 100 countries


Meta (commonly used to refer to the company Meta Platforms, Inc.) has announced a new project. The company intends to deploy NFTs in 100 countries after conducting tests on the subject in the United States. This project will allow thousands of users around the world to acquire NFTs on Instagram.

Instagram, NFT

According a tweet from Meta Newsroom on August 4, Mark Zuckerberg announced the rollout “of digital collectibles in 100 more countries“. Concretely, more users will be able to showcase their NFTs on Instagram whether they are individuals, creators or companies. This will allow the public to exchange via this social media digital files stored on the Flow blockchain. These files can represent artwork, music, or video clips.

In fact, Meta has been doing some testing in the US lately with some NFT creators it has selected. This was to test an NFT feature that promotes the deployment of Instagram digital collectibles. The tests were successful, so Meta decided to expand its project to other countries.

The creator of Meta Platforms, Inc. also announced that the social network will support Coinbase Wallet. Users will also be able to use the Flow ecological blockchain focused on Web3 applications, via the Dapper secure gateway.

You should know that Mark Zuckerberg is committed to accelerating his company’s Web3 strategy despite the bear market. And Meta Platforms, Inc. has already invested $10 billion in this strategy since Facebook became Meta. In addition, the company announced in June that it intends to deploy NFTs on Facebook.

According to Meta’s official Twitter account, the company intends to allow more users around the world to use NTFs. Users will be able to buy digital collectibles on Instagram through Flow, through Coinbase Wallet and dapper.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Cointribune!

Luc Jose Adjinacou avatar
Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

Source link

objective around $10,000?


According to Peter Schiff, bitcoin (BTC) will test support below $10,000. An idea that calls into question the recent rise of this cryptocurrency. Indeed, the bitcoin chart remains down over the long term, despite a xx% good.

A bearish trend despite a jump of xx%

“Just to put Bitcoin’s rally into perspective, take a look at this chart. The figure (of bitcoin) remains bearish (falling). There is both a double top and a shoulder-head-shoulder. There is also an upward bevel that forms below the neckline. At a minimum, support below $10,000 will be tested,” said Peter Schiff in his tweet appeared on August 14, 2022. Indeed, the American economist remains bearish on bitcoin although it has seen an increase since July. A perfectly justified idea. Indeed, several chart patterns, which are in favor of a decline in bitcoin, have formed on a three-day scale.

First, the two head-and-shoulder shoulders that have formed since the 2021 highs. These patterns are even more visible on a 4-hour timeframe. Then you can see a rising wedge which moves towards the neck line of the first ETE. All of these figures show that bitcoin remains bearish (falling) over the long term. So, according to this view of Peter Schiff on bitcoin, the recent rise is only a slight correction.

Bitcoin down over the long term
Bitcoin/Dollar: an imminent drop towards $10,000

Bitcoin (BTC) Falling: Support Around $10,000?

Peter Schiff predicts that bitcoin will test support around $10,000. Indeed, the rising wedge is heading towards the neck line, which will serve as resistance for bitcoin. Then, this neckline will lead to a decline in bitcoin (BTC) to $10,000. This scenario is the most likely according to a long-term chart analysis. Alongside this, we have already spoken of a resistance on the RSI. This reinforces the idea that the king of cryptos remains bearish over the long term. This despite a performance of +xx% since July.

Sellers have largely taken over the value of cryptos. This led to a drop in the price of bitcoin. Since its historical high, it has lost xx% of its value. It could be that this decline continues with the massive return of investors after this “summer holiday”.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Cointribune!

Fitah Razafimamonjy avatar

Source link

NFT in sport: new investment from enthusiasts and speculators


Posted Apr 12, 2022, 12:48 PMUpdated on Apr 12, 2022 at 12:51 PM

What is an NFT?

The name NFT is the acronym for the English ‘Non-Fungible Token’, in French a ‘non-fungible token’, that is to say that it is unique and not interchangeable. An NFT is a tamper-proof digital certificate of authenticity, whose ownership is traceable, using blockchain technology. Concretely, it is a contract, the rules of which are defined by computer code, based on a virtual or real object.

These rules may limit the number of copies available for sale, authorize re-edition, or organize a system of royalties (authors’ rights) making it possible to remunerate the original author of a work during each transaction.

It is a new type of highly speculative digital asset, like cryptocurrencies, which uses blockchain technology, namely an authentication directory shared between a multitude of individuals without a central authority.

They are divided into collections. Owning an NFT also allows you to belong to a community and sometimes gives access to physical events such as conferences, football matches or meetings with professional players.

Who are the actors of NFT in sport?

They are mainly “the rights holders, the clubs” and, sometimes, athletes themselves who venture into this technology, explains Magali Tézenas du Montcel, sports economist and general delegate of Sporsora, an interprofessional association operating in the development of the sports economy.

Only sports with “enough audience” started, such as football, rugby, basketball with the NBA, tennis or even cycling, with collectible cards that can be used in the Fantasy League or even “moments of sport to acquire (victory for Wout Van Aert in the Tour de France in the Mont Ventoux stage, decisive basket for Stephen Curry, etc.).

Important players in this technology such as Sorare, a French unicorn An online game for exchanging footballer badges, valued at 3.7 billion euros, has appeared in the field of sport through these digital goods.

Why is this technology attractive?

NFTs make it possible to create “an additional source of income” for these actors, while strengthening the links between a fan and an athlete or a club, analyzes Patrick Mouratoglou, trainer of Serena Williams and recently of Simona Halep, who launched her collection ‘The Coach’, linking 500 “digital assets” to real-life experiences at $500 each.

They can indeed be resold on the secondary market and “clubs can earn commissions” with each transaction “by commercializing intellectual property”explains Thibaut Predhomme, deputy director of Sorare, without revealing the value of these amounts.

It is also a “new opportunity” for the sporting world in a ” crisis period “ economy linked to the Covid-19 pandemic, adds Magali Tézenas Du Montcel. “This virtual side (also) makes it possible to engage fans who are geographically distant from the club”to accentuate this relationship or to seek new ones, she specifies. “I became unbeatable on Japanese football”says Alexandre Hourcade, Sorare player, who plans to buy a jersey from a J-League club after discovering this championship in a month of play.

This link, observes Mouratoglou, is even stronger when NFTs have a physical part like those of the ‘The Coach’ collection where buyers become ‘partners’ and can attend “at conferences, receive autographed items from players, have coaching sessions…”.

NFTs are finally used as a vector for “renew” the spectator base as in tennis where it is “extremely old, it is therefore vital to seek out young people and these new technologies can open interesting doors”he concludes.

Who buys these ‘sports’ NFTs?

Two types of population are interested in NFTs, explains Magali Tézenas Du Montcel: collectors who are sports fans and speculators “who have no attachment to sport” but hope to realize a capital gain on resale. They are generally between 25 and 35 years old and are “mainly male” located ” around the world “ with a certain purchasing power and a “interest in these new technologies”she says.

“I looked into it when I saw the possibility of making money while being a football fan”testifies Alexandre Hourcade, a 25-year-old computer engineer, who invested 800 euros in NFTs whose value is now 900 euros.

These most interesting digital assets very often exceed several “hundreds of dollars”even if those of the Sorare collection and NBA Top Shot were sold on average below 100 euros last week, according to different market places.

Source link

Bitcoin (BTC): Only good news


Last year, the Fed asked companies to submit proposals. She then opened a request for comments process and nearly 300 people participated. Then, at the beginning of this year, there was the public consultation phase of the orientations collected. Now the Fed is creating final guidelines for bitcoin and crypto banks.

bitcoin, federal reserve

The Fed’s final guidelines on bitcoin

According a tweet from Bitcoin Magazine on August 15, “the U.S. Federal Reserve will create final guidelines for the bitcoin and the crypto banks to access its payment system“. On Monday, the Federal Reserve indicated that it would issue its final guidance. It intends to allow new financial institutions to access its “master accounts” in order to participate in the global payment system.

Fed Vice Chair Lael Brainard made a statement on the matter. Indeed, she said:The new guidelines provide a consistent and transparent process for evaluating applications for Federal Reserve accounts and access to payment services to support a safe, inclusive, and innovative payments system.“.

The Fed intends to set up a system to several levels who will help him adapt his evaluation process. In this way, access will be granted based on the type of financial institution making the request. Each level of the assessment process represents a more rigorous review process than the previous one. But in principle, the crypto businesses worthy of the name should be able to do well.

Tier 1 banks would be federally insured. This will not be the case for Tier 2 banks. But these would still be “subject to prudential supervision by a federal banking agency“. As for the third level, it includes companies that are not subject to any of the two previous rules. Crypto banks in Wyoming are most likely going to fall into the latter category.

The Fed has put in place final guidelines for evaluating companies that do bitcoin and other cryptos. Following the evaluation, these companies will be classified in a given category. And they will have the ability to access a global payment system.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Cointribune!

CT Avatar Writing
CT writing

Behind the generic signature “Redaction CT” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.

Source link