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Daily Cryptocurrency News Round-Up: April 13, 2022

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The Road to Crypto Legitimacy: How Biden’s Executive Order May Impact Regulation

  • Cryptocurrency regulations can be a controversial topic, but experts and policymakers say that investors and crypto businesses should accept them wholeheartedly.
  • Countries like UK, USA, and India have openly discussed their ideas and prospects regarding how the governments would like to introduce digital assets into their economic and financial markets.
  • The executive crypto order issued by the Biden government ensures the development of digital assets, but it was more like a call of action than a specific game plan.
  • The advantage is that it has the potential to address the reality that consumers will not be denied.
  • The potential disadvantage of action by the US government stems from the borderless and fluid nature of crypto.
  • One aspect that any regulation will need to address is how providers can construct an oversight mechanism that provides visibility into transactions that today are limited to trusted participants, which will give them the ability to monitor employee activities and take other proactive steps to minimize the probability and business impact to cryptorelated criminal activity.
  • First and foremost is regulatory overlap and underlap, and agreement upon the ultimate authority for crypto oversight.
  • Secondly, the challenge of regulation will be education where many fintech entrants remain underinvested in compliance processes and internal expertise in relation to their investments in marketfacing innovations.
  • For those involved in the selling or advisory services surrounding cryptocurrency securities, Id start with Genslers Duck principleif it walks like a duck.
  • Fintech market entrants are well served to add the compliance expertise that brings an understanding of recordkeeping, supervisory oversight, and policy controls that are well established over other classes of securities, and examine technologies that will provide the flexibility and agility to respond to a regulatory change that is almost inevitable.

Read the full story here.

How to ensure your loved ones receive your crypto after you die

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  • Make sure to have measures in place for after you die if you hold any amount of cryptocurrency.
  • It is estimated that over 10% of bitcoins circulating supply is lost forever.
  •  Choosing the right person to give your crypto assets to is a lot more complex than it sounds.
  • Only you will know what is the best course of action, but its certainly something to consider.
  • The first piece of information youll want to include in your instructions is where to find your assets.
  • Second, youll need to carefully list all the passwords, private keys and seed phrases for the crypto wallets, email accounts and exchange accounts needed to access your funds.
  • You may wish to include steps on how your beneficiary should handle or liquidate your assets.
  • These details should be copied down on paper and copied several times. Each copy should then ideally be stored in different locations to remove any single point of failure.

Read the full story here.

BlackRock Invests in Circle, Cryptocurrencies Stabilize

  • Crypto prices stabilize amid slowdown in volatility.
  • Sharp price swings have been the norm this year as macroeconomic and geopolitical uncertainty kept traders on edge.
  • A combination of war, rising interest rates, inflation and slower economic growth have caused investors to reduce their exposure to risk, particularly during the first half of the month.
  • Most alternative cryptocurrencies (altcoins) outperformed bitcoin on Tuesday, suggesting a greater appetite for risk among traders.
  • Stocks were mostly flat on Tuesday as the U.S. 10year Treasury yield declined.
  • Gold, a traditional safe haven, traded higher, which could point to underlying uncertainty in the market.
  • The monthly U.S. Consumer Price Index came in slightly higher than expected on Tuesday, at 8.5%, a fresh fourdecade high.
  • The rise in bitcoin‘s volatility over the past few days was shortlived, which could point to a shortterm stabilization in BTC‘s spot price.
  • Currently, the options market is placing a 62% chance that BTC will trade above $36,000 in May, which is near the bottom of the cryptocurrency‘s twomonth price range.
  • Circle Internet Financial said it raised $400 million in a funding round that included investments from BlackRock (BLK), Fidelity, Marshall Wace LLP and Fin Capital.

Read the full story here.

PledgeCrypto Allows Nonprofits to Accept Crypto Donations in Over 130 Currencies

  • Nonprofits can now accept crypto donations through PledgeCrypto.
  • Donations made through PledgeCrypto can be instantly converted to fiat.
  • Popstar Ariana Grande has launched a fund on the platform and has pledged to match up to $1.5 million in donations.
  • PledgeCrypto offers a free, fullyintegrated fiat and crypto donation platform.
  • The platform allows a nonprofit to start accepting crypto donations in minutes with no technology experience required.
  • Every crypto transaction made through PledgeCrypto will support verified carbon offset projects.

Read the full story here.

Global survey finds that nearly half of crypto owners purchased crypto for the first time last year.

  • The number of people owning cryptocurrency globally increased in 2021.
  • The main reason for people buying cryptocurrency last year was for longterm investment potential.
  • Inflation and currency devaluation were powerful drivers of adoption, particularly in emerging markets.
  • Compared to the global picture, Europe had the lowest crypto ownership rate at 17 percent.
  • 41 percent who do not currently own cryptocurrency arecryptocurious or interested in learning more or report they are likely to acquire cryptocurrency in the following year.
  • Nearly 80 percent of respondents who reported owning cryptocurrency last year said they chose to purchase digital assets for longterm investment potential.
  • The number of women owning cryptocurrency is increasing.
  • People living in inflationafflicted markets were more likely to view crypto as the future of money.
  • There are regulatory questions surrounding crypto globally, particularly in the Asia Pacific and Latin America regions.

Read the full story here.

Cryptocurrencies and NFTs Helping Ukraine Raise Funds for War Against Russia

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  • Ukraine has raised more than $46 million in cryptocurrency donations for its war against Russia.
  • The country plans to launch an NFT collection and use the proceeds to support its war efforts.
  • The move effectively broadens the country‘s crowdfunding initiative to cover most crypto assets.
  • Cryptocurrencies are digital tokens that operate using Blockchain technology and are independent of any government agency or central banks in terms of control exercised on the actual workings.
  • NFTs are cryptobased assets that are essentially digital versions of a physical asset or service in the real world.
  • Hosted on Blockchain protocols themselves, NFTs are immutable and hence reserve exclusive rights for usage with the owner only.
  • The Ministry of Digital Transformation will be spearheading the launch of UkrainesMeta History: Museum of War NFT collection.
  • To be minted on the Ethereum blockchain, each NFT will be offered for 0.15 ETH, or around $500.
  • By pledging that 100% of the funds collected from the sale of this collection will be utilized to support Ukraines army and civilians, it is a stellar example of how NFTs and cryptocurrencies together can enable social equity and help in achieving peace.

Bitcoin Holds Its Own as Inflation Jumps to 4-Decade High

  • The Consumer Price Index in the US hit a 40year high in March.
  • Bitcoin‘s price dipped below $40,000 but later recovered.
  • There is speculation that the high inflation rate might be temporary.
  • The price of Shiba Inuthemed meme token SHIB surged after it was listed on Robinhood.
  • Neso, a developer on the Gem.xyz team, was ousted due to allegations of inappropriate behavior.
  • Mark Karpeles, the former CEO of Mt. Gox, is starting a new venture called UnGox.
  • The Waves price was volatile due to manipulation, according to Sasha Ivanov.
  • Chris Giancarlo believes that a digital dollar is possible.

Read the full story here.

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