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The Washington Independent
Top 10 Crypto News: 21st of April 2021

Top 10 Crypto News: 21st of April 2021

April 21, 2021 | Elisa Mueller
cryptonews

Table of Contents

Ethereum 2.0 Deposit Contract Reaches $9 Billion in Staked ETH'BritCoin' - UK Considers New Central Bank Digital Currency, What Happens To Cash?U.S. House of Representatives approves cannabis banking billBitcoin mining is not complicated by issues related to computational mathAkon Hails Africa as a ‘Cryptocurrency Frontier’ in New Op-EdMunch Token is the world's real defi and ethereum tokenChainlink Supply Held by Top 1% Addresses Hits 3 Year High of 84.44%BTC and ETH, from 0.95% to 0.80% for both CIGT Trust creations in 2018Bitcoin Sees Flash Crashes And Flashing SignalsBTC Creates Higher Low and Attempts to Begin Bullish ReversalInvestors flock to crypto staking with $100B staked in major assets like ADA, DOT

$ELONGATE is a frictionless Yield & Liquidity Generation Token, where a 10% transaction fee rewards holders and donates significant sums to charity.

ELONGATE instantly splits the fee: half goes to all holders and half auto locks in Pancake LP.

Every 14 days funds are extracted and donated to a charity the community chooses.

Once in place, if governments ever decide people are "hoarding" money they will consider putting time limits on it to force people to spend it.

Ethereum 2.0 Deposit Contract Reaches $9 Billion in Staked ETH

Source: Finance Magnates

Ethereum, the world’s second-largest cryptocurrency, is on a dream run as the price of ETH has jumped by more than 200% since the start of this year. ETH 2.0, the much-awaited network upgrade of Ethereum, has gained massive support from the ETH community as the deposit contract of ETH 2.0 crossed 3.9 million Ethereum.

According to the latest data published by Etherescan, the total value of the staked ETH under Ethereum 2.0 touched $9 billion, which is its highest level on record. The deposit contract of ETH 2.0 crossed 3 million ETH in February 2021.

The network upgrade of Ethereum started its journey in December 2020 with the launch of Beacon Chain. The ETH community staked more than 1 million Ethereum within the first week of December 2020 to support the network upgrade.

'BritCoin' - UK Considers New Central Bank Digital Currency, What Happens To Cash?

According to ZeroHedge, In early 2017, the Bank of England published a report on the opportunities and challenges of CBDCs.

Flexible digital money is recorded in the Financial Times today goal is to future-proof the pound against crypto and better the payment mechanism. The belief that fiat currencies will survive anything is beyond laughable.

The Bank of England gave a nod on Monday to the idea of a new British currency, called “Britcoin”, that is meant to better cope with the threats faced by cryptocurrencies.

Businesses and investors would have access to a digital-only version of sterling in order to sidestep the role that financial institutions play in making payments.

The Treasury and the Bank of England have formed a joint taskforce to explore the idea of a central bank digital currency.

the government and the government have not yet decided if a CBDC will be adopted in the UK, and will conduct a wide-ranging discussion on the benefits, dangers, and practicalities

The BoE announced that they would not adopt a digital edition of sterling.

Q: Once central banks can track every penny, guess what?

A: They will track every penn

governments will know where every dollar is heading and tax all

They will market this as a requirement to fight drug, tax avoidance, and equity.

Once installed, policymakers will start taxing time deposits to make people invest them. The speed is getting much faster. It won't happen on anyone's watch.

U.S. House of Representatives approves cannabis banking bill

Source: Reuters

The U.S. House of Representatives passed legislation, removing what industry analysts say is a stumbling block to the growth of the marijuana-related businesses nationwide.

Lawmakers voted in favor of the bill 321 to 101.

Cannabis businesses that have not committed a crime would be given protection and the freedom to pursue banking according to the bill.

Generally, banks have avoided doing business with marijuana-related companies because they believe they might run afoul of federal laws. Marijuana companies have had few other choices but to deal entirely in cash

The American Bankers Association has lobbied for the "SA Banking Act."

Other banks may find themselves in a conflict between state and federal laws due to this Monday's letter from their organization. "The Congress needs to intervene."

Seventeen states now allow both medical and adult use according to the National Conference of State Legislatures'.

Chuck Schumer said he wanted to pass a bill legalizing adult use of marijuana. He called for a motion to support the SAFE Banking Act to be made in a comprehensive law, even if President Joe Biden was not in favor of it.

Source: Washington Independent

Mining is basically a game to play in order to obtain Bitcoins

  • To make money and
  • To extend the asset base.

A transaction on the blockchain may be indefinitely recorded without approval by either body. To equally disperse the 21 million bitcoin, assign new bitcoins to those who engage in resource-demanding computations to ensure the security of the whole system. Gambling in bitcoin is similar to a gamble, where any transaction is a roll of the dice.

Everybody in the Bitcoin network's a miner is thinking like a little poker player at a casino Each of these gamblers has 1000 dice on his side of a possibility. They roll the dice as soon as possible, in order to minimize the number of times they have to lose. The larger the pool of players becomes, the shorter the odds would be. That being said, more money spent on gambling results in more frequent betting rounds.

Method of Obtaining Bitcoin

Basically, the method of obtaining bitcoin is identical to the process of mining. ASICs are used to compute hashes across the entire mining networks. To "compute a hash" means to apply any mathematical functions to a random input and get a random result.

The aigher hash rate is equal to a higher number of rolls of the dice, and hence, more success. Miners give a block transaction as input and take the outputs. Sha256 (one of the methods of hashing) is applied to the cube, producing a fixed-sized output called a hash value. A single hash is simple arithmetic, requiring the CPU to do less than a millionth of a second of time, but can process huge amounts of data.

If the hash value for a miner submits is smaller than the network complexity, they're the winner. If this does not succeed, the miner attempts to compute further hashes. The next “block” is then formed, and the good miner is rewarded with freshly minted bitcoin.

Akon Hails Africa as a ‘Cryptocurrency Frontier’ in New Op-Ed

Source: Yahoo News

He is betting everything on cryptocurrencies. While some are still sceptical, Akon believes that the idea could revolutionize Africa.

On Wednesday, Akon released a piece in which he mentioned that South Africa, Kenya, and Nigeria are leaders in peer-to-peer cryptocurrency trading. With projects like Luno Exchange, which is based in South Africa, Africa has turned into a cryptocurrency-rich continent

Africa has the youngest continent. With a population of 226 million, this is predicted to double by 2045 If these trends continue, Africa will become a deep mine for cryptocurrency.

While this may seem rosy, Akon is troubled He believes that global financial systems bypassing Africa's youth.

This is why it is critical to include Africans in the design of their financial future “Crypto restores control, putting trust in the hands of the people.”

Akon admits that he has a financial interest in developing these cities as they will use Akoin cryptocurrency While he does, he thinks it is required to reinvest in Africa.

There are only a few places in the world where new technologies and infrastructure do not need to be dismantled in order to use it, he explained. Major countries and regions around the world have to tear down all their existing infrastructure to install the latest technology.” And that's why it can.

Despite Akon's seemingly well-meaning actions, critics claim he's taking advantage of a disadvantaged person in order to accumulate wealth. Since then, we've learned that he founded Akon City, Uganda Yoweri Museveni has served as President of Uganda since earlier this year. Allegations of voter fraud arose many see Akon's affiliation with this oppressive government

Despite attempts by Museveni's regime to use your encounter with him for publicity, Akon's official letter to Billboard denounces Muse's using him for political purposes. Activists want Akon to admit that he has no longer been associated with Museveni's campaign.

Munch Token is the world's real defi and ethereum token

Source: Washington Independent

The community will prosper, whilst the financial systems will stand to take on the cost, as MUNCH, a decentralized digital currency will be provided. When you buy goods from Munch, you support your culture, and your money goes to help us as well. As of today, it has now raised $300,000 in donations.

MUNCH charges no payment fee and donates the remainder to other beneficiaries.

It's by an agreement that the target is formed. the vote is going to be held annually as part of the design MUNCH members have total freedom to support and encourage what they want to do

Charity-challenged individuals are prioritized because it helps them arrive at better-giving choices We will focus on the amount of information provided to our public when we deliberate on proposed charities.

MUNCH is unique in that all payments are paid with ETH on the point of sale No donations are accepted and no monies can be held in a wallet. Regardless of who has it, the money has no alternate applications. This prevents the perception of a loophole.

Using the trustless model donations have a more stable value compared to small marketable ones, like ETH, for example, Incorporating MUNCH into a fungible currency would lead to devaluation for the charity

Source: Ethereum World News

The CEO of Binance has announced a tweet about an intent to burn all allocated BNB tokens from 2017. Binance was allotted 40% of the 200 million Binance tokens issued This initial valuation now stands at $80 billion, which would be approximately equal to 37% of Binance's current holdings of BNB.

The CSZ shared this information, indicating where the BNB is stored on the blockchain: Blockchain addresses of Binance.

Earlier today, Binance Coin (BNBinance) dropped to a price of $518 because of a crypto-wide liquidation of $10 billion. At the time of writing, the digital asset is regaining its losses, Binance Coin is at $466.

A quick look at the BNB/USDT coin's one-USD chart shows that it has a harsh future at least until the 50-day moving average is hit, if not beyond.

From the chart, it can be concluded that there will be a few days or weeks of bearishness (BNB). Further, the MACD is about to cross in a bearish fashion. The MFI and RSI are confirming that the current drop is continuing.

As long as the fundamentals of the Binance chain is strong, Binance coin will remain bullish (BNB). Binance's DApp ecosystem continues to expand and existing DApps look to migrate off of Ethereum as a result. Furthermore, transaction activity on Binance's Smart Chain was around 4.76 million in the last day

Therefore, the bearish market that surrounds the Binance coin is a prelude to further appreciation for the utility of the digital asset on the Binance chain.

BTC and ETH, from 0.95% to 0.80% for both CIGT Trust creations in 2018

Source: Washington Independent

Today, with the new market arrivals, CI Global Asset Management has been capped: Bitcoin ETF (TSX: BTCX) and Ethereum ("ETC") Exempt Fund (") would remain below 1%.

The two Bitcoin or Ether ETFs would have the lowest MER in the world. The step is to clarify holders and reduce fees for the two Ether and Bitcoin ETFs. Maintenance, operating and taxation fees put together. As previously announced, ETHX maintenance fee remains waived until June 15, 2021.

The cheapest way to get exposure to bitcoin and ethereum is through the ETF, said CEO Kurt MacAl, CI Financial Corp.

This allows us to expand our steady progress." Expenses would decrease with the deposits of the funds, thus increasing the percentage return of investors. These emerging digital asset classes are rising, so we're looking to extend our leadership in them.

Canaccordic Inc., the Crypto Index Ventures ETF provider, lists the TSX shares under BTCX and BTCU tickers. Ethereum Exchange Traded Fund (the "Canadian ETF") trades under TSX: ETH and ETHX.

BTCX and ETHX seek to help institutional investors leverage Bitcoin and Ethereum's immediate and beneficial exposure. BTCX stores bitcoins directly in the Bloomberg Commodity Index ("BGI"). The BGI monitors a single bitcoin price traded in U.S. dollars on behalf of the USD to track outcomes. The ETHD will use the Bloomberg Galaxy Ethereum Index ("BGEI") to index its U.S. dollar assets in ether. Bloomberg Index, Inc. managed and distributed.

Exchange-traded funds (ETFs) trustee is Right Ascension Capital and Galaxy Digital Asset Management ("GDAM") sub-advisor. GDAM will deploy Ethereum and ERC20 for ETFs on our behalf. This diversified financial services firm, called Galaxy Digital Asset Management, is involved in digital assets and blockchain. The GDAM team has outstanding capital investment activities, including partnering with institutions and other actors across traditional and alternative asset classes, as well as the worlds of blockchain and digital assets.

Bitcoin Sees Flash Crashes And Flashing Signals

Source: PYMNTS

In the cryptocurrency world, crash to flashing signals When the value of a stock, bond, or other asset declines fast, this is known as “a short squeeze.” The price drops and rises again. everything can happen in an instant, on a roller coaster

Yahoo! Finance claims that over the weekend, bitcoin dropped in value by nearly 10% after multiple liquidations -digit percentages from nearly $65,000 to around to $52,100, and before recovering by the end of the day to current levels around $56,000. Yahoo! reported that 1,000,000+ positions were eliminated.

No one was able to pinpoint the source of the fall. “sources have claimed” that the U.S. Treasury is “possible” to have implicated several financial institutions in money laundering schemes with cryptocurrencies

as reported by Newsweek in other countries A power outage in Xinjiang, where a significant amount of bitcoin mining takes place, caused the hash rate to drop suddenly and caused fees to rise. Weak hands interpret this as causing a liquidation, thus driving the price down Deane called the event “irrelevant” and “pre-crisis” Newsweek

The phrase “weaker hands” may pertain to key issues in markets where speculation is widespread. There's a lot of noise in the air, so it really doesn't matter if the rumours are true. people act as though others will buy.

As a result, they buy because everyone else is buying if it's indeed the case that holders have run, then it's critical to highlight that cryptos are currently facing additional regulation and brace yourself for more action from those people

Finally, another problem facing bitcoin: PayPal is making Bitcoin accessible to everyone, and you can now buy a Tesla with it. However, issues outside of China – such as regulatory fuzziness (though it might be a big deal) have outsized effects. There is a fair amount of risk associated with using bitcoin for retail purchases.

Elsewhere, PYMNTS wrote that Dogecoin's value has shot up to $40 billion. That's quite a drastic departure from where it started. Kimberley explained that this on CNBC with reference to “the greater fool theory".

The cryptos are likely to be adopted into the financial services and payment systems gradually before finding a full mainstream use.

BTC Creates Higher Low and Attempts to Begin Bullish Reversal

Source: BeInCrypto

Despite the sell-off, Bitcoin has created a new low. It would backfire if the current rising resistance line breaks out.

On the 18th of April, BTC was at $50,931. Nevertheless, it immediately dissipated.

Since then, it has traded at $55,000.

Despite the spike, technical indicators remain bearish. The MACD has turned negative. The RSI is below 50. Also, the Stochastic oscillator just made a bearish cross.

However, the bounce has been great. In addition, the price is trading above the potential parallel support as well. The current trend is, therefore, a running to flat.

As long as the price is above $51,000, we can assume the trend will continue as it has.

The 6-hour chart shows that BTC is forming an ascending resistance line. At present, the 0.5% fib retracement level is $57,960.

Technical signals point to a reversal. The MACD has turned bullish and the RSI is rising.

  • This indicates that the price could potentially break out of the resistance level.
  • The two-hour chart is exactly six hours up
  • The price has already broken the support at the 0.618 Fib retracement support.

Bitcoin is slowly regaining its stability after its significant fall A break from the current downtrend will prove that.

Investors flock to crypto staking with $100B staked in major assets like ADA, DOT

Source: Finance in Bold

New investors in cryptocurrency are diversifying their passive income by staking as the industry continues to grow.

Leveraging through cryptocurrency refers to the act of locking up digital assets to earn interest in order to participate in the decentralized networks while verifying transactions.

Finbold data shows that the current market capitalization of the top ten-staked cryptos to be $99.2 billion as of 2021. Cardano leads with 73.27% of stakes with a market capitalization of $27.5 billion. Polkadot ranks second, with $23.9 billion. The two cryptocurrencies occupy almost half of the upper ten positions by market capitalization

while the Cardano's underlying ADA token reached new heights in relation to the entire cryptocurrency sector More investors take part in governance because of the size of the Cardano community Furthermore, the continued development of the Cardano will lead to an increase in the value of the staked tokens'

Overall, cryptocurrency investing has seen a rise in users because it allows profits to be made through staking. Staking is profitable because of factors like the token's price movement Also, to cite another example, ADA's price has risen about 566% this year, showing investors are confident in future returns. Generally, investors prefer less volatile assets.

Worth mentioning is that staking usually means losing. The procedure is simple, straightforward, and doesn't carry a significant risk. The allure of earning a steady income In the long term, it offers steady income, whilst also generating demand for tokens and taking supply out of currency.

Completeness of real-world application A list of the top ten biggest ICOs includes numerous real-world examples.

The demand for digital assets depends on their practical utility. Most assets have a path mapped out, for example, and Cardano is on course to help with financial inclusion in Africa. Real-world applications increase the likelihood that blockchain tokens will be staked.

Although it's possible to earn income passively, cryptocurrencies come with risks. These notable risk factors include loss of crypto-holdings, high price volatility, and changing staking rewards.

Elisa Mueller | Elisa Mueller was born in Kansas City, Missouri, to a mother who taught reading and a father who taught film. As a result, she spent an excessive amount of her childhood reading books and watching movies. She went to the University of Kansas for college, where she earned bachelor's degrees in English and journalism. She moved to New York City and worked for Entertainment Weekly magazine for ten years, visiting film sets all over the world.

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