[ad_1]
Breadcrumb Links FP Finance Cryptocurrency
What are cryptocurrencies for ?, ask U.S. lawmakers
Author of the article:
Nicholas Sokic, Financial Post special A portrait of Napoleon by Jean-François Soiron (1756-1813) at the Hermitage Museum in Saint Petersburg, Russia. The Hermitage began to sell its most famous artistic masterpieces under the name of NFT. Photo by the Hermitage Museum / AFP / Getty Images Content of the article
Just over a week ago, crypto enthusiasts were wringing their hands against the dramatic market crash, wondering where the bottom was after the price of bitcoin fell below US $ 30,000, against its April peak north of US $ 64,000.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
This week, bitcoin has rebounded. The rise began on Sunday, with the largest single-day gain in more than six weeks, followed by a huge increase on Monday that brought the value back above US $ 39,000 for the first time since mid-June.
Some attributed the sudden rebound to a report that Amazon.com Inc. was looking to accept bitcoin payments by the end of the year, which Amazon denied despite a job offer looking for a digital currency and blockchain product manager.
Others attributed the power of the rebound to a short squeeze, which analysts have believed could happen for weeks.
Whatever the cause, the entire crypto complex has come for the ride, with prices rising across the industry.
As of Wednesday afternoon, bitcoin was back above US $ 40,000 and trading at US $ 40,006.69.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
* * *
Things like Jack Dorsey’s first tweet and the original World Wide Web source code were sold as NFT. Now some of the most acclaimed works of art in human history will join them.
The Hermitage in Russia has started selling five of its most famous artistic masterpieces as NFT, which is either a sign of the apocalypse or a sign of an uptrend depending on how which you watch it.
Da Vincis Madonna Litta, Judith by Giorgione, Lilac Bush by Vincent Van Gogh, Composition VI by Wassily Kandinsky and Corner of the Garden at Montgeron by Claude Monet are among the works that will be auctioned or at least a non-fungible token among they will be.
The Hermitage said the NFTs will highlight the importance of digitization in the art collection. That, and the continued acceptance of DTVs in all areas of luxury.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
If you were to place the winning bid, the NFTs would be issued in two copies, one held by the Hermitage itself and the other intended for the buyer. The NFT metadata will include the signature of the Hermitage Director, Mikhail Piotrovskys, the time of signing and the fact that it was signed at the Hermitage.
The Hermitages move comes as Shopify announced it will allow NFT stores on its platform, the first being a Chicago Bulls NFT store.
* * *
Last month Binance, the world’s largest crypto exchange by volume, left Ontario amid a regulatory crackdown. So it was more than a little surprising to see the recent news that Binance and FTX plan to limit new user leveraged trading limits to a maximum of 20 instead of 100.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
It was actually applied last week to new users and will be phased out for existing users over the next few weeks.
Binances CEO Changpeng Zhao said the change was made to protect consumers and traders. At least when it comes to FTXs, leverage trading above the new limit was apparently a very small part of the whole and doesn’t seem to have come out of nowhere.
It’s a bit of a double-edged sword, FTX CEO Sam Bankman-Fried told The New York Times. So there are a few exceptions to that, but with most exchanges there is a general consensus that maybe we should get rid of 100 and 50 and anything above 10X.
Despite the upheavals, both platforms remain leaders in spot and leveraged trading. Their 24-hour volume metrics were trading at $ 21.5 billion and $ 1.8 billion respectively on Wednesday afternoon.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
Despite the upheavals, both platforms remain leaders in spot and leveraged trading.
* * *
Mastercard has joined rival Visa in adding a crypto and blockchain track to its incubator program for late stage start-ups.
The addition to their Start Path program includes the crypto custodial platform GK8, the Mintable non-fungible token (NFT) marketplace, the crypto investment firm Domain Money, the blockchain oracle company SupraOracles, the company of digital assets Taurus, blockchain infrastructure company STACS and digital finance platform Uphold.
This decision aims both to evolve with the tides and to protect its companies against fintech intruders.
Mastercard can offer businesses partnerships with other financial services in return for adding high-tech companies to their stable.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
Visa’s similar program is called Fast Track and has already started adding crypto and fintech companies to its list.
* * *
Meanwhile, three separate committees in the United States weighed in on the viability and risks of the cryptocurrency. What struck us was some of the hostile rhetoric.
The first was the Senate Banking Committee, whose hearing was titled Cryptocurrencies: What Are They For? The answer: depends on who you ask. Some argued that currencies could have non-financial applications or that their existence could promote financial inclusion, but most senators were not convinced.
Instead of leaving our system, our financial system to the whims of giant crypto banks, puts the system to the whims of an obscure and faceless group of super coders and miners, which doesn’t look better to me, said the Massachusetts senator. Elizabeth Warren.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article “A diffuse and shady network of funny money online”: Cryptocurrencies take a close look in three US audiences Crypto traders loved big leveraged bets up to a inexplicable crash Amazon job posting hints at plan to accept cryptocurrency as payment
It’s no coincidence that Warren also called on U.S. Treasury Secretary Janet Yellen in a letter to draft a federal regulatory framework for cryptocurrencies.
The House Financial Services Committee also held a hearing on central bank digital currencies and how they could be misused.
Ohio Senator Sherrod Brown also objected to their positive impact, saying they didn’t do much to benefit anyone other than their creators.
There is nothing democratic or transparent about a diffuse and shady network of funny money online, he said.
Publicity
This ad has not yet loaded, but your article continues below.
Content of the article
The third and final hearing of the day was the Senate Committee on the Judiciary’s discussion of the worrying increase in ransomware attacks, partially describing the role cryptocurrencies have played as hackers’ preferred payment method.
As U.S. federal agencies worry about the criminal use of cryptocurrency and how it could change technological terrorism, U.S. Department of Homeland Security Assistant Deputy Secretary Stephanie Dobitsch mentioned that the majority of terrorist financing is done by other means.
So they are both concerned and not, as we understand it.
_______________________________________________________________
If you like this story, sign up for the FP Finance newsletter.
_______________________________________________________________
Share this article on your social network Advertising
This ad has not yet loaded, but your article continues below.
In-depth reporting on The Logic’s innovation economy, presented in partnership with the Financial Post.
Featured Articles from the Financial Post
By clicking the subscribe button, you agree to receive the above newsletter from Postmedia Network Inc. You can unsubscribe at any time by clicking the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 Thank you for registering!
comments
Postmedia is committed to maintaining a lively but civil discussion forum and encourages all readers to share their views on our articles. Comments may take up to an hour of moderation before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications, you will now receive an email if you receive a reply to your comment, if there is an update to a comment thread that you are following, or if a user you are following. follow comments. Check out our community guidelines for more information and details on how to adjust your email settings.
|
Sources 2/ https://financialpost.com/fp-finance/crypto-roundup-bitcoins-wild-week-exchanges-limit-leverage-and-russias-hermitage-gets-in-on-nfts The mention sources can contact us to remove/changing this article |
[ad_2]