Author: cryptossor

Chainlink’s (LINK) token has experienced a remarkable 26% surge between Nov. 2 and Nov. 8, approaching $14, a level not seen since April 2022. This solidified its position as the 10th largest cryptocurrency (excluding stablecoins) by market capitalization.While the price action is a welcome sight for traders, is Chainlink’s current valuation of $8.1 billion justified? Cointelegraph research shows that the impressive price surge is driven by expectations of real-world asset (RWA) tokenization and initial signs of institutional adoption. However, let’s delve deeper to assess the sustainability of the current rally.Spot Bitcoin ETF expectations and real world asset tokenization boost sentimentBloomberg’s…

The Progmat Coin ecosystem is taking shape in Japan. With a market maker, wallet provider and cryptocurrency exchanges on board, Progmat and Mitsubishi UFJ Financial Group (MUFG) hope to launch two stablecoins in the summer of 2024.Stablecoin platform Progmat Coin, MUFG and wallet provider Ginco have begun a study with the goal of issuing a yen-denominated XJPY stablecoin and dollar-denominated XUSD stablecoin, Progmat said in a statement. This is in addition to the platform’s function enabling stablecoin issuance.#japan #stablecoin #crypto #payments@ginco_inc, Mitsubishi UFJ Trust and Banking, and #Progmat are starting a joint study to introduce an “infrastructure stablecoin” with the…

In this week’s newsletter, we dive into the dynamic world of nonfungible tokens (NFTs) and their impact on the digital landscape, as NFT sales have skyrocketed to an impressive $129 million in November, according to data from Nansen. Despite the surge in sales, OpenSea has laid off a substantial amount of staff as it prepares to launch version 2.0 of its platform, and Elon Musk unintentionally made a case for Bitcoin Ordinals. Meanwhile, an OpenSea investor has taken a 90% markdown on their stake in the platform, and don’t forget this week’s Nifty News featuring The Simpsons roasting NFTs.NFT sales…

Lido’s governing body has approved the deployment of Lido’s Wrapped Staked Ether (wstETH) to Coinbase’s Base network, according to a Nov. 8 announcement. The token is now live and can be traded or used in decentralized finance (DeFi) applications on the Base network.Lido is on @BuildOnBase You can now bridge your staked ETH to Base. https://t.co/JmmFeVwNnN pic.twitter.com/R9vN2XGs2g— Lido (@LidoFinance) November 8, 2023 Lido is a liquid staking protocol that allows users to stake some cryptocurrencies while simultaneously using them in DeFi applications. It does this by issuing a derivative token that can be redeemed for the underlying staked one. In the…

The Bank of International Settlements (BIS), a coalition of the world’s central banks, criticized stablecoins as being “not a safe store of value” in its latest research report dated Nov. 8.In outlining its reasons, the BIS explained that from January 2019 to September 2023, fiat-backed stablecoins maintained their peg ratio only 94% of the time, less than the 100% often promised in projects’ whitepapers. Meanwhile, the peg ratio for crypto-backed and commodity-backed stablecoins was far less at 77% and 50%, respectively.”Only seven fiat backed stablecoins have been able to keep their deviations from the peg below 1% for more than…

Visa announced the launch of its new global AI advisory practice on Nov. 8. The consultation service will be part of Visa Consulting & Analytics (VCA) and, according to a press release, will focus on “providing actionable insights and recommendations to empower clients to unlock the potential of AI and utilize generative AI.”Citing its “30-year AI legacy,” Visa announced the new practice alongside a range of new services related to empowering clients to understand the potential role of generative AI at the enterprise level. https://twitter.com/VisaNews/status/1722232766316822995The service will be tended by VCA’s global network of “over 1,000 consultants, data scientists and…

Bitcoin (BTC) has new short-term BTC price targets as consolidation mixes with bouts of volatility.After a classic “short squeeze” took the largest cryptocurrency to near $36,000, Bitcoin market participants are highlighting key levels to look for from Nov. 8 onward.Bitcoin buy liquidity inches down to $34,000Bitcoin is facing hurdles overcoming resistance at the $36,000 mark, and several attempts to clear it have quickly faded data from Cointelegraph Markets Pro and TradingView shows.Now, sellers are becoming active on intraday timeframes, and data from exchange order books shows the buy side getting cautious.In an X post on the day, on-chain monitoring resource Material…

Linekong Interactive, a gaming and film production company headquartered in Beijing and listed on The Stock Exchange of Hong Kong (HKEX), is allocating $15 million to invest in projects building on the Bitcoin network.Wang Fang, the founder of Linekong, said in a Nov. 8 tweet that the fund, dubbed “BTC Next,” will be used to accelerate emerging projects in the Bitcoin ecosystem, including “asset issuance protocols, trading markets, expansion, virtual machines, NFT, RWA, and GameFi.”For initial efforts, the firm would “participate in the research and investment of Bitcoin network ecological assets as early as possible,” publish its investment portfolios, and update the…

The developers of the NEAR and Polygon networks are teaming up to create a zero-knowledge (ZK) prover for Web Assembly (WASM) blockchains, according to a joint announcement on Nov. 8. The new prover, called “zkWASM,” will for the first time allow WASM-based networks to join the Polygon ecosystem.Zero-knowledge, meet Web Assembly.The NEAR Foundation and @0xPolygonLabs are set to deliver the future of zero-knowledge for WASM based blockchains with zkWASM.Empowering greater security, scalability, developer flexibility, and interoperability in the open webzkWASM will… https://t.co/vNtYr42I9N pic.twitter.com/D1BIztjMI9— NEAR Protocol | NEARCON | November 7-10 | Lisbon! (@NEARProtocol) November 8, 2023 WASM is a binary…

Cryptocurrency taxation is a subject of increasing importance, with governments worldwide working diligently to establish clear rules for taxing digital assets. In the United States, the United Kingdom, and Canada, crypto holders navigate complex regulatory landscapes, making it crucial to understand how crypto losses are taxed and their potential impact on tax liability. Whether new to crypto trading or with years of experience, reporting income and paying applicable taxes in compliance with local regulations is essential.To comply with local cryptocurrency taxation laws, crypto holders must stay informed and compliant to avoid legal issues. This article examines the rules, deductions and…