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Cardanos native token ADA today resumed its price rally as work continues on the smart contract-enabling "Alonzo" upgrade, and a new paper is published that details the technical underpinnings of a Cardano-powered stablecoin.To get more news about USDT, you can visit wikibit.com official website.
As of press time on Thursday (09:09 UTC), ADA was up by 5.1% over the past 24 hours, trading at USD 2.12. The latest move means that the token has now risen by 18% for the past 7 days, and close to 90% for the past 30 days, per data from CoinGecko.The rally today follows a bull-run for ADA that has been largely driven by the much-anticipated "Alonzo" upgrade of the platform, which is said to finally enable smart contract functionality on Cardano.
Commenting on the progress of the upgrade yesterday, the team at Cardano development firm Input Output said that the open source project has now seen 3,100 new commits for the week on the collaborative code repository GitHub, as they "edge ever closer to smart contract deployment."
And while Alonzo moves forward, Cardano fans also welcomed the release of the new Djed stablecoin whitepaper on August 18.
The stablecoin, which has been in the works for the Cardano blockchain for some time, was first teased by Cardano founder and Input Output CEO Charles Hoskinson last month, with select screenshots from the paper.
With the full whitepaper now released, however, more details on the project, described as "the first formally verified stablecoin protocol," are emerging.
In the whitepaper, Djed is described as an "autonomous bank that buys and sells stablecoins for a price in a range [...]," thus making it a crypto-backed algorithmic stablecoin. For now, the coin is designed to be pegged to the US dollar, but Input Output made its clear in its summary of the paper that it can also work with other currencies "as long as there are oracles providing the contract with the corresponding pricing index."
Algorithmic stablecoins without fiat-backing is somETHing the crypto space has struggled with for some time, with several projects having failed over the years. Perhaps best-known among these was Iron Finances TITAN token, which Dallas Mavericks owner Mark Cuban famously got burned on.
A successful solution to this challenge could thus be promising for the Cardano blockchain, as it seeks to compete with ETHereum (ETH) and take on the decentralized finance (DEFI) space.
Digital asset security and asset transfer platform Fireblocks has announced that Jay Clayton, Former Chair of the US Securities and Exchange Commission (SEC), has joined the companys advisory board, stating that Claytons previous experience in regulation will allow him to steer the company in handling the requirements for developing and deploying solutions around crypto assets.To get more news about ADA, you can visit wikibit.com official website.
Fireblocks is following an emerging trend within the digital asset space: hiring former regulators to help them navigate the complex crypto space in order to offer a compliant digital asset service to professional and institutional investors. According to a press release shared with Cryptonews.com, Clayton has over 30 years of experience in international financial markets.
Jays insights on financial stability and security in financial markets is unparalleled, said Michael Shaulov, CEO and co-founder of Fireblocks. Jay will help to advance further the safety and security of the Fireblocks infrastructure for capital markets participants and investors.
The release adds that as a partner and member of the management committee at the Sullivan & Cromwell law firm, Clayton advised a wide array of high-profile corporate clients that included various large, complex financial institutions and broker-dealers. He was also among the first SEC Chairpersons to carefully consider the status of digital assets within the context of the US securities law framework.
This goes in line with the requirements at Fireblocks, as the company is looking to help adoption among new and traditional financial institutions, they said.
They explain that they have over 500 customers ranging from global banks to large crypto-native exchanges, lending desks, hedge funds, OTC (over-the-counter) desks, and market makers, as well as over USD 1trn in digital asset transfers-all of which requires careful consideration to keep in line with an ever-evolving regulatory framework.
Clayton stated that he shares Fireblocks view that digital asset custody requires the same level of service as traditional custody while also striving for better regulatory outcomes in security, certainty, and resiliency.
He foes on to add that he appreciates the company‘s commitment to improving all aspects of the custody and transfer ecosystem and the team's level of engagement with industry incumbents who have robust legal and compliance infrastructure as well as new entrants in the space.
Fireblocks has recently acquired "double unicorn" status through funding rounds that brought its valuation to USD 2bn.
Their place in the crypto universe might become additionally solidified if a report by digital asset research firm Arcane Research comes true, projecting that institutional players might dominate the bitcoin (BTC) trading space in the near future.
Approval for Non-futures-based Bitcoin ETF ‘Still a Year off'
A senior analyst in the exchange-traded fund (ETF) space thinks that a bitcoin (BTC) offering is on its way this year - but has suggested that it will be of the kind not favored by the crypto space. And as for the elusive "right kind" of bitcoin ETF？ Well, we may have to wait another 12 months for that.To get more news about ZEC, you can visit wikibit.com official website.
In a video interview with Yahoo Finance, Dave Nadig, the CIO and Director of Research for ETF Trends, explained:
"I do think were going to end up with a futures-based bitcoin ETF sometime this year. The SEC has made it clear thats the direction they want the industry to go."
However, he added a caveat that the crypto sector will not welcome, explaining:
"I think an actual bitcoin ETF that sort of acts like a Gold Exchange-traded Fund for Bitcoin, I think thats probably now at least a year off."
Gold Exchange-traded Funds track the price of gold, whereby each share in the fund corresponds directly to a specific amount of gold. A BTC ETF, in its true sense, would seek to do the same thing with bitcoin. Such financial products have been approved in Canada and Europe, but gaining regulatory approval for them has proven tricky for American firms looking to launch them.
Numerous applications have been lodged, but the regulatory Securities and Exchange Commission (SEC) has thus far failed to approve any of them. The SEC head Gary Gensler earlier this month indicated that "there are a number of mutual funds that invest in bitcoin futures on the Chicago Mercantile Exchange (CME)," noting that he "looked forward" to the SECs "review of such filings, particularly if those are limited to these CME-traded bitcoin futures."
VanEck, one of the many firms that have been banging on the SECs door with BTC ETF applications, at the time called futures-based bitcoin ETFs "inferior products that have consistently underperformed the bitcoin price and bring additional complexities in regards to how they must be managed."
But Nadigs comments appear to indicate that wheels are already in motion in the bitcoin futures ETF sector - and that an SEC green-light could be forthcoming in the coming months.
He also opined that the "best" investors "can do in a traditional ETF" if they are looking to put their money into crypto "is to invest in the companies that are actually driving this digital transformation."
Nadig mentioned funds such as VanEck-operated products, which "invests in the companies that you already know the names of," such as "the Coinbases, the Squares, the MicroStrategys.
Get your daily, bite-sized digest of cryptoasset and blockchain-related news - investigating the stories flying under the radar of todays crypto news.To get more news about OMG, you can visit wikibit.com official website.
Regulation news
Decentralized finance (DeFi) projects may still fall under the jurisdiction of the US Securities and Exchange Commission (SEC), the watchdogs chairman Gary Gensler told The Wall Street Journal. He added that projects that reward participants with valuable digital tokens or similar incentives could cross a line into activity that should be regulated in spite of their decentralized status.
Adoption news
The central bank of El Salvador, Banco Central de Reserva (BCR), has published two draft regulations on how banks should handle bitcoin (BTC): the first defines BTC as legal tender, while the second expands upon the first. Financial entities must apply to the central bank to offer digital wallets, while applications must detail the type of product being offered, and include target market details, risk assessments, charges to customers, education provisions for customers, and complaint procedures.
Banking giant JPMorgan Chase has reportedly blocked all account activities of BTC mining company Compass Mining, according to a tweet from the latters CEO Whit Gibbs. The bank has not confirmed these allegations yet.
CBDC news
Mikhail Fedorov, Ukraine‘s Deputy Prime Minister and the head of the country's Ministry of Digital Transformation, revealed considerations within the ministry to test out the countrys Central Bank Digital Currency (CBDC) by using the electronic currency in staff salary payments, according to an interview with local media outlet TSN. He argued that the initial roll-out of the CBDC should focus on a small, controlled use case rather than being deployed for social payments, so it could be tested in order to prevent inappropriate use.
The Bank of Thailand has published the results of a new study into how to manage the implications of issuing a retail CBDC for the country‘s financial sector. It concluded that in order to ensure that the retail CBDC does not present a risk to the country's financial stability, it must fit the following three criteria: "(1) the CBDC shall be cash-like and non-interest-bearing, (2) intermediaries such as financial institutions shall be the distributors of CBDC to the general public, and (3) conditions or limits for converting CBDC shall be established."
Exchanges news
Crypto exchange Coinbase has announced it is launching in Japan and partnering with Japanese banking giant Mitsubishi UFJ Financial Group (MUFG) to enable customers to access the platform through a MUFG Quick Deposit feature. The exchange also added that it will be launching retail products first, including a suite of five top assets based on trading volume, and will add more assets and products in the coming months.
Crypto exchange Binance has announced that users from Australia will be restricted from opening new accounts for options, margin products, and leveraged tokens. They added that this is part of their efforts to keep their compliance proactive.
Crypto exchange Bitfinex has announced that they have added support for the Turkish language on their platform as the sixth language available, following English, Russian, traditional and simplified Chinese, and Spanish. Additionally, educational content is now available in Turkish on Bitfinexs Knowledge Base as well. This announcement follows Bitfinex seeing a 734% increase in new accounts being opened this year compared to the last from users in Turkey, they said.
Serious Forex Fraud Case: Tens of Millions of Dollars Are Involved!
ROM-E INVESTMENT has been accused of financial fraud recently with enormous funds involved, which has taken a heavy toll on society. The court sentenced the defendant Liu to 15 years' imprisonment and the defendant Fan to 14 years' imprisonment for fraud in the first instance.To get more news about Forex Trading Tip, you can visit wikifx.com official website.
According to the prosecutor, Liu and Fan bought the fake software system for their trading platform where they conducted illegal transactions regarding forex, gold, crude oil, and stuff to swindle investors out of their assets, thereby causing the cumulative financial loss worth around 50 million US dollars.
Investment managers and agents from ROM-E INVESTMENT were well aware that the platform illegally profited from clients losses, commissions, and rollover rates, whereas they still proactively contacted agents for promotion. Hence, they are identified as accomplices.
The teaching team connected with ROM-E INVESTMENT played a paramount role in this fraud as the income of tutors is directly tied with the clients losses. They enticed investors to make deposits on this fake forex platform through live classes online, causing victims to lose money fast.
Please enhance your vigilance. As a reminder, WikiFX is ready to help you search the qualifications and reputation of platforms to protect you from hidden dangers in the risky industry! (bit.ly/wikifxIN)
What Are The Working Mechanisms of Liquidity Providers?
Money has absolute liquidity, and newer traders frequently rely on this statement, having no understanding of the difference between Forex and broker liquidity.To get more news about Forex Trading Tip, you can visit wikifx.com official website.
What does Forex liquidity mean？
While talking about Forex trading, users exchange one currency for another, and the execution time does matter. The market itself comprises millions of bid and ask deals; meanwhile, a brokerage company may not cooperate with liquidity providers – i.e. get no access to the market major players. What does liquidity provider mean？
Imagine the situation that a broker has 1000 registered traders and has applied to no liquidity providers. That means an order book may contain bid and ask offers of registered traders only. One user needs to buy 100 units of GBP/JPY at 154.01232, while the order book contains only 15 units at this price. As such, traders need to purchase assets higher than the market price, facing losses.
How does liquidity provider work in the same situation？ A brokers order book is expanded by outer bid and ask deals, while a brokerage company serves as a mediator between two sides.
Cooperation models with liquidity providers
Brokers may deal with liquidity providers (LP) according to diverse cooperation models; meanwhile, all the models belong to the No Dealing Desk (NDD) category. The Dealing Desk (DD) principle makes brokers market-makers themselves, applying to no LPs.
The NDD type includes the following models:
ECN (Electronic Communication Network). A trader gets bid and ask offers delivered to the market automatically and executed by the market price. Meanwhile, price slippage may happen.
DMA (Direct Market Access). A trader forms an order, getting the possibility to serve as both price giver and price taker. Brokerage companies display transactions to liquidity providers directly.
STP (Straight-Through Processing). Bid and ask rates are provided by LPs. When a trader creates an order, brokerage companies transfer it automatically to liquidity providers.
This said beginner traders understand how liquidity works, and which brokerage companies to rely on. On the other hand, what about brokers？ How can a brokerage company find a reliable and powerful enough liquidity provider？
Useful tips for brokers looking for liquidity providers
Liquidity providers are numerous, and it is a challenging task to select the best one. Take the following important tips into account:
Deal with “Tier-1” LPs only, as such companies connect brokers with the largest banks and financial institutions.
Choose large companies that provide services worldwide. Furthermore, it is better to deal with providers that offer many other effective solutions (for instance, White Label trading platforms).
Apply to LPs that provide clients with high-end customer support, being ready to meet your expectations.
Top 7 Tips for First-Time Forex Traders
Tip #1 – Know the Markets
Forex traders need to know what makes the markets move in order to make more informed decisions about when and how to trade. For example, a country‘s economic standing is the main driving force behind that currency pair’s price. If big economic news is expected to hit, then the market is likely to become volatile. Successful forex traders always stay up to date on the news and are aware of the factors that can affect prices or when they might need to hold off on trading if volatility is on the horizon.To get more news about Forex Trading Tip, you can visit wikifx.com official website.
Tip #2 – Have a Plan
Creating your trading plan is one of the first tasks that any new trader should have on their list. Your plan includes your trading strategy, which is very important, but it also deals with who you are as a trader and what goals you have, your evaluation criteria for making trades, how much you want to risk, and your methodology. Without this plan, your trades will likely seem erratic and might not make much sense.
Tip #3 – Practice First!
Have you ever practiced on a demo account before？ If you already have a trading account and you haven‘t, then you skipped a very important step to beginning the trading process. These accounts are offered by most forex brokers and are completely free, so there’s no excuse not to use one. Demo accounts don‘t only allow one to practice without risking real money, but they can also be used to figure out the MT4/MT5 platform, gauge your understanding of how to trade, and whether you’re ready to open a live account, test strategies and indicators, and more.
Tip #4 – Only Risk what you Can Afford to Lose
While we hope that each investment you make into your trading account is a profitable one, this is rarely the case in the world of forex trading. There will be some losses along the way, as this is a fact that even billionaire traders have learned. This is why its important to only risk funds that you can afford to lose. If you risk money that you needed to pay bills with or to live off of, then you must think of the ramifications if those funds are lost.
Tip #5 – Research Trading Psychology
You‘ve likely heard of the ways that emotions can affect your trades. If not, just think of the ways that anxiety, fear, and stress could negatively affect one’s trades. When you‘re feeling these emotions, your head can get cloudy and you don’t make the best decisions, which can result in a loss of money. Even happier emotions like confidence or excitement can cause you to make mistakes when it comes to trading. We could spend all day talking about the psychology behind trading, so you should spend more time researching this topic so that youll know if it starts to affect you.
Tip #6 – Stay Consistent
Once you‘ve created your trading plan, it is important to stay consistent. Remember that you will have good and bad days when trading, as this is simply part of it. You shouldn’t erratically switch plans every time you lose money, otherwise, you wont be able to perfect your strategy. Instead, consider keeping a trading journal so that you can see the bigger picture of how your strategy is working along with anything that might need to be changed.
Tip #7 – Choose the Right Broker
With so many forex brokers out there, it‘s easy to want to simply choose one and be done with it. Much like with the way that we need to compare car insurance or cable services to get the best deal, we also need to compare multiple brokers as well. This is even more important than the other examples as you are hopefully choosing a broker that you will spend years or decades working with and that will help you make a ton of money. If you don’t put much thought into the process, you could wind up losing way too much money in fees, dealing with poor customer service, or facing other problems down the road.