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The Fed Is Carefully Examining Digital Dollar — Chairman Jerome Powell Says ‘Very High Priority Project for Us’

24/02/2021 by Idelto Editor

The Fed Is Carefully Examining Digital Dollar — Chairman Jerome Powell Says 'Very High Priority Project for Us'

Federal Reserve Chairman Jerome Powell has provided an update on the progress of a digital dollar. He confirmed that it is a “very high priority project” for the Fed, and agrees with U.S. Treasury Secretary Janet Yellen on the benefits of issuing a digital dollar.

The Fed Is Looking Carefully at a Digital Dollar

Fed Chair Jerome Powell testified on Capitol Hill before the Senate Banking Committee Tuesday, the first of two days of congressional testimony. He is speaking before the House Financial Services Committee on Wednesday.

Senator Bill Hagerty asked him about a digital dollar, referring to U.S. Treasury Secretary Janet Yellen’s remarks on the subject made on Monday. She said: “I think it [the digital dollar] could result in faster, safer, and cheaper payments, which I think are important goals.”

Powell began by confirming, “We are looking carefully, very carefully at the question of whether we should issue a digital dollar.” He pointed out that other central banks around the world are also looking into issuing digital currencies because “The technology now enables us to do that, and also enables private sector actors to create their own digital quasi-money type of instruments.”

Noting that “There are significant both technical and policy questions to do with how we would go about doing that,” the Fed chair elaborated:

I would say that we are committed to solving the technology problems and consulting very broadly with the public in very transparent way with all interested constituencies as to whether we should do this.

He stressed: “We are the world’s reserve currency, and we have the responsibility to get this right. We don’t need to be the first. We need to get it right.”

Emphasizing that “This is something we are investing time and labor in right across the Federal Reserve System,” Powell reiterated that “We are doing research here at the Board.” Furthermore, he noted that the Federal Reserve Bank of Boston has partnered with MIT to explore this area.

The Federal Reserve chairman then agreed on the benefits outlined on Monday by Treasury Secretary Yellen. He added that the digital dollar “could help with financial inclusion as well.”

Nonetheless, Powell cautioned: “At the same time you want to avoid creating things that might be destabilizing or might draw funds away from the banking system … We want to be careful about what the implications are.” The Fed chair concluded:

[It’s a] very high priority project for us.

Do you think the Fed should issue a digital dollar? Let us know in the comments section below.

Filed Under: central bank digital currency, Digital Currency, English, fed digital dollar, Federal Reserve, janet yellen digital dollar, jerome powell, jerome powell digitall dollar, News Bitcoin, Regulation

Paid in Bitcoin: NFL Offensive Tackle Russell Okung Considered the Highest Paid in the League

19/02/2021 by Idelto Editor

At the end of December, the Carolina Panthers offensive lineman, Russell Okung told the public he would be getting half of his 13 million-dollar salary paid in bitcoin. Moreover, Okung made the decision at the right time, as the National Football League (NFL) just capped the league’s salaries at $180 million. Looking at it from a different perspective, some people think that Okung is now the highest salaried NFL player today because of his decision to stack satoshis.

Okung’s Bitcoin Salary Matches His Entire Annual Wage Thanks to Crypto Gains

The professional football player, Russell Okung, is well known for his stance toward bitcoin and well before he was paid in BTC, he relentlessly asked to receive his salary in crypto. At the end of December 2020, Okung shocked the world when he announced he would be getting half of his $13 million salary paid in BTC. As bitcoin has continued to climb higher in value week after week since then, a number of people have noted that Okung has made a lot of money so far choosing to be paid in BTC.

For instance, when BTC hit $44k, the half of his contract that is paid in BTC climbed to $10.59 million, at $56k+ his half turned into more than his entire quoted salary. As far as 2020 NFL salary stats are concerned, Okung has entered the top five position. However, the NFL has recently decided to cap the league’s salaries at $180 million and a ball player’s contract could change in 2021. Because the Carolina Panthers’ offensive tackle (OT) gets half of his salary in BTC, many proponents think of him as the highest-paid player in the NFL and not just ahead of the highest-paid OTs.

“You are the highest-paid player in the NFL,” an individual said to Okung recently on Twitter. “Simply by taking your salary in a different unit of value. Amazing. [It] will not be long before your peers catch on,” he added.

NFL Announces New Salary Cap

Interestingly, Okung chose the perfect time to be paid in bitcoin, as the NFL informed teams on Thursday that there will be a salary cap this season at $180 million. In professional sports, a salary cap (or wage cap) is a standard guideline that creates a limit ball clubs can spend on a players’ salary. There are also other rules the NFL leverages like first-year players get a minimum of $610,000 annually. Seven-year NFL vets earn a minimum salary of $1 million last year.

Stack sats or die.

— russ (@RussellOkung) February 19, 2021

Even though Okung is already very much ahead of all the other NFL players, he may be years ahead of the game going forward. “Russell Okung is a genius,” another person tweeted recently. “He’s made so much money from just one check,” the individual added. Okung seemed to have known this was a good decision when he said “getting paid in bitcoin is the first step of opting out of the corrupt, manipulated economy we all inhabit.”

Moreover, Okung said on Thursday that he continues to accumulate bitcoin no matter the price. “I receive a ton of questions about my price entry point into the BTC,” Okung tweeted. “I stack sats, [the] price goes up, I stack some more, [the] price goes down and stack again,” he said. “This isn’t financial advice,” Okung further insisted.

What do you think about Russell Okung’s decision theoretically making him the highest-paid NFL player in the league? Let us know what you think about this subject in the comments section below.

Filed Under: Bitcoin, Bitcoin (BTC), Bitcoin Salary, Bitcoin Wages, BTC, BTC Salary, Carolina Panthers, crypto assets, Digital Currency, English, Featured, Highest Paid Player, News Bitcoin, NFL, NFL Salary, offensive tackle, Okung, russell okung, Salary Cap, stacking sats

Litecoin Attempts to Redeem Charlie Lee’s ‘Original Sin’ as LTC Markets Gain Momentum

16/02/2021 by Idelto Editor

Litecoin Attempts to Redeem Charlie Lee's 'Original Sin' as LTC Markets Gain Momentum

Gradual warming to cryptocurrencies by financial companies combined with both retail investments and institutional interest has carved the way for litecoin’s renewed momentum in 2021.

Litecoin is Riding the Bull Market to its Next Resistance Level

Litecoin had a challenging start. In late 2017 its founder, Charlie Lee, allegedly sold his entire bag of LTC “to concentrate on the project’s development.” Lee, understandably, received a lot of criticism for his decision.

The founder, that goes by the Twitter handle Satoshilite (a reference to bitcoin creator Satoshi Nakamoto) didn’t hold back, replaying a year later:

I sold because holding LTC made it a situation where I may do something to pump the value short term. but is bad for the long term success of Litecoin. I didn’t want that conflict. I’ve explained this many times. If all you still don’t understand, I can’t help you. Be gone.

— Charlie Lee [LTC⚡] (@SatoshiLite) July 7, 2018

Interestingly though, LTC had a 5,000 percent jump in December 2017, though the market correction in 2018 brought it back to its pre-jump level of around $26.

The gradual warming up to cryptocurrencies from large institutions marks a significant shift in attitude compared to the last bitcoin boom in 2017. In October last year, Paypal partnered with New York chartered trust company Paxos, announcing it would allow its users to trade cryptocurrency directly from their Paypal accounts.

Square Inc, a financial services and payment company led by Twitter CEO Jack Dorsey, purchased $50 million of bitcoin shortly after, a decision that rewarded the company with a 10% rise. As far as litecoin (LTC), Visa launched an LTC-only Visa card that can be used digitally and physically in the United States.

All of these crypto adoptions work together to create a network effect, as crypto assets like ethereum, bitcoin cash, and litecoin seem to be some of the select altcoins that benefit the most. Moreover, Cryptwerk lists over 2,200 companies currently accepting LTC as payment.

LTC is currently the 8th most valuable crypto asset with a market cap above $14 billion this week.

‘The Original Sin’

The recent adoption from financial companies has been trickling down to retail investors. Litecoin has been on a bull run since September, with gains of over 350%. Though it’s been struggling to get past its critical resistance at $170 until recently, it is now breaking above this key level and riding the bull market to its next resistance level at $228.

Active addresses chart is clearly showing LTC momentum during the second half of 2020:

Litecoin Attempts to Redeem Charlie Lee's 'Original Sin' as LTC Markets Gain Momentum

Drilling down to the beginning of 2021, transaction history also indicates steady growth for LTC; it’s a trend, no longer a singular jump:

Litecoin Attempts to Redeem Charlie Lee's 'Original Sin' as LTC Markets Gain Momentum

Institutional interest followed when just last week Grayscale, the largest crypto asset manager in the world, purchased 6,987 litecoin, bringing the total value of Grayscale’s LTC assets under management to above $250 million. Institutional investments strengthen even more a coin’s trajectory as these kinds of investments are the result of thorough research combined with calculated, data-driven predictions.

The “original sin” of Lee came to a closing over the last weekend when Litecoin Foundation’s project director, David Schwartz, offered in a tweet a public redemption for Lee pointing out that Lee sold his LTC at an average value of $205, a value that now has been suppressed.

[email protected] sold his stack of #LTC at an average of $205

Everyone can shut up now.

— David Schwartz (aka – Dasch) (@DaddyCool1991) February 13, 2021

What is your sentiment toward litecoin – bullish or bearish? Let us know what you think in the comments section below.

Filed Under: Altcoins, charlie lee, Crypto Adoption, Digital Currency, English, Litecoin, News Bitcoin, retail investors, SatoshiLite

Bitcoin Hits $50K, Crypto Asset Jumps 200% in 3 Months, USD Shorts Touch a Decade High

16/02/2021 by Idelto Editor

Bitcoin Hits $50K, Crypto Asset Jumps 200% in 3 Months, USD Shorts Touch a Decade High

The price of bitcoin touched an all-time high surpassing the $50k handle on February 16, 2021. Cryptocurrency advocates celebrated the milestone as bitcoin has spiked more than 200% during the last 90 days and 400% against the U.S. dollar for the entire year.

  • Bitcoin (BTC) has crossed the psychological $50,000 zone after fighting the region for more than 24 hours. The leading cryptocurrency, in terms of market capitalization, has gained more than 154% since the all-time high in December 2017. At around 7:37 a.m. (EST) bitcoin (BTC) hit $50,603 per unit on Tuesday.
Bitcoin (BTC) touched an all-time high at $50,603 per unit on Tuesday, February 16, 2021.
  • While BTC captures the $50k mark, the crypto asset’s dominance index is only 61% today. This is due to ethereum (ETH) commanding 13.81% of the overall crypto economy’s value and tether (USDT) capturing 2.21%. Meanwhile, cardano (ADA), polkadot (DOT), and binance coin (BNB) all have a touch less than 2%.
  • BTC’s hashrate has been very high today and at the time of publication, the network is processing at speeds of around 163 exahash per second (EH/s). Moreover, with the network mining difficulty at 21.43 trillion, it has never been harder to mine than it is today. Despite the massive difficulty, a whopping 21 mining pools are mining BTC.
  • The top five mining pools capture a significant amount of SHA256 hashrate as all five operations command 75% of the hashrate. This includes F2pool, Poolin, Antpool, Binance Pool, and Btc.com.
  • While bitcoin (BTC) has reached record highs the U.S. dollar looks weaker than ever as DXY Index charts show the currency continues to sink. Moreover, 2021 has been the year of shorting the greenback, as reports note that USD short positions have been at their highest in ten years.

  • Meanwhile, bitcoin proponents have been excited about positive news like Tesla’s $1.5 billion BTC purchase, Mastercard and BNY Mellon acceptance, the city of Miami’s recent moves to adopt bitcoin, and rumors of Uber and Apple jumping aboard.

  • As BTC captured the $50k price range, analysts think that bitcoin prices could go way higher. The popular Twitter account @Cryptocapo_ tweeted to his 49,000 followers that we could see the $60 range soon enough.
  • “BTC – Bullish continuation seems more likely now,” the trader wrote. “Above $50k it teleports to $60k. $59k-$62k is the Fibonacci confluence zone (resistance). We could see a bigger shakeout there, maybe to $45k,” the analyst added.
  • At the time of publication, after BTC touched $50,603 per coin, the price dipped back under the $50k handle. Currently, bitcoin (BTC) bulls are attempting to cross the psychological zone again.

Want to check out all the crypto asset prices, volumes, and stats in real-time? Check out markets.Bitcoin.com today.

What do you think about bitcoin crossing the $50,000 zone? Let us know what you think about this subject in the comments section below.

Filed Under: @Cryptocapo_, $50K, $50k zone, 50000, All time high, analyst, Bitcoin, Bitcoin (BTC), BTC $50k, Crypto asset, Digital Currency, English, Markets, Markets and Prices, Mining Pools, News Bitcoin, Price High, Prices

Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report

14/02/2021 by Idelto Editor

Indian Official Provides Updates on Crypto Bill and Transition Period for Crypto Holders: Report

As the Indian government gets closer to moving forward with the cryptocurrency bill, an official from the Ministry of Finance reportedly explained what discussions the government has been having regarding the crypto bill and the impending legislation.

Indian Crypto Bill’s Progress Update

The Indian government is getting closer to introducing the cryptocurrency bill in Parliament. On Friday, CNBC TV18 and Bloombergquint provided some updates on the status of the bill and what discussions the government has been having regarding cryptocurrency. However, both news outlets cited anonymous sources.

According to Bloombergquint, “India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit the holdings … this would include a ban on transacting directly via foreign exchanges.” The publication cited “a senior finance ministry official on condition of anonymity.” The official also clarified that the ban will not be enforced overnight, noting:

Cryptocurrency investors will be given a transition period of three to six months after the implementation of the new law to liquidate their investments.

The official added: “India’s new law will be modeled on China’s regulatory regime, which has effectively banned on trading and usage of cryptocurrency, while the government is working on issuing its own virtual currency.”

Another update regarding the Indian crypto bill came from CNBC TV18 on Friday. The news outlet wrote, “Sources suggest the government is discussing rules on the Indian cryptocurrency framework and it’s likely to spell out the modalities soon.” Reporter Timsy Jaipuria explained that the rules will entail “the time period which will be given to withdraw from existing cryptocurrencies.” She noted that this was supposed to be around three months according to 2019 discussions. The framework will also specify how the central bank, the Reserve Bank of India (RBI), will derive the value of India’s official digital currency and the penalties for not complying with the rules.

Many people in the crypto community in India are reluctant to believe news from anonymous sources, questioning their credibility. Many times in the past, various news outlets reported that the government was planning to ban cryptocurrencies but there has yet to be an official announcement. Crypto influencers in India suggest that people do not speculate and wait for the official announcement from the government or the actual bill to be disclosed.

Meanwhile, the crypto community has launched a campaign to convince lawmakers to regulate cryptocurrencies instead of imposing an outright ban. Even amid the uncertainty of the crypto legislation, the crypto industry in India is booming, boosted by bullish news from outside of India such as Elon Musk’s Tesla buying $1.5 billion worth of BTC.

The “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” has been listed to be introduced in Lok Sabha, the lower house of India’s Parliament, during the current Parliament session. However, there are reports that the government may fast track the bill.

Several questions regarding cryptocurrency have been asked in Rajya Sabha, the upper house of India’s Parliament, since the beginning of this month alone. Firstly, the government clarified its stance on cryptocurrency and the digital rupee, then the government explained that the bill was being finalized. The most recent questions were answered by the finance minister herself regarding the government’s plan for cryptocurrency legislation.

Do you think India will ban bitcoin? Let us know in the comments section below.

Filed Under: ban bitcoin, Ban Cryptocurrencies, Digital Currency, English, India Bitcoin, india crypto, india crypto bill, indian crypto, indian cryptocurrency bill, indian government, indian parliament, News Bitcoin, prohibit bitcoin, RBI, Regulation

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