Jack Dorsey launches new Square division to make it ‘easy’

Square CEO Jack Dorsey has stated that the firm is building a new division that will focus on building decentralized finance services that utilize Bitcoin. Dorsey made the announcement via Twitter earlier today, and revealed that Square’s new division will be building an “open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is Bitcoin” Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. @brockm…

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PayPal increases crypto purchase limits to $100K

Payment provider company PayPal now allows U.S.-based users to purchase up to $100,000 in crypto weekly. In a Thursday announcement, PayPal said it had increased the crypto purchase limit for certain customers based in the United States from $20,000 to $100,000 per week. The company said the move was aimed at giving users “more choice and flexibility in purchasing cryptocurrency.” PayPal announced it would be moving into the crypto space in October 2020, later allowing eligible customers based in the United States to use cryptocurrencies for trading and payments. Though…

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3 altcoins showing signs of accumulation while Bitcoin price is down

Crypto markets faced another day of struggle on July 15 as the price of Bitcoin (BTC) dropped to its “final support zone” near $31,000, which prompted traders to issue dire predictions about the future should bulls fail to hold this level.  Despite the struggles facing the crypto market at large, relatively obscure altcoins like Aavegotchi (GHST), Centric Cash (CNS) and Alien Worlds (TLM) posted positive gains in the past 48-hours and appear to be in a stealth accumulation mode. Aavegotchi volume spikes ahead of DinoSwap release Aavegotchi (GHST) is a…

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Rep Tom Emmer introduces bill to provide certainty for digital assets

U.S. congressional representatives introduced a bipartisan bill on July 15 with the goal of providing a clear definition of assets, such as digital tokens and other emerging technologies, under current securities law. Known as the Security Clarity Act, the bill was introduced by Rep Tom Emmer (R-MN), Rep Darren Soto (D-FL), and Rep Ro Khanna (D-CA). This legislation seeks to change the definition of a term that has been used for more than 75 years. The status of any asset sold as an “investment contract” would become an “investment contract…

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DoubleLine CEO sees Bitcoin buy moment at $23K, predicts US dollar will drop ‘pretty substantially’

Jeffrey Gundlach, the CEO of investment management firm DoubleLine, implied that Bitcoin could see more favorable activity in the long term than that of the U.S. dollar. In a Wednesday interview on CNBC’s Halftime Report, Gundlach said he believed people would be able to purchase Bitcoin (BTC) for under $23,000 soon given the likelihood of the crypto asset forming a head-and-shoulders trading pattern. He was seemingly referring to a “head” when the BTC price peaked at more than $64,000 on April 13 and the shoulders as the early January surge…

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Analyst highlights 3 macro metrics that clearly show DeFi sector growth

Decentralized finance (DeFi) has been one of the hardest-hit sectors since Bitcoin (BTC) price corrected from its all-time high in early May and this can be seen by the decline in the total value locked (TVL) on all protocols.  According to data from DeFi Llama, the total value locked in decentralized finance platforms dropped from $154 billion and currently sits at $108.7 billion. Total value locked on all DeFi protocols. Source: Defi Llama While the roughly 30% decline in TVL over the past two months looks bad, the year-over-year growth…

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Blockchain traceability gives farmers a competitive advantage

The global food and agriculture industry is a trillion-dollar sector that is growing exponentially. According to findings from the World Bank, agriculture alone accounted for 4% of global domestic product, or GDP, f the United States in 2018. The report further noted that agriculture could account for more than 25% of GDP in developing countries.  Meanwhile, it’s important to point out that large corporate farms play a dominant role in the agriculture industry. For instance, research from the United States Department of Agriculture (USDA) shows that major farms accounted for…

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US government delves deeper into crypto accountability with $10M bounty

The U.S. Department of State has announced it will be taking a seemingly more active role in the pursuit of keeping some crypto users accountable. According to a Thursday Bloomberg report, the Biden administration intends to ramp up efforts to trace cryptocurrency payments, particularly when it comes to ransomware attacks. The government plans to address cybersecurity and crypto’s role as payment in such attacks. The report comes as the State Department recently announced its Rewards for Justice program would be offering bounties of up to $10 million for assistance in…

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Record outflows from Canada’s biggest Bitcoin fund see BTC reserves drop by 50%

A Canada-based Bitcoin fund, operated by 3iQ Corp, has witnessed a dramatic decline in its BTC reserves since June. Literally named the Bitcoin Fund (QBTC:CN), the closed-end investment product, was holding around 24,000 BTC in its vaults in early June. However, as the monthly session progressed, the reserves first dropped to below 16,000 BTC in a dramatic, straight-line decline. Later, another massive withdrawal pushed the Bitcoin Fund’s BTC reserves to around 13,000 BTC, according to on-chain data from South Korea-based analytics firm CryptoQuant. QBTC vs. GBTC Bitcoin reserves (red) vs.…

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1inch Foundation launches $3M grants program for DeFi developers

1inch Foundation, the non-profit organization of the 1inch decentralized exchange aggregator, has earmarked $3 million to fund new protocol upgrades as part of a grants program targeting developers.  Over the next 12 months, 1inch Foundation will disburse grants for projects in the following categories: network development, community development and research and analytics. The network development category targets aggregation products, automated market makers, wallets, layer-2 protocols and integrations involving the 1inch API. For community development, eligible projects include educational materials, local meetups and hackathons. In the research and analytics category, 1inch…

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