OnlyFans Donated $1.3 Million Worth of Ethereum to DAO to Bring aid to Ukraine

Jenson Nunez
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OnlyFans Donated $1.3 Million Worth of Ethereum to DAO to Bring aid to Ukraine

The OnlyFans network gave 500 ETH to a Decentralized Autonomous Organization called DAO, which collects money to support Ukraine amid the armed conflict with Russia. But in total, their donations have added up to USD 5 million.

Popular video subscription platform OnlyFans revealed the donation of at least 500 ETH (approximately $1.3 million) to UkraineDAO, a decentralized autonomous organization that collects money to back up Russia-invaded Ukraine.

An OnlyFans representative explained to CoinDesk that the donation posses a vital part of the company’s effort to support Ukraine. It gets led by the Ukrainian-American owner of OnlyFans, Leonid Radvinsky.

The company explained that in total, it had donated more than $5 million to various humanitarian centers aiding the country during these difficult times, with an additional $1 million donation intended to go this March 15.

The representative highlighted that this situation had caused a horrid impact on the world, including members of the company’s creator community. OnlyFans CEO Ami Gan stated that the company also highlighted its strong ties with Ukraine and expressed that it wanted to support the country in a way that felt true to its policies.

UkraineDAO

UkraineDAO became a prominent cryptocurrency contributor to the Ukrainian administration in recent weeks. It has received at least $50 million or more in crypto donations since posting on Twitter Ethereum (ETH) and Bitcoin (BTC) profiles.

The DAO is a Pussy Riot and non-fungible token and Trippy Labs’s idea, with its most prominent donation ranking from a $6.5 million crowdfunded NFT sale in March, to which OnlyFans’ 500 ETH donation joined to help the country.

On the other hand, when OnlyFans consolidated the 500 ETH donation, the DAO got stuck almost at half the 1,000 ETH reserve amount. The OnlyFans donation surpassed said amount, and, from that very moment, more donations began to join the cause.

Unstoppable Donations

Donations in Bitcoin and other digital assets have increased especially this last week. Alex Bornyakov clarified that the country had collected aproximately 100 million dollars in grants through cryptocurrencies.

As reported by CoinDesk, Bornyakov explained that more than $60 million of the $100 million arrived in the central fund managed by Kuna. This Ukrainian cryptocurrency exchange has supported the government in collecting the donations; the rest of the funds arrived at various smaller funds.

Russia’s Economy Would Suffer

Since the Russian invasion of Ukraine started, the West applied a package of financial sanctions over Russia, including the freezing of Putin’s assets abroad and the exclusion of several Russian banks from the Society for Interbank and Financial Communications. SWIFT, the primary system used by financial entities to consolidate fast and secure cross-border payments.

The economic sanctions over Russia generated a decline in the ruble’s value and obliged the Russian central bank to double interest rates.

By: Jenson Nuñez

Republican Lawmakers Establish Legislation against China’s CBDC Aimed at Sanctions and Privacy

Jenson Nunez
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Republican Lawmakers Establish Legislation against China’s CBDC Aimed at Sanctions and Privacy

Senator Bill Cassidy said this policy would hold China accountable for implementing its new digital currency.

Nine Republican senators backed up a policy focused on managing US government agency policy around the possibility that China’s digital yuan could become a tool to avoid economic punishments and compromise user data.

In an announcement made this Wednesday, Louisiana Sen, Bill Cassidy, and Tennessee Sen, Marsha Blackburn, backed up by other Republican senators, advanced the “Say No To the Silk Road Act.” Silk Road” is new legislation that would need various government entities to disclose information about China’s central bank digital currency.

Both senators expressed their dismay about primary elements like privacy in China’s launch of the CBDC, both for its citizens and users residing outside the Asian nation.

If the legislation receives its approval, the Secretary and the US Trade Representative will launch a report highlighting the effects of the digital yuan on international operations and the enforcement procedures they would apply in the sector while at the same time, the State Department will deliver a statement to warn about the CBDC.

The legislation would also contain conditions for the Office of Management and Budget to create guidelines for entities using the currency and foreign governments that acquire financial support for their armed forces to disclose whether they are using the Chinese CBDC.

Russia is currently struggling with US and EU financial punishments that kind of cornered its economy; some reports mentioned that the country could ask for China’s help by using payment structures such as UnionPay. Many lawmakers have expressed concern about cryptocurrencies being a lifesaver for Russia to avoid these sanctions.

On Wednesday, US President Joe Biden revealed that he led an executive order to set up a regulatory framework for digital assets, mentioning their crucial role in avoiding these series of sanctions.

Republican lawmakers seem to command a ruthless fight against China’s CBDC, as it could represent a menace for dollar reign. Senator Blackburn and Cynthia Lummis issued a letter in July 2021 suggesting Olympic officials prohibit US athletes from using the digital yuan during the Olympic Games.

 Reports indicated that few foreign athletes went to digital assets during the event, where Visa was also active.

The Olympics would have become the first tangible chance for tourists and Chinese citizens to be aware of the digital yuan; that opportunity vanished when the Chinese government set up restrictions over Olympic spectator numbers.

The media highlighted that at least 11,000 people would get separated from the Chinese population, and foreign visitors and Chinese outside of it would not be able to attend the matches.

By: Jenson Nuñez

Financial Authority Prohibited Crypto ATMs from Conducting Activities within the UK

Jenson Nunez
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0
Financial Authority Prohibited Crypto ATMs from Conducting Activities within the UK

The UK FCA required the immediate closure of all crypto ATMs in the area.

The UK Financial Conduct Authority (FCA) required all cryptocurrency ATM operators in the nation to immediately stop activities with their ATM equipment for consumers if they wish to circumvent possible legal actions against them. The entity highlighted that ATMs must set up registration with the FCA, and none complies with this rule.

This order is a subject of concern for all Bitcoin and other crypto ATMs in the UK. These ATMs got labeled as illicit machines under the UK Money Laundering Regulations (MLR) and the absence of official FCA approval. The financial regulator revealed the information on its website on March 11.

The entity explained that Crypto ATMs serving as crypto-asset services providers in the UK must register and follow the UK Money Laundering Regulations (MLR). None of these crypto businesses complied with this rule, so they no longer can provide crypto ATM services.

The entity showed concern about crypto ATMs operating in the UK and will locate operators to direct machines to get turned off or face further action.

A Particular Case that Led the UK High Court to Make a Decision

The UK High Court recently moved and decided to reject crypto ATM operator Gidiplus’s appeal to keep going with its operational functions, citing an absence of evidence on how GIdiplus would behave to run its business in a more compliant way. On the other hand, the court discusses the operator’s appeal against the FCA because it avoided applying to get their equipment registered.

The FCA highlighted that since they revealed the crypto companies that refused to comply with their registration that may have allowed them to keep running their business, a recent report also revealed that at least 110 are not operating.

81 Active ATMs

According to the information given by Coin ATM Radar, there were at least 81 active ATMs in the UK to date, primarily based in supermarkets and other goods stores. These same establishments have also faced warnings to cease the activities of their devices.

According to that page, there are at least 36,352 ATMs worldwide, with a growth of 36 ATMs daily. More than 32,000 active crypto ATMs carry out their activities in the United States of America.

This new legislation has not been the only procedure regarding digital assets that the FCA has made lately. This month, the FCA reported an investigation applied to at least 50 digital currencies companies and managed to review more than 300 cases linked to crypto.

Likewise, in January, the United Kingdom reported that it would further strengthen its policy on digital assets advertising, primarily to avoid misleading promotions and protect consumers from false encouragements regarding investments and cryptocurrencies in general.

By: Jenson Nuñez.

A PwC Report Calls NFTs “The Future of Digital Assets in Sports”

Audy Castañeda
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A PwC Report Calls NFTs “The Future of Digital Assets in Sports”

The report says that digital assets can fundamentally alter the way fans consume sports and interact with their favorite teams.

Non-fungible tokens, or NFTs, and digital assets are one of the top ten trends within the sports industry, according to the report by consultancy Price Waterhouse Coopers, or PwC, “Sports Outlook 2022 for North America.” From transforming the technology infrastructure of sport to driving fan engagement, the report lists three main use cases for NFTs and their likelihood to shape the future of sport.

First Use Case: Collective NFTs

The first use case is that of collectible NFTs, that is, assets used to sell limited edition, authenticated, collectible digital content. This refers to traditional memorabilia, such as playing cards or ticket stubs from historic matches, which go through a process of digitation, minting, and trade on the Blockchain. The report adds that what could come next is their display and sharing in metaverses.

The “best known” example of a collectible NFT collection is Dapper Labs’ NBA Top Shot. The marketplace tokenizes highlights or “greatest” plays in NBA history and has recently ranked second, behind only the game Axie Infinity, for the most NFT transactions within the Blockchain gaming industry at $827 million in 2021. Another popular example is retired NFL quarterback Tom Brady’s market for NFT collectibles, Autograph, which recently raised $170 million in Series B financing.

Second Use Case: Season Tickets

Season Tickets (STM) are possibly another great use case. Providing season ticket members with tokenized verified passes would elevate the experience of an already loyal fan. STMs used to have access to additional special content and in-stadium experiences could also receive special edition collectible NFTs for the matches they attend. In addition, sponsors could benefit if the teams they sponsor allow them to ensure that customers who lose their physical tickets do not miss any added benefits.

Third Use Case: Virtual Tickets

Lastly, it is likely to find a demand for virtual tickets from fans who prefer to pay more for a virtual experience and are unable to attend matches in person. Described as a new take on season tickets, virtual access tokens could give owners access to more behind-the-scenes benefits, like player cameras, bench cameras, or even virtual locker room access. Some successful football clubs so far with their fan tokens are Paris Saint-Germain and Manchester City, which give fans the right to influence non-strategic decisions on match day, such as what entrance music to play.

PwC explained that ticket sales, media rights, and sponsorship are the biggest current sources of revenue for teams and leagues. The report sees tokenized tickets, media rights in NFTs, and sponsorship of digital events or metaverses driving the growth of the sector, and says that the sale of digital assets could also become a major source of revenue. For this to happen, the report adds, teams, will need a technology stack to connect their new digital sales data with existing customer databases, as well as a strong legal team to handle regulatory and tax implications.

All of these trends are on the rise, especially as partnerships between NFT markets and sports organizations grow. Recently, Solana’s NFT marketplace Magic Eden announced an upcoming collection of NFTs in collaboration with sports entertainment platform Overtime to enhance fan engagement during the 2022 NCAA Men’s Basketball Tournament.

By Audy Castaneda

Bitcoin Derivatives Metrics Reflect Traders’ Neutral Stance, but Anything Can Happen

Audy Castañeda
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Bitcoin Derivatives Metrics Reflect Traders’ Neutral Stance, but Anything Can Happen

BTC price is caught in the middle of a tug of war, as evidenced by the fact that professional traders are equally pricing risky instruments on the upside and downside.

Bitcoin (BTC) last daily close above $45,000 was 66 days ago, but more importantly, the current level of $39,300 was evident on January 7, 2021. The 13-month trading cycles difficulties culminated in the price of BTC reaching $69,000 on November 10, 2021.

It all started with the rejection of VanEck’s proposed BTC spot exchange-traded fund by the United States Securities and Exchange Commission (SEC) on November 12, 2020. Although the decision was largely expected, the regulator was harsh and direct in the fundamentals that support the decision.

Interestingly, almost a year later, on November 10, 2021, the cryptocurrency markets reached an unprecedented market capitalization of US 3.11 trillion, just as US inflation measured by the CPI index reached 6.2%, a maximum of 30 years.

Inflation also had a negative impact on risk markets, as the US Federal Reserve acknowledged on November 30, 2021, that inflation is more than a “transient” problem and hinted that tapering could occur sooner than expected.

Most recently, on March 10, the US Senate approved a $1.5 trillion package, now awaiting President Joe Biden’s signature. The new money is the first budget increase since former President Donald Trump left office.

Professional Traders are Unwilling to Hold Leveraged Long Positions, According to Data

To understand how professional traders, including whales and market makers, position themselves, it is worth looking at Bitcoin future and option market data. The basis indicator measures the difference between long-term future contracts and current cash market levels.

The annualized premium for Bitcoin future should range from 5% to 12% to compensate traders for “locking up” money for two to three months until contract expiration. Levels below 5% are extremely bearish, while figures above 12% indicate they are bullish.

Still, it would not be wrong to assess that an eventual breakout of the $44,500 resistance would catch those investors off guard, creating strong buying activity to cover short positions.

Options Traders Less Concerned about Downside Risk

Bitcoin currently looks quite indecisive near $40,000, making it difficult to discern a direction in the market. The 25% deviation from delta is a telltale sign whenever arbitrage desks and market makers overcharge for upside or downside protection.

If those traders fear a drop in the price of Bitcoin, the slope indicator will move above 10%. On the other hand, the generalized hype reflects a negative inclination of 10%. This is precisely why the metric is known as the fear and greed metric of professional traders.

According to data compiled and graphed by Laevitas.ch, from February 28 to March 8, the tilt indicator ranged between 7% and 11%. While not exactly a sign of fear, these options traders were overcharging for downside protection by a wide margin.

The last three days showed a marked improvement and currently, the 4% incline shows a more balanced situation. From the perspective of the BTC options markets, there is a similar risk of unexpected price swings both up and down.

The mixed data from Bitcoin derivatives offer an interesting opportunity for the bulls. The cheap futures premium offers long leverage opportunities at relatively low cost and downside protection is running at its lowest level in thirty days.

By Audy Castaneda

The Argentine Government Must Explain Its Agreement on Cryptocurrencies with the IMF

Alexander Salazar
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The Argentine Government Must Explain Its Agreement on Cryptocurrencies with the IMF

The technical memorandum the government introduced to the Argentine Congress contains policies that discourage using cryptocurrencies. The executive director of NGO Bitcoin Argentina said that banning crypto assets is not the solution.

Non-government organization (NGO) Bitcoin Argentina requested the government for information on its recent agreement with the International Monetary Fund (IMF). They addressed the request directly to the office of Martín Guzmán, the Minister of Economy.

The NGO referred to a section of the agreement between Argentina and the IMF dealing with policies to discourage the cryptocurrency market. The non-profit association asked Guzmán to explain the government measures regarding the new program with the international credit organization.

The government signed the above agreement in late January but introduced the technical memorandum to the Argentine Congress a few days ago. That made clear that they committed themselves to slow down the cryptocurrency sector.

The document has a section with Strengthening Financial Resilience policies, whose first objective is to discourage using cryptocurrencies. They stated that they sought to prevent money laundering, informality, and disintermediation.

A wave of comments has arisen on social networks due to that controversial statement. Santiago Siri, the founder of Democracy Earth, said the difference in Argentina was between the offline and online generations.

Javier Madariaga, the director of NGO Bitcoin Argentina, highlighted that criminals use more fiat money than cryptocurrencies. In 2021, the executive said that only 0.15 percent of the operations associated with illicit activities involved crypto assets. He also stressed that illegal transactions with physical currencies exceed that figure.

NGO Bitcoin Argentina Considers that Banning Cryptocurrencies Is Not the Solution

Madariaga indicated that the government should coordinate the public and private sectors, not ban cryptocurrencies. He added that they were concerned the authorities discouraged a technology the population adopted massively.

NGO Bitcoin Argentina asked the Minister of Economy for all the documents related to the policies on the cryptocurrency sector agreed with the IMF.

The secretary of Innovation and Digital Transformation of Buenos Aires, Diego Fernández, said the local government does not seek to stop the development of cryptocurrencies. The official believes that users will go from 300 million to 2,000 million users if the industry continues to expand.

The non-profit organization dedicated to promoting the potential of decentralized technologies requested the government to give reasons to discourage cryptocurrencies. They also want the authorities to disclose whether crypto assets were the subject of the negotiation between Argentina and the IMF.

Javier Madariaga stated that NGO Bitcoin Argentina did not request public information to affect the negotiation between the government and the IMF. He explained that they want it to allow the community to learn about the arguments and policies that they want to carry out regarding crypto assets. The director of the non-profit association said they wanted to work alongside the actors that could help the industry grow.

The use of decentralized cryptocurrencies has grown significantly worldwide, and governments are aware of that. Regulators have created laws to control or prohibit their use by citizens, arguing that criminals do illegal activities with them. However, various studies indicate that more fraud cases involve fiat money than crypto assets.

By Alexander Salazar

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