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US Senator Wendy Rogers Introduces Bill To Accept Bitcoin As A Legal Tender In State Of Arizona

Jakkk
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US Senator Wendy Rogers Introduces Bill To Accept Bitcoin As A Legal Tender In State Of Arizona

After El Salvador, could the US state of Arizona become the following territory to make Bitcoin legal tender?



Senator Wendy Rogers, a Republican, has introduced a new Senate Bill which would make Bitcoin a legal tender across the Grand Canyon State.

The bill, SB 1341, seeks to amend the list of accepted legal tender to include bitcoin, which means the cryptocurrency would be accepted for paying a debt, public charges, taxes, and other dues.

Since taking office last year, Wendy Rogers has been quite controversial, particularly involving conspiracy theories on many subjects. Rogers has ties to the anti-government group Oath Keepers and praised conspiracy theory group QAnon.

The US Constitution, an obstacle to the adoption of Bitcoin (BTC)?

Indeed, a provision of the US Constitution Article I, Section 8, Clause 5 ‘Coinage Power‘ explicitly excludes the possibility for a State of the United States to adopt any currency as legal tender other than the US dollar.

The Coinage Clause is worded as follows: “The power to coin money and regulate the value thereof has been broadly construed to authorize regulation of every phase of the subject of currency. Congress may charter banks and endow them with the right to issue circulating notes, and it may restrain the circulation of notes not issued under its authority.”

In other words, only the United States Congress can decide which currency may or may not be legal tender in the country. Even if the Senate of Arizona adopts Bitcoin as legal tender, this adoption would only be symbolic. It will not be possible to accept payments in BTC, taxes, etc., unless and until congress approve it.

Main Reasons Why JPMorgan Lowered Its Long-Term Bitcoin Price Target Of $150,000 To $38,000

Albert Brown
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Main Reasons Why JPMorgan Lowered Its Long-Term Bitcoin Price Target Of $150,000 To $38,000

Institution interest in Bitcoin is decreasing because of high volatility in Bitcoin prices.



Maintaining high volatility is limiting institutional adoption of bitcoin, JPMorgan noted. Business Insider writes that JP Morgan lowered its long-term BTC prediction from $150,000 to $38,000.

“Our previous projection that the bitcoin to gold volatility ratio will fall to around 2x later this year seems unrealistic. Our fair value for bitcoin based on a volatility ratio of bitcoin to gold of around 4x would be 1/4th of $150,000, or $38,000.”

JPMorgan specialists noted that the current 50% pullback from the all-time high in November highlighted the nature of the boom-bust cycle (The boom and bust cycle describes alternating phases of economic growth and decline typically found in modern capitalist economies.), which is an obstacle for institutions to add BTC to their portfolio.

JPMorgan’s prior $150,000 target assumed convergence of bitcoin volatility to that of gold, and equalization of bitcoin allocations to that of gold in investor portfolios. The latest wave of selling in Bitcoin cast doubt on its diversification properties, as BTC went in tandem with the decline in the stock market, analysts added.

“The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” JPMorgan said.

JPMorgan did not rule out a further decline in bitcoin prices amid no signs of the capitulation of buyers.

“The open interest across futures contracts and the amount of bitcoin or ether held on exchanges, are pointing to the less panicky or abrupt unwinding of positions than last May in particular with respect to larger crypto investors. In turn, this implies that this month’s corrections look less like capitulation relative to last May,”

Over 322 Million Shiba Inu Tokens Taken Out of Circulation Last Week, With 57M SHIB Burned On Sunday

Zabi
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Over 322 Million Shiba Inu Tokens Taken Out of Circulation Last Week, With 57M SHIB Burned On Sunday

Over 322 million Shiba Inu burned in the last seven days and over 57 million in the previous 24 hours.



The Shiba Inu’s (SHIB) community is said to be the finest community in the crypto world and nowadays seems to be busy burning SHIB tokens by sending the tokens to a dead wallet to drive the price up to sustain it the long term.

The recent Etherscan data reveals that the SHIB Community has been able to destroy a massive number of Shiba Inu (SHIB) tokens this week, i.e., more than 322 million tokens have been taken out of circulation with 52 transactions. In comparison, over 57 million SHIB tokens have been burned on Sunday alone.

The exact number of SHIB tokens that have been burned during the last seven days is 322,633,272, (322M), whereas, on Sunday, precisely 57,084,421 (57M)

The official Twitter handles of Shibburn verified the burn details via tweet and told its followers that exactly 57,084,421 SHIB tokens had been burned on Sunday alone with nine transactions, whereas 322,633,272 SHIB tokens have been sent to dead wallet during the last week with 52 transactions.

The Community interest in burning seems to increase day after day following the recent valuable developments in play in the SHIB ecosystem.

According to the team, the developments like Shiberse, Shibarium, etc., are expected to happen soon or in 2022. Even though these all developments seem bullish for the Shiba Inu (SHIB) token and are expected to take the SHIB token to its new heights. The current massive circulating supply of 549 Trillion tokens might hinder the price growth further.

Knowing this fact, the SHIB community is committed to burning and wants to take as many tokens out of circulation they can at these lower prices.

Besides this massive burning in play, the recent WhaleStats data reveals that the total ETH Whales’ holding now surpassed 2 billion dollars and currently stands at $2,806,528,218.

12 Decentralized Exchanges Set To Launch On The Cardano Network

Albert Brown
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12 Decentralized Exchanges Set To Launch On The Cardano Network

Following the launch of smart contracts on Cardano five months ago, the network seems all set to achieve more feats in the coming months.



Aside from the several smart contracts being deployed on Cardano, the blockchain is gradually becoming a home for decentralized exchanges (DEXs). 

At the moment, a few decentralized exchanges like SundaeSwap and ADAX have already gone live on Cardano, but more DEXs are eyeing to also launch on the blockchain mainnet. 

More DEXs are looking to run on the Cadano blockchain because the network is currently one of the less congested in the cryptosphere compared to others like Solana and Ethereum. 

That said, let’s highlight five decentralized exchanges that are looking forward to making their debut on the Cardano mainnet in the coming months. 

1) ADA Finance

ADA Finance is the first DeFi Ecosystem on the Cardano blockchain that introduces affiliate incentives and brings transparency by utilizing decentralized price feeds to execute liquidations for margin traders on ADAFi Swap. Every action on ADA Finance is performed on the Cardano blockchain, and audited by a number of its partners.

2) AdaSwap 

The AdaSwap exchange is developed on the Cardano infrastructure. AdaSwap, when it is finally deployed on the network, will function as an automated market-maker (AMM) providing a unique decentralized and non-custodial market-making solution for liquidity providers. 

The project will utilize its Free Finance Model (FFM), which is poised to revolutionize not only decentralized finance (DeFi), but the global finance industry in general. 

AdaSwap also has its native cryptocurrency dubbed the AdaSwap Token (ASW).  Since the token was launched on the Cardano blockchain, it can be interchanged with other crypto assets on the network. 

Other AdaSwap offerings include a non-fungible token (NFT) marketplace and a decentralized autonomous organization (DAO), among others. 

3) DOEX 

DOEX is built on the Cardano blockchain infrastructure and will allow users to exchange Cardano-based cryptocurrencies for one another. 

DOEX is focused on taking the decentralized exchange business to the next-level via the use of outstanding features such as single liquidity pool, trade routing, instant price-feed mechanism, automatic babel fees for stake pool operations (SPOs), transparency, etc. 

4) Cardax 

With Cardax, traders can exchange any Cardano-based asset for another in a few clicks. Cardax users can also implement liquidity-aware automatic pricing using the project’s automated market maker (AMM) protocol. 

Aside from the numerous benefits that come from using Cardax, people who join the liquidity provider program will earn the project’s native cryptocurrency dubbed the CDX tokens. 

Cardax has also developed an algorithmic solution that solves the problem of concurrency on the Cardano network.  

5) Ardana 

Ardana is an all-in-one stablecoin hub that is powered by the Cardano blockchain. The platform can be used for borrowing as well as an exchange. Using the borrowing feature allows users to borrow stablecoins against their locked Cardano-based assets. 

The exchange, named Danaswap, allows users to mint, trade, and stake stablecoins on low slippage while providing low-risk benefits for liquidity providers. 

6) ByronDex 

Overseen by some of the top professionals in the cryptocurrency industry, ByronDex is a decentralized exchange that is developed on the Cardano blockchain. 

ByronDex uses the order book pattern that is common among centralized exchanges. The developers have also integrated other centralized exchanges’ features to the platform such as stop loss, limit, stop market, and other common types of orders. 

You can choose to become a trader, a liquidity provider, or a performer on the ByronDex platform depending on what function excites you.


7) Matrixswap

Matrixswap is a decentralized virtual-AMM-based perpetual swaps trading protocol deployed on the Polkadot and the Cardano and Polygon [Ethereum Layer 2] blockchain. Unlike traditional AMMs, users can long or short any assets’ perpetual contracts with up to 25x leverage. While most decentralized derivative trading platforms face liquidity concerns, the Matrixswap vAMM offers infinite on-chain liquidity.

Matrixswap also offers a DEX aggregator that features multi-token swaps, allowing users to batch several tokens under one transaction. Matrixswap aims to be a fully community-owned and governed Defi protocol in the long run.

8) Minswap

Minswap is a multi-pool decentralized exchange on the Cardano blockchain. Users can swap tokens with minimal cost, minimal time, and maximal convenience via Minswap.

Minswap aims to bring an innovative multi-model asset pool decentralized exchange to the Cardano blockchain. It aims to be the best liquidity provider on the market by integrating the best asset pool models from across the DEX ecosystem into one protocol. The combination of stable pools, multi-asset pools, and concentrated liquidity will benefit both traders and liquidity providers.

Minswap offers a different approach, for instance, see the features highlighted in our Whitepaper such as multi-function liquidity pools, multi-pool routing, functioning as an on-chain price oracle, or automatic babel fees redemption. It also focuses more on building instead of fundraising.

9) MuesliSwap DEX

On November 26, 2021, MuesliSwap successfully launched a decentralized exchange on Cardano mainnet, making it the first among many competitors to leap into this new era of DeFi on Cardano.

With MuesliSwap, a novel approach for modeling and implementing a DEX on Cardano is proposed by revisiting the traditional order book model. The exchange protocol draws from game-theoretic concepts and distinguishes itself from alternatives through simplicity, modularity, self-regulation, and full decentralization, thus paving the way for MuesliSwap to become the first operational DEX on Cardano.

10) Ray Network

Ray Network is an advanced ecosystem for the Cardano blockchain platform. Their goal is to create the best multifunctional DeFi ecosystem for Cardano blockchain. XRAY is a governance token that powers Ray Network ecosystem.

This is well positioned for community-led growth, development, and self-sustainability token. Ray Network is an advanced open-source ecosystem for the Cardano blockchain platform. It includes a light wallet with many features such as: sending and receiving funds, DeFi swap, NFT marketplace, staking center, and others.

11) MeowSwap

MeowSwap combines a proprietary L2 scaling technology in conjunction with our DEX to offer the only working trading solution running on Cardano mainnet.

The DEX utilizes Cardano’s main chain to store deposits in a trustless way and log all deposits and withdrawals while L2 Nodes take the computational load on managing the exchange operations, liquidity pool managements transactions, and all data transactions.

12) OccamX

OccamX aims to become the leading DEX for Cardano Native Tokens by providing superior trade execution and a list of financial services. While having key crypto assets available on the platform, the goal of OccamX is to become the principal trading platform for decentralized spot and derivative trading.

The OccamX DEX is designed to be an integrated system, larger, more efficient, more liquid and fairer than its predecessors. The DEX will be powered by a more holistic governance model. The aforementioned holistic and elaborate governance layer will increase the amount of ‘good’ liquidity flowing towards the protocol.

Increasing 157% Compared To Last Month, NFTs Trading Volume Surpassed $6.86B In January

Mark Brennan
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Increasing 157% Compared To Last Month, NFTs Trading Volume Surpassed $6.86B In January

According to data from the Block, In January 2022, the trading volume of non-fungible tokens (NFTs) topped $6.86 billion, making a new all-time high.



More than half (61.4%) of the trading volume came from the OpenSea NFT marketplace — $4.21 billion. On January 17, the platform’s trading volume exceeded $3.5 billion for a single day.

LooksRare took second place, launched on January 10 in the hope of providing an alternative to OpenSeaa and with the help of the so-called “vampire attack.” The developers distributed the native LOOKS token among OpenSea users.

Compared to December 2021, the trading volume in non-fungible tokens in January increased by 157%. The trading volume in 2021 touched $14.2 billion.

 

 

Earlier, Nicolas Poire, vice president of video game developer and publisher Ubisoft, spoke about the company’s reaction to the sharp criticism by players of the introduction of non-fungible tokens. saying video game fans “are not getting what a digital secondary market can bring.” “

“Right now, given the current situation and context of NFTs, players really think that they are destroying the planet first, and secondly an instrument of speculation, The end game is all about giving players the opportunity to resell their items once they’re done with it, or when they’ve finished playing the game itself.”

Recall Justin Bieber bought an NFT from the Bored Ape Yacht Club collection for 500 ETH. Also, World Top Footballer Neymar Jr Bought Two NFTs For $1.1M For His Twitter Profile Picture.

SHIB Adoption Growing, A User Was Able To Buy Food On His Local Beach By Spending Just 158,000 Shiba Inu Coins

Mark Brennan
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SHIB Adoption Growing, A User Was Able To Buy Food On His Local Beach By Spending Just 158,000 Shiba Inu Coins

Payment for food with Shiba Inu on a Brazilian beach shows that SHIB adoption is accelerating worldwide.


A TikToker and Youtuber was walking along the beach when he decided to buy a snack. He ended up finding a tent that accepted cryptocurrencies as payment, so he chose to pay with the famous Shiba Inu meme coin (SHIB).

The experience was narrated by Brazilian TikToker and Youtuber Erick Rocha, with more than 88 thousand subscribers on YouTube. The channel focus on sharing information about investments, including cryptocurrencies.

The TickToker bought his food on the beach by paying 158,000 Shiba coins; Erick published his story on Tik Tok, showing that he was walking along the beach when he came across a stall that accepted cryptocurrencies.

@erick_srocha

Paguei $158 mil em criptomoedas#cripto#criptomoedas #bitcoinbrasil #nft

♬ She Share Story (for Vlog) – 山口夕依

According to him, the tent accepted Bitcoin and Shiba Inu as a means of payment. “I was walking on the beach when I found this little stall that accepts Shiba Inu and Bitcoin.”

Upon seeing the symbols of Bitcoin and Shiba Inu, the Rocha checked if the means of payment with cryptocurrencies was true, so he ordered two snacks and paid for his feast with Shiba Inu.

Rocha took the chance to talk about cryptocurrencies with the stall owner. According to the YouTuber, the seller said that he considers it crucial to work with cryptocurrencies, as this means of payment is easy for customers.

After Sending Ethereum to Wrapped Ether, A User Loses Over $500,000 Forever

Mark Brennan
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After Sending Ethereum to Wrapped Ether, A User Loses Over $500,000 Forever

Losing $100 or $200 hurts, but what about losing $500,000??



In today’s crypto industry, a single coin is present on different blockchains; for example, the most popular stable coin, Tether (USDT), is currently available on more than seven blockchains, so users need to be especially careful when selecting appropriate blockchains while transferring coins. If you send tokens to the wrong address, you can lose them forever,

An Ethereum user has made a similar mistake and Lost over $500,000 worth of Ethereum.

The user basubadelmevt shared his mistake and experience on Ethereum Subreddit so that that community can learn something from his mistake. Basubadelmevt mistakenly sent a massive sum of ETH to Wrapped Ether’s (WETH) contract.

Basubadelmevt wrote a post with Title, “Did I just lose half a million dollars.”

“Sent ETH to WETH contract and got WETH back (after some googling, I found this is how the contract works). I assumed it works the same way backward and sent WETH back to the contract. No ETH back. You have to use a frontend to get the ETH back. ETH lost forever.

Replying to a comment, basubadelmevt said:

“Thanks, strangers. I am happy to see lots of kind-hearted people in the comments and chat. This is a significant amount of money for anyone to lose, and it was the case for me as well. I was under the stress of some other things in my life and made a bigger mistake by making assumptions in this wild early technology. But, I will be OK.

He further wrote that it was a life-changing lesson for him

“ I am also sorry that this was a negative event for the perception of cryptocurrencies. The last thing I would want in this world is A life-changing lesson for me, but definitely, something to work on as a community as well.”

The crypto community laboriously reacted to the user’s loss; one user said that there should be a solution for such mistakes if crypto wants to become mainstream:

“Losing a half-million dollars worth of crypto by mistake is something that needs to be addressed before crypto can become mainstream. When it’s this easy to lose everything, there’s no way your grandma is going to be using it.”

Another user said that there has to be some different when dealing with private keys and smart contract addresses:

“Dealing with private keys and smart contract addresses directly is some pretty low-level sh.t, let’s be honest. Mainstream crypto adoption means smart wallets + social recovery + intuitive UIs and (for better or worse) third-party custodian solutions. There’s no way this kind of irreversible mistake will be possible for the average person unless they go out of their way to do it.”

Qubit Increase Bounty To Hacker From $1 Million to $2 Million

Mark Brennan
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Qubit Increase Bounty To Hacker From $1 Million to $2 Million

Qubit a DeFi platform is hacked at around 5PM ET on the evening of January 27th and lost $80 Million. Qubit is now offering $2 Million Bounty price and requested hacker to return $80 Million.


Qubit is using it’s Twitter to communicate with hacker but so far, no success. Qubit users have lost $80 million as hackers exploited a protocol and send all funds to their wallets. Qubit initially tweeted and encouraged hacker to reach out to them. Qubit promise an undisclosed bounty price and no legal action against hacker. None of their efforts bring a fruitful result.


In an appeal Qubit requested hacker to return $80 million and to think about all the people who are affected by this. Then on January 29th, Qubit tweeted following:

 

This tweet didn’t receive a very welcoming response from Qubit users. Majority of Qubit users are furious over this hack. One user tweeted, that Qubit should have frozen the exploiter wallet when there was time.

A couple of hours ago Qubit increase bounty price to record equaling high of $2 million. Qubit finance team stated: “We have secured funds to be able to pay a bounty of $2,000,000 in line with historically high Polygon bounty and our total limit without prosecution. We continue to work with security firms throughout the ecosystem and independently to resolve this exploit. The entire Qubit community is hopeful you will do the right thing and accept the offer”.

In our opinion Qubit hacker should accept this offer. Otherwise it would affect thousands of innocent people who trusted DeFi and crypto.

 

Spanish Authorities Raided An Illegal Crypto Farm and Seized Equipment Worth $50,000

Albert Brown
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Spanish Authorities Raided An Illegal Crypto Farm and Seized Equipment Worth $50,000

Image Source

An illegal crypto farm was operating in Santiponce, a town in the province of Seville, Spain. Authorities seized 21 Bitcoin ASIC miners and $50,000 worth of mining equipment.


Bitcoin mining is completely legal in Spain, if run according to the law. Police in Santiponce was investigating illegal Marijuana farms. Police had a suspicion that there is an illegal Marijuana farm operating in an undisclosed location. Police raided the farm and instead of Marijuana plants they discovered graphic card manufactured by EVGA, RTX 30 series mining crypto.

Further investigation brings to light that this crypto mining farm was stealing electricity. Making an income of $2700 per month. Authorities have now seized all the mining equipment and closed this illegal crypto farm. Authorities have speed up the investigation to find the criminals running this illegal farm. This farm is in early stages of operation and hence doesn’t cause much damage in form of electricity theft.

BTC Now Above $38K But -44.39% From ATH, Will It Cross $40K Resistance?

Mark Brennan
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BTC Now Above $38K But -44.39% From ATH, Will It Cross $40K Resistance?

BTC is now above $38K and is holding above $38K for past 12 hours.


BTC faces a very strong resistance at $40K. With few positive news coming this week, it is highly likely that BTC will be above $40K. However, bears are hard to defeat at this time. BTC is on the move as its price has increased 7.20% in past 7 days and at time of writing it is trading for $38,065 recovering from lows of $35,000. BTC past 24 hours trading volume is over $17 Billion. BTC price is down now -44.39% from ATH of $68,789.63

BTC dominance on the other hand is decreasing from 44.11% to 41.6% since October 2021. Bitcoin Fear and Greed Index is now on 29, which is “fear” instead of “extreme fear” a few days ago.

Daily RSI shows BTC is oversold in the market and is currently trying to break above the 30% level. BTC will be in accumulation zone, which will show a short term price hike.

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