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Crypto Weekly
Bitcoin, Ether, Cardano, and Solana Drop Ahead of Biden's Executive Order - Crypto Market Sheds $100 Billion
Bitcoin, Ethereum, Cardano, and Solana all fell on Thursday after Yahoo! Finance reported President Biden may tighten oversight on cryptocurrencies.
“The President of the United States is expected to issue an executive order next week directing agencies to study cryptocurrencies and a central bank digital currency (CBDC) and formulate a strategy to regulate digital assets,” Yahoo's Jeniffer Schonberger reported.
An executive order will direct a Financial Stability Oversight Council (FSOC) study on CBDCs in light of the ongoing debate. As part of the CBDC system, the Director of the Office of Science and Technology Policy also needs to provide feedback. Numerous state agencies, including the Department of Justice, Homeland Security, the Department of State, and the Department of the Treasury, need to report on the future of money and payment systems as well. The deadlines for the reports have not been set.
President Biden and other legislators have been calling for more stringent crypto laws in the wake of an ongoing —Robert Stone Editor: Crypto Weekly
As part of Thursday's announcements, the FBI commissioned a new crypto unit while the DOJ appointed a top computer crimes prosecutor to deal with growing cases of crypto-related crimes. This is seen as a step in the right direction despite the lack of comprehensive crypto legislation in the U.S.
heated debate over crypto. Bloomberg reported that Treasury Secretary Janet Yellen is at the center of a dispute between Treasury's staff and the White House over delays in signing the executive order (which was supposed to be signed last month). Experts claim that this, combined with the fact that the U.S. is more focused on the Ukrainian dispute, might push the executive order forward.
"There is a lot of talk today about a crypto Executive Order. Jeff Roberts, an executive editor for Decrypt and a lawyer, told me it probably won't drop until early March. "Also, "Executive Order" sounds dramatic, but Biden can't really do too much other than tell agencies to develop policy. The real action will come from the Treasury, OCC, and Fed.
Despite this, traders continue to brace for an increasingly unpredictable regulatory environment, with cryptoassets suffering the most. Following Yahoo’s report, almost $300M liquidations were reported in the last 36 hours.
As of press time, Bitcoin is trading at $40,400 after losing all of its gains from the week, while Ethereum has dropped back below $3,000 and is trading at $2,793. In terms of current performance, Cardano, Solana, and Avalanche are down 3,37 percent, 5,58 percent, and 4,14 percent, respectively.
Robert Stone | Editor
Crypto Weekly
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National Crypto Unit Being Formed by FBI to Seize Bitcoin and Other Cryptos
Reuters reports that the federal government has appointed Eun Young Choi to lead its new national cryptocurrency enforcement division. Choi is an experienced prosecutor of computer crimes. Lisa Monaco, the Deputy Attorney General, announced this at the Munich Cyber Security Conference in Germany on Thursday last week.
He was the lead prosecutor in the case in which a Russian hacker was sentenced to twelve years in prison for stealing personal information from 100 million people at JPMorgan, the Wall Street Journal, and other institutions. In the new cryptocurrency department, he will lead cyber and legal experts in prosecuting accused individuals.
Monaco also said that the FBI would launch a "virtual asset exploitation" unit to investigate suspected crypto crimes and seize virtual assets. Both organizations would work together and collaborate with international investigators to bring crime perpetrators in the blockchain sector to justice.
"The DOJ busted a couple earlier this week for allegedly trying to launder over $4.4 billion in Bitcoins lost during the infamous 2016 Bitfinex hack. As a result of that recovery, crime watchdogs increasingly place crypto-related crimes at the top of their priority lists.
The primary currency used for extortion payments is crypto. The FBI's Cyber Division is the only game in town," Bryan Vorndran, an assistant director, told Bloomberg on Tuesday before stating that the department was giving the crypto sector more attention in the coming months. Following a series of cyberattacks which often result in extortions, such as the one that rocked the U.S. fuel pipeline network and Beef supplier JBS by a notorious Russian group called REvil that often demands a ransom in crypto, Biden and other like-minded leaders have increasingly been calling for a beef-up of scrutiny on the crypto sector.
Despite that, a Wednesday report from leading blockchain data analysis website Chainalysis found that despite various nations recovering and prosecuting suspected crypto criminals, there are still some 4,068 "criminal whales" who have a combined cryptocurrency value of $25 billion. The FBI and DOJ will increase their scrutiny, so it will be fascinating to see how these villains handle the intricate web of snares laid out.
Crypto Weekly
Social Media Influencers are Begging to Cash In on the Metaverse
According to a recent survey, the majority of social media influencers say they are contributing to the virtual world, but they have yet to make money from their efforts. Based on an online survey it conducted in November, Izea, an influencer marketing platform, reported that 56% of US social media influencers participate in the Metaverse. The majority of social media influencers view themselves as creators in the Metaverse, according to Izea. Virtual and augmented-reality headsets can be used to view immersive worlds through the Metaverse, the next generation of the Internet. A number of companies, such as the parent company of Facebook, Meta, and the software giant Microsoft, are preparing spaces that will attract users and advertisers.
According to Izea, social media stars will drive more people to play, shop, and work in the Metaverse in the coming years. 60% of influencers also see themselves as creators in the Metaverse. According to the firm, influencers can do this by hosting virtual events or co-creating and promoting NFTs. Influencers can already make hundreds of thousands of dollars a year promoting brands on popular social media platforms like Instagram. Izea reports that 51% of influencers are considering ways to monetize the Metaverse. However, only 21% have already made money through their virtual businesses.
Still, Wall Street's investment banks have projected huge potential in the Metaverse. Goldman Sachs, for instance, predicts the Metaverse will be worth $8 trillion. Grayscale estimates that Metaverse advertising, hardware, and other components will bring in $1 trillion in revenues annually. What are the preferred payment methods for influencers in the Metaverse when there is so much money to be made? Almost half of them said Bitcoin. One in nine respondents chose Ethereum, followed by one in five who chose "another cryptocurrency."
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Crypto Weekly
PROJECT 1
nigels.io
NIGELS (NIGELS)
NigelsforNigels NigelsBSC
The Nigel token is dedicated to those who have been scammed, or had their rug pulled in the crypto world. The Nigel project was created by ten crypto-enthusiastic friends who were scammed by a scammer they all knew as Nigel. After the carnage, they got together and decided to launch their own legitimate project and name the token after the person who brought them together under those unfortunate circumstances. Although it started out as a joke, the goal of the retributive campaign became to show that dedicated, transparent developers behind a simple and straightforward project can outperform con artists.
Nigel's is a community-driven token that aims to make the crypto space safer due to efforts made as a collective. The BSC space has become ubiquitously known for its scams. The Nigel community believes that the best way to mitigate scams or frauds is to educate new and inexperienced users through engaging content. They all plan to work towards this goal by creating crypto educational media and content and highlighting legitimate crypto projects.
Plans for the Future
Nigels is beginning its media content journey with Radio Nigel's flagship production. Wielding the tools of a digital generation, the initial entry is coming to the podcast space. The first series, Nigelcast, highlights up-and-coming crypto projects and provides an engaging and enlightening experience.
Nigels plans on building an entire ecosystem of content and media with a strong focus on crypto safety education. The team believes that the first line of defense from being a scam victim is to be armed with knowledge.
PROJECT 2
adacash.io
ADAcsh (ADAcash)
adacashtoken adacashbsc
ADACash is the step forward in yield-generating contracts on the Binance Smart Chain (BSC). A revolutionary new token that earns you ADA reflections just for holding. On each transaction 10% is distributed between all holders as CARDANO every 60 minutes dependant on volume.
You receive rewards distributed in ADA rather than token reflections and the contract employs a static reward system. This allows rewards to extend outside of simply holding the coin as would a reflection-based coin operate. ADACash’s Tokenomics:
Token supply of 100,000,000,000,000 ADACash 15% Buy and Sale Tax* • 10% ADA is redistributed among holders • 2% is used to increase the liquidity pool. • 3% is allocated towards funding the marketing wallet. NOTE: you must hold 200,000,000 or more ADACash tokens to be eligible for the ADA dividends.
Crypto Weekly
27
PROJECT 3
xrisecoin.com
XRise
XriseCoin XriseCoin
With volatility as the main antagonist of mass crypto adoption, XRise is bringing a smart contract that offers a substantial amount of certainty to investors. The goal being to minimize risk and loss that all too often, troubles the BSC space. XRise does this by controlling the max sell limit on every transaction, nurturing exponential growth. Purchases carry no upper limit, and laddering out (safely taking profits) is welcomed. If you invest $1,000, and you have a 500% increase, ($5,000), your day 1 withdrawal would be set at your initial investment, plus 10% of your profit, ($1,000+$400). Let’s say day 2 realizes a 200% profit, putting your remaining $3600 from day 1, at $7200. Your day 2 withdrawal limit would be 10% of your total holdings, ($720). As the process continues, investments and holdings continually grow, while sells have a much lesser impact on the chart.
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Initial investment-$1,000 Day 1 (with a 500% increase)-$5,000 Profit-$4000 Day 1 withdrawal limit (Initial investment+10% of profit)=$1400 Remaining balance-$3600 Day 2 (with a 200% increase)-$7200 Day 2 withdrawal limit (10%)-$720
Brought to you by the powerhouse team at FudDoxx, XRise will launch on the Binance Smart Chain on February 28th and are accepting presale allocations on their Telegram channel. FudDoxx will pay out their staking rewards in XRise, adding holders, and continually growing a consistent upward trajectory to the XRise token.
PROJECT 4
FudDoxx Token (FDOX)
FuddoxxToken FudDoxx FudDoxx
Building on security, FudDoxx offers a wide range of services to benefit the entire crypto space. The team has compiled a list of projects that have passed their extensive verification process. FudDoxx offers doxxing services to bridge the gap between investors and developers. The doxxing info received by the team is securely stored for use in the event that a project scams, and is proven as far as possible, then that information would be released to the public and authorities. FudDoxx Audit service goes beyond the detailed analysis of solidity code. Not only tearing apart the smart contracts, but their risk assessment factors in the audited projects vision, team, maturity, funding, and community.
The FudDoxx team has also incorporated a beautiful, userfriendly NFT marketplace in their ecosystem, (see for yourself, FudCoinNFT.com), where you will find everything from pixelated images, audio, video, and unique sports memorabilia NFT's, to name a few. The simple navigation process streamlines buying and selling digital art.
Fuddoxx doesn't stop there!
Swap platform: Complete (Swap.FudDoxx.com) Staking and Farming platform: In development ICO launchpad: In development
With so many avenues for continual success in crypto, FudDoxx truly covers every base with their comprehensive suite of revenue-generating, and security, features.
FudDoxx Token (FDOX) launched on Binance Smart Chain with a total supply of 100 trillion and has 328 holders at the time of writing. A 12% tax is attached to every transaction which breaks down to 7% LP, 3% marketing in BNB, and 2% native reflections.
Crypto Weekly
Crypto Market VIP's Study Possible Effects of U.S. President Biden's Coming "Executive Order”
U.S. President, Joseph Biden, will make the final decision on Bitcoin and other cryptocurrencies with the release of a White House Executive Order (EO) in February. Reports and guidelines from the U.S. Treasury, Congress' finance oversight committee, and the U.S. Federal Reserve are likely to guide Biden's executive order. The Federal Reserve recently released a report backing the establishment of a digital dollar that functions as a regular currency.
The outlook for the U.S. economy has been anything but stable since Biden took office as President in January 2021. In 2021, many expected that the pandemic would have tapered off by that time. However, new forms of the disease kept evolving, making progress difficult. Bitcoin, two spots above the projected 5% inflation line, attracted U.S. investors seeking safe havens from a wobbly dollar. Over the last few years, cryptocurrency investors have contributed close to $600 billion, raising concerns about the government's ability to control monetary policies and currency circulation.
In the absence of cohesion in the definition and scope of digital assets activities, legal loopholes were left unattended and were exploited by the infant crypto companies springing up in the U.S. Two of the top crypto firms in the U.S., Ripple Labs and Terra Luna, are currently involved in a legal dispute with the Securities and Exchange Commission (SEC).
The first time Biden showed any anticrypto dispositions was during the creation of the Infrastructure Bill in July 2021, which aimed to rob all noncompliant crypto exchanges of close to $12 million in taxes. As recently as last month, Biden nominated Sally Omarova, a well-known socialist sympathizer and proponent of deposit nationalization, for the job of U.S. comptroller of currencies.
As a result of such past events, there is concern that the forthcoming EO will introduce more clauses and orders that will prove too stringent and stifle the innovation of cryptocurrency companies. Biden's latest executive order will consist of a brief handbook detailing the roles and responsibilities of various US financial agencies with regard to the fate of Bitcoin and its friends. Also on the horizon is an official statement on the next steps for the development of a US Central Bank Digital Currency --a lofty innovation stifled by bureaucratic bottlenecks.
