Crypto News Headlines (13-Sep-2022)

Bitcoin (BTC) jumped to a three-week high early on Tuesday, tracking continued weakness in the U.S. dollar. However, it may be too early for BTC devotees to throw caution to the wind as some investment banks expect the greenback to regain its mojo soon.

The leading cryptocurrency rose to $22,600 during Asian trading hours, the highest since Aug. 19, representing a 21% gain in seven days, according to CoinDesk data.

The dollar index, which tracks the greenback’s value against major fiat currencies, was trading lower at around 108. The index peaked above 110 last week as the European Central Bank rate hike put a floor under the euro and inflation expectations fell, offering relief to risk assets, including bitcoin.

“We see the current market moves to be largely driven by the pullback in the dollar index as well as position unwinds ahead of the Ethereum Merge,” founder and CEO of quant-driven trading firm TDX Strategies,Dick Lo said.

A luxury hotel based in Dubai, Palazzo Versace, recently said it would allow guests to pay for services offered at its premises using cryptocurrency. As stated in a Business Traveller report, starting on September 7, guests staying at Palazzo Versace Dubai are able to settle their respective hotel bills using bitcoin, ethereum, and binance coin (BNB).

According to the report, Binance, one of the world’s largest crypto exchange platforms, is the luxury hotel’s “cryptocurrency infrastructure provider.” Besides allowing guests to use crypto when paying for dining, stays and spa experiences, the hotel will also accept crypto payments from guests using its e-commerce platforms to buy gift vouchers and items in the flower shop.

By accepting crypto, Palazzo Versace Dubai joins the growing list of businesses operating in the country that have embraced cryptocurrency.

SOL, Solana’s native token, jumped from $35.2 to $38.87 early Tuesday morning. It has since retraced to $38.27 at press time. 

Solana is a speedy, proof-of-stake (PoS) blockchain network that allows many of the same operations as Ethereum, including decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

The most recent bullish action is supported by a massive increase in trading volume. Over the past 24 hours, CoinMarketCap reports a rise of 93.74% across Binance, FTX, Coinbase, and Kucoin. The most popular trading pair is the U.S. dollar or its stablecoin equivalents.

The Algorand Foundation has disclosed that it has invested $35 million in USD coin (USDC) in the beleaguered crypto lender Hodlnaut.

The cryptocurrency lending firm had paused its withdrawals earlier last month.Algorand is a blockchain infrastructure which has embedded smart contract functionality.

The Foundation is a non-profit community organisation that has focused its efforts on the development of the Algorand ecosystem.

It supports the blockchain and also oversees its overall development.

According to a statement provided by Algorand on its website, it supposedly mentions that these funds make up less than 3% of its total assets.

Having said that, it clarified that the investment will not result in any “operational or liquidity crisis” for Algorand Foundation.

The announcement was displayed on the Algorand Foundation website some days ago, where the foundation stated that it is “pursuing all legal remedies to maximise asset recovery.”

American teen comedy Mean Girls (2004) may soon be making a Web3 comeback, with recent trademark filings by Paramount Pictures revealing plans to expand the brand into “crypto-collectibles.”

According to tweets shared by licensed trademark attorney Mike Kondoudis, Paramount Pictures filed two trademark applications on Sept. 7 for the early 2000s teen comedy starring former Disney actress Lindsay Lohan.

The trademark applications cover “downloadable multimedia files containing artwork” which are authenticated by nonfungible tokens (NFTs), as well as “downloadable virtual goods” including crypto-collectibles and NFTs.

The application also covers transferring and accessing crypto-collectibles, NFTs, and “application tokens.”

Mean Girls is a 2004 teen comedy film that later developed a significant cult following, spawning countless fan-made memes and reaction GIFs. It’s considered one of the most quotable movies of all time and has even led to a national Mean Girls Day every year on Oct 3.

Hong Kong’s HashKey Capital Limited said it can now manage portfolios invested 100% in crypto after securing a Type 9 asset management license from the Securities and Futures Commission (SFC) of Hong Kong.

The company is one of a handful of licensed virtual asset managers in Hong Kong, including Huobi and MaiCapital Limited, according to SFC’s records.

“This Type 9 license uplift reinforces our commitment to fostering and advancing the blockchain community in Hong Kong and across Asia,” HashKey Group Chairman Dr. Xiao Feng said in the press release.

Earlier this year, HashKey Group raised a $360 million new blockchain fund; it has invested in prominent projects from the Polkadot blockchain to decentralized exchange dYdX.

According to a new Coingecko study seeking to determine the countries most interested in the Ethereum (ETH) Merge event, Singapore tops the list “with a total search score of 377.” The country was found to have the highest search levels for the phrases “Ethereum Merge,” “ETH Classic,” and “Ethereum” worldwide.

Canada and Switzerland are tied in second place with a score of 286. As per the study’s findings, while Switzerland mostly searched for “ETH” and “ETH Merge,” Canada, on the other hand, scored the highest in terms of “ETH POW,” the acronym for the ethereum proof-of-work consensus mechanism.

The research study, which was carried out between July 1 and September 4, 2022, also found that Germany, the U.S., and Turkey have the “highest search levels for the term Ethereum POW.” The Netherlands and Australia rank “third and fourth in search levels for ETH Merge.”

The study also found that among the top eight countries, PoW-related searches are 169% higher than PoS searches. On the other hand, “ETH” searches are 40% more than “Ethereum Classic” or “ETH Classic” searches.

Opera Crypto Browser, a Web3-focused browser built to work with a variety of decentralized apps (dApps), now supports third-party wallets such as MetaMask.

The upgrade, which the Oslo-based company describes as “one of the most significant updates since its genesis,” comes in the run-up to Ethereum’s transition from the proof-of-work (PoW) consensus algorithm to a less energy-intensive proof-of-stake (PoS) model, which is expected to occur later this week.

“The upcoming merge is the most important technological update in the history of crypto that will move Ethereum from proof-of-work to proof-of-stake, thus making it more scalable, secure, sustainable, and ready to be used by the mainstream user,” Susie Batt, Crypto Ecosystem Lead at Opera, said in an announcement shared with Decrypt.

According to Batt, Opera Crypto Browser “is the only browser truly ready for this shift and the only one offering web users all the tools they need to give Web3 a try in a safe environment.”

The California-based cryptocurrency exchange Abra plans to form two financial institutions, called Abra Bank and Abra International.

The former will provide digital asset services to American customers and businesses, while the latter will expand outside the States.

Abra Sets up Banks With Crypto Focus

In a recent announcement, the company revealed that Abra Bank will become the first regulated bank in the USA upon its launch in 2023, allowing American-based clients to employ cryptocurrencies and access global fiat on and off ramps. Abra International will provide the same options for users outside the States and should see the light of day by the end of 2022.

“We believe that for Abra, this is a defining moment that brings us closer to our mission to make financial independence and well-being accessible to everyone, everywhere,” the firm said.

The exchange assured that the establishment of the financial institutions will comply with necessary regulatory guidelines. It will also ensure maximum security and transparency for its clients.

Russian Prime Minister Mikhail Mishustin on Tuesday officially instructed the government to come to a consensus regarding crypto regulation in Russia by Dec. 19, 2022.

The prime minister specifically called on the Duma and other state authorities to come up with coordinated policies on regulating the issuance and circulation of digital currencies in Russia. Mishustin also asked regulators to finalize regulations for cryptocurrency mining and cross-border transactions in digital currencies.

The official stressed that the upcoming draft crypto regulations should be aligned with the Russian Finance Ministry, the central bank, Anti-Money Laundering authority Rosfinmonitoring, the Federal Tax Service and the Federal Security Service.

The latest news brings yet another official confirmation that Russia has been growing increasingly serious about the possibility of cryptocurrencies for cross-border transactions.