Monthly Archives: May 2022

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Durham entrepreneur Ryan Bethencourt, CEO of the plant-based dog food company Wild Earth, has launched a new investment fund focused on "Web3" startups in the Triangle.

Why it matters: Bethencourt believes the Triangle could birth several companies in the cryptocurrency or NFT space in the next two years.

Details: Bethencourt has a long history of launching investment funds, like Sustainable Food Ventures. He will be Layer One's partner, navigating what investments the fund makes.

Yes, but: The fund is launching at a trying time for cryptocurrencies. Much like the stock market, crypto prices have declined this year, with Bitcoin notably falling more than 50% from its high in November 2021.

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A cryptocurrency investment fund has launched in the Triangle - Axios

The price of Shiba Inu (SHIB) has been plummeting for the past five months, and crypto experts say it could fall even further.

It is currently in the same narrow range it experienced in late January and February this year.

At the moment, its biggest problems are a reduction in the number of transactions, a drop in the holder's account, and a pullback in the price of the token.

The cryptocurrency's plummeting performance so far this year has discouraged many investors. However, its vulnerable point is the lack of utility to grow the project

Although Shiba Inu joined Robinhood in April, that was only enough to raise its price nor its trading activity, as it had already been dragging a first quarter of the year with a 70% drop in its transactions recorded in the cryptocurrency.

In March alone, SHIB transactions fell from 329,893 to 216,260 and this had a negative impact on its trading value, which has lost nearly 75% since its all-time high last October.

A report released by Robinhood last month notes that the trading activity among millennials that helped fuel the cryptocurrency boom is drying up.

Moreover, the analysis also reflects that cryptocurrency revenues declined 39%.

Now, one of the main tactics used by cryptocurrency manufacturers to trigger their price is to cause inflation.

In this sense, Shiba Inu is also willing to create shortages and although currently, there are 589,736,561,989,744 SHIB tokens in circulation, various analysts point out that the company could resort to its circulation strategy in an attempt to strengthen its value.

Another point to take into account is that SHIB contemplates the possibility of memecoins entering the metaverse space, as this would also strengthen cryptocurrencies.

The key breakout range for those envisioning an increase in the price of Shiba Inu is a daily close at or above $0.000026.

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Shiba Inu: Why the cryptocurrencys price crashed and what to expect? - Marca English

Sen. Tommy Tuberville, R-Ala., is seen in the U.S. Capitol during a Senate vote on Feb. 10, 2022.

Tom Williams | Cq-roll Call, Inc. | Getty Images

The federal government has no business interfering with the ability of American workers to invest their 401(k) plan savings as they see fit.

Sadly, that's not the Biden administration's view.

The U.S. Department of Labor on March 10 released regulatory guidance in an attempt to bar 401(k) accounts from investing in cryptocurrency, singling out this specific investment type. The guidance came from the Employee Benefits Security Administration a small but powerful agency inside the Labor Department charged by Congress with regulating the $6.2 trillion 401(k) investment industry covering about 91 million American workers.

The Labor Department's guidance threatens to investigate plans that allow participants to select investments in cryptocurrency, including plans with brokerage windows, a tool used by retirement savers to self-select their 401(k) plan investments.

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This policy change is inconsistent with longstanding practice. The Labor Department has long permitted employers to offer brokerage windows as an option to employees who prefer to personally manage the money they worked hard to earn. The agency's new guidance ends this tradition of economic empowerment in favor of big-brother government control.

Additionally, the Labor Department's overreaching guidance seeks to place a massive new regulatory burden on 401(k) plan fiduciaries by requiring them to assess the suitability of investments offered through a brokerage window and to restrict investment options. If a company or financial firm allows their 401(k) investors to choose to invest in cryptocurrency, they will now be at risk for heavy-handed enforcement actions.

Additionally, the guidance was published without announcement, and the agency skirted the notice and public comment process put in place by Congress that agencies are required to follow.

Americans should be able to invest their retirement savings as they choose.

That's why today I am introducing the Financial Freedom Act.

My bill would prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window. Additionally, the act would hold harmless a 401(k) plan's decision-makers who authorize individual retirement savers to self-direct their investment choices using a brokerage window.

The Financial Freedom Act empowers the American retirement saver and preserves the precedent of investment freedom. For decades, 401(k) participants in plans with brokerage windows have been able to buy and sell investments of their choice that freedom to choose is the entire purpose of the brokerage window. The Labor Department should not be able to limit the range or type of investments retirement savers can select.

Today, the Biden administration is targeting cryptocurrency. Which investment class is next?

Whether or not you believe in the long-term economic prospects of cryptocurrency, the choice of what you invest your retirement savings in should be yours not that of the government.

It's clear there is interest in giving retirement savers the option to invest in cryptocurrency. Fidelity, the nation's largest 401(k) provider, recently announced that it will make bitcoin available on its platform. They aren't the first provider to make this move, and likely won't be the last. Sadly, the Labor Department has already criticized these plans to empower investors.

America was built on the idea that we each chart our own destiny. The government-knows-best approach being pushed by the current administration runs counter to the values that made our country the most prosperous nation in history.

By Sen. Tommy Tuberville, R-Ala.

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Op-ed: Cryptocurrency should be allowed in individual retirement plans. That's why I'm introducing the Financial Freedom Act - CNBC

Algorand's ALGO/USD price has decreased 22.91% over the past 24 hours to $0.49, continuing its downward trend over the past week of -34.0%, moving from $0.66 to its current price.

The chart below compares the price movement and volatility for Algorand over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Algorand's trading volume has climbed 12.0% over the past week along with the circulating supply of the coin, which has increased 6.07%. This brings the circulating supply to 6.81 billion, which makes up an estimated 68.11% of its max supply of 10.00 billion. According to our data, the current market cap ranking for ALGO is #30 at $3.33 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Algorand Down More Than 22% Within 24 hours - Benzinga - Benzinga

Over the past 24 hours, Bitcoin Cash's BCH/USD price has fallen 5.49% to $225.62. This continues its negative trend over the past week where it has experienced a 29.0% loss, moving from $286.2 to its current price.

The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Bitcoin Cash's trading volume has climbed 143.0% over the past week along with the circulating supply of the coin, which has increased 5.53%. This brings the circulating supply to 19.06 million, which makes up an estimated 90.76% of its max supply of 21.00 million. According to our data, the current market cap ranking for BCH is #24 at $4.22 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Bitcoin Cash Down More Than 5% Within 24 hours - Benzinga - Benzinga

Fort Lauderdale's iconic arts incubator, ArtServe, now accepts most types of cryptocurrency as payment for donations, art and some events and classes, becoming the first art-based nonprofit in Broward County to do so.

"Blockchain has become a major force in the art world," ArtServe Executive Director Jason Hughes said. "Given South Florida's status as both a hemispheric financial hub and annual home to Art Basel, ArtServe is right on-trend with offering cryptocurrency options."

The move was lauded by Broward County Mayor Mike Udine, who called it "smart" in light of ArtServe's bustling activity and year-around exhibit schedule.

Through a link on ArtServe's website via the Charity Navigator-endorsed Endaoment, donors and those opting to pay with cryptocurrency can use more than 900 types of ERC-20 Ethereum-based tokens. All others can contact Endaoment to make an "over-the-counter" gift or payment with any other type of digital asset.

Endaoment is the first non-profit organization built on the Ethereum blockchain. Ethereum is considered a superior form of blockchain because it not only allows for peer-to-peer payments, but it is also used to create smart contracts that enable a specific output when a specific set of predefined rules is satisfied.

"The art world has recognized the boundless potential behind blockchain in its embrace of NFTs," Broward Cultural Division Director Phil Dunlap said. "ArtServe now leveraging blockchain to support artists in our community is a natural fit."

To view the ArtServe page on Endaoment, click here.

"The great news is that, as property, cryptocurrency donations are now tax deductible in the United States, so cryptocurrency donations to 501(c)3 charities like ArtServe receive the same tax treatment as stock donations," Hughes explained.

To access the ArtServe crypto donor and payment link, click here.

ArtServe is located at 1350 E. Sunrise Boulevard, Ft. Lauderdale, FL 33304. Call (954) 462-8190 or email information@artserve.org.

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ArtServe Becomes First Broward Art Nonprofit To Accept Cryptocurrency - Broadway World

A popular Vancouver venue is using blockchain technology to change the nightlife game.

Ens, located near BC Place in the former Harbour Event Centre, announced that it would be the first venue in Canada to accept cryptocurrency for table services starting on the Victoria Day long weekend in May.

According to Ens CEO Stanley Ho, accepting cryptocurrency is a part of the venues mission of innovation.

Our team has been observing cryptocurrency for a while, and we will be one of the first innovators in the world. We dare to be different, Ho told Daily Hive. Bottle service is essentially a way for you to get your own private section at our venue, so you have a place to sit, drink and have a great time with your friends and others.

Enso will look into ticket payment and merchandise sales in the future when there is further mass adoption for cryptocurrency in the world.

Devax Media/Submitted

Ho reached out to local crypto influencer Mason Versluis for insight on crypto as Ens began planning this update to their payment options.

The Ens Event Centre being the first event space in Canada to accept crypto as a form of payment is very cool and also a very smart move, said Versluis. This shows that they are ahead of the curve and also proves cryptocurrencies can be used as a viable form of payment.

It is a big deal because other event centres may see this and also start accepting crypto, which in turn helps the overall adoption of cryptocurrencies in Canada.

Devax Media/Submitted

The venue has gone through major renovations and upgrades since Ho launched Ens in September 2021. The events centre has two unique spaces: the main room with a brand new arcade area and a trendy whiskey lounge built upstairs.

Ens also boasts state-of-the-art lights, and an LED visual sound system to take upcoming performances by Grammy Award Winner Imanbek or Swedish hardstyle duo Wasted Penguinz to the next level.

Ho, who has been an event producer since the 90s and was a partner of the Harbour Event Centre, is excited for guests to come and experience the space.

Devax Media/Submitted

Going into work every day knowing that I have the opportunity to work with the Neptune Group to produce events, grow artists and work with an amazing team has been a rewarding experience, added Ho.

Ens has also launched its brand new weekly Funktion Fridays hosted by KISS Radio and Daily Hive, with $5 highballs and the best hip hop, EDM and top 40 hits. The events centre will also be announcing its Summer Dreams outdoor series soon.

Ens/Submitted

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Vancouver nightlife destination the first in Canada to accept cryptocurrency | Curated - Daily Hive

Coin Stories Podcast host Natalie Brunell weighs in, arguing that people should recognize the 'the long-term value' of bitcoin.

Bitcoin is trading around $39,000 after gaining 5% on Wednesday, the same day the Fed raised interest rates.

The cryptocurrency has gained in two of the past three days.

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Bitcoin remains down 14% year-to-date.

U.S. stocks soared after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled the economy can avoid a recession.

This past year, stocks and cryptocurrencies have reacted to moves in monetary policy.

Cryptocurrencies have become a hot topic in California.

The state is looking into how to broadly adapt to cryptocurrency and related technologies, following a path laid out by President Biden in March.

Gov. Gavin Newsom signed an executive order Wednesday for California agencies to move in tandem with the federal government to craft regulations for digital currencies.

California Governor Gavin Newsom (AP Photo/Randall Benton)

"Too often government lags behind technological advancements, so were getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive," Newsom said in a statement.

The order also pertains to blockchain technology and how to incorporate its use in state operations.

CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA

Evolving blockchain and cryptocurrency technology "is potentially an explosive creator of new companies and new jobs and new opportunities," said Dee Dee Myers, a senior advisor to Newsom and director of the Governors Office of Business and Economic Development.

"So there are a lot of opportunities," she said. "Theres also a lot of unknowns in the industry and so thats another reason we want to engage early."

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Colorado Gov. Jared Polis says his state will begin accepting cryptocurrency for government services later this year.

The Associated Press contributed to this report.

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Bitcoin trading around $39,000 as California moves to embrace cryptocurrency - Fox Business