Musk Says Tesla’s “Diamond Hands” Will Help Market

Key Takeaways Tesla CEO Elon Musk tweeted that his firm has “diamond hands,” implying that Tesla will not sell its Bitcoin holdings. Musk’s statement comes in the wake of a cryptocurrency market crash that brought Bitcoin prices down to $30,400. Justin Sun of TRON and Michael Saylor of Microstrategy also announced their dedication to holding Bitcoin. Share this article Following today’s cryptocurrency market crash, Tesla CEO Elon Musk has tweeted that his firm has “diamond hands.” Tesla has 💎 🙌 — Elon Musk (@elonmusk) May 19, 2021 Tesla Will Hold…

Celo Hard Fork Adds Interoperability with Solana, Cosmos, NEAR

Key Takeaways Celo has launched its Donut hard fork, which includes the launch of several Celo Improvement Proposals (CIPs). The fork will create interoperable bridges between Celo and other blockchains such as Solana, Cosmos and NEAR. The update will also improve compatability with Ethereum. Share this article Celo’s Donut hard fork went live today, introducing several big improvements to the mobile-centric blockchain. Celo Hard Fork Goes Live Celo has completed its Donut hard fork. The update went live today at block 6,774,000, which happened at around 6:00 PM (UTC). Prior to…

Wells Fargo to Offer Crypto Products to Wealthy Clients

Key Takeaways Wells Fargo Investment Institute has given the U.S. bank the green light to invest in cryptocurrencies. Key strengths of crypto are its low correlation to traditional markets and its supply and demand mechanics, the organization found. Wells Fargo is one of several major banks to adopt the asset class in recent months. Share this article Wells Fargo’s investment arm is in the final stages of creating crypto-related products for rich clients. Crypto Attracting Major Banks Wells Fargo will start offering crypto products to clients, it was announced Wednesday.…

Maple Finance Launches Institutional Loans for DeFi

Key Takeaways Maple Finance is creating an institutional loan marketplace for crypto-native companies. The first nine candidates will receive up to $2 million each. Capital efficiency is a complex problem for DeFi as undercollateralized loans are not possible without some form of KYC. Share this article Maple Finance is building a decentralized marketplace for institutional capital, finally making under-collateralized loans a reality for crypto-native companies. Maple Finance Goes Live Maple Finance is launching a corporate debt marketplace, starting with a $17 million lending pool. The lenders include Blockchain.com and Coinshares,…

Bitcoin Drops Below $40,000, Over 40% off All-Time High

Share this article Bitcoin’s bloody week continues.  Bitcoin in Freefall  Bitcoin is plummeting. The leading crypto briefly dipped as low as $36,350 Wednesday afternoon after days of sell-offs. It’s Bitcoin’s first drop below $40,000 since February.  Bitcoin is currently trading at $38,782, around 40% off its all-time high price. The asset hit a price of $64,804 last month but has been static relative to the rest of the market since then.  Source: TradingView This week, Bitcoin has suffered a significant decline, leading to selloffs across the whole market. It plunged…

Lego and Disney veteran joins digital collectibles platform Terra Virtua

Digital collectibles platform Terra Virtua has tapped branding veteran Pierre Dadd to lead its marketing division, offering yet another example of a high-profile executive transitioning to a blockchain company. Dadd has been hired for the position of marketing director, Terra Virtua announced Wednesday. Dadd has over 20 years of experience in marketing and brand development, making him a strong candidate to spearhead Terra Virtua’s marketing efforts. Dadd’s LinkedIn profile suggests he has been involved with the company since at least April. Prior to accepting the position, he headed his own…

New OCC head requests review of cryptocurrency rules

The United States’ banking regulator, the Office of the Comptroller of the Currency, is set to review cryptocurrency-related rulemaking following Brian Brooks’ departure.  Michael Hsu, the newly-appointed Acting Comptroller of the Currency, has requested a staff review of former OCC rulemaking regarding the crypto industry as part of his testimony before the House Financial Services Committee on Wednesday. In prepared remarks, Hsu asked the OCC staff to review its cryptocurrency-related actions like updating the framework for chartering national banks and trust companies, interpreting crypto custody services as part of the…

Could DeFi-powered banks become an unstoppable force in finance?

For decades, a lack of innovation has stifled the banking sector. We still live in a world where cross-border payments can take several days, and inefficient algorithms deny loans to consumers who can afford to pay them back — all because they don’t fit inelastic requirements that aren’t reflective of the 21st century. It’s been interesting to see how new concepts and key milestones in digitization have been pioneered by so-called “challenger banks.” These institutions, often fronted by fresh-faced financiers who previously worked at old-fashioned institutions, have seen how customers…

BlockFi Mistakenly Sends Users Large Bitcoin Payments

Key Takeaways On Monday, BlockFi mistakenly sent Bitcoin to users instead of stablecoins as part of a rewards promotion. One user reported receiving a payment for 701.4 BTC rather than 701.4 GUSD. The firm has attempted to recover the funds by halting user activities and threatening legal action. Share this article The American crypto lending platform BlockFi made a costly error yesterday when it sent Bitcoin to several customers instead of stablecoins. Recipients have been threatened with legal action if they do not return the assets. Customers Receive Unexpected Payout…

Nearly a quarter of unique Bitcoin wallets at a loss amid $15K price dump

Bitcoin (BTC) is down almost 30% in the last seven days and this dip has triggered an almost commensurate plunge in the percentage of wallets in profit. Data from crypto data provider Glassnode shows that Bitcoin price drawdown has led to almost a quarter of unique on-chain entities being at a loss. This situation also bears some parallels to previous extreme downside price action periods that interrupted bullish advances. Source: Glassnode During the Black Thursday crash of March 2020, unique on-chain entities at a loss also approached the 25% mark…