fbpx
Connect with us

Bit Coin

Crypto․com CEO Kris Marszalek Accuses Coinmarketcap․com of ‘Arbitrarily Reducing’ Exchange Rankings

Published

on

Crypto․com CEO Kris Marszalek Accuses Coinmarketcap․com of ‘Arbitrarily Reducing’ Exchange Rankings

Crypto․com CEO Kris Marszalek has an issue with coinmarketcap.com’s exchange volume rankings, according to a tweet he published on December 25. Marszalek claimed in his tweet that the popular crypto aggregation website “arbitrarily reduced” the exchange’s ranking.

Crypto․com CEO Complains About Coinmarketcap․com’s Exchange Rankings

A recent tweet stemming from the CEO of Crypto.com’s Kris Marszalek indicates the exchange executive is upset with the web portal coinmarketcap.com. Marszalek claims that Crypto.com’s exchange volumes are being misreported and the trading platform’s ranking was changed to the 14th position on a whim.

“Merry Christmas to [the] team [at] Coinmarketcap who a week after my response to their poorly worded tweet arbitrarily reduced our exchange ranking to 14th,” Marszalek tweeted on Christmas day. “We are 2nd/3rd on Coingecko so you guys know where to look for real and market neutral data,” the exchange CEO added.

According to statistics on coinmarketcap.com, Crypto.com’s exchange ranking is 16th on Sunday. However, Coingecko’s spot exchange metrics indicate that Crypto.com’s ranking is second in terms of trade volume rankings today. 24-hour trade volume from Crypto.com is $2.8 billion, according to Coingecko stats. Meanwhile, coinmarketcap.com (CMC) metrics show Crypto.com’s volume is $1.5 billion and down more than 15%.

Following Marszalek’s tweet, a number of people responded to his claims. The official Baby Doge team said they were having a hard time getting CMC to verify the BABYDOGE supply. Coingecko’s co-founder Bobby Ong thanked Marszalek for his compliment. “Merry Christmas Kris,” Ong replied. “Thanks for all the support. Have a happy holiday with your family.”

A number of other people who responded to Marszalek’s tweet said that it was well understood that the trading platform Binance owns CMC. “CMC is owned by Binance… I’m not surprised,” one person replied to the Crypto.com executive’s tweet. “[I] never use CMC since Binance bought them,” another person responded.

Coinmarketcap․com’s Price Feed Gets Wonky on December 14

The news follows CMC’s issues on December 14, when people were complaining about the site showing price discrepancies. That day, the price of bitcoin (BTC) on CMC was priced at $778 billion per unit and many other coin prices were wrong. CMC addressed the situation in a tweet concerning the price irregularities after getting numerous complaints on social media.

“Following the irregularities we observed on our platform this afternoon,” CMC wrote in response to the complaints, “[and] despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan. Apologies for the inconvenience,” the web portal’s team wrote. Later in the day, CMC jokingly tweeted:

How did it feel to be a trillionaire for a couple [of] hours?

What do you think about the Crypto.com executive’s complaints against CMC’s exchange rankings? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Go to Source

Bit Coin

House members urge US Treasury Secretary to clarify definition of broker in infrastructure law

Published

on

House members urge US Treasury Secretary to clarify definition of broker in infrastructure law

“We must ensure requirements imposed on the digital asset ecosystem are both crafted and implemented in such a way to ensure the United States remains at the forefront of financial innovation,” said the letter to Janet Yellen.

155 Total views

38 Total shares

House members urge US Treasury Secretary to clarify definition of broker in infrastructure law

A bipartisan group of members from the U.S. House of Representatives called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law in November around the definition of “broker.”

In a Wednesday letter, House Financial Services Committee ranking member Patrick McHenry and ten other representatives urged Yellen to reference the Keep Innovation in America Act to “ensure that any future guidance” in the November infrastructure bill would provide “the necessary clarity to the digital asset ecosystem.” In addition to the reporting requirements, the lawmakers said that the Treasury Department should narrow the scope of the information a broker can capture, as it would risk “the creation of an unlevel playing field for transactions in digital assets and those required to provide them.”

— Financial Services GOP (@FinancialCmte) January 27, 2022

According to the House members, the current wording of the law would potentially allow the Treasury to interpret which companies and individuals in the crypto space qualify as a “broker,” creating a burden of reporting information to the government they may not necessarily have. This would seemingly require miners, software developers, transaction validators and node operators to report most digital asset transactions worth more than $10,000 to the Internal Revenue Service.

“As nascent financial technologies develop, we must ensure requirements imposed on the digital asset ecosystem are both crafted and implemented in such a way to ensure the United States remains at the forefront of financial innovation,” said the letter to Yellen. “We believe consistent information reporting on digital asset transactions is necessary. However, it should not prevent these technologies and the ecosystem from continuing to flourish due to unclear regulations that only create uncertainty.”

Related: US Congressman calls for ‘broad, bipartisan consensus’ on important issues of digital asset policy

The appeal to the U.S. Treasury Secretary mirrors that of an December letter from six senators claiming the infrastructure law contains an “overly-broad interpretation” of what a broker is and requesting Yellen provide guidance to correct the perceived error. Senators Rob Portman, Cynthia Lummis, Mike Crapo, Pat Toomey, Mark Warner and Kyrsten Sinema urged Yellen to provide a set of rules clarifying the wording “in an expeditious manner.” Lummis and Senator Ron Wyden also attempted to pass legislation that would have changed the tax reporting requirements to “not apply to individuals developing blockchain technology and wallets” on Nov. 15 when the bill was signed into law by President Biden.

To date, none of the proposed measures clarifying the wording in the law have gotten enough support to enact change. Many lawmakers and crypto advocacy groups have expressed concerns that if the law is implemented as is, it could threaten the United States’ position as a nation encouraging the development of innovative technology.

“Our innovators and entrepreneurs can’t wait,” said McHenry. “Secretary Yellen must provide much-needed clarity so this nascent industry can flourish here in the U.S.”

Go to Source

Continue Reading

Bit Coin

Crypto Biz: Ripple takes the high road, Jan. 20-26

Published

on

Crypto Biz: Ripple takes the high road, Jan. 20-26

Ripple’s ongoing battle with the SEC isn’t stopping the blockchain payments company from carving out a stronger position in the market.

305 Total views

18 Total shares

Crypto Biz: Ripple takes the high road, Jan. 20–26

Blockchain payments company Ripple (XRP) made it abundantly clear this week that it’s not letting its feud with the United States Securities and Exchange Commission (SEC) hold back its business plans. On Wednesday, the company announced it had repurchased all Series C shares that it issued to private investors back in December 2019 — even though a court ruling in 2021 said it didn’t have to.

This week’s Crypto Biz explores Ripple’s share repurchase and provides an overview of the biggest funding stories of the week. We also weigh a new exchange-traded fund (ETF) proposal by Valkyrie that seeks to provide exposure to the Bitcoin (BTC) mining arena. For a more fulsome discussion of this week’s business news, register for the Crypto Biz newsletter below. 

Ripple unveils $200M share repurchase

More than two years after raising $200 million in a Series C funding round, Ripple announced this week that it had repurchased all of the outstanding shares that were issued in the deal. Ripple said the share repurchase reflected the company’s “extremely strong position in the market” and “strong balance sheet.” The buyback also netted the company a whopping $15 billion valuation — all while it continued to fight a $1.38 billion lawsuit filed by the SEC. As Cointelegraph previously reported, Ripple CEO Brad Garlinghouse expects the lawsuit to be resolved sometime in 2022.

RippleNet is much more than cross-border payments – it’s bringing crypto-native services such as liquidity to enterprises. Today, the network has a volume run rate >$10B. Huge props to the team for continuously upping their game & leaning into new capabilities every year. 3/4

— Brad Garlinghouse (@bgarlinghouse) January 26, 2022

Valkyrie files application for new Bitcoin mining ETF

In the absence of a full-fledged Bitcoin spot ETF, investors may be looking for alternative ways to gain exposure to the flagship digital asset. Crypto asset manager Valkyrie recently filed a Bitcoin Miners ETF with the SEC in a bid to provide diversified exposure to companies involved in Bitcoin mining. Valkyrie’s proposed fund would invest at least 80% of its net assets in companies that generate at least 50% of their revenue or profits from BTC mining. 

Related: SEC rejects application for Fidelity’s Wise Origin Bitcoin Trust spot ETF

FTX US valued at $8B following major funding round

It wouldn’t be a Crypto Biz recap without documenting yet another major funding announcement from the world of blockchain. Crypto exchange operator FTX US announced this week that it had closed a $400 million funding round, bringing its total valuation to $8 billion. The funding round is not unlike the $420 million raised by FTX’s global exchange in October 2021. FTX US clearly has big expansion plans in the United States, a country that dominates Bitcoin trading volumes, according to Arcane Research.

FTX US is happy to announce we’ve completed our Series A raise!

Thank you to our partners, many of whom have invested in FTX from the start; to @ramnikarora for managing the round; and to @SBF_FTX for being the reason we’re all here. https://t.co/5rza97DVUY

— Brett Harrison (@Brett_FTXUS) January 26, 2022

Related: Crypto infrastructure firm Fireblocks valued at $8B following $550M raise

BFF II to invest $75M in P2E and Web3 projects

Speaking of major funding news, Blockchain Founders Fund has launched a new venture portfolio that seeks to invest in projects at the intersection of crypto, Web3 and the metaverse. The Blockchain Founders Fund II, also known as BFF II, raised $75 million from various investors, including The Sandbox chief operating officer Sebastien Borget. The venture fund has already invested in 11 projects that include a layer-2 derivatives exchange, play-to-earn games and even a DeFi protocol. In other words, smart money is still investing in the major trends you likely first heard about in 2021. 

Go to Source

Continue Reading

Bit Coin

Axie Infinity devs release governance token for Ronin Blockchain to mixed player response

Published

on

Axie Infinity devs release governance token for Ronin Blockchain to mixed player response

“SLP still on the ground LOL, if this coin stays like that I’m gonna quit Axie man,” said one disgruntled player.

411 Total views

18 Total shares

Axie Infinity devs release governance token for Ronin Blockchain to mixed player response

On Thursday, Sky Mavis, the creator of the monster-battle game, Axie Infinity, released its much-anticipated RON governance token. The token is based on its Ethereum (ETH) sidechain Ronin Network. Its purpose includes paying for transactions on Ronin, staking and participating in community proposals.

According to its developers, Ronin has over 250,000 unique daily active addresses. When ranked by the number of weekly active users, Katana, Ronin’s decentralized exchange (DEX), is the No. 2 largest DEX. In addition, the blockchain surpassed $5 billion in deposited value, with 15% of all nonfungible token (NFT) transactions occurring on the network in 2021. In total, there have been over 2 million Ronin wallet downloads. It is also claimed to be environmentally friendly, with one Bitcoin allegedly using an equivalent amount of energy to close to 700 million Ronin transactions.

But hopes for a smooth launch were offset by complaints from a number of Axie Infinity players.  In Axie Infinity, users are rewarded with an asset called Smooth Love Potion (SLP) for completing tasks. Top users can earn about 1,400 SLPs per day playing Axie Infinity, or 680 SLPs if they join a guild. As a result of the crypto bear market, SLP has dropped from $0.36 in May down to $0.01 in recent weeks. Many players took to Twitter to voice their frustration at Axie Infinity turning their focus into developing RON instead of doing more to prop up the value of SLP.

So hype for your new coin? But non of the devs care about the status of slp lol. Always saying about the Very long journey? So slp will remain downtrend until your pocket is full of your investors money? @AxieLima

— irfanCrkes (@irfan77575082) January 27, 2022

Nevertheless, players may get some respite as 70 million out of an initial circulating supply of 185 million will be given to various community members (including players) for their contributions. At the time of publication, each RON is currently worth 3.30 Tether (USDT) on OKX.

$RON trading is live on @okx!https://t.co/RjpzTHBbHp

— Axie Infinity (@AxieInfinity) January 27, 2022

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Crypto․com CEO Kris Marszalek Accuses Coinmarketcap․com of ‘Arbitrarily Reducing’ Exchange Rankings
a

Market

Trending