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Solana (SOL) accounts now available on margin trading platform Evolve Markets

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Solana (SOL) accounts now available on margin trading platform Evolve Markets

Evolve Markets, a crypto-denominated margin trading platform, announced today that Solana (SOL) accounts and deposits are now available on its web trading app and MetaTrader 5.

SOL accounts enable a new, super-fast deposit option for traders. Starting today, traders can deposit in SOL, and trade with SOL denominated trading accounts on any of the crypto, FX, stock, commodity, and index markets supported by Evolve or convert SOL to any of the other cryptos supported.

Solana (SOL) is the sixth-largest cryptocurrency by market cap at the moment and is forthwith available on Evolve Markets alongside BTC, ETH, LTC, and USDT-based accounts.

Evolve offers leverage up to 100x for crypto and stocks, up to 1000x for FX, and up to 500x on commodities and indices.

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Bit Coin

Miami’s Mayor Remains Unfazed by Crypto Crash, Still Receives His Paycheck in Bitcoin

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Miami’s Mayor Remains Unfazed by Crypto Crash, Still Receives His Paycheck in Bitcoin

Despite the tragedy of TerraUSD (UST) de-pegging and the subsequent chaos that plagued the cryptocurrency markets, Miami’s mayor remains resolute in receiving his salary in Bitcoin, but it seems he has other streams of income.

At the World Economic Forum (WEF), Miami Mayor Francis Suarez told attendees of a panel that he was still receiving his paycheck in Bitcoin and has no plans to stop. Suarez’s comments are coming on the heels of plummeting cryptocurrency prices over the last few months with Bitcoin down by over 30% in the last 2 months.

The Mayor told the audience that he remains unperturbed by the mayhem in crypto streets and will continue accepting his salary in Bitcoin. A reason for his cool, calm, and collected nerves is because of his multiple income streams that might serve as a buffer during volatile moments.

“I will note, for the record, that it’s not my only salary,” said Suarez. “It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them.”

Mayor Suarez drew the attention of cryptocurrency enthusiasts last year when he announced that he will begin taking his entire paycheck as Mayor in Bitcoin. Before the announcement, Suarez publicly announced his desire to pay government employees in Bitcoin as part of efforts to improve crypto adoption in the city. 

Making Miami the crypto capital of the U.S. 

Mayor Suarez has been making moves to make Miami a leading crypto hub since his assumption of office. The city has been receptive to cryptocurrency miners, and there have been conversations about allowing citizens to pay bills and taxes with crypto.

“I want us to differentiate ourselves as a crypto capital of the United States or the world,” he said in an interview with Bloomberg.

Suarez has been backing his claim with actions, with the city famously launching MiamiCoin which netted the city over $5.2 million. In November 2021, there were plans for the city to distribute $21 million to Miami’s citizens through the ambitious plans to create a digital wallet for each citizen.

Miami was the center of attention after successfully hosting the Bitcoin 2022 conference. Major players in Bitcoin’s ecosystem like MicroStrategy’s CEO Michael Saylor, ARK Invest CEO Cathie Wood, billionaire Peter Thiel, CEO of Strike Jack Mallers, and others. Nayib Bukele, El Salvador’s pro-Bitcoin president, was scheduled to make an appearance but pulled out due to unforeseen circumstances.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bit Coin

Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’

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Billionaire Investor Ray Dalio Says ‘Cash Is Still Trash’, Prefers ‘Digital Gold Bitcoin’

Billionaire investor and hedge fund manager, Ray Dalio, has reiterated his previous call that “cash is trash”. Dismissing equities as “trashier”, the Bridgewater Associates founder said he preferred “a digital gold like bitcoin” instead.

“Of course, cash is still trash,” Dalio said. “Do you know how fast you’re losing buying power in cash?” He was speaking on CNBC’s Squawk Box during the ongoing World Economic Forum (WEF) meeting in Davos, Switzerland.

“When I say cash is trash, what I mean is all currencies in [relation] to the euro, in relationship to the yen,” he explained. “All of those currencies like in the 1930s will be currencies that will go down in relationship to goods and services.”

Dalio is the founder of the world’s biggest hedge fund firm, Bridgewater Associates, which manages around $223 billion. In January 2020, the 72-year-old American investor advised people to diversify their portfolios by “getting out of cash”, which he called “trash”.

Bitcoin as ‘digital gold’

At Davos, Dalio spoke about a range of issues including stocks, the global economic outlook, and the U.S. central bank’s efforts to combat inflation. He said stock markets had become too crowded, and that compared to cash, “equities are trashier”.

“Everybody is long equities, and everybody wants everything to go up,” said Dalio. “The more they hype it the more it becomes somebody else’s financial asset they’re holding. You can’t have that, so you’re going to have an environment of negative real returns.”

For the billionaire, bitcoin (BTC) is a preferred form of investment at a time of worldwide economic uncertainty. His list of safe-haven assets also includes real estate and precious metals such as gold.

“I think blockchain’s great,” Dalio stated. He touted cryptocurrency’s potential as a fix to what he expects to be a tough year for the U.S. economy, marked by high inflation and a lack of real returns on investments. Continuing, he said:

“But let’s call it a digital gold. I think a digital gold, which would be a bitcoin kind of thing, is something that – probably in the interest of diversification of finding an alternative to gold – has a little spot relative to gold and then relative to other assets.”

Bitcoin’s inflation-hedge credentials under spotlight

Dalio’s comments come against the backdrop of rising disillusionment in the credentials of bitcoin as an inflation-hedge asset. Proponents have argued that bitcoin is a gold-like store of value.

In 2020, many people believed BTC was now poised to transition from a risk-on speculative asset to the crypto market’s version of the metal after its correlation to gold jumped to an all-time high.

But that argument may have started to fall apart with the massive decline in crypto markets this year. Bloomberg data shows that BTC’s correlation to gold dropped to almost zero earlier in January, and as bitcoin prices fell in later months, gold continued to rise.

In April, the 50-day correlation coefficient for BTC and gold was around minus 0.4, the lowest since 2018, Bloomberg said. A reading of 1 implies assets are moving in lockstep, and minus 1 is the reverse.

Crypto markets have become more tied to the stock market instead, particularly to blue-chip technology stocks such as Apple, Amazon, and Microsoft. More than $1.5 trillion has been wiped off the face of crypto markets so far this year.

Dalio forecasts ‘squeeze on demand’

Dalio, the Bridgewater Associates founder, painted a gloomy picture of the global economy in 2022. He expects inflation in the U.S and elsewhere around the world to erode the purchasing power of money, saying:

“We are in an environment that we are now going to ask ‘what is the new money?”

On bonds, he said: “The Federal Reserve is going to sell, individuals are selling, foreigners are selling, and the U.S. government is selling because it has to fund its deficit. So there’s going to be a supply/demand problem, that means that it produces a squeeze.”

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Ethereum

Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

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Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

Summary:

  • Avalanche has submitted an Apecoin Improvement Proposal to the Apecoin DAO to migrate the Otherside metaverse as a subnet on its blockchain.
  • The team at Avalanche points out that the AVAX chain has ‘rapid transaction processing, higher throughput, greater ability to scale and lower gas fees.’
  • Apecoin subnet will have its own customizable Ethereum Virtual Machine (EVM) execution environment.
  • The proposal has elicited mixed reactions from those for it and those who believe moving away from Ethereum is a bad idea.

The team behind Avalanche has followed through with talks of migrating APE to its chain by submitting an Apecoin Improvement Proposal to the Apecoin DAO. The proposal suggests that the Avalanche blockchain is best suited to handle the demands of the Apecoin Otherside Metaverse.

Furthermore, Otherside will be launched as a subnet on Avalanche, as explained below.

The ApeCoin Community needs a blockchain that can ensure Otherside is a smooth, low-fee experience driven by the APE token.

Avalanche Subnets deliver the necessary speed, security, low fees, and customizability for the ApeCoin community to future-proof its infrastructure for its millions of community members. Ava Labs team will provide technical support and expertise to ensure a seamless transition.

An Apecoin Subnet on Avalanche Would Dramatically Increase Speed and Reduce Gas Fees

In addition, the AIP to migrate Apecoin to Avalanche reiterates that an Avalanche subnet would dramatically increase the speed of the metaverse while at the same time reducing gas fees and avoiding scenarios of very high transaction costs, such as those witnessed during the OtherDeed mint.

Apecoin Subnet to Have its Own Customizable Ethereum Virtual Machine (EVM) Executing Environment

The team at Avalanche goes on to explain that the ApeCoin subnet could have its own customizable Ethereum Virtual Machine (EVM) execution environment ‘which will allow developers to easily deploy metaverse assets, games, marketplaces and more.’

Avalanche AIP To Migrate Apecoin Elicits Mixed Reactions from the BAYC and Apecoin Communities

Avalanche’s proposal to migrate Apecoin to a subnet on its blockchain has gathered mixed reactions from the Bored Ape Yacht Club and APE communities.

Some community members believe such a migration would be ideal for the Otherside metaverse, while others suggest that a move to an Ethereum layer 2 chain makes more sense. Below is a sample of some of the responses.

In the proposal, everyone except for one guy is stating the obvious: it’s a bad idea, nobody wants to move their liquidity off Ethereum, and rollups are superior – by @Swagtimus on Twitter.

I disagree. We should not move out of Ethereum ever. We should search for an L2 solution on Ethereum. – by monomesa on the Apecoin Forum.

An $APE powered subnet makes a lot of sense…A subnet comes with affordable fees, high throughput, and rapid development, plus funding and tech support from Ava Labs. It’s too smart. – by punk2513 on the Apecoin Forum.

The proposal will kill the project. – by ASEC on the Apecoin Forum

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