Coinbase Pro is at the forefront of the crypto app explosion amid the surging popularity of digital asset trading platforms. 

Compiling a list of the fastest-growing finance apps based on data from intelligence platform Apptopia, Business Insider reveals that Coinbase Pro is second to none in terms of popularity after witnessing a 318.85% increase in downloads in the second week of September. 

The trading app of US-based crypto exchange Coinbase is followed by Voyager, a mobile broker that supports trading of over 60 altcoins. Voyager downloads saw a 232.73% surge during the same time period. 

The fourth fastest-growing finance app on the list is Binance. The number of downloads for the smartphone platform of the global crypto exchange rose over 120%, according to Business Insider.

eToro is the 12th finance app with the highest increase in downloads (91.66%) for the second week of September. Coinbase’s standard crypto wallet and sales platform, which rose by 65.71%, takes the 20th spot. 

At number 23 is CoinMarketCap as downloads of the crypto monitoring app rose over 63%. The app for digital asset payment platform Crypto.com is also rising in popularity with a 60.94% increase in downloads, grabbing the 26th slot. 

You can look at the full list here.

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Veteran trader Tone Vays says Bitcoin is now in the process of targeting $100,000 within the coming months.

In a new strategy session, Vays predicts a repeat of Bitcoin’s sizeable rally from late July to early September where BTC surged from $32,000 to $52,000.

Based on his trademark momentum reversal indicator (MRI), the seasoned crypto trader expects strong rallies for BTC before hitting resistance just above all-time highs around $68,000.

“I’m probably going to expect a repeat of this situation, and if we make a repeat of that situation, that takes us right into a new all-time high at $68,000 or maybe a little bit less. We will probably have significant resistance at the MRI resistance line and after getting stuck there, probably into November, maybe as late as mid-November, I then expect a huge breakout from this area $(68,000) into the $100,000 area into end of year or through the end of year into January-February. Either way, these are my targets. I remain very bullish right now.”

Vays says he sees Bitcoin threatening to take out its all-time highs potentially early next month before making a parabolic move into the six-figure price range by the time 2022 rolls around. He posits that BTC could explode in October the same way it did in 2013.

“Just like before, in early October or mid-October, I expect us to start challenging the prior all-time highs and then a huge run-up at the end of the year. Like mid-October into late December, I’m expecting us to go from that $65,000 all the way to $100,000. That is still my target.”

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Input Output Hong Kong (IOHK) says it’s developing a layer-2 upgrade for Cardano’s blockchain after the crypto’s mainnet was updated last week.

Cardano founder Charles Hoskinson tells his 690,000 followers that a new venture called “Hydra” is in development on the new Alonzo hard fork to improve aspects of scalability and storage.

David Orr of IOHK explains that while they plan to improve Cardano fees in order to balance user costs, stake pool operator rewards and network security, they likely won’t be low enough for “real world use cases,” which is what Hydra intends to address.

“Hydra is a layer-2 scalability solution that seeks to address these concerns by providing more efficient means of processing transaction off-chain for a set of users while using the main chain as a secure settlement layer… 

Hydra maximizes throughput, minimizes latency, incurring low-to-no cost, and greatly reduces storage requirements.”

Orr says that Hydra can lower the barrier to entry for customers wanting to build things on the Cardano network like wallets or applications.

IOHK says that Hydra could make transactions on Cardano’s blockchain take less than one second to complete.

“Terms like ‘one million TPS (transactions per second)’ have been used before. It is a bold number, and while this remains as an aspirational target, the ultimate goal of any system is the flexibility to grow capability with demand… In principle, by adding increasing numbers of Hydra heads to the system, arbitrarily high throughput can be achieved by the system as a whole.”

ADA is trading at $2.38 at time of writing, according to CoinGecko.

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Crypto strategist and trader Jason Pizzino says he’s keeping a close watch on Polkadot (DOT), Avalanche (AVAX) and two more crypto assets as the altcoin markets continue to flash signs of strength.

In a new strategy session, Pizzino tells his 210,000 YouTube subscribers that he expects interoperable blockchain Polkadot to continue surging to around $50 after a brief cooldown period.

“One, we want to see consolidation for the move up or two, back [to $28], consolidate, and then the move up. They’re the options that I’m looking for for a positive outcome for a DOT trade.” 

Looking at smart contract platform Avalanche, Pizzino says that he’s waiting for AVAX to consolidate before igniting the next leg up.

“If we get the correction lower into previous zones ($45), then it just means that we’re going to need more time in a consolidation period before we can take off again… You want to see the consolidation before the next move. Get in on that breakout. That is a stronger-looking cryptocurrency.”

Next up is Cosmos (ATOM), a crypto asset powering an ecosystem of blockchains designed to scale and interoperate with each other. According to the crypto strategist, he wants to see ATOM trade between $30 and $37 before resuming its price expansion.

“If we get that nice consolidation, give us some rest period, then we take off again. We’re looking sweet. That’s exactly what we want to see.”

The last coin on the trader’s radar is automated market maker SushiSwap (SUSHI). Pizzino says SUSHI must stay above crucial levels to sustain its uptrend.

“This is in a reasonable setup, provided we hold these levels, so around $14. Of course, I don’t want to see it go lower than $12 and at the very worst, this level here, which is at about $9.50 because that is your higher lows… If the lows start to breakdown, then that is considered a downtrend.”

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Crypto trader and YouTube influencer Lark Davis says Bitcoin (BTC) just confirmed a massive bullish signal.

In a new video, Davis tells his 432,000 YouTube subscribers that Bitcoin just flashed “golden cross,” a technical event seen by many traders as a sign for rallies to come.

“It’s happened. It’s official. It is confirmed. We’ve got a golden cross on Bitcoin. That is, of course, the crossing over of the 50-day moving average of the 200-day moving average. This is definitely nice to see.”

Davis also looks at the history of golden crosses in Bitcoin to see whether the event is a reliable bullish indicator. According to the crypto trader, the last time BTC confirmed one in May 2020, it saw a rally of 700%.

Davis says another golden cross in April 2019 witnessed BTC surge 200%, while one in September 2015 started a “non-stop mega bull rally” that pushed the top crypto’s price go up from $300 all the way to $20,000.

The trader also looks at BTC’s first golden cross in February 2012 where the leading cryptocurrency rallied by over 22,000% in the ensuing months.

However, Davis notes that a golden cross does not necessarily guarantee upward momentum as one that formed in March 2020 two weeks before the Covid-19 pandemic ended up being a false signal.

“You couldn’t have called that in TA (technical analysis)… [Covid] was an unexpected macro-event that drove the price down, so this golden cross ended up not fulfilling a massive rally, but that’s because of an external event that happened.”

Davis adds that another golden cross happened in July 2014, which he concedes was short-lived as BTC’s price plummeted from around $600 to roughly $150.

“We had a little tiny blip of a golden cross come in. That one resulted in a short-lived bit of enthusiasm for the market, followed by what was a 75% crash in the price of Bitcoin.”

BTC is currently trading at $48,435 at time of writing, a 25% increase from its seven-day low of $38,578, according to CoinGecko.

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Cryptocurrency trader and YouTube influencer Lark Davis says Ethereum (ETH) is poised for a 190% rally en route to hitting a five-figure price.

In a new video, Davis tells his 431,000 YouTube subscribers that the second-largest crypto asset by market cap is preparing to appreciate to above $10,000 based on key fundamental factors.

Davis says one of the reasons why Ethereum is set to more than double in price is its falling supply in exchanges.

According to Davis, the supply of the leading smart contract platform in exchanges is in a strong downtrend over the past year as holders either lock their Ethereum in decentralized finance (DeFi) protocols or use their ETH to buy non-fungible tokens (NFTs).

With the supply mechanics working as they are, it’s only a matter of time before the Ethereum supply crisis ends up jacking up the price in a serious way.”

Davis also cites a tweet by blockchain intelligence platform IntoTheBlock, which says that the net amount of Ethereum exiting crypto exchanges recently reached a new record high.

“The net amount of Ethereum leaving exchanges just hit a new record. Over $1.2 billion worth of Ethereum left centralized exchanges yesterday. That is a mind-blowing number.”

The crypto trader adds that when Ethereum worth over a billion dollars previously left centralized exchanges, the price of the second-largest crypto rose by double-digit percentage points within around four weeks.

“And what’s interesting, as IntoTheBlock points out, the last time that a billion dollars or more of Ethereum left centralized exchanges, Ethereum increased by 60% within 30 days.”

Davis also says cites research by blockchain analytics firm Glassnode, which shows that a huge chunk of Ethereum’s supply has not moved within the last 90 days.

“87% of Ethereum supply has not moved on-chain for three months or longer. 87% of the supply! That is insanity”

The crypto trader says that the lack of movement is an indication that Ethereum holders are “waiting for higher prices,” driven by among other factors, the burning of Ethereum transaction fees.

“People are holding for higher prices, they’re not selling below the previous all-time high. They know a new all-time high is coming. They know price discovery’s coming. They’re watching and seeing what is happening economically with Ethereum right now. They’re seeing how much, for example, Ethereum is being burned at the moment…

We have now had $1.1 billion worth of Ethereum burned away – 309,500 Ethereum at the time recording this video.”

Davis also says the proliferation of scaling solutions, known as layer-2 protocols, is also bullish for the second-largest crypto asset as they boost demand for Ethereum.

“We’re also seeing Ethereum layer-2s taking off now. In order to use Ethereum layer-2, you need to have Ethereum. Plain and simple. You have to have ETH to pay the gas fees on Ethereum layer-2.”

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Two US states are filing legal actions against a cryptocurrency lending company they claim is selling unregistered securities.

Texas and New Jersey are taking legal measures against London-based Celsius Network (CEL) for allegedly raising funds through sales of unregistered products.

New Jersey is issuing a cease and desist order for unlawful sales of “interest-earning cryptocurrency products,” forcing the network to stop offering those products in the state. According to the statement, Celsius is partly funding its crypto lending and trading operations through the sale of securities that are allegedly in violation of the New Jersey Securities Law.

Texas is filing a notice for a hearing next year to determine if it should also issue a cease and desist order against Celsius for illegally selling “cryptocurrency interest-earning accounts.”

Texas’ filing means CEL will have to show why they shouldn’t be compelled to stop offering securities to state residents. The hearing is scheduled for February 14th, 2022.

New Jersey’s decision comes after the state issued a similar order in July against BlockFi, another crypto lending platform. Acting Attorney General of New Jersey Andrew Bruck says other crypto lending companies operating in the state should take note of the trend.

“Financial companies operating in the cryptocurrency marketplace are on notice… if you sell securities in New Jersey, you need to comply with New Jersey’s investor protection laws. Companies dealing in cryptocurrencies are not immune from oversight.”

CEL is trading at $5.38 at time of writing, down over 20% from its 30-day high of $6.49, according to CoinMarketCap.

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A prominent Canadian politician representing a party running in the country’s current federal election has spoken out in support of Bitcoin (BTC).

Maxime Bernier of the populist, right-wing People’s Party of Canada (PPC) tells his 156,100 Twitter followers he likes crypto because he’s dissatisfied with the current central banking system.

“Many people are asking if I support Bitcoin and cryptos. Of course, I do! I hate how central banks are destroying our money and economy. I’m more of an old-fashioned gold & silver fan, but cryptos are another new and innovative way to counter this that should be encouraged.”

Bernier is a former member of Parliament for the Conservative Party and has served as a minister in various positions. He left the Conservatives and launched the PPC in 2018.

Recent polls place the PPC in fifth place with 6.3% of the vote, behind the Bloc Québécois, the New Democratic Party, the Conservative Party and the Liberal Party, according to CBC News. The election is scheduled for this Monday, September 20th.

Bernier acknowledges that either Liberal Party or Conservative Party will win the election.

Canadians will elect a minority government on Monday, whether it’s headed by the LibCons or the ConLibs.

The only important question is: Will there be any real opposition to the authoritarian, big government consensus?

YOU NEED THE PPC’S VOICE IN OTTAWA

— Maxime Bernier (@MaximeBernier) September 17, 2021

Cryptocurrencies are not legal tender in Canada, but unlike the US, the country has enabled Bitcoin exchange-traded funds (ETFs)

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Ethereum (ETH) is moving off centralized exchanges at a record rate, according to the blockchain analytics firm IntoTheBlock.

IntoTheBlock says on Twitter that $1.2 billion worth of ETH left centralized exchanges on Wednesday. The firm also notes that the last time ETH’s exchange outflows exceeded $1 billion, Ethereum’s value skyrocketed within one month.

“[The] last time $1 billion+ left CEXs (centralized exchanges), Ethereum increased by 60% within 30 days.

The second-biggest crypto by market cap is trading at $3,437.61 at time of writing, down 3.7% in the last 24 hours. However, the leading smart contract platform is up over 13% in the past 30 days, according to CoinGecko.

IntoTheBlock also highlights that Ethereum is demonstrating a high correlation with the Nasdaq stock market index, suggesting that ETH comes with higher risks and higher rewards.

“Ethereum appears to be priced as a risk-on bet. ETH has shown a high correlation to the Nasdaq, which tends to be linked with higher potential/risk investments.”

The blockchain analytics firm adds Bitcoin (BTC), by contrast, has a high correlation with the Dow Jones Industrial Average (DJIA) and gold. A score closer to one suggests a high correlation between two assets.

“[BTC] has moved surprisingly close to the DJIA with a correlation of 0.74 Also, worth mentioning its high 0.64 correlation to gold.”

Bitcoin is trading at $47,289.30 at time of writing and is down more than 4% in the past two weeks, though it’s up by more than 6% in the past month.

IntoTheBlock also says that the Bitcoin network has come alive after recording the largest daily BTC transaction in over 24 months, suggesting that institutional activity is on the rise.

“Large transactions on Bitcoin reached over 10 million BTC in a day for the first time in over two years.

Institutional activity appears to be in an uptrend.”

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Coinbase is making due on its promise to accelerate the listing of new assets by expanding full trading support to yet another cryptocurrency.

The exchange now enables customers to buy, sell and hold the native asset for Horizen (ZEN), an interoperable blockchain ecosystem, via Coinbase.com and its mobile apps.

Coinbase Pro listed ZEN on Wednesday. The crypto asset is trading at $94.46 at time of writing and is up nearly 8% on the week, according to CoinGecko.

Coinbase’s CEO Brian Armstrong said this summer that the exchange was hustling to list as many altcoins as possible.

It has recently added support for the Rari Governance Token (RGT), XYO Network (XYO), DerivaDAO (DDX), DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), Wrapped Luna (WLUNA), Harvest Finance (FARM), Fetch.ai (FET), Paxos Standard (PAX), Polymath Network (POLY), Clover Finance (CLV), Mask Network (MASK), Rally (RLY), BarnBridge (BOND), Livepeer (LPT), Quant (QNT), Braintrust (BTRST) and Shiba Inu (SHIB).

Coinbase has also said it is considering adding support for these cryptos:

• Aragon (ANT)
• Arweave (AR)
• Ampleforth (AMPL)
• Helium (HNT)
• Hedera Hashgraph (HBAR)
• Kava.io (KAVA)
• Ocean Protocol (OCEAN)
• Reserve Rights (RSR)
• tBTC (TBTC)
• Theta Network (THETA)
• UMA (UMA)
• DigiByte (DGB)
• Render Token (RNDR)
• Siacoin (SC)
• VeChain (VET)

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Major global payments firm PayPal UK just launched crypto trading services for all of its eligible customers, giving them access to four top cryptocurrencies.

On Friday, the company announced that all eligible PayPal UK users will now be able to buy, sell and hold Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.

— PayPal UK (@PayPalUK) September 17, 2021

The company began rolling out the new payments service for UK clients at the beginning of the week of August 23rd. 

The completion of the rollout marks the first international expansion of the company’s cryptocurrency offerings outside of the US.

Jose Fernandez da Ponte, vice president and general manager of PayPal’s blockchain and crypto division, says that the Covid-19 pandemic has accelerated the shift into digital innovation, opening up the opportunity for PayPal to get involved with digital payments.

“The pandemic has accelerated digital change and innovation across all aspects of our lives – including the digitization of money and greater consumer adoption of digital financial services. 

Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. 

We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support – and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

Earlier this year Paypal started the “Checkout with Crypto” feature – enabling customers in the US to use their cryptocurrency as a payment option in their wallet.

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Widely followed crypto trader and analyst Michaël van de Poppe is mapping out the price levels to watch for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).

In a new market update, Van de Poppe tells his 127,000 YouTube subscribers that Bitcoin recently reclaimed a key price area, indicating that Bitcoin is gearing up for a fresh rally. 

“Yesterday, we’ve had a beautiful retest, so price broke back above the range ($47,000-$50,000), and we’ve actually retested the levels that I wanted ($47,000), and that’s very normal to be having at this stage in which we get some consolidation going on the Bitcoin markets…

So for me, this entire region between $46,000-$47,000 is very crucial to watch, through which as long as we stay above it, we could be seeing continuation towards the range highs, which is $50,000, and then I am assuming we are going to get some sideways action, through which altcoins will be doing absolutely great. And once we break above $50,000, I think Bitcoin will be grinding all the way back up towards a new all-time high.”

Taking a look at Ethereum (ETH), Van de Poppe says he wants to see the $3,400 level hold as support before moving towards new highs.

“This is the level I’m looking at, which is very similar to the Bitcoin level between $46,000-$47,000. If this holds and we see we are reversing the trend at this stage with Ethereum, I think we are going to have continuation towards the range high, which is around $3,840 towards 4,000.”

Against Bitcoin, the trader notes that ETH has been consolidating below the 0.077 BTC level ($3,630). The crypto trader says he’s looking for the ETH/BTC to find support at 0.072 BTC ($3,394).

“So the critical level for Ethereum to watch is this entire region that we have around 0.072 BTC ($3,394), and if that holds I think we’re going to have new highs relatively soon.”

Finally, Van de Poppe highlights Cardano (ADA). The crypto strategist says that despite Cardano’s lackluster performance over the past week, he’s expecting further upside after it establishes a new support level following the launch of smart contracts on the blockchain.

“As long as Cardano is going to stay above that level of $1.90, I think it’s going to continue moving. Right now, it’s just finding a new equilibrium after the fact that we had the smart contracts launched, and that is usually going with a slight corrective move before we’re going to have a continuation.”

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The CEO of business analytics software firm MicroStrategy, Michael Saylor, says Bitcoin is in a class of its own compared to other crypto assets.

In a new Bloomberg interview, Saylor says Bitcoin is in a league of its own as he separates all crypto assets into three distinct categories.

“In the market, there are three things – there’s the blue-chip asset, the institutional-grade asset which is Bitcoin. And if you want to buy something and hold it for 30 years, in lieu of a bond or a little of cash or other forms of credit, then Bitcoin is that commodity. Store of value. It’s in a class all by itself.

Then you have unicorns. You have the Solanas and the Binance Smart Chains and the Ethereums. And they’re like the Airbnbs and the Ubers of this space, and there are sparks. And there’s a lot of money, and there’s a lot of risks. And if you’re Softbank, maybe you would get into those kinds of businesses. And we don’t know how those stories end.

And then you’ve got the smaller crypto ventures, right. The 6,000 projects out there that are looking for some future. And I think they’re all competing in a world where there’s some murkiness about what’s appropriate, what’s not.

MicroStrategy, obviously, only invests in Bitcoin. I think if you’re an institutional investor, the only institutional-grade asset, the only investable asset you can invest in is Bitcoin.”

Earlier this week, MicroStrategy announced that it added 5,050 BTC to its coffers, worth $240 million. The business analytics software firm has the largest Bitcoin holdings among publicly listed companies to the tune of 114,042 BTC, worth $5.44 billion at time of writing.

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An Ethereum competitor has surged nearly 60%, hitting its all-time high this week, even while the majority of other crypto projects have moved sideways on the price charts.

The smart contract platform Avalanche (AVAX) is trading at $65.02 at time of writing, having achieved an all-time high of $68.34 at one point on Thursday, according to CoinGecko.

The Avalanche Foundation also announced on Thursday that it had completed a $230 million private token sale to a slew of blockchain asset investment firms, crypto hedge funds, angel investors, and family offices, including Polychain Capital and Three Arrows Capital.

The foundation plans to allocate this money into expanding decentralized finance (DeFi), enterprise applications, and other use cases on the Avalanche public blockchain. The sale was completed in June.

According to Avalanche Foundation director Emin Gün Sirer,

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers.

The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

Recent research from the early-stage venture capital firm Outlier Ventures indicates that Avalanche has demonstrated explosive growth in terms of developer activity during the past year.

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Coinbase CEO Brian Armstrong is detailing a new list of predictions for Bitcoin and the cryptocurrency industry at large.

Armstrong says he believes a billionaire Bitcoin “flippening” is coming that will boost science, tech, and charitable causes in the years ahead.

Writing in the Coinbase Blog, Armstrong says,

“Olaf Carlson-Wee and Balaji Srinivasan estimate that at a price of $200,000 per Bitcoin, more than half the world’s billionaires will be from cryptocurrency. Whether you think this is a good thing or a bad thing, it means there will be more pro-technology people with access to large amounts of capital in the 2020s.

Presumably, this will increase the amount of investment made in science and technology, and I think we’ll see more crypto folks turn to philanthropy.”

The crypto exchange head also makes several other predictions about where he sees the digital asset space going in the coming years. Key insights include:

• “Governments and institutions will move into the cryptocurrency space in a big way” by creating central bank digital currencies (CBDCs).
• Privacy concerns will mirror how the internet moved from HTTP to secure HTTPS gateway protocols.
• Marketplaces will mature while decentralized finance (DeFi) grows independently.

Armstrong notes an important pivot away from speculation toward useful applications in people’s everyday lives.

“By shifting cryptocurrency from being primarily about trading and speculation to being about real-world utility, the 2020s will see a huge increase in the number of people holding and using cryptocurrency, and start to really move the needle on global economic freedom.”

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US crypto exchange Coinbase is seeking membership with the National Futures Association (NFA) amid proposed plans to expand its customer offerings.

The company says it is pushing to offer futures and derivatives trading on its platforms.

In an interview with The Scoop podcast, head of institutional sales Brett Tejpaul said that Coinbase is already working on the formation of a derivatives market as part of a roadmap to attract more clients.

Coinbase tells its 3.3 million followers on Twitter that it has already filed an application with the NFA, the self-regulatory organization for the US derivatives industry, to register as a Futures Commission Merchant (FCM). 

Today, Coinbase filed an application with the NFA to register as an FCM → Futures Commission Merchant.

This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms.

Goal: Further grow the cryptoeconomy.

— Coinbase (@coinbase) September 15, 2021

The function of an FCM is to solicit or accept orders to buy or sell futures contracts or options on futures. Entities that engage in these services need to be designated as a Forex Dealer Member and must be a member of the NFA.

The move comes on the heels of Coinbase raising $2 billion dollars as a debt offering in order to bolster its balance sheet and invest for general corporate purposes.

At time of writing, Coinbase is still listed as a pending NFA member.

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The Biden administration plans to counter the use of cryptocurrencies during ransomware attacks by imposing sanctions.

The U.S. Department of the Treasury plans to hit unnamed targets with sanctions as soon as next week, rather than disabling entire sections of the blockchain infrastructure where fraud is suspected to occur, according to the Wall Street Journal.

The department also plans to release a new set of guidelines advising businesses about the risks involved in making ransomware payments.

At a White House briefing earlier this month, Deputy National Security Advisor for Cyber and Emerging Technologies Anne Neuberger said that Americans and businesses must take active steps to prevent being victimized, even as the state rolls out regulations.

“We continue to see successful attacks occurring against vulnerabilities for which there are patches, so we want to use the opportunity of this pressroom and the attention that it gets to ask Americans, to ask organizations, to [take] the steps they need to… be safe online, even as the government focuses on its efforts.”

In July, the Biden administration announced it would more rigorously trace crypto payments made to hackers after major meat supplier JBS and Colonial Pipeline were scammed out of millions of dollars.

These regulatory actions come on the heels of a poll that showed most American cryptocurrency owners suport government regulation as a means to combat ransomware attacks.

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Audrey Strauss, the US Attorney for the Southern District of New York, announced that Australian national Stefan He Qin, founder of two New York-based cryptocurrency hedge funds, was sentenced to prison for 90 months.

Qin is the founder of Virgil Sigma Fund LP and the VQR Multistrategy Fund LP (VQR). The two crypto hedge funds claim to have a combined $100 million in investments.

On February 4th, 2021, Qin pleaded guilty to one count of securities fraud, which led to this week’s sentencing.

In an official report from the Southern District of New York, US Attorney Strauss says that Qin’s schemes were used to embezzle funds and make under-the-table investments with clients, leaving his investors short $54,793,000.

“According to Stefan He Qin, founder of Virgil Sigma and VQR, a pair of cryptocurrency hedge funds in New York, Virgil had a stated market strategy of ‘market-neutral,’ safe investments. Qin’s investors soon discovered that his strategies weren’t much more than a disguised means for him to embezzle and make unauthorized investments with client funds. 

When faced with redemption requests he couldn’t fulfill, Qin doubled down on his scheme by attempting to plunder funds from VQR to satisfy his victim investors’ demands. Qin’s brazen and wide-ranging scheme left his beleaguered investors in the lurch for over $54 million, and he has now been handed the appropriately lengthy sentence of over seven years in federal prison.”  

Instead of investing the fund’s assets into its arbitrage trading strategy as advertised, Qin embezzled investor capital under Virgil Sigma to pay for personal expenses like food and rent, make unauthorized investments outside of the crypto industry, as well as invest in cryptocurrencies not included as pat of the fund’s defined strategy.

Qin reportedly lied to the fund’s investors about the value, location, and status of their investment capital.

Eventually, Qin’s lies and manipulation left him unable to meet redemption requests from the Virgil Sigma fund, and he ordered VQR to wind down its trading positions while using the extra capital to pay off the redemptions.

In addition to serving seven-and-a-half years behind bars, Qin was also sentenced to three years of supervised release, and ordered to forfeit the $54,793,532 that was stolen from investors.

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Blockchain network Cardano (ADA) says it’s preparing to launch its own decentralized finance (DeFi) platform after completing a crucial mainnet upgrade last week.

The recent rollout of ADA’s Alonzo hard fork brought smart contract functionality to the blockchain, giving Cardano developers their first crack at launching DeFi platforms, decentralized applications (DApps), and non-fungible tokens (NFTs) on the network.

The altcoin’s commercial branch, EMURGO, is partnering with Shenzhen-based tech firm Blockchain 4A to create a new venture called Astarter, which seeks to improve the lives of the financially underprivileged.

Chief executive officer of EMURGO Ken Kodama says,

“DeFi has been gaining traction very rapidly over the past year, as it can provide more accessible financial services to many people that have been underserved by the current financial system.

A wider range of services promotes financial inclusion and social cohesion, especially in areas lacking in traditional financial services.

Astarter is a step towards leveraging Cardano’s research-driven blockchain as a platform to build important decentralized financial infrastructure that can be used by anyone.”

Asarter plans to release its initial decentralized exchange offering (IDO) by the end of the year, followed by the integration of decentralized borrowing and lending.

Cardano is currently trading at $2.39 at time of writing, a decrease of 13% from its seven-day high of $2.76, according to CoinGecko.

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European Central Bank (ECB) president Christine Lagarde is drawing a hard line between crypto assets and traditional currencies.

In a new interview on the David Rubenstein show, Lagarde lays out why she believes the word “cryptocurrency” is a misnomer.

“Cryptos are not currencies – full stop. Cryptos are are highly speculative assets that claim their fame as currency, but they are not.

I think we have to distinguish between cryptos that are highly speculative, suspicious occasionally, and high-intensity in terms of energy usage. Assets, but not a currency.”

Bitcoin’s actual environmental impact is a hotly debated subject, with a recent report from the Bitcoin Mining Council (BMC) stating that in the second quarter of 2021, the use of sustainable energy for Bitcoin mining rose above the 50% barrier.

“The global mining industry’s sustainable electricity mix had grown to approximately 56%, making it one of the most sustainable industries globally.”

In addition, many altcoins are energy-efficient, although their level of decentralization varies. TRG Datacenters compiled a list of what it considers to be the most environmentally friendly crypto assets, with IOTA, XRP, and Chia at the top.

As far as suspicious activity in crypto is concerned, in its latest overview on the real-world use of crypto among bad actors, blockchain analytics firm Chainalysis finds that crypto-related crime dropped to 0.34% of total transaction volume in 2020, down from 2.1% in 2019.

Despite Lagarde’s criticisms of the overall crypto space, she acknowledges that the rise of stablecoins and consumer demand are prompting central banks to formally enter the digital asset space.

“You have those stablecoins that are beginning to proliferate… which are a different animal and need to be regulated, where there is oversight which corresponds to the business that they are actually conducting.

And in all that, you have the central banks who are prompted by the demands of customers to do something that will make the central bank and central bank currencies fit for the century we are in. Which is why we are now all looking at CBDCs, central bank digital currencies.

So that instead of having banknotes and cash in our pockets or in our wallets, we can have exactly the same thing but in a digital form. We want customers to have their preference. If they still want to hold those banknotes and cash, fine.”

Back in February, Lagarde also indicated that a digital version of the Euro is coming.

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