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MahaDAO’s Algorithmic ‘Valuecoin’ Goes Live on Ethereum

An India-based startup is coming for decentralized finance (DeFi) stalwart MakerDAO’s crown with the launch of its new “valuecoin.” MahaDAO’s ARTH algorithmic stablecoin is now live on the Ethereum mainnet, according to a press release shared with CoinDesk. ARTH will also go live on the Matic network at an undisclosed point in the future, the team said. The MahaDAO team defines the new token as a “valuecoin” for its ability to “maintain its purchasing power over time.” That’s compared to other stablecoins – like MakerDAO’s collateral-backed dai (DAI) token – which are meant to mirror the dollar in terms of price value even if the greenback goes off a cliff. “Elastic supply stablecoins are one of the most exciting and innovative verticals within DeFi right now,” MahaDAO co-founder Steven Enamakel said in a statement. “Having closely examined existing algorithmic stablecoins, and learned from their successes and shortcomings, we’ve engineered ARTH to ensure that it will be much more s
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First Mover: Biden's $1.9T Plan Shows 'Blue Wave' Bitcoiners Saw Coming

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(EDITOR’S NOTE: First Mover will not publish Monday, Jan. 18 in honor of Martin Luther King Jr. Day in the U.S., a CoinDesk company holiday. The cryptocurrency market will be open, as it always is.)  Bitcoin ( BTC ) was lower, trading around the $38,000 level where prices have gravitated for the past week.   The market faces price resistance around $41,000, with support seen around $34,000, Mark Warner, head of trading for London-based BCB Group, a financial firm focused on digital assets, said in comments emailed by a spokeswoman.  “A move above $42,000 will likely see a resumption of the heady gains we saw last week,” Warner said. Prices are up 29% so far in 2021, versus a 0.4% year-to-date loss for the Standard & Poor’s 500 Index of large U.S. stocks.  In  traditional markets , Asian and European shares fell and U.S. stock futures pointed lower on Friday, as anticipation of President-elect Joe Biden’s $1.9 trillion relief proposal, rolled out late Thursday, yielded to sober ass
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CEO Sentenced to 18-Month Jail Term for Accepting Bitcoin Bribes to List a Cryptocurrency

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A South Korean court has sentenced the former CEO of the defunct crypto exchange Coinnest to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020. Prosecutors Accused Coinnest Executives of Receiving 110 BTC in Bribes According to Fn News , the Supreme Court of Korea determined that Kim Ik-hwan should spend time in jail, as the authorities previously indicted him in 2018 for accepting bitcoin ( BTC ) bribes. The investigation unveiled that he and other executives received almost $771,270 worth of BTC (at the time) for arranging the listing of an unnamed altcoin — referred to by the court as “S” coin. However, the former Coinnest CEO and its former operating director, Jo Mo, claimed there was “no unfair solicitation.” The prosecutors commented in the first trial: The defendants acknowledged or promoted the situation that they were taking unreasonable gains by manipulating the market price on the exchange after listing the cryptocurrency
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Bittrex Won't Disclose Why It Withdrew Support for Dash, Zcash, Monero

Numerous exchanges, like Bittrex, have delisted coins that have features to protect user privacy. Explanations of why they’ve done so have been vague or non-existent. It has set up clashes between the exchanges and Zcash, Monero and Dash over whether there is actually regulatory pressure to do so.  There is a question that no one seems to want to answer. Why are exchanges delisting zcash , monero , and dash ( DASH )? On New Year’s Day, cryptocurrency exchange Bittrex announced it would be delisting these three so-called “privacy coins” as of Jan. 15, adding its name to a growing list of exchanges that have done the same. In a blog post announcing the development, Bittrex did not provide a reason for doing so.  Bittrex: No explanation offered The assumption has been that the delistings are related to know-your-customer and anti-money laundering (KYC/AML) concerns. But by and large, exchanges have delisted without much explanation, leaving users and privacy advocates out in the cold,
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Advisers Allocating Crypto in Clients’ Portfolios Rose 49% Last Year: Survey

The number of advisers allocating to crypto in client portfolios rose from 6.3% to 9.4% in 2020. Source coindesk.com
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Biden's $1.9T Relief Package Proposal Fails to Stir Bitcoin Market

Bitcoin’s two-day rally has stalled as the U.S. dollar gains ground in the wake of Joe Biden’s fiscal stimulus announcement. The U.S. President-elect proposed an emergency relief package worth $1.9 trillion at around 00:15 UTC when bitcoin was changing hands near $39,600. At press time, the leading cryptocurrency by market value is trading down near $38,000, according to CoinDesk 20 data. The lack of a bullish response by the bitcoin market is perhaps surprising, given that fiscal/monetary stimulus is inflationary and bitcoin is widely considered a store of value. Public-listed companies such as MicroStrategy bought bitcoin in the second half of 2020 to preserve the value of their treasury. The strength of the U.S. dollar against foreign currencies could be playing spoilsport. The performance of USD on the Dollar Index (DXY) has affected the cryptocurrency’s price in the past, and the negative correlation between the two assets is strengthening, as noted by CoinDesk Research. Th
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JPMorgan Provides $100M Financing Facility for Blockchain Mortgage Platform Figure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . Source coindesk.com
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