Crypto Mountains

2022-08-28 20:00:06 ​Ripio Launches Visa Bitcoin Cashback Crypto Card in Brazil.

The Argentinian crypto firm Ripio has unveiled a Visa card in Brazil that lets its users pay in crypto – and receive bitcoin (BTC) cashback rewards. The card is a prepaid debit card that can be used with any merchant who accepts Visa payments.

The card will be compatible with all 28 of the tokens that Ripio lists on its crypto exchange platform, Money Times reported, referring to a statement issued by Ripio.

Ripio wants to issue some 250,000 of the new cards – named Ripio Card – before the year is out and hopes to entice its 1 million Brazilian customers to make use of the new offering. It will be available as a plastic card, like bank-issued cards, or as a digital card that can be used via smartphones.

Customers can also choose to pay in fiat with the same card, and will receive 5% BTC cashbacks on all purchases.

Visa now has multiple crypto partnerships in Latin America and in June revealed that it had teamed up with multiple neobanks and crypto players to launch similar card offerings – many of which also offer their users bitcoin rewards.

Ripio has indicated that it may look to offer altcoin rewards at a later date, and also hopes to launch Ripio Card in Argentina before the year is out.

BTC rewards will not be offered until late October, however, and will be capped monthly at around USD 50 per user, the company said.

The firm stated that its card had been designed both for active, experienced crypto traders and for the cautiously crypto-curious.

The card will link directly to users’ Ripio fiat and crypto wallets held on its platform.

The firm also operates in Latin American nations such as Mexico, Uruguay, and Colombia, as well as Spain, and will hope the new card will help it gain ground on its Mexican rival, the unicorn Bitso, which launched a similar, Visa-powered card in Brazil earlier this year. Open / Comment

2022-08-25 20:00:07 ​​ETH whales move holdings onto exchanges before Merge.

The top-10 Ethereum non-exchange addresses have seen an 11% decline in their holdings while on-exchange whale addresses have seen a 78% increase over the past three months.

Ethereum blockchain is slated for one of the biggest updates since its inception, as it will transition to a proof-of-stake (PoS) mining consensus from its current proof-of-work (PoW) one.

The Merge date is scheduled for Sept. 15, after the successful Goerli test net integration — the final test net merger before the actual transition. Ether (ETH), the native token, was on a bullish surge after the announcement of the Merge date in July with the ETH price rising to a new six-month high of over $2,000 but failed to consolidate the critical resistance.

The bullish enthusiasm in terms of token price and market sentiment seems to be on a decline as we near the Merge. A significant chunk of ETH whales has seen a sharp decline in their holdings.

Data from crypto analytic firm Santiment indicates that the gap between Ethereum's top-10 largest non-exchange addresses and exchange addresses is closing. Over the past three months, top whale addresses have sent a significant amount of ETH onto exchanges as non-exchange addresses saw a decline of 11% while exchange-based addresses have seen a 78% surge.

The flow of crypto onto exchanges is considered a bearish sentiment and is often done by traders to take a profit by selling their tokens. The increase in the amount of ETH by whale addresses on exchanges suggests these whales are expecting the price to go lower in the near future.

Many market analysts also believe that the Merge would be a "buy the rumor, sell the news" type of event. Where the market rallied in the aftermath of the Merge date confirmation, but could eventually see a price decline after the key event. The saying means that if good news is expected sometime in the future, the price will often move higher in anticipation of that date, but not necessarily after.

The Merge would mark the completion of the second of three phases in Ethereum's transition to the PoS consensus. The PoS transition process began in December 2020 with the launch of the Beacon chain.

The current phase was scheduled to be completed by mid-2021, however, due to several delays, it is now slated for the third quarter of 2022. Open / Comment

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2022-08-22 20:00:07 ​​USDC whale holdings percentage lowest in almost two years.

USDC tokens held by the largest addresses have dropped to a two-year low as Circle freezes Tornado Cash-related assets.

The percentage of USD Circle (USDC) stablecoins held by major wallet addresses dropped to its lowest point in almost two years as the cryptocurrency market downturn continues.

Cryptocurrency analytics firm Glassnode has released the latest data on USDC metrics, reflecting a recent sell-off of the second biggest U.S. dollar-backed stablecoin by market capitalization.

As Cointelegraph previously reported, sanctions imposed on cryptocurrency mixer Tornado Cash by the U.S. Treasury Department had a marked effect on the capitalization of both USDC and its biggest competitor, Tether (USDT).

While USDT markets saw growth of almost $2 billion in the days following the sanctions, USDC’s market cap shrunk after its issuer Circle decided to freeze some 75,000 USDC tokens held by addresses linked to Tornado Cash.

Various commentators have suggested that some users shifted funds from USDC to USDT, given the correlation in the decline and growth of the respective stablecoins’ market cap. Data from Glassnode shows that the percent of USDC held by the top 1% of addresses reached a 22-month low of 87.667%.

While on-chain data shows that there has been a sell-off of USDC over the past fortnight, metrics released by Glassnode on Aug. 22 showed that the seven-day moving average of USDC exchange deposits also reached its lowest point since March 2021.

While the market cap of USDC might be down, the stablecoin reached a three year high in terms of weekly mean transaction volume, surpassing the previous high registered in June 2022.

USDC had been touted to contend with USDT as the top stablecoin of 2022 by market capitalization in July 2022, edging to within $11 billion of Tether's market cap. This percentage has eroded since the Tornado Cash debacle.

Tether remains mute on whether it would blacklist or freeze USDT tokens linked to the sanctioned mixer. Cointelegraph has reached out to the stablecoin operator to ascertain whether it will follow Circle's lead in freezing assets linked to Tornado Cash addresses, given the potential legal ramifications. Open / Comment

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2022-08-18 20:00:08 ​​South African Reserve Bank encourages friendly behavior with crypto.

The banking authority said avoiding risk by cutting off crypto-involved clients may pose a “threat” to financial integrity.

The Prudential Authority of the Reserve Bank of South Africa sent out guidelines to its subsidiaries in an effort to prevent illicit activities, encouraging banks not to cut all ties with cryptocurrency.

It suggested that such an act could cause greater risk in the long run.

The official notice was signed by Prudential Authority CEO Fundi Tshazibana. In the past, certain South African banks had cut ties with crypto asset service providers (CASPs) — as they are called in the document — due to unclear regulations or a high-risk factor.

However, the notice highlights that risk assessment doesn’t mean dropping crypto entirely:

“Risk assessment does not necessarily imply that institutions should seek to avoid risk entirely (also referred to as de-risking), for example, through wholesale termination of client relationships which may include CASPs.”

It goes on to say such a move could even be a “threat” to general financial integrity, as it may limit the possibilities of treating issues such as money laundering.

In late July, the Reserve Bank released an assessment of risks within the local banking sector. According to the report, cryptocurrencies and virtual assets were included in the top 10 threats identified by the top local banks.

Prior to the report, the South African government released a plan that entailed the classification of crypto as a financial asset for regulatory purposes. The laws pertaining to the classification are expected within the next 12 months.

Crypto exchanges in South Africa reacted positively to this announcement. Many believe this move will drive adoption in the country. The country has seen major signs of interest and innovation in the crypto community, including "in real life," or IRL, crypto use cases.

South Africa is home to crypto projects such as Bitcoin Ekasi, a township that introduced Bitcoin as a means of bolstering the financial independence of local underserved communities and Unravel Surf Travel, a South African-based travel pro-crypto travel company. Open / Comment

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