Cryptocurrency self-custody, where the owner has exclusive control over their crypto holdings, is gaining traction with the introduction of a new wearable cold wallet.
On July 17, hardware wallet firm Tangem announced the Tangem Ring, a self-custodial crypto wallet designed as a ring.
Tangem’s chief technology officer, Andrey Lazutkin, explained that the Tangem Ring combines self-custody with wearables to promote daily cryptocurrency use. He said:
“We believe that cryptocurrency should bring daily benefits to humanity, not just sit in a bank vault.
“In other words, cryptocurrency should be used on a daily basis. And we in Tangem want to create a device for this daily use.”
The Tangem Ring raises questions about the security of carrying such a wallet in public.
Lazutkin assured that the ring has protections similar to Tangem’s Visa-integrated hardware wallet in card form.
He stated, “The ring, like the Tangem wallet in card form, is protected by an access code. Even if stolen, access to cryptocurrency will be blocked.”
He emphasized the ring’s security, noting it contains an EAL6+ secure element, making it nearly impossible to hack.
Alex Gomez, founder of CyberScrilla, highlighted the need for mobile wallets like the crypto ring, as crypto owners can’t always manage their holdings from their desks.
He added, “Even if you lose it, there are security measures in place to ensure that no one can access your crypto, even if they discover that the ring is a crypto wallet.”
Jennifer Ghelardini, a research analyst at KasMedia journal, supported the concept, mentioning other wearable self-custody wallets such as Ledger’s necklace pendants and keychains.
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She said, “I love the idea of having an inconspicuous way to carry your crypto with you, so you will be able to sell or trade when traveling.”
Regarding regulation, the Tangem Ring will initially launch without payment capabilities.
A Tangem spokesperson stated, “The crypto ring we are launching today will be available for pre-order and will begin shipping to users from the end of October.” Integration with the Visa payment chip is planned for 2025.
The Tangem Ring will be available in all countries where Tangem Pay operates, including Europe and the UK. European regulators have shown concern about self-custodial solutions and related payments.
However, a proposed $1,100 limit on crypto payments from self-custodial wallets was ultimately scrapped by the European Parliament.
This development coincides with major crypto payment firms embracing self-custody, launching solutions that combine self-custodial ownership with day-to-day payments.
Industry executives believe self-custody will drive the adoption of crypto payments.
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Confidential computing technologies have the potential to unlock the next $1 trillion in capital for the cryptocurrency ecosystem.
Advances in privacy technologies, such as fully homomorphic encryption (FHE), could drive this growth, according to Remi Gai, founder of Inco.
Speaking exclusively to Cointelegraph during the FHE Summit 2024, Gai stated: “There’s the next trillion dollars of opportunities because if you think about what we’re building, it’s enabling creators to build more applications. So first, we’re growing the pie of what’s possible in Web3.
A lot of these use cases in Web2 just cannot work in Web3 because we’re missing this confidentiality aspect.”
Inco is a modular confidential computing network that builds FHE-based solutions, aiming to become the confidential computing layer of the blockchain.
For the crypto space to achieve mass institutional adoption, greater privacy is essential.
Mainstream institutions are often hesitant to join the decentralized finance (DeFi) space due to the lack of privacy in Web3. Confidential computing technologies could change this, as Gai explained:
“Institutions are still having a hard time entering the space because everything is transparent.
Now, if you enable an experience similar to what they’re comfortable with in Web2, suddenly this could bring a lot more liquidity, use cases, bigger participants, and money to enter the space.”
Gai emphasized that encryption is not about anonymity but about securing valuable information.
He likened it to the secure sockets layer (SSL) of the internet, saying:
“If blockchain is the value layer of the internet, then you need the SSL equivalent. A lot of people still think encryption means anonymity.
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“No, it just means that you need to take certain pieces of information that are valuable through encryption.
“And that is what we’re missing today.”
Advancements in confidential computing will not only attract institutional investors but also retail investors.
Gai mentioned that new use cases created by these technologies would bring additional liquidity from both sectors:
“If you think about the new use cases it will create, it will also attract net new users.
“That will also bring in liquidity. So it could also trickle down to retail. It doesn’t have to be just institutions.”
The influx of new liquidity will largely depend on the disruptive potential of the use cases introduced by confidential computing advancements.
These technologies promise significant benefits for financial institutions by enabling computations on encrypted data without decryption, exemplified by fully homomorphic encryption (FHE) solutions.
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A Nigerian court has set October 11 as the date for delivering the verdict in the tax evasion trial against cryptocurrency exchange Binance.
The exchange is facing four counts of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service (FIRS).
Binance lawyer Ayodele Omotilewa appeared in court on July 12 and entered a not-guilty plea to all charges before Judge Emeka Nwite.
Omotilewa argued for the dismissal of the charges, citing lack of substance, similar to the dismissal of charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla in June.
The executives were cleared of tax evasion charges by the Federal High Court in Abuja, though they still face separate money laundering allegations.
The court’s decision to adjourn the case until October allows for further deliberation and evidence review by both the defense and prosecution.
Background details reveal that Anjarwalla and Gambaryan were detained in February during a visit to Nigeria amid allegations of tax evasion and money laundering.
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Binance appointed Omotilewa after the FIRS amended charges, dropping tax evasion allegations against its executives.
Regarding recent developments, Binance has refrained from commenting, previously asserting that charges should be dismissed.
Nigeria attributes currency issues partly to Binance, claiming cryptocurrency platforms exacerbate the Nigerian naira’s trading preferences amid dollar shortages and currency devaluation.
The crackdown on cryptocurrency activities aligns with the National Security Adviser’s view that cryptocurrency trading poses national security risks.
In response, the Central Bank of Nigeria (CBN) directed fintech companies to identify and report accounts involved in cryptocurrency transactions, impacting Binance’s operations.
In a July 6 court appearance, the CBN’s payment policy and regulation chief advocated restricting deposit and withdrawal transactions for Binance to banks and authorized financial institutions.
These legal developments underscore ongoing regulatory challenges facing Binance and other cryptocurrency platforms in Nigeria, amidst broader geopolitical and economic implications.
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Crypto investigator ZachXBT has alerted users to avoid the Compound Finance website due to a suspected hijacking.
On July 11, ZachXBT shared on Telegram that the website is redirecting to a newly registered phishing site, presenting a significant security risk.
A member of the Compound Finance team confirmed the breach, advising users to steer clear of the site to prevent potential losses of personal data and funds.
Michael Lewellen, security adviser at the Compound Finance DAO, confirmed that the URL has been compromised and is now hosting a phishing site.
He cautioned users against interacting with the site but assured that the protocol itself and the smart contract funds are secure.
Cointelegraph reached out to the Compound Labs team for comments but has not yet received a response.
This is not the first security incident for Compound Finance. In 2023, the decentralized finance (DeFi) protocol’s official X account was hacked.
Similar to the recent incident, hackers used the company’s social media to promote a phishing site.
At the time, the account advertised free crypto tokens, urging users to click a link mimicking the protocol’s official site. The scam was quickly identified and flagged.
Cybersecurity blogger Officer’s Notes and blockchain security platform Scam Sniffer confirmed that the account had posted phishing links.
On December 30, 2023, the Compound Labs team reported that their account had been compromised for four hours before they managed to recover it and remove the spam messages.
On April 4, CertiK CEO co-founder Ronghui Gu urged the community to prepare proactively for attacks as the market grows.
The company observed that phishing attacks in the crypto space had reached alarming levels.
On July 3, CertiK reported that losses in crypto security incidents totaled $1.19 billion in the first half of 2024, with nearly $498 million attributed to phishing attacks.
Gu emphasized the need for multifactor authentication and improved security practices in response to these escalating threats.
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MicroStrategy, a Nasdaq-listed business intelligence firm, has announced a 10-for-1 stock split of its Class A and B common stock.
This decision, revealed on July 11, aims to increase stock accessibility for both investors and employees.
The split will be executed as a stock dividend, providing stockholders with nine additional shares for each share they currently own.
The distribution of these additional shares is scheduled for after trading closes on August 7, 2024. Trading on the split-adjusted stock will begin on August 8, 2024. Despite this change, the voting rights of stockholders will remain unchanged.
MicroStrategy also emphasized its identity as a Bitcoin development company.
The firm is committed to enhancing the Bitcoin network through its financial market activities.
It has made Bitcoin its primary treasury reserve asset, underscoring its strategic focus on integrating Bitcoin into its operations. The company stated:
“As an operating business, we are able to use cashflows as well as proceeds from equity and debt financings to accumulate Bitcoin, which serves as our primary treasury reserve asset.”
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In addition to its Bitcoin initiatives, MicroStrategy is also involved in developing artificial intelligence software analytics solutions.
This announcement follows the company’s plan to purchase more Bitcoin.
On June 13, MicroStrategy disclosed its intention to conduct a $500 million stock sale to fund additional Bitcoin purchases.
Subsequently, the company announced a plan to offer convertible senior notes due in 2032.
Following these announcements, on June 14, MicroStrategy increased the stock sale volume to $700 million and confirmed that the notes would be sold to qualified investors.
Nearly $800 million was eventually raised, with $786 million allocated to purchase 11,931 BTC.
With this acquisition, MicroStrategy’s Bitcoin holdings total 226,331 BTC, valued at approximately $13.2 billion.
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The SSV-powered distributed validators (DVs) have been launched as part of the new Simple DVT Software Module, which is ready to accept deposits. This technology is a key part of Lido’s strategy, a liquid staking solution for Ethereum, to diversify its node operators and enhance the protocol’s resilience, distribution, and security.
The Simple DVT module is specifically designed to foster a more scalable and permissionless ecosystem for future DVT-based applications. Eridian, the Simple DVT administrator at SSV Network DAO, emphasized the significance of this development, stating, “The Lido middleware utilizing DVT protocols including SSV is an important step towards vastly increasing the number of node operators and enabling solo home stakers to participate as node operators. SSV is optimized to serve as a low/no coordination DVT solution and will facilitate the development of trustless modules in the future.”
The module is integrated into Lido’s latest staking software, with its capacity initially limited to 0.5% of all ETH tokens staked through the middleware, roughly valued at $30.1 billion. This cap was raised to 4% after a Lido DAO vote. The DV clusters initially tested on the Lido testnet are now operational on the mainnet, as confirmed by the LNOSG committee.
The implementation of DVT within Lido’s suite is set to expand the number of node operators significantly, enhance client diversity, improve fault tolerance, and potentially lower bond requirements. Node operators can also look forward to reduced hardware and capital expenses, with options to connect to SSV.Network’s decentralized infrastructure through the upcoming Community Staking Module.
Will Shannon, a contributor to the Lido middleware, highlighted the impact of DVT, saying, “Incorporating DVT is the fastest way to expand the number of node operators using the Lido protocol to run validators. Simple DVT is the first step, with an opportunity to connect over 300 net-new node operators to the middleware in the first six months following the launch of the module. The SSV team has developed a highly performant DVT protocol that over time has the potential to further the decentralization and resilience of node operators across infrastructure, clients, and geographies.”
DVT plays a crucial role in decentralizing ETH staking, reducing network vulnerabilities, and minimizing slashing risks by distributing validator operations among various parties, including professional and at-home node operators. This system counters the centralization risks prevalent in complex systems and is a part of the broader strategy to decentralize the ETH network further. SSV.Network, as an open-source protocol, enables the creation of various DVT-powered applications and has already secured over 1,000,000 ETH with its 700+ node operators.
Bitcoin has three months until the bull market resumes, but it could still see 300% gains by 2026, according to a fresh analysis by the pseudonymous engineer Apsk32.
On July 9, Apsk32 posted on X, revisiting his power law metric to project Bitcoin’s future performance. The power law provides a lower BTC price support band that has held since BTC/USD traded at just $1.
Additional bands, or “time contours,” offer further price information, ultimately suggesting a $1 million price target for 2036.
“Time contours tell us how long it will be before the support forces current prices upward.
For 12 years, every bear market has returned to this support line,” a previous X post from June explains.
“The support passes one million dollars in 2036 and bitcoin isn’t stopping there.”
By mapping past price action onto the current four-year cycle, Apsk32’s analysis explains current market behavior, including the ongoing 25% drop from March’s $73,800 all-time highs.
“If bitcoin’s cycle pattern continues, price should remain inside or near this blue cloud,” the latest post summarized.
“The ETFs pushed us out of the cloud and now we’re reverting back.
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“We’re 3+ months away from upwards acceleration and we could see prices go up 4x by the end of 2025.”
An accompanying chart shows the “Power Law Fractal Cloud” — a guideline range for BTC/USD moving forward.
“Does the price have to stay within the cloud? Absolutely not,” Apsk32 acknowledged.
“This time could be different, in fact it already is.”
As Cointelegraph reports, Bitcoin traders are bracing for further BTC price declines amid a climate of fear across the crypto market.
Sub-$50,000 levels have come back into focus, aligning the current drawdown with previous ones.
Optimism, however, is fueled by reduced selling by Bitcoin miners over the past month and a return to net inflows for U.S.-based spot Bitcoin exchange-traded funds (ETFs).
On July 8, ETFs saw inflows of nearly $300 million, marking their best single-day tally in over a month, according to data from sources including UK-based investment firm Farside Investors.
“Looks like the boomers & institutions are buying the dip here, while Germany offloads a bunch of coins,” popular trader Jelle wrote, contrasting ETF buying with BTC sales by the German government.
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A cryptocurrency wallet associated with the German government transferred over 3,000 Bitcoin, valued at more than $172 million, to various crypto exchanges and a separate wallet.
On July 4, blockchain investigator PeckShieldAlert reported a substantial outbound transfer of 1,300 Bitcoin from a wallet labeled as belonging to the “German Government (BKA).”
These Bitcoin, worth $75 million, were distributed among three major crypto exchanges: Coinbase, Kraken, and Bitstamp.
Further investigation by Cointelegraph revealed that the German government wallet also transferred an additional 1,700 BTC to a different wallet address simultaneously.
The PeckShield team later confirmed this to Cointelegraph, stating:
“Total 3K out (from German gov’t labeled wallet), including 1.3K -> CEXs and 1.7K -> (to a wallet address) 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
According to data from onchain analytics platform Arkham Intelligence, while the initial 1,300 BTC were sent to centralized exchanges, the remaining 1,700 BTC were moved to a separate cryptocurrency wallet.
Over the last two weeks, the German government has transferred more than 3,000 BTC to various exchanges.
These significant transfers, alongside ongoing movements from the United States government and the approaching Mt. Gox repayments, pose a potential increase in selling pressure on Bitcoin.
Since February 2024, the wallet labeled as the German government’s has held 50,000 BTC, gradually transferring a significant portion of its holdings over the past few months.
Governments, including Germany, have confiscated Bitcoin and other digital assets linked to criminal activities and periodically auction off these seized assets.
In a notable precedent, the United States government has sold a large portion of Bitcoin seized from the notorious dark web marketplace Silk Road.
In 2014, Tim Draper, an American entrepreneur and Bitcoin advocate, purchased 29,656 BTC from the Silk Road seizure in an auction conducted by U.S. marshals.
These ongoing transactions highlight the continued involvement of government entities in the cryptocurrency market and their efforts to manage and liquidate seized digital assets.
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Bitget, a major cryptocurrency exchange, is working with Indian regulators to secure the necessary licensing to operate in compliance with local laws.
The company announced on July 3 that it has been in active discussions with India’s Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration.
Simran Alphonso, Bitget’s head of global communications, emphasized the importance of this registration for tax compliance and operational transparency.
“It also provides a safe ground to host meetups, interact with the community and run educational drives. It makes a crypto exchange more reliable and credible,” Alphonso noted.
Alphonso further explained that FIU registration would enhance consumer protection by aiding in dispute resolution, fraud compensation, and support from civil forces in tracking down scammers.
Bitget currently operates in India but faces challenges due to the lack of VASP registration.
Alphonso stated, “There’s difficulty for new users to access Bitget apps on Google Play store and App store while existing users can use the app with all its available features.”
She did not specify the exact services Bitget offers its current users in India.
Despite these challenges, Alphonso expressed Bitget’s commitment to the Indian market, describing it as a “high-priority market” for the company.
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Bitget’s move towards compliance follows recent approvals by India’s FIU for VASP applications from other major exchanges like Binance and KuCoin in May 2024.
These approvals reinstated their legal status in India after the FIU had issued noncompliance notices to nine crypto exchanges, including Binance and KuCoin, in late 2023.
Due to these compliance issues, apps from Binance, KuCoin, Bitget, Huobi, OKX, Gate.io, and MEXC were blocked on Apple’s App Store in India in December last year.
KuCoin reportedly paid a penalty of $41,000 and resumed operations in May 2024. The FIU also fined Binance $2.25 million for servicing Indian clients without adhering to local Anti-Money Laundering rules.
“Currently other global exchanges — like KuCoin and Binance — have paid penalties and are now completing the registration to restore full services.
“This is now the same case with Bitget — it’s applied for registration and is currently in talks with the regulators,” Alphonso stated.
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Over half of the top American hedge funds have disclosed exposure to newly launched spot Bitcoin exchange-traded funds (ETFs) in a year, as BTC/USD has significantly outperformed major stocks and indexes.
Data from investment firm River reveals that 13 out of the top 25 United States hedge funds owned Bitcoin ETFs by the end of Q1 2024.
Notably, Millennium Management held 27,263 BTC worth $1.69 billion, making up about 2.5% of its total assets under management worth $67.7 billion.
Other significant players include Schonfeld Strategic Advisors with 6,734 BTC and Point72 Asset Management with 1,089 BTC.
In contrast, some top hedge funds, such as Bridgewater Associates, AQR Capital Management, and Balyasny Asset Management, have yet to invest in Bitcoin ETFs.
Interestingly, Bitcoin’s growing acceptance coincides with a rise in cash reserves across U.S. companies.
According to an analysis by treasury advisory firm Carfang Group, the cash or cash equivalents held by corporations reached a record high of $4.11 trillion in Q1 2024.
Some companies, namely Reddit, Semler Scientific, JPMorgan, and Wells Fargo, have allocated a small portion of their cash reserves to Bitcoin or Bitcoin ETFs.
This trend indicates that U.S. firms, including hedge funds and corporations, have become more confident in treating Bitcoin as a viable asset for diversification and hedging against traditional market risks.
Bitcoin outperforming Apple, Tesla stocks in 2024
Wall Street’s interest in Bitcoin grows as the cryptocurrency fares better than top stocks and stock indexes.
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BTC’s returns in the first half of 2024 were about 94%. In comparison, the U.S. benchmark S&P 500 index rose 23%, while the Dow Jones Industrial Average grew 14% in the same period.
Even Apple and Tesla stocks underperformed Bitcoin, returning 10% and -29%, respectively, year-to-date.
However, Nvidia, which recently became the world’s most valuable publicly traded company, outperformed Bitcoin, rising by over 150% in the first six months of 2024 due to an ongoing artificial intelligence boom.
Veteran trader Peter Brandt anticipates Bitcoin’s relevance growing as a hedging asset, particularly against traditional safe havens like gold.
He noted that BTC’s market capitalization could rise 230% against gold after 2025.
Earlier this year, ARK Invest’s annual research report concluded that institutional portfolios aiming for maximized risk-adjusted returns should have allocated 19.4% to Bitcoin in 2023.
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