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Crypto Flipsider News – August 23rd – Bitcoin Back on Track, Ethereum, Paypal Crypto Integration in the UK, USDC, Rapper Tyga Launches OnlyFans Crypto-Competitor

  • Bitcoin back on track. Bitcoiners are getting funky. What about other coins?  
  • Ethereum doesn’t stay on exchanges for Long.
  • Paypal integrates the ability to buy, hold, and sell crypto in the UK.
  • USDC only backed by US dollar and short-term US treasuries from September.
  • Adult Content continues: Rapper Tyga Launches OnlyFans Crypto-Competitor.

Bitcoin Back on Track. Bitcoiners Are Getting Funky. What About Other Coins?  

The maxis have been waiting for this number for three months: Bitcoin is back to $50K. Of course, most of the crypto community expected this to happen sooner or later, whether bulls or bears. Having said that, the event is mainly a celebration for maxis and newbies. In case you’re new here, here’s a quick check on what’s happening with other coins: 

  • Avalanche (AVAX) gained 150% in value over the last 7 days.  
  • Cardano (ADA) reached a new all-time-high of $2.86. 
  • Terra (LUNA) and Cosmos (ATOM) rose by 30% over the last 7 days.  
  • Telcoin (TEL) became the biggest gainer of the last 24 hours.  
  • Arweave (AR) experienced their price doubling and made it into the top 100 cryptos.

Flipsider:

  • Yes, portfolio diversification is, of course, the best option. Assuming you’re not a Bitcoin maxi. 🙂  

Ethereum Doesn’t Stay on Exchanges for Long 

The percentage of ETH balances on exchanges has dropped to 12.8%, which is the lowest the number has been for three years. This means that most ETH is going straight to wallets. A casual link to draw between these two facts usually is that it may lead to a price rise. 

Since the London hard fork, small amounts of ETH are being burned every day. Data shows that 73K ETH have already been burnt since the update, 9K of which were liquidated on the OpenSea marketplace.  

Flipsider:

  • The hard fork works: people are believing in Ethereum more and more. We shall see if it reaches ETH 2.0 just as successfully as it is right now.  

Paypal Integrates the Ability to Buy, Hold, and Sell Crypto in the UK.

  • PayPal has launched a new service which enables its customers in the UK to buy, hold and sell cryptocurrency using PayPal.
  • Paypal now facilitates access to cryptocurrency for consumers in a secure and responsible way. In this way, customers are thus encouraged to research and learn about the opportunities and risks involved with cryptocurrency before transacting.
  • Customers can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash, by accessing their PayPal account via the website or the mobile app.
  • Users can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks involved.
  • This launch marks the first international expansion of PayPal’s cryptocurrency service beyond the U.S.

Flipsider:

  • It seems like crypto will become embedded in our lives before we even know it. While governments continue to fight against crypto, private companies are taking matters into their own hands.

USDC Only Backed by U.S. Dollar and Short-Term U.S. Treasuries From September

USDC reserves will be held “entirely in cash and short duration US Treasuries” from September onwards, confirmed the USDC issuer Centre.

USDC is the world’s largest regulated stablecoin to currently be operating under U.S. laws. $27 billion of USDCs are backed by Circle and Coinbase, who are the founders of Centre.

In May, Circle expanded its investment portfolio, adding certificates of deposit, commercial papers, and corporate and municipal bonds. Disclosed changes after two months. 

Coinbase president Emilie Choi assured that USDC investment will revert back “to a more conservative investment profile by the end of September.”

Earlier in August, Circle revealed its aim to become the first full-reserve national cryptocurrency bank.

Flipsider:

  • USDC’s growth was driven by trust that each coin is backed 1:1 by the U.S. dollar equivalent “in a bank account.” Pegging the token to more risky assets such as corporate bonds increases the risk of unequal value in redemption and losses. Even treasury reserves are less liquid than cash. 

Adult Content Continues: Rapper Tyga Launches OnlyFans Crypto-Competitor

  • Tyga has announced his plans to release a platform that will be a direct competitor to OnlyFans.
  • The platform will be built on the Ethereum network.
  • Tyga opened an OnlyFans account and started a modeling agency himself, while strongly advocating for the platform.
  •  The modeling agency ‘’Too Raww’’ was dedicated to helping content creators get started on OnlyFans.
  • Soon after the ban on adult and sexual content, the rap star announced on  Instagram he would be exiting the platform.
  • Tyga now has deleted his OnlyFans account with aims to launch his own platform – Myystar
  • The platform will provide more freedom and a better cut of earnings to content creators, simultaneously providing higher quality viewing for the audience. 
  • According to the press release, Myystar will take 10% from creators’ earnings compared to the 20% by OnlyFans.
  • Myystar will also allow content creators to sell NFTs on the platform, and features that are relevant to the music industry. This will provide content creators the ability to mint sexually explicit content in order to sell them off as NFTs.

Flipsider:

  • It looks like Crypto will be the ultimate solution to all the problems of the centralised world. Crypto can and does provide freedom, even if it is the freedom to deliver sexual content. Once it was ‘’Freedom of Speech’’, now it is ‘’Freedom of Porno.”

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