| Your Weekly Update On All Things Crypto |
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| Liti Capital Files Landmark Arbitration Lawsuit Against Binance |
Context As per the latest developments, a new $100 million arbitration case against cryptocurrency exchange Binance is being actively discussed around the crypto communities, in which over 1,000 traders demand restitution for losses sustained during the site's downtime on May 19th, 2021. Binance had experienced technical difficulties for hours on end on that aforementioned date during one of the biggest market crashes of the year, with the entire cryptocurrency market falling by 33%. Traders were not able to make deals during Binance's downtime, and many saw their accounts emptied when the site finally reopened. Binance's click-through terms of service relieve the exchange of all liability for losses suffered by new users after registering with the exchange. The firm does not have a formal headquarters and is not regulated or registered. Hiding under the âdecentralizationâ umbrella? David Kay from Liti Capital claimed Binance had used the term âdecentralizedâ to great success during its tenure as the world's biggest cryptocurrency exchange, but solely to advance its own goals. âBinance attempts to disguise itself as a communal asset, which it is not,â he added. âIt is a corporation that makes use of community resources. To that end, it has done an excellent job of blurring the borders and enveloping itself in the concept of decentralization.â David claimed that Binance used the concept of decentralization to create dividing lines in the cryptocurrency community through cultivating an in-group/out-group mindset, stating that Binance does not in fact have any official headquarters, nor is it actually regulated (although its CEO Changpeng Zhao has stated that he wants to change this soon by working with global regulatory institutions). David believes that if any such entity is against the crypto community, then it is essentially against decentralization itself. âWe are not âanti-Binanceââ David wanted to clarify that despite what has happened and been said, Liti Capital is not actually anti-Binance. âWe support the notion that Binance can still be beneficial to the community. This situation mainly concerns the reality that we all make errors, but those faults must be corrected eventually. As such, there is no desire to ruin Binance, but this glaring issue needs to be acknowledged and corrected,â Kay explained. David recently spoke on the CryptoWeekly Podcast where he explained that while cryptocurrencies must remain largely unregulated due to their nature and the fact that government intervention will only stifle the industryâs growth, centralized exchanges such as Binance which directly profit off of its consumers must be regulated and routinely checked. Liti Capital will be paying for the arbitration in advance and shall additionally be reimbursed with a portion of the damages awarded if the procedures are decided in the claimants' favour.
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| Citigroup is Setting up to Trade CME Bitcoin Futures |
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Citigroup is actively considering the trading of Bitcoin (BTC) futures contracts on CME (Chicago Mercantile Exchange), echoing efforts by several other banks to bring additional cryptocurrency exposure to its clients. Given the strict supervision that such investment offers are subject to, the global bank is contemplating futures products for a handful of its institutional clients at this given time. Caution must be exercised According to a Citi representative, the numerous uncertainties surrounding legal frameworks and supervisory expectations have to be considered beforehand and so a cautious approach would be recommended. This makes sense as Citi offers a wide range of financial goods and services to individuals, companies, institutions, and governments, including consumer securities trading, corporate and investment banking, transaction services, wealth management, banking, and credit. It has over 200 million client accounts and is active in over 160 nations worldwide. So, it can ill afford a mistake at this crucial stage. What caused this? The corporation's proposed intentions come many months after Goldman Sachs revealed a digital assets strategy that included providing BTC derivatives to customers and creating a cryptocurrency trading desk. Moreover, Bank of America was also allegedly planning to utilize Bitcoin futures via CME Group last month, immediately after it began researching cryptocurrencies and various digital assets.
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| NFT Marketplace Zeptagram Announces Their ZeptaCoin Token Sale |
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Zeptagram is a technology firm that uses artificial intelligence to create new digital music marketplaces. They work closely with artists and content creators all over the world and strive to offer the most lucrative platform for investment and trading of music rights. On August 22nd, Zeptagram launched their Zeptacoin token sale.
What makes Zeptagram unique? The Zeptagram NFT marketplace enables content producers and owners to mint one-of-a-kind non-fungible tokens and sell them on the market. The marketplace has several elements that allow users to express their creativity and innovation. The Zeptagram Music Token Offering solution enables artists and content creators to create a special type of NFT of their music rights (known as Music Tokens or MTO Tokens), despite the fact that they are essentially a representation or a unit of account within the platform and concern each individual song's music rights for the purposes of selling or trading. In this way, users can trade, sell or share some or all of their music rights which includes ownership rights and royalties.
The Zeptagram MusiXchange Platform enables the community to exchange and distribute MTO tokens generated by the Zeptagram music token sale, therefore supporting their favourite musicians and content producers. Zeptagram solutions are designed to create a completely new and innovative trading market for music in which users and content producers can be exempt from the numerous problems and inefficiencies often associated with the more traditional music market. Additionally, users will be able to do all this while simultaneously participating in what they enjoy and are familiar with. Zeptagram's aim is to hence create a completely decentralized marketplace for Music Rights, therefore increasing value for content creators. Zeptacoin (ZPTC) Zeptagram will have two types of tokens, ZeptaCoin, Zeptagram's main utility token, and Music Token Offerings, limited edition NFTs for each piece of music on the platform. The Zeptacoin is the base level currency across the entire platform for several various functions, and the following are its primary features: Zeptacoins (ZPTC) is used for platform trading; NFTs/MTOs may be interacted with by using Zeptacoins (ZPTC); Successful trade fees can be settled inside the platform using ZPTC (automatically charged during trading). Payments to Music IP rights holders are paid out in ZeptaCoins by default. ZeptaCoins shall be listed on secondary markets such as cryptocurrency exchanges.
Music Token Offerings (MTO) Music Tokens (MTO) are limited edition, one-of-a-kind tokens. Each MTO offering that is listed on the platform would have its own unique Music Token. This is defined as the Zeptagram's internal distributed non-fungible tokens. These NFTs have certain characteristics which are listed below: An MTO token contains information about a piece of music or a song, such as the title, duration, cover art, author, and so forth. An MTO token is actually a digital representation of music rights that can be purchased through a Music token offering. MTO Tokens can only be traded within Zeptagram, specifically through the platform's MusiXchange element. MTO tokens shall represent a buyer's share of music rights, with rewards distributed quarterly. Distribution & ICO Details The public ICO is scheduled to take place in September, with the listing expected to take place at the end of August or September. Furthermore, the Zeptacoin ICO private sale had already begun on August 22nd, 2021. Zeptacoin will be listed on BitMart on October 15th, 2021. Moreover, ZeptaCoins are only available for pre-sale to unique whitelisted buyers. For the token distribution, hereâs how it works: 10% for the Seed Round - (5,000,000) 2% for the Strategic Round - (1,000,000) 6% for the Private Round - (3,000,000) 0.8% for the Public Round - (400,000) 18.4% for Team and Advisors - (9,200,000) 5% for Partners - (2,500,000) 5% for the Community Development Fund â (2,500,000) 30% in Liquidity Development - (15,000,000) 15% for the Staking Rewards â (7,500,000) 7.8% for the Reserve - (3,900,000)
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This Week in Crypto: Dogecoin, AVAX, BTC Millions & More!
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| Cardano Hits $3 | Here's What You Need To Know | Data Dash
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| | Discover Which Digital Currencies are Set to Hit "All-Time Highs" and the Coins that Could Soar
1,000%... 10,000%... 100,000% or More
47 of the world's top digital currency experts are all coming together for one of the most anticipated events of the year.  |
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| Bitcoin Faces Psychological Resistance at $50K Following 5-Week Rally |
Bitcoin has finally met resistance after its 5-week ascent from just over $29K to $50K. The $50K pricepoint has acted as a critical psychological level in the past. This may be because it marks the halfway point to $100K, the price target many have called for this market cycle. Given the strength of this line of resistance, it may take a couple of tests of the $50K level in order for Bitcoin to eventually breakthrough. A side-ways chopping Bitcoin would likely lead to a short-term altcoin rally.
View the chart here. |
| Altcoin Dominancecontinues to trend upward towards critical resistance at 60% |
Altcoin dominance may be in store for another breakout week soon, given the long-term bull flag setup that has been forming since March. With Bitcoin back up above the bull-market support band, the climate is right for another altcoin rally. After bouncing aggressively off the ascending green line of support on the week of August 9th, we feel that there is still room to run for altcoin dominance.
In this stage of the "liquidity wave," value has been flowing from Bitcoin to large-cap cryptocurrencies. If history gives us any indication, the next logical step for liquidity to flow is to the mid-cap coins, and eventually the small caps. By understanding the cycles of liquidity in the crypto market, you can give yourself an edge on determining the next coins to make their rally.
View the chart here. |
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| We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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