What happened

The broader cryptocurrency market has been seeing rather low levels of volatility of late. Whether that's investors believing that much of the macro news that's already impacted markets has been priced in or not remains to be seen. However, with most tokens hovering around flat today, and the overall market down only 0.3% at the time of writing, many are focusing on tokens that are making unusual moves.

One such token that fits this criteria today is Hedera Hashgraph (HBAR -2.88%). The world's 36th-largest token by market capitalization, Hedera has surged 6.2% higher over the last 24 hours as of 1:30 p.m. ET. This is the largest upside move of any token today.

Recent reports that Hedera has seen developer interest in its enterprise-grade network surge may be behind this move. According to recent data fromSentiment, Hedera is currently in third place in terms of development activity, behindPolkadotandCardano.

The race for developer talent to build out decentralized applications on Layer 1 networks like Hedera is on. The fact that so many are choosing this lesser-known (but significant) blockchain is something worth diving into. I intend to do a deep dive on this blockchain project at some point moving forward. My interest has been piqued by this move.

The idea behind Hedera is relatively simple. Via an open-source network, Hedera allows developers to compete for the ability to deploy decentralized applications, with the same competition applying to users vying for transactions on this network. Some level of competition can spur interest among a certain personality type, making this network intriguing, to say the least.

On days like today, when broadly bearish sentiment continues to rein over any indications that bullish catalysts can be on the horizon, upside moves such as the one seen in Hedera are worth noting. This is a crypto project I've yet to explore deeply, but I intend to do so, on the basis of what appears to be relatively strong demand for these tokens.

When times get tough, projects that stand out tend to get even more attention. Such appears to be the case with Hedera today.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Hedera: The 1 Cryptocurrency That's on Fire Today - The Motley Fool

Photo illustration of Bitfinex cryptocurrency exchange website.

Dado Ruvic | Illustration | Reuters

Cryptocurrencies were little changed on Friday as investors sought to extend the previous day's rally.

Bitcoin was lower by 1% at $19,175.00, and ether gained 1% to trade at $1,299.66. Both assets ended their fourth down weeks in the last five.

Crypto jumped Thursday, following the movement of stocks after the consumer price index came out showing higher-than-expected inflation. That reading initially sent risk assets down sharply before they reversed and soared, with the Dow Jones Industrial Average staging a historic 1,500-point rally.

"Yesterday we saw a knee jerk reaction lower in all markets which was algo-driven, then short-covering and real buying stepped in, which was the right response to the CPI data," said Jeff Dorman, chief investment officer at Arca. "Markets aren't concerned with inflation, they are concerned with the Fed's expected response to inflation, and nothing changed yesterday: 75 basis points was baked in, it was confirmed further by the CPI data."

October tends to be an up month for bitcoin, according to Bespoke Investment Group. Bitcoin's never been in a bear market like this one, however, and some remain cautious.

The cryptocurrency's third-quarter return of 6% and ether's 25% return outperformed other asset classes, and both have held up fairly well, trading within the $19,000 level for much of the past month, due to the uncertain macro environment. However, "the subdued volatility relative to other assets on continued declining volumes has the potential to lead to downside," Compass analyst Chase White said in a note Friday.

It had been a tough week for markets before the CPI data was released. YuyaHasegawa, crypto market analyst at Japanese crypto exchange Bitbank, said the rebound could trigger an unwinding of recent risk-off sentiment in stocks.

That "could have a positive effect on the price of bitcoin," he said. "If the price recovers the $20,000 psychological level with substantial trading volume in the next few days, bitcoin could test $23,000 next week."

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Bitcoin reverses lower after Thursday's big rally but remains in the $19,000 level - CNBC

This summer, word started spreading over Chinese social media about a conference in Dali, a city nestled among 4,000-meter peaks in the countrys southwest.

The organizers expected fewer than 200 attendees, but ended up selling out the 1,000-person venue only to see more than double that number ultimately show up for the August event. The topic of the gathering: cryptocurrencies, a sector Chinas government declared largely illegal a year ago.

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As Hong Kong gears up for the most awaited FinTech week, the citys government might reveal its stance on cryptocurrencies and thus, decide the future of the industry.

The officials are reportedly planning to introduce a new policy statement on cryptos to clarify and display its vision of developing Hong Kong into an international virtual assets hub.

The Fintech week, which will focus on Web3 and the metaverse, will be held from October 31 to November 4. During this event, the Securities and Futures Commission will provide a clear perspective to the global markets on virtual assets.

Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury commented on the decision:

The Fintech Week will, for the first time, issue 2,000 NFTs with utilities to participants for claiming perks like ticket discounts for next years event.

As per organizers, some 20,000 physical and virtual attendees are expected in the upcoming event this year.

Notably, the Hong Kong FinTech Week collides with major events, namely, the Singapore FinTech Festival, which will take place from November 2 to 4, and the three-day-long Global Financial Leaders Investment Summit spearheaded by the Hong Kong Monetary Authority.

The significance of the move can be gauged by the governments relentless efforts to bring back fintech start-ups that have left Hong Kong because of the citys strict Covid-related travel control steps. The major exodus was undermining Hong Kongs position as a cryptocurrency industry hub, local investors said.

In September, the citys government revealed that more than a dozen potential companies are interested in security token offerings and the Fintech Week might be a great start for other firms too.

The post Hong Kong To Decide Future of Cryptocurrency in Fintech Week appeared first on Coin Edition.

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On Thursday (October 13), Yevhen Karpenko, Community Manager for DeFi Investing Platform DEFIYIELD, explained why he believes that Cardano ($ADA) is the best cryptocurrency in the world.

In early February 2022, Kraken Intelligence, the research arm of crypto exchange Kraken, released a 42-page highly impressive researchreport titled Cardano: A new generation in smart contract platform design

Here were some key highlights from Krakens report:

Cardano initially took on notoriety among a class of ICO-craze-driven projects in 2017 following the networks launch. While the ICO-wave gained infamy from the number of overpriced assets that ultimately disappeared into crypto dust, Cardano finds itself among a subset of ICO Warriors that persisted the treacherous perils of a dark and quiet crypto winter bloody, beaten, yet hungry for more...

Importantly, Cardano is very much a value-driven project, emphasizing community governance, academic peer-review, and the importance of high assurance programming...

Cardanos values have noticeably directed the projects developments and design decisions, and as a result, the blockchain looks like it has been designed with the purpose and standards of providing decentralized, global, financial infrastructure rather than only focusing on providing a Web experience...

With ambitious goals, Cardano recognizes the necessity for their infrastructure to run correctly the first time it runs. This is in contrast to a launch now, fix as we go philosophy employed by many Silicon Valley development teams... Ironically, despite the Ethereum Killer label, Cardano is actually far more reminiscent of Bitcoin, particularly with respect to its tokenomics, consensus protocol, and accounting style...

Cardanos design is fundamentally unique among most of its peers particularly as its design closely reflects a PoS-based, smart contract-enabled version of Bitcoin, due to the design of its base protocol and accounting model, rather than an iteration on Ethereum... Cardano saw a massive uptick in adoption starting late 2020 and throughout the course of 2021 Cardano underwent exponential growth in nearly every adoption metric listed, both on-chain and off-chain. There are now nearly 3 million wallets (1348% annual growth) on the network and over I million delegated wallets (870% annual growth).

Yesterday, Karpenko explained why he believes that $DA is the best cryptocurrency:

1. A higher degree of decentralization. The network becomes increasingly decentralized because everyone can become a node validator in Ouroboros. At the moment, there are more than 1500 validator pools in Cardano 2. Faster transactions. Cardano can process more than 250 transactions per second (TPS), compared with around 4.6 TPS for bitcoin and between 15 and 45 TPS for Ethereum 1.0. This makes the Cardano network very scalable

3. More environmentally friendly. Cardano is one of the most environmentally friendly blockchain systems. In a 2021 interview with Forbes, Hoskinson claimed that #Cardano is 1.6 million times more energy-efficient than bitcoin 4. Peer-reviewed network. The Cardano team works closely with academics to generate peer-reviewed research to guide blockchain development. Its nature as an open-source and peer-reviewed blockchain helps ensure its survival and evolution beyond that of its parent organization

5. Cheap gas fees. Additionally, the PoS model allows Cardano to offer nominal transaction fees on its network. The average cost of a transaction on Cardano costs around 0.1 ADA, which equates to a couple of cents. Compare this to the price of Ethereum of $15 per transaction Passive income. finally, every Cardano holder has the opportunity to gain passive income by staking their $ADA coins. The procedure is as simple as purchasing $ADA tokens and locking them up in a wallet such as Yoroi.

On Tuesday (October 11), Charles Hoskinson, Co-Founder and CEO of Input Output Global (aka IOG), the blockchain technology firm behind Cardanos R&D,explained in an interview why he is very bullish on crypto in the long term.

His comments were made during aninterviewwithMaria Bartiromo, the anchor ofMornings with Maria,on American cable TV channel Fox Business Network (FBN).

When Bartiromo asked Hoskinson for his current assessment of the crypto market and how he expected crypto regulation in the U.S. to change, the IOG CEO replied:

Its a tough market. The stock markets are down nine trillion dollars, and the crypto markets dont seem to be immune to that, but, you know, Ive been through seven boom and bus cycles in the last eight years. So, weve gotten pretty used to it. Weve gotten used to volatility, but the fundamentals are still very strong.

All the infrastructure continues to be built. Theres a lot of great exchanges doing wonderful things. A lot of good protocols doing things. So, like all things, its businesses as usual, and most the major actors are still building and still doing interesting things. So, Im overall very optimistic in a long term, but its going to be a rough short term.

Then, when asked about Coinbase receiving regulatory approval to operate in Singapore, Hoskinson said:

Well, the United States has been very difficult, and as a result, a lot of crypto companies are going global and that ultimately it means theyre moving jobs and opportunities outside of the United States, and so unless and until that environment gets better, were going to continue to see this trend where American companies diversify, whether it be Ripple or Coinbase, and its just something that weve had to deal with. But overall, it shows you that the people at Coinbase and others in the industry are quite bullish and optimistic about global growth.

Mitch Roschelle, whois the founding partner of Macro Trends Advisors LLC and who appears regularly as a guest on Fox Business, asked Hoskinson how cryptoassets would be affected by the slowdown in the global economy.

The IOG CEO replied:

I used to believe that crypto would be counter cyclic and the place that people would put assets when they were fearful of the global economy, but so far they seem to be moving in parallel with tech stocks and some of the more standard equity markets. So thats kind of a problem. But all things considered, I think that long term the crypto markets are going to decouple from the traditional marketplaces and have their own economy and, you know, its probably going to occur in the next 24-36 months.

Bartiromo then wanted to know how major blockchain upgrades like the ones that Ethereum and Cardano have had recently improve the ecosystem.

Hoskinson told her:

Well, its just like many of the things that we do. We are a slow and methodical project. Everything we do is all about making things better, faster, and cheaper, and ultimately improving use and utility in the platform. So, Vasil was about 12 months of work, and we just got it out last month, and its really exciting to see that its caused a lot of great positive upgrades in our community.

But more broadly, when we look at the cryptocurrency space, this is the the case. Most people are building, and while the macro environment is not so positive, the individual environment of each cryptocurrency, whether it be Ethereum with the Merge or Cardano with Vasil, is looking better and better every day, and we keep getting more capabilities Theres great growth and everything from GameFi to metaverse to NFTs to DeFi. So, Im very bullish in the long term.

Link:
$ADA: Yevhen Karpenko Explains 'Why Cardano Is the Best Cryptocurrency in the World' - CryptoGlobe

Though initially unthinkable due to high energy expenditure, cryptocurrencies are now trying to bridge the gap between climate and crypto. Climate optimists pulled together in an attempt to adapt new technologies to turn energy-sucking crypto into something more sustainable and green.

On the other hand, other projects are transitioning or have transitioned from a proof-of-work (PoW) into a proof-of-stake (PoS), which nets them the label of more sustainable crypto.

The following three could be deemed as the top 3 green crypto projects in the sea of various crypto projects.

The smart contract behemoth, the second largest crypto, is well known for its decentralized application (dApp) development environment, on top of which numerous other projects were built. With the recent Ethereum Merge, the project moved away from PoW into a PoS protocol, validating transactions by staking.

The Merge reduced the entire networks power draw by an amazing 99.95%, making the entire network low-carbon.

At press time, Ethereum was trading at $1,300.37, up by 1.32% on the day, but down by 3.32% across the previous week, as per CoinMarketCap data.

The branding and marketing for this crypto project focus on positively impacting the environment by utilizing a proof-of-space-and-time protocol. In essence, the protocol plots unused hard drive space used to validate the network.

The project created a green paper detailing their consensus protocol, highlighting that the network uses only 0.16% of Bitcoins (BTC) annual energy consumption.

At press time, XCH was trading at $31.80, up by 0.94% on the day but down by 6.71% in the last seven days, as per CoinMarketCap data.

VeChain is working on green initiatives to drive, among other things, more stakeholder involvement through projects like the one signed with the government of San Marino or delivering the future of safe and traceable food.

The current estimation models by the project see VeChain generating 4.58 metric tons of carbon emissions, equaling emissions generated for mining a single BTC.

At press time, VET was trading at $0.002289, up by 1.49% on the day but down by 2.95% in the last seven days, as per CoinMarketCap data.

Bridging the gap between green investments and crypto could be one of the avenues crypto investors take. The above three projects represent the ones that either reduce or will produce the least CO2 output and could provide a better future for crypto enthusiasts and the planet in general.

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Top 3 green cryptocurrency projects to keep an eye on - Finbold - Finance in Bold

Is there a cryptocurrency that has maintained a sustained surge in this bearish market? The answer is a yes but look beyond the main tokens.Quant (QNT/USD) is one of them and remains in a defiantly bullish mode.

Quant is an Ethereum-based token that powers the Quant Network. The network was launched to make global information exchange seamless. An overledger functionality on the protocol has helped address interoperability issues for other blockchains. The native token QNT allows digital access to applications and services on the network. Enterprises and developers pay access fees to the Quant Treasury based on the equivalence of the native token QNT.

While large cryptos have overshadowed QNT, it is making a statement with the latest gains. On CoinMarketCap, QNT has added 22.33% in the week, with an intraday gain of 16.56%. Ranked #31 by market cap, the cryptocurrency is the highest gainer among its predecessors. The cryptocurrency has been on a non-stop bullish move for the past one month. The bullish momentum, however, started way back in June. CoinJournal investigates why.

Well, the gains in QNT reflect positive developments. On June 30, Quant announced a tokenisation product tokenise. The product will let developers create digital assets and interoperable tokens on Polygon, Ethereum, and XDC. Again, on August 22, Quant announced a non-fungible token standard, QRC-721, in line with its tokenisation mission.

Lately, Quant issued an update on its Overledger product. The update improved transactions on Ethereum, as well as the functionality of the QRC-721 tokens. There are speculations that Quant could be enjoined in the development of Central Bank Digital Currencies.

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy QNT with eToro today Disclaimer

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy QNT with Binance today

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On the weekly chart, QNT trends upwards. The cryptocurrency has overcome resistance at $152 and is pushing higher. The token has more room to move higher because QNTs next resistance lies at $197. An RSI reading of 66 also suggests room for upside

The bullish momentum of QNT makes it attractive in the bearcryptocurrency market. With the strong defiance of the ongoing macro concerns, QNT is a buy toward the $197 resistance. Nonetheless, an attractive entry lies lower, potentially at $152 or $129. Investors should buy the token on clear bullish signs at the mentioned zones.

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Why is Quant (QNT/USD) cryptocurrency rising, and how attractive is it? - CoinJournal

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The early dismissal of a federal lawsuit that could haveresolved whether certain cryptocurrency tokens can be taxed asfederal income feels like business as usual for an industryaccustomed to uncertainty. At issue in this taxpayer-initiatedlawsuit was whether cryptocurrency tokens generated through thestaking process are properly taxed as income. Resolution of thisissue was poised to make a significant effect on the digital assettax scheme, particularly after Ethereum - the world's secondlargest cryptocurrency by market cap - recently transitioned to aproof-of-stake consensus protocol.

Plaintiffs, two Tennessee taxpayers, engaged in a cryptocurrencystaking operation involving Tezos, a cryptocurrency that uses theproof-of-stake mechanism to validate transactions. Transactionvalidators for proof-of-stake platforms must first"stake" or pledge as collateral a number of their owntokens as their "buy in" to be chosen as a validator. Ifchosen, the staker-validator then uses their computing power tovalidate transactions, or blocks of data, that are added to ablockchain. Successful validators are rewarded with thecryptocurrency tokens that are created when the new blocks of dataare validated and added to the blockchain.

In 2019, Plaintiffs' Tezos staking efforts created 8,876 newTezos tokens. When tax season arrived, Plaintiffs initiallyreported $9,407 in "other income" from the new Tezostokens on their 2019 tax returns. Later claiming that the new Tezostokens were not subject to federal taxation as income, Plaintiffsrequested a nearly $4,000 refund from the IRS.

According to Plaintiffs, the creation of Tezos tokens throughthe proof-of-stake validation process was no different from a bakerbaking a cake where that freshly baked cake is considered newproperty, not income subject to taxation. Not until Plaintiffs soldthose new tokens - just like the baker selling the cake - wouldthey be subject to federal income tax based on that realized gain,or so Plaintiffs argued.

The Government initially rejected Plaintiffs' claim thattokens generated through staking were not income and denied therefund request. But as the court case progressed, the Governmentchanged its tune and agreed to issue a full refund - every pennyPlaintiffs requested - to resolve the case. The Government did notexplain why it decided to issue the refund or whether tokensgenerated through staking are indeed taxable.

Determined to secure a judgment that the newly created tokenswere not income for tax purposes, Plaintiffs rejected the refund.From Plaintiffs' perspective, if they accepted the refund forthat year, they would be forced to fight with the IRS every yearover whether the tokens they generated that year from staking weretaxable.

Plaintiffs tried to reject the refund "offer," but theGovernment issued it anyway and then moved to dismiss the case asmoot. The Government argued the case was moot becausePlaintiffs' complaint only raised whether the denial of refundin tax year 2019 was proper. Because the Government issued a fullrefund to Plaintiffs for tax year 2019, the issue (refundeligibility for 2019) was moot and incapable ofrepetition.As the Government saw it,Plaintiffs' lawsuit did not actually implicate the broaderpolicy question of whether tokens generated through staking aretaxable as income.

The Court agreed with the Government's position, rejectingPlaintiffs' contention that a live issue remained or that thisissue would reoccur every year that Plaintiffs continued to engagein staking. The Court also disagreed with Plaintiffs (supported byan amicus brief from Coin Center) that the issue was of significantpublic importance needing judicial resolution.

Barring an appeal in this case, those who had hoped forclarification on this issue remain disappointed. What is certain isthat the Government was careful not to leave too many clues aboutwhether it has changed its position on whether tokens generatedthrough staking were taxable income. Buried in a footnote in theGovernment's motion to dismiss, it noted that "the grantof a refund for one taxpayer for one year is neither a prospectivenor universal statement of IRS policy about the many individualitems reported on a tax return for any given year." Thisappears to respond to a statement from the "Proof of StakeAlliance" that the IRS's decision to issue a refund inthis case was an indication that it no longer considered tokensgenerated through staking as income.

This case was also particularly significant because thepopularity of proof-of-stake protocols is on the rise, due at leastin part to the perception that they are more energy efficient thanproof-of-work consensus protocols (e.g., Bitcoin). But how the IRSwill treat tokens generated from staking remains unclear. In 2014,the IRS issued guidance that cryptocurrency "mining" ortokens issued to validators who successfully validate transactionson proof-of-work platforms (no staking required) were income.See IRS Notice 2014-21 ("when a taxpayer successfully'mines' virtual currency, the fair market value of thevirtual currency as of the date of receipt is includible in grossincome") (https://www.irs.gov/pub/irs-drop/n-14-21.pdf).Interestingly, absent from the Government's answer toPlaintiffs' complaint or in its motion to dismiss was anyforceful argument leveraging this older guidance for the point thatany tokens created or received from validating blockchaintransitions are taxable income, whether or not those tokens aregenerated through a proof-of-work or proof-of-stake protocol.

We may not get our answer unless and until Plaintiffs file arefund request next tax season!

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As the cryptocurrency industry continues to expand, more countries and institutions are hopping on the bandwagon, and some of them even want to have their own official digital assets, including one Eastern Caribbean nation.

Indeed, the Commonwealth of Dominica is launching the Dominica Coin (DMC) in partnership with the TRON Protocol (TRX) after the nation passed the Virtual Asset Business Act in its Parliament earlier in 2022, according to TRONs press release on October 12.

The purpose of issuing the coin is to aid in promoting the country as a place with great tourist capacities and its rich natural heritage, driving its economic advancement. Commenting on this development, Dominicas Prime Minister Roosevelt Skerrit explained what it means for his country:

This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure.

Meanwhile, TRONs founder Justin Sun conveyed his teams excitement and optimism over the established partnership, stressing that:

The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future. () We hope it is the first of many technological partnerships with sovereign governments to come.

It is worth noting that the partnership between the blockchain and the Caribbean state has also brought the official approval of TRON-issued digital currencies as medium of exchange in Dominica.

As Justin Sun stated on Twitter, all digital assets issued on the TRON blockchain have been granted statutory status as authorized digital currency and medium of exchange in Dominica, also posting an official document that proves it.

In the meantime, the total number of transactions on the TRON blockchain has recently surpassed 4 billion after rumors started of its founder being the real buyer of crypto exchange Huobi, whereas Justin Sun himself announced his appointment as a member of the exchanges Global Advisory Board.

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TRON selected to issue Dominica's national cryptocurrency - Finbold - Finance in Bold

Litecoin's LTC/USD price has decreased 3.95% over the past 24 hours to $50.18, continuing its downward trend over the past week of -9.0%, moving from $54.24 to its current price.

The chart below compares the price movement and volatility for Litecoin over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has climbed 31.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.62%. This brings the circulating supply to 71.38 million, which makes up an estimated 84.97% of its max supply of 84.00 million. According to our data, the current market cap ranking for LTC is #22 at $3.58 billion.

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