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• California’s state DMV is launching a pilot program which will use the Tezos blockchain to manage records surrounding automotive ownership.
• The goal is to reinforce immutability, reduce and optimize the necessary manpower in logging changes and updates to records, and reduce potential errors around record changes.
• Oxhead Alpha will be utilizing a specific set of smart contracts on the Tezos blockchain to build out this product.

The State of California has announced a new pilot program that will bring blockchain technology to the Department of Motor Vehicles (DMV). The project, which is being run in conjunction with crypto software firm Oxhead Alpha, will use the Tezos blockchain to manage records surrounding automotive ownership. The goal is to reduce errors and optimize the process of logging changes and updates to records.

The project was officially announced by the state’s Chief Digital Transformation Officer Ajay Gupta, who noted that the blockchain-based system would “avoid repeated verification steps for customer and State/public service entities, resulting in reduced workload, economic benefits, and auditability.” This is expected to make the process of tracking automotive ownership more efficient and accurate.

The project will utilize a specific set of smart contracts on the Tezos blockchain. These contracts will be responsible for securely storing data and logging relevant changes, such as ownership transfers and payment details. The data will be stored in a decentralized and immutable manner, ensuring that it can’t be tampered with or lost.

Oxhead Alpha is confident that the project will be a success. The company’s CEO, Joshua Krakauer, noted that “the Tezos blockchain is the perfect platform to power this type of initiative, as it is designed to be secure and reliable, while also being incredibly scalable and cost-effective.” He also highlighted the fact that Tezos is a proof-of-stake blockchain, which means it doesn’t require miners to validate transactions.

The pilot program is just the latest example of blockchain technology being adopted by the public sector. Governments around the world are increasingly beginning to recognize the potential of blockchain, and are investing in projects that will enable them to use it for various functions.

California’s pilot program is an exciting development, and could be an important step forward for institutional-level crypto adoption. If successful, it could pave the way for similar projects in other states, and could help to demonstrate the value of blockchain technology in the public sector.

• The crypto lending firm Vauld filed for bankruptcy and subsequently sought protection from Singaporean creditors.
• The Singapore high court granted Vauld a three-month creditor protection period, which was later extended till February 28, 2023.
• Vauld has received indications from two digital asset fund managers interested in its assets and requested more time to handle the details of a potential takeover.

The crypto space was thrown into disarray in 2022 when a crypto winter hit and caused the value of most crypto assets to plunge drastically. This led to the bankruptcy of some firms, with one of these firms being Vauld, a crypto lending platform. In an effort to save itself from the chaos, Vauld sought protection from its Singaporean creditors, and the Singapore high court granted the firm three months of creditor protection.

However, due to the complexity of the situation, Vauld soon requested an extension from the court, and the court agreed to give them until February 28, 2023 to devise a revival plan with their creditors. It appears that the firm is in the process of being acquired by two digital asset fund managers who have expressed interest in Vauld’s assets. This potential takeover requires a great deal of negotiation and thus the extra time to properly handle all the details.

Vauld’s situation serves as a reminder of how quickly the crypto market can change. What was once a successful business can quickly become a victim of the rapid movements of the crypto market. Firms must remain vigilant and be prepared to adjust to the ever-changing environment in order to survive in this industry.

•Visa has partnered with Huobi and Solaris to launch a debit card that will allow European users to make payments from their crypto accounts.
•The debit card is expected to be available in Q2 of 2023 within the European Economic Area.
•The partnership marks a milestone in Huobi’s efforts to make virtual assets accessible to everyone.

Visa, a global leader in the digital payments industry, has recently announced a partnership with Huobi and Solaris to launch a Visa-backed debit card that will allow European users to make payments from their crypto accounts. This development marks an important milestone in Huobi’s mission to make virtual assets accessible to everyone.

The debit card is expected to be available in Q2 of 2023 within the European Economic Area (EEA), which includes all the countries that make up the European Union. Huobi’s partnership with Solaris will make it one of the first companies to offer a Visa-backed crypto-to-fiat debit card in the EEA.

The Visa-backed debit card is just one of many projects that Huobi and Solaris are working on together. According to Andrea Ramiono, chief strategy officer at Solaris, this is only the first step in the partnership and hints at the possibility of more innovations to come.

Visa has been at the forefront of crypto innovation, partnering with multiple cryptocurrency companies to provide users with a wide range of payment options. This includes Binance, which launched its own Visa-backed crypto-to-fiat card in 2020 to allow European residents to withdraw funds from their Binance wallets.

By partnering with Huobi and Solaris, Visa is continuing to provide users with diverse payment options as blockchain technology evolves. This allows users to securely make payments in both fiat and digital currencies. This new debit card from Huobi and Solaris offers more convenience, speed and security for European users.

Huobi’s new Visa-backed debit card could be a game changer for the European crypto market, making virtual assets more accessible and providing users with more options for making payments. This could potentially open up new opportunities for crypto users and could be a major step forward in the mainstream adoption of cryptocurrencies.

• Altcoins have been showing signs of recovery after suffering a nearly 90% drawdown in most assets.
• Gains from many top altcoins have been reminiscent of the previous bull market in Bitcoin and other coins.
• This could be due to a calendar-based phenomenon called the January effect.

The crypto market has been going through a tough time, with most altcoins suffering a devastating drawdown of over 90%. However, signs of a potential recovery have started to show recently, as altcoins have been posting returns reminiscent of the previous bull market in Bitcoin and other coins. One possible explanation for this is a calendar-based phenomenon known as the January effect.

The January effect is a calendar-based phenomenon that takes place during the month of January and is characterized by a surge in securities prices. This phenomenon is not exclusive to the crypto market and is also present in the traditional financial markets, where it is joined by other calendar effects such as “sell in May and go away”, the Halloween effect, the July effect, and the Santa Claus rally.

GALA, for example, has surged by 138% over the last week, while Lido DAO has seen gains of 61%. Dozens of altcoins have posted returns of over 20% in the same timeframe, and even those caught up in the FTX-related fallout have seen their largest monthly bullish candle since August 2021.

The January effect could be one of the reasons behind the strong performance of altcoins relative to Bitcoin and Ethereum, which have seen returns of 5-10% in the same timeframe. The crypto market’s future performance could depend on whether this effect is able to continue in the months ahead. If it does, then the chances of a full recovery for the crypto market could be much higher. Therefore, the January effect could be one of the key drivers of the crypto market in the coming months.

• Dogecoin mining profitability is 480% higher than Bitcoin.
• Dogecoin miners are reportedly paying $8.22 for electricity while Bitcoin miners are paying $7.22 for electricity.
• Despite the higher electricity rates, Dogecoin miners still have higher profit margins.

In recent years, the mining industry has been hit hard with multiple miners going bankrupt and others struggling to keep the lights on. With the market seeing declines over the past year, mining profitability has taken a significant hit. However, according to data from the mining calculator website CoinWarz, Dogecoin mining profitability is actually higher than that of Bitcoin.

Dogecoin’s profitability has reportedly increased in the past two weeks, while Bitcoin’s profitability has stayed mostly flat. This is despite the fact that Dogecoin miners are paying higher electricity rates than Bitcoin miners. According to the chart from CoinWarz, Dogecoin miners are paying $8.22 for electricity, while Bitcoin miners are paying $7.22. Despite the higher electricity rates, Dogecoin miners still have higher profit margins.

The mining difficulty for both assets during the two-week period was vastly different, with Dogecoin seeing a greater difficulty increase. This means that it is more profitable to mine the meme coin than the OG Bitcoin. Interestingly, Dogecoin is not the coin with the highest profit margins for miners. That title belongs to Verge, which rewards miners with XVG tokens for their contributions. This puts Dogecoin in the second position with a network hashrate of 529.90 TH/s.

Overall, the data from CoinWarz clearly shows that Dogecoin is more profitable to mine than Bitcoin. Despite the higher electricity rates, Dogecoin miners are still able to make more profit than Bitcoin miners. This is a testament to the resilience of Dogecoin and its popularity amongst miners. As the mining industry continues to struggle, it looks like Dogecoin may be one of the few coins that remain profitable and attractive to miners.

• According to the on-chain analytics firm Glassnode, large Bitcoin transactions of more than $10 million now account for only 19% of the total volume, down from 42.8% at the start of November 2022.
• The “relative transfer volume breakdown by size” indicator shows what part of the BTC volume is being contributed by the different-sized transaction groups in the market.
• The dominance of the transaction group with transfers valued higher than $10 million has significantly fallen in recent weeks, indicating that Bitcoin whales have been inactive recently.

Bitcoin has been one of the biggest and most successful investments of the past decade, with its value skyrocketing over the years. With the rise in popularity of Bitcoin and other cryptocurrencies, many people are buying, selling, and trading digital assets. However, one group of investors, known as “whales”, have been particularly active in the cryptocurrency markets. Whales are investors who own large amounts of cryptocurrency and have the power to move markets due to their size.

Recently, however, data from the on-chain analytics firm Glassnode indicates that the activity of Bitcoin whales has been declining. According to the firm, transactions of more than $10 million now account for only 19% of the total volume, down from 42.8% at the start of November 2022. The “relative transfer volume breakdown by size” indicator also shows that the dominance of the transaction group with transfers valued higher than $10 million has significantly fallen in recent weeks.

This decrease in activity may be due to a variety of factors, such as whales taking a break from trading due to the volatile markets, or the whales simply taking a more conservative approach with their investments. It is also possible that the whales are simply waiting for the market to become more stable before they start trading again.

The decrease in activity from the whales may have a significant impact on the cryptocurrency market. With the whales out of the picture, other investors may have more control over the markets and be able to influence the prices of cryptocurrencies in a positive way. This could be beneficial for the whole cryptocurrency market, as the increased activity from other investors could lead to more liquidity and greater stability.

Overall, the decrease in activity from Bitcoin whales is something that investors should be aware of. While it is difficult to predict what will happen in the future, it is important to keep an eye on the activity of whales and other large investors, as their moves can have a major impact on the cryptocurrency markets.

• Paul Krugman, Nobel Laureate, has compared the crypto craze to the US real estate bubble of the mid-2000s.
• He also compared the crypto to Tesla and its stocks in a New York Times opinion piece.
• Tesla’s stock fell 11.4% in response to reports of manufacturing output reduction in China, reducing its market valuation from $1.2 trillion to $350 billion.

Paul Krugman, Nobel Laureate and acclaimed economist, has joined the ranks of the world’s intellectuals and business moguls to give the thumbs-down to cryptocurrency. Last June, the American economist drew parallels between the crypto craze and the real estate bubble of the mid-2000s, stating that consumers’ belief in crypto assets is comparable to their enthusiasm in the US home market prior to its collapse.

Fast forward six months, Krugman has compared the crypto to Tesla and its stocks. On Tuesday, Krugman wrote an opinion piece in the New York Times regarding Tesla, bitcoin, and their massive market prices. In his article, he inquired: “Did the Tesla story ever make sense?” He added: “Tesla and bitcoin may have more in common than you think.”

Krugman’s remarks came after Tesla’s stock fell 11.4% in response to reports that the company reduced its manufacturing output in China. Between the first week of January 2020, and November 2021, Tesla’s stock price increased by more than 13 times. Since then, the stock has dropped 73%, reducing the market valuation of the electric car firm from almost $1.2 trillion to less than $350 billion as of Tuesday’s close.

Krugman is a notable author and educator who specializes in International Economics and Macroeconomics. He is a Yale University and Massachusetts Institute of Technology graduate and has been awarded the Nobel Memorial Prize in Economics for his work on international trade. He is also a professor at Princeton University and a columnist for The New York Times.

Krugman is just one of many intellectuals and business moguls to express their doubts about the cryptocurrency market. His views on the crypto craze add to the growing concern about the potential bubble in the crypto market. With the volatility of the market, investors should be cautious when investing in cryptocurrency, as the value of their investments could be significantly reduced.

• Investors filed a lawsuit against Gemini and its founders Tyler and Cameron Winklevoss, accusing them of fraud and other crimes.
• The lawsuit claims that Gemini offered unregistered securities in the form of interest-bearing accounts.
• Gemini refused to honor any further investor redemptions, thereby “wiping out” all investors who still had assets in the program.

Investors have filed a lawsuit against Gemini, the U.S. cryptocurrency exchange founded by Tyler and Cameron Winklevoss, and its founders, accusing them of fraud and other crimes. The lawsuit was filed Tuesday in Manhattan federal court, with investors alleging that Gemini offered unregistered securities in the form of interest-bearing accounts.

Gemini launched its high-yield program called Gemini Earn in 2015. This product worked like a cryptocurrency savings account, allowing clients to deposit their cryptocurrency in exchange for interest. However, the lawsuit claims that Gemini refused to honor any further investor redemptions, thereby “wiping out” all investors who still had assets in the program.

The lawsuit claims that Gemini’s failure to honor investor redemptions was due to the collapse of FTX, Alameda Research, and other crypto companies last month, which caused a liquidity problem at Genesis Global Capital. It is estimated that Genesis had $175 million invested in FTX prior to the bankruptcy filing of the exchange. As a result, Gemini immediately halted withdrawals for the interest-bearing contract.

Brendan Picha and Max J. Hastings, who are pursuing a class action lawsuit on behalf of other impacted Gemini investors, claim that Gemini and the Winklevoss twins violated the Exchange Act by offering unregistered securities. The lawsuit also claims that the Winklevoss twins and their crypto exchange defrauded people by not honoring investor redemptions.

It remains to be seen how this lawsuit will play out and how it will affect the Winklevoss twins and Gemini. However, it is clear that the Winklevoss twins and their cryptocurrency exchange are in hot water. Investors have accused the duo of fraud and other crimes, and the lawsuit claims that Gemini violated the Exchange Act by offering unregistered securities. It is yet to be seen if the Winklevoss twins and Gemini will be held accountable for their alleged actions.