© Courtesy of TheStreetBitcoin prices are barely changing as investors wait on the sidelines as the new cryptocurrency makes its eventful debut.
On October 20, the cryptocurrency price slowed slightly as the newcomer had a bumpy debut.
Bitcoin reached $19,044.37 at last check, according to CoinGecko. Ether, the native currency of the Ethereum blockchain, was at $1,284.83, while Dogecoin rose nearly 1% to $0.059928.
"Sit aside"
"Bitcoin price remains largely flat as investors are clearly waiting to see if today's gap will be a breakout or another drop," said James Edwards, editor of Cryptocurrency Finder.
"Until then, most traders will be sitting on the sidelines with cash, waiting for the market to show a clear signal of where to go next."
However, he added that "Bitcoin's stability against an ever-strengthening US dollar should be seen as a result and perhaps in some ways an advantage."
"While many major foreign currencies have fallen against the dollar in recent weeks, bitcoin's resilience is an interesting sign of continued market confidence," he said. "It's important to remember that Bitcoin is a buy-and-hold asset, so volatility, or lack thereof, isn't always the most interesting factor."
Edwards said Aptos, a new Tier 1 blockchain created by a group of former meta developers who worked on Facebook's Project Diem, had a rough start "despite a lot of hype."
Aptos opened at $12 and recently rose 2.2% to $7.22.
"The main reason for the failed launch revolved around two things: the team didn't publicly announce the tokennomics model, and the network was much slower than promised," Edwards said.
FUD dispersion
Aptos developer Mo Sheikh took to Twitter to launch the Tokenomics app and try to dispel FUD: Fear, Uncertainty and Doubt.
"Given the importance of tokenics to investors and the time it took to prepare for launch, this was very little on Aptos' part and Crypto Twitter did not take it lightly," Edwards said.
"Almost the entire crypto twitter community has come together to criticize Aptos for its lackluster launch, which seems reasonably deserved considering the project's high publicity and $350 million in funding," he added.
Edwards said Aptos aims to market Solana and Ethereum as killers, "which means it processes one transaction per second limit, and the team says the chain supports 160,000 transactions per second, nearly three times faster than Salty's advertised speed, or Almost 7x faster than Visa." ( V ) - get Visa Inc.
"Despite these grand claims, anonymous developer Paradigm Engineer 420 reported that Aptos tps was closer to 4 tps on launch day," he said.
Mastercard ( MA ) - Get Report Mastercard Incorporated launched the Crypto Source program on October 17th to ease the relationship between banks and cryptocurrency investors.
"Compliance and Security"
"Cryptocurrency wanted to destroy banks and middlemen like Mastercard and Visa, but now Mastercard makes it easy for banks to participate in bringing cryptocurrency to the masses interested in decentralized cryptocurrencies," said Winston Ma, managing partner. CloudTree Company.
But Mastercard's Paxos, the cryptocurrency trading platform already used by PayPal ( PYPL ) - Get PayPal Holdings Inc. He said it would serve as a bridge between Report - and the banks. Mastercard and Paxos will take care of regulatory compliance and security, "the two main reasons banks cite for not offering cryptocurrency trading to their customers," he said.
"It's interesting to see that large financial institutions can have a level of trust in decentralized Web3," said Ma, author of "Blockchain and Web3: Building the Foundations of Cryptocurrency, Privacy, and Security of the Metaverse."
David Lesperance, Managing Partner of Immigration and Taxation at Lesperance & Associates, highlighted the case of cryptocurrency exchange FTX and its founder Sam Bankman-Fried. Both are the subject of an investigation by the Texas State Securities Commission into the alleged offering of unregistered securities through performance services.
"Now the predictable has happened: US regulators are investigating whether a crypto exchange and its founder violated laws related to the sale of unregistered securities," he said.
"Strangely remember"
The investigation centers on FTX illegally offering accounts in Texas that pay interest on cryptocurrency deposits. Lesperance said, "TSSB enforcement director Joe Rotunda alleges that the accounts are securities and that FTX should register with the state before registering its residents."
Lesperance said state regulators are "strangely" reminding the federal government of the online gaming industry, which eventually became a target for regulators.
"SAR would do well to remember that David Carruthers, the CEO of one of the largest online gambling companies, was arrested at an airport in Texas and served 33 months," he said, referring to the CEO of BetOnSports.
In contrast, Calvin Eyre, who founded the online gaming company Bodog, did not come to the U.S. while his lawyers negotiated with U.S. regulators and paid the fine, Lesperance said.
"Eyre's willingness to regulate will not only preserve his personal freedom and his company's survival, but as he moved forward, the actions of creators in the cryptocurrency space will determine who stays in business going forward."