Cryptonews https://rapi.cryptonews.com https://v2.cimg.co/p/assets/android-chrome-512x512.png https://v2.cimg.co/p/assets/android-chrome-512x512.png Cryptonews https://rapi.cryptonews.com en Mon, 20 Sep 2021 16:03:00 +0300 <![CDATA[Investors Buying Dips, Coinbase Postpones USDC APY, Tron ETP + More News]]> https://cryptonews.com/news/investors-buying-dips-coinbase-postpones-usdc-apy-tron-etp-more-news.htm https://cryptonews.com/news/investors-buying-dips-coinbase-postpones-usdc-apy-tron-etp-more-news.htm announced it was awarded Thailand’s ICO Portal License, subject to activation approval by the Securities Exchange and Commission of Thailand (SEC) to operate an asset-backed token offering service. "Individuals and companies can now invest, sell and manage fractional ownership of anything from a small stake in a city condominium, beachfront resort or art piece through to managing a private fund, assets and investors," they said.Exchanges newsCoinbase said that they have decided not to launch the USDC APY program and discontinued the waitlist for this program with "hundreds of thousands of customers from across the country." "We will not stop looking for ways to bring innovative, trusted programs and products to our customers," they said, adding that the company continues its "work to seek regulatory clarity for the crypto industry as a whole." Learn more: Coinbase vs. ‘Sketchy’ SEC Case Reminds of Crypto Regulation ChallengesCoinbase also announced that they are officially launching Coinbase Prime to all institutions, and with updated capabilities, stating that it has the tools and services institutions need to invest in crypto. They said they added more venues to their smart router, more assets to the custody capability, enhanced the post-trade reporting capabilities, and added to their post trade credit financing options.US investigations into Binance Holdings, the parent company of crypto platform Binance, have expanded to include looking into whether Binance or its staff profited by taking advantage of its customers, Bloomberg reported. The review involves US Commodity Futures Trading Commission (CFTC) investigators, who in recent weeks have been reaching out to potential witnesses, their sources said.Crypto platform Crypto.com said that it has expanded its total insurance coverage to USD 750m, effective September 6. This includes both direct and indirect custodian coverage for more than 10m users of the platform.Major European stock exchange Deutsche Börse will list Tron (TRX) exchange-traded notes (ETNs), said the company. Global fund manager VanEck will issue a TRON ETN (VTRX), as well as Solana (SOL) and Polkadot (DOT) ETNs. Following German approval, VTRX is expected to be available in 14 EU countries, they said.FTX Trading Limited, the operator of crypto exchange FTX, today announced that its Bahamian subsidiary, FTX Digital Markets, has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill aka (DARE Act). FTX Digital Markets expects to establish a substantial presence in The Bahamas, they said, while Ryan Salame, former Head of OTC at Alameda Research, FTX’s parent company, has been appointed as its CEO, responsible for leading the local initiatives.DeFi news0xMaki, contributor to decentralized finance (DeFi) project Sushi (SUSHI) has said that he is stepping down from day-to-day operations on the platform and into an advisory role. He wrote in a blog post that he will still contribute, but will turn his attention to the broader DeFi ecosystem.PNetwork, a DeFi system that allows different blockchains to communicate with each other, said it lost BTC 277 (USD 12m) after an attacker found a bug in its code. The bug has been identified and a fix proposed, they said, offering a USD 1.5m bounty to the hacker if the stolen funds are returned.Legal newsTech giant Apple is being sued for damages resulting from an allegedly fake scam crypto app available in its App Store that cost its victims over USD 5m in crypto, according to a class-action complaint. The fraudulent app was a spoof of the legitimate Toast Wallet called Toast Plus and was used to steal a victim’s seed phrase and all of the tokens in the fake wallet.Regulation newsThe US government is preparing an array of actions, including sanctions, to keep hackers from profiting by using crypto ransomware attacks, the Wall Street Journal reports. The threat of these attacks is “traced to Russia” and the government hopes to disrupt the digital finance infrastructure that allows them to happen, per the report.Career newsCoinbase's VP of communications, Kim Milosevich, has announced she will be departing the company at the end of the year. She has worked there since August 2020, but added that as “crypto never sleeps” she could use a break as well.]]> Mon, 20 Sep 2021 13:03:00 +0000 <![CDATA[Dogecoin Under Avalanche Threat as DOGE on Verge of Top 10]]> https://cryptonews.com/news/dogecoin-under-avalanche-threat-as-doge-on-verge-of-top-10.htm https://cryptonews.com/news/dogecoin-under-avalanche-threat-as-doge-on-verge-of-top-10.htm market correction, a price level otherwise not seen since early August this year. 

...]]>
market correction, a price level otherwise not seen since early August this year. 

90-day price chart of dogecoin:

Source: coingecko.com

And with the accelerating price fall for DOGE, its ranking among the most valuable cryptassets has also fallen, from being ranked in the top five in April and May, to now being on the verge of falling out of the top 10 altogether.

Despite having fallen significantly from its highs, however, dogecoin’s market capitalization still remains significantly above that of the next cryptoasset on the list, Avalanche’s AVAX token.

With a current market capitalization of USD 13.8bn, AVAX would need to more than double that number to catch up with dogecoin’s USD 28.4bn market capitalization. 

Alternatively, dogecoin could also continue to fall, and would in that case fall below AVAX if it loses a bit more than half of its price from current levels. DOGE dropped by around 35% in a month, while AVAX jumped by over 60% in the same period of time.

The popular meme coin, fueled among other things by tweets from Tesla CEO Elon Musk, first entered the top 10 in late January this year during a massive pump believed to have been orchestrated by the WallStreetBets Reddit forum. DOGE is still up by 7,500% in a year.

It has since been on a wild rollercoaster journey that has taken it as high as USD 0.74, before dropping more than 70% to its current price.

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Learn more:
- Mark Cuban Says He Owns USD 494 of 'Strongest Community' Dogecoin 
- Dogecoin Fan Sues Coinbase For 'Tricking' Him Into Providing Liquidity 

- Dogecoin Wannabes Flood The Market With Pumps & Dumps
- Dogecoin Needs 3 Conditions Fulfilled to Move Beyond USD 1

- Are GameStop-Style Surges In Crypto Any Different From Old Pumps & Dumps?
- 'The Most Honest Sh*tcoin,' Dogecoin, Will Survive Alongside Bitcoin - Analysts

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Mon, 20 Sep 2021 11:30:00 +0000
<![CDATA[Crypto Market Sentiment Drops for the Fourth Week in a Row]]> https://cryptonews.com/news/crypto-market-sentiment-drops-for-the-fourth-week-in-a-row.htm https://cryptonews.com/news/crypto-market-sentiment-drops-for-the-fourth-week-in-a-row.htm Omenics.

Unsurprisingly, nearly all coins’ sentscores are in red at the time of writing. The largest drop is seen by binance coin (BNB)...]]> Omenics.

Unsurprisingly, nearly all coins’ sentscores are in red at the time of writing. The largest drop is seen by binance coin (BNB), having fallen almost 14%. The distant second place is taken by chainlink (LINK)’s 5% fall, followed closely by XRP’s own 5%. Tether (USDT) is not far with a drop to its sentscore of nearly 5%, while bitcoin (BTC) is down 3.5%. Uniswap (UNI), ethereum (ETH), and cardano (ADA) slipped 3%, 1%, and 0.8%, respectively.  

The two coins the scores of which have gone up over the past week are polkadot (DOT) with a 3% rise, and USD coin (USDC) with 2%. Notably, though continuing to have the lowest overall sentscore, USDC was also the only winner last week.

Three coins remain in the positive zone, the same as a week ago, but with a couple of differences. Bitcoin and ethereum have since dropped, while polkadot’s score has risen. More coins have fallen below the score of 5, with LINK, ADA, and UNI standing in the 5.3-5.6 range, and XRP, BNB, USDT, and USDC in the 4.3-4.8 range.

 

Sentiment change among the top 10 coins*:
Interpreting the sentscore’s scale:
- 0 to 2.5: very negative
- 2 to 3.9: somewhat negative zone
- 4 to 5.9: neutral zone
- 6 to 7.49: somewhat positive zone
- 7.5 to 10: very positive zone.

Source: Omenics, 10:50 UTC

Over the past 24 hours alone, the overall sentscore for these same ten coins has dropped as well. The average 24-hour score is now 5.2, compared to last Monday’s 5.47, continually moving away from the positive zone it had shortly reached last month. All coins but USDC – the score of which is up 4% - are red. The highest daily drop is recorded by ethereum, with -10%, with XRP and BNB closely behind it, having dropped 9% and 8%, respectively. Bitcoin fell 7%, while the remaining coins are down between 7% and 2%.

BTC, ETH, and DOT are still the only three in the positive zone, but ETH is now at the verge of it with a score of 6, while DOT overtook it with 6.3, standing second behind BTC’s 6.5. Three more coins have scores within the 5.1-5.4 range, and while BNB dropped to almost 4, no coins are in the negative zone.  

 

Daily Bitcoin sentscore change in the past month:

Source: Omenics

Now, taking a look at the 7-day performance of the 25 coins outside the top 10 list, we see that the majority of their sentscores have dropped in this time period. Only four are up: tron (TRX) (7%), synthetix (SNX) (5%), algorand (ALGO) (1.5%), and REN (1%), while cosmos (ATOM)  is unchanged. As for the drops, the highest among them is 14% seen by yearn.finance (YFI), with several others having double-digit falls as well. The smallest slip is OMG’s 0.4%. Meanwhile, ALGO, ATOM, TRX, and crypto.com (CRO) sit in the positive zone, ten are in the 5-5.9 range, and the rest are below it. Though nem (XEM) is close with its score of 4, no coin is in the negative zone.

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* - Methodology:

Omenics measures the market sentiment by calculating the sentscore, which aggregates the sentiment from news, social media, technical analysis, viral trends, and coin fundamentals-based upon their proprietary algorithms.
As their website explains, "Omenics aggregates trending news articles and viral social media posts into an all-in-one data platform, where you can also analyze content sentiment," later adding, "Omenics combines the 2 sentiment indicators from news and social media with 3 additional verticals for technical analysis, coin fundamentals, and buzz, resulting in the sentscore which reports a general outlook for each coin." For now, they are rating 35 cryptoassets.

]]> Mon, 20 Sep 2021 09:52:00 +0000
<![CDATA[Bitcoin Breaks USD 44K, Ethereum And Altcoins Tumble]]> https://cryptonews.com/news/bitcoin-breaks-usd-44k-ethereum-and-altcoins-tumble.htm https://cryptonews.com/news/bitcoin-breaks-usd-44k-ethereum-and-altcoins-tumble.htm XRP traded below the USD 0.965 and USD 0.950 support levels. ADA is accelerating lower and it might test USD 2.00.

Learn more: XRP traded below the USD 0.965 and USD 0.950 support levels. ADA is accelerating lower and it might test USD 2.00.

Learn more: Bitcoin & Crypto Drop Alongside Stocks On China's Evergrande Spillover Risks

Total market capitalization

Source: https://www.tradingview.comBitcoin price

In the past three sessions, bitcoin price saw a sharp bearish wave below USD 47,200. BTC traded below the USD 46,000 and USD 45,000 support levels. If the bears remain in action, the price could even trade below the USD 43,500 level. The next major support on the downside is near the USD 43,200 level.

An initial resistance on the upside is near the USD 45,000 level. The first major resistance is now forming near the USD 45,500 level, above which the price might recover towards the USD 46,000 level in the near term. 

Ethereum price

Ethereum price extended its decline below the USD 3,220 support. ETH is down over 9% and it even traded below USD 3,050. The next major support is near USD 3,020 and USD 3,000. Any more losses may possibly lead the price towards the USD 2,880 level.

If there is a recovery wave, the price might face resistance near USD 3,150 (the recent breakdown support). The first major resistance is now forming near the USD 3,200 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) dropped below the USD 2.32 and USD 2.20 levels. The price even traded below USD 2.10 and it might continue to move down towards USD 2.00. Any more losses could set the pace for a larger decline in the near term.

Litecoin (LTC) declined 11% and it traded below the USD 162 support level. The next major support is near the USD 155 level, below which the price could struggle to stay above USD 150. On the upside, the previous support at USD 172 could act as a strong resistance.

Dogecoin (DOGE) is accelerating lower below the USD 0.220 level. An immediate support is near the USD 0.205 level. The main support is still near the USD 0.200 level. Any more losses may possibly call for a move towards the USD 0.188 level. If there is an upside correction, the price might face resistance near USD 0.225.

XRP price declined by 13% and it is now trading below the USD 0.950 level. The next major support is USD 0.900, below which the bulls might take a stand near the USD 0.880 level. If they fail, there is a risk of a move towards the USD 0.800 level.

Other altcoins market today

Many altcoins are down over 10%, including RUNE, LUNA, ONE, HBAR, ICX, QNT, REV, MIOTA, WAVES, AVAX, EGLD, and ZIL. Out of these, QNT and RUNE crashed by around 20%.

To sum up, bitcoin price is back in a bearish zone below USD 45,000. The current price action suggests BTC could move down further towards the USD 43,200 level.

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Find the best price to buy/sell cryptocurrency:]]> Mon, 20 Sep 2021 09:02:00 +0000
<![CDATA[Bitcoin & Crypto Drop Alongside Stocks On China's Evergrande Spillover Risks]]> https://cryptonews.com/news/bitcoin-crypto-drop-alongside-stocks-on-chinas-evergrande-spillover-risks.htm https://cryptonews.com/news/bitcoin-crypto-drop-alongside-stocks-on-chinas-evergrande-spillover-risks.htm

As China’s second-largest property developer, China Evergrande holds more than USD 300bn of debt, placing the company as “the world’s most indebted property developer,” per CNBC.

The company has repeatedly seen its ratings cut by international ratings agencies, and has itself warned on multiple occasions that it could default on its debt.

And although not at first sight related to bitcoin, some industry insiders are increasingly concerned about the impact such a large Chinese default could have, and possibly already has, on the cryptocurrency markets.

Among those who have voiced concerns is Alex Mashinsky, Founder and CEO of crypto lending and borrowing firm Celsius Network, who said that “a cascade of defaults in the global financial system” could drag bitcoin down with it.

“BTC not being able to break [USD] 50k may have more to do with China than Regulation FUD,” the CEO added.

Also, USDT issuer Tether was forced to issue a statement last week, stating that the company never did nor it now holds any commercial paper or other debt or securities issued by Evergrande. 

Meanwhile, as reported by the South China Morning Post on Monday, cracks have also begun to appear elsewhere in the Chinese property sector. Among the property developers now being watched closely are Guangzhou R&F and Fantasia Holdings, both of which have seen their credit ratings cut to “negative” by ratings agencies Fitch and S&P Global Ratings in recent days.  

“The worst part is that not only China Evergrande is collapsing, but also other Chinese home builders are drowning in the tsunami caused by it,” Zhou Chuanyi, an analyst at credit research firm Lucror Analytics in Singapore was quoted by the news outlet as saying.

The problems have so far led to a sharp stock market selloff both on Hong Kong’s Hang Seng stock exchange, as well as on US stock markets, with Hang Seng trading down 3.3% for the day and the US S&P 500 set to open down 0.9% later today.

Meanwhile, the traditional safe haven, gold, traded up slightly, gaining 0.17% for the day as of 09:30 UTC.

In the crypto markets, bitcoin was down by 6% over the past 24 hours to trade at USD 45,211, after having fallen from more than USD 48,800 on Saturday.

7-day price chart of BTC. Source: CoinGecko

"After closing above USD 47,000 on Saturday, BTC broke down past the 50-day moving average yesterday <..>. Some have attributed the sudden dip to the currently ongoing Evergrande situation in China which has already caused turmoil in traditional markets. Analysts have suggested a choppy week is ahead, with a potential pullback to as low as USD 41,000, although a key support remains at USD 44,000," Jonas Luethy, Sales Trader at the UK-based digital asset broker GlobalBlock, said in an emailed comment.

Similarly, Ethereum’s native ETH token was down by 7.7% for the past 24 hours to trade at USD 3,172.

7-day price chart of ETH. Source: CoinGecko

Despite the selling seen in the crypto markets today, liquidations were still at fairly low levels across both bitcoin and other cryptoassets as of press time. 

Over the past 24 hours, the volatility seen in BTC caused USD 303m to be liquidated, with the overwhelming majority of that being long positions that were forcibly closed on Binance, per Bybt.com data.   

For ETH, the situation was similar, with just over USD 200m liquidated over the same time period.

And while bitcoin – still seen by many as a ‘risk-on’ asset – has so far suffered, crypto industry insiders and analysts point to strong on-chain fundamentals as a reason to be optimistic.

As described in Chainalysis’ latest Market Intel Report, on-chain signals suggest that most bitcoin holders have remained bullish during the month of September, given that flows of coins into exchanges “decreased rapidly” in the days following the September 7 selloff.

“In fact, whales, on both bitcoin and ethereum, appear to be settling in for a long period of holding, with many of the whales that entered in Q1 of 2021 continuing to hold,” wrote Philip Gradwell, Chief Economist at Chainalysis.

 

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Reactions:
 

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Learn more:
- Why Bitcoin Likes a Hard-On Environment 
- Store Or Not Store Of Value? Three Reports Weigh In On Bitcoin

- Analysts Urge Caution as Golden Cross Appears in Bitcoin Chart
- Bitcoin May Surpass USD 66K in 2021 and USD 400K by 2030 - 'Panel of Experts'

- CBDCs, Stablecoins & Crypto Can Disrupt Traditional Finance – Moody’s
- Why Fiat Currency Is More Confusing Than Crypto 
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(Updated at 13:26 UTC with reactions.)

]]> Mon, 20 Sep 2021 08:11:00 +0000
<![CDATA[US Infra Bill Provision May Force Crypto Users To Report USD 10K+ Transactions]]> https://cryptonews.com/news/us-infra-bill-provision-may-force-crypto-users-to-report-usd-10k-transactions.htm https://cryptonews.com/news/us-infra-bill-provision-may-force-crypto-users-to-report-usd-10k-transactions.htm said in a report.

They argue that a statute creating felony crimes for digital asset users merits an open debate instead of being quietly included in a pending bill. 

“The proposed amendment to Section 6050I states that, in a broad range of scenarios, 'any person' who receives over [USD] 10,000 in digital assets must verify the sender’s personal information, including Social Security number, and sign and submit a report to the government within 15 days. Failure to comply results in mandatory fines and can be a felony (up to five years in prison),” the report said. 

The proposal relies on a law from 1984 that was drafted to discourage in-person cash transfers and encourage the use of financial institutions for major transactions. But the provisions that were relatively clear some 37 years ago are difficult to apply to digital assets, causing compliance to be unduly burdensome, the POSA said.

This is because “any 'receipt' can trigger the reporting requirement, and 'digital asset' is defined broadly as any 'digital representation of value’ using distributed ledger technology, including [non-fungible tokens] NFTs,” according to the report.

Because of this, crypto miners, stakers, lenders, decentralized application and marketplace users, traders, businesses and individuals  who have any exposure to digital assets - are all at risk of being subject to the controversial requirement, “even though in most situations the person or entity in receipt is not in the position to report the required information,” the report’s authors said.

Based on its analysis of the provision, the POSA concludes that all the above groups must report received digital assets triggering the USD 10,000 threshold, or otherwise face fines or prison. 

There are, however, three exceptions that apply: receipts by financial institutions; receipts that were already reported under the Bank Secrecy Act; and foreign transactions.

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Learn more:

- Biden’s Administration Pushes For 'Last-Minute' Crypto Additions In Infra Bill
- US Infra Bill Might Prompt Crypto Business Exodus, Treasury Has a Role Too

- SEC Chief May be Gunning for Crypto Exchanges and Altcoins
- Coinbase vs. ‘Sketchy’ SEC Case Reminds of Crypto Regulation Challenges 

- Bitcoin Miners Adapt Fast As EU Mulls ‘Climate-Friendly Cryptoassets’
- 'Don't Be Lulled' as European Commission Mulls a Crypto KYC Trap

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Mon, 20 Sep 2021 06:58:00 +0000
<![CDATA[An NFT Storm Brewing for OpenSea as FTX's New Platform 'a Month Away']]> https://cryptonews.com/news/an-nft-storm-brewing-for-opensea-as-ftxs-new-platform-a-month-away.htm https://cryptonews.com/news/an-nft-storm-brewing-for-opensea-as-ftxs-new-platform-a-month-away.htm told Bloomberg that the exchange has a “robust framework,” and is therefore “set up for an easy expansion” – specifically to include NFTs minted externally.

The exchange already allows their users to mint and list NFTs, but the next goal is to enable them to bring ...]]> told Bloomberg that the exchange has a “robust framework,” and is therefore “set up for an easy expansion” – specifically to include NFTs minted externally.

The exchange already allows their users to mint and list NFTs, but the next goal is to enable them to bring in projects they minted through other platforms with the company building their own NFT platform, per the report.

“Our exchange can handle more than just NFTs,” Harrison was quoted as saying. 

He added that they are “definitely building” their own “OpenSea competitor,” stating that their NFT platform is about a month away from becoming available. 

This past July, the FTX operator, FTX Trading Ltd., said it closed USD 900m Series B fundraise, with over 60 investors, valuing the company at USD 18bn, while just a year prior that number stood at USD 1bn. The company stated at the time that it would look to further expand the network of partnerships it has for its FTX NFT, FTX Pay, and FTX Liquidity program business lines.

In August it was announced that FTX was partnering up with entertainment company Dolphin Entertainment to launch an NFT marketplace for prominent sports and entertainment brands.

And then earlier in September, the exchange’s founder and CEO, Sam Bankman-Fried, tweeted that FTX’s US arm – which he said both US and non-US users can use – launched a minting platform. The NFTs are built cross-chain on Solana (SOL) and Ethereum (ETH), he said, adding:

“Deposits/withdrawals opening up in the next couple weeks. You'll also be able to deposit outside NFTs then!”

On Twitter, two days ago, Harrison further added that as they “build out our NFT marketplace on FTX, we’re thinking a lot about fees,” providing a thread on FTX NFT’s fee structure discussion, and inviting feedback.

Meanwhile, following accusation of insider trading, OpenSea confirmed last week that one of their employees had purchased items that they knew were set to display on the front page before they appeared there publicly – hence knowing that those items were likely jump in price. The employee had to leave the company.

The NFT unicorn added that they also implemented several policies that forbid its team members from trading collections that are featured or promoted by the company, among other restrictions.
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Learn more: 
- Blockchain Users Shift Focus Towards Dapp Gaming 
- NFT Insider Trading On OpenSea Highlights Benefits of Decentralization

- Eight-Year-Old Japanese Boy Starts Building ETH Fortune Selling NFTs
- When You Buy an NFT, You Don’t Completely Own It – Here’s Why

- FTX Sees 'Explosive Growth' With More than 1M Sign-Ups This Year
- NBA, MLB, E-sports, And Now Bündchen & Brady Join FTX's Marketing Team 

]]> Mon, 20 Sep 2021 06:04:00 +0000
<![CDATA['Dictator' Bukele 'Buys the Bitcoin Dip' as 1.1M Users Flock to Chivo Wallet]]> https://cryptonews.com/news/dictator-bukele-buys-the-bitcoin-dip-as-11m-users-flock-to-chivo-wallet.htm https://cryptonews.com/news/dictator-bukele-buys-the-bitcoin-dip-as-11m-users-flock-to-chivo-wallet.htm

The government has highly incentivized the use of the Chivo app – although it claims that Chivo use is optional – by giving those who download it in El Salvador USD 30 worth of BTC as a golden hello.

Bukele claimed that the Chivo app and his BTC adoption plans were al...]]>

The government has highly incentivized the use of the Chivo app – although it claims that Chivo use is optional – by giving those who download it in El Salvador USD 30 worth of BTC as a golden hello.

Bukele claimed that the Chivo app and his BTC adoption plans were already proving to be a success, writing on Twitter:

“It looks that we will be able to bank more people in the space of month than [previous governments] did in 40 years with the nationalization and privatization of traditional banks.”

Bukele also added that his government had bought an additional BTC 150, meaning that the El Salvador Treasury now owns BTC 700 (USD 32m).

The author Mark Jeffrey claimed that the latest BTC buy was proof that the nation was “punching above its weight yet again.”

Despite no shortage of criticism, it appears that Chivo rollouts are continuing. The latest data from CoinATMRadar indicates that 231 Chivo ATMs are now operational, with 31 of these located in the United States. Bukele has previously claimed that this number is in fact higher – with 50 machines in the USA.

But technical issues appear to be persisting. A mobile network named Digicel claimed its SMS services went down for a minute on September 19 due to “high demand” for Chivo app downloads.

Bukele conceded that the “crash of an SMS carrier caused an error in 28,000 requests for Chivo registration” – causing an hour worth of issues. He stated that as a result, 28,000 new users had not received their USD 30 worth of BTC – but added that his technical team would ensure they receive the funds soon.

The President wrote off the incident as a minor hiccup, claiming that the error was “a mistake by the telephone company.”

He reiterated his claims that the app was “working at 100%,” but added:

“It is almost impossible to have 300,000 new registrations per day and not have some temporary incidents.”

Meanwhile, the Salvadoran media – deeply skeptical on all things BTC and Bukele-related – is reporting further wrinkles with the app. La Prensa Gráfica quoted Ricardo Castaneda, an economist at the Central American Institute for Fiscal Studies (ICEFI), as stating that claims that Chivo allowed commission-free transfers were actually a “lie.”

He claimed that commission-free transfers were a “fallacy,” as the cost of the transfers were instead being paid for using public funds – meaning that the “entire population” was covering the cost of “commission-free” Chivo transactions.

The media has joined opposition parties in claiming that Bukele has “taken pages out of the dictatorial playbook” with his recent actions, which have seen his government replace court officials and alter the constitution – allowing him to run for re-election in 2024.

And Bukele appears to have either agreed with their assessment of him or sought to mock them – by updating his Twitter bio to read “Dictator of El Salvador.”

Observers reacted with incredulity.

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Learn more: 
- Bukele Says Chivo Bitcoin App Is Running at 100%, but Storms Are Brewing 
- Thousands Joined Anti-Bitcoin March in El Salvador, BTC ATM Torched

- El Salvador Bitcoin App Is a Private Firm Funded by Public Funds, Say Media 
- Bitcoin Accepted in Starbucks, McDonald's, and Everywhere in El Salvador 

- Surveys: Most of El Salvador Public Is Opposed to Bitcoin Adoption Law
- IMF Says Making Bitcoin a National Currency is an 'Inadvisable Shortcut'

- El Salvador Will Be a Serious Test for Bitcoin's Layer-2 Networks
- El Salvador Brings New Global Puzzle - What Is Bitcoin & How To Tax It?

]]> Mon, 20 Sep 2021 04:37:00 +0000
<![CDATA[Bitcoin, Ethereum And Altcoins Resume Decline]]> https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-resume-decline.htm https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-resume-decline.htm ETH declined below the USD 3,300 and USD 3,220 support levels. XRP is gaining bearish momentum below USD 1.02 and USD 1.00. ADA declined 9% and it even traded below USD 2.20.

Total market capitalization
 

Source: https://www.tradingview.com/Bi...]]>
ETH declined below the USD 3,300 and USD 3,220 support levels. XRP is gaining bearish momentum below USD 1.02 and USD 1.00. ADA declined 9% and it even traded below USD 2.20.

Total market capitalization
 

Source: https://www.tradingview.com/Bitcoin price

After another failure near USD 48,500, bitcoin price reacted with a strong bearish move. BTC traded below the USD 47,200 and USD 47,000 support levels. The bears gained strength and they were able to push the price below USD 46,000. On the downside, an immediate support is near USD 45,200. The first major support is at USD 45,000, below which the price could test USD 43,500.

An initial resistance on the upside is near the USD 46,200 level. The main weekly resistance is now forming near the USD 47,200 level (the previous support zone). 

Ethereum price

Ethereum price also followed a similar pattern and it declined heavily below USD 3,350. ETH even declined below the USD 3,220 and USD 3,200 support levels and is now down by 7% in a day. The next major support is near USD 3,150 and USD 3,120, below which the price might test the USD 3,000 support.

If there is an upside correction, the price might face resistance near USD 3,250. The first major resistance is now forming near the USD 3,350 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) failed to stay above the USD 2.40 support and dropped. It is down 9% and the bears even pushed the price below the USD 2.20 support. The next major support is near the USD 2.05 level, below which there is a risk of a move below the USD 2.05 level.

Litecoin (LTC) failed to test the USD 200 level and started a sharp decline. The price traded below the USD 180 and USD 172 support levels. It is now approaching the USD 165 support. Any more losses could lead the price towards the USD 155 level.

Dogecoin (DOGE) is also down over 7% and it broke the USD 0.232 support. It is now trading close to the USD 0.220 support. Any more losses may possibly call for a move towards the USD 0.200 level. Conversely, there might be an upside correction towards the USD 0.235 level in the near term.

XRP price gained bearish momentum after it broke the USD 1.05 support. The price even traded below USD 1.00 and it is now showing bearish signs. The next key support is at USD 0.950, below which the bears might test USD 0.880.

Other altcoins market today

Many altcoins are down over 10%, including LUNA, EOS, HBAR, SOL, ICX, RUNE, EGLD, WAVES, ONE, BSV, XDC, AR, QNT, and MIOTA. Out of these, LUNA declined 14% and it traded below USD 31. Meanwhile, CELO rallied by 12% and it surpassed the USD 6.00 level, before correcting lower again. The price is now up by 19% in a week.

Overall, bitcoin price is gaining bearish momentum below USD 46,000. If BTC fails to stay above USD 45,000, it could accelerate lower in the coming sessions.

_____ 

Find the best price to buy/sell cryptocurrency:]]>
Mon, 20 Sep 2021 01:39:00 +0000
<![CDATA[How Bitcoin Mining Might Help Nations With Domestic Energy Production]]> https://cryptonews.com/exclusives/how-bitcoin-mining-might-help-nations-with-domestic-energy-production.htm https://cryptonews.com/exclusives/how-bitcoin-mining-might-help-nations-with-domestic-energy-production.htm nearly as much electricity each year as the Netherlands, there are a number of people within the Bitcoin industry who are arguing that it could end up being a net positiv...]]> nearly as much electricity each year as the Netherlands, there are a number of people within the Bitcoin industry who are arguing that it could end up being a net positive for the energy sector.

Most recently, analyst and Adamant Capital founder Tuur Demeester claimed (in a private Twitter account) that “Bitcoin mining can increase countries' total electricity production capacity, such that in times of peak domestic demand the market has more spare electricity to divert to households who need it.” While this claim wasn’t backed up by much in the way of hard data, Demeester predicted that as Bitcoin mining continues to grow, more power plants will be constructed, with excess energy from these plants being used for domestic consumption (in addition to mining).

According to researchers and industry figures speaking with Cryptonews.com, such claims have some merit to them, insofar as Bitcoin mining has generally resulted in an increase in overall energy capacity and production. However, commenters are split on the question of whether Bitcoin will contribute to national power grids, with some researchers suggesting that plants built for mining are used exclusively for mining (and nothing else).

Is Bitcoin mining increasing national energy production?

According to people operating within the cryptocurrency mining industry, there do appear to be some isolated examples of mining plants being connected to domestic energy grids. This is what Cryptonews.com is told by Zach Bradford, the CEO & President of CleanSpark, a Nevada-based energy technology and clean Bitcoin mining company.

“For example, for a new mining facility we are getting off the ground near Atlanta, Georgia, we partnered with the utility company to invest in new transmission lines -- benefitting not just our own facility but everyone who lives along those improved lines,” he said.

Per the CEO, they will also be participating in a local program sponsored by the utility that will allow them to purchase renewable energy credits to offset any fossil fuels in the local energy mix.

Bradford adds that the funds flowing into the program will be used to increase investment in solar energy production in the local area, thereby benefiting other consumers of energy. He also notes that other firms within the mining industry have refurbished coal-based fossil fuel plants and converted them to natural gas plants, something which isn’t particularly environmentally friendly, but does at least increase overall capacity.

This is an observation made by other individuals, both within and without the mining industry.

“Bitcoin mining allows for a faster payback on renewable energy projects such as solar, wind or hydro projects, which means more of them can be built faster in regions where it would not be economically attractive otherwise,” explained Igor Runets, the founder and CEO of BitRiver, a provider of colocation services for green cryptocurrency mining.

That said, others note that most of this new capacity is used pretty much entirely by the cryptocurrency mining industry itself, with little (or no) excess energy being distributed elsewhere.

“I am aware of examples of miners who have raised capital to finance and build their own power plant. However typically their output is wholly consumed by mining machines, and not redistributed to the grid,” said Bitcoin researcher and investor Marc Bevand.

Likewise, Chia Network Chief Operating Officer and President Gene Hoffman says that new energy capacity often tends to be isolated, particularly in the United States.

“​​It is certain that Bitcoin mining in the US has led to the building of new power plants and the re-opening of coal-fired power plants. However, this new generation capacity is generally very rural and thus adds to the trapped electrical capacity in the various regions like upstate NY and the Columbia River Valley,” he told Cryptonews.com.

Hoffman adds that, in both of the above places, the Bitcoin mining facilities are rivalrous with other consumers, such as Amazon’s data center in Oregon.

Will mining be used to feed power grids?

Assuming that most new Bitcoin-built power plants are being used only for mining, is it possible at least that the future will bring a scenario where plants originally built for Bitcoin will also send energy elsewhere?

“It's not just feasible, it’s happening now,” said Zach Bradford. “Bitcoin mining facilities can participate in demand response programs to improve the health of the grid around them.”

According to Bradford, participants in such programs are able to shut down when called upon, this then allows the utility to send the excess energy capacity that was created for the Bitcoin mining operations to areas or facilities which need extra energy. “This usually occurs in times of a natural disaster or times of extreme cold and heat,” he said.

Christopher Bendiksen, the Bitcoin Research Lead at CoinShares, also reports that this kind of thing is already happening.

“There are concrete examples of miners already working as demand response units in Texas’ ERCOT system. They contract with the local grid operators to take off electricity when demand is low, ensuring profitability for the generators, but shutting off operations when demand is high, ensuring availability of electricity to homes, businesses, and industry when it is needed the most,” he told Cryptonews.com.

Bendiksen predicts that the number of miners operating in this fashion “will explode over the course of this decade,” enabling much larger shares of intermittent renewables like solar and wind power in our generation mix. 

Not everyone is quite as optimistic though. For Bitcoin skeptic Alex de Vries (also known as the Digiconomist), it’s unlikely that Bitcoin mining -- and plants used for mining -- will contribute in any substantial way to a nation’s domestic energy networks.

“Miners can only consume energy -- they cannot store any. In several cases, they're already taking energy that others need or could use,” he told Cryptonews.com.

This kind of thing happened, for example, in Abkhazia, resulting in rolling blackouts. De Vries notes that Bitcoin mining is also draining Navajo Station while around 14,000 Navajo homes still don't have power at all.

“Locals seem extremely angered,” he says, referring to comments left by residents in response to a Facebook post by Navajo Nation President Jonathan Nez.

Net positive in the future?

These criticisms notwithstanding, the mining industry is optimistic that mining will become a net positive for the energy industry in the not-too-distant future.

“It’s a huge positive, both for producers, consumers, and our renewal generation goals. With miners acting as demand response units, if mining gets large enough, we can vastly increase the proportion of intermittent renewables in our generation mix,” said Christopher Bendiksen.

Marc Bevand also says that mining will be a net positive, pointing out that the mining industry is unique in the sense that 95% of operational expenditures of a typical mine are spent on electricity, and that there’s no other industry with a share so high.

“Consequently, miners who have their own power plants put a lot of effort into technological advances to reduce cost, so the improvements they develop will inevitably trickle down and benefit other industries. I expect to see some of these advances in the near to medium term, especially with solar power as it is now the cheapest electricity in history, according to the IEA's World Energy Outlook 2020 report,” he said.

As a researcher into just how quickly Bitcoin’s energy demands have exploded in recent years, Alex de Vries isn’t quite as positive as those with a financial interest in Bitcoin and/or mining.

Asked whether mining will be a net positive in the future, he says, “It probably depends on who you ask. Oil and gas companies seem to see plenty of opportunities but grid operators aren't as enthusiastic (given complications caused for grid stability).”
____
Learn more:
- China Goes After Camouflaged Crypto Miners Ahead of Winter Season
- Bitcoin Miners, Take Notice - Biden’s Plan Would Remake the US Electricity System

- BTC Mining Migration, Challenges & Forecasts for the Post-crackdown Industry
- A Closer Look at the Environmental Impact of Bitcoin Mining

- Proof-of-Disagreement: Bitcoin's Work vs. Ethereum's Planned Staking
- 'Fiat-Like' Proof-of-Stake Chains Favor Centralization & Rich Players

]]>
Sun, 19 Sep 2021 08:00:00 +0000
<![CDATA[Rising Inflation: Unless UK Acts Now, It Will Not Be Temporary]]> https://cryptonews.com/exclusives/rising-inflation-unless-uk-acts-now-it-will-not-be-temporary.htm https://cryptonews.com/exclusives/rising-inflation-unless-uk-acts-now-it-will-not-be-temporary.htm in the US, it is currently running at 5.3%, for instance.

Bank of England economists conveniently attrib...]]> in the US, it is currently running at 5.3%, for instance.

Bank of England economists conveniently attribute these hefty rises to temporary factors and claim that inflation will soon stop rising in the UK without much intervention. They point out that prices a year ago were artificially subdued and as they returned to more “normal” levels, we were destined to get high measures of inflation.

One example would be petrol prices. Subdued demand for commuting helped to lower them to about 113p per gallon at the pump in 2020, yet as travel returned to pre-pandemic levels, increased demand for petrol has pushed prices to around 135p. Or you could look at the Eat Out to Help Out scheme, which lowered the prices people paid in restaurants in summer 2020. As the scheme ended, prices hiked suddenly, which increased inflation.

The argument from the optimists is that these one-off shifts will wash through the system and prices will stabilise at their current levels. Yet not all price hikes can be attributed to temporary factors. There are also deeper, structural factors at play.

What causes inflation

Inflation is measured by the Office for National Statistics, which records the prices of thousands of products. These prices are defined by a never-ending interplay between supply and demand in the economy (assuming the government doesn’t intervene to fix prices in some way).

An abundance of excess produce or services means that prices are likely to fall, as we saw with petrol prices. On the other hand, demand for products that can’t be fully satisfied by the supply usually pushes prices higher. This happened with hand sanitisers in 2020, for instance, and more recently with second-hand cars.

Ten years of UK inflation

Besides COVID, Brexit has certainly affected prices. It has rendered trade with the UK’s neighbouring countries more difficult and expensive. This is contributing to shortages of products, pushing prices up.

Brexit has also hindered production in the UK by alienating a percentage of EU nationals working in the country. Shortages of fruit pickers, lorry drivers and NHS nurses have been pushing wages higher and making UK production more expensive. And there is the potential for more political and trade disruptions between the UK and EU, not least over Northern Ireland, which could make products and production even more expensive.

Another structural factor relevant to inflation is the British pound. The UK imports hundreds of billions of pounds worth of consumer products and raw materials. A lower pound sees the country paying more of its currency to purchase products from abroad, making these products more expensive in pounds.

Doesn’t buy you much these days. Yulia Grigoryeva

The pound has already been weakening against its rivals for several years due to economic factors like weaker productivity. This falling trajectory is also likely to continue due to political factors such as the looming second Scottish independence referendum and civil unrest in Northern Ireland.

Also, as the Bank of England keeps turbocharging the economy with vast amounts of money through quantitative easing (QE), there should be downwards pressure on the value of the pound. The only thing that spares the pound from big falls is the fact that central banks of other major currencies are doing the same – for the time being.

Loose monetary policy also potentially contributes to higher inflation for another reason. Record low interest rates encourage consumers to borrow, while QE encourages banks to lend more, since it boosts the value of the assets on their balance sheets. This can fuel demand for products such as cars, electronics and white goods (such as washing machines, dishwashers and fridges). Indicatively, though house prices are (wrongly) not counted in consumer price inflation, low interest rates have contributed to substantially higher prices in that market, as well as in stock market shares.

Where we go from here

A little inflation in an economy can be positive, to the extent that it spurs consumers to buy things before the price rises. It is also a way of lowering the government’s debts in real terms, which is attractive after the massive borrowing to pay for the COVID stimulus package.

High inflation is a problem, though, as it erodes people’s real incomes, meaning they consume less and businesses make less money. This is why the Bank of England was granted independence from the UK government in the 1990s, with a mandate to keep inflation around 2%.

The UK government and Bank of England should therefore work to address some of the longer term, structural factors which can pin inflation consistently high –particularly when “supply shocks” like a new COVID variant or trade sanctions on China could further imbalance supply and demand in the short to medium term.

Shortages of people and skills in the labour market must be addressed before the production capacity of the UK is scarred by more businesses relocating and outsourcing production. Through Brexit, the UK public voted to take control of migration, not shut it down when it’s needed.

Free trade in products and services with UK’s neighbouring continent is also paramount for the country’s long-term competitiveness, but here things are admittedly difficult. The EU will never accept the existential danger of a country benefiting from its massive free market without fully subscribing to its policies and regulations. Damage control seems to be the only way forward here, which underlines the importance of reaching a lasting agreement with the EU over Northern Ireland.

Finally, the Bank of England should consider taking its foot off the QE accelerator sooner rather than later, before inflation expectations are crystallised into further price increases. Money that is too abundant and ultra-low interest rates not only inflate asset prices but also boost corporate borrowing and provide a temporary lifeline to zombie companies, laying the groundwork for the next crisis.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

_____
Learn more: 
- Inflation Might Keep Rising in 2021 - But What Happens Next?
- The Great Depression and Money Printers of Today

- Bitcoin Faces Hedge Test Amid Rising Inflation Concerns
- The World Without Inflation - Jeff Booth & Andrew Yang

- Why Fiat Currency Is More Confusing Than Crypto
- Nixon’s Decision to Delink the Dollar From Gold Still Hounds the IMF and Africa

]]> Sun, 19 Sep 2021 07:00:00 +0000
<![CDATA[Bitcoin Miners Adapt Fast As EU Mulls ‘Climate-Friendly Cryptoassets’]]> https://cryptonews.com/exclusives/bitcoin-miners-adapt-fast-as-eu-mulls-climate-friendly-cryptoassets.htm https://cryptonews.com/exclusives/bitcoin-miners-adapt-fast-as-eu-mulls-climate-friendly-cryptoassets.htm Bitcoin (BTC) mining.

Since it was first unveiled in September 2020, the 168-page-longBitcoin (BTC) mining.

Since it was first unveiled in September 2020, the 168-page-long proposal has stirred much controversy among the continent’s cryptosphere, with observers such as Firat Cengiz, Senior Lecturer in Law at the University of Liverpool, noting that MiCA could make it more difficult for small players to enter the EU’s crypto market.

The European Parliament has included the proposal on its list of legislative priorities for 2021 on which members of the parliament (MEPs) aim to report substantial progress. MiCA is “[a]waiting committee decision,” as it is currently deliberated by the parliament’s Committee for Economic and Monetary Affairs (ECON). 

An analysis by international consultancy XReg Consulting indicates that, as of last June, European lawmakers had submitted as many as 1,160 amendments to the proposal, reflecting a variety of stances ranging from liberal to cautious or reactionary. Some of the amendments propose to: extend MiCA’s scope to issuance and offering of cryptoassets, exclude non-fungible tokens (NFT), and introduce technical standards and criteria for cryptos, among others. Moreover, Socialist and Green MEPs have requested that the environmental impact of consensus mechanisms is also covered by the regulation, allowing to distinguish between environmentally sustainable and unsustainable mechanisms.

A spokesperson for the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) at the European Commission (EC), told Cryptonews.com that when the EC presented the proposal as part of its Digital Finance Strategy, it declared to look at cryptoassets in the context of the EU sustainable finance taxonomy, a classification system comprising a list of environmentally sustainable economic activities.

“In our recent renewed sustainable finance strategy, we reiterated this commitment and will work to define standards for climate-friendly cryptoassets. This has proven a very powerful tool in financial markets,” the spokesperson said.

‘Science-based criteria’ in the works

Released last July, the amended strategy proposes the establishment of the European green bond standard (EUGBS). It is a voluntary system designed as a “gold standard for how companies and public authorities can use green bonds to raise funds on capital markets to finance such ambitious large-scale investments, while meeting tough sustainability requirements and protecting investors,” according to the Commission.

This indicates that, in the future, cryptoassets could be covered by the EUGBS scheme in the EU’s 27 member states.

The spokesperson confirms there is an ongoing discussion on extending the EU Taxonomy’s scope to new activities, including the distributed ledger technology and cryptoassets. 

“This would entail the development of science-based criteria for sustainable cryptoassets that would help guide investors. We believe that such an approach, as opposed to restrictions or bans, would be effective in encouraging the development of and investments in sustainable cryptoassets,” the spokesperson said. 

“DG FISMA is responsible for both cryptoassets and sustainable finance. The Commission will explore whether the EU Taxonomy should be expanded to include further supporting activities by 2023.”

The EU Taxonomy already establishes a range of technical screening criteria for data centers and digital solutions that could contribute to achieving the EU’s energy and climate targets, according to the Commission.

“These criteria are set to be expanded to include more activities, giving a further push to the development of sustainable digital solutions and the use of sustainable cryptoassets,” the spokesperson said.

Miners adapt fast

Meanwhile, as the proposal is taking shape in the ongoing discussions between EU decision-makers, industry representatives remain cautious on how the new requirements could impact crypto mining and trading.

Nishant Sharma, Founder of BlocksBridge Consulting, an international consultancy focused on crypto mining, told Cryptonews.com that it was “natural for regulators to encourage more sustainable business practices in all industries, including cryptocurrency mining. This is why most mining companies in Europe, including those located in Russia, are already focused on mining with only renewable energy.”

A similar approach was presented by Peter Wall, CEO of crypto mining firm Argo Blockchain, who told Cryptonews.com that his company did not believe the proposed legislation will interfere with crypto miners seeking to establish operations in Europe. 

According to him, the legislation proposed by the EU is in alignment with the Crypto Climate Accord which Argo signed in May 2021, as it aims for mining operations to be climate neutral and energy-efficient by 2030. 

“The transition to mining using renewable sources is already well underway within the crypto sector and unlike other sectors, cryptocurrency miners are able to adapt much faster as machines can be moved fairly easily to greener parts of the energy grid,” Wall said. 

The availability of renewable energy and its price will be the two major determining factors in whether crypto mining can be profitable in Europe, the CEO stressed.

Meanwhile, the MiCA is also trying to address the anti-money laundering (AML) challenges. However, according to Josef Tětek, Brand Ambassador at SatoshiLabs, the maker of the Trezor wallet, “AML policies have been found to be strikingly ineffective.”

“Per a recent study, around 0.1% of global criminal funds are actually intercepted via AML policies, and the compliance costs are massive,” Tětek told Cryptonews.com. “Similarly, I do not think the new policies will actually have any meaningful impact on money laundering prevention. Instead, we can expect more surveillance and more user data leaks.”

He also stressed, that another possible result of the new EU-enforced rules could be that some crypto exchanges will attempt to prevent users from withdrawing coins to their own wallets, as these businesses could then be held responsible for any subsequent nefarious activity.

“So one of the possible outcomes is users having their coins trapped on exchanges and having a hard time taking self-custody,” Tětek said, reminding of peer-to-peer trading options, bitcoin ATMs, and hardware wallets as the primary way to store your cryptoassets. 
___
Learn more: 

- European Commission Exploring Asset Register Option That May Include Crypto 
- 'Don't Be Lulled' as European Commission Mulls a Crypto KYC Trap

- DeFi Sector May Face Threat from New EU Crypto Regulations – Survey
- SEC Chief May be Gunning for Crypto Exchanges and Altcoins 

]]> Sat, 18 Sep 2021 08:00:00 +0000
<![CDATA[Screwing Up, Offlining, OpenSeaing and 20 Crypto Jokes]]> https://cryptonews.com/exclusives/screwing-up-offlining-openseaing-and-20-crypto-jokes.htm https://cryptonews.com/exclusives/screwing-up-offlining-openseaing-and-20-crypto-jokes.htm Solana mainnet was forced to go offline and was restarted, affecting the coin’s price, Ethereum L2 scaling solution Arbitrum’s TVL Solana mainnet was forced to go offline and was restarted, affecting the coin’s price, Ethereum L2 scaling solution Arbitrum’s TVL skyrocketed by nearly 9,400% in two weeks, and there were accusations of insider trading on OpenSea, prompting talks about a decentralized NFT trading platform. Meanwhile, as AMC announced they’d be adding ETH, LTC and BCH payment options alongside BTC, analysts urged caution as a golden cross appeared in the bitcoin chart.  

MicroStrategy purchased an additional BTC 5,050, Google Cloud partnered with Dapper Labs to help scale the Flow blockchain, and Coinbase showed that “strong demand” exists among financial institutions to get exposure to the crypto space, while the former Head of Business Development at BitMEX agreed to be extradited to the US. Moody’s said CBDC and stablecoins could disrupt traditional financial system, and a survey found that European and Asian investors drive bitcoin and ethereum investments.

Meanwhile, El Salvador’s President said that Chivo bitcoin app has “over half a million users” and promised to fix its bugs, thousands of people protested bitcoin adoption in that country, an Uruguayan regulator suggested that crypto-real estate ‘exchanges’ are possible, the SEC chief Gary Gensler may be gunning for crypto exchanges, unless they register with the regulator, in Russia, Central Bank told domestic banks to block crypto exchange transactions, while  blockchain-related salaries are rising fast, and in South Korea, larger crypto exchanges announced a ‘temporary’ end of fiat trading, as over USD 5.2m worth of crypto was seized from suspected tax dodgers. And while in South Korea, crypto communities could see their crypto tax threshold raised, in the US, politicians want to wring USD 16bn out of crypto holders.

And now, let’s laugh at some crypto-flavored jokes.

__________

Hey, CT! How’s everything going this week?

__

Wow, Litecoin is— Never mind, as you were.

Source: coins.bureau / Instagram

__

Somebody tell these execs they must always do their own research.

__

No need to research this one though, it’s obviously absolutely definitely totally true.

__

‘You have no idea how difficult it is for me! You have it so easy!’

__

‘What’s a good investment? You are, yes, you are!”

Source: _relatable_hustle_ / Instagram

__

This one’s just a fact.

__

Heeey, look! A living dodge NFT!

__

It only makes financial sense.

__

One 10trn dollar bill, pls. Ta.

__

Ooooh...

Source: cryptoviewing / Instagram

__

You learn as long as you buy.

Source: trading.stocksmemes / Instagram

__

Seriously, got to fax it, or send it by post, no other way to get it to them.

__

And now, a bitcoin haiku – a bitiku, if you will.

__

Here’s a rarely seen 2-in-1er.

__

‘Being totally shadowy, and doing their super-coding… You see, I know what I’m talking about.’

__

Stock Market and Economy, personified.

__

Explained in crypto terms, for easy understanding.

__

🤭

__

And for the end of this week, here's an Onion-flavored crypto study that proves the massive benefits of mining. 

“We’ve discovered that if not for the trillions of complicated mathematical equations required to verify and propagate crypto, the world’s machines would most likely apply that computational power toward becoming self-aware and, ultimately, exterminating the human race,” said Harvard University study lead researcher Ted Zhao.

Have a safe weekend and mine some bit coins!

]]> Sat, 18 Sep 2021 07:00:00 +0000
<![CDATA[Bitcoin’s Hashpower Estimate Up, Transaction Fee Revenue Estimate Down]]> https://cryptonews.com/news/bitcoins-hashpower-estimate-up-transaction-fee-revenue-estimate-down.htm https://cryptonews.com/news/bitcoins-hashpower-estimate-up-transaction-fee-revenue-estimate-down.htm said in their latest report.

This comes as the hashrate that had been lost following said in their latest report.

This comes as the hashrate that had been lost following China’s mining ban has recovered at a faster pace than industry observers presumed it would.

Following the introduction of this now notorious ban, which resulted in a loss of about 100 EH/s, the hashrate recovery has exceeded analysts’ expectations, reaching the current level of 131.7 EH/s.

Bitooda recognizes certain risks to its hashrate estimates, where a potential upside risk would possibly be “driven by easing infrastructure constraints, coupled with surging [BTC] price.”   

Per BitInfoCharts.com, the 7-day simple moving average hashrate has been on the rise since the early July lows of 84.53 EH/s. On September 16, it stood at 135.93 EH/s, slightly lower than the 3-month high of nearly 137 EH/s. The highest point it reached this year - also its all-time high - was 182.95 EH/s seen back in May.  

Bitcoin hashrate, 7-day moving average. Source: bitinfocharts.com

In its analysis, Bitooda also notes that Bitcoin’s transaction (Tx) fees have proved lower than recently anticipated, encouraging its analysts to suspect a shift of trading from Asia to the West, coupled with a cut in overall trading volumes. 

“Over time, increased Layer 2 deployment would also lower Layer 1 congestion and thus fees," according to the analysis. "We are lowering our long‐term estimates, with Tx fees not expected to exceed block rewards until 2028.” 

Layer 1 (L1) is the base protocol (the Bitcoin blockchain), while Layer 2 (L2) is any protocol built on top of it, such as the Lightning Network, that makes BTC transactions faster and cheaper. 

Meanwhile, at the moment, transaction fees bring less than 2% of daily miner revenue, while the block reward (currently BTC 6.25) will be again cut in half in 2024 and will reach BTC 1.56 in 2028. 

Miners revenue: Total value in USD of coinbase block rewards and transaction fees paid to miners

Source: Blockchain.com

Also, per BitInfoCharts.com, the median transaction fee is still considerably lower than at the beginning of this year.    

Bitcoin median transaction fee chart, 7-say simple moving average. Source: Bitinfocharts.com

Bitooda also said its analysts continue to expect power infrastructure to be the gating factor in further mining expansion. Taking into account its latest findings, the median power cost is now estimated at USD 40 per MWh, according to the analysis.  

“We are also updating our estimated Bitcoin network power cost curve, which we assess shifted up with the loss of low‐cost Chinese power. However, it should trend back from a [USD] 40/MWh median now, to [USD] 30/MWh over the next couple of years,” the firm said.  

At 14:05 UTC, BTC was trading at USD 47,421 and was unchanged in a day. The price was up by 2% in a week and almost 7% in a month. It rallied by 333% in a year.

____

Learn more:

- Bitcoin Transaction Fee Estimators: What Are They and How Do You Use Them
- Bitcoin Users Could've Saved Half a Billion USD in Fees - Report

- China Goes After Camouflaged Crypto Miners Ahead of Winter Season
- Bitcoin Miners, Take Notice - Biden’s Plan Would Remake the US Electricity System

- BTC Mining Migration, Challenges & Forecasts for the Post-crackdown Industry 
- Unapproved Bitcoin Mining Plant Forced to Close Shop 

]]> Fri, 17 Sep 2021 21:00:00 +0000
<![CDATA[Perpetuals, Rebase Tokens Rise; The Week’s Top 5 Token Categories]]> https://cryptonews.com/news/perpetuals-rebase-tokens-rise-the-weeks-top-5-token-categories.htm https://cryptonews.com/news/perpetuals-rebase-tokens-rise-the-weeks-top-5-token-categories.htm

The category is made up of protocols that offer decentralized perpetu...]]>

The category is made up of protocols that offer decentralized perpetual futures contracts, similar to how decentralized exchanges (DEXes) offer decentralized trading in the spot crypto markets, with the two biggest ones being Perpetual Protocol (PERP) and dYdX (DYDX).

2. Rebase tokens

Coming in as the second-best performing token category this week was the Rebase token category. This is a large token category that contains lots of small-capitalization projects that attempts to stabilize a token’s price by adjusting the supply of the said token. 

Best-known among the rebase tokens are the decentralized reserve currency protocol Olympus (OHM) and the stablecoin-like protocol Ampleforth (AMPL), which came in with a 7-day price change of 29% and -1.5%, respectively.

On the whole, rebase tokens grew their market capitalization by 38% for the week.

3. Avalanche Ecosystem tokens

The ecosystem surrounding the Avalanche protocol is growing fast, with the protocol also recently receiving investments from big names in the crypto space such as Polychain Capital and Three Arrows Capital.

Ranked as the 11th most valuable cryptoasset, the Avalanche protocol’s native token AVAX naturally remains the biggest token in the category, but is followed by the stablecoin TUSD, which has embraced Avalanche as one of several blockchains, as well as the algorithmic stablecoin FRAX, ranked 84th and 201st by market capitalization, respectively.

The Avalanche ecosystem tokens rose by nearly 33% as a whole for the week.

4. Music tokens

On fourth place for the week was the Music token category, with a rise of 31%. The category includes only one somewhat better-known token, namely AUDIO, the governance token of the Audius decentralized music streaming protocol, currently ranked 92nd by market capitalization.

The growth of the category this week has largely been fueled by AUDIO and the news that the Audius protocol has received investments from several well-known names in the music industry, including the Chainsmokers and Katy Perry.

5. ETH 2.0 Staking tokens

Coming in on fifth place, the ETH 2.0 staking category consists of tokens that allow users to pool funds together to become stakers and share the rewards on the new ETH 2.0 network.

The best-known among the ETH 2.0 staking protocols is Lido with its STETH token, ranked 44th in terms of market capitalization. However, the centralized exchange Binance also has a staking option that is included in the category under the name Binance ETH Staking (BETH).

On the whole, the ETH 2.0 Staking tokens grew their market capitalization by 20% over the past 7 days.
___
Learn more: 
- Solana Week’s Worst Performer in Top 100 After Network Restart
- SUSHI Extends Bull Run, ZEN Jumps on Coinbase Pro News 

- Larger S Korean Crypto Exchanges Announce ‘Temporary’ End of Fiat Trading 
- SEC Chief May be Gunning for Crypto Exchanges and Altcoins

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<![CDATA[Texas vs. Celsius, Revolut Pays Rent In Bitcoin + More News]]> https://cryptonews.com/news/texas-vs-celsius-revolut-pays-rent-in-bitcoin-more-news.htm https://cryptonews.com/news/texas-vs-celsius-revolut-pays-rent-in-bitcoin-more-news.htm reported. At 15:58 UTC, CEL trades at USD 5...]]> reported. At 15:58 UTC, CEL trades at USD 5.17 and is down by 2% in an hour and almost 12% in a day.Germany’s Federal Financial Supervisory Authority (BaFin) has approved the EXOeu token by game publisher Exordium, marking the first time the regulator has given its approval for a security token offering (STO) issued on a Bitcoin sidechain, said Exordium. Local retail investors are now eligible to participate in the sale on major European digital marketplace STOKR.Adoption newsFintech firm Revolut will become the first customer at any of co-working space operator WeWork’s locations to pay their office rent using bitcoin (BTC), per an announcement.NFTs newsNon-fungible token (NFT) marketplace OpenSea has announced that it has “requested and accepted” the resignation of the employee who was caught buying NFTs that he knew would later be displayed on the front page of the marketplace. “We are taking this very seriously and are conducting an immediate and thorough third party review,” OpenSea said.Publisher of mobile games Animoca Brands has entered into a binding agreement to acquire a majority stake in NFT solutions provider Bondly. This will position both companies to drive mass NFT adoption across Animoca Brands’ portfolio companies operating in gaming, sports, entertainment, collectibles, and other areas, said the company, adding that "Animoca Brands does not deem the acquisition to be material."DeFi newsThe on-chain liquidity protocol Kyber Network (KNC) is bringing KyberDMM, said to be the “first multi-chain dynamic market maker” in decentralized finance (DeFi), to the Avalanche (AVAX) network, according to a blog post. This comes in addition to the collaboration Kyber Network already has with the Avalanche Foundation on its “Avalanche Rush” liquidity mining incentive program.Exchanges newsCrypto exchange Bybit today unveiled its new token launch platform, dubbed Bybit Launchpad. The first token to be launched is BIT, the native token of the DeFi-focused community BitDAO.OKEx has announced today the launch of a dedicated GameFi center within their recently launched DeFi Hub, a decentralized mode on the exchange. The new section will serve as a key portal into the emerging GameFi sector of the crypto industry, enabling visitors to discover new and popular play-to-earn blockchain games, they said. Each game profile includes examples of gameplay and explanations of earning mechanics, to help users get started playing and earning crypto.Bitfinex Derivatives has today announced the launch of perpetual contracts for Algorand and XRP, said the press release. The contracts offer users up to 100x leverage and will be settled in tether (USDT) and bitcoin, respectively.Investments newsAfter recently securing USD 6.5m in a funding round, the new lending and borrowing protocol Minterest was revealed to the public. The protocol offers “token money markets, combined with a uniquely fair incentive structure that will facilitate and promote widespread adoption of DeFi,” the team behind it wrote.The blockchain-based music streaming platform Audius has raised USD 5m in strategic investments from several well-known artists, including The Chainsmokers, Katy Perry, Nas, Steve Aoki, Jason Derulo, and others. The investment round was originated by the early-stage blockchain venture fund Blockchange Ventures.Automated market maker (AMM) MonoX Protocol has closed a USD 5m funding round to "make it economical for projects to launch their tokens using its innovative single-sided liquidity pools," it said. The round was led by Krypital Group, with participation from Axia8 Ventures, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.The social network Minds, described as a more decentralized alternative to Facebook, said it is investing 25% of its balance sheet – about USD 2.5m – into cryptocurrencies, according to Forbes. Specifically, the firm said it will put 5% of its holdings into bitcoin, 10% into ethereum (ETH), and another 10% into the stablecoin USD coin (USDC) to earn yield on Circle’s lending and borrowing platform.Mining newsBitcoin mining and energy company CleanSpark said it has teamed up with Partnership Gwinnett, a joint public-private initiative to bring jobs to the US county of Gwinnett, Georgia, and to bring investments of nearly USD 145m to CleanSpark’s new Bitcoin mining facility in Norcross, Georgia.Career newsA group of former Goldman Sachs and Morgan Stanley executives have joined crypto-trading platform Amber, Bloomberg has reported - namely, former Goldman Sachs partner Dimitrios Kavvathas, appointed as chief strategy officer (CSO), ex-Morgan Stanley managing director Todd Miller, now chief operating officer for the Americas, and Sotirios Kavvathas, a former Royal Bank of Scotland (RBS) manager, now European chief of operations. The group is part of “a growing cohort of Wall Street veterans betting on the volatile world of digital assets,” said the article.Binance said it has added to its Audit and Investigations team with the hire of Nils Andersen-Röed from Europol where he was a specialist on the Dark Web team. He will work on conducting and leading internal and external investigations with the goal of identifying bad actors, as well as on supporting law enforcement agencies with their investigations.Ripple, the global payments company, is looking to build a crypto market-making platform and is currently trying to hire staff in both London and Singapore, Coindesk reported, citing an undisclosed "person with knowledge of the matter." Launching its own market-making platform would allow Ripple to manage liquidity in XRP, especially if other liquidity providers have retreated from doing so, the report added.]]> Fri, 17 Sep 2021 13:03:00 +0000