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Showing posts from January 25, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Japan’s top brokers compete with crypto-native exchanges for market share

Japan’s biggest brokerages are looking to compete with the country’s crypto-native exchanges for digital asset market share. According to research by Messari, the top three online brokerage firms in Japan are experiencing surging revenue from their cryptocurrency exchange services. In its Asian Crypto Landscape report , Messari noted the operating revenue and net worth of exchange platforms operated by Japan’s top securities brokers is quickly catching up to that of their crypto-native rivals. Comparison of net worth and operating revenue between exchanges operated by crypto-native firms versus online securities brokers in Japan, August 2020: Messari Messari researcher Mira Christanto tweeted that Japan’s three-largest brokers by customer deposits — SBI, Rakuten, and Monex — all operate crypto exchange platforms. Christanto also noted that many large asset managers are lobbying Japanese lawmakers to allow them to offer expanded cryptocurrency services and products, such as cus...
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While BTC’s Hashrate Remains High, It’s More Difficult Than Ever Before to Mine Bitcoin

At the end of January 2021, Bitcoin’s network mining difficulty, a measure of how complicated it is to mine a block reward, is higher than it’s ever been during the crypto protocol’s lifetime. Currently, Bitcoin’s mining difficulty is a whopping 20.8 trillion but despite the handicap, bitcoin miners have continued to keep the network’s hashrate running hot. Bitcoin Difficulty Touches 20.82 Trillion Bitcoin ( BTC ) prices have been higher than ever before and despite the temporary dip on January 21 below the $30k handle, the crypto asset has managed to remain above that range. This has made it so a great number of ASIC mining machines are profiting at the current price per BTC including older generation mining rigs. Nevertheless, the current Bitcoin ( BTC ) mining difficulty is the highest it’s ever been in the last 12 years of operation. The difficulty is essentially how hard it is for a miner to mine a BTC block or basically find a hash below a given target. The higher the dif...
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Glassnode predicts BTC break-out as investors refuse to realize losses

Despite on-chain metrics indicating Bitcoin investors will soon face losses, Glassnode believes BTC is ready to bounce. A Jan. 25 report published by crypto data aggregator Glassnode has noted that Bitcoin’s adjusted Spent Output Profit Ratio, or aSOPR, suggests that a further decrease in prices will leave many investors in the red according to when their holdings last moved on-chain. Despite the metric suggesting few investors are sitting on paper-profits, Glassnode interprets the data as bullish, stating: “In order for SOPR to go lower, investors would have to be willing to sell at a loss, which is unlikely given the current shape of the market [...] We have been looking for this reset in order to generate some stability in the market and pave the way for the next bull run.” Glassnode describes the indicator as representing the profit-ratio of coins based on the price of Bitcoin when they were last moved on-chain. As aSOPR is an on-chain metric, BTC circulations on centralized ...
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Reddit investing group triggers crypto-style 860% rally in GameStop stock

The recent 860% rally in GameStop’s stock price shows social investing groups’ ability to trigger whipsaw asset volatility is not just limited to cryptocurrencies. Since Jan. 22 GameStop has been attracting a lot of attention from the mainstream news as the stock (GME) for the popular video game retailer rallied 860% from $17.40 on Jan. 4 to a high of $159.18 on Jan. 25.  On Jan. 25 GME pulled back 51.70% from its high to close the day at $76.79 but what lies behind the massive upsurge warrants closer inspection. While solid fundamentals often lead to price breakouts in both stocks and cryptocurrencies, the recent interest in GameStop appears to have more to do with the ‘Reddit army’ phenomenon which has seen internet groups go head to head with some of the largest firms on Wall Street. GameStop (GME) 1-day chart. Source: TradingView The most well-known instance of this trend in the cryptocurrency sector occurred when a group of dedicated Chainlink (LINK) investors affecti...
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BoE Governor: cryptocurrencies of today are destined to fail long term

The U.K. central bank governor believes existing cryptocurrencies will fail over the longer term due to their robust privacy features. Bank of England Governor Andrew Bailey thinks it is unlikely that the current generation of crypto assets lack the design and structure needed to ensure long term regulatory survival. Speaking during the World Economic Forum ’s Jan. 25 online panel “Resetting Digital Currencies” Bailey responded to a question on whether cryptocurrencies are here to stay for the long term with skepticism: “Are crypto-currencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don't think we're there yet [...] I don’t think cryptocurrencies as originally formulated are it. Bailey indicated the levels of transactional privacy afforded by crypto assets is a source of concern among regulators, asserting the establishment “a privacy standard for ...
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Russia Prohibits Government Officials From Owning Crypto, Must Dump Holdings by April

The Russian Ministry of Labor has reportedly banned government officials from owning and using cryptocurrencies. Officials have also been ordered to dispose of any cryptocurrencies they own by April. Russia Prohibits Government Officials From Holding or Using Cryptocurrencies The Ministry of Labor and Social Protection of the Russian Federation has issued a letter in which it informed civil servants that they must get rid of any cryptocurrencies they are holding by April 1, Forklog reported Friday. “Officials are obliged to dispose of digital financial assets issued in information systems organized in accordance with foreign law, as well as digital currencies, regardless of the country of issue,” the letter says. The news outlet described: The letter also establishes a ban for civil servants to own and use these types of assets. The letter specifies persons affected by the new law, naming in particular those holding government or state positions, employees of the Central Bank o...
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Goldman Sachs CEO: Regulators should be 'hyperventilating' at Bitcoin's success

The CEO of Goldman Sachs believes regulators will not be able to monitor the financial system if Bitcoin is allowed to flourish in its present form. Goldman Sachs senior chairman Lloyd Blankfein has stated that regulators should be “hyperventilating” in response to Bitcoin’s recent success, characterizing the crypto asset as undermining the capacity for lawmakers to monitor the financial system. While appearing on CNBC’s Squawk Box on Jan. 25, Blankfein asserted that Bitcoin’s pseudonymous nature makes it perfect for illicit financing, stating: “You don't know whether or not you’re paying the North Koreans, or Al-Qaeda, or the revolutionary guard.” Despite authorities frequently utilizing the transparency of blockchain to track the use of crypto by terrorist organizations , Blankfein questioned how regulators can allow crypto assets to flourish in their existing form. “If I were a regulator, I would be kind of hyperventilating at the success of [Bitcoin] at the moment, and I w...
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JP Morgan Gives 3 Reasons to Add Bitcoin to Investment Portfolios

JP Morgan has outlined three key reasons why investors should add bitcoin to their investment portfolios. S mall allocations to cryptocurrencies would “improve portfolio efficiency due to high returns and moderate correlations,” JPMorgan’s analyst explained. JP Morgan Sees Benefits of Hedging With Bitcoin JPMorgan released a report last week entitled “What cryptocurrencies have and haven’t done for multi-asset portfolios.” Published by the firm’s head of Cross-Asset Strategy division, John Normand, the report explores cryptocurrencies’ use for portfolio diversification. Firstly, the report acknowledges that “Bitcoin has already achieved the fastest-ever price appreciation of any must-have asset to which it is often compared,” such as gold in 1970s, Japanese equities in 1980s, U.S. tech stocks in 1990s, Chinese equities in 2000s, commodities in 2000s, and FANG stocks in 2010s. While noting that bitcoin is highly volatile, the analyst hypothetically asked: “Why bother considering a...
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3 reasons why Ethereum price is still on track to top $2,000

Substantial spot volume, a favorable futures premium, and top traders buying the dip are all signals that Ethereum price should see continuation. After dropping 27% over three days, Ether ( ETH ) price finally reached a bottom at $1,040 on Jan. 22.  The sharp correction liquidated $600 billion worth of future contracts but interestingly, Ether price rebounded to a new all-time high even as Bitcoin price continues to trade in a slight downtrend. According to Cointelegraph, the increasing TVL and transaction volumes of the decentralized finance sector are behind Ether’s impressive surge. ETH/USD 4-hour chart. Source: TradingView To determine whether the recent pump reflects a potential local top, we’ll take a closer look at on-chain flows and derivatives data. Exchange withdrawals point to whale accumulation Increasing withdrawals from exchanges can be caused by multiple factors, including staking, yield farming, and buyers sending coins to cold storage. Usually, a steady ...
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Bitcoin price looks to resume bull cycle after rising above $34K

The price of Bitcoin has to break a key resistance level to revive its bullish trend. Bitcoin ( BTC ) has been consolidating since the recent all-time high at $42,000 and has risen back above $34,000 at time of writing. The current correction is currently at 30% already, as Bitcoin’s price has bounced from the $30,000 region several times. However, it remains to be seen whether Bitcoin’s price will start accelerating once again or whether BTC price needs more consolidation to build-up strength. Several periods of accumulation were seen in 2020, where Bitcoin’s price ranged for a period of a few months. Such a period is, in fact, needed to build strength for continuation. The primary question is whether such a range-bound construction will now yield the same results.  Clear downtrend since $42,000 BTC/USDT 3-hour chart. Source: TradingView The 3-hour chart shows a downtrend since the peak high at $42,000. This structure is formed using the lower highs and lower lows. In th...
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ConsenSys partners with China’s Blockchain-based Service Network

ConsenSys has partnered with China’s Blockchain-based Service Network to accelerate the enterprise adoption of Ethereum apps in China. ConsenSys, one of the world’s largest blockchain software companies, has partnered with the Blockchain-based Service Network , a Chinese government-backed nationwide blockchain project, As part of the partnership, ConsenSys’ Ethereum-based distributed ledger protocol ConsenSys Quorum will be featured on the BSN ecosystem, the firm announced on Jan. 25.  The protocol will be available in 80 different cities through BSN’s public city nodes across mainland China. ConsenSys director Charles d’Haussy told Cointelegraph that ConsenSys Quorum will be available in all major cities and provinces including Beijing, Xiong’an and Hangzhou. ConsenSys’ GoQuorum — an open-source Ethereum client and part of ConsenSys Quorum — will be made interoperable with frameworks and protocols on the BSN through BSN’s Interchain Communications Hub. The BSN will also featu...
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CashPay : E-Commerce Marketplace Powered by Cryptocurrency Launched

PRESS RELEASE. CashPay brings ecommerce a step closer to Blockchain Technology through an open distributed ledger that records transactions between two parties in a decentralized manner that involves trust, faster transactions, no hidden costs, etc. With its launch in 2021, the CashPay platform is going to start with the initial implementation of $CPZ (token), closely followed by CPZ Beta. The company is also going to launch country-specific ecommerce websites and smartphone apps. CashPay is basically a “marketplace for Direct Customers”, a king of payment gateway solutions, which uses Utility Token ($CPZ) or cryptocurrency to make transactions happen. Currently, the company is at a nascent stage but its products are futuristic—CashPay Shop, CashPay EZ (Payment Gateway) and CashPay Passport (Merchant Wallet). The company is betting on the multi-fold growth in the ecommerce market over the past few decades, which has shifted towards transactions done through cryptocurrency. In the...
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Bank of Singapore Says Cryptocurrencies “Could Replace Gold as a Store of Value” but Unlikely to Displace Fiat Currencies

A new research note released by the Bank of Singapore (BOS) suggests that cryptocurrencies are more likely to replace gold as a store of value. However, the note says it is unlikely that such digital currencies can replace fiat currencies even as their appeal grows. Inefficient Unit of Exchange According to the research note, it is the volatility of cryptocurrencies that makes them “an inefficient unit of exchange.” This inefficiency, in turn, makes cryptocurrencies an unsuitable medium of exchange. Still, as one local outlet report explains, cryptocurrencies stand a better chance if they can overcome “key hurdles such as trust, volatility, regulatory acceptance and reputational risks.” When these hurdles are overcome then such “digital currencies can also be used in investor portfolios as a potential safe-haven assets and for asset diversification.” Meanwhile, the same media report quotes Mansoor Mohi-uddin, the chief economist at BOS, who explains that investors also “need trust...
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ETH breaks out vs. Bitcoin — What's next for Ethereum after 100% gain in January?

Ether, the native cryptocurrency of Ethereum, achieves higher highs, as momentum continues to strengthen. The price of Ether ( ETH ), the native cryptocurrency of the Ethereum blockchain network, achieved a new all-time high on Jan. 25. At the same time, technical analysis shows that the ETH/BTC pair is breaking out of its multi-year downtrend hitting the highest levels since September 2019, which should be great news for altcoins in general.  ETH/BTC weekly candle chart (Coinbase). Source: Tradingview The higher highs come less than a week after ETH/USD finally broke its all-time high,  surpassing $1,400 for the first time in three years. Community sentiment is extremely positive The sentiment around Ethereum has become significantly positive after ETH managed to break its previous record price set in January 2018. Anthony Sassano, a long-time Ethereum investor and the head of marketing at Set Protocol, said that the rally is representative of the groundwork accomp...
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Bahrain central bank licenses Sharia-compliant crypto exchange

Bahrain-based crypto exchange CoinMENA acquired a major license ahead of its launch in several countries including the UAE and Saudi Arabia. CoinMENA, a soon-to-launch cryptocurrency exchange headquartered in the Kingdom of Bahrain, has obtained a license from the Central Bank of Bahrain, or CBB. The newly acquired “Crypto Assets Services Company License” allows CoinMENA to operate fully as a regulated crypto exchange and onshore platform, the company announced on Jan. 24. The CBB’s license ensures that CoinMENA meets all of the operational, technical and security requirements set by the central bank. As CoinMENA plans to roll out its services in the Middle East and North Africa, or MENA, countries — including Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman — CoinMENA is also certified by the Shariyah Review Bureau as a Sharia-compliant platform. At the launch, CoinMENA will support five major cryptocurrencies including Bitcoin ( BTC ), Ether ( ETH ), XRP , Litecoi...
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Blockchain-based COVID-19 passports to begin trials in Q1

Blockchain-based digital passports containing a traveler’s COVID-19 testing and vaccination status will begin pilots in the next month. The International Air Transport Association will soon roll out blockchain -based passports that digitally store an individual’s health information — specifically, their COVID-19 testing and vaccination status. In a move which IATA says has the potential to reopen international and loosen current global quarantine restrictions, a “health” passport will be stored in a user’s smartphone in the form of an app, with the first real-world testing expected to take place as soon as February. Known as the IATA Travel Pass and described as a way to give travelers complete control over their own data, the app would reportedly also act as a two-way communication tool that broadcasts information to relevant governments, vaccination centers and airlines. Four major airlines have signed up for the program thus far. Singapore Airlines and British Airways plan to b...
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Diginex’s EQUOS exchange eyes liquidity boost with GSR partnership

Diginex's CEO says the partnership promotes his vision of creating a safe, reputable and conflict-free trading environment for crypto assets. Diginex, the Singapore-based operator of the EQUOS cryptocurrency exchange, has entered into a strategic partnership with GSR Markets aimed at enhancing liquidity for its perpetual futures products and spot pairs. Notably, the partnership seeks to promote EQUOS' mandate of delivering a regulated trading experience that is free from market manipulation risks. Under the new partnership, GSR will become a shareholder of Diginex and one of the main liquidity providers for the EQUOS exchange. GSR will provide liquidity for the recently launched Bitcoin perpetual futures product as well as several spot pairs. In the future, GSR's liquidity provision will extend to options and other structured products.   Founded in 2013, GSR is a Singapore-based market maker for digital assets. The company claims to work with more than 30 cryptocurren...
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Virginia tech firm offers staff option to get paid in Bitcoin, Ether

The company will allow employees to defer a portion of their salary and receive it as part of a savings plan, denominated in either Bitcoin, Bitcoin Cash or Ether. Sequoia Holdings — a software development services provider, not to be confused with the well-known venture capital firm Sequoia Capital — is offering its staff the option to set aside a portion of their salary and invest it in cryptocurrency. Sequoia Holdings is based in Reston, Virginia and provides engineering and analytic solutions to the United States national security sector, including the U.S. intelligence, defense and homeland security departments. It is also, notably, an employee-owned firm, which suggests the optional integration of cryptocurrency into salary arrangements could be a good barometer of popular staff sentiment. The company's employees will be able to choose to defer a portion of their salary and have it invested in either Bitcoin ( BTC ), Bitcoin Cash ( BCH ) or Ether ( ETH ). While Sequoia H...
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'Spectacular bust' for stocks: 5 things to watch in Bitcoin this week

Equities markets may have just weeks before a major reset, one analyst warns amid claims that institutional Bitcoin interest is faltering. Bitcoin ( BTC ) starts a new week with $30,000 reconfirmed as support but also a fresh vote of no confidence from the mainstream. After a more or less steady weekend, the largest cryptocurrency remains firmly in its established trading corridor — between $30,000 and $40,000. What’s next? Cointelegraph takes a look at the factors impacting price performance this week. Stocks face a "spectacular bust" — analyst Stocks showed clear upward momentum on Monday, led by Hong Kong as a new favorite target for Chinese investors. Sentiment received a major boost earlier this month after United States President Joe Biden announced a $1.9 trillion coronavirus stimulus package. While already near all-time highs, the cash injection propelled markets still higher. “Investors see continued open-spigot monetary policy and more fiscal stimulus,” Marc...
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