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Showing posts from February 23, 2021

RUNE soars after Multichain capital reveals large position

RUNE has rallied to all-time highs after Multicoin Capital revealed it has accumulated a large position. Thorchain’s native token RUNE gained 30% in the last 24 hours after crypto venture firm Multicoin Capital revealed that it has accumulated a large position in the asset. RUNE was trading at roughly $3.90 on Feb. 23 before Multicoin announced their investment, which sent prices soaring to new all-time highs at $5.61. RUNE/USD: CoinGecko THORChain’s token was largely unaffected by the Feb. 22 crash that saw BTC and many altcoins dip significantly, with RUNE up 34% in the past seven days. This announcement comes off the back of a strong year for RUNE, with the price up almost 62,000% since it launched 18 months ago. The rally has pushed RUNE up the market cap rankings to now rank as the 60th-largest crypto asset, with a total capitalization of $1.24 billion. THORChain started in 2018 and is a decentralized cross-chain automated market maker (AMM) exchange allowing users to tr...

Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO

While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States. Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works Recent reports say that Northern Data AG, the mining operation that mines bitcoin ( BTC ), is planning to IPO in the near future. Bloomberg reveals that “sources familiar with the matter” have told the publication that Northern Data AG is “working with Credit Suisse Group AG.” Northern Data claims to be one of the largest mining operations worldwide and on November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based firm. At that time, Northern Data detailed that the merger agreement with its U.S. competitor Whinstone would position the firm as a “leading global player” in the bitcoin mining indu...

Umbrella IDO sees record participation on Polkastarter

More than 110,000 investors signed up for the chance to receive one of 1,000 whitelistings for Umbrella Network’s IDO on Polkastarter. Decentralized oracle network Umbrella has published details of its recent initial DEX offering, or IDO, revealing that 110,000 applicants hsigned up for the offering on Polkastarter. The Feb. 9 offering saw 10 times the amount of hopefuls sign up as the 1,000 randomly selected slots available, with 2.5 million UMB tokens being distributed to only 625 participants during the sale. The IDO raised 72.5 Ether worth roughly $250,000. In an announcement shared with Cointelegraph, Umbrella emphasizes the token sale was intended to limit the concentration of tokens among large holders, taking “deliberate steps to ensure strong participation at fair prices.” “This offering represents another key step in bringing decentralized oracle networks to an industry where demand for high-quality external data is growing exponentially,” said Umbrella’s founding partne...

Exchange demands users return Bitcoin bought for $6K during tech glitch

An apparent “glitch” on PDAX temporarily dropped BTC prices by 88% and saw trading suspended. The exchange held a press conference yesterday to explain what happened. One of Southeast Asia’s biggest crypto exchanges is blaming a technical glitch for the price of Bitcoin dropping down to 300,000 PHP, roughly $6,100, on Feb. 16. An unknown number of customers of the Philippine Digital Assets Exchange, or PDAX, managed to buy thousands of BTC from the exchange at a massive discount, making them local currency billionaires on paper — at least for a few hours. A number of PDAX customers withdrew their purchased Bitcoin , up to the exchange’s limit on individual accounts of one BTC per 24 hours. PDAX is reportedly demanding these users refund BTC obtained during the crash under the threat of potential legal action. The tech glitch led to a 36 hour closure, and several users continue to report remaining locked outside of their accounts. Still unable to login for 7 days straight...

Whales offloaded 140K Bitcoin this month: Glassnode

Whales have been offloading their BTC this month after a sustained period of accumulation. According to a new report from crypto market data aggregator, Glassnode, Bitcoin whales offloaded massive amounts of BTC during February. Glassnode defines any address that holds between 1,000 BTC and 10,000 BTC as a “whale”, while “humpback whales” hold more than 10,000 BTC. The report found that the number of whales increased by more than 14% in the year to Feb. 5, 2021. Whales and humpbacks' buying spree peaked in January as they snapped up 80,000 BTC, worth $3.84 billion at today’s prices. But since February, whales and humpbacks appear to have taken heavy profits, offloading 140,000 BTC — equal to $6.72 billion since the start of the month. The data shows an inverse-correlation between the trading activities of whales to smaller, but still very wealthy investors. Glassnode noted that “dolphins” and “sharks” — wallets that hold between 100 BTC and 1,000 BTC — shed 95,000 BTC worth ...

DeFi user pays $36K for one Uniswap transaction, as EIP-1559 draws closer

Ethereum transaction fees are at their highest levels but even the proposed solution wouldn’t have helped this fat-fingered user. Ethereum fees are at record level but even so, one Uniswap user paid well over the going rate with a gas fee of $36,000 for a single transaction. Crypto twitter has been flooded with complaints about the unsustainable fees for using the Ethereum network but the rates only exacerbated one DeFi user’s fat fingered mistake. The exorbitant transaction was tweeted by co-founder and CTO of Groundhog Network, Andrew Redden, who confirmed it was Uniswap related. Presenting: The most expensive approve https://t.co/WQvgjZWFug — Andrew Redden ️ (@androolloyd) February 23, 2021 The ludicrous fee turned out to be a typing error as the user manually entered two prices in gwei together. The fee of 500,801 gwei should have been one (500 gwei) or the other (801 gwei) but not both. It came to a whopping 24.94 ETH, or approximately $36,000 at the time it was made. ...

Brave unveils plans for DEX aggregator and NFT wallet in next browser

Crypto-native web browser Brave has unveiled plans for a new wallet boasting an integrated DEX aggregator and NFT functionality. Crypto-powered web browser, Brave, has unveiled its “Roadmap 2.0” — laying out plans for an integrated DEX aggregator and non-fungible tokens support.. Brave’s new roadmap highlights the company’s desire to integrate DeFi functionality in its wallet and explore scaling solutions for the project. Brave’s new Ethereum-native wallet will support “DeFi and NFT use-cases,” in addition to introducing mobile support and enhanced API functionality. The planned DEX aggregator will seek to reward BAT token holders, offering discounts to users that pay for transaction fees in BAT or hold the token in their wallets. Brave is targeting support for assets across multiple chains, noting it will consider both layer-one and layer-two scaling solutions to mitigate the high fees associated with using the Ethereum mainnet. Brave also hopes to expand the utilities of BAT...

Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City

Bitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019 . In a statement on Tuesday, NY Attorney General Letitia James accused the two entities of hiding severe losses from investors. “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said James. She continued: “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.” Per the statement, an NY Attorney General’s investigation found that the companies made false statements about the backing of tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 mi...

Musk no longer world’s richest man after Tesla and Bitcoin slump

Tesla stock began to slide in late January, accelerating after the BTC purchase announcement. Tesla CEO Elon Musk has lost his crown as the world’s richest man following a sharp correction in Bitcoin and a slump in his company’s stock that some analysts believe are correlated. Tesla stock (TSLA) has dropped 21% from its high of $890 on January 26, accelerating those losses over the past two days in a fall to $698. Shares of the electric vehicle maker dipped as much as 13% on Tuesday, Feb. 23, the stock’s worst day since early September. Fox Business has blamed this week's stock drop on the company’s association with Bitcoin, citing analyst Dan Ives of Wedbush, who also noted he believes the move was a strategic one for the long-term . “Investors are starting to tie Bitcoin and Tesla at the hip. While Tesla on paper made roughly a $1 billion on Bitcoin in a month that exceeded all its EV profits from 2020, the recent 48 hour sell off in Bitcoin and added volatility has driven...

Congress worries crypto used to fund domestic terrorism, Capitol insurrection

U.S. Congress subcommittee says that bank reporting methods led to Capitol attack arrests but worries that Bitcoin might have helped fund the insurrection. A U.S. Congress subcommittee is investigating if domestic extremists are turning to cryptocurrency as a source of funds for their activities. On Feb. 25, the Subcommittee on National Security, International Development, and Monetary Policy will hold a hearing titled “Dollars Against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection.” A committee memorandum ahead of the hearing stated that “as scrutiny by traditional banks and payment platforms increases, extremists are turning to solicitations of cryptocurrencies.” The memorandum lumps cryptocurrencies with other potential avenues for illicit activity financing including crowdfunding, charities, and social media platforms. Two main incidents are used to suggest crypto may have helped fund the Capitol insurrection. Specifically, on Dec. 8 a French extrem...

Indian banks put crypto traders' accounts under the microscope

HSBC, HDFC and Citi are now requiring crypto traders in India to provide information about their activities or risk losing their funds. Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations. India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to “ banning the internet for five years .” The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi, have been receiving notices this year asking them to clarify crypto-related transactions, often requiring them to visit their local bank branch in person. If such clarification is not received, accounts are at risk of being suspended or seized. One letter to an affected customer states: “To comply with the regulatory guidelines, banks are advised to exercise due diligence by closely ex...

Jigstack DAO Acquires Icorating.com Platform to Strengthen Its Token Launch Pad Lemonade

A decentralized finance (defi) protocol announced that it officially acquired an initial coin offering (ICO) listing platform. Jigstack, who bought icorating.com, will migrate all the platform’s assets to its Lemonade’s solution. Jigstack’ Direct Email Database on Icorating.com According to the announcement , the defi protocol, which acts as a decentralized autonomous organization (DAO), bought the website to boost its multi-chain token launch solution Lemonade. Robert Weir, Jigstack’s COO, told news.Bitcoin.com that icorating.com acquisition is a “commercial trifecta for Lemonade” as they own “commercially relevant data, a database of over 30,000 active crypto investors.” In fact, they seek to boost exposure for projects launching through Lemonade. In Lemonade, anyone can create a token sale in a matter of minutes, including adjusting the token lock sequences, vesting periods, and overall token distribution logistics, added Weir. For projects launching on Lemonade, Jigstack COO ...

Solana (SOL), Cosmos (ATOM) buck the trend to hit new highs after protocol upgrades

Solana (SOL) and Cosmos (ATOM) each saw the price of their tokens surge after new interoperability upgrades were revealed. Bitcoin's (BTC) sharp correction below $45,000 sent shockwaves throughout the entire market for a second day and many altcoins are fighting to hold the gains they've accrued since the start of the year. Two exceptions to the current downturn are Solana (SOL) and Cosmos ( ATOM ), which have both managed to experience minor price breakouts following recent bullish developments for each project. Data from Cointelegraph Markets and TradingView shows that SOL and ATOM saw initial price dips in the early trading hours of trading on Feb. 23 but both were able to quickly bounce back and outperform the wider market for the day. Solana receives a boost from DeFi integrations Solana price broke out on Feb. 22 when Raydium , the first automated market maker (AMM) for the Solana blockchain, was launched. The AMM platform enables faster trades, shared liquidity ...

Air France pilots blockchain-based COVID-19 travel system

Air France is set to trial a blockchain-based system for verifying COVID-19 test results for its passengers. With travel and tourism being one of the hardest-hit industries by the coronavirus pandemic-induced lockdowns, several stakeholders are increasingly prioritizing digital and contactless solutions. In this vein, Air France has partnered with MedAire, SGS, International SOS, and the International Chamber of Commerce to test a blockchain-based COVID-19 travel system. Beginning from March 11, Air France will begin the pilot test of the ICC AOKpass system developed by MedAire and the International SOS. The ICC AOKpass is an app that travelers can install on their smartphones that contains a secure record of their COVID-19 test results from approved labs. With the app, travelers need not present a paper test result as the ICC AOKpass will serve as a secure form of verification of the user’s COVID-19 negative status. According to an announcement on Tuesday, the test will run for...

Janet Yellen Warns Bitcoin Is ‘Extremely Inefficient’ and ‘Highly Speculative’ as BTC Price Plunges

U.S. Treasury Secretary Janet Yellen has warned about the dangers of bitcoin as the price of the cryptocurrency took a nosedive. She sees bitcoin as a highly speculative asset and is worried about potential losses investors can suffer. Yellen also believes that bitcoin is not widely used as a transaction mechanism due to its inefficiency, reiterating her view that the cryptocurrency is often used for “illicit finance.” Janet Yellen’s Warning About Bitcoin Janet Yellen has blasted bitcoin again Monday in an interview with CNBC at the New York Times Dealbook conference. The treasury secretary “issued a warning about the dangers that bitcoin poses both to investors and the public,” the news outlet conveyed. Regarding bitcoin, Yellen was quoted as saying: It is a highly speculative asset and you know I think people should be aware it can be extremely volatile and I do worry about potential losses that investors can suffer. The price of bitcoin started falling sharply Sunday afterno...

Bitcoin mining operator Northern Data reportedly considering $500M IPO

Swiss investment bank Credit Suisse is reportedly backing German Bitcoin mining operator Northern Data in its $500 million IPO. Major European Bitcoin ( BTC ) mining company Northern Data is reportedly considering going public in the United States. Germany-based Northern Data is planning to raise up to $500 million in the initial public offering, or IPO, Bloomberg reported on Feb. 22. The company is working with Swiss investment bank Credit Suisse to proceed with the IPO, anonymous people familiar with the matter told the publication. According to the report, the company is considering conducting a sale of new shares later in 2021, intending to boost Northern Data’s shareholder base as well as its global profile. Northern Data’s shareholders include investors like Galaxy Digital founder Mike Novogratz as well as companies like investment firm Cryptology Asset Group and EOS developer Block.one. Northern Data has been listed on Germany’s over-the-counter market since 2015, whe...

$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?

A staggering $5.64 billion worth of futures positions was liquidated in the last 24 hours as the price of Bitcoin dropped 17%. The price of Bitcoin ( BTC ) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board. Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%. What triggered the mass Bitcoin liquidation fest? If the Bitcoin futures market is highly overleveraged and overcrowded, a minor price movement can trigger mass liquidations. According to analysts at Santiment, a data analytics firm, an address was responsible for the second-largest Bitcoin transaction of the year, as Cointelegraph reported . More than 2,700 BTC were transferred right before the drop, which were bigger than the 2,000 BTC inflow seen before the March 2020 crash when Bitcoin dropped below $4,000. The analysts ...

Major Asian banks unite to form ‘multiple’ CBDC pact on blockchain

Some of Asia's largest banking institutions are working together on a “multiple” CBDC project, designed to cross borders and navigate regulations easier than fiat. Several major banks across Asia have joined forces to construct a cross-border central bank digital currency, according to a joint announcement issued on Feb. 23. Dubbed the Multiple Central Bank Digital Currency Bridge — or m-CBDC — the project sees the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the United Arab Emirates, and the Digital Currency Institute of the People's Bank of China combine to create a CBDC prototype using distributed ledger technology. Building upon the “ Inthanon-LionRock ” research project started in 2019, the latest phase of the exploration into CBDCs will develop a proof-of-concept to “facilitate real-time cross-border foreign exchange payment-versus-payment transactions in a multi-jurisdictional context and on a 24/7 basis,” states the announcement. The sta...

State Bank of India joins JPMorgan’s blockchain payments network

A major government-owned bank, the State Bank of India, has become the first Indian bank to join JPMorgan’s blockchain network Liink. The State Bank of India, or SBI, a major Indian government-owned bank, is looking to improve cross-border payments with a blockchain solution by American investment bank JPMorgan Chase. According to a Feb. 23 report by The Economic Times, the SBI has joined Liink, a new blockchain-based interbank data network developed by JPMorgan. By integrating the technology, the bank expects to reduce transaction costs and improve cross-border payments for its customers. SBI deputy managing director Venkat Nageswar said that the bank has already gone live on Liink. “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JPMorgan on implementation and exploring applications as part of the network to better serve our clients,” Nageswar stated. Liink is a peer-to-peer network and ecosystem operating under...

Bitcoin falls to $45K in sequel to 20% BTC price crash

A failed rebound above $50,000 looks to flip the level back to resistance as $47,000 becomes a new price focus. Bitcoin ( BTC ) extended its losses on Feb. 23 as selling pressure took markets below $47,000 for the first time in over a week. BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview Fresh dive takes BTC/USD to 8-day lows Data from Cointelegraph Markets and TradingView painted a gloomy picture for bulls on Tuesday as BTC/USD hit lows of $45,000 on Bitstamp. The losses reverse a rebound that halted Monday's 20% price crash from all-time highs near $58,000. Bitcoin bounced at $47,400 on the day to return to $54,000 before a fresh dip took hold. At the time of writing, $47,000 was again acting as some form of focus for support, with the trajectory still unclear amid heavy volatility. Analysis of buy and sell positions produced little hope for stemming losses should that level fail, with support lacking below $46,500. BTC/USD support and...

Bill Gates warns Bitcoin buyers: If you have less money than Elon Musk — watch out

The Microsoft founder thinks anyone with less money than the world's richest man should “watch out” when it comes to Bitcoin. Microsoft founder Bill Gates has issued a warning to would-be Bitcoin ( BTC ) buyers looking to follow Elon Musk’s investment strategy. Speaking to Bloomberg’s Emily Chang, Gates suggested Musk had access to sophisticated trade management techniques that the average investor isn’t privy to. When asked about the susceptibility of Bitcoin to tumble in price in reaction to a mere tweet (undoubtedly a reference to Elon Musk’s own social media posts ), Gates said Elon Musk was probably insulated from such market crashes: “Elon has tons of money and he’s very sophisticated so, you know, I don’t worry that his Bitcoin would randomly go up or down.” On Feb. 23, little over two weeks since Tesla’s $1.5 billion acquisition of Bitcoin was announced , the price of Bitcoin fell 20% — from $58,258 to $46,624. At the same time, almost $400 billion was wiped off the g...

Thailand Authorities Are Targeting Japanese Crypto Holders to Boost Tourism

Thailand seems to be interested in catching Japanese crypto holders’ attention via tourism. The country wants to establish a crypto-friendly touristic hotspot and the first targeted country is the nation of the rising sun. Program Aims to Add New Segments With ‘High Spending’ Per Bangkok Post , the Tourism Authority of Thailand (TAT) seeks to put the nation as the first to welcome crypto holders by targeting Japanese tourists in the early stage. The maneuver is given in the context of the pandemic that hit hard Thai’s tourism. The program looks forward to emphasizing segments with “high spending.” After holding discussions with the Technology Promotion Association (Thailand-Japan), the TAT determined that such target should be Japanese crypto-asset holders. They backed their statements by relying on the performance in crypto prices over the last few years. As such, the bull-run is also encouraging the TAT to study the possibility to implement digital currency at tourism hotspots ...

Bank of Korea chief says crypto has no intrinsic value, expects volatility

Bank of Korea Governor Lee Ju-yeol has expressed skepticism over the recent crypto rally, stating that the bank is progressing with a digital currency project. Amid a major downward correction in the cryptocurrency market , the head of South Korea’s central bank is skeptical about digital currencies like Bitcoin ( BTC ). Bank of Korea Governor Lee Ju-yeol said that crypto assets like Bitcoin have no intrinsic value, local news agency Yonhap reports Tuesday. The official said that he expects more price swings on the market, stating, “It is very difficult to predict the price, but its price will be extremely volatile.” Speaking at the National Assembly, Lee also addressed possible reasons behind the recent sharp crypto rally, which led Bitcoin to become a $1 trillion asset . The BOK governor cited a number of factors including global concerns over excessive inflation, growing institutional interest, as well as a massive $1.5 billion Bitcoin purchase by Elon Musk’s Tesla . “Thes...