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Showing posts from June 1, 2021

Dental Clinic in Ontario to Accept Cryptocurrency for Its Services

Southdown Dental, a clinic in Mississauga, Ontario, is introducing a new payment option. Patients will soon be able to pay with cryptocurrency for its services. The dental clinic says it will take digital money for any procedure, from regular checkups to children’s braces. Canadian Dental Clinic Meets Rising Demand for Crypto Acceptance The dental clinic is stepping into the crypto world to address a “growing positive sentiment towards cryptocurrency.” Its management noted the increased use of digital coins in Canada’s consumer and services industry. Cryptocurrency offers users autonomy, reduces transaction fees, and facilitates quick and easy payments, the clinic pointed out in a press release. Southdown Dental provides services to the residents of Mississauga in the Greater Toronto Area, in Canada’s most populous province, Ontario. The clinic, which was established in 1989, takes pride in being an “early adopter of innovations” in the dental field, utilizing the latest availabl...

Cryptohawk.AI, a New Software Service Provides Everyday Investors With AI-Based Price Predictions

PRESS RELEASE. Toronto, Canada – June 1, 2021 – Created and rigorously tested by expert data scientists in cohort with expert traders, CryptoHawk.AI allows anyone to harness the power of artificial intelligence and machine learning for improved investment returns in crypto. With the software’s AI based predictions investors are able to remove stress, reduce risk, and save time all while taking advantage of volatility when investing in bitcoin and ethereum. How the solution works Cryptohawk’s data scientists have simulated human problem-solving and mental processing in a proprietary computerized model drawing the domain expertise of professional traders. CryptoHawk.AI’s algorithm analyzes millions of data points like volatility, variance, volume, sentiment, search, news, trends, and historical prices 24 hours a day. The algorithm synthesizes, evaluates and organizes data in-order to discover new patterns, anomalies, relationships and manipulates this data into real-time intelligence....

Trace your CryptoPunk's history with Etherscan’s new NFT toolkit

Etherscan has enabled users to “track most NFT activity on Ethereum” after it revealed its new non-fungible token transfer tool on June 1. Ethereum blockchain explorer and analytics platform Etherscan has enabled NFT tracking as part of its transaction tracking tool kit. In a Twitter post yesterday, Etherscan revealed that users will now be able to “track most NFT activity on Ethereum,” which includes both ERC721 and ERC1155 based non-fungible tokens. Did you know? Transaction Action now supports most NFT activity on Ethereum - including both ERC721 and ERC1155! pic.twitter.com/MAOQcIIU9Y — Etherscan.io (@etherscan) June 1, 2021 The new feature will help provide more transparency on a significant percentage of the NFT market, and may help new investors ascertain the value of an NFT as they can now look up its entire price history, transaction dates and minting date. Etherscan users can use the “non-fungible tokens transfers” section to look up NFT minting, distribution, tra...

Even Vitalik Buterin is surprised at just how long Eth2 is taking

Ethereum co-founder cites people problems as one of the obstacles to progress. Ethereum’s visionary co-founder Vitalik Buterin has commented on the obstacles on the roadmap to Eth2 at a conference in Hong Kong. Speaking partly in Mandarin at the Virtual Fintech Forum at this week’s StartmeupHK Festival 2021, Buterin said that technology wasn’t the major issue with the world’s largest smart contract network. He admitted that building Ethereum has taken a lot more time than he had anticipated with early Eth1 blockchain build estimates of around three months turning into eighteen months in reality. The upgraded version is taking substantially longer. “We thought it would take one year to do the Proof of Stake, but it actually takes six years. If you are doing a complex thing that you think will take a while, it’s actually very likely to take a lot more time,” Buterin added that there had been a number of internal team conflicts in the five years it has taken Ethereum to get to wher...

Funds locked in Aave soar past $20 billion amid layer-two embrace

Aave’s TVL has soared past $20 billion, with one-third of capital coming from its deployment on layer-two, Polygon. Aave has surged to the top of the DeFi ranking by total value locked (TVL) amid its recent embrace of layer-two for scaling. According to Aave’s website, the v2 and Polygon deployments of the popular crypto-powered money market protocol currently represent more than $20 billion in locked capital, holding more than $12.6 billion and $7.8 billion in the respective versions. According to DeFi Llama, Aave v2 is currently the largest decentralized protocol by assets locked, while Aave’s Polygon deployment would rank fourth despite launching just six weeks ago . Aave’e embrace of layer-two solution, Polygon, appears to have bolstered its adoption compared to other leading DeFi protocols Using data provided by Dune Analytics, Twitter user “DeFi Dividends” found that the share of Aave’s monthly userbase represented by new users is roughly 50% greater than either MakerDAO an...

Big Block Breakthrough: 1 Gigabyte BCH Scalenet Block Mined With Raspberry Pi4

While it seems the big block vs. small block debate is over, it is still relevant in the cryptocurrency sphere and some users are still delving into the limits of big blocks. Mtrycz, a writer leveraging the read.cash blogging platform, claims to have mined 1 gigabyte (GB) block using a Raspberry Pi4 on the Bitcoin Cash scalenet, showing it is indeed possible to deal with these block sizes, albeit only in an experimental way for now. 1GB Block Mined With a Raspberry Pi4 Mtrycz, a writer who regularly posts experiments to the BCH-based blog platform read.cash , has achieved a mining breakthrough by mining a massive 1GB block with only the computing power of a Raspberry Pi4. Mtrycz claimed to have done this by using a new “light” template created last year by BCHN, the current leading Bitcoin Cash ( BCH ) full node implementation. However, this was no easy task. While the block did get mined, it took some time to get it done. According to his reports, the whole ordeal took more than...

Institutional investors load up ETH, with its share of AUM hitting a new record

Institutional investors continue to exit BTC in favor of ETH, with Ether investment products now representing more than one-quarter of institutional crypto AUM. Institutional demand for Ethereum continues to surge, with Ether products now representing more than one quarter of the assets under management (AUM) of crypto investment products. According to CoinShares’ June 1 Digital Asset Fund Flows Weekly report, the past week saw significant institutional inflows of $74 million as investors sought to capitalize on the fall out from the recent crash in which many crypto assets lost more than 50% of their value. More than 63% of institutional inflows were injected into Ether products, or $46.8 million of the total. Ether products now represent 27% of the combined AUM for crypto investment products — the highest share yet. Significant inflows were also made to products offering exposure to multiple crypto assets ($11.1 million) as well as funds targeting Cardano ($5.2 million), XRP (...

Bitcoin is risky digital 'copper', it’s not gold — Goldman Sachs commodities boss

Jeff Currie, the global head of commodities research at Goldman Sachs, described Bitcoin as a “risk-on” asset that is similar to copper as a hedge against inflation. Jeff Currie, the global head of commodities research at Goldman Sachs, has dismissed comparisons between Bitcoin and gold as an inflation hedge, and described BTC as more akin to a “risk-on” asset like copper. Speaking on CNBC’s Squawk Box Europe on June 1, Currie noted that copper and Bitcoin both work as “risk-on assets” for hedging due to their volatility while describing gold as a more stable “risk-off” hedge”: "Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk on inflation hedges not risk-off inflation hedges" “You look at the correlation between Bitcoin and copper, or a measure of risk appetite and Bitcoin, and we’ve got 10 years of trading history on Bitcoin — it is definitely a risk-on...

Big rise in financial advisers adding crypto assets to client portfolios

More than a quarter of financial advisers intend to recommend crypto investments over the next year. According to a survey, financial advisers are recommending investments in Bitcoin and crypto assets to their clients more than ever before. A report by the Financial Planning Association released on June 1 has taken a look at the changing attitudes towards crypto assets. The ‘ 2021 Trends in Investing Survey ’ revealed that more financial advisers than ever are recommending their clients have some crypto in their portfolios. The survey was conducted in March and received 529 online responses from professional financial advisers who offer clients investment advice and recommendations. It stated that 14% of financial advisers have already added crypto assets to their clients’ portfolios or are recommending it to them. Even more are planning to do so over the next year. “More than a quarter (26 percent) of advisers indicated in the 2021 survey that they plan to increase their use/re...

Trader Confesses Cryptocurrency Addiction Led to Criminal Charges, Hospital Treatment

A British man has shared his story of how his cryptocurrency addiction has led to criminal charges and landed him in a hospital for addiction treatment. He lost more than a million dollars of other people’s money trying to duplicate his previous success in cryptocurrency trading. Crypto Addiction on the Rise, One Hospital Is Treating Over 100 Crypto Addicts A British man has shared his story of how his cryptocurrency addiction turned him into a criminal, the BBC reported . Referring to him as Jake, the publication noted Sunday that he is currently in treatment at one of the only hospitals in the U.K. that treats people obsessed with gambling on the value of cryptocurrencies. His identity is not disclosed due to him still being treated at the hospital. Jake lost millions of pounds trading cryptocurrencies. He first bought bitcoin in 2015 but his addiction problem only started a couple of years ago. “I can pinpoint the exact moment it became a problem,” he described. “I had been erod...

‘Pointless but incredible'— New electric car mines crypto while it's parked

Canadian light electric vehicle manufacturer Daymak has announced an electric car that can mine Bitcoin and other cryptocurrencies while parked. Canadian light electric vehicle manufacturer Daymak has announced an upcoming electric car that can mine Bitcoin, Ethereum, and Doge — when it’s charging or parked. According to the firm’s June 1 announcement, The “Spiritus” electric car is set to roll out in 2023 and will come fitted with “an industry-leading GPU in mining price-to-profit.” However, details are sparse on what the specific capabilities of the mining hardware are. “Daymak Spiritus the first car in history with mining hardware and cryptocurrency technology programmed into the user interface,” the announcement stated. Crypto interface - Daymak Every Spiritus will be an “environmentally-friendly crypto miner node,” that includes the Daymak Nebular mining hardware, the Nebular crypto wallet, and solar charging capabilities. Daymak has touted that, unlike other vehicles, th...

Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Sweden’s Central Banker

The Swedish central bank’s governor says bitcoin will face tougher regulation given its sheer popularity that continues to grow. “When something gets big enough, things like consumer interests and money laundering come into play,” said Stefan Ingves, Governor of the Riksbank. Tougher Regulation Expected for Bitcoin Stefan Ingves, the governor of Sweden’s central bank, the Riksbank, said Monday that bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight due to their sheer popularity, Bloomberg reported. Even though regulators have voiced their concerns about bitcoin and other cryptocurrencies, they continue to gain popularity. They have attracted the biggest financial institutions to enter the space, including major investment banks Goldman Sachs and Morgan Stanley , which now offer crypto investments to their clients. A growing number of companies now accept bitcoin for payments, offer crypto-related services, and put BTC on their balance sheets. Goldman S...

Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

Rumors of a fourth and possible fifth round of direct stimulus checks have become a hot conversation topic this week, as lawmakers are urging the President to act. Over 80 U.S. legislators have sent letters to President Joe Biden and Vice President Kamala Harris asking the administration to push forward direct economic stimulus payments and extend unemployment benefits. 80 Legislators Urge Biden Administration to Push for More Stimulus Discussions concerning more Covid-19 relief stimulus have been increasing in recent days after the Biden administration proposed a $6 trillion budget last week. Following the “Build Back Better” proposal, a number of reports have been discussing rumors of a fourth and even fifth round of stimulus checks for American citizens. Of course, despite the headlines implying more direct payments are on the way and a large group of Democrats relentlessly asking the executive office to act, nothing has been approved yet. What the reports do say is that a fou...

Euro investment bank predicts shortfall in blockchain and tech investment

The EU is billions of dollars behind China and the U.S. when it comes to investment in blockchain and artificial intelligence, said the EIB. The European Union is falling behind China and the United States when it comes to blockchain and artificial intelligence investments, according to the European Investment Bank. The EIB said on Tuesday that it anticipates an ongoing investment shortfall of around 10 billion euros ($12 billion) across both technologies. China and the U.S. currently account for 80% of the global $25 billion invested in blockchain and AI, with the EU making up just 7% of that figure, reported Reuters. The bank said the underinvestment in both sectors compared to other regions was a sign that the EU has failed to translate scientific knowledge into applicable business models. “Companies and governments in Europe are substantially underinvesting in AI and blockchain compared to other leading regions and it has become clear that the European Union struggles to ...

Bitcoin price D-Day starts ‘any moment,’ says trader, as BTC reclaims key level

This week is when volatility returns and a make-or-break moment for BTC/USD hits, traders believe. Bitcoin ( BTC ) is nearing the end of a consolidation period, which traders are betting will spark a fresh bullish breakout. In a tweet on Tuesday, popular trader Crypto Ed became the latest voice in the expanding bullish movement calling time on lower BTC price levels. Data: D-Day for Bitcoin price starts Wednesday After consolidating in a broad range since hitting $30,000, BTC/USD is printing higher lows and lower highs on lower timeframes. This narrowing wedge on the chart has a logical endpoint where volatility becomes practically zero — and historically, this results in a major move up or down. “Expecting that bounce any moment now,” Crypto Ed summarized. “When it does, I think we break out to the upside in coming days.” He added that a failure to break out could have the opposite effect, a nod to those already warning over a possible fresh bearish dip toward $20,000. A l...

Bitcoin price crash isn’t over, says JPMorgan strategist

JPMorgan analyst Nikolaos Panigirtzoglou said that a medium-term fair value for Bitcoin now stands between $24,000 and $36,000. Following the worst May for Bitcoin ’s ( BTC ) price in the past 10 years, the largest cryptocurrency is likely to continue falling in the short term, according to JPMorgan analysts. Weakened institutional demand is likely to drag the Bitcoin price below $30,000, JPMorgan strategist and Bitcoin expert Nikolaos Panigirtzoglou wrote in the latest research note to clients. Based on Bitcoin’s volatility ratios to gold, the JPMorgan analyst forecasted that Bitcoin will continue to trade between $24,000 and $36,000 in the mid-term. “The fair value for bitcoin based on a volatility ratio of Bitcoin to gold of around x4 would be 1/4th of $145k or $36k. The fair value for Bitcoin based on the current volatility ratio of Bitcoin to gold of around x6 would be 1/6th of $145k or $24k. We thus see a fair value range of $24k to $36k over the medium term,” the note reads....

Major Indian Bank HDFC Says ‘It’s a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays’

One of India’s leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that “it is just a matter of time before Indian investors have legal access to crypto plays.” This statement came as the bank scrutinizes crypto transactions in customer accounts. HDFC Bank Predicts Legal Acess to Crypto in India HDFC Bank, a leading private bank in India, published a Treasury Research report last week detailing its view on cryptocurrency. HDFC Bank currently has 5,608 branches and 16,087 ATMs across India. The bank was among the first to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994. “Like most conventional investors, we are yet to reconcile the often-conflicting properties of cryptocurrencies,” reads the bank’s report, entitled “Cryptocurrencies: Fad or Forever?” While acknowledging that cryptocurrency “helped to hedge against sharp movements in other asset classes,” the bank’s economists argued that “...

Nvidia’s new RTX 3070 and 3080 Ti cards attempt to cater to gamers and miners

Nvidia's RTX 3070 and 3080 Ti models will go on sale over the course of the coming month. Nvidia’s new 3070 Ti and 3080 Ti graphics cards will launch with Ethereum hash rate limiters built in when they go on sale later this month. Nvidia announced the pending release of the new cards during its Computex 2021 livestream on Monday, where it unveiled specifications and release dates for both models. Of particular interest to cryptocurrency enthusiasts is Nvidia’s decision to launch the cards with in-built limiters aimed at curbing their Ether ( ETH )-mining utility. The company had previously pledged to create a crypto-specific card designed for mining Ether and other GPU-compatible cryptocurrencies. The move was designed to pull demand away from would-be crypto miners, but Nvidia’s insistence on releasing all of its newer GPUs with crypto-limiters suggests this plan may not be as definitive as first expected. Nvidia most recently declared in its Q1 earnings report that it cou...

Börse Stuttgart Digital Exchange launches crypto trading mobile app

Börse Stuttgart Digital Exchange, Germany's first regulated trading venue for crypto assets, has launched a mobile trading app for iOS and Android that supports four cryptocurrencies. Börse Stuttgart Digital Exchange, or BSDEX — which shares its operator with the major public stock exchange in Stuttgart — is rolling out a new mobile app for cryptocurrency traders. As a digital assets trading venue that fulfills the regulatory requirements of the German Banking Act, the venue has been a pioneer in the mainstreaming of crypto in Germany. Previously, investors had access to an earlier crypto trading app called Bison , which was first launched back in 2019. Today's announcement of a new app indicates that users will be able to trade Bitcoin ( BTC ), Ether ( ETH ), Litecoin ( LTC ) and XRP . Over 20,000 users are currently using BSDEX, which is operated by Baden-Wuerttembergische Wertpapierbörse GmbH — the same operator that runs Stuttgart's public stock exchange. The full...

UK Starling bank to resume crypto exchange deposits in late June

Starling blocked crypto exchange deposits last week, citing “high levels of suspected financial crime with payments to some cryptocurrency exchanges.” Starling, a United Kingdom-based online bank, is preparing to resume payments to cryptocurrency exchanges after suspending crypto exchange deposits last week. A spokesperson for Starling told Cointelegraph on Tuesday that the bank is set to restart payments to crypto exchanges on June 23 after temporarily suspending the feature as a measure to protect its customers. Starling blocked payments to some cryptocurrency exchanges last week, citing “high levels of suspected financial crime with payments to some cryptocurrency exchanges.” The bank said that it will reverse the measure after adopting “additional checks specifically for payments to crypto exchanges.” The spokesperson stressed that the action was “not an issue for Starling, but for all banks,” referring to official Parliamentary comments regarding the legal status of crypto ex...

Bitcoin price bull run 'starting to look like 2013' after record red monthly candle

Long-term price forecasts based on stock-to-flow remain "intact," says creator PlanB after last month's record red candle. Bitcoin ( BTC ) may have just had its worst monthly candle in ten years, but it could yet surge to new all-time highs this year, says popular analyst PlanB. In a tweet on June 1, the creator of the stock-to-flow-based BTC price models said that Bitcoin is behaving like during its 2013 bull run. Stock-to-flow "intact" after May drop After its drop to $30,000 and several retests of that level, concerns are starting to appear over a bigger drop taking BTC/USD towards $20,000 and lower. This would mean that for the first time, Bitcoin crosses the all-time high from a previous bull market, in this case from 2017. For PlanB, however, such an event is unlikely. Moreover, recent price action is far from unheard of — in fact, it could just mean that the market is rehashing its 2013, rather than 2017 performance. Uploading the latest incarn...

Bitcoin's rising popularity will lead to more regulation, says Riksbank

Riksbank Governor Stefan Ingves says there's “good reason to believe” that more regulatory oversight of cryptocurrencies is in the pipeline. Cryptocurrencies' persistent growth and ever more mainstream adoption is keeping international monetary authorities on their toes. In fresh comments this week, Stefan Ingves, the Governor of Riksbank, Sweden's central bank, said that digital assets' rising popularity raises the stakes for regulators, central bankers and lawmakers worldwide: “When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen.” Devising regulatory frameworks for an asset that was initially designed to circumvent the very architecture and rules of traditional finance is no easy task. In the United States, the Federal Reserve's Vice Chairman of Supervision, Randal Quarles, raised his concerns that current regulatory provisions for crypto are inad...

Bank account flows for South Korean crypto exchanges surge 40% since 2020

Upbit exchange paid 10 times more in fees to South Korean internet bank K bank Q1 2021 than in the previous quarter. As cryptocurrency markets grew in the first quarter of 2021 , South Korean banks saw record volumes of deposits and withdrawals to local crypto exchanges. South Korean commercial banks processed 64.2 trillion won ($57.9 billion) of transactions on real-name bank accounts linked to crypto exchanges in Q1 2021, according to data from Financial Supervisory Service acquired by Democratic Party member Kim Byung-wook. The Q1 results comprise data from lenders like Shinhan Bank, online bank K Bank, and Korean NH NongHyup Bank, as well as four major local crypto exchanges including Upbit, Bithumb, CoinOne and Korbit, local business publication The Maeil Business Newspaper reports Tuesday. According to the data, crypto flows on verified bank accounts in South Korea surged over 40% year-over-year from 37 trillion won ($33.4 billion) in Q1 2020. South Korean banks have also ...