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Showing posts from June 21, 2021

Bitfarms’ shares slump on Nasdaq debut amid crypto market pull-back

Bitfarms’ debuting shares have been unable to escape the bearish crypto meta-trend, despite the firm claiming its profits have increased amid the recent drop in Bitcoin hash rate. The highly anticipated Nasdaq debut of renewable energy-focused BTC mining firm, Bitfarms (BITF), saw the company’s stock fall by as much as 8.6% amid weakness in the broader crypto markets. BITF opened at $4.04 and quickly climbed a couple of percent to tag a high of $4.11 before dropping as low as $3.90 as cryptocurrency prices tumbled . Bitfarm’s shares last traded hands for $3.96. BITF/USD: Nasdaq The share prices of publicly-listed Bitcoin mining firms have taken a beating over recent months. Marathon Digital Holdings (MARA) is down roughly 51% from its early-April all-time high of $56.50 after its stock last changed hands for $27.83, while Hive Blockchain (HIVE) trading at $2.38 for a loss of 57% from its February high of $5.50, and Riot Blockchain (RIOT) priced at $31.57 after falling nearly 60...

Three Ethereum Testnets Are Transitioning to the Highly Anticipated London Upgrade

According to a blog post on the Ethereum Foundation’s website, three Ethereum testnets leveraging the London hard fork will go live during the next few weeks. Ethereum core developer Tim Beiko explained last Friday that the “upgrade will first go live on Ropsten, at block 10499401, which is expected to happen around June 24, 2021.” London Upgrade Begins to Root With Testnet Implementations Slated to Launch Three Ethereum testnets will see the London upgrade applied in the near future which shows progress is being made toward implementing the new features. Essentially, the London hard fork is the upgrade that follows the Berlin hard fork that took place in April 2021. The London hard fork will implement a number of significant Ethereum Improvement Proposals (EIP) in order to prepare for the Serenity ( ETH 2.0) upgrade slated for 2022. Two EIPs, in particular, aim to enhance the blockchain’s fee model and the ETH mining ecosystem’s difficulty time bomb. EIP-1559 is the improveme...

MakerDAO slashes stability fees as stablecoin demand wanes

Maker hopes to reignite demand for its DAI stablecoin through the fee reduction. Decentralized finance lending and stablecoin protocol MakerDAO has adjusted stability fees across a wide range of crypto assets used as collateral on the platform. The move comes as the demand for DAI and other stablecoins has cooled amid the recent crypto market retracement, with Maker hoping to drive up demand for DAI minting through the reduction in fees. ⚠️Maker Protocol Changes ⚠️ (1/5) ETH-A Stability Fee: 5.5% → 3.5% ETH-B Stability Fee: 10% → 9% ETH-C Stability Fee: 3% → 1% WBTC-A Stability Fee: 4.5% → 3.5% LINK-A Stability Fee: 5% → 4% YFI-A Stability Fee: 5.5% → 4% — Maker DAI Bot (@MakerDaiBot) June 21, 2021 When users deposit crypto assets to mint the protocol’s stablecoin, DAI, the debt incurs a stability fee which is effectively a continuously accruing interest that is due upon repayment of the borrowed tokens. Maker’s fluctuating stability fees are designed to maintain DAI’s d...

Opposition poses constitutional challenge to El Salvador's Bitcoin law

A political party in El Salvador has filed a lawsuit alleging President Bukele’s new Bitcoin law could be unconstitutional and harmful to the country. El Salvador’s grand plans to promote Bitcoin adoption could be turned on their head if President Bukele’s Bitcoin law is proven to be unconstitutional in the country’s courts. A group of citizens joining forces with political party, Farabundo Martí National Liberation Front (FMLN), has filed a lawsuit claiming President Bukele’s Bitcoin adoption program is unconstitutional. FMLN legislator, Jaime Guevara, led the move along with citizens including plaintiff Óscar Artero, who characterize the country’s Bitcoin law as “lacking in legality, foundation, and did not consider the significance and harmful effects that such a law will cause to the country,” according to a rough translation from local media outlet El Mundo . Guevara stated the complaint will test the newly appointed magistrates of the Constitutional Chamber of the Supreme Co...

Facebook’s David Marcus: China’s Bitcoin Mining Crackdown ‘Great Development’ for BTC

David Marcus, head of Facebook Financial (F2) who is in charge of crypto project Diem, formerly Libra, believes that the Chinese government cracking down on bitcoin mining is “a great development” for the cryptocurrency. Many people in the crypto space agree with him. Facebook’s Executive Believes China’s Bitcoin Mining Crackdown Is a Good Development David Marcus, head of F2 (Facebook Financial), has shared his view on the Chinese government cracking down on bitcoin mining. F2 includes Facebook Pay, Novi, and all payments and financial services efforts by the social media giant. Marcus is also a co-creator and board member of the crypto project Diem, formerly Libra. He tweeted Monday: “How is more bitcoin mining power moving to the United States and the West a bad thing? IMO China cracking down on mining is a great development for BTC .” Many people agree with Marcus, sharing their opinions on Twitter. Several of them agree that the move may seem bearish in the short term but is...

CNBC host boldly reveals he sold his BTC amid depths of bear market

CNBC’s Jim Cramer has sold off almost all of his BTC holdings, predicting bearish fundamentals will suppress Bitcoin’s price for the foreseeable future. Jim Cramer, the host of CNBC’s Mad Money, announced he has liquidated nearly all of his Bitcoin (BTC) holdings. Speaking on June 21 during an interview with CNBC’s Squawk Box on the Street , Cramer asserted that BTC is ”not going up because of structural reasons,” highlighting China’s renewed regulatory clampdown. Cramer stated that China’s central government understands Bitcoin to be a “direct threat” to the regime and its capacity to control monetary flows within the country, describing the cryptocurrency as “as a system that’s outside of their control.” The escalating Chinese crypto mining ban has sent Bitcoin’s hash rate tumbling to an eight-month low as mining operations either shut down or move offshore . China is also clamping down on crypto trading, with the central bank urging other banks and payment institutions such ...

Chris Giancarlo: U.S. risks becoming 'backwater' without central bank digital currency

The former CFTC chairman weighs in on what a U.S. CBDC might look like, as well as the benefits it could bring to American citizens. One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill. As the former Chairman of the Commodities Futures Trading Commission, however, his latest venture, the Digital Dollar Foundation, might well test his soft touch with politicians. The former regulator is now leading the Foundation towards five pilot programs set to launch this year , part of a broader effort to help the United States regain the lead in a race against China towards a functioning CBDC . According to Giancarlo, however, the US’s priorities when it comes to a CBDC shouldn’t merely be jingoistic: “What's very clear, [is] that China intends their digital yuan to be an instrument of state surveillance. [.....

Mad Money’s Jim Cramer Dumps His Bitcoin Over China Mining Crackdown and Ransomware Concerns

Mad Money host Jim Cramer said he has sold almost all of his bitcoin. He cited the Chinese government’s crackdown on bitcoin mining and concerns over bitcoin’s role in ransomware attacks. Jim Cramer Worried About China’s Mining Crackdown and Ransomware, Sold Almost All His Bitcoin The host of CNBC’s Mad Money show, Jim Cramer, revealed Monday that he has sold almost all of his bitcoin. A former hedge fund manager, Cramer co-founded Thestreet.com, a financial news and literacy website. Citing the Chinese government’s bitcoin mining crackdown and the cryptocurrency’s role in ransomware attacks, Cramer said: Sold almost all of my bitcoin. Don’t need it. Cramer got into bitcoin towards the end of last year in fear of massive inflation . In March this year, he said gold let him down and advised people to sell gold and increase their bitcoin holdings. “If they listen to me, they’re going to drop half their gold. I’ve been saying 10% in gold since 1983. And now I say 5% in gold, 5% in...

Bank of Israel deputy governor confirms digital shekel pilot is underway

Despite the pilot, the central bank's deputy governor said he was apprehensive about launching a full-scale CBDC in Israel, and referred to Bitcoin as a "pyramid scam." The Bank of Israel has reportedly already issued a central bank digital currency through a pilot test of a digital shekel. According to a Monday report from the Jerusalem Post, Bank of Israel deputy governor, Andrew Abir, said the financial institution had started to conduct a pilot program for a digital shekel. Speaking at a conference of the Fair Value Forum of IDC Herzliya, Abir added that he was not optimistic about the bank issuing a central bank digital currency, or CBDC, despite the fact he confirmed a pilot test was underway. “I had previously estimated that the chance of having a CBDC within five years is 20%,” said Abir. “My estimate has increased a bit in the last year, mainly because other countries are advancing with it too, but still there is less than a 50% chance.” The Bank of Israel...

Polywhale Finance founders accused of rug pull amid abrupt shut down

The founders of the DeFi yield farm have allegedly redeemed over $1 million worth of tokens as the Treasury wallet was drained Monday. Developers of Polywhale Finance, a leading yield farm on the Polygon network, have abandoned the project in what appears to be an elaborate exit scam worth over $1 million, cryptocurrency news outlet Crypto Briefing reported Monday. Polywhale Finance's founders are being accused of pulling a “soft rug” exit scam by selling their tokens during the latest crypto market price collapse. In a Telegram group devoted to the project, Polywhale Finance cited poor tokenomics, a negative market outlook and competition as the biggest reasons for folding. However, community members have attributed the hasty exit to malicious intent. For starters, the official Telegram group for Polywhale Finance has been shuttered permanently, with community members increasingly convinced that the project comprised fraud. Disgruntled community members have since started a ...

Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

Stablecoin inflows to exchanges tapered off as investors turned bearish on Bitcoin, but a surge in USDC minting could be a signal of upcoming regulation. The growth of stablecoin's market cap and circulating supply has been one of the best indicators for attaining a general pulse on how participants in the market are feeling during bullish and bearish times. Monitoring the Tether ( USDT ) treasury for large issuances was a common tactic used by analysts and traders to position themselves for a possible pump in the price of Bitcoin ( BTC ) and altcoins and previously this has been a good source of alpha for those willing to take a risk. USDT circulating supply. Source: CryptoQuant A closer look at the data provided by CryptoQuant indicates that a seismic shift in the makeup of the stablecoin market may be taking shape as USDT issuance has begun to stagnate while the circulating supply of competitors like USD Coin ( USDC ) has resumed its uptrend over the past week. When loo...

Financial Advisor Ric Edelman Sees ‘Tremendous Investment Opportunities’ in Bitcoin

Financial advisor Ric Edelman, founder of Edelman Financial Engines and RIA Digital Assets Council, has recommended having bitcoin in investment portfolios despite the cryptocurrency’s volatility. “This is totally new and different and it’s the first genuinely new asset class in about 150 years,” he said, emphasizing that “It has tremendous investment opportunities.” Ric Edelman Sees Benefits of Having Bitcoin in Portfolios Ric Edelman talked about bitcoin and cryptocurrency investments in an interview with Yahoo Finance last week. He founded Edelman Financial Engines and RIA Digital Asset Council. He is also the author of several personal finance books and the host of a weekly personal finance talk radio show called The Ric Edelman Show. Edelman explained that “most financial professionals,” who have been in business a long time and are “very successful, very talented, and experienced,” are missing out on opportunities from the new asset class because they do not have a good under...

Canadian regulator will hold hearing against Bybit for alleged violations of securities law

The commission alleges Bybit exposes local investors "to unacceptable risks and create[s] an uneven playing field within the crypto asset trading platform sector.” The Ontario Securities Commission has issued a notice stating that it will be holding a hearing against Bybit regarding the crypto exchange allegedly “flouting” Canadian securities law. In a Monday notice from the Ontario Securities Commission, or OSC, the regulatory body alleged Bybit had “failed to comply with the registration and prospectus requirements under Ontario securities law” despite the OSC issuing an April 19 deadline for crypto exchanges operating in the province. As a result, the commission will be holding a hearing as early as July 15 to address the matter. “A process is in place for crypto asset trading platforms to bring their operations into compliance with Ontario securities law,” said the OSC. “Entities such as Bybit, which flout this compliance process, expose Ontario investors to unacceptable ...

Data shows Bitcoin bears dominate Friday's $2.5B BTC options expiry

Bears have a potential $450 million lead if Bitcoin fails to hold $32,000 until June 25. Bitcoin ( BTC ) price dropped roughly 22% over the past 7 days, retesting the $31,700 area for the second time in June. The most pressing news for the negative performance has been China supposedly cracking down bank accounts of over-the-counter desks, according to some analysts: China cracking down on the bank accounts of #bitcoin OTC desks, this is getting serious!!! — Lark Davis (@TheCryptoLark) June 21, 2021 However, as reported by Cointelegraph, Bitcoin's hash rate dropping nearly 50% to an 8-month low could also have played a vital role in the price correction. Not even MicroStrategy's recent $489 million purchase was enough to sustain the $35,000 support. The movement raised suspicions that the June 25 options and futures expiry could also be behind the move. After all, this month will potentially settle $2.5 billion worth of options and another $2 billion in futures contra...

Malta’s ‘Wild West’ Approach: Regulators Claim $70 Billion in Crypto Passed Through ‘Blockchain Island’

The island country of Malta in the Mediterranean Sea has been known to be friendly toward cryptocurrency solutions and blockchain technology for years now. According to a regional report, government sources say more than $70 billion moved through the country over past years while regulations were lax. Furthermore, the Financial Action Task Force (FATF) was critical of Malta at a recent confidential meeting. Members of a Confidential FATF Meeting Critical of Malta “Sources privy to [a] confidential FATF meeting,” said that the financial regulator is concerned about Malta, according to a regional report published by timesofmalta.com. FATF held a confidential meeting and it’s been said that “some €60 billion in cryptocurrency” (over $70 billion) had passed through the island country of Malta’s borders, according to the report. The article’s sources are unknown but the FATF meeting attendees stressed that one of the biggest issues with Malta was that it allegedly “facilitated a large ...

Institutional selling of crypto reaches longest streak since Feb 2018

CoinShares’ weekly report showed another large outflow from digital asset products, with much of the selloff concentrated in Bitcoin funds. Institutional managers continued to take profits on their cryptocurrency holdings, with funds dedicated to Bitcoin ( BTC ) registering their sixth consecutive weekly outflows, according to CoinShares. Outflows from digital asset investment products totaled $79 million last week, marking the third consecutive weekly decline and the longest stretch of drawdowns since February 2018. Outflows from Bitcon funds totaled $89 million, whereas Ethereum ( ETH ) products endured a $1.9 million decline. Year-to-date, Bitcoin investment products have generated over $4.1 billion in net inflows. Ether products, meanwhile, have accumulated $992 million since the start of 2021. Multi-asset investment products that hold a basket of cryptocurrencies bucked the downtrend last week by registering $10 million in inflows. These funds have now generated $351 mil...

Price analysis 6/21: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC

Bitcoin and altcoins are reaching critical support levels, but instead of buying the dip, traders are waiting to see if any bullish signals emerge. In a bearish environment, traders latch on to every bit of negative news and make that a an excuse to sell. Bitcoin ( BTC ) dropped over $1,000 within a few minutes as news hit the stands that the third-largest Chinese bank, the Agricultural Bank of China, will not allow the use of its services for crypto transactions. Although the bank later deleted its anti-crypto statement, the damage was already done. Similarly, traders have latched on to the news that the Chinese crackdown on Bitcoin miners and this has resulted in the hash rate dropping to an 8-month low. Daily cryptocurrency market performance. Source: Coin360 While this may be a negative in the short term , several analysts believe this is a positive development for the long term. “The ‘China-dominated’ Bitcoin mining era may be coming to an end,” said Alex Gladstein,...

Crypto is the most dangerous investment, Bank of Russia governor says

The governor of the Bank of Russia has maintained a tough stance on Bitcoin despite growing criticism of how the bank has handled digital asset regulation. The Bank of Russia continues its tough stance on cryptocurrency trading despite growing concerns over the country missing out on the digital asset industry. The governor of Russia's central bank, Elvira Nabiullina, reiterated the bank’s negative stance on crypto in a Monday interview with Komsomolskaya Pravda, arguing that crypto is one of the most dangerous investments that currently exist. Nabiullina mentioned crypto within the context of other high-risk investment spaces like foreign exchange markets. “It’s far easier to lose on the foreign exchange market than to win,” she said, stating that “speculative crypto assets” are even riskier. The bank governor said that prices in the cryptocurrency market are extremely volatile, stating that “losses can be tremendous.” She further stressed that the Bank of Russia does not r...