Bitcoin News 24/7

Posts

Showing posts from September 7, 2021

NFT Survey With Over 40K Respondents Indicates Americans Trust NFT Investments More Than Britons

In 2021, two very distinct crypto trends stood out which include non-fungible token (NFT) assets and decentralized finance (defi), as billions of dollars in crypto has flooded into these sectors. On September 7, Piplsay, a global consumer research platform, polled 30,870 Americans and 9,170 Britons to get some insight on what consumers think about NFTs today. According to the survey, 48% of American respondents think NFTs are a “good and safe investment.” Piplsay Survey Shows Americans Like NFTs More Than Britons Not long ago, when you asked people about non-fungible token (NFT) assets, most were clueless. However, crypto trends like defi and NFTs have exploded this year and consumers are becoming more aware of the growing markets. In recent times, a few surveys with 1,000 or up to 10K participants have explained their thoughts about the growing NFT space and whether or not they think NFTs are a good investment. In December 2020, Bitcoin.com News reported on a survey indicating th...

Ethair Market Is Taking on Amazon and eBay in a Move to Revolutionize the World of E-Commerce

Ethair Market is a next generation online global marketplace where you can trade goods using fiat or cryptocurrency and earn points on every purchase. The marketplace is soon to be launched in the U.S. and Canada, with fiat payments support lined up for 43 more countries. You can earn ETHR tokens now as an early registration reward and future developments such as an NFT marketplace integration are already in the works. Introducing the Next Generation of eCommerce Ethair Market ( www.ethair.com ) incorporates the modern technologies that the traditional marketplaces are too afraid to tackle. It gives buyers and sellers an ability to operate with fiat currencies as well as selected cryptocurrencies. The developers have integrated Stripe for fiat payments which will allow the marketplace to support 45 countries, staying complaint with laws and regulations, and expand internationally with ease. At the upcoming launch the system will initially support the U.S. and Canada. For purchases ...

SEC threatens to sue Coinbase over crypto yield program it considers a security

"They refuse to tell us why they think it's a security, and instead subpoena a bunch of records from us,” said Brian Armstrong after he revealed that the SEC threatened to sue Coinbase. The United States Securities and Exchange Commission (SEC) has reportedly threatened to sue Coinbase over a crypto yield program it deems as a security. Coinbase CEO Brian Armstrong tweeted on Sept. 8 that has been some “really sketchy behavior coming out of the SEC recently” before launching into a 21 post thread detailing the SEC’s dealings with the firm. Armstrong explained that the crypto exchange approached the SEC earlier this year to brief the enforcement body over the up-and-coming Coinbase Lend program that intends to offer 4% annual yield returns on deposits of the USDC stablecoin. According to the Coinbase CEO, the SEC responded by telling the firm that the lending program is a security without any explanation, and threatened to sue if the service was launched: “They refuse to ...

Korean crypto ‘Jedi Master’ plans to launch second VC blockchain fund

Blockchain VC investment firm Hashed is seeking $173 million for a second fund. One of South Korea’s leading blockchain evangelists is embarking on another huge blockchain fundraise following the success of his first. Simon Seojoon Kim is planning to raise $173 million for a second blockchain fund following the success of the initial one which netted $120 million from investors in December 2020 . Specifics regarding the new fund and its potential investors are thin on the ground however. Kim, dubbed “the Jedi Master of cryptocurrency” by Sean Park, a senior partner at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto venture capital firm Hashed in 2018. The firm invests in crypto startups to enable them to grow through staff expansion, partnerships and marketing. It has attracted big-name financiers such as Naver, South Korea’s third-largest company by market value, which invested $12 million in the first Hashed blockchain fund. The Seoul-based compan...

Elektra Group President Ricardo Salinas Hints at Inclusion of Lightning Network Payments in Mexico

Ricardo Salinas, president of Elektra Group, one of the biggest retail franchises in Mexico, hinted at the possibility of integrating payments using Bitcoin’s second layer solution, the Lightning Network. Salinas made the announcement yesterday via Twitter. This would allow residents of the country to pay for appliances in-store, directly with cryptocurrency. Elektra Group Might Accept Cryptocurrency Elektra Group, one of the biggest appliances franchises in Mexico, hinted at the possibility of taking Bitcoin payments in the near future. These payments would be made using a Bitcoin second layer, the Lightning Network, which seeks to address the rising fees of base layer transactions to make bitcoin more appealing for commerce-related uses. The announcement was made by the president of Elektra Group, Ricardo Salinas, who commented on the Bitcoin adoption El Salvador is embracing right now. Commenting on a video message that shows a bitcoin purchase in el Zonte, the “Bitcoin beach,”...

El Salvador says merchants must process BTC transactions — or they may face action

A Salvadoran government official has said that while businesses must accept BTC transactions, they can choose whether to receive BTC or USD upon settling transactions. In an interview with local media, Javier Argueta, the legal counsel to the Presidential House of El Salvador, clarified the obligations of businesses the day before the country’s controversial Bitcoin Law recognizing BTC as legal tender took effect. The legal counsel to the President of El Salvador has stated that businesses are mandated to accept Bitcoin from customers — but they are able to choose whether or not they will receive BTC or U.S. dollars once the transaction is settled. According to a rough translation, Agueta emphasized that it is mandatory for businesses “to have the electronic wallet” to receive Bitcoin, however “In the transaction [...] you have the will to receive Bitcoin or dollars, that is why it is voluntary.” “If I buy you 1,000 shirts that cost $200 and I'm going to pay you in Bitcoin, ...

Former Reserve Bank official pushes for India to accept crypto

Former Deputy Governor of the RBI sees cryptocurrencies as a taxable asset or commodity. The former Deputy Governor of the Reserve Bank of India (RBI) has spoken out about the nation’s financial and crypto ecosystem and stated that digital assets need to be accepted. Speaking at the inaugural HODL ’21 virtual conference organized by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) on Sept. 7, Rama Subramaniam Gandhi said that crypto could be used for payments for economic activities but he sees them more as an asset class. The regulatory situation in India remains unclear with bills and legislation still being mulled by politicians. Earlier this month, the government announced that it was working on a draft bill to define cryptocurrencies as commodities where they could be taxed. If passed, it would not allow them to be used for payments, but traded and invested in as assets instead. The central bank banned all commercial b...

First Day of Bitcoin as Legal Tender: El Salvador Buys the Dip, Country’s BTC Stash Grows

Bitcoin is now legal tender in El Salvador, and the country’s bitcoin stash has grown to 550 coins. The Salvadoran government started buying the cryptocurrency Monday ahead of the Bitcoin Law taking effect. On Tuesday, President Nayib Bukele said El Salvador bought the dip. El Salvador Buys More Bitcoin El Salvador’s Bitcoin Law came into effect Tuesday, Sept. 7, making BTC a national currency alongside the U.S. dollar. El Salvador has been buying bitcoin ahead of the Bitcoin Law taking effect. President Nayib Bukele announced Monday that his government had started buying bitcoin. “El Salvador has just bought its first 200 coins. Our brokers will be buying a lot more as the deadline approaches,” he wrote . A few hours later, he tweeted : “El Salvador just bought 200 new coins. We now hold 400 bitcoin.” The price of bitcoin was rising leading up to the Bitcoin Law entering into force. However, it dipped around 11:00 a.m. EST on Sept. 7, falling from above $51K to below $43K. At t...

Afterpay tells Senate inquiry crypto could slash merchant payment costs

Afterpay told the Australian Senate that using crypto could cut payments costs for merchants, and that the government should work to create a framework for an AUD-backed stablecoin. Australian buy now pay later (BNPL) firm Afterpay believes that local merchants can slash payment costs by utilizing cryptocurrencies. In a submission to the Senate inquiry into “Australia as a Technology and Financial Center”, Afterpay stated that the use of blockchain-based transactions would cut the fees associated with traditional payment methods including card issuer, network operator and banking fees: “Merchants stand to benefit considerably from the cryptocurrency model, as card network fees are entirely removed from the equation and the customer/payer bears the transaction costs.” Under the crypto model, the customer would front the cost of validating the payment on the blockchain. This could either be relatively cheap or costly depending on which cryptocurrency and blockchain the transaction i...

3 reasons why Quant price has rallied 200% in the last month

Increased interoperability between blockchain networks and the release of Overledger 2.0.5 are just a few of the reasons for QNT’s 200% rally in August. Interoperability between blockchain networks has emerged as one of the most important concepts in the cryptocurrency ecosystem due to the fact that users are looking for the most cost-effective ways to transfer value across the ecosystem. One interoperability-focused protocol that has seen its price skyrocket to a new all-time high is Quant (QNT), a project designed to help enterprises integrate and operate distributed ledger technology (DLT). Data from Cointelegraph Markets Pro and TradingView shows that since reaching a low of $178 on Sep. 1, the price of QNT has surged 117% to a new all-time high at $387 on Sep. 6 as its 24-hour trading volume spiked to a record $740 million. QNT/USDT 1-day chart. Source: TradingView Three reasons for the bullish surge in QNT price include its recent protocol upgrade to Overledger 2.0.5, ...

Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says

President of Ukraine Volodymyr Zelensky has highlighted the importance of launching a legal digital assets market in his country during a working visit to the U.S. The Ukrainian head of state met with top investors including from the cryptocurrency industry. President Zelensky Highlights Importance of Ukraine’s Virtual Assets Market Speaking to venture capital funds and Silicon Valley accelerators, Volodymyr Zelensky praised the opportunity to discuss the prospects for the development of the IT sector and innovations in Ukraine. In his opening remarks at the event, quoted in a press release , the Ukrainian leader emphasized his country has made a “real breakthrough in the digital sphere” and a “huge leap towards creating a digital state” over the past year. At a meeting with representatives of the Stellar Development Foundation, the president expressed hope that in the near future the institution will find more opportunities to expand its activities and team as well as to eventual...

Demand for Crypto Mining Rigs in Vietnam Rises With Bitcoin Prices, Report Reveals

Higher cryptocurrency prices recently have restored interest in digital coin minting in Vietnam. Crypto mining is once again seen as an investment opportunity with other options being limited by the ongoing coronavirus pandemic that has been affecting the Asian country. Vietnam’s Sales and Prices of Crypto Mining Rigs Spike in September Demand for crypto mining equipment has increased in Vietnam following the market recovery that saw the price of BTC moving back above the $50,000 threshold, Vnexpress reported. Prices of hardware used to mint bitcoin, ethereum, and other cryptocurrencies have also risen as many Vietnamese miners are now looking to buy mining components. Speaking to the online newspaper, Quang Thuan, owner of several crypto hardware shops in Ho Chi Minh City, noted that a few months ago the mining rig market was gloomy after the leading cryptocurrency fell below $30,000 in July. However, he revealed that his sales have tripled earlier this month compared to the Aug...

WUSD: The Next Generation Stablecoin for DeFi

PRESS RELEASE. Within the DeFi space, Wault Finance has demonstrated its revolutionary nature by developing multiple innovative products. The protocol is one of the fastest growing projects in the DeFi sector, providing users a variety of yield farming and staking opportunities. Now, Wault intends to expand its ecosystem with the development of its stablecoin WUSD. WUSD is a next-generation stablecoin that uses an innovative model to ensure that it holds its peg to the dollar and is designed to provide use-cases for holders. This article will explore the key features of the stablecoin. Commerce-backed stablecoin WUSD is different from other stablecoins that are fiat-backed or algorithmic stablecoins. In WUSD’s case the stablecoin is backed by crypto-assets within a sustainable mechanism. The stablecoin is backed by USDT and Wault Finance’s native token WEX at a ratio of 9:1. This means that 90% of WUSD is collateralized by USDT deposits and the remaining 10% from WEX. This ens...

Fetch.ai (FET) ignores the Bitcoin-led market meltdown by notching a 60% gain

FET price spiked by 60% in an otherwise red market thanks to a growing number of real-world use cases and protocol upgrades. The real-world adoption of blockchain technology is a slowly developing process that requires the right use cases and a willing public who are open to new experiences to be obtained when one ventures outside of their comfort zone. An increasing number of real-world applications appear to be the motivating factor behind the recent gains seen in Fetch.ai (FET), a protocol focused on building an open access, tokenized-based decentralized machine learning network that aims to support the smart infrastructure being built around the digital economy. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Sep. 6, the price of FET spiked 70% to a new record high at $1.12 on Sep. 7 as its 24-hour trading volume surged 538% to $590 million. FET/USDT 4-hour chart. Source: TradingView The rapid increase in price and tra...

Standard Chartered Report Structurally Values Ethereum at ‘$26K to $35K’

A report published by the British bank Standard Chartered indicates the company’s analysts are bullish about the crypto asset ethereum. The bank’s analysts think that bitcoin could reach $175K and said “structurally, we ‘value’ ethereum at $26,000-$35,000.” British Bank Publishes ‘Ethereum Investor Guide,’ Formulates the Economic Case for Ethereum’ The British multinational banking and financial services giant Standard Chartered has published a report on the two leading cryptocurrencies. In fact, the report is called the “Ethereum Investor Guide” and was written by Geoff Kendrick, Christopher Graham, and Melissa Chan. The report goes into various factors including “structural considerations” like what the “economic case is for Ethereum.” The Standard Chartered research report notes that “ ETH and BTC share many characteristics,” but the Ethereum blockchain has things like smart contracts, decentralized autonomous organizations (DAOs), decentralized finance (defi), non-fungible ...

Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset

After touching a high of $52,956 on Monday evening, the very next day the price of bitcoin slid to a low of $42,900 at around 11 a.m. (EST). Bitcoin is currently trading for prices between $46K-$47K per unit and down 8% during the last 24 hours. Bitcoin Price Slides Significantly After Nearing $53K Crypto advocates watched bitcoin tumble in a very short period of time down to $42,900 per BTC on September 7, 2021. The drop was on the same day El Salvador adopted bitcoin ( BTC ) as legal tender in the country. Hovering between the $46K to $47K handle, BTC ’s overall market capitalization is $890 billion at the time of writing. There’s $60 billion in global trade volume across a myriad of cryptocurrency trading platforms worldwide. BTC /USD at 12:30 p.m. (EST). BTC is down more than 8% at the time of writing, and many other digital currency markets also saw significant drops in fiat value on Tuesday. The entire market economy of 10,000+ crypto assets slid over 9% collectively to...

Analysts point to overleveraged traders after Bitcoin flash crashes to $43K

Traders were hit hard as $3.5 billion in liquidations took place as Bitcoin price crashed below $43,000. Traders were caught flat-footed on Sep. 7 after a sharp collapse in the price of Bitcoin saw the digital asset fall below $43,000 and this led to widespread liquidations in derivative markets as more than $3.54 billion was liquidated. Amount of Liquidations in the past 24 hours by exchanges in total $3.54 was liquidated! In the past 24 hours, 330,243 traders were liquidated. The largest single liquidation order happened on @HuobiGlobal #BTC $BTC value $43.7M Data source: @bybt_com pic.twitter.com/hNgctWgCgP — CryptoDiffer (@CryptoDiffer) September 7, 2021 Bullish sentiment had been on the rise coming out of the Labor Day holiday weekend in the United States because Bitcoin was officially recognized as legal tender in El Salvador , but the celebration was quickly extinguished by BTCs 16% plunge. Data from Cointelegraph Markets Pro and TradingView shows th...

Hong Kong securities official proposes stricter oversight of crypto trading

Investing in Bitcoin and other cryptocurrencies could become more restrictive for residents of Hong Kong as local regulators look to clamp down on the asset class for various reasons. A senior executive for Hong Kong’s Securities and Futures Commission, or SFC, believes more needs to be done to tackle cryptocurrency fraud, offering clues about future guidance on digital asset trading in the special administrative region. Deputy chief executive Liang Fengyi said the SFC is obligated to expand the scope of cryptocurrency supervision in the city-state, especially as it pertains to unlicensed trading, according to an English translation of an article published in local newspaper ETNet. She explained that, since crypto assets are not recognized as securities or payment methods, they fall outside the jurisdiction of the SFC. As a result, many investors who have participated in the nascent asset class have suffered significant losses. Unlike mainland China, Hong Kong permits the tra...

Bitcoin suddenly retests $50K in possible ‘shakeout’ as analysts stay bullish on BTC

A classic volatility surprise excites rather than concerns traders, but altcoins lose out heavily. Bitcoin ( BTC ) kept traders on their toes on Tuesday as a sudden price dip sparked a retest of $50,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC still “fine” at $49,000 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it shed $2,000 in two hours Tuesday. The pair had hit $52,960 — nearly a four-month high — before consolidating and then heading lower. The volatile conditions mark a memorable day for Bitcoin adoption, coming as El Salvador becomes the first country in history to adopt a partial “Bitcoin standard.” For traders, the BTC price reversal, which at the time of writing had cooled at $50,500, was likely merely a technical event. “Shaking out some late longs I’d expect,” popular social media trader Crypto Chase commented . “Still confident we see 54.7K~ hit as long as 50K can hold as support (fairly obvious 12H...