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Showing posts from September 27, 2021

JPMorgan Boss Jamie Dimon: ‘If You Borrow Money to Buy Bitcoin, You’re a Fool’

Jamie Dimon, the CEO of one of the biggest financial institutions of the world, JPMorgan, has once again let the world know about his stance on bitcoin and cryptocurrencies. Dimon stated that whoever borrowed money to purchase bitcoin was, in his opinion, a “fool.” However, his personal opinion has not clashed with the fact that JPMorgan is now offering access to six cryptocurrency funds for its customers and even created its own digital ledger token for payments, called JPM Coin. Jamie Dimon Blasts Cryptocurrencies JPMorgan’s CEO Jamie Dimon blasted crypto and bitcoin yet again. The JPMorgan executive argued about the real value of cryptocurrencies and his take on the cryptocurrency world in an interview with the Times of India last week. Dimon stated that the latest bull market in cryptocurrencies was created by a lot of liquidity in the system, which then leads to speculation. Dimon declared: I am not a buyer of bitcoin. I think if you borrow money to buy bitcoin, you’re a foo...

DeFi farmers boast about gaming dYdX airdrop as prices surge

DeFi farmers are claiming to have made hundreds of thousands of dollars by gaming dYdX ‘s recent airdrop. As dYdX’s governance token gains amid speculation that Chinese traders could be migrating to the derivatives DEX, savvy DeFi farmers are claiming to be sitting on six-figure stashes after gaming the protocol’s recent airdrop. DYDX has gained 85% in two days as reports claim that China’s crypto traders are converging on the decentralized margin trading protocol as Beijing moves to further crack down on digital assets . DYDX/USD: CoinGecko The exchange’s governance token was airdropped to users on Sept. 8 . As the number of tokens received by users was determined by historic trading activity on the exchange, news of the airdrop drove a flurry of activity as farmers flocked to the platform to capitalize on the free tokens. With DYDX tokens currently trading at $21 and its market capitalization surpassing $1 billion, many airdrop recipients have made off with significant profi...

SEC takes action against two meme stock wash traders

The SEC asserts that the defendants unlawfully gleaned more than $700,000 through a wash-trading scheme that targeted exchanges offering market maker rebates. The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood users over an alleged wash-trading-based arbitrage scheme that utilized meme stocks. According to a Sept. 27 complaint , defendants Suyun Gu and Yong Lee took advantage of differing trading fee schedules offered by different retail brokers and exchanges to extract arbitrage while wash-trading. By trading between venues that offer rebates to market makers and those that do not charge fees to market takers, the SEC estimates they generated more than $1.5 million worth of rebates in total through the alleged wash trading scheme. Gu and Lee are believed to have been able to keep nearly half of the rebates as profits, with the commission estimating they profited $668,671 and $51,334 respectively while wash-trading during February through April...

Refinable Lists on AscendEX

PRESS RELEASE. AscendEX , a global digital asset trading platform, is thrilled to announce the listing of the Refinable token (FINE) under the pair USDT/FINE on Sept. 28 at 1 p.m. UTC. Refinable is an interactive, multi-chain capable NFT marketplace with a one-stop solution to create, discover, trade, and leverage NFTs for brands and creators. Refinable is the first NFT marketplace built on the Binance Smart Chain enabling users and established brands to interact with each other by leveraging NFTs. Beyond standard marketplace features, Refinable’s strategy is quite different from other NFT marketplaces. They are actively talking to non-crypto companies to develop unique NFT engagements. Its community’s strength will differentiate the NFT marketplace on Refinable, and they believe the most engaged, long-lasting communities are those of existing and beloved brands. Refinable believes in the idea that each brand would bring with it a whole community of users. The main goal and long...

Bitcoin Lightning nodes and channels hit record highs

The number of Lightning Network nodes has increased 160% over the past 12 months while the number of channels is up 170% since January. The node count for Bitcoin’s leading layer-two solution, the Lightning Network (LN), has spiked to record levels following a surge of adoption. According to on-chain analytics provider Glassnode’s Sept. 27 Week on-Chain report , the number of Lightning Network nodes increased by 160% during September to tag a record high of 15,600. At the end of August, just 6,000 LN nodes were live. The number of channels, or connections between different nodes, on the LN has also hit a peak of 73,000 representing an average of 4.6 channels per node, the report added. Bitcoinvisuals is currently reporting an average of 9.3 channels per node as of Sept. 26. “This is around double the number of channels that were live through the period from 2019-20, with most of this growth occurring since May 2021.” The total capacity of the Lightning Network has seen “explos...

Facebook announces $50M investment fund tasked with developing its virtual metaverse

Facebook has slated $50 million to be spent over the next two years through its XR Programs and Research fund. Facebook has announced it will allocate $50 million to a two-year fund tasked with beginning work on realizing the firm’s vision for a virtual metaverse. A Sept. 27 announcement articulates Facebook’s roadmap for building its metaverse, with the funding slated to back “global research and program partners” looking to build out the platform in addition to internal research. The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life,” emphasized the announcement. The Metaverse will allow people to interact with one another, digital objects and the physical world through their avatar in a virtual environment. Funding will be disbursed through Facebook’s XR Programs and Research Fund. Rumors of Facebook's plan to build out a virtual metaverse began circulating in June, with the f...

14- and 9-Year-Old Brother and Sister Duo Rake in $30K a Month Mining Crypto With Renewable Energy

The beauty behind cryptocurrency networks like Bitcoin is the fact that anyone can participate in the field of crypto mining. In fact, two siblings explained in a recent interview that they rake in more than $30K per month mining digital assets. Kid Duo Captures $30K a Month Mining Digital Currencies A 14- and 9-year-old brother and sister pair have made headlines in recent times for explaining how they make over $30,000 a month mining crypto assets. The 9-year-old Aanya Thakur and her brother 14-year-old Ishaan mined three types of digital currencies this summer because they “wanted to learn something new about technology – and also make some money along the way.” The two appeared in a CNBC report published by the reporter Taylor Locke and the CNBC broadcast “Make It.” According to the Thakur siblings, the duo mines bitcoin ( BTC ), ethereum ( ETH ) and ravencoin (RVN). Youtube videos taught Ishaan how to convert his Alienware computer into a mining rig and at first, the siblings...

Institutional investors bought the dip as China FUD broke

While institutional Bitcoin products have experienced outflows for 13 of the past 17 weeks, the sector has now seen three straight weeks of inflows. Institutional investors were buying the dip on the back of China’s latest FUD, with digital asset investment products generating $95 million worth of inflows last week. According to CoinShares’ Sept. 27 Digital Asset Fund Flows Weekly report, a surge in dip buying helped drive a sixth consecutive week of inflows for institutional crypto investment products broadly. The $95 million worth of inflows between Sept. 20 and Sept. 24 marks a 126% weekly inflows increase. BTC and Ether investment products led the pack with $50.2 million and $28.9 million worth of inflows respectively. While BTC investment products have seen outflows in 13 of the past 17 weeks , positive sentiment towards the asset rose during September as inflows were recorded for the past three weeks. Inflows to Bitcoin products also increased by 234% week-over-week. Ins...

29 Crypto Exchanges Survive New Regulation in South Korea, 37 Exchanges Must Shut Down

The deadline for crypto exchanges and service providers in South Korea to meet requirements to stay open under the new regulation has passed. Twenty-nine cryptocurrency exchanges met the deadline to continue operations but only four of them can offer trading in Korean won. New South Korean Crypto Regulation in Effect The Act on Reporting and Using Specified Financial Transaction Information requires crypto exchanges to obtain Information Security Management System (ISMS) certification and submit a report to the country’s Financial Intelligence Unit (FIU) by midnight on Sept. 24. Exchanges that want to offer trading in Korea won must also form a partnership with a local bank to offer real-name accounts to users. The Financial Services Commission (FSC), South Korea’s top financial regulator, said Saturday that 29 crypto exchanges are ISMS-certified and submitted a report to the FIU before the deadline. Their submissions will be processed within three months. Only four out of 29 exch...

Northern Data AG Acquires Bitcoin Miner Bitfield — 33,000 Miners Gained in Stock-for-Stock Deal

On Monday, the high-performance computing (HPC) infrastructure provider and bitcoin mining firm Northern Data AG announced the acquisition of the bitcoin mining operation Bitfield N.V. in a stock-for-stock deal. Northern Data says the company will obtain 33,000 of the latest generation ASIC bitcoin miners from the arrangement. Northern Data AG Acquires Bitfield N.V. — Firm gains Immediate Access to Deployable ASIC Mining Rigs The Bitcoin network hashrate is hovering just above the 140 exahash per second (EH/s) handle at the time of writing. Bitcoin mining has become incredibly competitive and operations are attempting to be more energy efficient. In 2021, there’s been a number of orders and acquisitions of thousands of ASIC bitcoin miners. On September 27, the HPC infrastructure provider and bitcoin mining company Northern Data AG announced the acquisition of the operation Bitfield . The acquisition will allow Northern Data to obtain 33,000 ASIC bitcoin miners via the deal. “No...

Digital dollar advocate will retire as Dallas Fed president

At a November 2020 virtual conference, Rob Kaplan said "it is critical that the Fed focuses on developing a digital currency in the coming months and years." Rob Kaplan, the president and chief executive officer of the Federal Reserve Bank of Dallas will step down from his position after more than six years. In a Sept. 27 announcement, the Dallas Fed said Kaplan, its 13th president and CEO, would be retiring beginning Oct. 8. The 64-year-old cited recent attention to his “financial disclosure risks” in his decision to step down, likely referring to news outlets reporting that he had traded stocks in companies including Apple, Alibaba, Amazon, Facebook, Google and Tesla in 2020 while casting his vote on U.S. monetary policy. The Dallas Fed president has denied any allegations of impropriety, saying he “adhered to all Federal Reserve ethical standards and policies.” He added his “securities investing activities and disclosures met Bank compliance rules and standards.” Ka...

Master Ventures Adds Polker (PKR) to Portfolio as Play-to-Earn Project Gains Traction

Malta, 27 Sep 2021 – Master Ventures have announced that they have added Polker into their highly regarded investment portfolio. The decision from Master Ventures to invest in the Polker comes as the platform prepares to launch its beta play-to-earn game to the public after a hugely successful September. Master Ventures’ portfolio includes the likes of Coinbase, Ripple, and Kraken – and now Polker (PKR). Master Venture’s have added Polker to their portfolio as the team behind the project hit milestone after milestone throughout September. Polker launched onto a centralized exchange, received a grant and partnered with Polygon; they also recently announced they are integrating Chainlink’s on-chain price oracles into their systems. On top of this, Polker recently launched a massive $100,000 staking pool, have announced they are in the final stages of pen testing with Quinel, and also received a shout out from R&B superstar Akon. Basically, they have gone all out for September – an...

‘Who Holds All the Bitcoin’ List Debunked — Without Cryptographic Proof No BTC Ownership Claim Holds Water

A web portal that displays a list of alleged owners of all the bitcoin in the world has been shared a great deal since China cracked down on crypto trading last week. The web portal claims that the Chinese government owns 194,775 bitcoin that reportedly stem from the Plustoken crypto scam. The problem with the list’s sources is that the ownership verification is highly inconclusive and doesn’t offer much of anything aside from speculation. Does China or Bulgaria Really Hold Billions in Bitcoin? Ever since China made a few statements concerning citizens dealing with cryptocurrency via offshore exchanges and explaining that the process is illegal, a web page with a list called “ Who Holds All The Bitcoin? ” has been shared all over social media and cryptocurrency forums. The reason people share it is because they speculate that China is banning bitcoin, while at the same time hoarding 194,775 bitcoins from the Plustoken crypto scam. The list of who owns all the bitcoin also provides ...

Google, the most popular Bitcoin trend indicator, turns 23

Since the introduction of Bitcoin, Google has become an excellent popularity indicator for cryptocurrencies. Google, the leading indicator used to track the popularity of Bitcoin ( BTC ) and other cryptocurrencies, celebrated its 23rd anniversary on Sept. 27, 2021. Founded by Larry Page and Sergey Brin when both were students at Stanford University, the search engine has spent the majority of its 23 years of existence being one of the primary entry points to the internet. Following the inception of cryptocurrencies, Google has been widely used as the primary method to search for new coins , track market trends, and learn how to buy crypto . Since internet search statistics are an excellent way track user behavior, Google Trends has became a reliable source for understanding user interest in a near real-time fashion. Traders use the tool, which analyzes the popularity of search queries in a specific period, to identify emerging patterns. Initial coin offerings, or ICOs, decentrali...

Traders say Bitcoin’s bullish bias will only be confirmed by a close above $44K

Bitcoin needs to flip $43,600 to support in order to see bullish continuation and on-chain data signals that BTC accumulation continues to increase. The fallout from China’s ongoing crackdown on the crypto sector has led to uncertainty finding its way back into the market again. At the time of writing, Bitcoin ( BTC ) traders continue to encounter pushback at the $43,000 level and many altcoins which had accumulated gains in the morning session are also dipping into the red. Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by bulls to push the price of BTC above $44,000 was met by firm resistance but the current back in forth appears to be nothing more than consolidation. BTC/USDT 4-hour chart. Source: TradingView Here’s a look at what crypto traders and analysts are saying about the recent price moves for Bitcoin and what to be on the lookout for as the market closes out the month of September. Bitcoin needs to reclaim support at ...

Law Decoded: China FUD and false dichotomies, Sept. 20–27

Many in the crypto space are calling for the U.S. to assert its foundational principles by implementing crypto policies in opposition to China. In the wake of yet another iteration of China’s enduring crackdown on cryptocurrency, a particularly influential narrative on Crypto Twitter suggests that by banning Bitcoin ( BTC ), China has definitively put itself on the dark side of the struggle, while the collective West must now resolutely throw its weight on the opposite side by embracing crypto. Granted, this framework for thinking about the relationship between political power and decentralized finance is appealing for crypto allies. Yet the news coming out of the United States gives few reasons to believe that policymakers there see the situation this way. It appears that U.S. elites are bent on preserving the incumbent financial order and restricting the growth of the digital asset space, if with a less heavy-handed toolset than their Chinese counterparts. This middle-of-the-roa...

Coinbase users can choose to deposit paychecks directly to accounts

Customers will have the option to deposit "as much or as little" of their paychecks as they want in the feature rolling out in the next few weeks. Coinbase will soon allow United States businesses to deposit employees’ paychecks directly into accounts at the cryptocurrency exchange. In a Monday blog post, Coinbase senior director of product Prakash Hariramani said the exchange would be offering direct deposits for workers who want to use their paychecks to purchase crypto with no transaction fees. Users can set up direct deposits through a supported payroll company on the Coinbase app, or through a company’s human resources department. Hariramani said users will have the option to deposit “as much or as little” of their paychecks as they want in the feature rolling out in the next few weeks. Coinbase cited “time-consuming and inconvenient” frequent transfers as part of the reason for the service, saying direct deposits would allow users a more efficient and faster way t...

Major Crypto Exchanges Cut Ties With Chinese Users After China’s Latest Crackdown on Cryptocurrency

Major cryptocurrency exchanges are cutting ties with users in China following the latest crypto crackdown announcement by the Chinese government. Huobi has stopped letting new users in China sign up for its services while Binance has blocked account registrations using Chinese mobile phone numbers. Major Crypto Exchanges Stop Signing Up Chinese Users Following China’s latest crackdown announcement, several cryptocurrency exchanges and service providers said they have begun cutting ties with users in China. Crypto exchange Huobi announced Sunday that it will “gradually retire existing mainland China users.” The exchange wrote: To comply with local laws and regulations, Huobi Global has ceased account registration for new users in mainland China, effective September 24, 2021 (UTC+8). Huobi Global will gradually retire existing mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021. Huobi Group co-founder Du Jun told Reuters, “On the very day we saw the notice, we started ...

Bitfinex paid a colossal $23M fee to send $100K of USDT

In what is presumed as a technical error, popular crypto exchange Bitfinex have paid a seismic $23.7 million dollars in gas fee for a comparatively nominal $100K transaction. Crypto exchange Bitfinex completed a highly consequential transaction today when sending $100,000 of the stablecoin Tether (USDT) to the layer-2 subsidiary platform DeversiFi. For reasons unknown, the exchange paid 7,676 ETH, equivalent to $23.7 million, marking quite possibly the largest gas fee ever-recorded on the Ethereum blockchain. According to blockchain data from EtherScan, the deposit transaction was initiated at 11:10 UTC this morning from Bitfinex’s second largest wallet, via a second address, to the wallet of DeversiFi. The transaction carried an “erroneously high gas fee”, albeit DeversiFi promoting a service to “avoid gas costs and frustration, saving you time and money with every trade or swap.” To put the enormity of this fee into context, consider the fact that the average transacti...

Price analysis 9/27: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, AVAX, LUNA

Bitcoin and most major altcoins have recovered from last week’s sell-off, but they are still facing selling at higher levels, suggesting that the market could remain range-bound for a few days. Bitcoin ( BTC ) and Ether ( ETH ) recovered a large part of the losses that happened due to the knee-jerk reaction to China's regulatory crackdown on Sept. 24. This suggests that crypto markets have absorbed the news-based selling, with long-term investors likely using the dip to accumulate. However, a rally may have to wait as market participants watch the outcome of the infrastructure bill this week, which could see the debate start on Sept. 27 and the final vote on Sept. 30. The broad definition of a “broker” may cause some volatility in crypto markets but HODLers are unlikely to be shaken. Daily cryptocurrency market performance. Source: Coin360 Analyst Willy Woo said that “Bitcoin has entered the Never Gonna Give You Up phase of the Astley Cycle,” which could be followed by a r...