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Showing posts from December 3, 2021

El Salvador stacks 150 Bitcoin after BTC price crashes below $50k

With this purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 BTC, which is worth nearly $60.3 million at the time of writing. Salvadoran president Nayib Bukele announced the purchase of 150 BTC as the market price momentarily slipped below $50,000 after losing over 15% in market value. The Republic of El Salvador has procured 150 Bitcoin (BTC) amid the biggest bear market since Bitcoin attained an all-time high of nearly $68,000 back in the first week of November. El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 #Bitcoin — Nayib Bukele (@nayibbukele) December 4, 2021 While Bukele’s government was able to make the purchase at $48,670 per coin, the bear market temporarily brought down the Bitcoin price to almost $42,000 after falling over 37% from its all-time high . BTC/USD market price. Source: TradingView Bukele also acknowledged missing out on purchasing Bitcoin at its bottom as he tweeted : “Missed the f***ing bottom by 7 minute...

Bitcoin tumbles below $47K wiping out October gains — Bear market begins?

The price of Bitcoin has fallen to two-month lows as volatility bites. Bitcoin ( BTC ) has suddenly fallen below $47,000 on Dec. 4, losing nearly 20% in the past 24 hours. This makes this the biggest one-day drop since May 15, when Bitcoin price momentarily came down to nearly $33,000. The market price of BTC fell down 26.4% from week-long support of $57,206 to go down to $42,268 before recovering back to the $45k mark. According to ByBit data, the Bitcoin market experienced $1.3B total liquidations in the past hour, with $735M liquidated in BTC longs on this drop. Chart showing total liquidations for BTC. Source: ByB As a result, Bitcoin’s bear market cancels out the 2-month long bull market since Sept. 29, where BTC soared over 63% to attain an all-time high of $67, 602 by Nov. 08. However, numerous Bitcoin analysts including TechDev point out a similar trend with Bitcoin’s price action for every year. Every #Bitcoin cycle in history has ended with a red month followed ...

FBI Seizes Bitcoin Worth More Than $2.2 Million From Ransomware Affiliate

The Federal Bureau of Investigation (FBI) has seized bitcoin worth more than $2.2 million tied to ransomware payments. The cryptocurrency allegedly belongs to an affiliate of Gandcrab and Revil/Sodinokibi ransomware. US Seizes Bitcoin Worth Over $2 Million The Federal Bureau of Investigation (FBI) has seized almost 40 bitcoins from a Russian resident tied to Revil and Gandcrab ransomware, according to a court document unsealed Tuesday. The forfeiture complaint reads: The United States of America files this verified complaint in rem against 39.89138522 bitcoin seized from Exodus wallet … that is now located and in the custody and management of the Federal Bureau of Investigation (FBI) Dallas Division. At the time of writing, the price of bitcoin is around $56,318.06 based on data from Bitcoin.com Markets. The amount seized totals almost $2.247 million. The seizure took place on Aug. 3. While the FBI did not reveal how it gained access to the wallet, the court document explains ...

British Security Think Tank’s Report Warns NFTs Could Bolster Money Laundering Schemes

The Royal United Services Institute (RUSI), the British defense and security think tank, questions whether or not non-fungible token (NFT) assets can be used for money laundering purposes. The report determines that in order to mitigate the money laundering risks a ‘know your customer’ monitoring system “needs to be implemented.” RUSI: ‘NFT Technology Can Raise Alarm Bells From a Money Laundering and Financial Crime Perspective’ The Royal United Services Institute for Defence and Security Studies otherwise known as RUSI , was founded in 1831 and it is the oldest defense and security think tank worldwide. On December 2, RUSI published a report that covers the subject of non-fungible token (NFT) assets and the RUSI researchers ask whether or not NFTs can contribute to money laundering schemes. “This technology can raise alarm bells from a money laundering and financial crime perspective,” RUSI warns. “To start with, NFTs are most often purchased with cryptocurrencies on online marke...

Traders say ATOM could eventually do an AVAX-like surge to $100

Fractals, bullish technical analysis patterns and the fact that 67% of the total supply is staked are key reasons why analysts expect ATOM to hit new highs shortly. Cosmos ( ATOM ) has the potential to record major gains in the upcoming weeks primarily because its longer-timeframe chart is showing a bullish continuation pattern. Dubbed " bull flag ," the structure appears as the asset trends lower while bouncing between two downward sloping trendlines. However, it eventually breaks out of the range, in the direction of its previous trend, with a profit target at length equal to the size of its previous uptrend which is also known as the flagpole. ATOM/USD weekly price chart featuring Bull Flag setup. Source: TradingView Therefore, in a "perfect" world, if ATOM is to break above the flag's upper trendline (with a rise in trading volume), it may rise by as much as the flagpole's height around $35. This sets a price target near $65 as when measured from...

Elizabeth Warren Queries Bitcoin Mining Operation, US Senator Says Crypto Miners Raise Environmental Concerns

Senator Elizabeth Warren has written a letter to the CEO of the New York bitcoin mining firm Greenidge Generation, Jeff Kirt, asking for details on the company’s emissions. Warren’s letter insists “Greenidge and other [bitcoin mining] plants raise concerns about their impacts on the global environment.” Elizabeth Warren Takes Aim at Bitcoin Mining Operations The former law professor and the United States Democratic Party senator from Massachusetts, Elizabeth Warren , has taken aim at cryptocurrency mining operations after she criticized digital currency markets in recent times. In mid-September, Warren pressed the chairman of the Securities and Exchange Commission (SEC) to investigate increasing digital currency oversight. Warren has also denounced cryptocurrency mining in the past and she has cited bitcoin mining’s environmental impact on many occasions. On December 2, Warren shared a letter she sent to the CEO of the New York bitcoin mining firm Greenidge Generation Holdings ,...

Got crypto? Here are 3 software wallets for storage, staking and swapping

“Not your keys, not your coins” is short for “Don’t leave your crypto on exchanges.” Here are three soft wallets that are trusted by millions of investors. Nearly every segment of the crypto sector underwent explosive growth in 2021. The steady inflow of institutional funds could possibly be interpreted as a signal that the best is yet to come. For new users, figuring out how to obtain cryptocurrency can be a tedious task, and the challenge of securing the assets off exchanges is another hurdle some investors find difficult to overcome. Here’s a rundown of some of the most used cryptocurrency soft wallets that support a wide swath of tokens and offer users access to decentralized finance (DeFi), nonfungible tokens (NFTs), staking opportunities and airdrops. MetaMask MetaMask was originally launched to support the Ethereum blockchain and decentralized applications (DApps) that run on top of it. It is now available as a browser extension and smartphone application. The company lau...

Security Focused DeFi Project EverRise Now Live on 3 Blockchains, Staking Introduced

Originally launched on June 15 th , 2021, EverRise is a blockchain technology company that offers bridging and security solutions across multiple chains through an ecosystem of decentralized applications. With their RISE token, they were the first to bring the buyback to crypto. Since then, the buyback mechanic has become standard in space with countless forks. EverRise v2.0 EverRise is working on bringing their ecosystem of dApps to as many blockchains as possible to increase adoption of safety protocols across all DeFi. Keeping that in mind, EverRise, have recently gone live with version 2 of their contract on Monday, November 29 th at 11:00pm UTC. The upgraded contract features several noteworthy innovations and changes. A representative from Certik.io noted in an update to the EverRise community, “The upgraded EverRise contract is a technological tour de force. The Certik team is impressed with the level of innovation and engineering.” The new RISE token will be available o...

BCH Ecosystem Gains New NFT and Dex Platforms, TVL in Smartbch Defi Climbs 180% in 30 Days

During the last few months, the Smartbch project has swelled with numerous projects, custom tokens, and the total-value locked (TVL) in five Smartbch decentralized exchange (dex) platforms has jumped more than 180% since November 3. Smartbch Defi TVL Climbs 180% in a Month — Bitcoin Cash Universe Now Has 5 Dex Platforms Eight months ago, bitcoin cash ( BCH ) proponents were introduced to a new website ( smartbch.org ) that featured a project called Smart Bitcoin Cash or Smartbch for short. Smartbch is a Bitcoin Cash sidechain that is compatible with Ethereum’s EVM and Web3 API, but further allows people to interact with smart contracts and custom tokens for extremely low data transfer fees. Chain statistics in terms of total-value locked in decentralized finance (defi) indicates that Smartbch has $36 million in value today. That’s more than 180% higher than the Smartbch TVL of $12.9 million recorded on November 3. At that time, the metrics that derived from defillama.com, indica...

US lawmaker urges congressional action on crypto as government avoids shutdown

“Chairman Gensler’s failure to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act," said Senator Pat Toomey. Pennsylvania Senator Pat Toomey, one of the ranking members of the Senate Banking Committee, has suggested Congress step in with legislation should the Securities and Exchange Commission (SEC) be unable to provide sufficient guidance on cryptocurrencies. In a Friday announcement from the Senate Banking Committee, Toomey said he was dissatisfied with the answers SEC chair Gary Gensler had provided on the differences between securities and commodities in regards to token projects and stablecoins. The senator questioned some of the SEC’s seeming disparities in enforcement actions between crypto firms and advisory services companies, including Glass Lewis for similar allegations of providing “fraudulent and misleading information.” “For investors to benefit from a fair and competitive marketplace, federal agencies should answer qu...

Norwegian Block Exchange to become first Nordic crypto platform to list on Euronext

"The future of the financial industry is built on blockchain technology," said NBX CEO Stig Kjos-Mathisen. On Friday, Norwegian Block Exchange (NBX) announced it would become the first cryptocurrency platform among the Nordic countries (Norway, Sweden, Denmark and Finland) to list its shares on the pan-European Euronext stock exchange. NBX was created in 2018 by Bjørn Kjos, who also founded Norwegian Air Shuttle and Bank Norwegian. NBX has eight cryptocurrencies listed and about 20 trading pairs available. The exchange is approved and supervised by the Financial Supervisory Authority of Norway. NBX claims it is the only platform in the Nordic countries that insures clients' crypto via the $150 million Ledger Vault insurance pool that pays out should a covered event occur. Last December, NBX raised $6.6 million via an equity and sale. It would not be raising any further capital in anticipation of the Euronext listing. In the past year, the firm's market capitaliz...

Price analysis 12/3: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, LUNA, AVAX

It’s clear that bears have nearly extinguished all signs of bullish momentum after BTC price falls below $52,000 and altcoins take a severe belting. Bitcoin ( BTC ) and Ether ( ETH ) have turned down from their respective overhead resistance levels, suggesting that bears continue to sell on rallies. New research in Australia suggests that the Ethereum Improvement Proposal (EIP) 1559 upgrade has turned Ether into a better store of value than Bitcoin. The report said the annual rate of increase in Ether’s supply since EIP-1559 is 0.98% compared to an increase of 1.99% in Bitcoin’s supply. Demand for Ether has been on the rise following the surging popularity of nonfungible tokens, decentralized finance and Metaverse-related altcoins. Several analysts remain bullish on Ether and anticipate it to rally to the range between $6,000 and $10,000. Daily cryptocurrency market performance. Source: Coin360 On-chain analytics firm Glassnode said that high open interest in the derivat...

Edward Snowden says gamers could be vulnerable to exploitation using NFTs

"I think the community should very much be trying to bend the arc of development away from injecting artificial, unnecessary scarcity entirely for the benefit of some investor class," said Edward Snowden. National Security Agency whistleblower Edward Snowden said he was concerned with how some privileged individuals or firms in the digital space might be able to use nonfungible tokens, or NFTs, in the gaming industry. Speaking with Ethereum co-founder Gavin Wood at the BlockDown DeData online conference on Friday, Snowden said though he had seen some use cases for nonfungible tokens to raise funds for causes, he is concerned with the technology “creeping into gaming.” The whistleblower described certain aspects of the metaverse as “horrible, and heinous, and tragic” for aiming at capitalizing on users’ virtual escapes. “We have people that are trying to [inject] an artificial sense of scarcity into a post-scarcity domain,” said Snowden. “I think the community should very...

Blockchain.com Reveals Non-Fungible Token Marketplace and NFT Explorer

The crypto firm Blockchain.com is joining the slew of digital currency exchanges that have launched non-fungible token (NFT) marketplaces in recent times. On December 2, the company announced it is launching the Blockchain.com NFT marketplace, and select users can sign up for beta access today. Blockchain.com NFT Marketplace Launches Beta Access Non-fungible token (NFT) assets have become a billion-dollar industry and it seems like this technology will be a mainstay for years to come. As the NFT hype grows exponentially in 2021, a number of crypto-asset exchanges have launched NFT markets this year. Well-known exchanges like Crypto.com, Coinbase, and FTX have revealed NFT markets in the midst of giant standalone NFT markets like Opensea and Rarible . Now Blockchain.com , the cryptocurrency-dedicated financial services company, has announced its NFT marketplace. “We want to make accessing the NFT market as easy as accessing the crypto market,” Blockchain.com’s announcement details....

French startup brings vintage vines to the NFT market

'It's like your NFT is the wine cellar, but it's in your wallet,' says the staff from World Wide Wines. Many exciting developments are coming to the space of nonfungible tokens , or NFTs, ranging from Metaverse NFTs to fantasy soccer digital collectible cards and up to monster-battle NFT games. In fact, Cointelegraph Research predicts NFT sales will hit a record high of $17.7 billion this year . But one French startup is taking more of an ambitious approach with wine NFTs. In an exclusive interview with Cointelegraph, Samuel Balthazard and Yacin Kharroubi, the chief executive officer and chief product officer of World Wide Wines, respectively, discussed the logistics of making French wine available on the blockchain. Samuel is the descendant of the family operating the Château du Rouët vinery in Provence, which has existed since 1840. The project itself is built on the Elrond network . At 300 people we close the Wine List (it will reopen later with new conditions...

Analyst says Bitcoin is 'on sale' after BTC price dips below $54,000

Bitcoin price is dropping back toward monthly lows, but analysts agree that the current range is a “buy zone.” Bitcoin's ( BTC ) downtrend extended a few rungs lower on Dec. 3 after the price dropped under $54,000 and traders will note that the BTC/USD daily chart shows a notable uptick in sell volume. Crypto Fear & Greed Index. Source: Alternative Investors seem concerned at the emergence of a new Covid-19 variant and hawkish comments from the Federal Reserve. Meanwhile, veteran investment icon Charlie Munger added to the fire by comparing the price action in the crypto market to the dot-com era that ended with the bubble popping. BTC/USDT 4-hour chart. Source: TradingView Here’s a look at what analysts have to say about the current market and what to be on the lookout for as 2021 begins to wind down. Strong lower support at $52,000 to $53,000 The “listless” nature of Bitcoin's price action over the past few weeks was highlighted by crypto market intelligence...

Finance Redefined: Two DeFi hacks top $120M, and $500M Algo Fund launches, Nov. 26–Dec. 3

MonoX and BadgerDAO suffer callous security attacks, Borderless Capital opens a $500-million fund to advance Algorand’s ecosystem, and Iota is to launch Assembly in early 2022 — all coming to you in this week’s Finance Redefined. Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. A week packed with positive advancements in the DeFi space including nine-figure fund raises, successful product launches and soaring token prices was somewhat tarnished by the news of two severe security exploits. Read on to get the full scope of developments across the week. What you’re about to read is the smaller version of this newsletter designed for brevity. For the full version of DeFi’s developments over the last week, drop your email below. Borderless Capital launches $500M fund to support Algorand ecosystem Capital venture firm Borderless Capital announced the launch of ALGO Fund II this week, a $500-million initiative assembled to support the creation of digi...