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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
U.S. DOJ Needs 6-8 Weeks to Process Evidence Against Alex Mashinsky, Attorneys Tell Judge
The U.S. Department of Justice (DOJ) asked a federal judge for six to eight weeks to produce evidence for its case against Alex Mashinsky, the founder and former CEO of crypto lender Celsius.
CoinDesk
Bridge Protocol LayerZero Passes 50M Cross-Chain Messages
The milestone highlights the demand for crypto users to transfer liquidity between chains and conduct cross-chain token swaps.
Bitcoin News
Rare 2010 Bitcoin Block Reward Stirs After 13 Years of Dormancy
https://static.news.bitcoin.com/wp-content/uploads/2023/07/2010-768x432.jpg On July 24, 2023, a block reward from 2010 was transferred for the first time in 13 years, marking this month’s first expenditure of dormant bitcoin from that year. So far this year, a total of nine such block rewards from the 2010 era have been spent, resulting in the transfer of 450 bitcoins.
2010 Block Spend Makes the Ninth This Year
According to btcparser.com, a rare 2010 block reward was spent on Monday, transferring 50 bitcoins to an unidentified address. Although 50 bitcoins may not be a substantial sum, it is valued at $1.4 million, and expenditures of bitcoins from 2010 have become much less common nowadays. Moreover, the 50 bitcoins were essentially valueless back then, as bitcoin did not hit the five-cent mark until July 17, 2010.
The funds were transferred to a specific bitcoin address and moved on from there. Blockchair’s privacy tool indicated that the transfer scored a 5 out of 100 on privacy, citing three issues, and it labeled the privacy level as “low.” The issues comprised the fact that the funds were swept, the same address appeared multiple times in the inputs, and the inputs were of diverse types.
The 2010 block reward transfer on Monday marked the ninth such expenditure this year, with the most recent previous transactions from this era occurring on June 26. On that day, two transfers took place, amounting to a total of 100 bitcoins. Moreover, both block rewards were acquired on the same day, July 12, 2010, which suggests they were transferred by the same individual.
Thus far in 2023, a total of nine 2010 block reward transfers have occurred, but only eight of these were from virgin, dormant bitcoin rewards. A transaction that occurred on April 22, 2023, spent a 50-bitcoin block reward, but the address had also spent a small amount, or 0.00001094 BTC, from the wallet on August 10, 2021. The remaining eight transactions, including the one on Monday, involved completely untouched block rewards that had remained idle for 13 years.
What do you think about the 2010 block reward spend that took place on Monday after sitting idle for well over a decade? Share your thoughts and opinions about this subject in the comments section below.
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Bitcoin News
Stablecoin Economy Sees $3 Billion Drop: Leading USD Tokens Shrink as Euro-Anchored Projects Display Resilience
https://static.news.bitcoin.com/wp-content/uploads/2023/07/digis-768x432.jpg The stablecoin economy continues to shrink, with more than $3 billion in value removed from today’s top stablecoin valuations in less than 40 days. The dollar-pegged tokens USDP and GUSD experienced the largest 30-day reductions, shedding 45.1% and 27.2%, respectively.
Top Stablecoins Tumble: $3 Billion Evaporates in Less Than 40 Days
Statistics reveal a significant contraction in the stablecoin economy, as billions of dollars have been withdrawn from dollar-pegged projects over the past year. About 39 days ago, the stablecoin economy was valued at $129.80 billion, but it has decreased to $126.70 billion today, with more than $3 billion vanishing since June 16, 2023.
The entire top ten stablecoins by market capitalization, except for tether (USDT), have experienced notable 30-day reductions. While USDT’s supply has increased by 0.6%, usd coin (USDC) has recorded a 30-day decrease of 6.4%. As of Tuesday, July 25, USDC’s market capitalization is $26.63 billion, down from $28.25 billion 39 days ago.
In the past month, DAI has lost 6% of its value, and BUSD has decreased by 10.1%. The stablecoin TUSD saw a reduction of 10.7%, while frax dollar (FRAX) dropped 9.3%. Meanwhile, Tron’s USDD recorded a modest 1.6% loss, and the Paxos-issued pax dollar (USDP) saw its supply dwindle by 45.1% over the same period.
Gemini dollar (GUSD) also experienced a significant loss, dropping approximately 27.2% over the past 30 days. On June 16, the 24-hour trading volume of stablecoins was around $30 billion, but it has since decreased to $23 billion. The global trading volume linked to stablecoin assets has notably declined over the past year.
Conversely, while the value of U.S. dollar-pegged stablecoins has dwindled, euro-anchored projects have recorded growth in the past month. Yet, it’s crucial to note that the volume of these euro-backed stablecoin initiatives significantly trails that of the towering USD token behemoths.
How do you perceive these market shifts in the stablecoin economy? Share your thoughts and opinions about this subject in the comments section below.
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CoinDesk
Fed Preview: Crypto Observers See Powell Keeping Door Open for Rate Hikes Beyond July
A 25 basis point rate hike on Wednesday is a foregone conclusion. The question is whether the Fed will continue to raise rates in subsequent months.
CoinDesk
Worldcoin Token Slumps Amid Crypto Community Unease
Concerns around privacy, security and reported connections to Sam Bankman-Fried and Three Arrows Capital have raised eyebrows in the crypto community.
CoinDesk
First Mover Americas: Bitcoin at $29K Continues to Trade Near One-Month Low
The latest price moves in bitcoin (BTC) and crypto markets in context for July 25, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin News
Bitcoin, Ethereum Technical Analysis: BTC, ETH Find Price Support Ahead of US Consumer Confidence Report
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1638354850-768x432.png Bitcoin rebounded from a one-month low Tuesday, as markets prepare for the upcoming U.S. consumer confidence report. The confidence index is expected to increase to a reading of 111.5 in July, up from 109.7 the month prior. Ethereum also bounced higher, after colliding with a key price floor.
Bitcoin
After dropping to a one-month low to start the week, bitcoin (BTC) rebounded in today’s session.
BTC/USD jumped to a peak at $29,327.86 earlier in the day, following Monday’s drop to a bottom of $28,934.29.
Bitcoin bulls rejected the pressure to settle at a support point of $28,800, and now seem to be targeting a ceiling of $30,000.
One reason why the price appears to have stabilized is the relative strength index (RSI), which found a floor of its own around 42.00.
At the time of writing, price strength is tracking at 41.90, with the next point of support around the 37.00 mark.
Currently, it appears that price will remain marginally stable above $29,000, however this could change following this afternoon’s report.
Ethereum
Ethereum (ETH) bounced from a support point of its own on Tuesday, after slipping to a multi-week low on Monday.
Following a bottom at $1,836.85 to start the week, ETH/USD marginally rose to an intraday high of $1,862.43 in today’s session.
The bounce came after ethereum moved away from a recent support point at the $1,830 mark, with $1,900 now the likely target.
Similar to bitcoin, ETH’s RSI settled at a floor around 43.00, which has played a big part in halting yesterday’s sell-off.
Now tracking at 45.00, the next visible point of resistance lies at 50.00, and a move to this point will almost certainly send ETH to $1,900.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect US consumer confidence to fall in today’s report? Leave your thoughts in the comments below.
CoinDesk
Dogecoin Bumps 10% on X Payments Speculation, DOGE Futures Traders Lose $10M
Crypto traders are buying up DOGE in hopes of the token playing a larger role on Twitter, which rebranded as “everything app” X on Monday.
y traditional operators profit from selling customer data, including location data and financial information. Customer and transaction data on World Mobile is encrypted on the blockchain and is immutable. This level of transparency is unattainable when using a traditional operator.
Finally, the flexibility of our infrastructure means we can rapidly scale and adjust the network to better reflect demand, resulting in more reliable connections for our customers.
BCN: Your company claims to be the first global mobile network built on blockchain. Can you tell us what your infrastructure looks like and how the blockchain technology fits into it?
MW: We have developed the World Mobile Chain, a Proof-of-Stake network that is a sidechain of Cardano. The World Mobile Chain is used to process network usage data and transactions. When a user purchases credit and starts to consume data through one of our Airnodes, their data traffic is encrypted and passes through our validator nodes (Earthnodes) which process and authenticate the network usage.
A record of this usage is then stored on a distributed ledger and the participants supporting the network i.e. Airnode Owners, Hosts and Earthnode Operators are rewarded with a share of the revenue, through our native utility token WMT.
BCN: Over the last decade or so, a number of technology giants including Facebook, Google, and Spacex have tried to bring Internet connectivity to the unconnected using innovative technologies. Their goals are similar to yours. Do you see them as collaborators or competitors?
MW: We don’t see them as competitors. Starlink has a great product, but it’s not a solution for the challenge of connecting the unconnected at scale. The upfront cost of the hardware limits accessibility and the lack of subsidies outside the USA makes it unviable in many parts of the world. That said, we do see them as collaborators and World Mobile utilises Starlink as a backhaul to provide connectivity in rural locations.
BCN: World Mobile is said to be a people-run mobile network but it is also known that mobile networks are highly capital-intensive and complex. What are the different ways, if any, in which subscribers can own and operate a mobile network infrastructure?
MW: World Mobile offers subscribers a number of ways to participate and benefit from the sharing economy. You could opt to buy an Airnode. Our entry-level Airnodes will be priced in a similar bracket to popular consumer tech products and will provide owners the opportunity to connect their community, or unconnected communities around the world. This is where Airnode hosts come in. An Airnode owner can choose to host an Airnode at their location or they can allow us to connect them to a host in a different part of the world. The host takes on responsibility for operating and maintaining the Airnode on the ground. Both owners and hosts earn a share of the revenue when mobile users connect to their Airnodes.
It doesn’t stop there though. Our recently launched Android application allows users to actively contribute to network expansion, through a feature currently called ‘scan for points.’ This feature allows users to utilize their smartphone radios to help identify connectivity weak spots and potential Airnode locations, rewarding them with points that can be redeemed in the app’s marketplace.
BCN: According to reports, you have completed field tests in several countries including Nigeria, Kenya, Mozambique, and Pakistan. Scalability often becomes an issue when onboarding millions of users. Can you tell our readers how you solve scalability to provide affordable and reliable internet access to both rural and underserved areas worldwide?
MW: Scalability might be a challenge for a centralized mobile network operator, which takes on responsibility for the deployment and operation of infrastructure, but scalability is a built-in feature of the World Mobile Network.
Our unique infrastructure model and blockchain-powered sharing economy provide the [...]
Bitcoin News
Russian Ruble Falls by Over 18% in 2023, Economist Says the Currency Has ‘Stabilized’
https://static.news.bitcoin.com/wp-content/uploads/2023/07/g900-768x432.jpg After the Russian currency touched a year low versus the greenback of nearly 92 units for every dollar, economist Robin Brooks said the ruble has stabilized and may eventually be lifted by rising oil prices. The Institute of International Finance Economist urged G7 countries to consider cutting the Russian oil price cap from $60 to $50. Ruble Down by Over 18% in 2023According to Robin Brooks, the chief economist at the Institute of International Finance (IIF), the Russian currency — the ruble — has now “stabilized” and is likely to be bolstered by rising oil prices in the coming months. Brooks, a former chief forex strategist at Goldman Sachs, also noted in a tweet that while Russia’s June current was in deficit, G7 countries’ failure to reduce the oil price cap from $60 to $50 per barrel could well give “the ruble a lift.”
Russia's Ruble has stabilized. The summer months are always a soft spot for the Ruble – the June current acount was in deficit – but now rising oil prices are giving the Ruble a lift, which helps Russia's war machine. Cutting the G7 oil price cap from $60 to $50 is way overdue… pic.twitter.com/KmVXneErbp
— Robin Brooks (@RobinBrooksIIF) July 22, 2023
At the time of writing (July 24, 15.30 EST) one U.S. dollar bought just over 90 rubles. In contrast, approximately 73 rubles would buy one dollar at the start of 2023. This means the ruble has depreciated by just over 18% since the start of the year. Steve Hanke, the Johns Hopkins economics professor, has said the ruble’s “free-fall is fueling raging inflation” in Russia which he measures at 50 per annum.
Meanwhile, Brooks’ July 22 tweet is the latest in which the IIF economist has urged Western countries to further restrict Russia’s ability to fend off the effects of sanctions via increased oil revenues. As previously reported by Bitcoin.com News, the Russian ruble was at one point in 2022 the world’s best-performing currency. At the time, some experts attributed the currency’s rise and resilience to surging energy prices.
https://static.news.bitcoin.com/wp-content/uploads/2023/07/russia-ruble.png Russian Oil Producers Defy SanctionsHowever, after the winter ended demand for oil and gas subsided and this saw the price of Urals crude — Russia’s main grade of oil — drop from a year high of just over $100 per barrel in 2022 to prices under $60 for much of 2023. Many Western commentators have attributed the drop in the prices of Urals to the price cap. Others including Brooks have called for the further reduction of the price cap but the G7 countries have so far ignored the calls.
“Ever since Russia invaded Ukraine, Chinese exports to Georgia, Belarus, Kazakhstan & Turkey are through the roof. The answer here isn’t to tighten export controls for goods that may end up in Russia. The answer is to lower the G7 cap so Putin doesn’t have cash to buy stuff,” Brooks said in an earlier tweet.
In the meantime, a July 22 Wall Street Journal report suggested that the effectiveness of the G7’s price cap may be waning after the price of Urals crude breached $60 in April. The report pointed to the surging demand for Urals crude by countries like India and China as one of the primary reasons why the price of the commodity went past $60. Oil output cuts agreed upon by OPEC countries are cited as the other reason why Russian oil producers were able to sell at prices above the price cap.
Despite this breach, Western officials such as the United States Deputy Treasury Secretary Wally Adeyemo insist that the price cap is still working.
“Fundamentally, the price cap is holding down Russia’s revenue significantly, while continuing to create a world in which global markets are being supplied with Russian oil,” Adeyemo reportedly said.
What are your thoughts on this story? Let us know what you think in the comments section below.
CoinDesk
Binance Says It Intends to File Motion to Dismiss CFTC Complaint
Binance, Changpeng Zhao, and Samuel Lim filed a motion Monday night to ask the court for additional allowed length in its response.
tion and continued updates on TOKEN2049 Singapore, please visit: https://www.asia.token2049.com/ ###Alex Fiskum, Co-Founder of TOKEN2049 is available for interview.ABOUT TOKEN2049TOKEN2049 is a premier Web3 event, organised annually in Singapore, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry. Media Contacttoken2049sg@wachsman.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Bitcoin News
TOKEN2049 Singapore Set to Be World’s Largest Web3 Event With Over 10,000 Attendees
https://static.news.bitcoin.com/wp-content/uploads/2022/08/singapore-768x432.jpg PRESS RELEASE. SINGAPORE — TOKEN2049, Asia’s premier Web3 and crypto conference, has announced its first batch of high-profile title sponsors and headline speakers for its much-anticipated Singapore return. TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands, ahead of the Formula 1 Singapore Grand Prix 2023 race weekend.
TOKEN2049 is set to welcome over 10,000 attendees from over 3,500 companies, making it the largest event of its kind this year. With the conference taking place in Singapore once more, this speaks to the enduring importance of Asia as a driver of growth and vibrancy of innovation in the global digital asset ecosystem. Following the resounding success of its record-breaking Singapore 2022 event, TOKEN2049 will feature an expansive programme of over 300 side events and networking opportunities taking place from 11-17 September throughout the city-state.
Celebrating the event’s triumphant return to Singapore, Alex Fiskum, Co-Founder of TOKEN2049 said: “We’ve seen unprecedented traction and interest amid a record number of ticket registrations to date and confirmed speakers, sponsors and partners in our line-up. We expect TOKEN2049 Singapore to be the largest crypto event of the year, an unforgettable experience that will surpass our previous editions in terms of size, activity, and overall excitement.”
Gathering global industry leaders, top decision makers and innovators, new additions in the 2023 agenda include hacker houses, technical workshops, and NFT galleries among others. The 2023 edition of the conference has already surpassed last year’s attendance, sponsorship and speaker milestones, with numbers rapidly rising ahead of September.
This year’s agenda spans the ever-evolving regulatory landscape, the rise of AI, Web3 gaming, NFTs and the metaverse, DeFi, scalability, interoperability, and many more. The impressive speaker line-up includes Balaji Srinivasan, Founder, Investor and Author of The Network State; Joe Lubin, Co-Founder of Ethereum and Founder of ConsenSys; Stani Kulechov, Founder and CEO of Aave; Mike Novogratz, CEO of Galaxy Digital; Sandeep Nailwal, Co-Founder of Polygon; and Brad Garlinghouse, CEO of Ripple, along with a range of leading industry figureheads.
“This is the second year for us to combine TOKEN2049 and Singapore Grand Prix where we’ll unveil the new McLaren OKX custom livery. The event is a great starter to the weekend and to bring crypto and F1 fans together in a big way. This year has been about helping people see the future of Web3 through our latest “rewrite the system” campaign and Singapore will be a prime venue for us to amplify our efforts,” said Haider Rafique, Chief Marketing Officer at OKX.The diversity of this year’s title sponsors for TOKEN2049 Singapore speaks to the inherent vigour of the industry. This includes leading cryptocurrency spot and derivatives exchange OKX; global financial technology firm Circle Internet Financial (Circle); world’s largest cryptocurrency exchange Binance; global digital asset market maker and multi-stage Web3 investment firmDWF Labs; open-source blockchain technology firm EOS Network Foundation; DeFi asset management protocol Tranchess; top cryptocurrency exchange platform Kucoin; the world’s largest multichain ecosystem Polkadot; all-in-one, institutionally-focused digital asset platform Fireblocks; leading decentralised blockchain operating system TRON DAO; world’s largest crypto copy trading platform Bitget; open-source public blockchain Klaytn; and the world’s first Sharia-compliant crypto asset Islamic Coin.
For more informa[...]
Bitcoin News
Decoding Ripple’s Ruling: A Potential Tsunami for the SEC
https://static.news.bitcoin.com/wp-content/uploads/2023/07/sec-768x432.jpg In a groundbreaking decision earlier this month, the Southern District Court of New York determined that institutional sales of XRP conducted directly by Ripple constitute securities sales. However, intriguingly, XRP sales on secondary markets, specifically crypto exchanges, do not. A verdict that has sparked a ripple, pun intended, in the crypto space, potentially creating waves of disarray for the U.S. Securities and Exchange Commission (SEC).
The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com.
This legal ruling re-echoes the content of the now-infamous 2018 Hinman speech, a speech that the SEC passionately endeavored to keep out of the Ripple case’s evidentiary repertoire. This is the same speech whose author, Hinman, was meticulously wiped off the SEC’s official website in June 2023, much to the bemusement and consternation of the crypto community. The echo from Hinman’s 2018 address rings louder in the SEC’s now empty corridors. Who Is William Hinman, and Why Does His Speech Matter?William Hinman served as the Director of the Division of Corporation Finance at the SEC from 2017 to 2020. On June 14, 2018, Hinman, in a thought-provoking proposition, suggested that cryptocurrency startups could initially sell tokens as securities to raise funds before transitioning to non-security utility tokens once their networks are operational and the tokens have a functional use.
This perspective recognizes the dynamic nature of digital assets and how their classification can evolve over time, aligning with the economic reality of cryptocurrency projects. This adaptive approach to crypto token regulation, endorsed by SEC Chairman Jay Clayton in 2019, showcased an understanding of the “economic reality” that while some projects may satisfy the Howey test for securities at their inception, this status can evolve over time. The SEC’s U-Turn and the Ensuing SagaThe SEC’s initial challenge to Hinman’s speech being admissible as evidence in the Ripple case was premised on two assertions. First, the speech was not a reflection of the SEC’s official stance. Second, the speech was privileged, owing to Hinman’s role as the Director of Corporation Finance. However, the court was unimpressed by SEC’s arguments and ruled the speech admissible on a limited basis.
In an eyebrow-raising move, the SEC decided to erase Hinman’s digital footprint from its official website on June 6, 2023, a decision that did not go unnoticed by the ever-vigilant crypto community. This deliberate purge underscored the lengths to which the SEC was willing to go to prevent Ripple from using Hinman’s insight as part of their defense. What Are the Implications for the SEC?The Ripple ruling, if used as a legal precedent in ongoing and future cases, could deal a devastating blow to the SEC. The court’s verdict implies that digital assets traded on secondary markets do not fall under the umbrella of securities, relieving crypto exchanges from the necessity to register with the SEC.
This means that the SEC’s hard-fought crusade for jurisdiction over crypto exchanges and digital assets could be rendered futile. Such an outcome is a hard pill to swallow for the regulatory body. However, it could open the door to a new era of thoughtful regulation. Regulation that seeks to safeguard consumers while simultaneously encouraging innovation, without burdening it with unwieldy and costly regulatory prerequisites.
The Ripple case not only highlights the ongoing struggle to define and regulate cryptocurrencies but also illustrates the potential for significant shifts in the regulatory landscape based on a single court decision. The SEC, on its part, needs to adapt to these ever-evolving realities of the [...]
CoinDesk
Crypto Firm Flashbots Raises $60M in Paradigm-Led Round
The new capital will help develop the SUAVE decentralized platform for maximal extractable value (MEV).
Bitcoin News
Worldcoin Officially Launches, Announces Orb Rollout Expansion in More Than 35 Cities
https://static.news.bitcoin.com/wp-content/uploads/2023/07/orb-768x432.jpg Worldcoin, the decentralized biometric ID protocol, has officially launched, allowing users to reserve their share of WLD, the incentives-driven token of the protocol, that will be granted when confirming one’s identity using a biometric device called the “Orb.” In addition, Worldcoin also informed that it will be accelerating the rollout of these devices to more than 35 cities.
Sam Altman Backed Worldcoin Launches Officially
Worldcoin, the decentralized ID and wallet protocol backed by Sam Altman, CEO of Openai, announced its official launch on Monday. The project, which had been in its development stages for more than three years, is finally opening its services to the public, expanding its reach and aiming to reel in 2 billion users worldwide.
Worldcoin has two different components: World ID, a decentralized identity protocol that uses individuals’ irises as a “proof of personhood” verification, using specialized devices called “Orbs” for this task, and World App, which allows users to receive incentives in the form of WLD, the native token of the protocol, and transfer and manage these resources with an internal wallet.
On reaching this milestone, Altman stated:
Worldcoin is an attempt at global scale alignment, the journey will be challenging and the outcome is uncertain. But finding new ways to broadly share the coming technological prosperity is a critical challenge of our time.
75% of the initial 10 billion WLD issuance will be granted to users, while Tools For Humanity, the team behind the Worldcoin idea, and its investors, will retain ownership of the remaining 25%.
Orb Acceleration
While users can reserve their share of WLD tokens, they need to physically prove their humanness by getting their irises read by an Orb. To accelerate the growth of the protocol, Worldcoin also announced a rollout of more than 1,500 orbs to more than 35 cities.
More than 2 million users have already signed up using World ID, and with this move, Worldcoin expects to add more than 40,000 sign-ups weekly. The rollout of the devices will be focused on countries that have shown themselves to be receptive to Worldcoin’s proposal. In Spain, Worldcoin will ostensibly expand its operation 3x due to the more than 150,000 users that have already registered in the initial testing phases.
In countries like Brazil and France, the rollout will be more limited. Altman stated that, for the time being, Worldcoin will not be available in the U.S. due to a lack of regulatory clarity.
What do you think about Worldcoin and the reported Orb rollout? Tell us in the comments section below.
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Bitcoin News
Biggest Movers: DOGE Surges to Fresh 2-Month High, AVAX Rebounds on Tuesday
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1295015857-768x432.png Dogecoin rose for a third consecutive session on Tuesday, as markets continue to speculate what role the meme coin could play on the newly rebranded X platform. The latest surge took the price to its highest level since early May. Avalanche was another notable gainer today, rebounding from recent losses.
Dogecoin (DOGE)
Dogecoin (DOGE) climbed to a fresh multi-month high on Tuesday, as traders continued to react to Twitter’s rebrand to X.
Following a low of $0.07353 to start the week, DOGE/USD spiked to a peak of $0.07811 earlier in today’s session.
This resulted in the meme coin climbing to its strongest point since May 6, which is the last time price was above $0.08000.
Honing in on the chart, it can be seen that a breakout of the 63.00 zone on the relative strength index (RSI) triggered this latest rally.
As of writing, the index is tracking at 66.66, and looks set to be heading for a ceiling at 70.00.
In the event this destination is reached, there is a good chance that DOGE will be back at $0.08000.
Avalanche (AVAX)
Additionally, avalanche (AVAX) was back in the green during today’s session, after rebounding from Monday’s decline.
AVAX/USD ascended to a high of $13.38 earlier in the day, a day after slipping to a bottom at $12.92 to start the week.
The move came as the token closed in on a key support level at $12.90, however bulls rejected a breakout on this occasion.
Price strength also held firm at a support point of 44.00, before rising to a current reading at 47.28.
Despite this, momentum remains bearish, with the 10-day (red) moving average nearing a downwards crossover with its 25-day (blue) counterpart.
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Will avalanche end July trading above $14.00? Let us know your thoughts in the comments.
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CoinDesk
UK Information Commission to Make Inquiries About Worldcoin
The firm has claimed it complies with "very, very local and very specific rules and regulations in each of the markets where there's an Orb."
CoinDesk
Crypto Exchange Rain Obtains License to Operate Virtual Asset Brokerage, Custody Service in UAE
Rain's Abu Dhabi-based entity can now offer institutional clients and some retail clients in the UAE the ability to buy, sell and store virtual assets, Reuters reported.
CoinDesk
Solana-Based NFT Marketplace Exchange.art to Expand into Ethereum
Larisa Barbu, COO of Exchange.art, told CoinDesk that the marketplace had planned to expand beyond the Solana ecosystem since its launch in 2021.
Bitcoin News
Latam Insights — Argentina Reaches IMF Agreement, Bitfarms to Open New Mining Operations in Paraguay
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1827932012-1-1-1.webp Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina reached a new agreement with the International Monetary Fund (IMF), Bitfarms will open two bitcoin mining farms in Paraguay, and Venezuela is now accepting MIR card payments.
Argentina Reaches New Disbursement Agreement With the IMF
Argentina has reached a new agreement with the International Monetary Fund (IMF) to accelerate the delivery of resources during this year. According to Economy Minister Sergio Massa, this new deal includes the disbursement of funds to Argentina in August and November, allowing the embattled nation to replenish its reserves at least for this year. While Massa declined to mention specific numbers, he stated these payments were able to fulfill the country’s expectations.
Also, Massa declared this agreement reinforces the ability of the Central Bank of Argentina to intervene and balance its internal exchange system. The bank had been reducing foreign currency sales to importers as its reserves touched historic lows.
Massa explained:
From now on, you have a Central Bank that does not have a dilemma to make payments and you have less pressure on financial dollars that influence price remarking.
Bitfarms to Launch Two Bitcoin Mining Farms in Paraguay
Bitfarms, a Nasdaq-listed Bitcoin mining company, announced that it had secured two power purchasing agreements in Paraguay to build two new Bitcoin mining operations in the country. The company acquired up to 50 MW of power in Villarrica and 100 MW in Iguazu. The power contracted has a hydroelectrical origin to ensure the new sites will operate using renewables.
Geoff Morphy, CEO of Bitfarms, declared:
Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.
Villarrica’s site construction is slated to start in Q3 2023, while a construction timeline for Iguazu hasn’t been determined yet.
Venezuela Starts Processing MIR Card Payments
Russian Ambassador to Caracas Sergey Melik-Bagdasarov informed that Venezuela was already processing payments from Russian MIR cards. The pioneer spot for this adoption move is located on the eastern island of Margarita, a tourist location.
Melik-Bagdasarov stated:
The start of [Mir card] payments has already begun on Margarita Island, which is ready to host and is accommodating Russian tourists.
The ambassador stated that while Mir payments were also being tested in Caracas, the Venezuelan capital, there were still technical issues to be addressed. The Venezuelan government announced it was working on this integration in June.
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CoinDesk
Federal Regulators Are Needed for Crypto Oversight: U.S. Accountability Office
Regulators lack an ongoing coordination mechanism for addressing blockchain risks in a timely manner, the report says
foundations needed to support and incentivize the rapid rollout of distributed infrastructure wherever demand might be.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Bitcoin News
Blockchain-Powered Mobile Networks Offer Better Data Security Than Traditional Networks — World Mobile CEO
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2144631851-768x432.jpg A blockchain-powered decentralized network can offer a “much greater level of security and ownership” of data compared to traditional telecom operators, Micky Watkins, the founder and CEO of World Mobile, has said. Watkins also claims that the flexibility of such a decentralized network means users can “rapidly scale and adjust the network to better reflect demand.” This, in turn, can result in more reliable connections for users. A Decentralized Mobile Network Offers Users a ‘Greater Level of Security’Watkins also told Bitcoin.com News that his company’s attempt to bring the internet to the masses via innovative technologies is comparable to past efforts by tech giants like Google and Facebook. The World Mobile founder, however, insisted that his company is not competing with tech giants. Instead, World Mobile — a telecommunication network built on a blockchain — sees tech giants as collaborators, he said.
In written comments sent to Bitcoin.com News, Watkins explained how the company’s infrastructure model and blockchain technology enable his group to overcome the scalability challenge. He also touched on how ordinary people or subscribers can help secure the network by acquiring or hosting nodes.
Below are Watkins’ answers sent to Bitcoin.com News via Telegram.
Bitcoin.com News (BCN): The internet is a core pillar of the modern information society, yet an estimated two billion people are still without access. This may be because it is not commercially viable for traditional telecom operators to bring the internet to certain geographical regions. Do you believe a blockchain-powered decentralized network is capable of connecting underserved users in an economically efficient manner?
Micky Watkins (MW): World Mobile utilizes a unique solution which combines two core elements. The first is our hybrid dynamic network, which consists of a decentralized network of what we call ‘Airnodes.’ Airnodes range from small, wifi-hotspots, right up to Aerostats, which are lighter than air balloons that act as telecommunications towers in the sky. They contain radio equipment and distribute coverage over a much wider area than traditional cell towers, between 75km-100km. This hybrid dynamic network reduces rollout and maintenance costs, allowing for profitable operations in under-connected regions.
This hybrid dynamic network is then connected to our blockchain-powered sharing economy, which incentivizes individuals and businesses to connect their communities with our infrastructure, and subsequently rewards them for doing so.
These two elements combine to significantly reduce both the Capex [capital expenditure] and Opex [operational expenditure], resulting in a network which is at least 12 times cheaper to deploy than a legacy model.
BCN: What advantages, if any, does a decentralized wireless network have over traditional telecom operators and why should a subscriber choose a decentralized wireless network over a traditional carrier?
MW: I’d suggest that once you understand the advantages of a decentralized operator like World Mobile, there will no longer be a choice to make.
Firstly, the reduced operating cost is passed on to our customers and in Zanzibar, the home of our first commercial deployment, our data bundles are almost 50% cheaper than the average. That alone is impressive, but when combined with the greater accessibility of our network, especially in under-connected and rural locations, it becomes an even more attractive offering.
Secondly, by integrating blockchain, we offer customers a much greater level of security and ownership of their data. It’s a well-known fact that man[...]
CoinDesk
First Mover Asia: Bitcoin Holds Its Latest Foothold at $29.1K While Worldcoin Soars
PLUS: BTC's positive vibes may be waning as outflows from BTC investment products rose for the first time in weeks. But mining is in a better state than it was a year ago.
CoinDesk
Japan Signals More Web3 Promotion Policies Are To Come
Japan's Prime Minister Fumio Kishida said on Tuesday that the country plans to improve the environment for Web3 when it comes to using tokens and revitalize the content industry.
crypto world rather than resort to prejudgment, erasure, and denial. After all, the crypto tide is not going to recede anytime soon.
What do you think about the implications for the SEC and the latest Ripple ruling? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Economist Jim Rickards States BRICS Currency Will Leverage Gold to ‘Destroy the Dollar’
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1153007306-768x432.jpg Jim Rickards, economist and best-selling author, has explained the possible repercussions of issuing a BRICS bloc currency for the dollar. For Rickards, the “bric” (the name he gives to the BRICS currency) will be anchored (but not redeemable or backed) to a weight of gold and will be used for debasing the dollar by propping up commodity prices.
Jim Rickards Speculates BRICS Currency Will Be Anchored to a Weight of Gold
Jim Rickards, economist and best-selling author, has commented on his vision of a hypothetical BRICS (Brazil, Russia, India, China, and South Africa) bloc currency and how it could be leveraged to devalue the U.S. dollar.
To Rickards, the “bric” — the name he gives the BRICS currency — will be anchored to a determined weight in gold, but not backed by it. This is because the BRICS nations will free-ride on top of the gold markets without intervening to manage the bric-dollar peg.
This will also allow its price to go up as inflation and devaluation hit the U.S. dollar, ostensibly leading to the greenback’s destruction. On this, Rickards stated:
It’s a way to destroy the dollar. You don’t need dollars and you don’t need gold. You just need to be smart enough to anchor your currency to gold, and when dollar inflation starts to go up, your currency is going to be worth more because of how you pegged it, not to dollars, but how you pegged it to gold.
However, Rickards acknowledges that this might take years to happen.
Disrupting Supply Chains
Rickards stated that another way of turbocharging the debasement of the U.S. dollar would be to interfere with the supply chains of commodities in the world. He mentioned the end of the Black Sea grain deal between Russia and Ukraine as an example, stating that grain prices went up by 10% just after the announcement of the suspension.
On this, Rickards explained:
So, if I were a BRICS member, and I were Russia in particular, and I had this currency tied to gold, and I wanted my currency to be more valuable and your currency (U.S. dollar) less valuable, one of the ways to do that is mess with the supply chain and drive up the price of oil, gasoline, grain.
In January, Russian Foreign Minister Sergey Lavrov stated that the bloc would discuss an official currency this August. However, South Africa’s diplomat in charge of BRICS relations, Anil Sooklal, recently declared this topic was not on the agenda for the upcoming summit.
What do you think about Rickards’ thoughts on the hypothetical BRICS currency? Tell us in the comments section below.
CoinDesk
The Single Most Important Truth About Bitcoin Mining, Energy and the Environment
