Bitcoin Magazine

10 декабря 2022 07:25

💰 Kenya-Based Bitcoin Mining Company Raises $2 Million in Seed Investment Led by Jack Dorsey-Owned Firm

Gridless, a bitcoin mining company operating from Kenya, recently raised $2 million in seed investment from Block, a digital payments company owned by Twitter founder Jack Dorsey, and Stillmark. The bitcoin mining firm is reportedly planning.

A Jack Dorsey-owned digital payments firm, Block, and Stillmark, a bitcoin-focused venture firm, are reported to have led a $2 million seed investment in African crypto mining company Gridless. According to a report, Gridless, which currently operates in Kenya’s rural areas, plans to fund its expansion into other African countries with the capital raised.

Source

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Bitcoin Magazine

08 декабря 2022 03:23

🥇 Grayscale Faces Lawsuit as GBTC Plunges to Record Low 43% Discount

New York-based hedge fund Fir Tree Capital Management has filed a lawsuit against digital asset manager Grayscale Investments over “potential mismanagement and conflicts of interest” at the firm’s flagship Bitcoin fund, according to a Bloomberg report.

The news came as Grayscale Bitcoin Trust’s (GBTC) discount plunged to a record low discount of more than 43% from the underlying Bitcoin value on Tuesday, with Fir Tree alleging that this is partly the result of Grayscale issuing “an immense number” between 2018 and 2021 without providing investors means of exiting their positions aside from selling shares to other investors.

Source

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Bitcoin Magazine

06 декабря 2022 17:57

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Bitcoin Magazine

05 декабря 2022 18:20

❗️RedLight Finance launch a Gasless Blockchain solving the blockchain trilemma.


Redlight Chain is a Layer 1 EVM-compatible blockchain with new capabilities.

Redlight Chain strives to solve the blockchain trilemma of scalability, decentralization, and security by optimizing gas-free blockchains. $REDLC is the governance coin of the Redlight blockchain, which innovates and adds new features to solve two significant obstacles: gas prices and congestion.


📍 Read more

Bitcoin Magazine

04 декабря 2022 10:39

💰 GBTC's near $11 billion assets under management pose a risk in the bear market: UBS

Grayscale's Bitcoin Trust, which passively invests in bitcoin, holds over 633,000 of the coins, which at today's prices equals nearly $11 billion and represents 3.3% of all coins mined.

The bank's analysis comes as questions swirl around the health of Grayscale's parent, Digital Currency Group. Concerns first cropped up when DCG's Genesis Global Capital said it had a $175 million exposure to FTX following the exchange's collapse. Genesis has reportedly been looking to raise $1 billion or it may file for bankruptcy protection.

Source

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Bitcoin Magazine

02 декабря 2022 08:15

💰 TP ICAP gets FCA approval to offer crypto services to institutional clients

TP ICAP's new exchange, known as Fusion Digital Assets, will use the firm's electronic OTC platform, Fusion, to give clients access to a non-custodial cryptoasset exchange for order matching and trade execution. The interdealer broker's new trading venue will be for institutional clients only.

The firm's new venture will also integrate with Fidelity Digital Assets for safekeeping clients' assets and settlement services. The platform will offer diversified Liquidity from proven market makers around the globe. The wholesale crypto market has "lacked the credible infrastructure and assurance necessary for the firm's traditional client base to allocate capital," said Duncan Trenholme, co-head of digital assets at TP ICAP Group.

Source

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Bitcoin Magazine

30 ноября 2022 03:46

💰 Bitcoin Volatility Index exceeds 100% for the third time in 2022

Bitcoin (BTC) volatility index peaked over 100% for only the third time since the beginning of the year, according to CryptoSlate’s analysis of Glassnode data. The BTC Volatility Index (BVIN)is a metric that reflects the implied volatility index.

BTC volatility has been lingering at its all time-lows before the FTX collapse. It became so stagnant that the British Pound’s volatility exceeded that of BTC. However, the FTX fallout has hit BTC harder than the Terra-LUNA collapse that took place in May. BTC fell as much as 75% from its all-time high.

Source

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Bitcoin Magazine

28 ноября 2022 06:23

🇸🇻 El Salvador Launches a National Bitcoin Office (ONBTC)

The “specialized administrative unit” ONBTC will coordinate and consult all bitcoin projects in El Salvador. El Salvador’s government doubled down on its crypto initiatives by creating a National Bitcoin Office (ONBTC) that will oversee all local projects related to the asset.

Despite the prolonged bear market, El Salvador’s authorities seem determined to advance their bitcoin strategy. According to a recent LinkedIn post, the government created a National Bitcoin Office that will function as a “specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.”. The entity will analyze all individuals who wish to meet the BTC-loving President Nayib Bukele to discuss the nation’s.

Source

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Bitcoin Magazine

27 ноября 2022 05:16

💰 Bitcoin miners wipe out entire 2022 balances in capitulation

Miner balances across wallets started the year at 1.82 million BTC and are now back to the same levels, according to on-chain data tracked by Glassnode. The amount of Bitcoin accumulated by Miners in 2022 has been surpassed by the volume sold.

The balance of the combined Bitcoin miner wallets soared dramatically in July 2022 to hit a 2-year high in what appeared to be a recovery from the May price drop related to the collapse of Terra Luna. However, the same meltdown that resulted from the Terra Luna crash has revisited the crypto in the wake of the FTX insolvency.

Source

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Bitcoin Magazine

26 ноября 2022 05:29

💰 Wrapped Bitcoin DAO removes FTX, nine others in move to new multisig

WBTC DAO, the community that administers the Wrapped Bitcoin (WBTC) project, is moving to a new smart contract multisig, replacing signers that are no longer active. The new set of signers will be responsible for signing transactions and making changes.

WBTC DAO multisig will have 13 signers with eight needed to achieve quorum on any matter. There were 18 signers in the previous multisig formed over three years ago. At the time, 11 signers were needed to form a consensus on any decision. Kyber Network CEO Victor Tran. Tran stated that Kyber and WBTC custodian BitGo are coordinating the migration to this new multisig.

Source

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Bitcoin Magazine

25 ноября 2022 05:55

🟠 Binance targets $1 billion for 'industry recovery fund'

Crypto exchange operator Binance is aiming to amass around $1 billion for its recently announced "industry recovery fund.". CEO Changpeng "CZ" Zhao discussed the plan on Bloomberg Television on Thursday, and a Binance spokesperson later confirmed it in a message to The Block.

Binance will follow a "loose structure" for the fund where different industry players can contribute as they wish, Zhao said. Contributors will have to send funds to a blockchain address that the public can view, he added. A detailed blog post about the fund is expected to be published soon. The fund will target projects which are otherwise strong, but facing a liquidity crisis.

Source

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Bitcoin Magazine

23 ноября 2022 11:42

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Bitcoin Magazine

22 ноября 2022 05:50

🥇 Grayscale holds 635K BTC as Coinbase Custody reveals holdings

Following recent uncertainty regarding the future of the Grayscale Bitcoin Trust, its custodian partner Coinbase released a report detailing the assets held on behalf of Grayscale Bitcoin Trust. The letter revealed that holdings are segregated from other funds.

The Bitcoin held by the trust is valued at around $10 billion as of press time. At the height of the bull market, the figure would have been closer to $43.8 billion. Grayscale also holds 3,056,833 ETH valued at $3.3 billion in the Greyscale Ethereum Trust. Both BTC and ETH are also held in smaller amounts within the Grayscale Digital Large Cap Fund which appears to be segregated from the main trust.

Source

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Bitcoin Magazine

20 ноября 2022 08:56

🇺🇸 FTX leadership pressed for information by US subcommittee chairman

FTX’s customers, former employees, and the public deserve answers,” Raja Krishnamoorthi, Chairman of the Subcommittee on Economic and Consumer Policy wrote in a Nov. 18 letter addressed to both former FTX CEO Sam Bankman-Fried and the exchange's current CEO John J. Ray III.

FTX, the company’s abrupt decision to declare bankruptcy, and the potential impact of these actions on customers who used your exchange.”. including explainers on its liquidity issues, balance sheets from before its collapse in early November, its current crypto holdings, and a plan on how it will repay customers United States House subcommittee calling for documents relating to the exchange's finances.

Source

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Bitcoin Magazine

18 ноября 2022 04:57

🇸🇻 President Bukele reveals El Salvador will buy 1 Bitcoin daily

President Nayib Bukele announced that El Salvador would buy 1 Bitcoin (BTC) daily starting November 18. The recent bear market does not appear to have deterred President Bukele’s interest in the flagship digital asset. Under Bukele, El Salvador became the first country to make BTC a legal tender and the first sovereign state to purchase the cryptocurrency.

El Salvador’s last Bitcoin purchase was on June 30, 2022. Then, the country bought 80 Bitcoin at an average cost of $19,000. Cumulatively, the government has spent over $100 million to acquire a total of 2,381 BTC –the current bear market conditions have dropped the asset’s value to less than $40 million. President Bukele described BTC as the opposite of FTX and likened the struggling exchange to a Ponzi scheme.

Source

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Bitcoin Magazine

09 декабря 2022 04:57

🪙 New evidence 52.2% of Bitcoin Network uses clean energy

ClimateTech Vice Chair Daniel Batten’s recent analysis revealed that 29 mining companies constitute 16.48% of the whole Bitcoin (BTC) network and run on 90-100% clean energy. This percentage also shows that 52.2% of all BTC network use clean energy.

Batten said he ran his analysis miner by miner. He accounted for multiple public disclosures of hash rate and used a combination of machine types, MegaWatts of energy, and total BTC mined to compose the table below. Batten’s chart includes the hash rate and emission details of the 29 largest mining companies

Source

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Bitcoin Magazine

07 декабря 2022 06:35

📊 Bitcoin: From 70% drop to 1,300% jump, Novogratz, Draper and more chime in on future

Bitcoin’s price is down over 60% year-to-date, and price predictions are all over the place. Mike Novogratz dropped his forecast that bitcoin will reach $500,000 in the next five years, while Tim Draper is confident it can reach $250,000 next year.

Last week, Galaxy Digital's Mike Novogratz dropped his very optimistic prediction that bitcoin will reach $500,000 in the next five years. Meanwhile, venture capitalist Tim Draper reaffirmed his call that it can hit $250,000 in the new year. And then you have Standard Chartered, which foresees gold reclaiming the haven title from bitcoin, which the bank predicts will collapse to $5,000.

Source

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Bitcoin Magazine

06 декабря 2022 05:12

⚡️ Vitalik Buterin Advises Focusing on The Tech to Avoid Crypto Weariness

Ethereum co-founder Vitalik Buterin has spoken out about the state of the crypto industry and how to avoid growing tired of it. On Dec. 4, Vitalik Buterin responded to a question from a popular community member who said they had grown tired of the scammers and fraudsters in crypto after nine years.

Crypto is used primarily as a vehicle for speculation at the moment, and that is where fraudsters thrive. The FTX meltdown was caused by a bank run catalyzed by major overleveraging and lending.Zk-SNARK is an acronym that stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” It is a cryptographic proof that allows one party to prove it possesses certain information without revealing what the information is.

Source

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Bitcoin Magazine

05 декабря 2022 04:53

💰 Bullish on Bitcoin, US Senator Ted Cruz wants Texas to be a crypto oasis

United States Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician empathized how the crypto industry can be strategic.

The Senator highlighted that Texas combines abundant and relatively low-cost energy, as well as embracing free enterprise, which makes Texas an attractive state for crypto industry development in the US. Cruz also unveiled the reason why he described himself as an enthusiastic fan of Bitcoin.Bitcoin mining could be used to monetize energy created from oil and gas extraction.

Source

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Bitcoin Magazine

03 декабря 2022 03:54

🪙 Tether Responds to Media FUD Regarding Rising Loan Risk

The world’s largest stablecoin issuer, Tether, has responded to the latest round of mainstream media FUD (fear, uncertainty, and doubt). The outlet claims that the company has “increasingly been lending its own coins to customers rather than selling them for hard currency upfront.”

The WSJ claims to have examined Tether’s financial reports, which evidence these loans. The most recent report suggests they reached $6.1 billion as of Sept. 30, which equates to 9% of the company’s total assets. Tether hit back with a blog post titled “WSJ & CO: The Hypocrisy of Mainstream Media, Asleep at the Wheel of Information.”. However, it did not deny that these secured loans were real.

Source

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Bitcoin Magazine

01 декабря 2022 07:20

🇧🇷 Brazil's long-awaited crypto bill inches to the finish line after seven years

After a series of legislative twists and turns spanning seven years, Brazil's long-awaited crypto bill could finally reach the president's desk. Brazil's Chamber of Deputies voted on Tuesday to pass on a crypto regulation bill to Brazil's president, Jair Bolsonaro, whose term ends on Dec. 31.

The crypto regulation is to define digital assets and their service providers, as well as help guard against money laundering and fraud. The bill gained momentum after Brazil's Senate approved a version of it in April, but slowed in the past few months as it sat in the Chamber of Deputies awaiting a decision after several points in the Senate version were stripped out.

Source

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Bitcoin Magazine

29 ноября 2022 07:36

💰 Fidelity finally opens retail crypto accounts

Fidelity has opened up retail crypto trading accounts after first announcing a waiting list earlier this month. "The wait is over," the investment powerhouse said in an email Monday sent to some users, adding that a Fidelity brokerage account was needed to be able to fund a new Fidelity Crypto account.

Once opened, the account promises commission-free trading of bitcoin and ether. Users trying to open an account were asked to read and accept a number of disclosures, including a risk statement which stated that "investing in, buying, and selling digital assets presents a variety of risks that are not presented by investing in, buying, and selling products in other, more traditional asset classes."

Source

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Bitcoin Magazine

28 ноября 2022 03:12

💰 Crypto Investors Are Cashing Out: Over $3.5 Billion Stablecoins Redeemed

The market cap of top USD-pegged stablecoins has fallen significantly over the past two weeks following FTX’s implosion, according to available data. This means that investors have redeemed roughly $2 billion USDT since FTX’s implosion.

With previous concerns about the USDT peg and whether the asset was fully backed, many traders are redeeming their USDT or converting it to USDC. Tether, however, has insisted that it has no material exposure to FTX. This is not the first time that USDT volume will drop after a major meltdown in the crypto market. Following the Terra Luna crash, there was a redemption of $10 billion USDT within two weeks.

Source

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Bitcoin Magazine

26 ноября 2022 17:19

 
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Bitcoin Magazine

25 ноября 2022 08:47

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Bitcoin Magazine

24 ноября 2022 05:10

🇸🇻 El Salvador lawmakers to consider regulation for issuing digital assets

El Salvador's Legislative Assembly is considering a long-awaited law aimed at regulating digital asset service providers and issuers in the country. according to a document seen by The Block and corroborated by a broadcast of a Nov. 22 plenary session.

Digital asset service providers in El Salvador would have to complete a registration process and follow several rules under the proposed law. These entities would have to provide a list of digital assets they plan to offer, including their "benefits, restrictions and limits." They would also have to demonstrate cybersecurity precautions and customer service capabilities, as well as providing the names and titles of company employees.

Source

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Bitcoin Magazine

23 ноября 2022 03:56

🟠 Binance CEO met with Abu Dhabi investors about industry recovery fund: Bloomberg

Binance CEO Changpeng "CZ" Zhao met with investors in Abu Dhabi last week in an effort to raise cash for a crypto industry recovery fund, Bloomberg News reported, citing sources and it could be several weeks before the fund is established.

Binance spokesperson told Bloomberg that the meetings were focused on global regulatory matters and how Middle Eastern regulators "could lead the globe by exploring more aggressive proof of custody requirements.".but in a liquidity crisis." He's also called on other exchanges to adopt six principles, including avoiding excessive leverage, to ensure trust in the wake of the collapse of rival exchange FTX.

Source

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Bitcoin Magazine

21 ноября 2022 04:56

🥇 BTC difficulty to adjust over weekend as miners capitulate

Following back-to-back difficulty negative or neutral adjustments, it is possible that Bitcoin hash rate and difficulty may have topped. However, the difficulty is expected to adjust down again over the weekend, bolstering expectations that the hashrate has peaked.

The following highlights the percentage of spent Bitcoins from miners over a 30-day window. The blue section, which has peaked at its highest level since 2021, depicts the number of coins sold by miners. The volume of Bitcoins sold by miners over the past 30 days is the fifth-largest outflow in Bitcoin’s history. Miners’ balances are also trending downward, however, not currently at a worrying velocity.

Source

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Bitcoin Magazine

19 ноября 2022 06:56

🥇 Silvergate CEO sees silver lining for bitcoin: 'There are always buyers'

Silvergate CEO Alan Lane said that bitcoin stands out from other digital currencies even amid the ongoing turmoil in crypto markets. price has held up and by the fact that we still have an active performing SEN leverage book where we’re lending against bitcoin,” Lane said in a mid-quarter update.

Silvergate claimed limited exposure to FTX with no outstanding loans, and deposits on the exchange amounting to less than 10% of $11.9 billion in customer digital asset deposits. That amount was still enough to ruffle investors' feathers, and send the company’s shares falling by 12%. The market may be reeling, but Lane remained optimistic pointing out “there are always buyers, especially with bitcoin,” adding “we’ll get through this as we have prior cycles and continue to serve the industry.”

Source

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Bitcoin Magazine

17 ноября 2022 06:57

🪙 NY regulator warns against Congress overriding state crypto regimes

New York's head financial services regulator wants Congress to look at her state's rules around crypto when thinking about a national model and warned against federal laws overriding state regimes. "They had an application pending, which they noted publicly. And it was pending,” Harris said, when asked about FTX.US' status by Aaron Klein, a Brookings senior fellow.

Harris particularly noted concerns that federal legislation could preempt, or override state regulatory regimes during her appearance today at the Brookings Institution in Washington, D.C. The recent collapse of FTX hung over the entire event, which also included public remarks by Peter Marton, the NYDFS' virtual currency chief. FTX.US, notably, never got a BitLicense and consequently couldn’t legally operate in New York. The NYDFS BitLicense regime is one of the most stringent in the country, making it a frequent subject of criticism from industry.

Source

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