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One of the biggest news channels about cryptocurrencies. We tell about the complex things in simple language. Contact us @it_contact_bot Russian InCoin @incoin

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InCoin Eng (crypto news)

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InCoin Eng (crypto news)

New York City could become a bitcoin hub 🧲

If Andrew Young wins the election for mayor of New York City, he promises to make this metropolis a platform for the mass use of bitcoin within the city. The politician wrote this on Twitter.

As a reminder, Young is on the list of ardent supporters of the largest digital currency. During the last election campaign, he tried to run for the Democratic Party nomination.

However, Young subsequently dropped out of the race. He is known for having previously repeatedly pointed to the need for early implementation of crypto-regulation.

Now Andrew Young will try to become the head of one of the largest American cities. On his Twitter page, the politician stressed that he wanted to make New York a kind of hub for bitcoin.

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InCoin Eng (crypto news)

Bitcoin may fall to $38000 before rallying to $51,000 👈

After recently jumping to a new record of $48,000, bitcoin has pulled back and is currently trading at $44,770. If support above $44,000 becomes difficult to secure, the cryptocurrency pioneer may explore lower levels.

The $38,000 zone was a critical barrier during the recent rise from $30,000, however, it has now turned into a serious support zone that will likely absorb sellers' pressure and stop the decline.

A comprehensive look at the convergence/divergence of moving averages (MACD) suggests that the path of least resistance is downward. When the MACD is used correctly, it allows you to identify exit positions and buy on the lower entry points. The MACD line (blue) has now crossed below the signal line, which is a clear indication of an entry avoidance and possible sell.

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InCoin Eng (crypto news)

Twitter CFO: We are considering investing in bitcoin 😨

Twitter CFO Ned Segal said the company is considering investing some of its money in bitcoin.

In an interview with CNBC on Wednesday, Feb. 10, Segal said that if Twitter employees and vendors ask for payment in bitcoin, the company might consider investing some of its reserves in BTC.

"We've already been thinking about how we might pay employees if they ask for payment in bitcoin, how we might pay vendors if they ask for payment in bitcoin, and whether we need to include bitcoin on our balance sheet," Segal said. "We're continuing to look at this issue, but we haven't made any changes yet."

The payments company Square, which is also headed by Twitter CEO Jack Dorsey, reported a $50 million investment in bitcoin last October.

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InCoin Eng (crypto news)

Tesla invested $1.5 billion in Bitcoin 👀

A $1.5 billion investment in Bitcoin has made Tesla the second largest organization to own the cryptocurrency as a direct investment.

Tesla's actions became known yesterday because the company filed the relevant document with the U.S. Securities and Exchange Commission. The outcome is as follows: the automobile giant has invested $1.5 billion in Bitcoin, the decision was approved by the company's management, and in addition the company plans to accept the cryptocurrency as payment for its products.

Many analysts agreed that this Tesla initiative could be a game changer for the cryptocurrency world, which could now move into a phase of mass popularity. At the very least, there are almost no barriers for other companies to invest in BTC and other cryptocurrencies.

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InCoin Eng (crypto news)

Etherium mining has set a record yield 😱

After a prolonged decline in the cryptocurrency market and the fall of the hype around the mining of digital assets, Etherium is finally pleasing its "miners" with new records. According to analytics platform Glassnode, on Feb. 5, Etherium miners earned the equivalent of $3.5 million in just one hour.

"firium is the most profitable cryptocurrency to mine. According to 2CryptoCalc calculator, one video card model Nvidia GeForce GTX 1070 Ti today earns about $3.4 per day on ETH, not including electricity costs. In a month the income will exceed the level of $100, and if the rate of Etherium rises, the dollar equivalent of the profit will be even higher.

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InCoin Eng (crypto news)

In China, miners began to buy up laptops for mining ETH 😳

Cryptocurrency miners in China arranged a shortage in the market of laptops. This was reported by VideoCardz.com.

Since November 2020, the price of the cryptocurrency ethereum (ETH) has tripled. The cryptocurrency has become the most popular among GPU miners. The excitement reached such a scale that miners began to buy up laptops with GeForce RTX 3000 series graphics cards.

It is reported that miners are willing to overpay for expensive laptops in the hope of recouping their investment amid the rise in the price of ETH.

The exchange rate of ETH/USDT at the time of writing is $1609.

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InCoin Eng (crypto news)

Robinhood lifted restrictions on trading in GameStop stock ✅

Stock trading platform operator Robinhood Markets Inc. on Thursday lifted trading restrictions on shares of video game store chain owner GameStop Corp. and movie theater operator AMC Entertainment Inc.

GameStop papers, which hit a record price of $483 apiece last week, fell 42 percent to $53.5 a share on Thursday. They have lost 84% in price since the beginning of the week.

AMC stock fell 21% to $7.09 a share on Thursday. Since the beginning of the week, the company's securities have fallen 47%.

The jump in GameStop and AMC stock in January was driven by demand from individual investors who rallied on social media against hedge funds that were playing the stock of these and several other companies down.

GameStop and AMC shares gained 13.8 percent and 8.5 percent, respectively, in premarket trading Friday.

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InCoin Eng (crypto news)

THETA launches its own deFi exchange THETASWAP 🔭

Blockchain-based video streaming network Theta now has its own decentralized exchange.

Theta (THETA) has launched ThetaSwap, the first decentralized blockchain exchange platform, according to an announcement released Friday.

Users of ThetaSwap v1 will reportedly be able to exchange TNTs based on Theta. 20 tokens in much the same way as automated market maker services such as Uniswap and SushiSwap for ERC-20 tokens in the Ethereum chain.

In addition to TNT-20 tokens and Theta Fuel (TFUEL), the "gas coin" of Theta's blockchain, future DEX updates will also support the wrapped token feature. Theta also reported that some stabelcoin projects have also expressed their intention to create versions of their TNT-20 tokens for use in ThetaSwap.

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InCoin Eng (crypto news)

Liquid temporarily shut down ether withdrawals due to huge network fees 😳

On February 4, the average fee reached a new record high of $20 per transaction, causing some exchanges to suspend ether and ERC-20 withdrawals.

According to a Feb. 4 announcement, Liquid suspended withdrawals of ETH and some ERC-20 tokens due to a spike in transaction costs or gas fees. "Service will resume as soon as gas fees return to normal levels. All other cryptocurrencies are operating as normal."

On February 4, the price of ETH hit a new high of more than $1,600 after skyrocketing almost 20% in the last seven days.

Commissions on major decentralized exchanges such as Uniswap and SushiSwap rose to abnormal levels of $40 to $75. DeFi users have reportedly turned to Ethereum alternatives such as Flamingo in search of lower commissions.

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InCoin Eng (crypto news)

The resale of a digital portrait made 100,000% profit 😵

An investor who bought a Hashmask digital art collectible last week resold it for a profit of more than 100,000%.

According to the project's website, "living digital art collectibles" created by more than 70 artists from around the world, Hashmasks is a collection of 16,284 unique digital portraits.

Investors who buy certain Hashmasks earn "Name Changing Tokens" (NCTs), which can be accumulated and burned to change the name of the artwork they own.

On Thursday, an investor bought Hashmask #1, now called "Trump," for 0.1 ETH worth about $1Z0. Then, three later, he resold the artwork of the day on the OpenSea Rare Objects Market for 97.2Z07 ETH, which at the time of writing was worth more than $1Z,000.

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InCoin Eng (crypto news)

Changpeng Zhao spoke about the launch of Binance Pay. Exchange token breaks records ⚠️

Cryptocurrency exchange Binance's proprietary token reached a new all-time high above $53 this Tuesday. BNB has a capitalization of $7.6 billion at the time of publication, making it the 10th largest crypto-asset on the list.

Binance is launching two new products: Binance Pay and Binance Lite. Binance Pay is a basket of services that includes, among other things, the exchange's own payment card. Zhao expects Binance Pay to be a major product that will allow users to "stay 100% in crypto.

Binance Pay is positioned as "contactless, cross-border and secure payment technology for exchange users to make and receive payments from friends and family around the world."

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InCoin Eng (crypto news)

The XRP token rose 47% and returned to third place in terms of capitalization 💫

The price of Ripple's XRP token surpassed the $0.60 mark on February 1. The asset returned to third place in market capitalization at $30.5 billion.

The cryptocurrency rose 47% in 24 hours. As of this writing, XRP is trading at $0.64.

XRP has slipped to fourth place in the market capitalization ranking with Tether at $26.7 billion.

On Saturday, January 30, XRP gained more than 60 percent to settle at $0.50. On the same day, Ripple asked the Securities and Exchange Commission why it did not classify bitcoin and Ethereum as securities.

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InCoin Eng (crypto news)

WallStreetBets comes to the rescue of XRP by raising the cryptocurrency rate by 50% 👀

XRP rose 50% in one day, returning the asset to No. 4 in CoinMarketCap's cryptocurrency capitalization rankings. The resulting weekend pumph in coin coincided with a proposal to support Ripple in a standoff with the U.S. SEC regulator, put forth on the WallStreetBets subreddit.

This Reddit community brings together retail traders who gained notoriety after GameStop's share price soared, as well as a number of other securities actively sold by hedge funds for speculative profits.

WallStreetBets proved that pooling the capital of the "crowd" via social media can counter aggressive speculative selling or simply pump up prices, as was the case with the cryptocurrency DOGE later this week.

The purchase of XRP was supported by Satoshistreetbets, an offshoot of WallStreetBets, and the altcoin has already been trending on Twitter, taking up 28% of all posts related to cryptocurrencies.

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InCoin Eng (crypto news)

Robinhood has frozen the ability to trade cryptocurrencies 🤔

Robinhood, a popular securities and financial instruments trading platform in America, shut down trading in cryptocurrencies amid excessive volatility.

It is reported that the reason for the temporary suspension was "extraordinary market conditions." It is worth noting that the developers recently raised a billion dollars from investment funds to withstand a spike in volatility.

What happened was due to traders from Reddit. A group of speculators called WallStreetBets began encouraging people to buy Dogecoin.

As a result, the coin gained 800% on Thursday. On Friday, the growth continued and the asset rose another 374%.

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InCoin Eng (crypto news)

Dogecoin founder worth $8.6 billion sold the entire cryptocurrency in 2015 for a "used Honda Civic" 😹

One of the creators of the cryptocurrency Dogecoin told what he did with the tokens he owned. Billy Markus sold his DOGE coins in 2015 for the equivalent of a used Honda Civic car.

According to Markus, he left the project he created with Jackson Palmer in 2015, two years after its launch. The developer left the direction because of harassment from the online community and censure about the direction of the project. In the same year, Marcus faced financial difficulties due to job loss, so he decided to sell the tokens he owned as a founder.

I gave away and sold all of my cryptocurrency in 2015 after I was laid off and because of concerns about melting savings. The proceeds were enough to buy a used Honda Civic.

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InCoin Eng (crypto news)

Ethereum exchange rate forecast: $3000 mission target 🙌

Despite the recent correction of Ethereum cryptocurrency (ETH) rate, the market is dominated by a bullish trend. Therefore, the coin should rise to $2200 by February 18.

Key points^

The price of ETH is fluctuating below its 100-hour average ($1731), but above the key support zone around $1700.

A downtrend line has formed on the hourly chart with resistance near $1735.

It is highly probable that the volatility level will decrease during the next session.

The growth of demand for ETH and derivatives indicates the continuation of the bullish trend. The market is probably now at the stage of the third wave of the uptrend, which should end at $2200.

Technical Indicators:

The MACD indicator for 4 hours is in a bearish trend zone.

RSI index for 4 hours - above 50 (in neutral area).

The main support level is $1700.

The main resistance level is $1800.

The nearest pivot points are $1550 and $1829.

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InCoin Eng (crypto news)

Amazon seeks developers for digital currency project 🙄

Amazon is looking for engineers and software developers for a digital and emerging payments project. The job posting at the Mexican subsidiary mentions digital currency development.

The company plans to develop projects related to digital and emerging payments, according to job postings published by Amazon. One of Amazon's job descriptions states:

"This product will allow customers to convert their cash into a digital currency with which they can use online services, including purchases of goods and/or services, such as Prime Video."

Recall that Amazon already issued an Amazon Coin in 2013, which was used to buy game apps and digital content on Android smartphones and Blackberry devices. However, it was not a cryptocurrency, as it was not based on blockchain.

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InCoin Eng (crypto news)

XRP Rises to $0.49 and Leading Exchanges Move Almost 100 Million XRP 🤔

According to Whale Alert, two cryptocurrency exchanges, Bybit and Binance, sent 93.3 million XRP in three transactions in the past 10 hours.

Twenty million XRP were sent from Bybit to Binance in two transactions of 20 million, and 53 million XRP were transferred to Bybit.

XRP soared to $0.49 from $0.42 a few hours after that, but has since fallen below the $0.47 support level and now trades at $0.463.

According to CoinMarketCap, XRP has now left the top five cryptocurrencies by market capitalization, behind Polkadot (DOT).

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InCoin Eng (crypto news)

Dogecoin broke into the top 10 cryptocurrencies by market capitalization 🐶

Once created as a joke, the Dogecoin coin has broken into the top 10 cryptocurrencies by market capitalization. At the moment, its market capitalization is about $850 million ahead of the remaining behind asset Stellar.

At the time of writing, DOGE is ranked #10 and is trading at $0.074. The asset has gained 26.7% in the last 24 hours, 96% in the last 7 days, and the coin has gained 653% in the last month.

About 12 hours ago, dogecoin updated its ATH at $0.082, according to coingecko.

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InCoin Eng (crypto news)

PayPal is leaving India 🤔

India has decided to follow the centralized example of China - to completely ban cryptocurrencies in the country and issue its own CBDC - the digital rupee. The Reserve Bank of India (RBI) is actively working on the topic of digital currency. At the time, the payment giant PayPal is withdrawing from the country's market.

The main development while the country is deciding on the digital rupee is PayPal's departure from the domestic market. The global payment system announced the closure of its domestic service in the country, even though interest in cryptocurrencies among the population is only growing, and the payment giant itself continues to develop in the integration of cryptocurrencies.

As stated by representatives of the company:

Our company will shift its focus from developing domestic products in India. This means that as of April 1, we will no longer offer domestic payment services in that country.

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InCoin Eng (crypto news)

Bitfinex paid off debts, Kucoin returned stolen money 👌

Bitfinex paid off $550 million to an affiliate of Tether, the remainder of an earlier $750 million loan. The exchange had drawn down a $900 million line of credit, using $750 million of it to address liquidity issues with the funds.

According to the prosecutor's office, the loan was a cover for a hole in the Tether USD issue security fund.

KuCoin exchange CEO Johnny Liu reported a full recovery of $280 million stolen from cold wallet accounts in September 2020. $222 million, managed to return through blockchains and reissue a number of types of tokens.

The rest of the cryptocurrencies had to be tracked in cooperation with law enforcement. Blockchain analysis efforts helped foil an attempted exchange and laundering of $17.45 million.

This collected $239 million was distributed to affected customers, KuCoin leveraged an insurance fund to fully compensate them, adding $44.45 million.

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InCoin Eng (crypto news)

Ripple transactions are energetically less expensive than Visa and Mastercard: Deutsche Bank Report 🔦

Deutsche Bank said in a report titled "The Future of Payments: Series 2" that Ripple transactions are energetically less costly than Visa and Mastercard.

According to the report, the main issues are scalability and energy consumption. On the first point, it looks like Facebook's Libra project has made progress by using the FastPay service. Libra ranks second with 80,000 transactions per second (TPS), behind China's CBDC with 300,000 TPS.

Ripple's network ranks 5 below China's CBDC, Libra, Visa and Mastercard. However, Ripple ranks first for the least amount of energy consumed per transaction. Data cited by Deutsche Bank shows that unlike the Bitcoin network, Facebook Libra and the networks of the largest payment systems in the world, each Ripple transaction spends 0.00001133 kWh, making it the least energy consuming.

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InCoin Eng (crypto news)

U.S. Congressman urges all countries to work through DeFi taxation 🤡

According to the U.S. Congress, most countries do not tax decentralized finance (DeFi). Congressman Tom Emmer is calling on regulators to clarify their attitudes on the issue.

Congressman Tom Emmer urged the IRS to take a closer look at how PoS-based crypto-assets work and make specific recommendations on them. To realize the full potential of the latest technology, it is necessary to figure out how to properly regulate digital assets operating under different models, Emmer said. Abraham Sutherland, legal counsel for industry organization Proof of Stake Alliance, also believes that many countries are still "unresponsive" to the latest blockchain innovations.

According to Emmer, the U.S. is not far behind other countries in this regard. So the U.S. can still be a leader in developing proper taxation of digital assets.

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InCoin Eng (crypto news)

GME and AMC stocks are down 50%. Is the game over? 💀

A group called Wall Street Bets formed a kind of protest against Wall Street in the form of big hedge funds. They took advantage of the fact that some funds had a large number of short positions in certain stocks, including GameStop (GME).

In just a few days, investors were able to raise the price of stocks by more than 600%, causing a massive squeeze and an absolute xaoc for some Wall Street hedge funds. As a result, they lost billions of dollars.

This exposed the problems pervading the system. The broker Ameritrade stopped trading the stock in question, and the Robinhood app blocked buying stocks, leaving only selling. This showed that the platform was helping hedge funds limit their losses by preventing users from pushing prices even higher.

This directly contradicts free market principles.

It is unlikely that the genie in the bottle ran out of fuel, so there are more interesting developments ahead.

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InCoin Eng (crypto news)

U.S. unlicensed cryptocurrency exchange operator faces up to 25 years in prison ❓❗️

A U.S. citizen has pleaded guilty to operating an unlicensed company that provided digital currency exchange services to customers. According to the U.S. Justice Department, Hugo Sergio Mejia, 49, set up an exchanger that laundered at least $13 million in digital assets between May 2018 and September 2020.

To conceal the true nature of his transactions when exchanging fiat money for cryptocurrency, Mejia registered several limited liability companies.

Between May 2019 and March 2020, the defendant met several times with a client who cooperated with law enforcement. Mejia was warned that the cryptocurrency was obtained from an Australian meth dealer, but he agreed to cash over 14,000 bitcoins anyway. They ended up making at least five transactions, amounting to more than $250,000.

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InCoin Eng (crypto news)

CryptoQuant: Bitcoin withdrawals from Coinbase are a strong bullish signal ☄️

Significant bitcoin withdrawals from cryptocurrency exchange Coinbase could be a strong bullish signal, according to CryptoQuant CEO Ki Young Ju.

According to CryptoQuant, more than 15,200 BTC worth nearly $500 million were withdrawn from Coinbase yesterday alone. According to Ju, the withdrawals are related to large over-the-counter (OTC) transactions between institutional players.

"Bitcoins have been moved to wallets that only have incoming transactions. These are most likely OTC transactions by institutional investors. I believe this is the strongest bullish signal," he wrote on Twitter.

According to Ju, bitcoins were moved in transactions ranging from 1,100 BTC ($35 million) to 4,400 BTC ($150 million). In addition, Coinbase's custodial service is integrated with its OTC platform, further indicating that these transactions represent over-the-counter transactions.

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InCoin Eng (crypto news)

India may ban cryptocurrencies 👮🏻‍♂️

During the upcoming budget session, the Indian Parliament will consider the government's proposed bill to ban cryptocurrencies.

The bill talks about banning all cryptocurrencies and developing a regulatory framework to create an official digital currency issued by the Reserve Bank of India. There are some exceptions in the document aimed at promoting the underlying blockchain technology of cryptocurrencies.

If the bill passes, India will become the largest Asian country to choose to ban cryptocurrencies over regulating them.

In April 2018, the Reserve Bank of India banned regulated institutions from providing cryptocurrency-related services to individuals and companies. In March 2020, the country's Supreme Court overturned the ban.

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InCoin Eng (crypto news)

Syscoin Blockchain Launches NFT Support 🧬

Full-featured blockchain platform SysCoin announced that SysCoin 4.2 will support the creation of non-interchangeable tokens (NFT). This update should make the use of Syscon blockchain even more convenient.

Complying with all regulatory requirements, NFT on Susonin will offer users scalability, low fees, decentralization, security, and eventually compatibility with Ethereum. All of this is after the functionality of Susconin Bridge is expanded to add NFTs.

NFTs are intended to express a unique characteristic. Unlike interchangeable coins (such as SYS or BTC), NFTs are identified individually and cannot be interchanged.

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InCoin Eng (crypto news)

Visa admits to expanding cryptocurrency options ⭐️

Visa's CEO spoke about its plans for cryptocurrency payments during the company's Q1 2021 financial conference call.

In his remarks, Visa CEO Alfred Kelly said the company is ready to make cryptocurrency payments more secure and widely used by working with the firm's partners.

He said Visa plans to work with wallets and exchanges to allow users to buy cryptoassets. In addition, the company intends to allow users to cash out and make purchases in fiat currency using cryptocurrencies.

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