Crypto
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Kenyan-based energy company offers bitcoin miners reserve geothermal power
The country’s biggest energy producer is luring bitcoin miners as it seeks to be a trailblazer in the continent’s growing crypto space The company also hopes to capture the attention of top mining firms in Europe and America that could tap the massive reserves within the country Crypto mining has come under harsh criticism for the massive electricity used to generate new coins and verify blockchain transactions. The annual energy consumption in the crypto mining industry is estimated to be nearly 119 Terawatt hours. This, if quantified, exceeds the energy consumption of the Netherlands, with only about 30 other countries having a higher consumption, according to data from the Cambridge Bitcoin Energy Consumption Index (CBECI). KenGen, an energy producer in Kenya, has seen an opportun...
Central African Republic to tokenize the nation’s natural resources
The Central African Republic (CAR) has announced plans to proceed with its ambitious Sango Project by tokenizing access to the country’s abundant natural resources. President Faustin-Archange Touadéra posted a photograph of a statement on his official Twitter account Thursday detailing the next steps in the project. The statement, signed by Minister of State and cabinet chief of staff Obed Namsio, read, in part: “We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.” It went on to say that Touadéra has asked the parliament to prepare a new strategy to create investment opportunities in the country’s economy. The next s...
WEF 2022: Miami mayor says that Bitcoin can be a global currency
Kristina Cornèr, Cointelegraph’s editor-in-chief, sat down with Miami Mayor Francis Suarez at the recent World Economic Forum held at Davos, Switzerland, to discuss topics like the role the mayor played at the WEF, Bitcoin being a global currency and what the mayor does with his BTC. According to Suarez, his role at the WEF is different from what he did at the Bitcoin Miami event. At Davos, the mayor noted that he played an “evangelist role” where he’s teaching people about Bitcoin. He explained that he is trying to get people to understand that this technology is going to impact “the lives of many.” [embedded content] Apart from this, Suarez also discussed the potential of Bitcoin as a global currency. The mayor highlighted that Bitcoin presents various ...
Beyond the hype: NFTs can lead the way in transforming business experiences
Many businesses and big brands have already jumped on the nonfungible token (NFT) bandwagon, including Nike, the National Basketball Association, Pepsi and even Taco Bell. But are these just for the show, or are these NFTs creating value? Much like digital services have become essential for every business in and outside of the technology sector, I believe that tokens — and, specifically, NFTs — are likely to become equally crucial in the emerging Web3 economy for at least two reasons. First, my view is that NFTs tokenize ideas at the atomistic level, creating rivalry and exclusivity around goods or services. Markets cannot form when goods and services are non-rival — when one person’s consumption does not trade off with another’s — or when they are non-excludable — when it is prohibitively...
Yuga Labs’ BAYC, OtherSide Discord groups breached, over 145 ETH stolen
Yuga Labs, the creator of two of the most popular ape-themed nonfungible token (NFT) offerings — Bored Ape Yacht Club (BAYC) and OtherSide — witnessed yet another orchestrated phishing attack with investors losing over 145 Ether (ETH) or nearly $260,000 at the time of writing. OKHotshot, a blockchain detective and a member of the Crypto Twitter community, alerted crypto investors about the compromise of two official Discord groups linked to BAYC and OtherSide NFTs. BAYC & OtherSide discords got compromised‼️ Seems because Community Manager @BorisVagner got his account breached, which let the scammers execute their phishing attack. Over 145E in was stolen Proper permissions could prevent this pic.twitter.com/lCl2DfZQ0W — OKHotshot (@NFTherder) June 4, 2022 According to OKH...
Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower
Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week’ whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open. QQQ weekly chart (NYSE). Source: TradingView Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of a recession; the bounce may be limited. Cryptocurrencies down again The crypto market may close relatively flat but down for the week, extending its losing streak to an all-time high of nine consecutive weekly losses. So...
Bitcoin long-term hodlers begin ‘distribution’ which preceded BTC price bottoms
Bitcoin (BTC) stayed wedged in a tight range on June 4 as traders’ demands for a new macro low persisted. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Long-term holders begin ‘distribution’ Data from Cointelegraph Markets Pro and TradingView showed BTC/USD stuck between $29,000 and $30,000 into the weekend. The pair had managed a revival to near $31,000 the previous day, but the last Wall Street trading session of the week put pay to bulls’ efforts. As “out-of-hours” markets offered thin volumes but little volatility, eyes were on the potential direction of what would be an inevitable breakout. “The weekly chart on Bitcoin looks nothing short of horrific and so the trend continuation remains. I do think we consolidate a little l...
Is Solana a ‘buy’ with SOL price at 10-month lows and down 85% from its peak?
Solana’s (SOL) price dropped on June 3, bringing its net paper losses down to 85% seven months after topping out above $260. SOL price fell by more than 6.5% intraday to $35.68, after failing to rebound with conviction from 10-month lows. Now sitting on a historically significant support level, the SOL/USD pair could see an upside retracement in June, eyeing the $40-$45 area next, up around 25% from today’s price. SOL/USD daily price chart. Source: TradingView 60% SOL price decline ahead? However, a rebound scenario is far from guaranteed and Solana faces headwinds from trading in lockstep with Bitcoin (BTC), the top cryptocurrency (by market cap) that typically influences trends across the top altcoins. Notably, the weekly correlation coefficient between BTC and SO...
US Fed begins quantitative tightening, Japan restricts stablecoin issuance and LUNA 2.0 rides a price roller coaster: Hodler’s Digest, May 29-June 4
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Fed money printer goes into reverse: What does it mean for crypto? Over the last two years or so, the United States Federal Reserve has flooded the financial system with excess liquidity — benefiting stocks, crypto and other markets as well. Now, the Fed is going in the opposite direction in order to combat inflation. In addition to raising interest rates, the central bank has begun the process of quantitative tightening (QT). It’s not entirely clear how the crypto markets will respond to the Fed’s QT efforts,...
Alchemy announces support for Solana Web3 applications the day after blockchain halted
In an announcement published by Alchemy just one day after the Solana network temporarily halted on June 1, the Web3 development platform and infrastructure provider announced its support for the controversial blockchain. Caused by a bug that made it impossible to reach network consensus, the Solana blockchain was halted for approximately four hours on Wednesday. This isn’t the first time the system has been compromised, as normal functionality has been halted five times already this year. That didn’t seem to be a problem for Alchemy, which gives developers the ability to use its software and infrastructure in Solana-built applications. Now reportedly valued at $10.2 billion, the company is the creator of a Web3 API called Alchemy Supernode and a development suite used for monitoring and d...
CBDCs can “kill” private crypto: India’s RBI deputy governor to IMF
In discussion with the International Monetary Fund (IMF), T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), reflected an anti-crypto stance as he spoke about India’s potential to disrupt the crypto and blockchain ecosystem. Rabi Sankar started the conversation by highlighting the success of the Unified Payments Interface (UPI), India’s in-house fiat-based peer-to-peer payments system — which has seen an average adoption and transaction growth of 160% per anum over the last five years. “One of the reasons it is so successful is because it’s simple,” he added while comparing UPI’s growth with blockchain technology. According to Rabi Sankar: “Blockchain, which was introduced six-eight years before UPI started, even today is being referred to as a potentially revolut...
South Korea ramps up crypto investigations and regulations
On Friday, June 3, South Korea’s Financial Supervisory Service (FSS) began an investigation into payment gateway services that work with digital assets. The FSS is South Korea’s financial regulator that operates under the Financial Services Commission (FSC), both of which are government institutions. As reported by local news outlet Money Today Co., the FSS had recently demanded reports from 157 payment gateways about any service related to crypto, their plans for the future, and disclosure of digital assets. But an FSS report stated that only 6 held any digital assets. Related: How Terra’s collapse will impact future stablecoin regulations Although the FSS is currently the primary financial regulator, on May 31st, 2022, South Korea announced the upcoming launch of the Digital Assets Commi...
