Crypto

Bitcoin (BTC) challenged brand-new support levels on Oct. 14 after overnight successes took the market past $58,000  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin “dips” to near $57,000 Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it reversed towards $57,000 after hitting highs of $58,540 on Bitstamp. The moves mimicked the first time Bitcoin had attacked $58,000 in February — several attempts interspersed by consolidation, followed ultimately by a run to April’s all-time highs. Despite on-chain indicators showing that Bitcoin is a different beast in Q4, however, the mood was just as bullish this time around. “Bitcoin is most likely just continuing this grind towards the all-time highs,” Cointelegraph c...

The Digital Pound Foundation (DPF), a group of technology, innovation, and regulatory experts, has announced its launch as an independent non-profit organization in the U.K. According to a release issued on Thursday, the DPF will work to promote the implementation of a central bank digital currency (CBDC) in the country. Indeed, as previously reported by Cointelegraph, the U.K. government in April established a CBDC task force to explore preliminary matters related to the creation of a national digital currency. The DPF, as part of its stated mandate, will carry out research and engage in collaboration with stakeholders to support the U.K.’s CBDC project. In addition to supporting developmental efforts, the foundation will also reportedly advocate for robust regulations for the U.K.’s CBDC...

Bitcoin (BTC) and other cryptocurrencies have a permanent role in financial markets, but other digital assets like central bank digital currencies (CBDCs) or nonfungible tokens (NFTs) could likely outperform crypto, according to Standard Chartered CEO Bill Winters Speaking at a Standard Chartered conference call, Winters echoed the “crypto is here to stay” narrative and said there’s a role for non-fiat currencies given the concerns about inflation. “Broadly, we’ve gone through a long period of low inflation, and we’ve got central banks experimenting in uncharted territory with very, very loose monetary policy,” Winters said, adding: “It’s perfectly reasonable for people to want an alternative to fiat currency.” While the debate over fully decentralized cryptocurrencies are more beneficial ...

Russian President Vladimir Putin believes that it’s “still premature” to use cryptocurrencies for settling trades of energy resources like oil. The Russian president discussed potential use cases of cryptocurrencies in a Thursday CNBC interview following a plenary session of the ​​Russian Energy Week forum. According to a full interview text published on the Kremlin’s official website, Putin said that private cryptocurrencies “can act as a unit of account” but they are “very unstable.” “Cryptocurrency oil contracts? It’s too early to talk about it. It works for transferring funds from one place to another, but in terms of trading, especially when it comes to energy resources, it is still premature in my opinion,” the president stated. Putin went on to say that “everything evolves” an...

The NFT space has been getting a lot of attention in recent months, and more media companies are now entering the market Leading media company ViaComCBS is the latest to enter the non-fungible token (NFT) space as the sector continues to attract some of the biggest players in the entertainment sector. The company is looking to explore the growing NFT space and has partnered with RECUR, the NFT firm backed by billionaire hedge funder Steve Cohen. According to the announcement, the two companies will work together to create a platform that will allow users to trade NFTs tied to ViaComCBS’s brands and franchises. The partnership has sparked a lot of interest within the crypto space as it could possibly lead to the creation of NFTs for popular characters such as SpongeBob. Starting next year, ...

The rapidly evolving world of blockchain technology offers a wide range of approaches and tokenomic models aimed at solving the blockchain trilemma of creating a decentralized, stable and secure network. One tokenomic model that has seen several variants over the past year is the ‘rebase’ model, which is designed in a way so that token balances can fluctuate over time depending on changes in the token price and the supply in circulation. Olympus (OHM) is a rebase project that has caught the attention of many in the crypto space over the past six months — in large part thanks to the high yield offered to OHM stakers, which is currently above 7,000%. Olympus staking dashboard. Source: Olympus DAO What sets Olympus apart from other protocols in the market, including other rebase p...

Jon Cunliffe, deputy governor for financial stability at the Bank of England, said the risks of a growing crypto market on the financial system are “relatively limited” at the moment but have the potential to grow very rapidly if regulators do not keep pace. In a speech to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) on Oct. 13, Cunliffe said policymakers around the world have only just started to develop the framework needed to properly regulate digital assets but should pursue it “as a matter of urgency.” The deputy governor spoke about the risks that cryptocurrencies and stablecoins may pose when connected to traditional financial systems through individuals, financial institutions, hedge funds and banks. Given that digital assets are continuing to work their ...

Everyone is talking about a six-figure Bitcoin (BTC) price now that the digital asset has broken out of its multi-month downtrend and confirmed that a bullish trend is in play.  If Bitcoin happens to enter a parabolic move toward $110,000, that would finally match PlanB’s Stock-to-Flow model prediction. According to the pseudonymous analyst, the scarcity and valuation of gold and other precious metals and “Elon Musk’s energy FUD and China’s mining crackdown” are a few of the factors responsible for the past five months of 50% or higher inaccuracy in the model. Bulls’ hopes mostly cling to an exchange-traded fund being approved by the United States Securities and Exchange Commission. Currently, there are multiple requests pending review between Oct. 18 and Nov. 1, but the regulato...

Bloomberg’s senior ETF analyst says there are “good” signs that a Bitcoin ETF will soon be approved, pointing to Ark Invest filing for a Bitcoin futures ETF with an assigned ticker and Valkyrie updating its own ETF prospectus with a ticker. Cathie Wood’s Ark Investment Management LLC filed for a Bitcoin (BTC) futures ETF under the ARKA ticker, while Valkyrie has assigned its BTC futures prospectus with the BTF ticker. According to Bloomberg analyst Eric Balchunas, firms typically update their proposals when they have everything set and “ready for launch,” suggesting that Valkyrie may soon be given the green light by the U.S. Securities and Exchange Commission (SEC). Balchunas also pointed to Ark Invests’ Bitcoin futures ETF application on Oct. 13 in partnership with 21Shares and whiteAlpha...

Bitcoin (BTC) was back at $57,000 on Oct. 13 as a classic move left hopeful traders liquidated to the tune of $200 million. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader sees parallels to August price action Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $57,250 on Bitstamp, up almost $3,000 in under three hours. Reminiscent of multiple surges over the past week, Bitcoin thus gained 5.5% on the day, lining up a rematch of five-month highs. Those looking to short further than $54,260 were thus disappointed amid a barrage of bullish optimism. “This correction on Bitcoin is nicely comparable to the price action in August,” Cointelegraph contributor Michaël van de Poppe commented. “Just a minimal correction for a...

According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will purchase 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury at a cost of $6,250 per rig. At a maximum cost of $6,250 per machine, Cipher’s Bitcoin mining hardware outlay could go between $175 million and $350 million, depending on whether the company elects to receive all 56,000 rigs as stated in the purchase agreement. The total inventory order will be delivered in seven batches on a monthly basis beginning in the summer of 2022 until December 2022. As part of the SEC filing, Cipher Mining will pay an advanced fee of $10 million within three business days of executing the agreement to kickstart the massive order. As previously reported by Cointele...