Crypto
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Bitcoin price hits $20.8K as volatility ensues over Fed 75-point rate hike
Bitcoin (BTC) saw instant volatility on Nov. 2 as the United States Federal Reserve enacted a fourth consecutive 0.75% interest rate hike. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Fed hints more hikes to com Data from Cointelegraph Markets Pro and TradingView showed BTC/USD initially dropping to $20,200 before momentarily rebounding to $20,800. The Fed confirmed the 0.75% hike, which marks its most intensive hiking schedule in forty years, in a statement. “The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent,” it stated. “The Committee anticipates that ongoing increases in the target range wil...
CZ explains why it’s so important to be building during the bear market
During a live panel at the Web Summit in Lisbon, Changpeng Zhao (colloquially styled as CZ), CEO of cryptocurrency exchange Binance, shared his viewpoint on why it’s so important for crypto projects to continue their development in the bear market. As told by CZ: “It’s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn’t make much sense to me, but now it’s come down to very reasonable levels.” “Now it’s easy to hire people and grow,” he said, while also pointing to the declines in project valuations: “A year ago, every project with a test product or six-page whitepapers was worth $100 million. Currently, the valuation is ...
Steph Curry files trademark for the Curryverse: Nifty Newsletter, Oct. 26–Nov.1
In this week’s newsletter, read about how NBA superstar Stephen Curry filed a trademark application for his own metaverse, the Curryverse, where users play-to-earn nonfungible tokens (NFTs). Check out why TV streaming providers should start to incorporate NFTs into their programming. In other news, find out how an NFT vending machine made digital art more accessible at a London event. Last but not least, Nifty News highlighted NFT markets that are scrapping royalties and the launch of GameStop’s new NFT marketplace. Steph Curry files trademark for the Curryverse, where players earn NFTs National Basketball League (NBA) megastar Stephen Curry filed an application for a trademark on Oct. 26 to create his own version of the Metaverse. The “Curryverse” will cater to the NBA star’s large ...
Bitcoin mining firm Bitdeer could delay public offering to 2023
Bitdeer, a crypto mining firm spun off from China-based mining manufacturer Bitmain, may see its public offering on the Nasdaq delayed a year depending on a vote from shareholders of the Blue Safari Group Acquisition Corp. In a Nov. 2 Securities and Exchange Commission filing, Blue Safari said it will be holding a shareholding meeting before the end of 2022 to vote on whether to extend the deadline of its deal with Bitdeer. The mining firm announced in November 2021 that it had entered into a definitive merger agreement with Blue Safari in order to go public through a special purpose acquisition company in the United States. The SEC filing stated the shareholders could give the company the option to extend the deadline up to four times until December 2023, as well as move the meeting...
MetaMask rolls out NFT portfolio value tracker with new partnership
MetaMask users will now have the ability to track the value of their nonfungible token (NFT) portfolio through its latest product. The wallet provider announced a new feature on Nov. 2, which will bring updated pricing information for the over 5,000 NFT collections held by MetaMask users. The new utility comes as a result of a partnership with NFTBank, an NFT portfolio management tool and valuation engine. To create its predictions, NFTBank uses machine learning algorithms which update users with price estimates for individual NFTs within a collection. According to the announcement the algorithm takes into consideration parameters such as floor price, rarity, and bid/ask distribution when calculating a price value. The tool allegedly offers around 90+% accuracy price predictions. Daniel Ki...
Bitcoin price bottom takes shape as ‘old coins’ hit a record 78% of supply
Bitcoin (BTC) and the rest of the crypto market have been in a bear market for almost a year. The top cryptocurrency has seen its market valuation plummet by more than $900 billion in the said period, with macro fundamentals suggesting more pain ahead. Another bear cycle produces more BTC hodlers But the duration of Bitcoin’s bear market has coincided with a substantial rise in the percentage of BTC’s total supply held by investors for at least six months to one year. Notably, the percentage of coins held for at least a year has risen from nearly 54% on Oct. 28, 2021, to a record high of 66% on Oct. 28, 2022, data shows. Bitcoin hodl waves. Source: Glassnode This evidence suggests that long-term investors are increasingly looking at Bitcoin as a store of value, asserts Charles Edward...
Web Summit Lisbon, Nov. 2: Latest updates from Cointelegraph ground team
Disclaimer: This article is updated all day long. All time codes are in the UTC time zone, and updates are in reverse order (the latest update is placed at the top). Web Summit, one of the premier world tech conferences, is back live in Lisbon. The event brings together the founders and CEOs of technology companies, fast-growing startups, policymakers, and heads of state to discuss the future of the tech industry. In 2022, Web3 is one of the biggest topics of tech discussion, and Web Summit 2022 is no different. Cointelegraph has set up a team for the event to present the latest updates in a real-time fashion. The opening event of Web Summit saw the Mayor of Lisbon, the minister of the economy of Portugal and Binance CEO Changpang Zhao as keynote speakers. Carlos Moedas, mayor of Lisbon, s...
‘DeFi will replace institutions entirely,’ says BitGo CEO Mike Belshe
The global decentralized finance (DeFi) market size was valued at $11.78 billion in 2021. This number is expected to increase as DeFi advances, yet it is still in its infancy. Therefore, a number of banks and traditional financial institutions still tend to be unaware of DeFi’s potential. While this may be, industry experts within the crypto sector are predicting that decentralized finance will overtake traditional financial institutions in the coming years. For instance, Mike Belshe, CEO and co-founder of BitGo — a digital asset custody provider — told Cointelegraph that he believes DeFi will replace institutions in the next three to four years. Belshe elaborated on this point during an exclusive interview conducted at Activate, which was BitGo’s developer conference that took place...
Riddle&Code ignites the fourth industrial revolution by easily onboarding any machine onto Web3
Vienna, Austria, 2nd November, 2022, Chainwire Riddle&Code, one of Austria’s fastest-growing startups, has established a new path of digitalization for industrial companies with its evolved purpose – onboarding industries to Web3. For many industrial companies it is challenging to transition into the new standards and find their way in the Web3 universe, often delaying entry into new potential business models. With this new technology from Riddle&Code, it is possible to tokenize industrial machines, create new crowdfunding opportunities, and provide trusted data. To meet this ambitious purpose, the company has now launched programs to help enterprises and trailblazing developers alike capitalize on their own innovation. Called HW-03 Enterprise and HW-03 Community, the two programs ...
BTC miner CleanSpark scoops up thousands of miners amid ‘distressed markets’
Sustainability-focused Bitcoin (BTC) mining company CleanSpark has snapped up another 3,843 cryptocurrency miners amid a backdrop of mining industry consolidation. The $5.9 million purchase of the Antminer S19J Pro Bitcoin miners announced by the company on Nov. 1 came at a price of $15.50 per terahash — far cheaper than the current market price of $22.94 for a machine with the same efficiency according to data from Hashrate Index. The purchase has brought its total number of machines to around 50,000 according to the company. CleanSpark said it’s purchased 26,500 miners since the start of the “bear market conditions” — a time when many mining firms have been forced to sell off mining equipment or even consider filing for bankruptcy. There is a possibility that the miners...
Singapore bank DBS uses DeFi to trade FX and state securities
DBS Bank, a major financial services group in Asia, is applying decentralized finance (DeFi) for a project backed by Singapore’s central bank. DBS has started a trading test of foreign exchange (FX) and government securities using permissioned, or private, DeFi liquidity pools, the firm announced on Nov. 2. The development is part of Project Guardian, a collaborative cross-industry effort pioneered by the Monetary Authority of Singapore (MAS). Conducted on a public blockchain, the trade included the purchase and sale of tokenized Singapore government securities (SGS), the Singapore dollar (SGD), Japanese government bonds and the Japanese yen (JPY). The project has shown that trading on a private DeFi protocol enables simultaneous operations of instant trading, settlement, clearing and cust...
MicroStrategy CEO reiterates ‘long term’ Bitcoin play in Q3 earnings
The third quarter earnings for business intelligence firm MicroStrategy revealed a narrowed net loss of $27.1 million for the quarter, while it continues to grow its Bitcoin (BTC) portfolio despite poor crypto market conditions. The world’s largest publicly traded corporate Bitcoin owner confirmed it still owns 130,000 BTC at the end of Q3 2022. That amount represents 0.62% of all Bitcoin that will ever be owned, which it says was acquired for a total cost of around $4 billion, or $30,639 per BTC. The company reported on Nov. 1 impairment charges for the quarter of $727,000, far less than the $917.8 million it recorded in the second quarter of 2022 or the $65 million for the same period last year, thanks to stable Bitcoin prices throughout the last quarter. An impairment ch...
