Crypto
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Record hash rates may see Big Oil become a major BTC mining player
Surging Bitcoin (BTC) network hash rates are causing problems for mining companies but might be rolling out the red carpet for energy giants. The Bitcoin hash rate, the amount of computing power given to the blockchain through mining, has reached another record peak. According to Blockchain.com, the metric hit an all-time high of 267 exahashes per second (EH/s) on Nov. 1 after increasing almost 60% since the beginning of the year. Commenting on the new peak, Capriole Fund founder Charles Edwards speculated that highly efficient government and oil company enterprises were entering the mining game at scale. New Bitcoin hash rate world record! 9% higher than the prior all time high set just a few days ago. I have no doubt that we have serious, highly efficient government & oil company ent...
3 major mistakes to avoid when trading crypto futures and options
Novice traders are usually drawn to futures and options markets due to the promise of high returns. These traders watch influencers post incredible gains, and at the same time, the multiple advertisements from derivatives exchanges that offer 100x leverage are at times irresistible for most. Although traders can effectively increase gains with recurring derivatives contracts, a few mistakes can quickly turn the dream of outsized gains into nightmares and an empty account. Even experienced investors in traditional markets fall victim to issues particular t cryptocurrency markets. Cryptocurrency derivatives function similarly to traditional markets because buyers and sellers enter into contracts dependent on an underlying asset. The contract cannot be transferred across different excha...
38% of US voters will consider candidates’ position on crypto in midterms: Survey
Roughly a third of eligible voters in the United States will be “considering crypto policy positions” when choosing candidates in the 2022 midterm elections, according to a new survey. In the results of a 2,029-person survey conducted by The Harris Poll between Oct. 6 and 11, 57% of likely midterm voters say they would be more likely to vote for a political candidate interested in staying informed about cryptocurrencies, while 38% said they would consider positions on crypto policy when voting in the midterms. The survey, initiated by Grayscale Investments, also suggests that crypto regulation is a bipartisan issue, with 87% of Democratic and 76% of Republican respondents saying they want clarity from the U.S. government. “Voters and lawmakers alike have been hearing about crypto, and...
Core Scientific may consider bankruptcy following uncertain financial condition: Report
Bitcoin mining firm Core Scientific is reportedly considering a potential bankruptcy amid a group of its convertible bondholders consulting restructuring lawyers. According to a Nov. 1 report from Bloomberg Law, the Core Scientific bondholders worked with legal firm Paul Hastings following a United States Securities and Exchange Commission filing suggesting financial distress. The Oct. 26 filing indicated that the mining company was unable to meet its financial obligations in late October and early November, citing the low price of Bitcoin (BTC), rising costs of electricity, an increase in the global BTC hash rate and legal issues with crypto lending firm Celsius. Core Scientific claimed in an Oct. 19 court filing that Celsius owed the firm more than $2.1 million for post-petition charges,...
Crypto regulation is 1 of 8 planned priorities under India’s G20 presidency, says finance minister
India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20. Speaking at the Indian Council for Research on International Economic Relations on Nov. 1, Sitharaman said the people of India have taken to digital technology “as fish to water.” The finance minister added that crypto asset regulation would likely be one of India’s priorities in its leadership of the G20, but needed the support of other members. According to Sitharaman, India needed to work with organizations including the International Monetary Fund, Financial Stability Board, and Organization for Economic Co-operation and Development to ensure crypto “can be regulated with all countries...
Kinesis Money Launches Virtual Crypto Card
London, United Kingdom, 1st November, 2022, Chainwire Kinesis Money, the digital asset utility platform, launched the Kinesis Virtual Card, enabling the global community to spend their crypto holdings in real-time, with instant fiat conversion, anywhere in the world. Powered by BAANX, the Kinesis Virtual Card introduces cryptocurrency as a monetary alternative to over 1 billion people in 61 countries across Latin America, Europe, the UK, Canada, and Oceania. Operated through the Mastercard payment network, the Kinesis card allows crypto holders to instantly sell their digital assets and use the proceeds to transact at 80 million locations globally. With inflation soaring worldwide, people are seeking alternatives to devaluing fiat currency. Accessible via mobile in minutes, the...
Crypto adoption via regulation: Setting rules for centralized exchanges
Centralized cryptocurrency exchanges have become the backbone of the nascent crypto ecosystem, making way for retail and institutional traders to trade cryptocurrencies despite a constant fear of government crackdowns and lack of support from policymakers. These crypto exchanges over the years have managed to put self-regulatory checks and implemented policies in line with the local financial regulations to grow despite the looming uncertainty. Cryptocurrency regulation continues to occupy mainstream debates and experts’ opinions, but despite public demand and requests from stakeholders of the nascent ecosystem, policymakers continue to overlook the rapidly growing sector that reached a market capitalization of $3 trillion at the peak of the bull run in 2021. Over the past five years...
Can internet outages really disrupt crypto networks?
In the wee hours of Oct. 18, several parts of Europe, America and Asia were left without any internet due to several undersea internet cables being “cut,” causing a chain reaction of connectivity problems across the globe. France, Italy and Spain, in particular, were faced with significant outages, with many experts claiming that vandals were to be blamed for the same. According to Jay Chaudhary, CEO of Zscaler — an American cloud security company — there is no doubt that nefarious third-party agents were to be blamed for the cut cables that resulted in packet data losses as well as latency for various websites and applications, adding that despite their best efforts authorities have been unable to pin down the individuals responsible for the attacks. Furthermore, it bears mentioning that ...
Bitcoin resistance mounts pre-FOMC as Dogecoin sets 17-month BTC high
Bitcoin (BTC) stayed motionless at the Nov. 1 Wall Street open as traders rooted for clues over a possible direction. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Hopes of a breakout remain despite BTC sell wall Data from Cointelegraph Markets Pro and TradingView showed a narrow range in place for BTC/USD overnight, the day seeing local highs of $20,681 on Bitstamp. Markets were keenly awaiting news from the United States Federal Reserve on interest rates, which is scheduled for 2:00 pm Eastern Time on Nov. 2. Until then, it i a case of “wait and see,” while on-chain monitoring resource Material Indicators noted sell-orders already increasing. “The binance order book is starting to look like a game of Tetris,” it summarized. A chart showed resistance being added just below $...
Andy Warhol would have loved (or possibly hated) NFTs
If Andy Warhol — the most famous artist of the 20th century — were alive today, he would make NFTs. The reasoning is simple: because for Warhol, business was art. So, I decided to do some digging and speak to Warhol experts to see if there is a case. But Warhol was an artist who defies easy definitions, and not everyone was keen to explore the highly speculative nature of the hypothesis. Professor Golan Levin, professor of electronic art at Carnegie Mellon University, said he couldn’t help and instead suggested that I “ask a Warhol biographer or a psychic medium.” Fair enough. So, I messaged Warhol’s renowned biographer, Blake Gopnik, author of Warhol. And then I found a Warhol psychic. Gopnik is an art critic and a regular contributor to The New York Times. He’s the author of Warhol, a de...
Will Metacade (MCADE) Rise More Than PancakeSwap (CAKE) and Polkadot (DOT)?
During the bull market run of 2020 and 2021, several tokens came onto the market that quickly saw great success. This new influx of crypto projects, alongside bored investors stuck at home during the pandemic led to some dramatic gains, particularly with projects like PancakeSwap (CAKE) and Polkadot (DOT). If you missed out on being an early investor in PancakeSwap and Polkadot, don’t panic. You might still have a second chance with a new token from Metacade (MCADE). So let’s dive in and see why investors are talking about it. What is PancakeSwap (CAKE)? PancakeSwap is a decentralised exchange (commonly known as a dex) that uses the BNB Chain. Decentralised exchanges were created as an alternative to traditional centralised exchanges, which left their users’ accounts susceptible to hacking...
Scary stats: $3B stolen in 2022 as of ‘Hacktober,’ doubling 2021
The month of October has broken all records for crypto exploits and the amount of digital loot pilfered — living up to its new moniker of “Hacktober” — according to the latest figures. On Oct. 31, blockchain security firm PeckShield tweeted some scary statistics for the month, reporting a total of $2.98 billion in stolen digital assets as of Oct. 31, 2022, which is nearly double the $1.55 billion lost in all of 2021. “Hacktober” saw around 44 exploits affecting 53 protocols, it added. Malicious actors made off with a whopping $760 million in the month, however, $100 million had been returned. #PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M)As of Octobe...
