Business

Link Global Technologies, a Bitcoin (BTC) mining company listed on the Canadian Securities Exchange, is facing major potential penalties for operating unauthorized power plants in the province of Alberta. The Alberta Utilities Commission (AUC), the province’s power utility regulator, issued Sept. 24 another enforcement submission against Link Global, with enforcement staff recommending several penalties for violations of Alberta’s legislative requirements. According to a document shared with Cointelegraph, the AUC’s enforcement staff recommended that Link Global should pay an economic disgorgement of about 2 million Canadian dollars (CAD) ($1.6 million) for financial gains from the unlawful electricity generation. The regulator is seeking over 5 million CAD ($4 million) from Link Global’s ...

Bitcoin (BTC) hit $50,000 for the first time in a month on Oct. 5 as a triumphant return to form continued. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC’s price hits one-month high Data from Cointelegraph Markets Pro and TradingView showed BTC/USD adding another 5% Tuesday to briefly return to the psychologically significant price point. The latest success of Bitcoin’s “Uptober,” bears were swept aside as resistance levels tumbled. The largest cryptocurrency had benefited from macro uncertainty, compounded by a mass social media outage impacting Facebook, Instagram and others. For Cointelegraph contributor Michaël van de Poppe, a look at previous price behavior suggested upside was the more likely conclusion for current movements, with a dip likewise limited in scop...

Sky Mavis, the studio behind the popular Axie Infinity nonfungible token (NFT) game, has announced a fresh round of funding for the company. In a statement issued on Tuesday, Sky Mavis announced that it had closed a $152-million Series B funding round. According to the announcement, notable crypto and blockchain investors such as global exchange giant FTX, venture capital fund Andreessen Horowitz (a16z) participated in the investment round. Other investors in the $152-million funding round included Accel, Paradigm, Standard Crypto, as well as Fabric Ventures and Samsung Next among other notable backers. The Axie Infinity maker said it was going to use the funds to “create economic and financial freedom for gamers,” adding: “While we’ve scaled at an astonishing rate, adding institutional in...

In stock markets and the crypto sector, traders are always looking for a definite reason to explain an asset’s price action, which means it’s important to stress that correlation doesn’t imply causation.  While it may be easy to connect a regulatory statement or pending legislation to the outcome of an asset’s price, there’s not always hard proof that these were the exact drivers. Some indicators described below may have happened due to pure luck, even if the coincidence continues throughout history. For example, Bitcoin’s (BTC) pump to $48,200 on Oct. 1 could have been related to the Sept. 30 remarks by the U.S. Federal Reserve chairman Jerome Powell. When asked to clarify his comments on Central Bank Digital Currencies (CBDC), Powell affirmed that...

Twitter user Lauren Walker tweeted a message claiming she was “stealing” nonfungible tokens, only to have crypto-Twitter turn around and mint her words into a token listing for thousands of dollars. In an Oct. 2 post on Twitter, Walker mockingly said her current collection of nonfungible tokens, or NFTs, was valued at more than $8 trillion given that she claimed she has right-clicked on the images and saved them to her drive. The message ignores the verifiable scarcity underpinning tokenizing images and artwork, but Walker said she had “a real job” and dismissed criticism from the community. i have stolen over 4 terabytes of NFTs via the little known hacker technique known as “right click -> save as”. my collection has a net estimated value of over 8 trillion dollars — laure...

Emerging markets across Central and Southern Asia have registered a dramatic uptick in cryptocurrency transactions, highlighting a diverse range of motivations among locals for gaining exposure to digital assets such as Bitcoin (BTC) and Ether (ETH). New research from blockchain analytics firm Chainalysis finds that crypto transactions surged 706% in Central and Southern Asia and Oceania — a broad region that includes countries such as India, Pakistan and Vietnam — between July 2020 and June 2021. In dollar terms, the value of the transactions amounted to $572.5 billion, or 14% of the global transaction value. Institutional and large payments accounted for the highest percentage of transactions, offering further evidence of smart money adoption of cryptocurrency. This trend was most pronou...

Institutional investors are pivoting back to digital gold with Bitcoin (BTC) investment products posting a third consecutive week of inflows. According to CoinShares’ latest Digital Asset Fund Flows Weekly report, BTC investment products generated $68.7 million worth of inflows between Sept. 27 and Oct. 1, representing a 36% increase in exposure week-over-week. While products tracking BTC have now dominated inflows to digital asset products for two weeks in a row, the bullish turn comes fresh off a record streak of outflows that persisted for eight consecutive weeks until early September. Total inflows for digital investment products were $90 million for the week, marking the seventh consecutive week of inflows as institutional investors continue to increase exposure to digital assets. Ins...