crypto blog
Bitcoin ‘bear trap’ sees BTC price near $20K as daily gains top 9%
Bitcoin (BTC) delivered more surprises into Oct. 14 as the reaction to macro triggers saw a sudden run at $20,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Stocks, crypto smoke shorts Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to one-week highs, gaining almost $2,000 in hours. After the United States Consumer Price Index (CPI) print for September came in above expectations, an initial crypto rout put bulls on edge, but the pain was short lived. Bitcoin ultimately ran higher than its pre-CPI levels, following stocks which were described as delivering the “biggest bear trap of 2022.” “That’s gotta be the biggest bear trap I’ve seen so far,” popular Twitter trading account Stockrocker reacted. “Even I was starti...
Time to switch from LinkedIn to MetaMask? Not yet, but soon
The function of crypto wallets has changed significantly over the last few years. They initially secured token holdings or served as art galleries with nonfungible tokens (NFTs). Today, they’ve become like bank accounts for many, and soon, they will offer even more functionality by enabling digital curriculum vitae (CVs). In a May 2022 paper, Ethereum co-founder Vitalik Buterin and others introduced the concept of “Soulbound tokens” (SBTs). Buterin and his co-authors argued that credentials on a blockchain offer many advantages to establishing provenance and reputation. Nonfungible tokens will serve as essential building blocks Related: Facebook and Twitter will soon be obsolete thanks to blockchain technology SBTs are like PoAPs, but they are non-transferable and, therefore, bound to a wa...
Rep. McHenry gives progress report on stablecoin legislation, says it’s an ‘ugly baby’
Patrick McHenry, ranking member of the United States House of Representatives Financial Services Committee, thinks the “conversation has become unmoored” regarding financial technology and needs to return to solving real-world problems. He is currently in talks over legislation that may at least bring more clarity to stablecoins. Currently, there is no U.S. federal definition of digital assets or stablecoins, McHenry said, calling the situation “retrograde.” McHenry, House Financial Services Committee Chair Maxine Waters and the Treasury Department have been in negotiations for months on legislation to regulate stablecoins “in an election year, in a divided Washington.” He spoke positively about the bipartisan nature of the legislation taking shape and tradeoffs that have been made between...
Crypto users renew calls for Satoshi Nakamoto to win Nobel Memorial Prize for economics
Bitcoin (BTC) enthusiasts on social media platforms have reiterated their annual petition to have the Nobel Memorial Prize in Economic Sciences awarded to Satoshi Nakamoto. On Oct. 10, the Royal Swedish Academy of Sciences announced three recipients of the economic prize — former Federal Reserve Chair Ben Bernanke, and U.S. economists Douglas Diamond and Philip Dybvig — for “research on banks and financial crises.” Many crypto enthusiasts have argued for years that Nakamoto, the pseudonymous creator of Bitcoin, was the most deserving candidate for the economic award, first instituted in 1968, “according to the same principles as for the Nobel Prizes that have been awarded since 1901,” according to a description from the institution. “In 2008: Bernanke printed money to bail out banks w...
NFTs will be ‘as disruptive’ as Bitcoin was 10 years ago — Kraken exec
Non-fungible token (NFT) trading volumes may have dropped nearly 98% since January, but several industry executives tell Cointelegraph it’s nothing to fear as the technology continues to develop and mature. Jonathon Miller, managing director of cryptocurrency exchange Kraken in Australia said “despite NFT market activity and sales volume having slowed down in September, we are still seeing positive adoption signals at an institutional level and continued growth in use cases.” He told Cointelegraph that the company remains “bullish on the NFT space” and believes it will be “just as disruptive and innovative as Bitcoin was 10 years ago,” and said he was particularly intrigued by JPMorgan signing “a lease using the technology” as well as hearing the news that “the Vatican ha...
The Girles Token Project Successfully Raised Over $1.2 Million In Presale
Hrodna, Belarus, 14th October, 2022, Chainwire The thunderous presale of the NFT GameFi token raised more than $1.2 million and continues to delight investors. Girles Token is a decentralized NFT GameFi token created on the Ethereum platform, which is available for presale right now for every investor. Early-stage investors have more attractive terms of up to 200% than later-stage inventors. Girles Token is the main product of Girles Metaverse, which consists of NFT Metaverse, P2E Alliance, and Staking Contracts. The vision and mission of Girles Project The Girles Metaverse team is actively developing a P2E server in Minecraft, completing quests on which investors can earn real money on a play-to-earn basis. The team believes this innovation will significantly increase the crypto com...
EU commissioner McGuiness says privacy, AML may look different from US under MiCA
Fintech needs to communicate better, according to a top European Commission (EC) financial official. People ask what the need for financial technology is, and the industry has answers, but “we need to talk about this outside ourselves,” Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness said on Oct. 13. Appearing at DC Fintech Week, McGuinness shared observations about emerging financial technology from a European perspective and compared the situations in Europe and the United States. Mairead McGuinness, EU Commissioner is live with us at #DCFintechWeek @GtownLawIIEL https://t.co/wNp0QsRDJW pic.twitter.com/KAq0ZXDpio — The IFM (@The_IFM) October 12, 2022 The EC is watching securities regulation in the United States very closely,...
Bitcoin traders were ready for a hot CPI report, but BTC bears are still in control
Cryptocurrency traders were caught by surprise after the Oct. 13 Consumer Price Index Report showed inflation in the United States rising by 0.6% in September versus the previous month. The slightly higher-than-expected number caused Bitcoin (BTC) to face a 4.4% price correction from $19,000 to $18,175 in less than three hours. The abrupt movement caused $55 million in Bitcoin futures liquidations at derivatives exchanges, the largest amount in three weeks. The $18,200 level was the lowest since Sept. 21 and marks an 8.3% weekly correction. Bitcoin/USD 1-hour price. Source: TradingView It is worth highlighting that the dip under $18,600 on Sept. 21 lasted less than 5 hours. Bears were likely disappointed as a 6.3% rally took place on Sept. 22, causing Bitcoin to test the $19,500 resi...
Tether reduces commercial paper exposure to zero, replaces investments with T-Bills
Stablecoin issuer Tether Holdings Limited has unwound its exposure to commercial paper, addressing a long-standing item of contention among detractors who’ve criticized the quality of its reserves. In addition to removing commercial paper from its reserves, Tether announced on Oct. 13 that it had replaced those investments with United States Treasury Bills. “Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market,” the company said. From roughly $30 billion down to zero, Tether has replaced its commercial paper holdings with more secure U.S. T-Bills. Source: Tether. While Tether has long been subjected to public scrutiny about its reserves detractors have focused on the composition of its assets for t...
US lawmaker says crypto regulation from SEC is ‘needed now’
John Hickenlooper, a United States Senator representing Colorado, has penned a letter to Gary Gensler urging the Securities and Exchange Commission chair to establish “clear rules” for the crypto market. In an Oct. 13 letter, Hickenlooper called on the SEC to take action on regulatory issues including identifying the cryptocurrencies that will be considered sasecurities, establishing registration guidelines for trading platforms, and “determining what disclosures are necessary for investors to be properly informed.” According to the senator, the lack of a coordinated regulatory framework from the government has led to uneven enforcement, while the SEC is the agency “well positioned to offer regulatory guidance.” “Given the complexity of these issues, and recognizing that some digital asset...
Primex Finance Launches Its Beta Version, Letting Users Experience Its Cross-DEX Trading Features
Kyiv, Ukraine, 13th October, 2022, Chainwire Primex Finance, the first-ever cross-chain prime brokerage protocol, launches the Primex Beta on the Ethereum Goerli testnet. The Beta version allows users to experiment with the protocol’s cross-DEX spot margin trading. With the Beta launch, Primex also introduces the new Referral Program for early users, offering benefits to early registrants and referral-based rewards. DeFi holds the potential to financially empower investors and traders in ways that were previously unimaginable in the traditional financial world. Despite that, most of the existing DEXs with margin trading features still use centralized trade execution mechanisms and feature a limited number of assets available for margin trading as derivatives. Primex decentralizes the trade...
Attack of the zkEVMs! Crypto’s 10x moment
Crypto is currently languishing like the internet did in 1996 with slow speeds and few practical use cases, says Steve Newcomb, chief product officer of Matter Labs. But a major increase in bandwidth and security soon after saw the internet become a crucial part of daily life across the globe — and we’re right on the cusp of that happening for crypto in the next few months. “Nobody trusted their credit card on it and everybody thought it was a fad and there weren’t any use cases for it,” Newcomb explains. “And then we had 10x moments in bandwidth and then SSL came, and HTPS where you got that lock — that was a 10x moment in trust. Suddenly in 2005 ecommerce just went through the roof.” Crypto’s ‘10x’ moment could finally be here, with zkSync’s Ethereum Virtual Machine compatible main...
