crypto blog
5 reasons why Bitcoin could be a better long-term investment than gold
The emergence of forty-year high inflation readings and the increasingly dire-looking global economy has prompted many financial analysts to recommend investing in gold to protect against volatility and a possible decline in the value of the United States dollar. For years, crypto traders have referred to Bitcoin (BTC) as “digital gold,” but is it actually a better investment than gold? Let’s take a look at some of the conventional arguments investors cite when praising gold as an investment and why Bitcoin might be an even better long-term option. Value retention One of the most common reasons to buy both gold and Bitcoin is that they have a history of holding their value through times of economic uncertainty. This fact has been well documented, and there’s no denying that gold has ...
New York AG warns against crypto investments amid state push to ban mining
As New York pursues efforts to ban proof-of-work (PoW) crypto mining, the attorney general reminded investors of the risks associated with investing in crypto. In an investor alert published Thursday, New York Attorney General Letitia James said that investors are “losing billions” in crypto. James highlighted that even digital assets that are well-known and traded in reputable exchanges can crash. Because of this, the attorney general is convinced that crypto investments create “more pain than gain” for investors. Apart from this, James urged New Yorkers to take extra caution when putting their money into crypto. Because of its volatility, the attorney general said that these investments may become a source of anxiety instead of a fortune. The cryptocurrency market is extremely unpr...
Terra 2.0: A crypto project built on the ruins of $40 billion in investors’ money
Terra remained the focus of the majority of headlines throughout May for its spiral collapse leading to a loss of over $40 billion in investors’ money. Despite some early resistance from the community and heavy backlash from the likes of Binance CEO Changpeng “CZ” Zhao, Terra co-founder Do Kwon managed to relaunch the collapsed network with a new chain called Terra 2.0 (Phoenix-1). The amended proposal for the relaunch of the network by increasing the genesis liquidity, which introduces a new liquidity profile for pre-attack Luna Classic (LUNC) holders and decreases the distribution to post-attack TerraUSD Classic (USTC) holders, was approved by the community with a 65% vote in favor. The new blockchain went live on May 28 after a hard fork. The new token stays Terra (LUNA) and the old one...
Over 200K BTC now stored in Bitcoin ETFs and other institutional products
Bitcoin (BTC) investment vehicles are seeing “gargantuan” inflows this month, which is a fresh sign that traders’ appetite for BTC exposure is mounting. Data from monitoring firm Arcane Research published this week shows that Bitcoin exchange-traded products (ETPs) now have record high BTC under management. “Happier days” for Bitcoin ETPs as buyers pile in Despite BTC price action failing to draw in buyers at over 50% below all-time highs, not everyone is feeling risk-off. According to Arcane’s data, Bitcoin ETPs have seen a flurry of interest from institutional investors both this month and last. In total, Bitcoin ETPs, which include products such as the ProShares Bitcoin Strategy exchange-traded fund (ETF), now have 205,000 BTC under their control — a new record. “While the M...
Chainlink launches price feeds on Solana to provide data to DeFi developers
Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps). In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available. Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” h...
Top 3 must-have tokens in June
Waves (WAVES), IOTA (MIOTA), and Stellar (XLM) are some of the best tokens to get in June. Waves increased by 5%, IOTA by 4%, and Stellar by 3% in the last 24 hours. Waves also increased by 121%, IOTA by 13%, and XLM by 18% in the last seven days. When it comes to getting into the sphere of cryptocurrency investments within June of 2022, things can get quite tricky due to the fact that there are over 19,700 cryptocurrencies available to pick from. As such, many newcomer investors will typically have a hard time deciding on which tokens to get. As such, we have created a list of the three must-have tokens in anyone’s portfolio. Waves (WAVES), IOTA (MIOTA), and Stellar (XLM) have showcased bullish outlooks recently and are the best token options to get in June of 2022. On May 27, Waves...
‘Pig slaughtering’ crypto scams reap millions on Silicon Valley dating apps
Lonely hearts in Silicon Valley are reportedly falling prey to a wave of “pig slaughtering” crypto scams via dating applications. An investigator for cybersecurity company Sift found that one in 20 people who approached her on dating apps in San Francisco was working the scam. Pig slaughtering, or butchering, is a type of scam in which an individual/group puts in weeks or months of work to build a fake relationship with the victim, metaphorically fattening them up. The end goal is to get the victim to invest in crypto via either a duplicated version of a legitimate website or by transferring funds to a dodgy wallet address. The scammers often shift the conversations over from dating apps or social media to encrypted messaging services such as WhatsApp and put in countless hours of daily co...
Kenyan energy company entices Bitcoin miners with geothermal power
Kenyan energy company KenGen has put out a call to Bitcoin miners to move nearby and buy its excess renewable power capacity. KenGen claims 86% of its energy is generated from renewable sources, mostly geothermal from pockets of ground source heat in the Great Rift Valley. Local news outlet The Standard reported that KenGen has space at its new industrial park in Olkaria, near its flagship geothermal power station, which could be rented to Bitcoin (BTC) miners. The Acting Director of geothermal development at KenGen Peketsa Mwangi said that his company was willing and eager to have the miners call Kenya home. “We’ll have them here because we have the space and the power is near, which helps with stability.” Despite his enthusiasm, there have not yet been any reports of miners looking to go...
Crypto.com gets nod in Dubai and FTX launches in Japan
Two out of the top 10 largest cryptocurrency exchanges by volume will expand into new markets, with Crypto.com obtaining a provisional crypto license in Dubai and FTX launching in Japan. Crypto.com announced on June 2 that the Dubai Virtual Assets Regulatory Authority (VARA) provided the exchange with provisional approval of its Virtual Asset License giving the company the go-ahead based on initial compliance checks. The exchange said that VARA will carry out further due diligence and other mandated requirements before its full operating license is issued which it expects to happen in the “near term” Crypto.com said in March it would create a regional office in the United Arab Emirates (UAE) largest city after it enacted new laws for crypto and created VARA with the goal of making Dubai a ...
Vitalik shows support for Optimism’s governance structure and OP gas proposal
Ethereum co-founder Vitalik Buterin has shown support for Optimism’s new governance structure, noting that proposals such as using the OP token for gas fees shows “explicit representation of non-token-holder interests.” The Ethereum layer-2 scaling solution deployed the first round of its long-awaited OP token airdrop on June 1 as part of its new governance project the “Optimism Collective.” Optimism’s new governance structure involves two parties dubbed the “Token House” and “Citizens’ House.” The former is composed of OP governance token holders and the latter consists of “soul-bound” non-transferrable citizenship NFT owners. While it is unclear if Buterin is fully on board with a proposal from June 2 to utilize the OP governance token for gas fees, or just happy that such a discussion w...
Ethereum’s Merge FOMO isn’t priced in, making a spike to $2.6K a possibility
In a May 30 tweet, Ethereum (ETH) core developer Tim Beiko confirmed that the much-anticipated Ropsten testnet trial of the Merge from proof-of-work to proof-of-stake can be expected “around June 8 or so.” Interestingly, Ether’s price action is relatively unchanged despite the unexpected bullish announcement. There was a +10% spike on May 30, but those gains were given back between May 31 and June 2. It is very likely that the Merge — currently anticipated in August — has yet to be priced in, giving traders and investors a possible early entrant advantage. It’s essential to monitor on-chain data From an investing and trading viewpoint, cryptocurrency markets have a distinct disadvantage in comparison with regulated markets and transparency. The stock market is chock full of legally r...
401(k) provider ForUsAll sues US Labor Dept over anti-crypto compliance release
ForUsAll, a 401(k) retirement provider, filed suit against the United States Department of Labor (DOL) and Martin Walsh as Labor secretary in U.S. District Court in Washington, D.C. on Thursday. The company is seeking the withdrawal of a DOL compliance assistance release issued in March, citing the Administrative Procedure Act, which safeguards against arbitrary official encroachment on private rights. The DOL release warned that the department’s Employee Benefits Security Administration is expected to “conduct an investigative program” aimed at 401(k) plans that contain cryptocurrency. ForUsAll CEO Jeff Schulte told Cointelegraph: “The government is suddenly trying to restrict the type of investments Americans can choose to make because they’ve decided today that they don’t like a certain...
