crypto blog
14% of Salvadoran businesses have transacted in BTC: Chamber of Commerce
Businesses in El Salvador have been slow to adopt Bitcoin (BTC) ever since the country famously recognized the digital asset as legal tender in September 2021, according to a recent survey by the Salvadoran Chamber of Commerce. Of the 337 companies polled between Jan. 15 and Feb. 9, only 14% said they had transacted in BTC since the Bitcoin Law came into effect. Over 90% of the companies indicated that Bitcoin adoption in the country had little impact on their sales. Seventy-one percent of the companies polled were micro or small businesses, 13% classified as medium-sized enterprises and 16% were large companies. While the low adoption rate may appear underwhelming at the surface, El Salvador has been on the U.S. dollar standard since 2001. Unlike the currencies of other emerging eco...
NFT collections brought to life at SXSW: Doodles and FLUF World
Cointelegraph journalists at South by Southwest, or SXSW, in Austin, Texas reported that NFTs were everywhere this year, marking a new phenomenon for what began as a music festival in 1987. Since evolving into a film, tech and general culture gathering, and after a two-year hiatus, SXSW added blockchain programming to the mix with crypto-related panels, blockchain company sponsors and NFT community interactive experiences. Two NFT communities with the largest physical presences at SXSW were Doodles and FLUF World who ran immersive, multi-day and multi-sensory experiences. They built physical installations at which attendees would wait in long lines to enter and interact with these virtual communities in real life. Cointelegraph got to the bottom of how these digital co...
Prepare yourself for the global adoption of the metaverse with these top tokens: AXS, SAND, ENJ and RNDR
AXS, SAND, ENJ, and RNDR are all metaverse-based tokens. Each token will see an exponential level of growth as the metaverse reaches global adoption rates. By jumping on these tokens early, you will be able to see a high level of growth long-term. The metaverse is growing at an exponential rate, and today, we will be going over exactly why AXS, SAND, ENJ, and RDR are the best metaverse tokens you can get. Should you buy Axie Infinity (AXS)? On March 18, 2022, Axie Infinity (AXS) had a value of $49.64. The all-time high value of Axie Infinity (AXS) was on November 6, 2021, when the token decreased to $164.90. At its ATH, the token was $115.26 higher in value or by 232%. When we go over February, Axie Infinity (AXS) had its highest point on February 7 at $71.22. Its lowest point was on Febru...
Weekly Report: Russia’s largest bank can now issue digital assets, Optimism raises $150 million
Optimism aims to invest in hiring following the conclusion of a Series B funding round A FinCEN rep has said it is impossible to move large scale amounts of funds via crypto to avoid sanctions Meta could be legally charged for allowing misleading crypto ads on Facebook that falsely portrayed support by celebrity figures in Australia Sberbank has been licensed to issue and exchange virtual assets in Russia GameStop fans will by the end of July exchange NFTs for free on the retailer’s marketplace Ethereum L2 scaling solution Optimism raises $150M in a Series B funding round Optimism, an Ethereum layer two scaling solution, has completed a $150 million Series B funding round co-led by giant venture capital firms Paradigm Capital and Andreessen Horowitz (a16z) at a $1.65 billion valuatio...
The blockchain projects making renewable energy a reality
Much has been said about Bitcoin‘s carbon emissions. Far less has been said about the potential of blockchain to increase the efficiency of renewables by transparently managing supply and demand. Blockchain doesn‘t pose a threat to the planet — it’s going to play an essential role in helping to bring about a net-zero carbon emission economy. It is a few years in the future: You are sitting on your sofa, having a nice coffee after loading the washing machine. You’ve switched it on but, of course, the Internet of Things-enabled machine checks prices and will run when it hits a cheap electricity window. The Tesla outside in the drive is fully charged, you don‘t have any plans to go any further than the supermarket today, so the battery is available to sell its energy back to the grid and depo...
Central Bank of Russia tightens P2P transactions monitoring, including those in crypto
The Central Bank of Russia (CBR) recommended that the nation’s commercial banks ramp up monitoring users’ transactions that could be aimed at circumventing CBR’s “special economic measures to counter the outflow of foreign currency abroad,” local media reported on Thursday. The recommendation includes closer oversight over crypto trading, which is named among the vehicles for withdrawing capital from Russia. The letter, sent to the banking organizations by CBR’s vice chairman Yuri Isaev on Wednesday, directs them to pay closer attention to the instances of their clients’ “unusual behavior.” This includes “abnormal” transactional activity and uncommon patterns of expenditures. Any withdrawals of money via digital currencies should also attract increased attention, the letter spec...
Stranded no more? Bitcoin miners could help solve Big Oil’s gas problem
The energy usage and environmental impact of Bitcoin (BTC) mining have been frowned upon and been under the scanner by various international financial institutions. The International Monetary Fund (IMF) mentions how Bitcoin mining consumes “vast amounts of computing power and electricity.” Bitcoin mining is an energy-consuming process, as it is a proof-of-work (PoW) blockchain network that involves providing cryptographic proof to the network that a quantified amount of a specific computational effort has been used. The information used to verify this is stored in a block to be accepted into the network by other participants. Elon Musk, one of the richest men in the world and the co-founder and CEO of Tesla, in February 2021 announced that the car manufacturing company will accept Bi...
Price analysis 3/18: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Bitcoin (BTC) is facing a challenging environment in 2022 due to the surging inflation and geopolitical turmoil. Although gold has outperformed Bitcoin year-to-date, Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin could make a strong comeback. McGlone expects the current circumstances to “mark another milestone in Bitcoin’s maturation.” Another bullish sign for the long term is that the Bitcoin miners have been increasing their Bitcoin holdings since 2021. Compass Mining founder and CEO Whit Gibbs said to Cointelegraph that Bitcoin mining companies are “taking more of a bullish approach to Bitcoin.” Daily cryptocurrency market performance. Source: Coin360 Terraform Labs founder Do Kwon said that its stablecoin TerraUSD (UST) will be backed by mor...
Coinbase Wallet adds support for Solana
Top U.S. crypto exchange Coinbase has added wallet support for Solana (SOL) and its ecosystem of Solana tokens (SPL). Coinbase cited the surging interest in Solana over the past 12 months as investors look for low-cost alternatives to Ethereum as a key reason behind adding support to the network. The expanded wallet support comes just a few days after the firm launched Coinbase Pay, which enables users to fund their wallets directly via a web browser extension. In a March 18 blog post announcing the move, the firm also loosely outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with decentralized applications (dApps) and NFTs hosted on the network, which is famously championed by FTX CEO Sam Bankman-Fried. Users of Solana-based wallets such as Phantom and So...
Rare Bears Discord phishing attack nabs $800K in NFTs
Recently launched NFT project, Rare Bears, was hit with an attack, after a hacker posted a phishing link in the project’s Discord channel, stealing nearly $800,000 in NFTs. Analysis from blockchain security firm Peckshield detailed that the attacker was able to steal 179 NFTs, including Rare Bears and other NFTs from various collections, including CloneX, Azuki, a “mfer” from artist sartoshi, and 6 LAND tokens used for The Sandbox metaverse. According to on-chain analysis, most of the NFTs were sold, netting the hacker 286 ETH, worth over $795,500, most of which was promptly put through Tornado Cash, a crypto mixer used to obfuscate the source of funds. A slate of similar phishing scams have occurred in recent months on Discord, suggesting some teams need to more carefully consider t...
Australian competition regulator takes Meta to court over fake crypto ads
The Australian Competition and Consumer Commission (ACCC) is taking Meta Platforms, Inc. (formerly Facebook) to the Federal Court, alleging that the firm and its Irish branch engaged in “false, misleading or deceptive conduct” by publishing scam celebrity crypto ads. Some users have lost hundreds of thousands of dollars to the sophisticated and long running scams tied to the ad. The spotlight on Meta has heated up in Australia since the start of February, with Cointelegraph previously reporting that the ACCC was investigating the firm over allegedly fraudulent crypto ads. Aussie mining billionaire Andrew Forrest also took legal action against the company for hosting ads that allegedly used his name to defraud victims. In an announcement posted earlier today, the ACCC asserted that Meta “ai...
Miners that hodl the most Bitcoin are ‘relentlessly expanding’
Bitcoin (BTC) miners are holding more and more Bitcoin while “relentlessly expanding” their operations in 2022. A report by Arcane Research indicates that publicly listed Bitcoin miners are “constantly looking for expansion opportunities,” as they “plan to increase hashrate faster than the whole network in 2022.” Publicly listed Bitcoin miners projected hashrates. Source: Arcane Research 44.95% of the global hash rate derives from North American miners, according to the latest figures from the Cambridge Bitcoin electricity consumption index. With the massive projected increases in target hash rate among the publicly traded Bitcoin miners, it‘s “likely to increase.” Jaran Mellerud, an analyst for Arcane Research, told Cointelegraph that “most publicly listed miners pursue a hodl strat...
