Crypto news
Will Bitcoin’s rally sustain? DXY, SPX, GC and WTI could have the answer
Federal Reserve Chairman Jerome Powell said in a question and answer session hosted by the Cato Institute on Sept. 8 that the central bank will continue to hike rates until inflation is under control. However, these comments did not rattle the markets as much as most would have anticipated, indicating that traders might have already factored in a 75 basis point rate hike in the Fed’s next meeting on Sept. 20–21. Bitcoin has been strongly correlated with the S&P 500 and inversely correlated with the United States dollar index (DXY) for the past several weeks. With the DXY cooling off after hitting a two-decade high, risky assets have been attempting a recovery. Crypto market data daily view. Source: Coin360 U.S. equities markets are attempting to snap a three-week losing streak while Bi...
CleanSpark acquires mining facility in Georgia for $33 million
Crypto mining firm CleanSpark announced an agreement on Friday to acquire Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million. The deal is anticipated to increase CleanSpark’s hash rate by 1.4 exahashes per second (EH/s) in the next few months, and to 7.0 EH/s by the end of next year. As part of the agreement, 6,468 last-generation mining ASICs will be purchased for $9.5 million, or $17 per terahash. “These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing,” the company explains. For the facility and miners, CleanSpark will pay up to $42.5 million, including up to $11 million in CleanSpark stocks and $4.5 million in earn-out commitments. The site in Georg...
SBF and the Mooch tie the knot as FTX Ventures takes 30% stake of SkyBridge Capital
FTX Ventures, an arm of Sam Bankman-Fried’s FTX crypto exchange, will acquire a 30% stake in alternative asset manager SkyBridge Capital, the firms announced Sept. 9. The terms of the deal were not disclosed, but SkyBridge will use $40 million of the proceeds to purchase cryptocurrencies to hold as a long-term investment, according to a statement. SkyBridge founder and managing partner Anthony Scaramucci said about the deal on Twitter, “There’s a small universe of outside investors SkyBridge would ever consider partnering with, and @SBF_FTX is one of them.” He added separately, “This won’t significantly impact our day-to-day business and doesn’t change our strategy. […] We will remain a diversified asset firm, while investing heavily in blockchain.” SkyBridge managed about $2.5...
3 Bitcoin price metrics suggest Sept. 9’s 10% pump marked the final cycle bottom
The correlation between Bitcoin (BTC) and stock markets has been unusually high since mid-March, meaning the two asset classes have presented near-identical directional movement. This data might explain why the 10% rally above $21,000 is being dismissed by most traders, especially considering S&P 500 futures gained 4% in two days. However, Bitcoin trading activity and the derivatives market strongly support the recent gains. Curiously, the current Bitcoin rally happened a day after the White House Office of Science and Technology Policy released a report investigating the energy usage associated with digital assets. The study recommended enforcing energy reliability and efficiency standards. It also suggested federal agencies provide technical assistance and initiate a collaborative pr...
Japanese gov’t issues NFTs to reward local authorities’ work
The Japanese government has become one of the first to issue nonfungible tokens (NFTs) as a form of supplementary rewards to recognize the work of local authorities who have excelled at using digital technology to solve local challenges. The awards were handed out by the cabinet secretariat, a government agency that is headed by the nation’s chief cabinet secretary Hirokazu Matsuno during the “Summer Digi Denkoshien 2022” ceremony. The event was also attended by the country’s prime minister Fumio Kishida, reported Coinpost. Seven mayors received recognition for their cities’ ideas centered on the digital economy. Among them was the mayor of Sakata, Yamagata Prefecture, whose administration suggested using electric vehicles for local deliveries. An NFT prize was also given to Ma...
Bitcoin on the streets: the trick to onboarding UK merchants into BTC
“Do you accept Bitcoin? Would you Like to?” These questions echoed around the streets of Reading, near London, United Kingdom, over a hard day’s graft for two British Bitcoin (BTC) advocates. James Dewar, founding partner of Bridge2Bitcoin, and MSW, a business developer for CoinCorner, took to the streets of Reading in a marathon mission of merchant adoption. In just six hours, they spoke to 63 shops, cafés and restaurants, hoping to persuade them to accept BTC. Armed with flyers, sales experience and oodles of enthusiasm for the world’s largest cryptocurrency, the Bitcoiners detailed the data and their experiences interacting with the general public. Of the 63 merchants they spoke to, around 50% were a straight rejection, and 10 of the 30 were “worth a follow-up,” Dewar told Cointel...
Huobi wins license in the British Virgin Islands, no timeline for the UK yet
Major cryptocurrency exchange Huobi continues to expand its global footprint by entering the British Virgin Islands, a British Overseas Territory. Huobi officially announced on Friday that it secured an investment business license from the Financial Services Commission (FSC) of the British Virgin Islands. The approval allows Huobi to operate a virtual asset exchange under the subsidiary Brtuomi Worldwide Limited (BWL). According to the announcement, BWL plans to offer a range of crypto trading services, including spot trading of cryptocurrencies like Bitcoin (BTC) and Ether (ETH) as well as derivatives trading. The company positions itself as the first digital asset trading platform operator in the British Virgin Islands licensed to run an institutional-grade crypto trading platform for bo...
From the valley to oasis: Swiss and Dubai crypto associations team up
Switzerland-based Crypto Valley Association will partner with Dubai’s Crypto Oasis to collaborate in the ongoing development of the blockchain industry in both countries. The Crypto Valley Association (CVA), based in the Swiss Canton of Zug’s self-proclaimed ‘crypto valley,’ will spearhead the partnership with its counterpart in Dubai to connect a growing group of blockchain communities in Switzerland and the Middle East. Both associations were founded by Ralf Glabischnig, who played a major role in Zug’s establishment as a center for blockchain and cryptocurrency organizations. The likes of the Ethereum Foundation were born in the area, as Cointelegraph Magazine previously explored. The new partnership between the Swiss and UAE-based associations is set to establish connection...
Delphi Labs shifts research focus to a new crypto ecosystem… and it’s not Ethereum
Crypto research firm Delphi Digital has shifted the focus of its research and development (R&D) protocol arm Delphi Labs to the Cosmos ecosystem. Delphi Labs is Delphi Digital’s protocol R&D arm, with a team of around 50 aimed at incubating “Web3 primitives.” The R&D arm had previously been focused on researching and developing protocols on Terra but was forced to look into other ecosystems following its collapse in May. Delphi Digital is an independent research and investment firm founded in 2018 that provides institutional-grade analysis of the digital asset market, which launched its Labs wing in 2021. In a lengthy report published on Sept. 8, Delphi Digital said its team analyzed a range of different blockchain ecosystems to determine which was...
Stack releases crypto trading app aimed at teens and parents
Crypto-curious teens may be able to try their hand at real crypto trading after the launch of education and trading app Stack — aimed at teaching under 18s how to trade and hodl crypto. The crypto trading app was launched by mobile software firm Stack on Sept. 8, with the aim of offering young crypto enthusiasts better educational alternatives to what they may find from crypto influencers on social media platforms such as Reddit and TikTok. The app will of course comes with parental controls, and the accounts on Stack are regulated under the Uniform Transfers to Minors Act which allows parents and legal guardians to maintain ownership of the account and assets until their teenager turns 18. In a Sept. 8 announcement, Stack CEO Will Rush highlighted that there is strong demand in...
‘Go to jail:’ Community roasts Celsius-themed Monopoly board game
The crypto community is having a field day mocking a new Celsius-themed Monopoly board game named “Celsiusopoly,” which has emerged on a United States-based online e-commerce marketplace. The announcement of the Celsius-themed board game came from the marketplace’s head of sales and partnerships Stephanie Martin, who said the planning and production of the Monopoly spin-off came on the back of “months and months” of hard work. After months and months of back and forth, redesign, negotiating, editing and importing files, etc. we finally have a finished product. #onwardandupward #Celsians pic.twitter.com/vHjN6xWZIJ — Stephanie Martin (@stephusastrong) September 7, 2022 According to the marketplace’s website, the Celsiusopoly board game is selling for $99.00, and some s...
Here’s why Terra Classic price has soared by 250% in September
Terra Classic (LUNC) has outperformed all top-ranking cryptocurrencies so far in September gaining nearly 100% in the past seven days alone. Terra Classic outperforms crypto market The token surged more than 250% month-to-date to reach $0.000594 on Sep. 8, its best level on record. Whereas Bitcoin (BTC), dropped 4%, and Ether (ETH) gained only 3.5% in the same period. The profits in the Terra Classic market appeared despite its association with the defunct Terra (LUNA) token, a $40 billion project that collapsed in May. Terra Classic is a rebranded version of the same Terra project and thus has been the subject of skepticism from analysts and investors since its debut. But traders have ignored such warnings in recent weeks, with a flurry of fundamental catalysts influencing them to purchas...
