Crypto news
Why September is shaping up to be a potentially ugly month for Bitcoin price
Bitcoin (BTC) bulls should not get excited about the recovery from the June lows of $17,500 just yet as BTC heads into its riskiest month in the coming days. The psychology behind the “September effect” Historic data shows September being Bitcoin’s worst month between 2013 and 2021, except in 2015 and 2016. At the same time, the average Bitcoin price decline in the month is a modest -6%. Bitcoin monthly returns. Source: CoinGlass Interestingly, Bitcoin’s poor track record across the previous September months coincides with similar downturns in the stock market. For instance, the average decline of the U.S. benchmark S&P 500 in September is 0.7% in the last 25 years. S&P 500 performance in August and September since 1998. Source: Bloomberg Traditional chart a...
‘Anything is possible’ — John McAfee’s former wife responds to faked death claims
The former wife of crypto evangelist and computer programmer John McAfee has responded to a claim made by his ex-girlfriend that he faked his death and was currently in hiding. John McAfee died in a Spanish prison cell in June 2021 while awaiting extradition to the United States on charges of failing to submit tax returns from 2014 to 2018 and not reporting income related to pushing crypto projects and consulting work. He was 75 years old when he passed, and many in and out of the crypto space quickly developed conspiracy theories around his detainment and death. In a Netflix documentary on McAfee’s life and death released on Wednesday titled Running with the Devil: The Wild World of John McAfee, ex-girlfriend named Samantha Herrera claimed to have received a phone call from the computer p...
Millions of dollars in ETH lie unclaimed in presale wallets — but there’s a way to get them back
Out in the cryptosphere, there’s a vast amount of wealth that’s seemingly out of reach. A long-running statistic suggests four million Bitcoin — almost 20% of the total supply — has been lost forever. Much of it was mined when the network was just beginning, with early adopters tearing their hair out after losing their private keys. One Welshman has endured a nine-year battle as he attempts to receive a hard drive containing 7,500 BTC from landfill. But this isn’t the only treasure trove that’s worth exploring. For example, did you know that over 500 Ethereum presale wallets are yet to be recovered… and collectively, they have a value of several billion dollars? The presale for ETH — which is now the world’s second-largest cryptocurrency — took place bac...
Regulators have a weak case against FTX on deposit insurance
In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging. Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” He added, “Stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.” Although Harrison stewarded FTX to its best-ever year in 2021, increasing revenue by 1,000%, the firm now faces the unenviable prospect of running afoul of a powerful government agency. In an attempt to clarify the situation to his 761,000 Twitter followers, Brett said, “C...
Bear market uncertainty is the perfect time to build and learn, says Sato exec
The decisions made by companies during bear markets play a pivotal role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining firm Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next bull run. Speaking to Cointelegraph during the Surfin’ Bitcoin 2022 event in France about the impact of bear markets on business, Philip said now is the time for mining companies to build and learn. Sato is a digital assets mining company, publicly traded on the Toronto Stock Exchange (TSXV) since Sept. 2021 and mines both Bitcoin (BTC) and Ether (ETH). Philip further told Cointelegraph about the initial challenges of setting up in the industry despite entering the space during a bull marke...
Pro-blockchain narratives hinder Bitcoin adoption, says StackinSat founder
Over a decade-long evolution later, for self-justified personal reasons, a handful of the crypto community members chose to believe in siding against Bitcoin (BTC), resulting in a narrative that preached “blockchain is great, Bitcoin is bad.” Josselin Tonnellier, the founder of Bitcoin exchange StackinSat and organizer of the Surfin’ Bitcoin 2022, believes that this particular notion is one of the main barriers to broader BTC adoption in France. In an exclusive interview with Cointelegraph reporter Joseph Hall, Tonnellier discussed several important topics, including the adoption of Bitcoin and crypto in France, the origins and goals of the Surfin’ Bitcoin conference, and overcoming challenges during the bear market. The executive explained that one of th...
Mt. Gox rumors panic Bitcoin Twitter as BTC price returns below $20K
Bitcoin (BTC) failed to keep $20,000 support on Aug. 27 as fears over a sell-off by users of defunct exchange Mt. Gox added to price pressures. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Mt. Gox rumors dismissed as “typical crypto” Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it headed to new six-week lows, reaching $19,766 on Bitstamp. Thin weekend liquidity appeared to exacerbate already jittery markets, which reacted badly to unconfirmed rumors that Mt. Gox funds were due for release to creditors on Aug. 28. Claims varied widely at the time of writing, with some believing that a tranche of 137,000 BTC was set for release in one go. Others said that funds would be sent piecemeal, but that payouts would nonetheless begin this wee...
Crypto will become an inflation hedge — just not yet
In theory, Bitcoin (BTC) should serve as a hedge against inflation. It’s easy to access, its supply is predictable, and central banks cannot arbitrarily manipulate it. However, investors aren’t treating it that way. Instead, the cryptocurrency market is mirroring the stock market. Why is that? Let’s dive into what prevents cryptocurrencies from acting as a hedge against inflation, and what needs to happen to make them a hedge in the future. Crypto could be a hedge, but it comes with inconveniences Cryptocurrencies present a unique solution, given their lack of a central governing bank. You can’t lose trust in something that doesn’t exist. Its supply is finite, so it naturally appreciates in value. People using a blockchain with proof-of-stake protocols can access their funds at any time, w...
US stocks lose $1.25T in a day — more than entire crypto market cap
Bitcoin (BTC) and altcoins lost big on Aug. 26 after the United States Federal Reserve delivered hawkish remarks on economic policy. Across the board, risk assets took a major hit — U.S. equities shed around $1.25 trillion in a single session. Analyst: Powell retiring “soft landing” rhetoric As comments by Fed Chair, Jerome Powell, suggested that larger rate hikes were still firmly on the table despite recent data hinting that inflation was already slowing, investors rushed to cut risk. “Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said at the annual Jackson Hole economic symposium. The S&P 500 closed down 3.4% on the...
Bitcoin price briefly loses $20K on ‘bunch of nothing’ Powell speech
Bitcoin (BTC) analysts were keen to draw fresh price targets on Aug. 27 after the largest cryptocurrency briefly fell below $20,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Sub-$20,000 BTC price targets stay in place Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $19,945 on Bitstamp the night after hawkish comments from the United States Federal Reserve. Intraday losses for the pair neared 9% and United States equities cratered over the outlook for inflation policy, which looks to increasingly abandon the “soft landing” narrative. “Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Reducing inflation is likely to require a sustained...
Blockchain audits: The steps to ensure a network is secure
The last few years have seen blockchain platforms becoming the centerpiece of many tech conversations across the globe. This is because the technology not only lies at the heart of almost all cryptocurrencies in existence today but also supports a range of independent applications. In this regard, it should be noted that the use of blockchain has permeated into a host of novel sectors, including banking, finance, supply chain management, healthcare and gaming, among many others. As a result of this growing popularity, discussions pertaining to blockchain audits have increased considerably, and rightly so. While blockchains allow for decentralized peer-to-peer transactions between individuals and companies, they are not immune to issues of hacking and third-party infiltration. Just a ...
What is a seed phrase and why is it important?
A seed phrase might be confusing and probably you might be wondering how a seed phrase looks and maybe how it is created. The seed phrase is generated by a cryptocurrency wallet and the user has no way of customizing it. The words generated are derived from a list of 2048 words. So, how many words is a seed phrase? A seed phrase is made up of a long string consisting of a group of random words. The words on a seed phrase are simplified so that the user can remember them, unlike if the seed phrase consisted of long numbers or special characters. The recovery phrase consists of 12 to 24 words like energy, road or open. To avoid errors, these randomly generated words do not include pairs like “man” and “men” in the same seed phrase. Bitcoin im...
