Crypto news
Price analysis 2/2: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) rose above $39,000 on Feb. 1 but the sharp fall in the shares of PayPal may have resulted in aggressive selling by the short-term traders. However, in the long-term, large investors seem to be viewing the decline as a buying opportunity. On-chain monitoring resource Whalemap said that whales holding between 100 to 10,000 BTC have accumulated during the recent decline. Fidelity recently released a paper dubbed “Bitcoin First,” which highlights that Bitcoin is the most “secure, decentralized form of asset” and is unlikely to be overtaken by any of the altcoins “as a monetary good.” The report said that Bitcoin combines “the scarcity and durability of gold with the ease of use, storage and transportability of fiat.” Daily cryptocurrency market performance. Source: Coin360 I...
$5 wrench attacks appear to be on the rise in the crypto community
Normally, the only way to access one’s crypto funds is through their private key, which, thanks to advances in cryptography, would take nothing less than an advanced futuristic quantum computer to decipher. That said, mafias and gangs have managed to think outside the box. Instead of wasting their efforts on breaking the underlying cryptography, they’ve turned their attention to targeting crypto owners, themselves. A $5 wrench attack is when someone finds out you have a lot of crypto and physically attacks or threatens you for your private keys. On Wednesday, at least eight men, including a police officer, were arrested in the city of Pimpri-Chinchwad, India, for allegedly kidnapping a crypto trader and demanding ransom. The arrested officer, Constable Dilip Tukaram Khandare, r...
Diem stablecoin co-founder praises Bitcoin for censorship resistance
Shortly after Meta, formerly Facebook, officially gave up on its stablecoin Diem, some of the key people in the project have become increasingly vocal about the uncensorable nature of Bitcoin (BTC). David Marcus, a co-founder of Diem — originally known as Libra — took to Twitter on Tuesday to predict that Bitcoin will be the No. 1 asset in the next two decades. It’s become clear to me that #Bitcoin will be the one asset and L1 still around in 20+ years with increased compounding relevance over time. The #2 slot (for a different use case) is still tbd. #Ethereum is in the lead for now, but #Solana and others nipping at their heels. 1/2 — David Marcus – dmarcus.eth (@davidmarcus) February 1, 2022 “It’s become clear to me that Bitcoin will be the one asset and L1 still around in 20+ yea...
BTC price faces crucial trend battle as Bitcoin RSI confirms breakout
Bitcoin (BTC) may have stopped short of $40,000, but this week’s gains have helped spark a more significant breakout for underlying price strength. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView RSI breaks a two-month tradition Data from Cointelegraph Markets Pro and TradingView shows that sustained BTC price action above $37,000 this week has allowed the relative strength index (RSI) to diverge from a multi-month downtrend. After going from $36,700 to $39,280 in February, Bitcoin still lacks the momentum needed to challenge $40,000 resistance. That could soon change, however, as one trader shows that RSI has now exited its dive deep into “oversold” territory. RSI looks at how “oversold” or “overbought” an asset is at a given price point. As Cointelegraph reported, since ...
Hodlers beware! New malware targets MetaMask and 40 other crypto wallets
Security was never the strong suit of browser-based crypto wallets to store Bitcoin (BTC), Ether (ETH) and other cryptocurrencies. However, new malware makes the safety of online wallets even more complicated by directly targeting crypto wallets that work as browser extensions such as MetaMask, Binance Chain Wallet or Coinbase Wallet. Named Mars Stealer by its developers, the new malware is a powerful upgrade on the information-stealing Oski trojan of 2019, according to security researcher 3xp0rt. It targets more than 40 browser-based crypto wallets, along with popular two-factor authentication (2FA) extensions, with a grabber function that steals users’ private keys. MetaMask, Nifty Wallet, Coinbase Wallet, MEW CX, Ronin Wallet, Binance Chain Wallet and TronLink are listed as some of the ...
Crypto tax doesn’t legalize trading, says Indian tax department chief
The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India. The finance minister of India announced a 30% tax on crypto holdings during the budget session on Feb. 1, triggering several headlines on the lines of “India legalizes crypto” However, CBDT chief JB Mohapatra aimed to debunk these misconceptions. Mohaptra in a post-budget presser said that the new crypto tax would help the income tax department measure the depth of the digital currency market in the country. He also stressed that imposing a tax on the nascent crypto market doesn’t necessarily legalize its trade in the country. He explained: “The crypto trade or the digital assets transactions do not ipso facto b...
MicroStrategy reveals it completed another BTC purchase worth about $25 million
MicroStrategy’s appetite for Bitcoin remains high as ever as it has continued accumulating more of the cryptocurrency The company’s executives have previously remarked that the company doesn’t intend to stop buying or to sell The Virginia-based business intelligence firm on Tuesday revealed that it completed another bitcoin purchase worth 25 million across January. A filing with the US Securities and Exchange Commission showed that the NASDAQ-listed company acquired 660 bitcoins last month at an average price of $37,865 inclusive of additional expenses. The January purchase is however significantly smaller than previous purchases the company has made. For context, the company bought 7,002 bitcoins between October and the end of November. Prior to that, it had made it’s a smaller ...
Willy Woo: ‘Peak fear’ but on-chain metrics say it’s not a bear market
Bitcoin analyst and co-founder of software firm Hypersheet Willy Woo believes that on-chain metrics show that BTC is not in a bear market despite observing “peak fear” levels. Speaking on the What Bitcoin Did podcast hosted by Peter McCormack on Jan. 30, Woo cited key metrics such as a strong number of long term holders (wallets holding for five months or longer) and growing rates of accumulation suggest that the market has not flipped the switch to bear territory: “Structurally on-chain, it’s not a bear market setup. Even though I would say we’re at peak fear. No doubt about it, people are really scared, which is typically […] an opportunity to buy.” I guess BTC is in demand lately pic.twitter.com/5h1IeMT2lK — Willy Woo (@woonomic) January 29, 2022 In the short term, Woo noted that ...
El Salvador relaunches Chivo wallet, plans to deploy 1,500 Bitcoin ATMs
El Salvador, the first country to adopt Bitcoin (BTC) as a legal tender, has relaunched its in-house Chivo wallet to address the existing challenges of BTC transfers locally. With AlphaPoint integration, the updated Chivo wallet is expected to carry out instantaneous low-fee Bitcoin transactions while fixing concerns related to stability and scalability. Within the first month of establishing BTC as a legal tender, President Nayib Bukele announced that Chivo wallet onboarded 2.1 million Salvadorans, which by the end of the year amasses 75% of the population. However, the mass adoption met with numerous roadblocks, including system issues and missing funds. Seeking a permanent solution for over 4 million BTC users, the government of El Salvador partnered with a white label infrastructure pr...
Tezos transactions and smart contract activity surge on NFT demand
The Tezos network has seen impressive growth over the past 12 months in smart contract addresses and general adoption, primarily driven by non-fungible tokens (NFTs). Activity within the Proof-of-Stake ecosystem has had a spurt of growth recently as it aims to compete with Ethereum for NFT minting and markets. According to Coin Metrics’ “State of the Network” report on Feb. 1, the number of transactions involving smart contracts has surged over the past 12 months to more than 50,000 per day from less than 10,000 per day in January 2021. The report observed that the growth has been driven by NFT platforms such as the generative art platform FX Hash seeing increased interest. Additionally, gaming giant Ubisoft also announced Tezos support for gaming NFTs in December. High Ethereum network fe...
Kiss this: You can buy Gene Simmons’ Las Vegas mansion with crypto
Rock legend Gene Simmons says he will accept crypto payments for the sale of his $13.5 million mansion in Las Vegas. The iconic bassist and co-lead singer of Kiss will accept payments in or a combination of Bitcoin, Ethereum, Litecoin, Uniswap, Polkadot, Aave or Try.Finance according to hard rock news site, Blabber Mouth. Listing broker Evangelina Duke-Petroni from Berkshire Hathaway Home Services told the Las Vegas Review-Journal in a Feb 1 interview that any potential crypto payment for the property would have to be “verified through closing costs, including taxes and commissions.” The three-level mansion sprawls across over 11,000 square feet in the Ascaya luxury community overlooking the Las Vegas skyline. Rock legend @GeneSimmons is selling his home in Henderson’s Ascaya communi...
Market wrap: Circle’s USDC stablecoin market dominance rising as that of Tether diminishes
Circle’s USDC, which is the world’s second-largest stablecoin by market cap, is steadily growing and it is eroding the dominance of Tether (USDT), which is currently the largest stablecoin by market cap. Circle’s share of the stablecoin market stands at about 30% after hitting the 50 billion circulation USDC milestone. The shifting stablecoin landscape As the dynamic of the stablecoin landscape constantly shifts, one trend is very clear, and that is the diminishing Tether dominance. Circle, which is Tether’s main rival, reached 50 billion USDC coins in circulation today. Tether’s co-founder and CEO Jeremy Allaire tweeted saying: 50 BILLION USDC (w/ thread below) pic.twitter.com/5FEaPmXjup — Jeremy Allaire (@jerallaire) February 1, 2022 Allaire also added: “It’s the massive growth and ecosy...
