Bitcoin Magazine

08 Feb 2023 10:21

💰 Ark Invest Expects Bitcoin to Become a Multitrillion-Dollar Market

Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bull case where bitcoin could rise to $1.48 million per coin. Ark Invest CEO Cathie Wood sees bitcoin.

Ark Investment Management (Ark Invest) published its annual Big Ideas 2023 last week. The report “highlights the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow,” Ark Invest’s analysts explained. The topics discussed in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks.Bitcoin’s value propositions: decentralization, auditability, and transparency.

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Bitcoin Magazine

06 Feb 2023 07:23

💰 Sri Lanka Dismisses Tim Draper’s Idea to Combat Corruption With Bitcoin

“Adoption of 100% Bitcoin won’t be a Sri Lanka reality ever,” the Governor of the central bank said. Nandalal Weerasinghe – Governor of the Central Bank of Sri Lanka – rejected Tim Draper’s idea to eliminate corruption in the country by embracing bitcoin.

The American venture capital investor recently visited Sri Lanka to shoot an episode of his TV show “Meet the Drapers.” He also held discussions with the President of the country – Ranil Wickremesinghe – and the Governor of the central bank – Nandalal Weerasinghe – regarding the financial crisis reigning in the region and the possible solutions that could ease the turbulence. Draper claimed that Sri Lanka has emerged as a “corruption capital” and suggested shifting towards bitcoin to get on the right track. the economic situation of the nation.

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Bitcoin Magazine

04 Feb 2023 06:25

💰 Bitcoin mining firm Marathon Digital sold 1,500 BTC in January

Marathon Digital sold 1,500 BTC in January, according to a Thursday statement from the company. Per the release: "As a result, Marathon holds a total of 11,418 BTC, of which approximately 8,090 BTC (c. $187.2 million) are unrestricted, as of January 31, 2023."

“With bitcoin production increasing and becoming more consistent, we made the strategic decision to sell some of our bitcoin, as previously planned, to cover some of our operating expenses and for general corporate purposes," CEO Fred Thiel said in a statement. "We intend to continue to sell a portion of our bitcoin holdings in 2023 to fund monthly operating costs." The sales were intended to help fund the firm's operations, Marathon said. Bitcoin is trading at roughly $23,500 as of press time.

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Bitcoin Magazine

02 Feb 2023 06:50

🇮🇳 India Maintains Strict Crypto Tax Regulations In 2023 Budget

India will continue to apply its rigorous crypto tax regulations. In fact, when announcing the nation’s budget, which reveals the most recent tax laws, Finance Minister Nirmala Sitharaman made no mention of cryptocurrency, virtual digital assets, central bank digital currencies, or the digital rupee.

The biggest democracy in the world imposed onerous taxes on cryptocurrency transactions last year: a 30% profit tax and a 1% tax deducted at source (TDS) on all transactions. The year turned out to be what the industry had predicted would be a “period of suffering.”. In the nine months following the announcement, Indians transferred more than $3.8 billion in trading volume from domestic to overseas crypto exchanges, and interest in cryptocurrencies fell precipitously. Crypto trading volumes fell almost immediately. The industry’s top demand and the consensus among policy think tanks was to lower.

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Bitcoin Magazine

31 Jan 2023 05:56

🪙 Nigerian Bitcoin Premium Reaches 164% Amid Demonetization

Due to the impending invalidation of the fiat currency, demand for Bitcoin (BTC) has skyrocketed in Nigeria. Due to this increase in demand, BTC is currently being traded in Nigeria for a premium of up to 163.77%. The action was taken to reduce money laundering, inflation, and counterfeiting.

According to LocalBitcoins, BTC is currently trading at an average price of around $38,000, indicating Nigerians must pay a minimum of a 60% premium due to the rising demand. Due to the impending invalidation of the fiat currency, demand for Bitcoin (BTC) has skyrocketed in Nigeria. Due to this increase in demand, BTC is currently being traded in Nigeria for a premium of up to 163.77%. The BTC premium had reached over 36% by February 2021, when the Nigerian central bank forbade financial institutions from offering services to cryptocurrency exchanges.

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Bitcoin Magazine

29 Jan 2023 06:57

💰 New York introduces bill to legalize crypto payments for state purposes

Legislators in New York introduced a bill in the local senate on Jan. 26 that could allow state agencies to recognize cryptocurrency as a legal payment. New York Assembly Bill 2532 — enters law, it will allow cryptocurrencies to be accepted as payment in certain circumstances.

The bill does not seem to encourage the commercial adoption of crypto. Instead, it would amend existing laws to allow state agencies to accept cryptocurrency for their purposes. Those agencies could accept crypto for payments related to taxes, rent, fines, penalties, interest, and so on through agreements with individuals and groups. The bill also makes references to “issuers” but seems to use the term broadly. Contextually, the term seems to extend to services that handle crypto, not just those who create it.

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Bitcoin Magazine

27 Jan 2023 08:50

🪙 Bitcoin futures open interest at CME reaches 20% of overall BTC futures OI

Cryptoslate reported on Jan. 24 that the CME exchange saw 84,000 Bitcoin, or $2 billion, allocated in futures contracts in the last 24 hours. The futures OI in CME accounts for 20% of the futures open interest in all exchanges, the highest since the November 2021 bull run.

CME is accessible for TradFi funds, as it’s regulated and uses a central counterparty clearing houses (CCPs) clearing model. It’s easier for institutional speculators to trade BTC as it’s the same place they would trade commodity futures and, in general, relatively expensive for the average investor. A further 2,715 BTC were allocated into futures open interest (OI) in the past 24 hours, now totaling 86,950 BTC. Total futures OI is 420,000 BTC, or about $9.5 billion.

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Bitcoin Magazine

25 Jan 2023 06:23

🇪🇺 EU banks face stricter rules for crypto holdings

EU policymakers align high-risk provisions for banks holding crypto with a framework for global supervision. Banks holding crypto will need to follow strict laws to ensure capital requirements, lawmakers decided in a European Parliament committee vote on Tuesday.

Reuters reported on Monday, to a bill covering financial capital requirements for traditional institutions. This means that, when the rules would come into effect, banks will need to be able to cover a complete with capital reserves and not be able to gain leverage. The proposed percentage is the highest level of securitization proposed by Basel III reforms set by the Basel Committee on Banking Supervision, which sets international banking standards.

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Bitcoin Magazine

23 Jan 2023 08:35

🪙 Bitcoin Mining Became Greener and More Efficient in 2022

Bitcoin’s sustainable energy mix is roughly 58.9% sustainable as of Q4 2022. Despite much turmoil in 2022, the Bitcoin mining industry’s hashing technology only continued to grow more efficient throughout the year, according to a new survey from the Bitcoin Mining Council (BMC).

In a press release on Thursday, the BMC confirmed that its members’ hashrate has increased from 95 exahashes from its inception in Q1 2022 to 119 exahashes by Q4 2022. An exahash is equal to 1 quintillion hashes – answers to a complex math problem produced by miners in a race to create Bitcoin’s next block. A higher hashrate forces Bitcoin’s difficulty to adjust higher, increasing the network’s security and settlement assurance. Powering those computers costs a lot of electricity, but the BMC argues that its electricity sources are primarily clean.

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Bitcoin Magazine

21 Jan 2023 09:36

💰 Compass Sued Over Allegedly Failing to Return Customer Bitcoin Miners

Compass Mining, a reseller of and hosting service for Bitcoin mining machines, is being sued by its customers to the tune of $2 million. In a filing to a Florida court on January 17, the customers accused Compass of fraud, breach of contract, and negligence after the company ended its partnership with BitRiver.

U.S. District Judge Raal Singhal dismissed the filing without prejudice on Wednesday. Echoing Compass' comments, Singhal wrote in his order that the plaintiffs' complaint had "several deficiencies that prevent the Court from moving forward." He cited several required remedies and set a February 3 deadline for a second amended complaint to be filed. Failure to comply with this Order will result in dismissal of the case without further notice," the judge concluded.

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Bitcoin Magazine

19 Jan 2023 09:30

💰 Bitcoin on a bullish streak in January 2023

Bitcoin may shortly match its historic 15-day winning streak if its upward price trend persisted. Around the $21,450 and $21,500 levels, Bitcoin appeared to come up against a significant obstacle.

If its upward price trend continues, the first cryptocurrency in the world, Bitcoin [BTC], will soon match its historic 15-day winning run. The longest price change in Bitcoin’s history occurred on November 2013, lasting for 15 days. Now, a decade later, BTC was close to breaking its 2013 record, as the king coin was 14 days into its winning streak at press time. Consequently, it reached four-month highs.

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Bitcoin Magazine

17 Jan 2023 06:54

💰 Bitcoin mining difficulty jumps 10%, its biggest move since October

Bitcoin's mining difficulty metric has risen just over 10%.The mining difficulty — which determines how hard it is to create the next block of transactions — reset just after 4 p.m. ET, following its roughly two-week schedule. The metric rose 10.26%, according to BTC.com data.

Such a move was anticipated, as The Block's Catarina Moura reported this weekend. The bitcoin mining hashrate has also climbed in recent days after a slump in late December, according to The Block's Data Dashboard. Bitcoin’s mining difficulty climbed 10.26%, according to data from BTC.com.reset just after 4 p.m. ET, following its roughly two-week schedule. The metric rose 10.26%, according to BTC.com data.

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Bitcoin Magazine

15 Jan 2023 12:41

📈 Coinbase And Crypto-Related Stocks Are Soaring As Traditional Markets Fall

Coinbase and other crypto-related stocks are performing well despite the general decline in traditional markets. As bitcoin’s price remains above $19,000, the market for companies involved in the cryptocurrency industry is responding by bidding up their share prices.

Stocks relating to cryptocurrencies, such as Coinbase and Hut 8, are currently trading higher, breaking the trend of the S&P 500 and Nasdaq, which are both falling. Since an hour ago, the price of bitcoin has been trading consistently above $19,000, which is beneficial for companies dealing in cryptocurrencies and digital assets. Marathon Digital saw a 14% increase in their share price, while Hut 8 saw a 9% increase in their share price.

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Bitcoin Magazine

13 Jan 2023 14:49

💰 Bitcoin jumps above $18,000 to highest level in a month on cooling U.S. inflation

Bitcoin on Thursday surged to its highest price in nearly a month, as traders bet on a U.S. inflation cooldown and digested news that lawyers for defunct crypto exchange FTX have found billions of dollars worth of assets.

The world’s largest digital currency climbed above $18,000 for the first time since Dec. 14, increasing in value by about 4% in the last 24 hours. Bitcoin was last trading at $18,232.36, according to CoinMetrics. FTX lawyers nevertheless warned the $5 billion cache was so high that selling the assets could lead to significant downside pressure on the market, driving down their value. FTX customers after the crypto exchange imploded in November.

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Bitcoin Magazine

11 Jan 2023 04:46

🇭🇰 Hong Kong Aspires To Become A Crypto Powerhouse Despite An Industry Crisis In 2022

Hong Kong is doing its utmost to offer enough supervision to the crypto market in order to unlock the potential of technologies like Web3. The new regulatory framework aims to provide bitcoin exchanges with the same market recognition that established financial institutions already have.

According to Paul Chan, the financial secretary, the local government and regulators are open to working with crypto and fintech businesses in 2023. On Radio Television Hong Kong (RTHK), Chan remarked at an event held by the state-run incubator Cyberport that Hong Kong has become a foundation connecting high-quality virtual asset enterprises. Despite the current business crisis caused by the FTX crash, the Hong Kong government remains dedicated to the development of cryptocurrency infrastructure.

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Bitcoin Magazine

07 Feb 2023 07:21

🪙 Lightning Network reaches all-time high in bitcoin capacity

Lightning Network, a Layer 2 payment network built on top of the Bitcoin blockchain, has reached an all-time high in terms of capacity, or the amount of bitcoin (BTC) locked in payment channels.The payment channel capacity on the Lightning Network has grown 63% since the beginning of last year, according to data from The Block Research.

The Lightning Network is a second-layer payment protocol built on top of the Bitcoin blockchain, designed to enable fast and cheap micropayments by allowing participants to transact directly without the need for immediate settlement on the blockchain. It operates as a network of bi-directional payment channels between participants, allowing for off-chain transactions that are eventually settled on the Bitcoin blockchain. which allows it to handle high amounts of low-value transfers without having to broadcast every transaction to the Bitcoin main network.

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Bitcoin Magazine

05 Feb 2023 09:23

💰 AUSTRALIAN GOVERNMENT RELEASES FIRST STEPS TO REGULATE CRYPTO AND BITCOIN

The Australian government has announced the first step of what it calls a multi-stage approach to tackling cryptocurrency regulation. According to the announcement, “the multi‑stage approach has three elements: strengthening enforcement, bolstering consumer protection.

The first step begins with the Australian Securities & Investments Commission (ASIC) increasing the size of its crypto team and “upping enforcement measures.” These enforcement measures described include taking legal action when cryptocurrencies are marketed without appropriate financial licenses. In addition, the report describes that particular attention will be paid to making sure risks are properly disclosed to consumers. These steps are intended to step up efforts targeting scams.

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Bitcoin Magazine

03 Feb 2023 04:29

💰 Bitcoin miner TeraWulf raises $32 million in equity offerings

Bitcoin miner TeraWulf raised $32 million from a public equity offering. The company also reached a "binding agreement in principle" with its existing lenders to restructure its debt, which was subject to the equity capital raise, it said Thursday. The company raised $32 million in equity.

The debt restructuring will replace the amortization of a term loan with a free cash flow sweep mechanism through April 2024, subject to the TeraWulf raising the requisite amount of equity proceeds by March 15. The company announced that its co-founders Paul Prager and Nazar Khan, chief operating officer, purchased $2.5 million in a private placement at a market price of $1.05 per share. It also said that it received $4.25 million in proceeds from the exercise of certain private.

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Bitcoin Magazine

01 Feb 2023 06:57

🇪🇺 Europe’s big bet on crypto regulation

EU policymakers hope that a new comprehensive framework to regulate digital assets will give the bloc a first-mover advantage. As governments scramble to figure out how to regulate crypto markets, the European Union has produced one of the most comprehensive crypto frameworks to date.

EU policymakers designed the Markets in Crypto-Assets laws to be a “global standard-setter,” with the hope that greater regulatory certainty will act as a magnet for the digital asset industry. The bill awaits a final vote in the European Parliament in April. Europe’s bet has divided crypto policy experts, with some arguing that the EU’s action is net-positive for the continent. They have also raised concerns, especially around the bill’s effect on stablecoins.

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Bitcoin Magazine

30 Jan 2023 04:54

💰 Hedge Fund Founder Shares His Bullish View On “Bitcoin (BTC) Over $100,000”

By the end of 2024, according to Ari Paul, the founder of the cryptocurrency hedge fund BlockTower Capital, the price of one Bitcoin might reach $100,000. Paul provided the justifications for his prediction, conscious of how pessimistic they were.

Given the macroeconomic environment at the moment, Bitcoin reaching its double all-time high—roughly $110,000—seems realistic, albeit a difficult, scenario. According to Paul, this aim might even be cautious if financial markets behave in a similarly risk-taking manner as they did in 2021. Therefore, the investor believes that the primary catalyst might be the influx of fiat money as a result of traditional financial institutions like Grayscale’s GBTC trust increasingly extending exposure to the cryptocurrency market.

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Bitcoin Magazine

28 Jan 2023 06:28

🇺🇸 US Securities Regulator Looks Into Wall Street’s Crypto Custody

Traditional Wall Street investment advisors who might be providing digital asset custody to their clients without the necessary credentials are being investigated by the United States Securities and Exchange Commission (SEC). SEC hasn’t turned a blind eye to traditional investment firms in the digital asset space.

According to a Jan. 26 Reuters article citing “three persons with knowledge of the matter,” the SEC’s investigation has been ongoing for a while but picked up speed following the failure of the cryptocurrency exchange FTX. According to the Reuters story, the SEC is focusing a lot of its investigational efforts on determining whether registered investment advisors have complied with the laws governing the custody of client cryptocurrency assets. According to the sources, the SEC’s investigations have not previously been known because they are confidential.

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Bitcoin Magazine

26 Jan 2023 07:28

🪙 More turbulent times ahead for bitcoin miners, Galaxy Digital says

Fixed-rate contracts from hosting providers could be a thing of the past as the bitcoin mining hosting landscape transforms in 2023, Galaxy Digital said in a recent report. Hosting providers proved to be the hardest hit in the space, offering fixed costs and taking on real-time power prices.

Network hash rate also will end the year up 23% at 325 EH/s, the firm said in its year-end report on mining. Miners have been forced to sell assets and turn to bankruptcy amid a drop in bitcoin prices and a surge in energy costs, which have squeezed margins. “The bitcoin mining industry is currently going through a purge of all of the excess and misallocations of capital that supported weak business models during the bull market of 2021,” the bank said. “Miners ended 2022 in survival mode, setting the stage for more turbulent times ahead in 2023.”

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Bitcoin Magazine

24 Jan 2023 06:29

🪙 Solo Bitcoin Miner Solves Block With Hash Rate of Just 10 TH/s, Beating Extremely Unlikely Odds

A solo Bitcoin miner with an average hashing power of just 10 TH/s (terahashes per second) won the race to add block 772,793 to the Bitcoin blockchain on Friday. At the time the block was added, Bitcoin's total hash rate was just over 269 exahash per second.

Despite the odds stacked against them, the solo miner was the first to produce a valid hash for the block to be mined. In return, the miner received 98% of the total 6.35939231 BTC allotted for the block reward and fees. The remaining 2% went to Solo CK Pool, an online mining service that facilitates individual mining. Bitcoin, the miner must be the first to calculate a valid hash for the block, which can only be discovered using brute computational force.

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Bitcoin Magazine

22 Jan 2023 07:22

💰 Bitcoin Soars Over $22K to Reach Four-Month High

Bitcoin soared past $22,000, its highest level since mid-September, as the broader cryptocurrency market continued its unexpected 2023 rally. The largest cryptocurrency by market capitalization was recently trading as high as $22,387.

Edward Moya, senior market analyst for foreign exchange market maker Oanda, noted Thursday that investors had priced in Genesis’ looming problems. The company has been swept up in the fallout from the collapses of crypto hedge fund Three Arrows Capital last spring and, more recently, crypto exchange giant FTX. BTC has climbed 11% in the past seven days and is up 34% for the year. ETH has jumped 12% over the past week and is up 37% since Dec. 31. Ether (ETH) followed a similar path, recently rising 5.2% from Thursday, same time, to $1,640.

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Bitcoin Magazine

20 Jan 2023 09:14

💰 Bitcoin Bridged to Avalanche Surpasses BTC Locked in Lightning Network

The number of bitcoin (BTC) bridged or ported from the Bitcoin blockchain to the Avalanche smart contract blockchain has surpassed the tally of coins held in the Lightning Network, a second-layer solution for Bitcoin's scalability problems.

On Tuesday, the total circulating supply of bridged BTC, or BTC.b, on Avalanche rose to a record 5,700 BTC ($118.6 million), according to data sourced from Dune Analytics. Meanwhile, the number of bitcoin locked in the Lightening Network stood at 4,929 BTC ($100 million). Avalanche added support for BTC in its cross-chain bridge in June 2022, opening the doors for bitcoin holders to transfer coins to Avalanche and access the Avalanche-based decentralized finance (DeFi) ecosystem.

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Bitcoin Magazine

18 Jan 2023 10:17

💰 Bitcoin Miners and Average HODLers Are Back in the Black

After a long crypto winter, Bitcoin miners and average BTC investors are now back in the black, according to a report today from blockchain intelligence firm Glassnode. Bitcoin rallied over the weekend and is now trading above $20,000

Glassnode estimates that Bitcoin's "realized price," the average price that current investors paid for BTC, is at around $19,700. The average price that Bitcoin traded for in the last 155 days is $18,000, says Glassnode. In either case, Bitcoin is now trading well above that mark, today changing hands at more than $21,000. The price of Bitcoin jumped last week following news that inflation rates in the U.S. have started to cool.

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Bitcoin Magazine

16 Jan 2023 07:53

💰 Congo Virunga National Park Bet Big On Bitcoin To Maintain

According to Technology Review, Congo Virunga National Park has decided to use Virunga’s river delta plant to power $200,000 worth of Bitcoin mining equipment. NFT project Cyber Kongz to provide the park with an additional $1.2 million by auctioning off the gorilla NFT at Christie’s.

Bitcoin is typically not linked to environmental protection or local economic growth. In contrast, it is well renowned for the reverse. However, it’s a part of a bigger strategy to utilize Virunga’s priceless natural resources for the good of the park and the residents. Even though this mine’s activities are unusual, they are both profitable and environmentally friendly. Other hydroelectric facilities in the park provide energy to help small companies grow elsewhere.

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Bitcoin Magazine

14 Jan 2023 11:12

💰 Miss Universe El Salvador Walks the Stage Holding Giant Bitcoin Staff

Alejandra Guajardo, El Salvador’s representative at Miss Universe 71, wore a Bitcoin-themed outfit during the pageant’s National Costume Show on Wednesday night. one of the country’s previously accepted currencies—decorated with cocoa beans strapped on her back.

“This look represents El Salvador’s history of currency,” said the pageant announcer. “For a long time, cocoa was used, and then the colón, until it was replaced by the U.S. dollar.” And then, of course, came Bitcoin. El Salvador became the first country in the world to make Bitcoin legal tender in 2021. The move was largely met with skepticism and concern from the global community, including the International Monetary Fund and World Bank.

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Bitcoin Magazine

12 Jan 2023 10:45

💰 Group One Acquires 13.5% Options Position in MicroStrategy

Group One – a proprietary trading firm – has purchased options to buy 1.3 million shares of MicroStrategy (MSTR) worth $240 million, per a recent Securities and Exchange Commission (SEC) filing. Group One is a market maker and liquidity provider for U.S. equity options and other securities.

As reported by Bloomberg on Tuesday, the purchase would account for a 13.5% stake in MicroStrategy, whose executive chairman is the Bitcoin booster, Michael Saylor. MicroStrategy is an enterprise software company famous for being one of the world’s single largest holders of BTC. The company owns over 131,000 coins, while Saylor personally owns another 17,000. As such, MSTR was also a victim to Bitcoin’s tumultuous 2022, declining 74% across the year.

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Bitcoin Magazine

10 Jan 2023 05:17

💰 Bitcoin’s Whales Dumped In 2022 But Profits Now Stays In Stablecoin Wallets

According to the crypto analytics platform Santiment, the profits gained by Bitcoin (BTC) whales following the conclusion of the bull run last year were not cashed out into fiat currencies.According to Santiment, once the bull market came to an end in 2021, Bitcoin whales moved their riches into stablecoins.

The number of stablecoin addresses holding more than $100,000 in dollar-pegged crypto assets has climbed by 53% to 1,689% in one year, according to the analytics platform. According to Santiment, the number of significant Tether (USDT) addresses has climbed by 53% in one year, while the number of deep-pocketed Dai (DAI), USD Coin (USDC), and Binance USD (BUSD) addresses has increased by 271%, 926%, and 1,689%, respectively. Cardano is trading at $0.2764 at the time of writing, increasing by 0.58% over the past 24 hours.

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