Crypto Shake

2022-09-14 15:00:06 ​​Bitcoin Miners Dumping Spree Continues

The crippling impact of May and June’s crash on Bitcoin miners still persists. New data revealed that August recorded the fourth consecutive month that has seen negative miner net flows.

Bitcoin miners had to resort to selling in order to sustain themselves throughout August recording a net outflow of 21.3k BTC. The only month when miners accumulated BTC this year was April, as per the latest edition of CryptoCompare’s Asset Report.

Bitcoin Miners in Distress
The price of the world’s largest cryptocurrency remained below $24k for the most part in August and even traded beneath $20k for a few weeks, which in addition to a high hash rate that rose 5.28% to 212 million TH/s, forced miners to offload their tokens.

Bitcoin miners continued to take advantage of the several small upswings over the past months to book profits as a result of the repercussions of this year’s devastating crash that do not appear to fade anytime soon.

Public miners had managed to stack up a massive stash of BTC after the incredible 2021 bull run. But with the recent market downturn, these entities are quickly running out of coins to sell.

August has been difficult for several Bitcoin mining firms, including Stronghold, which recently disclosed about reaching an agreement with lender New York Digital Investment Group (NYDIG) and a broker to return around 26,200 mining machines in exchange for the cancellation of $67.4 million in debt. Open / Comment

2022-09-12 12:30:00 ​​Three-quarters of institutions to use crypto in the three years.

Ripple’s new Value Report on enterprise crypto and blockchain highlights NFT, blockchain and CBDC utility in business settings.

A whopping 76% of surveyed financial institutions plan on using crypto within the next three years, according to the report. Ripple’s new report highlights trends in the adoption and utilization of emerging technologies like crypto and blockchain in enterprise and financial institutions.

Both financial institutions and enterprises are understanding the benefits of internal crypto usage. The most common reason is that crypto gives more people access to more financial services, says 42% of financial institutions and 41% of enterprises.

According to the survey, portfolio management and payments come forward as the most valuable additions to the enterprise world. Portfolio management is detailed as hedging against inflation, hedging against other asset types and asset appreciation. Participants said data security and quality are two major benefits of blockchain and crypto usage for payments.

Nonetheless, as this is an emerging technology, adoption is still an uphill battle for large institutions. According to the report, enterprises and financial institutions both find that a general lack of understanding is one of the biggest challenges.

However, the report also stressed that the slow-moving process of regulations surrounding the industry stirs up hesitation from potential users. Regulations from countries across the globe have been in constant flux as officials rush to keep up with the fast-paced crypto scene.

Recently, regulators in the United States came under scrutiny from the U.S. Congress for their “non-judicial actions” against crypto companies. The Securities and Exchange Commission (SEC) is in the throes of implementing effective crypto regulations for one of the industry’s most active regions.

Despite setbacks in crypto-ed and murky regulations, the report still reveals the active interest of global institutions and central bank digital currencies (CBDCs). 34% of surveyed institutions say CBDCs will help with the “acceleration of digitization of finance” and give “greater access to credit for consumers and businesses.” Open / Comment

2022-09-09 14:24:29 ​UK Crypto Hub Goal Continues: Treasury Official

The U.K. wants to "become the country of choice for those looking to create, innovate and build in the crypto space," the Treasury's Economic Secretary Richard Fuller said in the first Westminster crypto debate on Wednesday.

Liz Truss on Tuesday officially became the U.K.'s new Prime Minister, replacing Boris Johnson. She quickly named Kwasi Kwarteng as her finance minister. Fuller was already economic secretary, having been appointed to that role on July 8 after John Glen resigned. In April, Glen, along with then finance minister Rishi Sunak (who also resigned in early July), had declared their intention to make the U.K. a crypto hub.

On the regulatory front, the U.K. is trying to catch up with the European Union, which is close to pushing through its wide-ranging crypto bill that has a heavy focus on stablecoins. Open / Comment

2022-09-07 20:00:06 ​​Argentine Freemasons want to put NFTs to philanthropic work

The Argentine Grand Lodge of Free and Accepted Masons is jumping into nonfungible tokens (NFTs), but with a philanthropic twist. The secretive society is releasing 77 digital art NFTs under the name CryptoMasons, with profits going back to local charities supported by the chapter.

According to the announcement, it is the first official NFT project supported by a local Grand Lodge. A Masonic Grand Lodge is the governing entity of a given fraternal freemasons group in a specific region. While this project comes from an Argentinian branch, there are hundreds in existence around the globe.

The collection contains esoteric images related to Masonic history and lore, such as black and white checkered floors and the infamous square and compass symbol. Even the specific number of 77 NFTs available correlates to a numeral significant within occultist traditions and spirituality. Open / Comment

2022-09-04 18:00:08 ​​More Than a Third of Africa’s 53 Million Crypto Owners Are From Nigeria, Study Shows

With an estimated 53 million cryptocurrency owners, the African continent now accounts for 16.5% of the global total, a study has found. The study findings suggest that Nigeria, which has more than 22 million crypto owners, currently accounts for more than a third of the continent’s total number of holders.

According to Triple A’s latest crypto ownership data, the African continent now has an estimated 53 million cryptocurrency owners. This constitutes about 16.5% of the estimated global total of 320 million. Out of all the crypto holders in Africa, Nigeria accounts for over a third of the total, or just over 22 million.

Globally, Nigeria has the fourth-highest number of crypto owners, while the United States is the top-ranked country, with 46 million cryptocurrency holders. According to the data, India and Pakistan are the next top-ranked countries with 27.4 million and 26.4 million crypto owners respectively.

While Nigeria is ranked fourth in terms of crypto ownership, the country is nonetheless seen as the world leader when it comes to the “number of people searching for ‘bitcoin’ and ‘crypto’ keywords on Google.” These findings are seemingly backed by the findings of another study, which suggested that Nigeria is the country most obsessed with cryptocurrencies.

Meanwhile, Triple A’s data shows that South Africa is the African country with the next highest population of cryptocurrency holders at 7.7 million. This figure constitutes nearly 12.5% of South Africa’s population. Kenya has the third largest population of crypto owners in Africa, with 6.1 million or 11.6% of the country’s population.

Completing Africa’s top five countries with the highest number of crypto owners are Eygpt and Tanzania which have 2.37 million and 2.32 million holders respectively. Seychelles, which has an estimated 1,257 crypto owners, is the lowest-ranked African country. Open / Comment

2022-09-01 15:30:00 ​​California Crypto Licensing Bill Awaits Governor's Signature

A simple stroke of a pen is the last step needed to make California one of the first states to require cryptocurrency-related businesses to obtain a special license to operate in the state.

California Assembly member Timothy Grayson introduced the bill, AB 2269, with support from the Consumer Federation of California, which will establish the Digital Financial Assets Law.

The California Senate approved AB 2269 on Monday, with the Assembly voting to approve the following day. The bill now goes before California Governor Gavin Newsom, whose signature would enact it into law.

The aim of the proposed law, Grayson says in a press release, is to protect Californians from "financial hardship and foster responsible innovation by licensing and regulating the activities of cryptocurrency exchanges," adding that the bill would require licensees to "act in the best interest of a customer when it recommends a cryptocurrency." Open / Comment

2022-08-29 22:09:03 Dear Crypto community! Our team is developing a unique service for crypto-enthusiasts and traders, which allows you to collect an up-to-date trading portfolio from different crypto exchanges in one place, analyze trade transactions and identify potential… Open / Comment

2022-08-29 22:07:17 Dear Crypto community!

Our team is developing a unique service for crypto-enthusiasts and traders, which allows you to collect an up-to-date trading portfolio from different crypto exchanges in one place, analyze trade transactions and identify potential risks of trade balance drawdown.

A user connects to top crypto exchanges to collect information on his transactions. The service generates dashboards with the key statistics and indicators:

- current trading portfolio by assets
- identification of portfolio risks, including the probability of portfolio bankruptcy
- P&L chart (total for all exchanges or each one)
- The ratio and share of profitable and unprofitable transactions in the context of long and short
- many other statistical indicators for the trader and investor Open / Comment

2022-08-29 17:00:06 Sportzchain is a sports fan-centric platform that enables the sports fan community an opportunity to engage with their favourite sports team and earn at the same time. $SPN powers it all.
You'll be able to engage with your favourite teams, influence key decisions, interact with other fans who share the same interests, participate in exclusive Q&A sessions with sporting stars, and get access to exclusive content, polls, contests, and discounted sports merchandise, etc. The more you engage, the more you earn!

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More info: sportzchain.com/
Twitter: twitter.com/sportzchain Open / Comment

2022-08-27 15:00:06 ​NFT marketplace volumes fell further in August

The latest non-fungible token (NFT) marketplace data show that the summer volume doldrums continued through August.

The volume for this month is, as of August 24, $369.53 million, according to The Block's Data Dashboard. By contrast, NFT marketplaces saw approximately $675.43 million in volume during July.

OpenSea continues to hold its place as the dominant market leader, accounting for $303.47 million or roughly 82% of the month's reported volume activity. OpenSea's volume was $528.64 million in July. That month, OpenSea announced a round of layoffs, citing difficult market conditions.

Declines can be seen elsewhere across the NFT marketplace ecosystem. As of August 24, Solana-focused Magic Eden has seen $36.17 million in volume, compared to $87.44 million in July — a roughly 59% decline. LooksRare's volume for August is $13.51 million, compared to $30.55 million, representing a decline of about 56%. Open / Comment