Droppers of btc

2023-10-22 16:15:00 Bank of America CEO Discusses Economic Slowdown and Fed Cutting Interest Rates

The chairman and CEO of Bank of America, Brian Moynihan, shared insights on the U.S. economy and the potential Federal Reserve interest rate cuts during an interview with Fox Business on Wednesday. Moynihan detailed that according to Bank of America’s research team:

The economy slows down in the middle of ’24 to about a half-a-percent annualized growth for the second and third quarter, and then works its way back out. And the Fed will start cutting rates, they believe, in the middle of next year to the latter half of next year. So that’s the basic thing, what would be called a soft landing.

The Bank of America chief then cautioned that there is a geopolitical risk, such as if the Fed tightening goes too far.

Moynihan discussed how interest rate hikes have changed consumer and business decision-making. The Federal Reserve has raised its key interest rate 11 times since March of last year, pushing it to the highest level in 22 years.

People are forgetting on the commercial side, there’s a huge impact of higher rates in terms of people’s willingness to borrow … And so lending conditions are tight, and that’s what the Fed wanted to achieve. Open / Comment

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2023-10-19 20:30:30 Bitcoin Miners Sail Through Over 400 Difficulty Changes With 13 More Anticipated Before the Halving

Bitcoin’s difficulty saw a 6.47% increase this week, surpassing the 61 trillion mark at block height 812,448. This marked the cryptocurrency’s 403rd difficulty epoch, some of which included retargets with no change. In basic terms, Bitcoin’s difficulty measures the challenge of identifying a new block relative to its easiest potential level.

This measure, denoted by a specific number, is adjusted by the Bitcoin protocol every 2,016 blocks — approximately every two weeks — based on the time taken by miners to discover those 2,016 blocks. The difficulty adjustment ensures a consistent discovery of new blocks by miners, regardless of the number of miners in the network.

Notably, during its initial phase at block height 2,016, the difficulty didn’t alter due to a lack of mining activity.

If these blocks are discovered quicker than this ten-minute benchmark and the block discovery rate accelerates, the difficulty escalates. Conversely, if it lags, the difficulty diminishes.

Bitcoin’s difficulty will persistently adapt, responding to the ebb and flow of miners within its network. To date, miners have amped up their hashrate, pushing it by an impressive 0.68 exahash per second (EH/s) daily. Remarkably, despite 15 difficulty increases in 2023, the hashrate still surged, tacking on an extra 194 EH/s in under a year. Open / Comment

2023-10-19 16:59:08 An announcement about the Sundae project has appeared in the public space. Bloggers, stars and opinion leaders are discussing this project.

One of the creators of Sundae published information about the project in Telegram, and 20 minutes later Ilon Musk posted a photo of himself eating Sundae ice cream as a child. It may be a coincidence, but it could also be Musk's idea.

What's known about the project. Something partly crazy, partly grandiose is coming.

Sundae: it's a crypto-token that equates to digital art. According to the project's philosophy, without community appreciation, a Picasso painting is worthless. The value of a work of art depends on community appreciation.

Right now Sundae is available for the price of an ice cream, but in a month the token may be worth $5, and then $50, $100, $1000. With each new purchase, the "Picasso painting token" will become more and more difficult to buy. The current capitalization of the project is only $20 million.

According to the project's White Paper, Sundae holders are expected to receive multi-million dollar dividends, as well as the right to medical and legal insurance, pensions and free use of the corporation's assets.

Investing in Sundae today might be like buying McDonald's stock on the day it opened in 1940 or accidentally buying a Picasso drawing for ten dollars.

The Sundae project was created by the team behind the popular meme token Grimace, which grew in value hundreds of times in six months, making many investors millionaires. Open / Comment

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2023-10-16 18:31:03 Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate

The Central Bank of Nigeria (CBN) announced on Oct. 12 that it had lifted foreign exchange restrictions “hitherto placed on the importation of 43 items.”

In a statement that addresses why the restrictions (initially imposed on June 23, 2015) have been removed, the CBN claimed the measures were forcing importers to source the scarce resources on the parallel market.

On the parallel market where the greenback was, and still is widely available, importers were forced to pay premiums starting from 20% to get U.S. dollars. Some experts on the Nigerian economy insisted then that the official exchange rate greatly overvalued the local currency.

However, immediately following his inauguration as Nigeria’s new leader, Tinubu reportedly ordered the CBN to abandon the fixed exchange rate regime.

The central bank, which is now led by Olayemi Michael Cardoso, said the growing gap between the official and parallel market exchange rate could well indicate that the rate “has not been setting a clearing price.”

The CBN also said the removal of the restrictions would benefit local producers in the form of cheaper imported inputs while consumers are expected to “benefit from cheaper retail products.” Open / Comment

2023-10-11 19:48:02 Standard Chartered’s Research Predicts Ethereum to Hit $8K by 2026 and Eyes $35K Long-Term

After the financial behemoth’s prior forecast of bitcoin (BTC) potentially hitting $50K by year-end and surging to $120K in 2024, Geoffrey Kendrick and his team at Standard Chartered are back with a new report, this time spotlighting ethereum (ETH).

Notably, this $8K projection is merely a precursor to the bank’s ambitious long-term forecast of an ether valued between $26,000 and $35,000.

Yet, it’s worth noting that while the $8K estimate is slated for 2026’s conclusion, the grander valuation is pegged for 2040.

Standard Chartered’s forex and crypto research lead further opined that U.S. regulations around spot exchange-traded fund (ETF) potentials will likely fortify both BTC and ETH.

“The gap between traditional finance and the digital world is narrowing by the day,” Eric Robertsen, the global head of research and chief strategist for Standard Chartered said at the time. Open / Comment

2023-10-08 20:05:10 The Rise and Retreat: Bitcoin’s Ordinal Inscription Wave Ebbs

With more than 35 million Ordinal inscriptions now on record, the inscription surge we’ve been witnessing is showing signs of slowing. Following that day, inscriptions skyrocketed at a significant pace.

However, merely ten days later, the landscape shifted dramatically. Moreover, inscribers are shelling out fewer fees to miners. As of now, miners have pocketed approximately 2,120.92 BTC, translating to around $59 million, from processing inscription transactions. Close behind, 42.4% are labeled “text/plain,” adding up to about 14.93 million inscriptions.

Ordinal inscription sales have taken a notable dip, with a marked drop in sales since the close of June.

Yet, there’s a silver lining. The BRC20 token market has experienced a modest uptick of about 3% this week, reaching a value of $180.31 million. However, the lot of BRC20s today have lost 0.6% in 24 hours. Open / Comment

2023-10-05 18:21:00 South African Crypto Exchange Valr Receives 'Initial Approval' From Dubai Virtual Assets Regulator

The South African cryptocurrency exchange, Valr, recently said it had “won an initial approval” from Dubai’s crypto assets regulator, the Virtual Assets Regulatory Authority (VARA). According to the crypto exchange, winning this approval is a critical step for Valr which is seeking to establish a presence outside South Africa. The approval however does “not allow Valr to undertake any virtual asset services yet.”

Explaining the rationale behind the decision to seek an operating license from VARA, the crypto exchange’s CEO Farzam Ehsani highlighted VARA’s role as a world-leading regulator and his firm’s desire to reach a more global audience.

“For the past 5 years, VALR has been working closely with regulators to inform regulatory frameworks that protect the public while allowing responsible innovation to flourish. This initial approval from VARA is a significant milestone for VALR to bring our products and services to a more global audience under the auspices of a world-leading regulator,” Ehsani said.

Commenting on Valr’s pivot to the Middle East, the crypto exchange’s Head of Growth, Blake Player, cited the region’s significant crypto flows and in particular Dubai’s growing reputation “as a forward-thinking and pragmatic jurisdiction.”

“Setting up in Dubai provides an excellent opportunity to serve the regional market and a global customer base from a crypto and business-friendly jurisdiction,” Player added. Open / Comment

2023-10-02 18:58:02 Crypto Miners Blame ‘Exorbitant Taxes’ for Kazakhstan Exodus

Licensed crypto mining companies have urged the government in Kazakhstan to revise its taxation policy regarding the sector, which they say is in dire straits. The largest mining firms plan to leave the Central Asian nation by the end of this year, warned the members of the industry.

Crypto mining businesses, authorized to operate in Kazakhstan, have complained about the high production costs since the government limited their access to subsidized electricity and imposed a progressive scale for a surcharge they are required to pay for the power they use.

The miners highlight that their activities are carried out under license, their data centers are legally connected to the power grid and their computing equipment is duly registered.

The crypto firms also point out that they have voluntarily cooperated with the government in its attempt to regulate the market but noted that the positive effect of this is being undermined by the “ineffective and unbalanced” tax policy, Kazakhstan’s Digital Business news portal reported. Open / Comment