Blockchain Progress

2023-10-19 15:49:02 Biggest Movers: SHIB, DOGE Fall, as Crypto Markets Consolidate

Shiba inu (SHIB) was a notable mover on Wednesday, as the meme coin fell for a second consecutive day. Following a high of $0.000006945 during yesterday’s session, SHIB/USD slipped to an intraday low at $0.000006842 earlier today.

The move saw SHIB drop towards a key support level of $0.00000670, which was last hit on October 12. This decline comes as the relative strength index (RSI) collided with a floor of its own, at the 39.00 zone. Wednesday’s sell-off comes after shiba inu rose to one week high of $0.00000729 on Monday.

Dogecoin (DOGE) also dropped lower on hump-day, as it moved closer to a key support level of its own. DOGE/USD hit a bottom of $0.0588 during today’s session, less than 24 hours after peaking at the $0.05961 point.

As referenced earlier, the move, which is also the second consecutive drop in price for DOGE, pushed it towards a floor at $0.0570. Unlike with shiba inu’s RSI, which was still hovering close to support, price strength on dogecoin fell under its point of stability of 40.00. Open / Comment

2023-10-16 15:25:07 Bitcoin’s Hashrate Skyrockets: On Track to Hit Half a Zettahash Milestone by Year’s End

On October 12, 2023, Bitcoin’s hashrate hit an unprecedented high, clocking in at 455 EH/s, as per the seven-day SMA. Rewind to the beginning of 2023, and the hashrate was a mere 261 EH/s. This means that over the course of nine months, the hashrate expanded by 194 EH/s. In simpler terms, the network’s computational prowess grew by 0.68 EH/s daily this year, notwithstanding the 15 difficulty adjustments that increased.

With the hashrate soaring to new heights, the imminent difficulty adjustment, slated for October 16, 2023, could see an increase of over 7%. If miners remain unfazed by these adjustments and the hashrate maintains its upward trajectory, Bitcoin could soon hit the half zettahash per second mark (ZH/s), or roughly 500 EH/s. If the hashrate maintains this momentum, it will likely reach the 500 EH/s milestone ahead of the next reward halving.

If the hashrate sustains its current growth rate of 0.68 EH/s per day, we could see the seven-day SMA touch 500 EH/s in roughly 66 days, or 9-10 weeks – on or around December 20, 2023. Earlier this year, River Financial’s research analyst Sam Wouters estimated that Bitcoin could enter the zettahash era, equivalent to 1,000 EH/s, “by the end of 2025.” Given the current growth rate of 0.68 EH/s per day, this milestone could be reached around December 23, 2025, or potentially at the beginning of 2026.

Despite BTC’s price wandering and the overall hash price remaining low for miners, hashrate records continue to jump higher. On October 15, 2023, the output for a petahash per second (PH/s) is under $60 daily. Moreover, the network’s difficulty is towering at 57.32 trillion, and with the upcoming estimated hike, it might soar past 61 trillion. Open / Comment

2023-10-11 20:41:02 Bitcoin, Ethereum Technical Analysis: BTC Hits 10-Day Low, Caroline Ellison Confirms Fraud on Behalf of SBF

Bitcoin chart by TradingView

This plunge pushed the world’s largest cryptocurrency to its weakest point since the start of October. Looking at the chart, the move resulted in bitcoin briefly falling below a floor at $27,100, prior to bulls reentering the market.

The relative strength index (RSI) also fell below a support point of its own at 53.00, and is currently tracking at 51.67. BTC has since rebounded from its earlier low, and is currently trading at $27,292.17.

Ethereum chart by TradingView

As a result of the recent sell-off, the 10-day (red) moving average has now crossed with its 25-day (blue) counterpart. Should this crossover continue to mature in a downtrend, there is a good chance that ETH will soon fall below $1,500.

Ethereum (ETH) returned above a key support point of $1,565, after price broke out of this level earlier in the day. ETH/USD edged to a low of $1,551.68 earlier in the day, before bouncing back and hitting its current price of $1,575.39. Open / Comment

2023-10-08 20:21:02 Russian President Putin Says US Dollar-Based Global Financial System Is Collapsing

Russian President Vladimir Putin conveyed at the plenary session of the 20th-anniversary meeting of the Valdai Discussion Club on Thursday that the global financial system based on the U.S. dollar is gradually collapsing.

“The Bretton Woods system is outdated,” Putin said (translated by Google), noting that he is not the only one with this view, as Western experts also share this perspective. The Russian president added:

This Bretton Woods system was created on the basis of the dollar, but it is all gradually collapsing. After all, a currency is a derivative of the power of the economy of the country that issues this currency. The share of the American economy in world GDP is declining. This is also an obvious thing, this is statistical data

In contrast, Putin emphasized that the share of the BRICS countries “in terms of purchasing power parity in relation to the share of the G7 countries, is increasing, especially after the admission of new members to the organization.”

He pointed out: “This is already a serious meaning, the difference is quite serious.” Open / Comment

2023-10-05 18:29:00 SEC Seeks Rejection of Coinbase’s Pushback Against Its Lawsuit

The securities regulator in the United States is not giving up on its litigation against America’s leading cryptocurrency exchange. On Tuesday, the SEC asked a federal judge to reject the attempts of Coinbase to have the Commission’s lawsuit against it dismissed.

In August, Coinbase urged the court to toss the SEC case, stating that the agency had “overstepped its statutory authority,” “abused its discretion,” and abandoned its own earlier interpretations of the U.S. securities laws.

In an Oct. 3 filing, quoted by Bloomberg, the agency added new arguments to support its case. It said that public statements made by issuers, “many of which were rebroadcast by Coinbase—led investors, including those on Coinbase’s platform, to reasonably expect profits from the issuers’ efforts.” It also described as “unsupported and nonsensical” Coinbase’s view that crypto asset sales on secondary market platforms are not investment contracts.

Many in the industry and beyond expect the lawsuit to clarify whether the SEC’s jurisdiction extends to crypto assets. Under its current Chair, Gary Gensler, the Commission has insisted that most digital tokens are subject to its rules and that trading platforms should be registered with it. Other cases of public interest include that against Ripple which recently scored a point in its legal battle with the SEC. Open / Comment

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2023-10-02 20:14:02 SEC Charges FTX Auditor for Helping Clients Violate Securities Laws

The U.S. Securities and Exchange Commission (SEC) announced charges against an accounting firm that worked for failed cryptocurrency exchange FTX. The company, Prager Metis, has been accused of facilitating clients in breaking federal securities laws and also auditor independence violations.

In its complaint, filed in the U.S. District Court for the Southern District of Florida, the SEC claims that between December 2017 and October 2020 Prager included indemnification provisions in engagement letters for more than 200 audits, reviews, and exams.

According to the Commission, Prager Metis continued to sign engagement letters with indemnification provisions and issued “accountant’s reports” in which it purported to be independent, despite regulators repeatedly notifying its senior partners that this practice rendered the firm not independent.

According to a press release published Friday, the complaint seeks a permanent injunction, disgorgement plus prejudgment interest, and a civil monetary penalty against Prager.

While the announcement does not mention FTX or other customers of the accounting firm, the bankrupt crypto exchange claimed before its November 2022 collapse that its 2021 financial results had been audited by Prager Metis and another company claiming crypto expertise, Armanino. Open / Comment

2023-09-29 18:36:01 Tackling the Ticket Scalping Scourge With Blockchain-Based Solutions a ‘No-Brainer’ Says Mohammed El Kandri

According to Mohammed El Kandri, event organizers battling the ticket scalping problem have a greater chance of overcoming this challenge if they deploy a blockchain-based ticketing solution. A blockchain-based solution allows event organizers to issue digital tickets that are “tamper-proof and traceable.”

Blockchain is a technology with the potential to turn the tide against ticket-scalping syndicates, Mohammed El Kandri, the founder of the blockchain startup Ir4lab, has said.

According to critics of the current ticketing system, this situation often results in some concertgoers paying up to ten times more than the official price to get a ticket to an event.

To prove that a blockchain-based ticket system is what the events industry needs, El Kandri’s startup is set to “enable” its blockchain ticketing solution at an upcoming Web3 summit to be hosted by Saudi Arabia. Open / Comment

2023-09-26 20:34:53 BBB Warns of Rising Crypto Scams on Tiktok — ‘They May Resort to Scare Tactics’

The U.S. Better Business Bureau (BBB) has issued a warning about a surge in “money-flipping” crypto investment scams on Tiktok. “They may ask for fees several times,” the BBB cautioned, adding that if you question them, “they may resort to scare tactics, telling you that if you don’t pay, you’ll miss out on the giant return or that they can take legal action.”

The U.S. Better Business Bureau (BBB) recently issued a warning about the rising number of cryptocurrency investment scams on Tiktok. Founded in 1912, the BBB is a private, nonprofit organization focused on advancing marketplace trust. According to the bureau:

Money-flipping cons have long been popular on Instagram and Twitter. But as Tiktok’s popularity grows, so do the con artists. Watch out for this Tiktok scam, which promises to turn a few hundred dollars worth of cryptocurrency into thousands in no time.

The BBB explained that when browsing Tiktok videos, you may come across some showing a pile of cash, with creators claiming that they amassed this wealth within a matter of days through cryptocurrency investments. They then offer to assist you in achieving similar returns for a nominal fee, with certain individuals even guaranteeing to triple your money in less than a week. Open / Comment

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