Global CRYPTO News

2022-08-20 12:27:18 ​​$70 billion leaves crypto market in a day as Bitcoin fails to sustain bullish momentum

Consequently, the selling pressure is witnessed in assets like Bitcoin (BTC), which has corrected while facing a battle to hold its price above $20,000. Indeed, as of August 19, the total global crypto market capitalisation stood at $1.05 trillion, dropping by $70 billion in the last 24 hours from the $1.12 trillion it stood at just a day earlier, according to CoinMarketCap data.

Cryptocurrency trading expert Michaël van de Poppe has acknowledged that current market capitalisation faced rejection is at a critical resistance level. In a tweet posted on August 19, Poppe noted that the market would likely rally if the capital breaks above $1.2 trillion. Notably, Bitcoin has been on a short-term rally attempting to sustain gains above $25,000. The asset has, however, lost momentum, plunging by almost 7% in the 24 hours. By press time, the flagship cryptocurrency was trading at $21,800. Open / Comment

2022-08-14 17:39:34 Global CRYPTO News pinned «​​Why Bitcoin Miners May Affect Ongoing BTC Rally? The world’s largest cryptocurrency Bitcoin (BTC) has delivered a strong price pump moving closer to $25,000. As of press time, BTC is trading 3% up at a price of $24,678 with a market cap of $472 billion.…» Open / Comment

2022-08-14 17:37:00 ​​Compound (COMP)

Compound is an algorithmic, autonomous interest rate protocol built for developers that’s designed to unlock the DeFi universe.

However, recently the Compound team realized that its rewards distribution program has a problematic effect on COMP’s price. This is because most COMP rewards are instantly sold off.

Instead, Compound wants to use these tokens to grow the protocol.

To do so, Compound created a rewards adjustment proposal that aims to start a new rewards program with the sole purpose of kickstarting new markets. The goal is to cut existing rewards by 50%, and eventually to end COMP farming.

COMP tokens will no longer be diluted as the rewards cut ends the rampant inflation the network has been experiencing.

This is a smart change, and will help relieve selling pressure on the COMP token, which will result in more sustainable growth for the project and its token price.

In other news COMP has now been listed on Robinhood, a popular stock trading app with 22.5 million users. This brings more eyes and awareness onto the Compound protocol which may lead to more demand for COMP tokens.

More importantly, this may lead to a bigger trend of traditional stock brokerage firms, such as Charles Schawb, adopting crypto. This would bring a huge influx of new users onto crypto
and potentially Compound. Open / Comment

2022-08-14 17:29:43 ​​Just-In: Monero (XMR) Hard Fork Day, Here’s How The Price May Move

The Monero (XMR) price has skyrocketed by over 7% in a day before the scheduled network hard fork on August 13. The privacy cryptocurrency protocol will undergo a network upgrade via a hard fork to improve transaction privacy, speed, security, wallet syncing, and reduce fee volatility.

A continuous 65% upside rally since mid-June indicates a strong price momentum. A sustained crypto market recovery will likely push Monero’s price over $200.

Monero Network Upgrade and Hard Fork
The Monero privacy protocol in a tweet announced the scheduled network upgrade via a hard fork on August 13 at block 2,688,888. The privacy protocol has officially released the CLI & GUI v0.18.1.0 “Fluorine Fermi” and Ledger Monero App v1.8.0.

It is crucial for users, services, merchants, pool operators, or exchanges to run v0.18 in order to prepare for the scheduled protocol upgrade. Also, to continue using the Monero blockchain and XMR cryptocurrency.

The latest upgrade will mostly improve the privacy, security, transactions, and wallet syncing for Monero.

The increase in ring size from 11 to 16 will improve the base privacy of every transaction on Monero. Upgraded Bulletproofs algorithm “Bulletproofs+” will reduce transaction size and improve verification performance by 5-7%, making transactions faster. Moreover, view tags will improve wallet sync times by 30-40% and fee changes will minimize fee volatility and improve security.

In addition, multi-signature fixes and critical security patches will be added.

The crypto exchange Binance recently announced support for the Monero network upgrade and hard fork. Binance will suspend deposits and withdrawals for XMR on August 13 at 14:00 UTC.

XMR Price Continues Upward Movement
The Monero (XMR) price has rallied over 7% in a day as the Monero undergoes a network upgrade. Besides, the price has rallied over 65% since mid-June. Historically, the price has seen massive upside momentum after the Monero upgrade.

The delay in the Monero hard fork caused concerns among investors. However, the network upgrade is finally here. The price is most likely to rally above $200, with the next price movement towards resistance at $217.

In fact, the XMR price to $200 will be supported by the crypto market recovery. Currently, the Monero price is trading near the $170 level. Open / Comment

2022-08-14 17:24:29 ​​Why Bitcoin Miners May Affect Ongoing BTC Rally?

The world’s largest cryptocurrency Bitcoin (BTC) has delivered a strong price pump moving closer to $25,000. As of press time, BTC is trading 3% up at a price of $24,678 with a market cap of $472 billion.

On the other hand, Bitcoin miners continue to book profits with every rise in order to cover their operational costs. As per the Glassnode data, the Bitcoin hash-ribbons remain inverted signaling the existing stress within the mining industry.

But Glassnode adds, “the faster 30DMA is starting to stabilize, suggesting some improvement to miner financial conditions”.

Bitcoin Miner Distribution to Exchanges On A Decline
Furthermore, Glassnode adds that Bitcoin miner stress peaked in June 2022 when the BTC price tanked under $20,000. But the miner distribution to the exchanges has been on a decline in recent weeks. This goes on to suggest that while the stress remains in the industry, the worst of the times could be behind us.

As the Bitcoin price breaches $25,000, it will open the gates for the rally up to $30,000. However, Galaxy Digital CEO Mike Novogratz said that he doesn’t see this happening anytime soon. But here’s what popular trader Ali Martinez has to say. He notes:

"The RSI on the daily is signaling a break out, but the 100MA at $24,900 is acting as resistance. Once this level is breached, $BTC could gain the strength to head toward $28,000 – $29,000. Invalidation at $23,000." Open / Comment

2022-05-21 14:33:45 ​​The crypto market has lost $1 trillion (-44.7%) since the beginning of 2022

Meanwhile, the dominance of the top 5 cryptocurrencies increased by 3%

Stock indices held up almost twice as well Open / Comment

2022-05-09 19:09:39 ​​BITMEX FOUNDERS MUST PAY A $30 MILLION CIVIL PENALTY, ACCORDING TO THE COURT.

The CFTC has ordered the three co-founders to pay significant fines for their alleged involvement in “serious breaches of rules and the Commodity Exchange Act.”

The three co-founders of BitMEX, including former CEO Arthur Hayes, have been sentenced to pay a total of $30 million in civil monetary penalties by the United States District Court for the Southern District of New York.

According to a statement released by the Commodity Futures Trading Commission (CFTC) on Thursday, Hayes, Benjamin Delo, and Samuel Reed were each penalised $10 million in consent payments for violations of the Commodity Exchange Act and CFTC rules from November 2014 to October 2020.

On October 1, 2020, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against the exchange and its three co-founders. The defendants were accused of “running the BitMEX platform while conducting major portions of BitMEX’s business from the United States, and unlawfully taking orders and payments from U.S. customers to trade cryptocurrencies,” including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) derivatives, according to the Commission.

Operation of a facility to trade or process swaps without CFTC authority to operate as a Designated Contract Market or a Swap Execution Facility, according to the CFTC. They also failed to execute a Customer Information Program, Know Your Customer (KYC) processes, or an acceptable Anti-Money Laundering (AML) program, according to the complaint, and operated as a Futures Commission Merchant without CFTC registration.

In a second statement released on Thursday, CFTC commissioner Carline D. Pham stated that her agency is dedicated to prosecuting “wrongdoers with an unfair advantage” who operate in violation of the law.

Added legal wrangling

In a second action brought by the US Department of Justice in February, Hayes and Delo pled guilty to violating the Bank Secrecy Act. They agreed to “willfully neglecting to create, execute, and maintain an Anti-Money Laundering (AML) program,” according to their plea agreement.

Hayes’ mother was anxious about how the federal judge presiding over the DOJ’s case would punish her son, according to Bloomberg. His lawyers asked for probation without house arrest or community detention, based on a letter from her pleading for leniency.

Last August, we reported that BitMEX agreed to pay the CFTC and the Financial Crimes Enforcement Center (FinCEN) $100 million in consent payments to settle a separate case in which the CFTC and FinCEN claimed that exchange operators HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services Limited were operating the exchange illegally. Open / Comment

2022-04-30 14:33:35 ​​Bitcoin network difficulty breaks into a new all-time high of 29.794T

While Bitcoin miners continue to pursue the last 2 million BTC into circulation, the overall network is well-positioned to attain greater resilience against vulnerabilities.

Reassuring its position as the most resilient blockchain network against attacks, the Bitcoin (BTC) network recorded a new all-time high network difficulty for the second time this month in April — jumping from its previous all-time high of 28.587 trillion to 29.794 trillion.

Greater network difficulty demands greater computational power to successfully mine a BTC block, which prevents bad actors from taking over the network and manipulating transactions, also known as double-spending.

As evidenced by data from blockchain.com, Bitcoin’s network difficulty has seen almost a year-long uptrend since August 1, 2021. Before that, between May and July 2021, was a timeline when BTC network difficulty fell nearly 45.5% from 25.046 trillion to 13.673 trillion — at the time raising momentary concerns about the network’s vulnerability.

Further cementing Bitcoin’s resilience against 51% attacks, on April 28, the Bitcoin network hash rate too recorded a new ATH of 258 EH/s. As shown below, the network hash rate eased down to the 220 EH/s mark by the end of the month with no visible negative impact on the BTC network difficulty. Open / Comment

2022-04-22 12:22:15 ​​The SEC Will Certainly Approve a Bitcoin Spot ETF, says Grayscale’s CEO

Grayscale CEO Michael Sonnenshein believes it’s only a matter of time before a Bitcoin spot ETF is permitted in the United States. He recently claimed that there may be grounds for a lawsuit against the commission if they don’t.

Speaking with CNBC last week, Sonnenshein explained why a recent futures ETF approval spells optimism for an upcoming spot variant. The SEC greenlighted the Teucrium Bitcoin Futures ETF earlier this month, which was filed under the Securities Act of 1933.“There were several protections that 40 Act products have that 33 products don’t have,” explained Sonnenshein. He claims, however, that none of them addressed the SEC’s concerns about Bitcoin market manipulation. Open / Comment

2022-04-20 17:12:44 ​​Terra’s Stablecoin UST On Course To Overtake Meme King Dogecoin As LUNA Accelerates

Terra's algorithmic stablecoin TerraUSD, otherwise known as UST, has become the third-biggest stablecoin by market capitalization after usurping Binance USD. At the current market value, UST is close to overtaking the market's largest meme-inspired cryptocurrency, Dogecoin.

The Luna Foundation Guard, a Singapore-based non-profit organization supporting the Terra network, has recently shifted toward backing its stablecoin with Bitcoin instead - which is more liquid, and has a more established market than LUNA. Terra Is This Year's Version Of Corporate Bitcoin Buying. Open / Comment