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2021-04-23 19:18:46 ​​Parabolic Bitcoin Price Structure In Danger: Cycle Climax Or Risky Reset?

Bitcoin price is now below $50,000 for the first time in a month, and despite the still-high prices the market is in a panic. There’s now widespread fear that the current market cycle has peaked and things will soon fall back into a bear phase.

At the same time, there’s a looming bubble about to pop, aggressive tax measures and coming enforcement from the US government, and more that’s recently taken the legs out from beneath the bull run. Is this really the cycle climax, or just time for a long overdue reset?

Bitcoin Price Action Turns Deadly Fast, Bears Blindside Bulls

Rewind to only just a week or so ago, and full blown exuberance was in the air. Coinbase Global had gone public, listed on the Nasdaq for the first time and ushering in a “new paradigm” in crypto.

Things have certainly been going well for the asset class, garnering support from brands like PayPal, Venmo, and even Tesla. With corporations buying up what little BTC is left on exchanges – a number that has been rapidly decreasing – and expectations of more than $100,000 per coin, FOMO has been aggressive.

Crypto Cycle Climax Could Be Upon Us Unexpectedly

The chart above demonstrates just how risky the situation is right now for the leading cryptocurrency by market cap. Along with price action ready to smash through the parabolic curve just as bad news starts to come in, a rare cycle top based on Pi has appeared for only the fourth time in the asset’s young history.

Dip buying at every drop has formed a parabolic price structure, that’s unfortunately at risk of breaking down. Open / Comment

2021-04-23 08:55:34 ​​Texas wants to protect privacy elements of blockchain companies, says Blockcap

According to Darin Feinstein, the Chinese government isn't helping to protect the private property of its crypto miners.

Texas wants to protect privacy elements of blockchain companies, says Blockcap
NEWS
Crypto mining company Blockcap, which recently announced it would be setting up new offices in Austin, said Texas could become an alluring region for the industry.

In an exclusive interview with Cointelegraph, Blockcap founder and executive chair Darin Feinstein said the firm had chosen Texas for its headquarters based on the potential hiring pool as well as the regulatory environment. According to Feinstein, blockchain companies operating in the United States — and Texas in particular — may face fewer geopolitical risks than those in China and other countries.

"Texas certainly is a place that we see protecting the privacy elements and some of the other aspects of blockchain technology that some states and some governments around the world don’t like."

The Blockcap executive said that areas of China with a high concentration of Bitcoin (BTC) miners, like Xinjiang, don’t “protect private property” and may encourage firms to set up shop elsewhere. This week, the hashing power of top Bitcoin mining pools in the Chinese region fell due to a regional blackout reportedly aimed at allowing safety inspections, implying that the Chinese government could have some significant control over the Bitcoin hash rate.

However, in the United States, Feinstein said that support of private companies coupled with endorsements from lawmakers like Texas Governor Greg Abbott make the state “a really good hub” for crypto and blockchain. Last month, Abbott tweeted that he supported legislation to better adapt commercial law for blockchain innovation and digital asset regulations.

Other locations in the U.S. like Wyoming have “really good blockchain legislation,” according to the Blockcap founder. However, he said Elon Musk’s decision to set up a Tesla Gigafactory — as well as his personal residence — in Texas may be a better indication of the state’s growth and opportunity for finding qualified new hires.

“We’re all in the first inning of a very long game,” said Feinstein. “The final regulatory decisions are going to take place over the next decade and the jurisdictions that are robustly looking to foster this technology along are jurisdictions that we’re interested in being a part of.”

Blockcap now controls more than 12,000 mining rigs, generating roughly 7.5 BTC daily, with the firm aiming to bring an additional 43,000 miners online by 2022. Along with Riot Blockchain — which also plans to set up shop in Texas — the firms are two of the largest crypto mining operations in the United States. Open / Comment

2021-04-22 22:46:29 ​​Algorand pledges carbon-negative blockchain
Algorand and ClimateTrade are working on a sustainability oracle that would drive down carbon emissions.

NEWS
Smart contract platform Algorang plans to achieve a carbon-negative network by implementing a “sustainability oracle” in partnership with ClimateTrade, in a move that could make blockchain adoption more environmentally friendly. 
The partnership, which was announced Thursday, enables Algorand to notarize its on-chain carbon footprint and then lock the equivalent amount of carbon credits into a so-called green treasury.
Silvio Micali, Algorand’s founder, said his company is focusing on sustainability at a time of growing adoption for the smart-contract protocol.

“As this period of hyper growth continues, we find it crucial to operate at a carbon-negative level. Indeed sustainable growth is way better than growth,” he said, adding:
“We understand that the mechanics of measuring the environmental impact of a global, decentralized and widely used blockchain are nuanced and complex.”

Climatetrade is a Spanish fintech company that secured over $1 million in seed investments last year. The firm is building a CO2 marketplace that enables companies to track their emissions in pursuit of broad sustainability goals. The company has already secured partnerships with large corporations, including Iberia, Melia Hotels, Cabify and others. 
This isn’t the first time Algorand and Climatetrade have worked together. As Cointelegraph reported in December 2020, ClimateTrade is building its CO2 carbon offsetting technology on top of Algorand thanks to the platform’s flexibility and low transaction fees.

Algorand and other proof-of-stake protocols are attempting to showcase the greener side of blockchain technology. Bitcoin’s (BTC)emergence as a viable monetary system hasn’t come cheap from the perspective of carbon emissions. It’s estimated that the network’s proof-of-work mining produces 45.34 megatons of carbon dioxide annually. Open / Comment

2020-06-09 15:39:32 ​​China Zheshang Bank выпустил обеспеченные активами коммерческие бумаги на блокчейне

В рамках проекта Национальной ассоциации институциональных инвесторов финансового рынка (NAFMII), национальный китайский банк China Zheshang Bank выпустил обеспеченные активами коммерческие бумаги стоимостью $16.9 млрд на блокчейне.

Обычно такие бумаги используются компаниями для краткосрочного финансирования и имеют срок погашения от 90 до 270 дней. Основной долг и проценты по таким коммерческим бумагам выплачиваются из денежных потоков от активов, выступающих обеспечением. Open / Comment

2020-05-18 17:31:50 ​​Glassnode: Bitcoin volumes on exchange wallets have been declining since March 12

Glassnode analysts report that since" black Thursday " on March 12, when bitcoin fell by 50% at once, the volume of BTC on the wallets of centralized exchanges continues to decline.

Currently, there are about 2.3 million BTC on the wallets of the exchanges. This is the lowest figure since May 22 last year. If until March 12, 14.1% of the total number of bitcoins was stored on the wallets of exchanges, now this indicator has decreased to 12.5%.

Since March 12, about 300,000 BTC has been withdrawn from the wallets of the exchanges. If we count in dollars, the assets at the addresses of the exchanges have decreased by $3 billion and now amount to about $23 billion.

Most of the bitcoins were withdrawn from BitMEX, Huobi and Bitfinex. Moreover, 100,000 BTC were withdrawn from the addresses of the first two exchanges. It is quite possible that traders were leaving the derivatives market, since BitMEX and Huobi are among the leaders in terms of derivatives trading volumes.

On the other hand, the volumes of ETH on the wallets of exchanges continue to grow. Over the past two years, the volume of the second cryptocurrency on the wallets of exchanges has steadily increased, and from 5.6 million ETH increased to 18.6 million ETH. Thus, centralized exchanges store about 17% of all issued coins.

In April, Glassnode researchers suggested that BTC owners were withdrawing coins from cryptocurrency exchanges in anticipation of halving the reward to miners and hoping for an increase in the exchange rate. Open / Comment