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2023-10-04 15:22:18 Bitcoin Miners Brace for Increased Challenge as Network Difficulty Hits New High of 57.32 Trillion

For the subsequent fortnight, Bitcoin miners confront a heightened level of difficulty following Tuesday’s 0.35% rise at block height 810,432. The metric climbed from 57.11 trillion to its present value of 57.32 trillion. A difficulty rating of 57.32 trillion implies an elevated degree of effort needed to generate new blocks on the network. The difficulty undergoes adjustments every 2,016 blocks or approximately every two weeks.

If a greater number of miners enter the network and contribute computing power, leading to the mining of 2,016 blocks in less than two weeks, the difficulty will rise. Conversely, should miners exit the network and the same number of blocks take longer than two weeks to mine, the difficulty will decrease.

The most recent adjustment (+0.35%) was an increase, as was the change (+5.48%) that transpired on September 19. A difficulty level of 57.32 trillion creates a significant obstacle for miners seeking to discover blocks.

Miners must create a hash from the block’s data when attempting to mine new blocks. Utilizing the SHA256 hash function, a hash is generated as a fixed-length string of numbers and letters based on input data. Miners strive to find a hash lower than the current target value determined by the network’s degree of difficulty. Open / Comment

2023-10-01 19:21:49 Former US President Donald Trump May Change Crypto Stance Dramatically, Says Ex-SEC Official

The U.S. Securities and Exchange Commission’s former head of internet enforcement says former U.S. President Donald Trump’s anti-crypto stance may change dramatically. He further predicted that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, at a minimum, approve a bitcoin exchange-traded fund (ETF) and “may even slow down considerably SEC crypto-related enforcement efforts.”

Citing multiple media reports, he also noted that Trump now owns some cryptocurrency. The former U.S. president reportedly disclosed crypto holdings of $2.8 million in ether (ETH) in August after debuting a non-fungible token (NFT) collection last year.

The former SEC internet enforcement chief concluded on Wednesday:

Under any circumstance, it seems likely that if a Republican is elected U.S. president, a Republican-appointed SEC chair would, in the least, approve a bitcoin spot ETF and may even slow down considerably SEC crypto-related enforcement efforts.

Last month, Stark highlighted a number of potential changes that could benefit the crypto industry. They included a Republican president being elected, SEC Chairman Gary Gensler resigning, and “crypto mom” Hester Peirce being appointed as the acting SEC Chair. Open / Comment

2023-09-28 19:34:02 Biggest Movers: SHIB, DOGE Snap Recent Losing Streaks

Shiba inu snapped a recent four-day losing streak on Thursday, as bulls rejected a breakout below a key level of support. The slight rebound in price came as the global crypto market cap was marginally higher, climbing 0.25% as of writing. Dogecoin was also in the green. Shiba inu (SHIB) ended a four-day losing streak on Thursday, as crypto bulls returned following a slight stalemate earlier in the day.

Following a low of $0.000007164 on Thursday, SHIB/USD rose to an intraday high of $0.000007287 during today’s session. This came as traders continued to move price away from a recent support point around the $0.00000710 level.

From the chart, it also appears that momentum is somewhat bullish, with the 10-day (red) moving average nearing a cross with its 25-day (blue) counterpart. In order for this to happen, the relative strength index (RSI) will first need to rise beyond a ceiling at the 44.00 mark.

At the time of writing, the index is tracking at 42.14, with SHIB trading at $0.000007256. Dogecoin (DOGE) also ended a winless run on Thursday, as the meme coin rallied following two days of declines.

DOGE/USD peaked at $0.06117 earlier in the day, which comes after a low of $0.06027 the day prior. Similar to shiba inu, the moves comes as DOGE bounced away from a recent price floor at the $0.0600 level.

Looking at the chart, it seems as though the next target will be around the $0.0625 zone, which was last hit exactly a week ago.In order to reach this point, price strength will need to climb from a current reading at 42.52, and head closer to a ceiling of 44.00. Open / Comment

2023-09-25 19:03:02 Crypto Exchange Bybit Suspending Services in UK to Comply With New Regulations

Cryptocurrency exchange Bybit is suspending services in the U.K. next month in order to comply with the new rules set by Britain’s top financial regulator, the Financial Conduct Authority (FCA). “The suspension will allow the company to focus its efforts and resources to best meet the regulations outlined by the U.K. authorities in the future,” Bybit explained.

“It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in the U.K.,” the announcement details, adding:

Bybit has made a choice to embrace the regulation proactively and pause our services in this market … The suspension will allow the company to focus its efforts and resources to best meet the regulations outlined by the U.K. authorities in the future.

Bybit explained that from Oct. 1, it will no longer accept account opening applications by U.K. residents or nationals. From Oct. 8, existing users will no longer be able to make any new deposits, create new contracts, or increase any of their existing positions for all products and services. “They can, however, reduce and close their positions, and withdraw their funds from our platform,” the exchange noted.

Moreover, Bybit stated that U.K. customers affected by this change are “strongly encouraged” to wind down their positions by 8 a.m. UTC on Jan. 8, 2024. “After the stipulated deadline, their open positions will be liquidated, and the liquidation funds will be available for withdrawal,” the exchange clarified. Open / Comment

2023-09-22 17:47:09 Mt Gox Repayment Delayed Again: Creditors Await BTC, BCH, and Yen Payments Until 2024

According to a new update from the Mt Gox trustee, Nobuaki Kobayashi, the repayment deadline for creditors has been pushed to next year. Kobayashi said discussions with banks, fund transfer service providers and designated cryptocurrency exchanges have caused delays, making it impossible to meet the original repayment deadline.

Nobuaki Kobayashi, the Mt Gox trustee in charge of the funds owed to the exchange’s creditors, updated the public on September 21, 2023. According to the trustee, because of lengthy discussions with specific payment providers, Kobayashi could not make the October 31, 2023 deadline. Because of this reason, the repayments will start next year.

“Therefore, with the permission of the Tokyo District Court, the rehabilitation trustee has changed the deadline of the base repayment, the early lump-sum repayment, and the intermediate repayment from October 31, 2023 (Japan Time) to October 31, 2024 (Japan Time), respectively,” the letter from Kobayashi details.

Mt Gox creditors have waited nine years for payments. Currently, they are owed 141,686 BTC, 142,846 BCH, and 69,776,002,441 yen. Though the delay has been extended, creditors who have completed their claims might receive a payment by year’s end.

“Rehabilitation creditors who have provided the necessary information to the rehabilitation trustee will see repayments made in sequence as early as the end of this year,” the letter stated. However, this schedule could change. Kobayashi also said that due to a “high volume of inquiries” regarding the process, the rehabilitation team might not respond promptly. Open / Comment

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2023-09-19 21:24:06 Bank of Russia Governor Elvira Nabiullina: ‘Cash Is Not Going Away’

Elvira Nabiullina, Governor of the Bank of Russia, talked about the future of cash in the context of the digital ruble pilot currently being executed in the country. Nabiullina explained that physical money was not disappearing and that the future implementation of the digital ruble was directed to offer payment options to users.

According to Russian state-owned news outlet TASS, Nabiullina stated:

Our fundamental position is that people should be able to choose how to make payments. We are presenting choices. We are still developing cash, and we are even creating a new series of banknotes with a fresh design.

The Bank of Russia clarified that the digital ruble is not being proposed as a substitute for bank accounts or deposits.

The bank expects the digital ruble to be leveraged for making local and cross-border settlements. In September, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, estimated that the digital ruble would be used to make cross-border payments by 2025. Open / Comment

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2023-09-16 20:12:00 Bitcoin, Ethereum Technical Analysis: BTC Retreats From Recent High, ETH Consolidated Gains.

Bitcoin slipped from a two-week high to start the weekend, as bears moved to snap a recent four-day win run. BTC/USD hit a bottom of $26,240.70 earlier in today’s session, which comes following a peak at $26,840.50 the day before.

The fall appears to have come as bulls were unable to sustain recent pressure that saw BTC climb to its strongest point since August 31. From the chart, the drop coincides with the relative strength index (RSI) failing to move above a ceiling of 53.00

At the time of writing, price strength is now tracking at 51.27, with a floor of 41.00 a potential target. Bulls will likely look to avoid market consolidation and force a breakout of the 53.00 level, which could lead bitcoin back above $27,000.

Ethereum (ETH) was marginally higher in today’s session, with the price remaining above a key support level.

Following a low of $1,613.25 on Friday, ETH/USD rose to an intraday high of $1,652.11 earlier in the day. Saturday’s gains have somewhat eased, with the world’s second-largest cryptocurrency now trading at $1,637.80.

Like bitcoin, this comes as bulls were unable to facilitate a break out of a resistance level, in this instance at the 48.00 zone. Price strength currently sits at a reading of 46.39, with earlier volatility easing as the session progresses.

Despite ETH now consolidating, a potential upward cross of the 10-day (red) and 25-day (blue) moving averages could lift prices in the coming days. Open / Comment

2023-09-13 22:09:06 Biggest Movers: TON Closes In on $2 After News of Telegram Partnership

Toncoin moved closer to the $2.00 level on Wednesday, as markets reacted to the protocol’s partnership with Telegram. The agreement will see the token made available to over 800 million Telegram Wallet users. Stellar, on the other hand, was significantly lower, falling by nearly 8% today.

Toncoin (TON) was one of today’s biggest movers, as markets were buoyed by the news that it was partnering with Telegram. Following a low of $1.73 on Tuesday, TON/USD rose to an intraday peak of $1.95 earlier in the day.

This surge resulted in toncoin rising by as much as 13%, nearing a recent high of $2.05 in the process. Looking at the chart, the move led to the relative strength index (RSI) colliding with a ceiling at the 66.00 level.

Earlier gains have since faded as a result of a failed breakout beyond this point, leading to TON now trading at $1.93. In order to move above $2.00, the aforementioned ceiling on the RSI must first be broken. Open / Comment