Tag: bitcoin

How to Buy Meme Coin CATGIRL: A Step-by-Step Guide

Post By Cryptocurrency , , , ,

Anime has seen massive success on the Internet, and some cryptocurrency projects decided to capitalize on that. One of such projects that became especially popular is Catgirl. A catgirl is a female character with feline traits, such as cat ears, a cat tail, or other feline characteristics on an otherwise human body. Catgirl the crypto project is creating a platform for collectible, anime-themed NFTs, which are intended to be teeming with utility. Catgirl claims it can stand out from the crowd by taking advantage of the bustling NFT and anime communities. Read more about how to buy meme coin CATGIRL in the new StealthEX article.  

Where and How to Buy CATGIRL Coin?

Where Can I Buy Catgirl Coin?

There are many exchanges where to buy Catgirl crypto, and StealthEX is one of the safest options. This platform offers users an opportunity to get CATGIRL coin with no extra fees and with the best floating and fixed rates. This meme cryptocurrency is always freely available for purchase via StealthEX.

How to Buy Meme Coin CATGIRL?

Just follow the guidelines below. Let’s imagine you want to exchange BTC for CATGIRL. To make an exchange, you need to take a few simple steps.

  • First, you should choose Bitcoin in the left drop-down list. Then choose Catgirl (CATGIRL) in the list of coins on the right. After setting the pair it is necessary to enter the amount of BTC you want to exchange.
Where to Buy CATGIRL Coin?
  • Here you will see the estimated amount of Catgirl tokens that you will receive after the exchange. Now, when everything is set, press the Start Exchange button and you will be taken to the next page.
  • In the second step, you need to provide the Catgirl crypto recipient address. The recipient address must match the crypto you are going to receive. Remember to double-check the information you enter prior to the exchange as the transaction you make cannot be canceled.
  • As soon as you have carefully checked all the details, you can press the Next button and you will be redirected to the Confirmation page.
Where to Buy CATGIRL Crypto?
  • Here you can revise the address provided and the amount of CATGIRL token you will receive. Don’t forget to read and check the Terms of Use and Privacy Policy box. Without checking the box you will not be able to continue the exchange. 
  • Pressing the Next button you will be redirected to the Exchange page. At first, you will see the address where you need to send your BTC coin to continue the exchange. StealthEX will also provide you with the exchange ID. It will allow you to keep all the information about the swap. It is recommended to save your exchange ID or the link to your exchange.

Exchange Statuses

  • After sending BTC coins to the shown address, the information on the Exchange page will be renewed automatically. The Exchange page has several statuses that will change during the time of the exchange.
How to Buy CATGIRL Coin?
  • The first status is Awaiting deposit.
  • The following status is Confirming. This means that StealthEX is confirming the transaction you made.
  • The next status is Exchanging. During this time the exchange is being made.
  • Then the status will be changed to Sending to your wallet. This indicates that there are just a few minutes until you receive your Catgirl cryptocurrency.

Finally, you will be redirected to the Finish page. This shows that the exchange has been successfully made and you will receive crypto to the address provided. To be sure that Catgirl coin was sent to your wallet you can also use the Output hash shown on this page and check it in the blockchain list of transactions.

From here you can either create a new exchange on StealthEX or leave the page and check your Catgirl coin wallet to be surprised at how fast you get the Catgirl token to your address. Usually, the process is quite rapid so you won’t need to wait long: Solar crypto swaps are processed in a matter of minutes.

Keep reading StealthEX’s article to learn more about the project itself and Catgirl crypto. 

What Is Catgirl Project?

Catgirl is an entertainment platform that offers its users anime-related NFTs. Users can collect, create, and engage with Catgirls by purchasing these NFTs through the Catgirl Mystery Box, which has a range of different items up for grabs. Each box comes with the opportunity to gain NFTs, along with customizable characters and wearables, while Season Catgirls are limited available Catgirls obtained during a season. Each Season has a different theme that influences the Catgirl’s look, giving you a new chance to gather unique and charming characters, while every Catgirl has a specific rarity, ranging from common to paw-some.

Users can lock up their cryptocurrency in return for something in return or farm by adding slots on the platform. The Liquidity Pool token of the CATGIRL-WBNB pair can be staked to obtain PAW. These are non-transferable tokens that have utility in the NFT ecosystem.

CATGIRL Token

Catgirl (CATGIRL) is the utility token that allows investors to buy the anime-themed NFTs. Out of the CATGIRL spent on these boxes, 75% goes towards a farming pool, 20% is used for product development and the rest is burned. The project has said it is currently working on a marketplace where users will be able to purchase specific NFTs, rather than just a Mystery box.

Catgirl Use Cases

While the actual artwork is a major focus for the Catgirl NFTs, they were also designed with utility. For instance, investors can stake their NFTs with the PAW token. As a result, they will earn a portion of the mystery box sales. The Catgirl team is also working on its own Play-to-Earn game and an innovative Batgirl Nekoverse.

Catgirl Coin Price Prediction

Crypto analysts are fairly optimistic over the token’s future, with the Catgirl crypto price prediction expecting a steady rise. PricePrediction predicts that by 2032 Catgirl crypto will cost around $0.00000002, while Telegaon experts believe that by 2030, Catgirl coin will cost $0.00000062. A long-term prediction for Catgirl coin is very promising: Telegaon expects that by 2050, Catgirl crypto will cost around $0.000045 at its maximum.

We’d like to remind you that if you’re looking for a Catgirl (CATGIRL) coin exchange or simply want to buy Catgirl crypto right away, you can do it via StealthEX. Our users can purchase cryptocurrencies using fiat and we still offer the opportunity to buy crypto at fixed rates.

Buy CATGIRL Coin

Make sure to follow us on Medium, Twitter, Telegram, YouTube, and Publish0x to get StealthEX.io updates and the latest news about the crypto world. If you need help, drop us a line at [email protected].

Please make sure to always research any cryptocurrency and assess your risks before you invest.

Tags: Bitcoin CATGIRL crypto meme exchange cryptocurrency how to buy crypto



Source link

#Buy #Meme #Coin #CATGIRL #StepbyStep #Guide

Latest Crypto News: Ripple’s $5 Trillion Forecast, Coinbase Victory, Solana & PayPal Updates

Post By Cryptocurrency , , , ,

Dive into this week’s edition of the crypto update, presented by StealthEX and CryptoDaily! We’re excited to bring you an easy-to-follow summary of the latest and most significant news in the digital assets world. Eager to find out which stories made the headlines this week? Let’s jump right in!

StealthEX & CryptoDaily Breaking News

Ripple CEO Foresees Crypto Market Soaring to $5 Trillion

Brad Garlinghouse, the CEO of Ripple, has forecasted a bullish future for cryptocurrencies, predicting the market cap will hit $5 trillion by year’s end. This optimism stems from major developments such as the U.S. approval of the first spot Bitcoin ETF and the anticipated Bitcoin halving event. These factors are seen as magnets for institutional investment, with the recent green light for spot Bitcoin ETFs by the Securities and Exchange Commission on January 10 being a significant milestone. This allows investors to gain Bitcoin exposure without direct ownership, a move that has buoyed the crypto market cap to $2.7 trillion recently, with Bitcoin’s price hovering around $70,000.

Garlinghouse emphasizes the impact of macroeconomic trends, including the expected decrease in supply and increase in demand for Bitcoin, particularly as the Bitcoin halving event approaches on April 24, 2024. This event is predicted to further drive Bitcoin’s price up due to the reduced rate of new Bitcoin entering circulation. Additionally, he highlights the potential for positive regulatory changes in the U.S., which could further accelerate the crypto market’s growth and adoption. With the U.S. being a crucial market for cryptocurrencies, a shift towards more favorable regulation could significantly impact the industry’s expansion. 

Court Ruling Favors Coinbase

The US Court of Appeals for the Second Circuit has sided with Coinbase, stating that its secondary sales of cryptocurrencies do not breach the Securities Exchange Act. This ruling not only marks a significant win for Coinbase amidst its ongoing legal battles with both the SEC and private plaintiffs but also raises pivotal questions about the classification of cryptocurrencies as securities.

The court’s decision undermines the primary argument of the plaintiffs, who accused Coinbase of selling unregistered securities. This ruling is seen as a step towards holding cryptocurrency exchanges accountable while also pushing the crypto industry closer to legitimacy. The implication is clear: cryptocurrencies, at least in the context of secondary sales, are not considered securities, granting investors temporary relief from regulatory crackdowns.

This case underscores the urgent need for the US to update its securities laws or draft new ones that comprehensively cover the rapidly evolving crypto sector. Despite resistance from certain government quarters and enforcement agencies, the necessity for regulatory evolution is undeniable. The US, historically a cradle for technological innovation, now appears to lag behind other nations in adapting its financial regulations to embrace the crypto revolution.

Choose StealthEX for Exchange and Buy Crypto

Earn from Each Exchange by Joining StealthEX Affiliate Program.
Become a partner right now and use affiliate tools:

  • Public API — Earn from your wallet, aggregator, or exchange terminal.
  • Referral Links — Recommend StealthEX to your audience.
  • Exchange Widget — Built crypto exchange widget on any page of your website.
  • Button — A perfect choice for traffic monetization.
  • Banner — Track conversion and stats right in the personal cabinet.

Anatoly Yakovenko Sheds Light on Solana Network Issue

The Solana blockchain, known for its speed and efficiency, has recently faced a significant challenge due to an unprecedented demand for meme coin transactions. This surge led to a crippling 75% failure rate in user transactions, causing widespread concern within the crypto community. Anatoly Yakovenko, a co-founder of Solana, has come forward with an update, stating that the critical bug causing these issues has been identified and resolved.

The glitch, which severely hampered the network’s functionality, has been patched, but Yakovenko admits that further improvements are necessary. He shared on social media platform X that addressing these congestion-related bugs is more intricate than fixing total network failures. The process requires thorough testing and careful implementation of updates, which can slow down the pace of resolution.

Solana’s congestion woes have drawn commentary from figures like Andre Cronje, who points out that the network’s struggles are a testament to its success and growing popularity. The demand for block space on Solana has hit unprecedented levels, necessitating optimizations to address bottlenecks.

Efforts to improve the situation are underway, with the Solana team working diligently to enhance the transaction experience. Raj Gokal, another Solana co-founder, has highlighted the deployment of engineering teams to develop fixes, underlining the intense focus on improving network performance.

Despite the challenges, the Solana Foundation is actively proposing measures to mitigate congestion. These include optimizing computing unit usage and urging developers to manage their transactions’ computing budgets more efficiently. Such steps are aimed at reducing unnecessary resource consumption and enhancing the network’s overall efficiency.

PayPal Introduces Groundbreaking Cross-Border Money Transfer Feature

PayPal has announced the introduction of a new feature that will make sending money across borders easier and more affordable. This game-changer allows U.S. users, excluding Hawaii residents, to convert PayPal USD (PYUSD) into U.S. dollars for cross-border transactions, eliminating the need for costly transaction fees.

Starting April 4, PayPal’s service, Xoom, is at the forefront of enabling these transactions to over 160 countries worldwide. This innovative approach utilizes PYUSD, providing an unprecedented level of ease and reliability for users looking to send money abroad. With no additional sale fees for converting PYUSD to USD, users benefit from a seamless and cost-effective transfer process.

Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currency, highlighted the initiative’s role in advancing the adoption of cryptocurrencies. He pointed out the dual goals of establishing a stable currency for user confidence and ensuring its utility in commerce and payments. This strategy aligns with PayPal’s ambition to facilitate secure, low-cost money transfers while fostering the mainstream acceptance of digital currencies.

Ethena Labs Integrates Bitcoin to Strengthen Stablecoin Offering

In a strategic move to enhance the stability and scale of its synthetic stablecoin, USDe, Ethena Labs has announced the incorporation of Bitcoin as a backing asset. This addition positions the USDe alongside other major assets like ETH, ETH-based liquid staking tokens, and Tether (USDT), aiming to provide users with a more robust and secure option in the volatile crypto market.

The decision is propelled by the impressive growth of the Bitcoin derivatives market, which has seen a remarkable 150% increase in open interest, reaching $25 billion over the past year. This growth significantly outpaces that of ETH-based derivatives, indicating stronger liquidity and scaling potential for Bitcoin, which Ethena Labs seeks to leverage.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

Tags: Bitcoin CryptoDaily Ethereum Ripple XRP Solana

Source link

#Latest #Crypto #News #Ripples #Trillion #Forecast #Coinbase #Victory #Solana #PayPal #Updates

Dogecoin’s Rise with Musk, Satoshi Nakamoto Verdict, and Global Developments

Post By Cryptocurrency , , , ,

Dive into the freshest perspectives from StealthEX and CryptoDaily! We’re thrilled to present to you a concise, straightforward summary of the key developments influencing the crypto world. Curious about the top stories in the crypto realm this week? Join us as we delve into them immediately!

StealthEX & CryptoDaily News

Dogecoin Soars as Elon Musk Hints It Could Be Used to Buy Teslas

Elon Musk, the CEO of Tesla, hinted at the possibility of Dogecoin being accepted as payment for Tesla cars in the future. This announcement led to a significant surge in Dogecoin’s value, with an 8% increase in just 24 hours, pushing its market capitalization to around $26.5 billion. Musk’s endorsement of Dogecoin, a meme-inspired cryptocurrency, has once again highlighted his influence on the crypto market.

During a visit to the Tesla Gigafactory in Germany, Musk responded to inquiries about accepting Dogecoin for car purchases by stating the company “should enable that…at some point.” He emphasized Dogecoin’s status as “the people’s crypto” and expressed his support for it over other cryptocurrencies. This is not the first time Musk has shown favor towards Dogecoin; he has previously promoted it through social media and public appearances, contributing to its volatile price history.

Musk’s support for Dogecoin comes amid a broader rally in the cryptocurrency market, with Bitcoin reaching a record high and the total market value surpassing $2.85 trillion. As the crypto community reacts to Musk’s hints, the potential for Dogecoin to become a mainstream payment method for Tesla purchases adds an intriguing layer to the evolving relationship between technology, finance, and culture.

UK Court Declares Craig Wright Is Not Satoshi Nakamoto

UK court has definitively stated that Australian computer scientist Craig Wright is not Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This verdict comes after the Crypto Open Patent Alliance (COPA) challenged Wright’s claims of being the digital currency’s inventor, aiming to prevent him from asserting intellectual property rights over Bitcoin’s foundational technology.

The court’s decision was swift and unequivocal, dismissing Wright’s long-standing assertion that he authored the 2008 Bitcoin whitepaper. The judge’s ruling addressed several points, firmly establishing that Wright was not the author of the Bitcoin whitepaper, did not operate under the pseudonym Satoshi Nakamoto, did not create the Bitcoin system, and was not the author of the initial versions of the Bitcoin software.

This ruling is celebrated by COPA and its members, including notable firms like Block, Coinbase, and MicroStrategy, as a victory for developers, the open-source community, and the truth. It marks the end of Wright’s years-long campaign of using his claim to Satoshi Nakamoto’s identity to intimidate and sue members of the Bitcoin community.

The case also highlighted allegations of forgery against Wright, with COPA accusing him of presenting backdated documents and evidence created with software that did not exist at the time the documents were supposedly made. The court’s decision not only clears the air on Wright’s claims but also sets a precedent for the protection of developers and the integrity of the cryptocurrency ecosystem.

Choose StealthEX for Exchange and Buy Crypto

Earn from Each Exchange by Joining StealthEX Affiliate Program.
Become a partner right now and use affiliate tools:

  • Public API — Earn from your wallet, aggregator, or exchange terminal.
  • Referral Links — Recommend StealthEX to your audience.
  • Exchange Widget — Built crypto exchange widget on any page of your website.
  • Button — A perfect choice for traffic monetization.
  • Banner — Track conversion and stats right in the personal cabinet.

El Salvador Champions Investment with Zero Income Tax on International Funds

El Salvador has taken a bold step to boost its appeal to foreign investors and expatriates by eliminating income tax on international investments and money transfers. Previously set at 30%, the tax rate has been slashed to 0%, as announced by President Nayib Bukele. This strategic move is aimed at attracting foreign capital and stimulating economic growth within the country.

By removing the income tax barrier, El Salvador positions itself as a more attractive destination for international investment and financial inflows. This policy change reflects the government’s commitment to fostering an environment conducive to economic development and global integration. It’s a significant shift that could lead to increased foreign investment, providing a much-needed stimulus to the local economy.

The decision to axe income tax on international funds is part of El Salvador’s broader strategy to embrace digital innovation and financial inclusivity. As the first country to adopt Bitcoin as legal tender, El Salvador continues to demonstrate its openness to unconventional economic policies. This latest tax reform is expected to further enhance its reputation as a forward-thinking and investor-friendly nation, potentially setting a precedent for other countries to follow.

Ethereum’s Dencun Upgrade: A Leap Towards Scalability and Efficiency

Ethereum has embarked on a new chapter with the successful deployment of the Dencun upgrade on its mainnet, marking a significant milestone in the network’s journey towards enhanced scalability and reduced transaction costs. Launched on March 14, 2024, at 9:55 AM ET, the Dencun upgrade promises to revolutionize the way transactions are processed on Ethereum, particularly on Layer-2 networks, by potentially making gas fees a thing of the past.

The upgrade introduces a series of Ethereum Improvement Proposals (EIPs), including the much-discussed EIP-4844, also known as Proto-Danksharding. This feature establishes a dedicated data channel for Layer-2 solutions, drastically cutting down transaction fees on rollups. With a total of nine EIPs rolled out in this single fork, Dencun ties for the largest number of improvements introduced in one go within the Ethereum ecosystem.

Developers and users alike are poised to see immediate benefits from the upgrade, as “data blobs” introduced by EIP-4844 significantly reduce transaction fees. This reduction is expected to be so substantial that, once settlement contracts across Layer-2 networks incorporate Dencun, gas fees could drop by 75%. This upgrade is not just about cost reduction; it also expands Ethereum’s capabilities, making it a more robust and efficient platform for developers and users.

The Dencun upgrade is hailed as a transformative step for Ethereum, likened to the shift from country back roads to a four-lane highway in terms of transaction processing efficiency. It builds on the momentum of previous upgrades, including the landmark Merge of 2022, and sets a new precedent for the network’s evolution towards a future where transaction fees are minimal, ensuring Ethereum remains at the forefront of blockchain innovation.

Coinbase Embarks on $1 Billion Convertible Debt Offering

Coinbase, the leading cryptocurrency exchange in the U.S., has announced its plan to raise $1 billion through a convertible debt offering. This strategic move is designed to capitalize on the recent surge in digital asset markets without diluting the ownership interests of current shareholders. By opting for convertible bonds, which can be converted into company shares or cash by 2030, Coinbase is following a path similar to that of Michael Saylor’s MicroStrategy, which has successfully funded its Bitcoin acquisitions through convertible notes.

The offering includes a special feature known as “negotiated capped call transactions.” This provision aims to minimize dilution during the conversion of debt to equity, a concern for investors wary of their share value being diluted. Such financial instruments allow companies to hedge against dilution, ensuring that existing shareholders’ interests are protected even as the share price rises above the conversion price.

Coinbase’s decision to tap into the debt market comes amidst a bullish trend in the cryptocurrency sector, with Bitcoin reaching an all-time high above $73,000. The company’s stock has also seen a significant uptick, rising by 48% in the same period. The funds raised through this offering may be used for various purposes, including debt repayment, financing potential capped call transactions, and possibly acquiring other companies.

This move by Coinbase has been met with optimism, as evidenced by the recent upgrades from Wall Street analysts who had previously been bearish on the stock. Analysts from Raymond James and Goldman Sachs have revised their outlooks, buoyed by the robust rally in digital asset markets.

VanEck Waives Fees for Spot Bitcoin ETF Until 2025

VanEck has announced the elimination of all trading fees for its spot Bitcoin exchange-traded fund (ETF), HODL, until March 31, 2025. This decision marks a significant shift in strategy for VanEck, whose HODL ETF has gathered just over $305 million in assets, trailing behind its competitors.

Previously charging a modest fee of 0.2%, VanEck’s fee was already lower than many of its rivals, such as BlackRock, Invesco, and Fidelity, which charge around 0.25%. The fee waiver is a clear attempt to boost the fund’s attractiveness and asset under management by making it more cost-effective for investors to hold Bitcoin through the ETF.

However, there’s a catch to this generous offer: the fee waiver will apply only until the ETF reaches $1.5 billion in assets or until the specified end date, whichever comes first. Should the fund’s assets exceed $1.5 billion before March 31, 2025, a fee of 0.20% will be charged on the excess assets.

VanEck’s decision is not just about fee reduction; it’s a statement of confidence in Bitcoin’s future. By removing the barrier of entry fees, VanEck aims to make Bitcoin investment more accessible to a broader audience. This move could potentially shake up the competition among Bitcoin ETFs, especially as the cryptocurrency continues to gain mainstream acceptance and investment.

This strategic fee waiver comes at a time when Bitcoin has been experiencing a resurgence, recently surpassing the Swiss Franc to become the third-largest currency by market value. With its ETF shares physically backed by Bitcoin and securely stored in cold storage, VanEck is positioning itself as a leading choice for investors looking to gain exposure to Bitcoin without directly purchasing and holding the cryptocurrency.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

Tags: Bitcoin crypto news crypto world CryptoDaily Ethereum

Source link

#Dogecoins #Rise #Musk #Satoshi #Nakamoto #Verdict #Global #Developments

Bitcoin, MicroStrategy, Legal Victories, SEC’s Strategy, BRICS Payments, and Tether’s Milestone

Post By Cryptocurrency , , , ,

Explore the latest insights from StealthEX and CryptoDaily! We’re eager to share with you an easy-to-follow, succinct recap of the pivotal events shaping the crypto space. Intrigued by the foremost news in the crypto universe this week? Let’s dive in right now!

StealthEX & CryptoDaily News

Bitcoin’s Roller Coaster Day: From Peak to Crash and Back

In an unprecedented 24-hour period, Bitcoin experienced a wild ride, hitting an all-time high (ATH) before plunging $10,000 and then making a remarkable recovery of over $8,000. This dramatic sequence of events underscores the volatile nature of cryptocurrency trading, which remains an exhilarating yet risky endeavor.

The excitement began when Bitcoin briefly touched the $69,000 mark, setting a new ATH. However, the celebration was short-lived as a massive sell-off ensued, driving the price down to $59,000. Despite this steep decline, the cryptocurrency showed resilience, bouncing back significantly from its low point.

This volatility led to a frenzy of trading activity, with both long and short positions facing significant liquidations. According to Coinalyse, $163 million in long positions were wiped out during the downturn, and $87 million in shorts were liquidated as the price rebounded. The current long to short ratio stands at 59%/41%, indicating a cautious optimism among traders about Bitcoin’s direction.

Amidst this chaos, Bitcoin ETFs witnessed record trading volumes, with a staggering $10 billion traded in a single day. This surge in activity highlights the growing interest and investment in cryptocurrency, despite its inherent risks.

MicroStrategy’s Bold Move: $600M Investment to Boost Bitcoin Holdings

MicroStrategy, a leading corporate investor in Bitcoin, has announced a strategic plan to enhance its cryptocurrency portfolio. The company intends to raise $600 million through the sale of senior convertible notes due in 2030. This move is aimed at acquiring additional Bitcoin and supporting general corporate purposes, as Bitcoin approaches its all-time high of $69,000.

The decision to issue convertible notes is a testament to MicroStrategy’s innovative approach to investment. These notes, which can be converted into equity at a future date, offer the company financial flexibility while ensuring the prioritization of noteholders. This method also allows MicroStrategy to capitalize on the current bullish sentiment surrounding Bitcoin without diluting existing shareholders immediately.

Following the announcement, MicroStrategy’s stock experienced a significant surge, closing the day up 23% at $1,334 per share. Despite a slight dip in after-hours trading, the company’s stock has doubled in value this year, outperforming Bitcoin’s 60% increase over the same period.

MicroStrategy’s aggressive Bitcoin acquisition strategy has paid off, with its holdings now valued at nearly $13 billion. Under the leadership of executive chairperson Michael Saylor, the company has amassed 193,000 BTC at an average buy price of $31,550, resulting in a nearly $7 billion gain on its investment.

Choose StealthEX for Exchange and Buy Crypto

Earn from Each Exchange by Joining StealthEX Affiliate Program.
Become a partner right now and use affiliate tools:

  • Public API — Earn from your wallet, aggregator, or exchange terminal.
  • Referral Links — Recommend StealthEX to your audience.
  • Exchange Widget — Built crypto exchange widget on any page of your website.
  • Button — A perfect choice for traffic monetization.
  • Banner — Track conversion and stats right in the personal cabinet.

In a significant legal development, the Appellate Court of Montenegro has overturned a previous ruling for the extradition of Terraform Labs co-founder Do Kwon to the United States, marking a pivotal moment in an ongoing international legal saga. This decision temporarily stalls Kwon’s extradition, introducing a new layer of complexity to the case that has captured global attention.

The court’s decision to send the case back for retrial due to procedural violations highlights the intricate legal challenges involved in extradition cases. Kwon, who faces fraud charges in the U.S. related to the Terra ecosystem collapse, has been in a legal limbo since his arrest in Montenegro for possessing falsified documents.

This ruling not only delays Kwon’s potential extradition but also ignites debates over the legal precedents and international relations involved in such high-profile cases. Kwon’s legal team celebrated the decision, emphasizing its significance in the broader context of legal rights and procedural fairness.

SEC’s Strategy on Ether ETFs: A Game of Patience

The Securities and Exchange Commission (SEC) has once again deferred its decision on the highly anticipated spot Ether ETF proposals, extending the suspense for industry giants like BlackRock and Fidelity. This move continues the SEC’s pattern of postponements, fueling speculation and anticipation among investors and market watchers.

The delay reflects the SEC’s cautious approach to cryptocurrency ETFs, despite having approved several spot Bitcoin ETFs earlier. The decision to push back the verdict on Ether ETFs, initially submitted by BlackRock in November of the previous year, underscores the regulatory challenges and considerations in the rapidly evolving crypto market.

Bloomberg ETF analyst James Seyffart has pinpointed May 23 as a critical deadline for the SEC, marking the end of a 240-day review period for proposals from other contenders. This date is now viewed as a potential turning point for the approval of spot Ether ETFs, with Seyffart estimating a 60% chance of approval by then.

Despite the SEC’s hesitancy, the market has reacted positively, with Ether’s price surging by 56.7% over the past month. This optimism reflects the broader market sentiment that approval of a spot Ether ETF could be imminent, although some industry observers remain cautious about the potential impact compared to the success of spot Bitcoin ETFs.

BRICS Nations Forge Ahead with Blockchain-Based Payments System

The BRICS consortium, comprising Brazil, Russia, India, China, and South Africa, has unveiled ambitious plans to develop a blockchain-based payments system. This groundbreaking initiative aims to bolster the economic ties among these emerging economies, reduce reliance on the US dollar in international transactions, and challenge the financial dominance of Western nations.

Yuri Ushakov, a Kremlin aide, emphasized the system’s objectives, highlighting its focus on leveraging cutting-edge digital technologies and blockchain to create a platform that is convenient, cost-effective, and politically neutral for governments, businesses, and citizens alike. This move is seen as a strategic step towards enhancing the BRICS bloc’s influence in the global monetary system.

The proposed payment system is expected to utilize digital assets and cryptocurrencies, facilitating cross-border transactions among member nations and other developing countries. This could significantly impact the global demand for the US dollar, potentially altering its dominance in international trade and finance.

Details regarding the technical specifics of the payment system, such as whether an existing blockchain platform will be used or a new one will be developed, remain undisclosed. Similarly, the timeline for the launch of this ambitious project has not been revealed.

This initiative is an extension of the BRICS Contingent Reserve Arrangement (CRA), established in 2014 with a $100 billion commitment to provide liquidity support among member nations. The CRA aims to diminish reliance on US dollar-denominated assets, strengthening the global financial safety net and promoting the use of member countries’ currencies.

Tether’s Milestone: USDT Market Cap Surpasses $100 Billion

Tether (USDT), the leading stablecoin, has achieved a significant milestone by surpassing a market capitalization of $100 billion. This development not only cements USDT’s position as a dominant player in the stablecoin market but also widens its lead over its closest competitor, USD Coin (USDC), by over $71 billion.

USDT’s market cap briefly reached the $100 billion mark on March 4th, according to CoinGecko, although other data sources like CoinMarketCap have yet to confirm this figure. The fluctuation in market cap is a reflection of the dynamic nature of the cryptocurrency market, influenced by current prices and circulating supply. This year, USDT has seen a 9% growth in market cap, indicating increased investor interest and confidence in the stablecoin.

The surge in USDT’s market cap is attributed to its role as a preferred medium for trading and hedging in the volatile cryptocurrency market. USDT maintains a peg to the US dollar, offering a stable asset for traders and investors looking to avoid the price swings of other cryptocurrencies. Recent trading activity has seen USDT’s price exceed its $1 peg, suggesting a high demand for the stablecoin amid a bullish crypto market.

Despite its success, Tether has faced scrutiny over the assets backing USDT. The company claims that each USDT token is backed 1:1 with independently audited reserves, primarily consisting of yield-bearing US Treasury Bills. Tether reported a record quarterly profit of $2.85 billion in Q4 2023, with a significant portion of its earnings derived from these Treasury Bills.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

Tags: Bitcoin crypto crypto world cryptocurrency price analysis

Source link

#Bitcoin #MicroStrategy #Legal #Victories #SECs #Strategy #BRICS #Payments #Tethers #Milestone

CryptoDaily & StealthEX News Report: Bitcoin’s Rise, Global Trends & ETF Moves

Post By Cryptocurrency , , , ,

Discover the latest news from StealthEX and CryptoDaily! We’re excited to present a clear and concise summary of the top stories and movements in the crypto market. Keep up with important developments and influential figures. Curious about the top news in the cryptocurrency sphere this week? Get into the specifics right away!

CryptoDaily & StealthEX News Report: Bitcoin's Rise, Global Trends & ETF Moves

El Salvador’s Bold Bitcoin Strategy: A Long-Term Vision

El Salvador, under President Nayib Bukele’s leadership, is making headlines with its unwavering commitment to Bitcoin. The nation’s Bitcoin reserves have soared past $60 million, thanks to the cryptocurrency’s recent price surge. Yet, President Bukele has made it clear: El Salvador is not cashing out anytime soon.

In a world where Bitcoin’s volatility often leads to quick profits, El Salvador’s strategy stands out. The country began its Bitcoin journey in 2021, becoming the first to accept it as legal tender. Despite skepticism and the crypto industry’s ups and downs, El Salvador has accumulated over 2800 BTCs. This bold move has paid off, with the country’s Bitcoin investment now showing a potential profit of almost $41.6 million, a 40% return on investment.

The recent increase in Bitcoin’s price, partly due to the launch of several spot Bitcoin ETFs, has placed El Salvador in an enviable position. With Bitcoin’s value exceeding $60,000, the nation enjoys a significant unrealized profit margin. Each Bitcoin was acquired at an average cost of $42,440, highlighting the strategic foresight of El Salvador’s government.

El Salvador’s approach mirrors that of MicroStrategy, a company that has also heavily invested in Bitcoin. Both entities share a long-term vision, choosing to hold onto their Bitcoin reserves despite the tempting profits. This strategy reflects a deep belief in Bitcoin’s future potential and a disregard for short-term gains.

Governments Eye Bitcoin as the New Gold, Reveals Edward Snowden

Edward Snowden, the whistleblower known for the Prism Gate scandal, has recently made a groundbreaking claim. He suggests that a national government has been quietly accumulating Bitcoin, treating it as a modern alternative to traditional gold reserves. This revelation comes at a time when Bitcoin is gaining traction among retail investors, institutions, and now, potentially, sovereign governments.

Snowden’s prediction, shared on the social media platform X, hints at a significant shift in how countries might manage their wealth. The move towards Bitcoin by a national government, which remains unnamed, underscores the cryptocurrency’s growing acceptance and legitimacy. Snowden anticipates that this year, the government’s Bitcoin purchases will come to light, marking a pivotal moment in Bitcoin’s history.

This development is particularly noteworthy against the backdrop of increasing interest in cryptocurrencies, spurred further by the United States Securities and Exchange Commission’s approval of spot Bitcoin ETFs. Governments and major institutions worldwide are exploring the potential of cryptocurrencies and blockchain technology, signaling a potential shift from gold to Bitcoin as a reserve asset.

El Salvador’s example, as the first country to adopt Bitcoin as legal tender, illustrates the potential benefits of such a strategy. The nation has seen its Bitcoin investments increase in value, attracting tourists and investments. Snowden’s comments suggest that other governments might follow suit, drawn by the allure of Bitcoin as a secure and profitable reserve asset.

Choose StealthEX for Exchange and Buy Crypto

Earn from Each Exchange by Joining StealthEX Affiliate Program.
Become a partner right now and use affiliate tools:

  • Public API — Earn from your wallet, aggregator, or exchange terminal.
  • Referral Links — Recommend StealthEX to your audience.
  • Exchange Widget — Built crypto exchange widget on any page of your website.
  • Button — A perfect choice for traffic monetization.
  • Banner — Track conversion and stats right in the personal cabinet.

Morgan Stanley Eyes Spot Bitcoin ETF, Signaling Crypto’s Mainstream Shift

Morgan Stanley, a titan in asset management with $1.3 trillion under its belt, is reportedly considering a groundbreaking move into the cryptocurrency space. The firm is exploring the possibility of offering a spot Bitcoin ETF to its clients. This development follows the green light from the United States Securities and Exchange Commission for spot Bitcoin ETFs in January, marking a significant milestone in the acceptance and integration of cryptocurrencies into traditional financial services.

The introduction of spot Bitcoin ETFs by broker-dealers like Morgan Stanley could usher in a new era of investment, attracting more funds into the cryptocurrency market. Currently, ten spot Bitcoin ETFs are trading in the U.S., including notable names like Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC. Morgan Stanley’s entry into this space could significantly broaden the investor base for Bitcoin, enhancing its legitimacy and appeal.

The firm is conducting due diligence to ensure the smooth introduction of these ETFs to its clientele. The success of spot Bitcoin ETFs has been undeniable, with the IBTI Bitcoin ETF breaking daily trading volume records consecutively. The approval of these ETFs has coincided with a surge in Bitcoin’s price, now trading just shy of the $63,000 mark, highlighting the growing investor interest and confidence in cryptocurrency as a legitimate asset class.

Furthermore, Morgan Stanley’s Europe Opportunity Fund is contemplating allocating a portion of its assets to spot Bitcoin ETFs, with a cap of 25%. This move signifies a strategic diversification of investment portfolios to include cryptocurrencies, reflecting the sector’s potential for growth and returns.

MicroStrategy Bolsters Bitcoin Holdings with Additional 3K BTC Purchase

MicroStrategy, led by the visionary Michael Saylor, has once again demonstrated its unwavering belief in Bitcoin. The company recently announced the acquisition of an additional 3,000 BTC, amounting to approximately $155 million. This strategic move has increased MicroStrategy’s total Bitcoin holdings to an impressive 193,000 BTC.

The purchase, conducted between February 15 and February 25, 2024, was executed at an average price of $51,813 per Bitcoin, as detailed in an SEC filing. This acquisition not only underscores MicroStrategy’s commitment to Bitcoin but also highlights the company’s long-term investment strategy in the cryptocurrency space.

MicroStrategy’s Bitcoin strategy is a testament to Michael Saylor’s belief in the digital currency as the ultimate asset, surpassing traditional investment options. The company has entrusted 98% of its Bitcoin holdings to Fidelity Custody, ensuring robust security through a dual custodial strategy that also involves Coinbase Prime.

The impact of the recently approved Bitcoin ETFs on MicroStrategy’s stock (MSTR) seems negligible to Saylor. Following the announcement of the latest Bitcoin purchase, MSTR stock saw a 1.71% increase. The company’s stock performance has been remarkable, with a 39% increase over the past month and a staggering 316% since the beginning of 2023. This success is partly attributed to the surge in Bitcoin’s value, highlighting the symbiotic relationship between MicroStrategy’s investment strategy and the cryptocurrency’s market performance.

Ethereum’s Dencun Upgrade: A Leap Towards Scalability

The Ethereum Foundation has announced a significant milestone in the blockchain’s journey towards greater scalability and efficiency. The Dencun network upgrade, a pivotal development in Ethereum’s roadmap, has been successfully activated across all testnets. This upgrade is set to go live on the mainnet on March 13, marking a crucial step forward for the Ethereum ecosystem.

Dencun introduces proto-danksharding to Ethereum, a feature that promises to enhance the blockchain’s capacity to handle transactions. By allowing rollups to add “blobs” of data on a beacon node, Dencun aims to significantly reduce the cost of transactions. These blobs, while temporarily stored, are not accessible to the Ethereum Virtual Machine (EVM) and are automatically deleted after one to three months. This mechanism ensures that rollups can transmit data more affordably, ultimately benefiting end-users with cheaper transaction fees.

The upgrade’s name, Dencun, is a blend of Deneb—a star—and Cancun, the location of Devcon 3, reflecting the Ethereum community’s tradition of creatively naming its upgrades. The activation of Dencun on the mainnet is scheduled for epoch 269568, at 13:55 UTC, or 8:55 am ET, on March 13.

For this upgrade to be smoothly integrated, stakers are required to update their beacon nodes and validator clients to ensure compatibility. As of February 22, all client teams, except Lodestar, have released their final software versions in preparation for the Dencun upgrade.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

Tags: Bitcoin Bitcoin ETF BTC ETF Ethereum

Source link

#CryptoDaily #StealthEX #News #Report #Bitcoins #Rise #Global #Trends #ETF #Moves

Bitcoin Halving 2024: What to Expect? Estimates, Forecasts, Concerns, and BTC Price

Post By Cryptocurrency , , , ,

Bitcoin halving is a fundamental mechanism to regulate the amount of new Bitcoin that enters circulation and happens as part of the protocol’s design. Bitcoin operates on a deflationary model, with a capped supply of 21 million coins. To control the rate at which new Bitcoins are introduced into circulation, the protocol undergoes a halving event approximately every four years. During a halving, the reward that miners receive for validating transactions and securing the network is cut in half. In this article, we’ll try to find out what Bitcoin Halving 2024 is and how it’s going to affect BTC price.

Bitcoin Halving 2024

The intended 21 million coin cap will be achieved at some point in 2140, at which point this rewards program will end. At that point, network users will pay miners’ fees in exchange for their processing of transactions. These costs guarantee that miners will continue to be motivated to contribute and maintain the network. As per Bitcoin halving dates history, the last three halvings occurred in 2012, 2016 and 2020. The first Bitcoin halving, or Bitcoin split, occurred in 2012 when the reward for mining a block was reduced from 50 to 25 BTC. 

Assuming the network uses Proof-of-Work (PoW), a blockchain protocol incorporates a halving event right from the start of its genesis block. Essentially, just two lines of code define this recurrent event: one indicates when a halving occurs, and the other indicates when the connected blockchain should cease halving. For Bitcoin, this is after 64 times. Halving is important; the halving policy was written into Bitcoin’s mining algorithm to counteract inflation by maintaining scarcity. In theory, the reduction in the pace of Bitcoin issuance means that the price will increase if demand remains the same.

Historical Overview of Bitcoin Halvings

The initial halving of Bitcoin occurred on November 28, 2012, when the price of BTC was approximately $12. A year later, Bitcoin had increased to almost $1,000. When the second halving happened on July 9, 2016, the price of Bitcoin fell to $670, but by July 2017, it had risen to $2,550. In December 2017, Bitcoin also hit its previous all-time high of over $19,700. At the time of the most recent Bitcoin halving in May 2020, the price of BTC was $8,787. By November 2021, it had reached an all-time high of about $69,000.

Bitcoin’s Price Tends to Increase Post-Halving

Bitcoin’s Price Tends to Increase Post-Halving, source: Crypto.com

Bitcoin halvings have historically caused major changes in the cryptocurrency landscape by adjusting the dynamics of Bitcoin’s supply and demand. Because fewer Bitcoins are being created, the value of already-existing Bitcoins may increase due to their increasing scarcity as a result of the drop in block rewards. After the halving, there is typically a spike in Bitcoin volatility and a general optimistic mood on the market. As less Bitcoin is made accessible for mining, the value of the remaining Bitcoin increases and becomes a more alluring asset for investors. When examining the post-halving surges in Bitcoin, one should also take into account other factors:

  • Increased media attention to cryptocurrencies and Bitcoin.
  • A fascination with the digital asset’s anonymity.
  • A gradual increase in real-world use cases for the currency. 
Bitcoin Halving History

Bitcoin Halving History. Source: BitPanda

When Is the Next Bitcoin Halving?

The most recent Bitcoin halving event took place on 12 May 2020. The block reward was promptly slashed in half as soon as the Bitcoin blockchain reached the halving block, and the halving event was carried out practically instantly. Although the exact date is not confirmed, the next Bitcoin halving is scheduled to take place in April 2024.

Bitcoin Halving 2024: What to Expect?

For Bitcoin miners, the halving poses a difficulty. As a result of the reduction in Bitcoin supply from 6.25 to 3.125 BTC per block, the revenue received by miners from block rewards is essentially being slashed in half. Furthermore, costs are rising as well. An important factor in determining miners’ costs is the hash rate, which is a measure of the overall processing power required to mine and process transactions on the Bitcoin network. It also acts as a stand-in for mining difficulty. The most recent spike, which was partially caused by Bitcoin’s price increase in 2023 and businesses purchasing more effective mining gear in response to favorable market conditions, emphasizes the growing difficulties faced by miners. Many miners may find themselves in a precarious situation in the near future as a result of a combination of falling revenue and rising costs.

On the surface, it seems like more investors are paying attention to specific ETF products, which is good for the price of Bitcoin. However, this outlook has been dampened by reducing miner reserves. The quantity of Bitcoin kept in miner treasuries is referred to as miner reserves. The CrptoQuant research claims that after the ETF was approved a few weeks ago, miner outflows have increased dramatically, reaching levels not seen since June 2021.

Miners delivered almost $1 billion in Bitcoin to exchanges on January 12, shortly after ETFs began trading. After a startling rise in Bitcoin prices to a two-year high, miners most likely sold to cash out. The ongoing selling by miners may be related to the recent slowdown in the price of Bitcoin. Following the approval of the ETF, the price of Bitcoin fell by 20%, hitting a yearly low of $39,000. 

Market Predictions for BTC Price and Expert Opinions

Examining the price dynamics in the year preceding and following the halving events over the last three cycles reveals significant growth for Bitcoin. During these two-year spans, Bitcoin experienced remarkable increases: approximately 30,000% in 2012, 786% in 2016, and 712% in 2020. If Bitcoin continues to show the same performance this time, its price could reach the $220k mark in 2025. There are, however, a few distinct reasons why the next Bitcoin halving is anticipated to be unlike the others. The rising involvement of institutional investors in the bitcoin market is one of the main characteristics that sets this halving apart. We’ve noticed an increase in interest in recent years from institutional actors like asset managers, hedge funds, and even conventional banking institutions. There has never been a halving with the degree of capital and experience that these institutional investors offer.

Another factor that sets this halving event apart is the growing popularity of Bitcoin among general users. The interest in and adoption of cryptocurrencies by both individuals and businesses has increased over the last few years. Moreover, because of its decentralized structure and restricted supply, Bitcoin remains an attractive option in uncertain economic times, which may increase demand during this specific halving.

Since the supply of Bitcoin will be drastically reduced in April due to the halving, a rally in price is most likely to occur when demand either rises or stays the same. Experts like Coinpedia believe that in 2024 Bitcoin can even reach an all-time high of $120,000. Predictions from various sources, including Standard Chartered, and Morgan Creek Capital, anticipate Bitcoin exceeding $100,000 and even $300,000 by 2028. 

A month ago Skybridge Capital’s managing partner and founder, Anthony Scaramucci, predicted a surge for Bitcoin in the future. His prediction puts the token’s market value at least $170,000, which could increase depending on the current BTC price. He used a minimum value of $35,000, which he called conservative, stating that the BTC could rise to $60,000 before the halving event.

According to Bloomberg Intelligence and Matrixport, the cryptocurrency’s value might rise by at least 81% as a result of the halving. Although the price of Bitcoin is now at about $30,000, analysts think it may rise to $50,000 or even more by April 2024. But obstacles like economic uncertainty and regulatory crackdowns might affect this forecast. 

Nasdaq and VettaFi highlight the views of the Twitter account known as BitQuant, which believes that Bitcoin is going to reach a new all-time high before halving. BitQuant predicts that Bitcoin will not reach $160,000 before the halving and could experience pullbacks, with a price forecast of $250,000.

In the cryptocurrency world, there is a lot of discussion and interest in BTC price projections for the 2024 halving. Although there may be differences in opinion among experts, the majority of them think that Bitcoin’s price will rise over time as a result of its growing popularity and limited supply. Some even predict that the 2024 halving will spur more institutional investment in the cryptocurrency, which will raise its price even further. 

Impact of Bitcoin Halving 2024 on the Crypto Ecosystem

Over time, the halving serves to further emphasize Bitcoin’s inherent scarcity, which is one of the main draws for many users who view it as ‘digital gold.’ If demand keeps increasing, the slower rate at which new bitcoins are created can push the price higher. But after a halving, this effect takes time to manifest; it happens over the course of months and years.

Furthermore, the need for miners to continue making a profit could encourage advancements in sustainable energy sources and mining technology. The motivation to look for less expensive, more sustainable energy sources increases as mining returns decrease. Regarding the effects of Bitcoin mining on the environment, this trend may be beneficial.

Generally speaking, the halving event also acts as a recurring reminder of the distinctive economic model of Bitcoin, which may stimulate interest and adoption among new users. The halving events of Bitcoin may contribute to its broader adoption as a store of value and investment asset as it develops.

Will Bitcoin Go Up After Halving?

It is anticipated that BTC’s price will rise either before or after the halving event. There is no certainty, but it’s very likely.

When in 2024 Is the Next Bitcoin Halving?

The next Bitcoin halving is expected to take place in April 2024. Since the date is dependent on the block height, it is hard to predict the exact Bitcoin halving dates.

What Is the Price Prediction for Bitcoin Halving 2024?

Experts conclude that Bitcoin can rise in price anywhere from $50,000 to $170,000.

Is Bitcoin Halving Good or Bad?

The Bitcoin halving is considered a good economic model, since it puts disinflationary pressure on the virtual currency and helps it appreciate over time (as long as demand for Bitcoin keeps rising).

Should I Buy Bitcoin Before or After Halving?

It’s best to buy Bitcoin during the crypto winter when the market is at its all-time lows. And don’t forget to do your own research before buying any cryptocurrency. 

Conclusion

The Bitcoin halving event remains a highly awaited event in the cryptocurrency world due to its nature and impact on the crypto market. The supply of new Bitcoins entering the market will be cut in half, and it is anticipated that the impending halving will follow the old and tried pattern. However, a number of unique factors set this BTC halving apart from others. First of all, compared to prior years, investors and the general public have a better knowledge and comprehension of Bitcoin. Secondly, with large financial institutions announcing plans to offer cryptocurrency services to their clients, institutional investors have begun to express interest in Bitcoin. This inflow of institutional capital may increase demand for Bitcoin and lead to an increase in its value. Finally, the technology that underpins Bitcoin storage and transactions has had a major upgrade. The development of safe wallets and exchanges has made it easier for individuals to buy, sell, and store cryptocurrency safely.

With so many new investors and the general public awareness of Bitcoin the halving event of 2024 is likely to bring new surprises, perspectives, and outcomes for the crypto market.

Where to Buy Bitcoin (BTC)?

StealthEX is here to help you buy Bitcoin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1400 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

How to Buy BTC Coin?

Just go to StealthEX and follow these easy steps:

  1. Choose the pair and the amount you want to exchange. For instance, ETH to BTC.
  2. Press the “Start exchange” button.
  3. Provide the recipient address to transfer your crypto to.
  4. Process the transaction.
  5. Receive your crypto coins.
Bitcoin Halving 2024 - BUY BTC

Follow us on Medium, Twitter, Telegram, YouTube, and Publish0x to stay updated about the latest news on StealthEX.io and the rest of the crypto world.

Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.

Tags: Bitcoin Bitcoin halving crypto world halving price analysis



Source link

#Bitcoin #Halving #Expect #Estimates #Forecasts #Concerns #BTC #Price

European Investors Favor Bitcoin Following ETF Launch

Post By Cryptocurrency

Over the
last few months, investor sentiment towards individual cryptocurrencies has
favored Ethereum (ETH) over Bitcoin (BTC). However, the release of the
first-ever spot exchange-traded funds (ETFs) for BTC has changed the balance of
market forces, and now there is a much more bullish positioning towards the
oldest cryptocurrency. This is especially true as its price has reached the
highest levels in two years, exceeding $50,000.

Spectrum
Markets, a pan-European trading venue, released data showing diverging
sentiment among retail investors regarding BTC and ETH cryptocurrencies in January 2024.

The
company’s Spectrum European Retail Investor Index (SERIX) for BTC rose to
109 points, indicating bullish sentiment, while the index for ETH dropped
from 120 points to 103 over the same period. The SERIX scale designates numbers
above 100 as bullish and numbers below as bearish.

Source: Spectrum Markets

This shift
coincided with the US Securities and Exchange Commission (SEC) approving
several BTC ETFs on January 11. The regulatory move opened BTC investments to a wider range of investors. No similar approval has occurred yet
for ETH products.

Michael
Hall, the Head of Distribution at Spectrum Markets, commented that the SEC
approval addresses demand for “enhanced regulatory standards” around
cryptocurrencies.

“Meanwhile,
in the EU, a bitcoin ETF is still not possible under existing regulation as
UCITS regulations do not allow a single reference price for an ETF underlying,”
Hall added. “To stay competitive with the US, EU rules must be adjusted in order
to prevent the diversion of flows, executed in Europe, abroad.”

Spectrum
Markets began offering derivatives linked to both cryptocurrencies in May 2022,
allowing traders to gain exposure without needing separate crypto wallets. The
company said it saw an increase of 2.5 times in BTC trading volume in January
2024 compared to monthly averages for 2023.

Spectrum Reports Volume
for January 2024

In January
2024, Spectrum’s total order turnover reached €311.5 million, with 32.1% of
trades taking place outside of traditional hours. The top three underlying
assets traded were Germany’s DAX 40 index, the US Nasdaq 100, and the Dow Jones
Industrial Average.

“Looking at
the SERIX data for the top three underlying markets, the DAX 40 sentiment
increased slightly from 97 to 99,” the company commented. “Similarly, the
NASDAQ 100 and DOW 30 both remained bearish at 98, from 98 and 96 respectively
in the previous month.”

Amid
challenging market conditions, the pan-European platform for securities
trading, has set a new record for trading volume in 2023. The company revealed
in its most recent report that its total order book turnover increased 9% to
€3.62 billion over the last year.

The volume
of traded securities in 2023 surged 14%, reaching 1.62 billion securities, a
significant rise from 1.42 billion in the prior year. This activity spanned
nearly 2.5 million transactions, with 33.9% of these trades executed outside conventional trading hours. This supports the previous year’s finding that
approximately one-third of all trades are conducted after normal trading hours.

Over the
last few months, investor sentiment towards individual cryptocurrencies has
favored Ethereum (ETH) over Bitcoin (BTC). However, the release of the
first-ever spot exchange-traded funds (ETFs) for BTC has changed the balance of
market forces, and now there is a much more bullish positioning towards the
oldest cryptocurrency. This is especially true as its price has reached the
highest levels in two years, exceeding $50,000.

Spectrum
Markets, a pan-European trading venue, released data showing diverging
sentiment among retail investors regarding BTC and ETH cryptocurrencies in January 2024.

The
company’s Spectrum European Retail Investor Index (SERIX) for BTC rose to
109 points, indicating bullish sentiment, while the index for ETH dropped
from 120 points to 103 over the same period. The SERIX scale designates numbers
above 100 as bullish and numbers below as bearish.

Source: Spectrum Markets

This shift
coincided with the US Securities and Exchange Commission (SEC) approving
several BTC ETFs on January 11. The regulatory move opened BTC investments to a wider range of investors. No similar approval has occurred yet
for ETH products.

Michael
Hall, the Head of Distribution at Spectrum Markets, commented that the SEC
approval addresses demand for “enhanced regulatory standards” around
cryptocurrencies.

“Meanwhile,
in the EU, a bitcoin ETF is still not possible under existing regulation as
UCITS regulations do not allow a single reference price for an ETF underlying,”
Hall added. “To stay competitive with the US, EU rules must be adjusted in order
to prevent the diversion of flows, executed in Europe, abroad.”

Spectrum
Markets began offering derivatives linked to both cryptocurrencies in May 2022,
allowing traders to gain exposure without needing separate crypto wallets. The
company said it saw an increase of 2.5 times in BTC trading volume in January
2024 compared to monthly averages for 2023.

Spectrum Reports Volume
for January 2024

In January
2024, Spectrum’s total order turnover reached €311.5 million, with 32.1% of
trades taking place outside of traditional hours. The top three underlying
assets traded were Germany’s DAX 40 index, the US Nasdaq 100, and the Dow Jones
Industrial Average.

“Looking at
the SERIX data for the top three underlying markets, the DAX 40 sentiment
increased slightly from 97 to 99,” the company commented. “Similarly, the
NASDAQ 100 and DOW 30 both remained bearish at 98, from 98 and 96 respectively
in the previous month.”

Amid
challenging market conditions, the pan-European platform for securities
trading, has set a new record for trading volume in 2023. The company revealed
in its most recent report that its total order book turnover increased 9% to
€3.62 billion over the last year.

The volume
of traded securities in 2023 surged 14%, reaching 1.62 billion securities, a
significant rise from 1.42 billion in the prior year. This activity spanned
nearly 2.5 million transactions, with 33.9% of these trades executed outside conventional trading hours. This supports the previous year’s finding that
approximately one-third of all trades are conducted after normal trading hours.

Source link

#European #Investors #Favor #Bitcoin #ETF #Launch

SEC Greenlights Bitcoin ETFs: How This Major Move Could Skyrocket Coinbase Stock Price

Post By Stock , , , , , , , , ,

KEY

TAKEAWAYS

  • Coinbase stock price is correlated with Bitcoin’s price
  • COIN’s price level is getting close to an entry point for bullish investors
  • An ideal entry point for COIN would be after you see a strong reversal candle with increasing momentum

Are you feeling a bit of FOMO seeing how the SEC’s approval boosted crypto and other crypto-related assets? Well, don’t. There might be an opportunity for a bullish trade with the largest cryptocurrency exchange in the US: Coinbase (COIN).

Coinbase’s stock is correlated to Bitcoin and it’s likely to benefit from this new regulatory development. Coinbase is in a downswing, but it’s worth adding the chart to your ChartList and watch for it to land and reverse.

Finding COIN Through a StockCharts Ichimoku Scan 

The good news is that Coinbase was one of the stocks filtered in the StockCharts scan Entered Ichimoku Cloud on Wednesday.

Why this particular scan? Because entering the cloud already pimples a pullback, and it allows you to see the projected bullishness of the price through the color and thickness of the cloud under the prevailing price and projected 26 periods ahead.

COIN presented an intriguing possibility in light of the SEC’s recent actions. Let’s analyze the stock’s technical environment.

COIN: The Technical Scenario

If you’re bullish on crypto and looking to invest in the exchange, start with a birds-eye view of COIN’s price action before drilling down to specific entry points.

The chart below shows COIN’s price trajectory since its IPO launch in April 2021. Note its relatively close correlation to Bitcoin ($BTC), represented by the black line on the chart.

CHART 1. WEEKLY CHART OF COIN. Notice how closely COIN’s price follows Bitcoin’s ($BTCUSD) movements.Chart source: StockCharts.com. For educational purposes.

The above chart captures COIN’s price action from its IPO launch. Note the blue horizontal line connecting the highs of August 2022 and July 2023. These highs and the series of swing lows throughout 2022 and 2023 marked a wide and long-term trading range that COIN couldn’t break above until November 2023.

But while this trading range appeared relatively static, lacking strong upward momentum, the Chaikin Money Flow (CMF), in contrast, rose dramatically (see red arrow tracing the upward path of the CMF levels). As you know, CMF measures buying/selling pressure of a stock. And in this case, the shift from heavy selling to increased buying indicated a bullish shift that wasn’t as pronounced in the price chart alone.

Those who were looking at the longer-term weekly chart might have anticipated the possibility (then) that COIN potentially bottomed at the beginning of 2023, as the CMF finally crossed the zero line into positive territory.

Currently, COIN is in a downswing, but support may be found at the previous resistance level that marked its November breakout. But to get a clearer picture, let’s look at the daily chart to drill down further and find an entry point.

The daily chart below includes the Stochastic Oscillator in the lower panel. The oscillator indicates that the price is at the oversold level. As the scan indicates, COIN has entered the Ichimoku Cloud, which often serves as a support (or in bearish cases, resistance).

CHART 2. DAILY CHART OF COIN. The Fib Retracement, Cloud, and Stochastic Oscillator give a green light for a “long” entry.Chart source: StockCharts.com. For educational purposes.

What’s important is the larger context surrounding the price’s entry into the kumo (Ichimoku cloud). On a weekly scale, there is an increase in buying pressure, as measured by the CMF supporting COIN’s longer-term uptrend. The cloud color is green, and its range has more or less thickened as projected 26 periods from the current day.

To fine-tune the pullback’s measure, note the Fibonacci retracement levels from October 2023 to the December high.

Bullish traders might find the favorable range of entry now, but, as far as pinpointing an ideal entry point, you’d want to see a strong reversal candle in the next few sessions before committing to a long position. Assuming that your entry point is at or above $115.05, which is where the 61.8% Fib retracement level is located, you’d want to place a stop loss below $115, which is also the lower end of the (rising) cloud.

The Bottom Line

The landscape for Coinbase (COIN) looks promising from the fundamental and regulatory end, considering the SEC’s approval for multiple Bitcoin ETFs. Technically, every indicator applied to the chart gives a clear bullish green light on an entry. Of course, it’s important to enter any position cautiously, as several factors can change the market dynamics and investor sentiment.

Final thoughts: Scans are important. In addition to the Ichimoku scan, hundreds of other scans are available in StockCharts. Try them out and see which ones align with your investment goals. Predefined scans are a good starting point, but you can also create your scans.

How To Run an Ichimoku Scan (or any technical scan)

  • Log in to your StockCharts account
  • Go to Your Dashboard and, in the Member Tools window, scroll down to Reports & More and click on Sample Scan Library.
  • The Ichimoku Patterns are in the Candlestick Patterns section. Click the Run button next to the scan (in this case, Entered Ichimoku Cloud) and you’ll see a list of the filtered stocks and ETFs.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Karl Montevirgen

About the author:
Karl Montevirgen is a professional freelance writer who specializes in finance, crypto markets, content strategy, and the arts. Karl works with several organizations in the equities, futures, physical metals, and blockchain industries. He holds FINRA Series 3 and Series 34 licenses in addition to a dual MFA in critical studies/writing and music composition from the California Institute of the Arts.
Learn More

Source link

#SEC #Greenlights #Bitcoin #ETFs #Major #Move #Skyrocket #Coinbase #Stock #Price

Discover Smodin: The All-in-One AI Writing Tool

Post By Cryptocurrency , ,

Overview of Smodin

Smodin is a multifunctional All-in-One online AI writer and rewriter, offering a range of tools designed to facilitate the content creation process. Its services include AI-powered writing assistance, plagiarism prevention, automatic citation generation, and a multitude of language applications. Smodin supports over 100 different languages and is utilized by more than 100,000 businesses and 30,000 universities globally​​​​​​

The official Smodin website is: https://smodin.io/

                Smodin Mainpage, Source Smodin 

 

Why Smodin?

Research Faster: Smodin’s AI-powered tools enable swift and comprehensive research, yielding accurate results.

Overcoming Creative Blocks: The platform provides innovative ideas, helping overcome creative challenges and boosting productivity.

Detailed Answers: Smodin offers quick, detailed responses to a wide range of questions.

Broad Knowledge Base: The AI models cover various subjects, from biology to history, providing knowledgeable answers.

Instant Feedback: Users receive immediate, detailed suggestions for improving text, arguments, and structure.

Credible Sources and Citations: Smodin generates references in MLA and APA formats, ensuring credibility and ease of citation.

Structured Text: The tool crafts well-structured documents, enhancing message clarity and effectiveness.

Professional Quality Documents: From cover letters to research papers, Smodin maintains a high standard of professionalism.

Speedy Writing: Accelerate content creation with Smodin’s ability to quickly generate text on any topic.

Plagiarism-Free Content: Smodin ensures originality in AI-generated content, backed by plagiarism detection tools for added confidence.

Key Services and Tools 

AI Writer: Smodin’s AI Writer simplifies content creation, enabling the generation of original content for various purposes such as essays, articles, blogs, marketing content, and legal documents. This tool is particularly effective in overcoming writer’s block and inspiring new ideas​​.

Text Rewriter and Spinner: The platform’s text rewriter, or paraphrasing tool, rephrases existing text while maintaining the original meaning, enhancing readability and grammar. It’s widely used for rewriting books, articles, social media posts, and more, across multiple languages​​​​.

Plagiarism Checker: Smodin’s plagiarism checker supports over 100 languages, offering anonymous, fast, and accurate plagiarism detection. It includes a unique feature of automatically including citations for plagiarized sources​​.

Text to Speech and Speech to Text: The platform provides tools for converting text to speech and vice versa, supporting a broad range of voices and languages. This feature is especially beneficial for individuals with learning disabilities or those seeking to improve language pronunciation and fluency​​.

AI Grader: Smodin offers an AI essay grader that provides personalized feedback and objective evaluation, enhancing the essay-writing skills of students and teachers alike​​.

AI Content Detector: This tool helps detect AI-generated content, ensuring the authenticity and originality of written works. It can identify changes in tone or style, suggesting improvements for content creators​​.

Citation Machine: This tool automates the creation of citations in various styles, including MLA and APA formats. It is designed to help users quickly and accurately reference their sources, thus streamlining the writing process and ensuring academic integrity.

Summarizer: Smodin’s Summarizer tool condenses lengthy texts into shorter, concise summaries without losing the essence of the original content. This tool is particularly useful for quick comprehension of large documents or for creating abstracts and executive summaries.

Smodin Omni: As the market’s one of the most accurate AI homework solver, Smodin Omni stands out for its precision in assisting with various educational assignments. 

Besides the aforementioned services, Smodin also offers: AI Essay Generator, AI Article Generator, Story Generator, Story Script Generator, Title Generator, Headline Generator, Recommendation Letter Generator, Reference Letter Generator, Personal Bio Generator, Thesis Generator, Research Paper Generator.

Smodin Key Features

AI-Powered Research: Utilizes AI to aid in research, ensuring comprehensive and accurate results.

Writer’s Block Breaker: Offers innovative ideas to overcome creative obstacles, enhancing productivity.

100+ Languages: Capable of translating text into over 100 languages, broadening global communication.

Faster References: Quickly generates and cites references in MLA or APA formats with a single click.

Structured Text: Produces meticulously crafted documents with optimal word structure for effective communication.

Professional Quality: Enables creation of various documents, from cover letters to research papers, maintaining a high professional standard.

Smodin Omni Details

Smodin Omni is an easy-to-use AI homework solver, designed to assist students in a wide array of subjects. Utilizing machine learning models, it simplifies the process of finding answers to homework questions. Here’s how it enhances the learning experience:

Ease of Use: Students simply input their homework questions into Smodin Omni. The clearer the question, the more accurate the answer.

Comprehensive Search: The tool searches a vast database and the internet, providing relevant content, images, and explanations.

Adaptive Learning: Smodin Omni learns from each query, becoming more efficient over time.

Wide Range of Subjects: It covers numerous subjects including biology, chemistry, physics, and more, catering to a diverse educational need.

Multilingual Support: Smodin Omni is especially beneficial for languages with fewer online resources, supporting languages like Spanish, Portuguese, Italian, among others.

Improved Grades and Learning: It aids in efficient learning, helping students improve grades by understanding concepts quickly and effectively, especially when time is limited.

Equal Educational Opportunity: By providing instant answers, Smodin Omni levels the playing field for students from various backgrounds, offering equal access to quality educational resources.

Retention of Information: The instant provision of answers fosters better retention of subject matter, crucial for academic success.

Its proficiency spans biology, chemistry, physics, history, anatomy, physiology, math, earth science, astronomy, environmental science, organic chemistry, grammar, English, language, writing, economics, government, technology, sports, literature, zoology, ecology, algebra, geometry, general science, among others. 

Smodin Omni also supports multiple languages, enhancing its accessibility for a global student base. This multilingual capability includes languages such as Spanish, Portuguese, Italian, Russian, Arabic, German, French, Norwegian, and many others. 

In essence, Smodin Omni is not just a homework solver; it’s a comprehensive educational tool that enhances learning, improves grades, and provides equal educational opportunities across a multitude of languages and subjects.

Smodin Pricing Plan

Smodin-pricing-yearly.JPG

              Smodin Pricing Plan, Source: Smodin 

Smodin offers various pricing plans tailored to different user needs:

1. Limited Starter Plan:

  1. 3 Writing Credits/day

  2. 5 daily entries for rewriter, plagiarism checker, and translator

  3. 1000 Characters/Text limit

  4. Free of charge

2. Essentials Plan (Most Popular):

  1. 100 Writing Credits/Month

  2. Unlimited rewrites and plagiarism checks

  3. 1000 Characters/Text limit

  4. Full access to Author features

  5. Priced at $10USD/month or $8USD/month when billed annually

  6. 3. Productive Plan (Best Value):

500 Writing Credits/Month

  1. 12,000 Characters/Text limit

  2. Access to Long-Form AI Writing up to 5,000 words

  3. Rewrite up to 1M characters using credits

  4. Priced at $29USD/month or $24USD/month when billed annually

 

Smodin key differences for pricing plans.JPG

              Comparison of Services Across Different Pricing Plans, Source: Smodin 

Each plan includes varying levels of access to Smodin’s features like AI Writing, Rewriting, Plagiarism Checks, and more. The “Productive” plan offers the most comprehensive set of features, suitable for users who require extensive AI writing capabilities.

Alternatives to Smodin 

Grammarly: Not just a grammar checker, Grammarly offers comprehensive writing assistance, enhancing clarity, tone, and style of the text. It’s an invaluable tool for writers of all levels, ensuring error-free and effective communication.

QuillBot: Renowned for its paraphrasing capabilities, QuillBot is a versatile tool that helps rewrite and refine text while maintaining the original meaning, ideal for academic and professional writing.

Jasper (formerly Jarvis): Jasper excels in creating compelling AI-generated content, particularly useful for marketing and SEO purposes. Its ability to produce high-quality, engaging copy makes it a favorite among content creators.

Writesonic: Tailored for digital marketing, Writesonic automates the creation of various marketing materials, from ad copy to product descriptions, streamlining content generation for businesses.

Hemingway Editor: This tool focuses on improving the readability and conciseness of text. It’s perfect for writers looking to make their content more engaging and reader-friendly.

Copysmith: Specializing in marketing content, Copysmith offers AI-driven solutions for generating creative and effective copy, particularly beneficial for e-commerce and advertising.

ProWritingAid: More than just an editing tool, ProWritingAid offers in-depth feedback on writing style, word choice, and grammar, making it a comprehensive assistant for improving overall writing quality.

Scrivener: Ideal for long-form writing projects like novels and research papers, Scrivener offers a unique combination of writing and project management tools.

Ulysses: A favorite among Apple users, Ulysses provides a distraction-free writing environment with powerful organization and manuscript management features.

INK Editor: Combining SEO and writing assistance, INK Editor helps content creators optimize their text for search engines while ensuring high-quality writing.

Zoho Writer: A cloud-based writing tool, Zoho Writer is excellent for collaborative writing, offering robust editing and commenting features.

Reedsy: Aimed at authors and novelists, Reedsy provides tools for book writing and publishing, along with access to a marketplace of professional editors and designers.

Article Forge: Designed for SEO-focused writing, Article Forge generates articles that are not only original but also optimized for search engines, making it a go-to for digital marketers.

Wordtune: This AI tool excels in rephrasing sentences to enhance clarity and style. It’s particularly useful for refining and polishing existing text.

AI21 Labs: Offering a range of AI-driven writing tools, AI21 Labs focuses on creative and diverse content creation, tackling a variety of writing tasks with ease.

Frequently Asked Questions for Smodin

Q: Why use an AI Content Writer?

A: AI content writers like Smodin simplify and expedite the writing process, making it less labor-intensive and time-consuming. They help overcome writer’s block by generating content with a simple click. The AI-generated text is generally original, reducing the likelihood of plagiarism. These tools are versatile, capable of writing essays, articles, and even marketing content in various languages, thereby increasing website traffic.

Q: What is a Text Generator?

A: A text generator is an online AI tool that produces text from a brief input. It expands initial ideas into fully fleshed-out content, maintaining key points.

Q: Why should you use a text generator?

A: Text generators are ideal for those who find writing challenging. They save time and effort by automating the creative process and can enhance imagination. They’re useful for anyone, regardless of professional writing skills.

Q: What content can a text generator write?

A: Text generators like Smodin’s can create diverse types of text in multiple languages, including blogs, articles, books, and essays. They serve as sources of inspiration and aid in generating new ideas and outcomes.

Q: How can I subscribe to Smodin?

A: To subscribe, visit the pricing page, select your preferred currency and plan, sign up or log in, complete the payment, and start using Smodin’s services.

Q: What should I do if I encounter issues with Smodin’s tools like the Rewriter, Translator, Author, or Plagiarism Checker?

A: If any of these tools are not working, try the request again as sometimes an individual request may fail. If the issue persists, contact Smodin’s support for assistance.

Q: What are writing credits in Smodin and how are they used?

A: Writing credits are used for various AI features on Smodin, such as Chat, Recreate Method, various Author tools, and rewriting larger texts. The number of words these credits produce varies based on usage.

Q: How do I manage my subscription or cancel it?

A: To manage your subscription, navigate to the account page and click on the “subscription” tab. You can cancel your subscription at any time, and it will remain active until the next billing cycle.

Q: What is Smodin’s policy on refunds and changing payment currencies?

A: Smodin does not offer refunds as they provide a free version for trial. Also, you cannot switch payment currencies within an existing subscription; a new subscription must be created in the desired currency.

Source link

#Discover #Smodin #AllinOne #Writing #Tool

Should nations try to ban bitcoin because of its environmental impact?

Post By Science And Technology ,

Skull of Satoshi, a sculpture by Benjamin Von Wong highlighting the environmental impact of bitcoin

VonWong/Skull Of Satoshi/Greenpeace blog.vonwong.com/skull/

The amount of electricity used to mine and trade bitcoin climbed to 121 terawatt-hours in 2023, 27 per cent more than the previous year. While other cryptocurrencies in the same position have made bold changes to cut their impact, bitcoin’s decentralised community of developers, miners and investors are showing little interest in changing course. If bitcoin cannot clean up its own house, should governments step in to shut it down?

The latest data from the University of Cambridge shows that bitcoin currently accounts for 0.69 per cent of all electricity consumption worldwide. It also requires vast amounts of water, both for electricity production and for cooling at data centres. A study last year found that a single bitcoin transaction uses enough water to fill a swimming pool.

To dispense with centralised control but to ensure security and reliability, bitcoin traders register transactions in a permanent record called the blockchain by carrying out vast numbers of calculations.

This protects the network because hackers would need to control more than half of that computer power to fake or undo a transaction. But it also sucks up resources and pumps carbon into the atmosphere – it is estimated that bitcoin accounts for 0.16 per cent of global greenhouse gas emissions.

Alex de Vries at VU Amsterdam in the Netherlands has studied bitcoin’s impact for years and believes it is indefensible. “The whole system is built to incentivise participants to waste as much resources as they can possibly afford on making computations of which the result is immediately discarded,” he says.

In 2022, another cryptocurrency, Ethereum, ditched this wasteful “proof-of-work” system altogether and replaced it with one where those who own currency control the network, rather than those who own and operate computing power. This slashed the network’s energy consumption overnight by more than 99.99 per cent. More than a year on, the experiment has proved successful, and Ethereum remains secure.

De Vries says the bitcoin community – a loose collection of miners, investors and companies – refuses to take the same step and remains wedded to proof of work despite its environmental impact.

“Such a system is just totally inappropriate at a time where human-induced climate change is making it more and more urgent to be more mindful about the way we use resources,” he says. “We would instantly reduce global electricity consumption by half a per cent and worldwide carbon emissions by a quarter per cent [if bitcoin ditched proof of work]. This may not sound like a lot, but this result would be achieved overnight. I don’t know of any other way to cut greenhouse gas emissions faster than this.”

New Scientist approached several of the world’s leading bitcoin mining companies for an interview on the issue. Argo, TeraWulf, Hut 8, Riot, Block Mining, Frontier Mining and HIVE Digital Technologies didn’t respond. The email address of the Bitcoin Mining Council, a members’ body set up to speak on behalf of mining companies, appeared to be no longer valid. A statement on the group’s website says: “The BMC believes that Bitcoin’s energy usage is a feature, not a bug, and provides tremendous network security.”

A campaign called Clean Up Bitcoin, backed by the US non-profit organisation Environmental Working Group and Greenpeace USA, aims to pressure the industry to reduce its environmental footprint, pointing out that the rapid turnover of powerful machines designed and built specifically to mine bitcoins also adds significantly to global e-waste, sending 30,000 tonnes of machines to landfill annually. The problem was highlighted last year by an art installation called the Skull of Satoshi, created by art activist Benjamin Von Wong.

“The growing climate and community impact of bitcoin mining is stark and heavily documented through scientific journals, investigative journalism and research by government and independent scientists,” says Erik Kojola at Greenpeace USA. “Even with this knowledge, bitcoin miners and investors continue to forge forward, growing their industry, showing a clear lack of concern for CO2 emissions, large water usage, support for fossil fuels and negative community impacts.”

Kojola says financial firms like BlackRock, Fidelity and JPMorgan Chase are looking to push mainstream adoption of bitcoin by creating new financial instruments that allow people to indirectly invest in it. “Our concern is that this will drive up bitcoin’s price, creating an explosion in the environmental and social footprint of this cryptocurrency,” he says.

BlackRock says it was unable to discuss its bitcoin fund because of US Securities and Exchange Commission rules on products being reviewed. The other companies highlighted by Kojola didn’t respond to a request for an interview from New Scientist.

With no sign of the bitcoin community or the finance industry working to fix the problems themselves, Rachael Orr at the charity Climate Outreach says governments will need to force changes through. “It’s really important that people are made aware of the environmental cost of trading in these currencies, so they can make informed choices,” she says. “Our research shows that people are willing to change their behaviours, but they need strong leadership from governments. This is why we need a proper government strategy on how everyone can be involved in successfully tackling climate change.”

However, bitcoin’s decentralised nature makes it next to impossible to enforce changes and the same is true of dismantling the technology. Countries can take individual stances to ban bitcoin mining, as China did in 2021 – but without global consensus, that is likely to lead to a game of whack-a-mole where miners hop from state to state to evade bans.

Topics:

Source link

#nations #ban #bitcoin #environmental #impact