Wednesday 28 September 2022
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BoE official compares current crypto market regulation to ‘unsafe aeroplanes’

Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn. In a written speech at the British High Commissioner's Residence in Singapore on Tuesday, Cunliffe said regulators needed to “get on with the job” of incorporating crypto and blockchain into existing frameworks. He cited certain events leading up to what some have called the next crypto winter, including the price of Bitcoin (BTC) losing “70% of its value since November,” the collapse of Terra (LUNA) — now called Terra Classic (LUNC), stablecoins becoming depegged from the U.S. dollar and Three Arrows Capital filing for bankruptcy in Singapore. “The lesson we should not take from this episode is that "crypto" is somehow "over" and we do not need to be concerned about it anymore,” said Cunliffe. “Crypto technologies offer the prospect of substantive innovation and improvement in finance. But to be succ..

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How to build a passive income stream from cloud mining?

Cloud mining is the process of mining cryptocurrency without the direct use of mining equipment or hardware. The process allows users to mine Bitcoin or altcoins without having to manage their own resources. Related: What is an altcoin? A beginner’s guide to cryptocurrencies beyond Bitcoin In traditional crypto mining, cryptocurrency is produced through a computational process. Miners need to solve complex mathematical problems using mining hardware to be rewarded with coins. The process of cloud mining is similar, but instead of using their own resources, miners rent or buy resources from a service provider. As more players entered the cryptocurrency scene, mining became more complex, requiring more computing power. For this reason, many people who used to mine crypto using their own hardware now find it unsustainable due to high electricity costs and the wear and tear on their hardware. Cloud mining has therefore become an attractive option. How does cloud mining work?In cloud mining..

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‘Very small chance’ BTC price could hit $24K, says trader as US dollar cools

Bitcoin (BTC) fought to reclaim $20,000 on the July 12 Wall Street open as the U.S. dollar cooled its surge to new two-decade highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewDollar bull run takes fresh breatherData from Cointelegraph Markets Pro and TradingView revealed a tug-of-war between buyers and sellers following seven-day lows for BTC/USD. The intraday losses had come at the hands of a rampant U.S. Dollar Index (DXY), which hit its highest levels since October 2002 at risk assets' expense thanks to inverse correlation. U.S. dollar Index (DXY) 1-hour candle chart. Source: TradingViewA subsequent pause gave U.S. equities room to breathe, with both the S&P 500 and Nasdaq stemming losses on the day. With the July 13 Consumer Price Index (CPI) print in focus, however, optimism around crypto on shorter timeframes was barely perceptible. For popular trader and analyst Crypto Ed, there was "more pain to come" for both BTC and stocks. "There is a very small chanc..

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Bitcoin price indicator that marked 2015 and 2018 bottoms is flashing

Bitcoin (BTC) could undergo a massive price recovery in the coming months, based on an indicator that marked the 2015 and 2018 bear market bottoms. What's the Bitcoin Pi Cycle bottom indicator? Dubbed "Pi Cycle bottom," the indicator comprises a 471-day simple moving average (SMA) and a 150-period exponential moving average (EMA). Furthermore, the 471-day SMA is multiplied by 0.745; the outcome is pitted against the 150-day EMA to predict the underlying market's bottom. Notably, each time the 150-period EMA has fallen below the 471-period SMA, it has marked the end of a Bitcoin bear market. For instance, in 2015, the crossover coincided with Bitcoin bottoming out near $160 in January 2015, followed by an almost 12,000% bull run toward $20,000 in December 2017. BTC/USD weekly price chart featuring 'pi cycle bottom' indicator. Source: TradingViewSimilarly, the second 150-471 MA crossover in history marked the end of the 2018 bear cycle. It also followed a 2,000% pric..

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Bitcoin miner prices will continue to fall, F2Pool exec predicts

The price of cryptocurrency mining hardware is likely to continue falling in the near future amid the ongoing crypto winter, according to an executive at major Bitcoin (BTC) mining pool F2Pool. Supporting 14.3% of the BTC network, F2Pool is one of the world’s biggest Bitcoin mining pools. On Tuesday, F2Pool released its latest mining industry update. Focusing on June 2022 BTC mining results, F2Pool’s report noted that the majority of Bitcoin mining companies like Core Scientific have opted to sell their self-mined Bitcoin recently. Bitfarms, a major Canadian BTC mining firm, sold 3,000 Bitcoin, or almost 50% of its entire BTC stake for $62 million ito reduce its credit facility in June. “I have studied almost 10 publicly traded industrial miners and found that they are all very honestly telling everyone that they are selling self-mined Bitcoins,” F2Pool’s director of global business development Lisa Liu wrote in the report. She added that the proceeds are used to fund operating expens..

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Ethereum co-founder responds to PoS critics amid upcoming Merge

While some believe that Ethereum’s upcoming shift to proof-of-stake (PoS) may push the platform to eventually surpass Bitcoin (BTC), others are taking this opportunity to make snarky remarks on Twitter, triggering a rebuttal from Vitalik Buterin, a co-founder of Ethereum. In a tweet, Bitcoiner Nick Payton called out “Proof of Stakers” and argued that voting to change the properties on PoS platforms proves that PoS assets are securities. Buterin responded to the post, describing Payton’s notions as an “unmitigated bare-faced lie.” According to Buterin, PoS does not include voting on protocol parameters, just like proof-of-work (PoW) doesn’t. Buterin also explained that nodes reject invalid blocks in both PoS and PoW. Last week, author Jimmy Song also came after PoS, questioning the decentralization of the consensus mechanism. According to Song, the mechanism doesn't solve the Byzantine generals problem. Buterin called out Song’s notions in a tweet: Fellow Ethereum founder and P..

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Swiss Post’s banking arm developing in-house crypto custody platform

Switzerland’s Post Office is set to onboard cryptocurrency trading through its banking arm PostFinance as user appetite for custody grows in the country. Some 2.6 million users that currently bank with PostFinance, the fifth largest bank in the country, are expected to be able to buy and sell Bitcoin and other cryptocurrencies through an inhouse trading and custody service in the next two years. As reported by local media outlet Swissinfo, the executive board of the Post Office’s banking arm intends to provide direct access to cryptocurrency markets through a proprietary service operated by PostFinance by 2024 at the latest. It’s the latest step by the institution to afford its clients the ability to gain access to cryptocurrencies. In 2021, PostFinance partnered with online trading platform Swissquote to develop the Yuh mobile application, which gives users access to traditional shares and stock markets as well as over 25 cryptocurrencies. Related: Swiss asset manager Julius Baer eyes..

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Korean fintech giant plans to create 10K Web3 jobs amid bear market

Dunamu, a major fintech firm in South Korea that operates crypto exchange Upbit and several other blockchain and securities platforms, is planning to invest 500 billion won ($380 million) to create about 10,000 new Web3 jobs in the next five years. The firm is reportedly considering offering specific software and funding to encourage more firms to join the Web3 industry. The $380 million investment is a part of Korea’s efforts to lead the Web3 race, reported Korea JoongAng Daily. Dunamu has already invested about 88 billion won ($67 million) since 2018 toward blockchain-centered firms. Dunamu CEO Lee Sirgoo said in a statement: “We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, nonfungible token (NFT) and the metaverse.”The fintech giant aims to open offices in major cities across the country and develop training programs to induct new people into the Web3 ecosystem. ..

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US trademark and copyright offices to study IP impact of NFTs

As nonfungible tokens (NFTs) continue to garner interest, the United States Patent and Trademark Office and U.S. Copyright Office are set to launch a study into their impact on intellectual property rights. The examination of NFTs comes after a request from Senators Patrick Leahy and Thom Tillis in June for a deep dive into the potential ramifications the burgeoning asset class could have in regard to intellectual property rights. The two departments have agreed to conduct the study in correspondence with Leahy and Tillis, conducting preliminary discussions to plot a plan of action tha will include consultations with various stakeholders well-versed in the NFT landscape. A broad range of topics, which were initially raised by the Vermont and North Carolina senators, will be considered. This includes potential intellectual property challenges with future applications of NFTs, the rights associated with transferring ownership of an NFT, licensing rights and infringements and the potentia..

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Bitcoin price hits 7-day low as US warns of ‘highly elevated’ CPI data

Bitcoin (BTC) carried through threats of new local lows on July 12 as the White House warned of “highly elevated” inflation. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWhite House warns ahead of "decisive day"Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $19,500 prior to the Wall Street open, down over 4% on the day. Having failed to hold $20,300 support, the pair appeared to react badly to comments on the inflation outlook from White House press secretary Karine Jean-Pierre. Markets were already primed for higher than expected figures for June from the Consumer Price Index (CPI), which made new forty-year highs in May. “So on Wednesday, we will have new CPI inflation data, and we expect the headline number, which includes gas and food, to be highly elevated, mainly because gas prices were so elevated in June,” she told reporters at a press briefing July 11. The trip to $19,520 meanwhile marked Bitcoin’s lowest levels in a week. “Tomorro..

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