GCP Exclusive Reporting

10/cate3/GCP Exclusive Reporting

Featured Startups

5/cate1/icos

exchanges

6/cate2/exchanges

videos

6/cate3/videos

regulations

5/cate1/regulations

Now Playing:

3/cate6/videos

Recent post

Coinbase Back Online - Unplanned Outage Lasted 4+ Hours...

Coinbase down

 Late Sunday night in the US, Coinbase users were greeted with the following message:

Coinbase is temporarily unavailable. Our servers are busy. We’re looking into it and expect our usual service to return soon. Your funds are safe.

Many traders and investors, relying on the platform for daily transactions, find themselves locked out without any ability to manage their portfolios. For those who were planning to buy or sell based on market conditions at the time, the outage could mean missed opportunities or potential losses.

*Update* Coinbase is back online...

First reports of the outage began at 9:20pm (US West Coast time, where Coinbase is located).

The first update from Coinbase so far was at 11:20pm, stating:

>> We're seeing some services recover. We know customers may still be encountering connectivity problems and we appreciate your patience while we work to correct this. We're still monitoring this closely.

However, at this point no one from our team was able to successfully access the exchange via desktop browsers or their mobile app. 

Then aro>und 1:15am, Coinbase stated they identified the issue, just 1 minute later said:

>> A fix has been implemented and we are monitoring the results.

The fix appears successful as Coinbase has remained online for over 2 hours. 

We've contacted Coinbase for more information on the cause, but have not yet received a response. 

------- 
Author: Justin Derbek
New York News Desk
Breaking Crypto News



Four "Heavyweights" in Finance Debate: Bitcoin VS Gold - Which One Will The Future Favor?

Bitcoin VS Gold debate

In what was billed as the "biggest bitcoin vs gold debate in history," and moderated by Ran of Crypto Banter, the event featured four financial heavyweights squaring off to argue the merits and flaws of bitcoin and gold as potential future stores of value and mediums of exchange. 

In one corner were the bitcoin backers - Eric Voorhees, an early bitcoin adopter and founder of ShapeShift, and Anthony Scaramucci, founder of SkyBridge Capital and former White House spokesman. They championed bitcoin as a revolutionary, decentralized digital currency outside government control.

"Bitcoin is radical, it's rebellious, it's non-compliant, it's American," Scaramucci proclaimed. Voorhees added "Anything that moves the world away from centralized control of money to market-based control of money is something I would be in favor of."

In the other corner were gold advocates Peter Schiff, CEO of Euro Pacific Asset Management who famously predicted the 2008 housing crash, and economist Nouriel Roubini. They argued bitcoin has no intrinsic value and is essentially "digital fools gold."

"Bitcoin can't do anything that gold can do...You can't have digital gold, you can't make jewelry out of it," Schiff stated. Roubini bluntly called bitcoin "a damned speculative asset - that's it."

Schiff and Roubini repeated the same anti-crypto talking points they've been saying for the last 10 years... unfortunately, in 7 out of those 10 years Bitcoin outperformed all other investments.

How can anyone with a track record that includes 7 years of advising investors to avoid the most profitable investment still be taken seriously?

The intense 2+ hour debate covered a wide range of topics around modern monetary theory, inflation, the economic outlook, role of governments, and the fundamental value propositions of bitcoin vs gold.

Voorhees and Scaramucci made the case that bitcoin's fixed supply of 21 million coins and properties like pseudo-anonymity give it immense value as "a non-debasable monetary commodity." As Scaramucci said, "We took [the working class] from aspirational to desperation in 35 years" due to currency inflation.

However, Schiff and Roubini countered that bitcoin fails all the tests of being a true currency. "It's not a unit of account, not a scalable means of payment, and not a stable store of value...it can never be money," Roubini argued.

While no minds seemed changed by the intense back-and-forth, it encapsulated the broader ideological battle between bitcoin's freedom philosophy and gold's traditional role. 

With bitcoin's market cap over $1.2 trillion, this debate is no longer hypothetical. Its outcome will shape monetary systems, investing, privacy and decentralization for years ahead.

I tried my best to summarize the debate that ran slight over 2 hours long, but if you want to see every minute for yourself, you can view an archive of the live stream on Crypto Banter's Youtube Channel

---------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

The Case for Bitcoin Crossing $100,000 in the Next 12 Months...

As of now, the price of Bitcoin stands around $62k, reflecting robust growth and heightened investor interest. Over the last four years, since the previous halving, Bitcoin has seen an astronomical 800% increase. Just this year, it has already risen by 40%, significantly outperforming traditional safe havens like gold, which has only seen a 7% increase year-to-date.

The recent 'halving' isn't an event that happens and it's done, it's a fundamental change that slowly effects the price, pushing it upwards. Some experts suggesting this will begin inching Bitcoin to the $100,000 mark in the next 12 to 18 months.

Video Courtesy of CNBC

Bitcoin Takes a Hit as Geopolitical Tensions Rise, but TWO Possibilities Bring Traders Hope...

Bitcoin

The price of Bitcoin has plummeted more than 7.5% in the last 24 hours, plunging to around $62,000 on several major exchanges.

At the time of this publication, Bitcoin is trading at approximately $64,300 per unit.

Bitcoin's downfall was not an isolated event. The S&P 500 index, which comprises the largest American companies, also experienced a significant decline in the past week, accentuated on the last business day. The same occurred with markets in other countries, indicating a global market reaction.

The primary apparent reason for these market movements is the escalating tensions in the Middle East, specifically the conflict in Israel and the potential for a larger-scale conflict brewing, as Iran has launched attacks.

What Could Reverse the Trend?

The imminent approval of Bitcoin ETFs in Hong Kong, one of the world's five largest financial markets, could be a turning point. The impact of such a measure would be substantial, as it could potentially influence the Chinese government to relax restrictions on the use of digital assets.

Additionally, the next Bitcoin halving event, which reduces the issuance of BTC per mined block by half, is just days away. This event typically generates significant media attention and visibility for Bitcoin, serving as a remarkable marketing opportunity.

Furthermore, each halving reminds the market that Bitcoin is a scarce asset and that the available quantity for acquisition will become increasingly limited, which has historically acted as an upward catalyst for its price in the medium and long term.

-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

Bitcoin ETFs May Soon Go Live in CHINA via Hong Kong - Bitcoin's Next Potential BIG BOOM that Most Don't Know is Coming...

 

On numerous occasions, China has banned various activities with bitcoin (BTC) and cryptocurrencies, including trading, transactions, and mining. For this reason, in mainland China, the launch of exchange-traded funds (ETFs) based on this type of financial asset is not permitted.

However, Hong Kong, while part of China, is considered a 'special administrative region' able to govern itself separately from mainland China in certain cases, one of which is the ability to regulate Hong Kong-based investment firms. When it comes to crypto, Hong Kong allows companies and residents to invest, putting them at odds with mainland China, where crypto remains banned.

Bitcoin ETF's via Hong Kong....

Financial news outlets in China are now reporting that financial giants such as Harvest Fund and Southern Fund have submitted applications to launch bitcoin ETFs through their Hong Kong subsidiaries. Harvest Fund manages more than $230 billion in total assets, while Southern Fund manages over $280 billion.

Additionally, smaller companies like 'Jiashi Fund' are attempting to use their Hong Kong subsidiary, 'Jiashi International,' to offer clients access to a Bitcoin ETF.

Regardless of size, all companies that have applied are now awaiting the decision of the Hong Kong Securities and Futures Commission, the regulatory authority that will be deciding on these applications.

Approval May Come Soon - Catching Many Off-Guard...

According to reports from China, these firms are expecting to receive approval to launch their Bitcoin ETF products and believe they could be actively promoting them as early as this quarter.

Bitcoin ETF approval in Hong Kong would be another major milestone for Bitcoin, making it easily accessible in one of the world's largest financial markets.

China has been off the radar for most crypto investors, there's been little reason to pay much attention as it's remained firm on their existing ban. While trading continued in Hong Kong, the volume coming from this small beacon of freedom isn't determining any winners and losers.   But ETF's bring the potential for large investments from Chinese corporations, also potentially attracting other Asian nations already active in the Chinese markets. 

An Influence on Mainland China...

If Bitcoin ETFs in Hong Kong turn out to be a success, and especially if they manage to attract international capital, companies in mainland China will likely respond by putting pressure on the government to reconsider their stance toward bitcoin.

Chinese President Xi Jinping will find it difficult to defend his position if the US, European nations, and now Hong Kong companies stake their claim in the multi-billion dollar Bitcoin ETF market, while those in mainland China are forced to remain spectators.

------- 
Author: Adam Lee 
Asia News Desk Breaking Crypto News


Sam Bankman-Fried in 'EXTREME DANGER' of Violence from Fellow Prisoners, as Parents Fear His 'Odd' Behavior will be 'Misunderstood'...

Sam Bankman Fried Parents

Sam Bankman-Fried's sentence of 25 years came down this week, following his lawyers and family making all possible attempts at getting him a shorter sentence.

Here we will review those attempts, knowing that ultimately in the end, they failed. 

Sam's Parents Fear His Social Awkwardness Puts him in 'Extreme Danger' in a Prison Environment...

Sam's family made a desperate plea to the judge, begging for leniency in his sentencing for the FTX cryptocurrency fraud case. His parents, Barbara Fried and Joseph Bankman, warned that their son's social awkwardness and inability to read social cues could put him in "extreme danger" behind bars, fearing for his life in a typical prison environment.

In a heartfelt letter, Barbara Fried described her son's touching but naive belief in the power of facts and reason, arguing that his outward presentation and misinterpretation of social cues could lead to potentially disastrous situations with fellow inmates. Joseph Bankman echoed these concerns, cautioning that his son's "odd" social responses could be misconstrued as disrespect or evasion, putting him at significant physical risk.

Also included, a letter from Sam's current jail bunkmate, a former NYPD officer arrested after being caught soliciting underage teens for explicit images on twitter, calling Sam the 'least intimidating person here' which has led to other inmates targeting him for harassment. 

Lawyers Argue for a DRASTICALLY Shorter Sentence...

With the value of crypto increasing, it appears the FTX's holdings are worth enough to fully cover everything owed to customers.

Focused on this new factor, Bankman-Fried's legal team also made an effort to secure a lighter sentence, arguing for a prison term of no longer than 78 months, or 6 ½ years. They say the trial largely revolved around the story of a rogue, careless CEO whos actions caused his customers to lose billions.

However, this argument inspired the team handling the FTX bankruptcy to write a letter to the judge, where they say removing Sam is the only thing that stopped the bleeding, and that he deserves no credit for the company's ability to pay users back today, because at the time he was spending customers money without their knowledge, he was gambling, and easily could have lost it all.  

In the End, All Attempts for a Lighter Sentence FAILED...

All hopes for leniency were shattered when U.S. District Judge Lewis Kaplan handed down a 25-year sentence for Bankman-Fried's role in the fraud that led to the collapse of FTX. Judge Kaplan firmly rejected Bankman-Fried's statements from the trial when he took the stand in his own defense,  accusing him of lying during his testimony.

"He knew it was wrong," Kaplan said, "He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right."

Bankman-Fried was taken away by US Marshalls to begin his 25-year sentence - now living out the worst fears expressed by his concerned parents.

In conclusion...

It's expected that Sam's legal team will appeal, his parents stating they will "continue to fight" for their son, but the odds of that succeeding would be extremely low without some major new information coming to light.  

While Sam and his family may find it hard to find anything positive in how things ended, it's worth noting that his crimes gave the judge the option of sentencing him for up to 110 years in prison. While Sam's family and lawyers argued for a much shorter 6 years, getting 25 seems like a huge defeat - but compare to 110 years it seems the judge was still fairly lenient.

Sam will probably be free again, at 57 years old. It's widely believed that Sam has a secret stash of Bitcoin tucked away in a wallet no one knows belongs to him - what do you think the price of BTC will be in 2049?

------

- Miles Monroe
Washington DC Newsroom
GlobalCryptoPress.com


"I Bought my Bitcoin for a Little Under $9000... YESTERDAY"


That's what one lucky trader who used crypto exchange Bitmex managed to do yesterday.  As the market was in freefall and clearly intending to 'buy the dip' - the still anonymous user's 'dip' was more like a massive free leading deep under ground, finally landing at a discount of about $54,000!

The Obvious Question: How!?

It's important to note that there is no official answer to this question, yet. The exchange says they're "investigating the massive sell orders to better understand the circumstances that led to this unusual market activity".

We do know someone dumped 400 BTC onto the exchange, which is a lot for any exchange to immediately handle, and in the case of BitMEX they're not even among the top 10 exchanges daily volume.

Without any signs of a hack, or bug on the exchanges end, it appears the seller and his poor choice of where to sell his 400 Bitcoin was enough to cause a "flash crash" or a liquidity crisis. Flash crashes occur when there is a large sell order or a cascade of sell orders overwhelming the buy orders in the order book.

In Other Words, Someone Messed Up, BADLY...


While an exchange like Binance or Coinbase could handle selling 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day.

Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell. 

For just a few seconds, Bitcoin drops under $9000, a price not seen since 2018...

It's strange, because this mystery trader was someone smart enough to have accumulated 400 BTC, but dumb enough to accidently sell them at price.

In Other Words, Someone Messed Up, BADLY...


While an exchange like Binance or Coinbase would have been able to handle a sell of 400 BTC  without causing any drastic price movement, BitMEX often doesn't move this much Bitcoin in an entire day.

Still, the seller could have at least set a fixed price near market value to prevent selling for much lower.  But this seems to have been a market order - which is designed to sell as fast as possible by accepting every offer on the books until they have nothing left to sell. 


How You Could Benefit from Situations like This in the Future...

Flash crashes are gone... in a flash, and you won't spot one happening until it's over.   So if you want to give yourself the very small chance that one day a flashcrash will benefit your wallet, you need to place low bids for your favorite coins now.  Make sure the orders are set 'Good Until Canceled' so your offers sit there ready to be accepted if they ever get the chance. But realistically, you should consider the funds used for this as funds you're simply HODLing, as the end result will probably be the same. 

---------------
Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Tether Reaches a New High of 100 BILLION USDT Coins in Circulation...

Tether USDT Coins Cryptocurrecy

The USDT (Tether) stablecoin, issued by the Tether company, has exceeded $100 billion in market capitalization for the first time ever.

While used on many blockchains, the Ethereum and Tron blockchains account for 99% of the total supply. 

This achievement not only reinforces USDT's position as the leading stablecoim , but also widens its lead over its main competitor, Circle's USDC , which currently boasts a market capitalization of just $28 billion. 

Tether Says Every USDT Token is Backed 1:1 with the US Dollar - This Was Once a Controversial Claim... 

"A few years ago there were major issues with Tether withholding information and putting off 3rd party audits, all while consistently minting millions of new tokens as they grew. Concerns that Tether had secrets that could crash the market were voiced by dozens of established industry members...."  says Global Crypto Press Association editor Ross Davis "Now this part is just my opinion, but I think these concerns were true at one point, but Tether managed to avoid the issue long enough that with their continued growth, they had the time and money to fix the problem."

Tether now undergoes 3rd party auditing, and publicly shares their treasury holdings on their website. Currently, Tether has $5 Billion more in assets than they have in liabilities.

A Bullish Signal...

More USDT being issued it considered a bullish indicator, showing increased intention to invest in the crypto market - there's really no reason to have USDT unless you plan to turn that into some other coin.

- Miles Monroe
Washington DC Newsroom / GlobalCryptoPress.com

Over 1000 Mountain Gorillas in the Congo Are Now Safe, Thanks To... CRYPTO MINERS?!

Bitcoin saves gorillas

Virunga National Park, deep within the Congo, is home to 1,000 mountain gorillas whos population has been on a steady decline for decades, leading to the species officially labeled 'endangered' in 2018.

Now they've launched a two-part plan that implements wildlife conservation, and creates a way for the park to fund these efforts long term.  The economic solution comes in an unexpected form - cryptocurrency mining.

The park was recognized by the World Economic Forum (WEF) in a recently published video, praising those involved with finding creative solutions to the challenge of preserving wildlife within it. 

Clean Energy Mining...

Rivers within the Virunga National Park are used run hydroelectric generators, operated by technicians from nearby villages, providing clean renewable energy to Bitcoin mining operations inside the park. 

Another benefit of having this energy source is that they're able to attract miners currently running miners on electricity from coal-burning power plants. Not only highly polluting, coal has become a black market in the region, so the park aims to "reduce the incentive for illegal charcoal trafficking, an activity that has fueled violence led by militias in the region," says Foro from Economic World.

The Park's Hydroelectric Power Supplies the Miners with Clean Energy.

Surplus energy is channeled into cocoa production and nearby communities, while revenue generated from Bitcoin mining maintain the park's infrastructure, and pay their staff. 

Affordable energy is typically the largest expense of the cryptocurrency mining operation, so this is a rare situation where truly everyone wins! In the future we hope to see this new relationship between crypto and nature conservation mirrored in other places around the world!

-------
Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News

The WORLD's LARGEST Bitcoin Mine Begins Construction in Texas, USA...

Worlds Largest Bitcoin Mine

It wasn't long ago when Riot Platforms launched North America's largest mining farm in Rockdale, Texas - but now they want to go even bigger.

Just announced, they've begun construction at a colossal new site in Corsicana, Texas - once complete, it will become the biggest Bitcoin mining facility in the world!

The new location will be even larger than their existing facility in Rockdale, seen here.

Known as the US State Most Welcoming to Miners, the Infamous Texas Heat Poses a Challenge...

Mining rigs generate intense heat, making cooling a paramount concern, most of the daily work of running a mine revolves around keeping the rigs from overheating. This is why many mining companies seek locations year-round frigid temps - but even in the winter you won't find temperatures this low anywhere in Texas.

To combat this, Riot partnered with HashHouse Tech to use immersion-cooling, which surrounds the miners with a flow of liquid coolant, capable of cooling at 20X the efficiency of air. This strategic move ensures they can stay operational even in the Lone Star State's scorching sun. 

Massive Mining Power...

Riot expects their total mining power (hashrate) to hit 20.1 EH/s once the new facility launches by the end of 2024. Crunching the numbers, first taking the next halving event into account, and using $50k for bitcoin's price, at that hashrate the company should earn around $800,000 per day.

Of course, that's before they pay the bills, and mining always has a big one huge bill - electricity. It's common for the majority of earnings to be lost to the power bill.  Riot is part of a special program in Texas that involves mining companies pre-paying for electricity, but when the grid is reaching capacity they have the ability to lower their usage and sell some of this power back to the grid. 

Texas officials have praised the program as a solution that prevents the grid shutting down when overwhelmed on hot summer days. Last year Riot earned over $30 million selling power back to Texas, but remember they first had to buy it up front so only a small portion of that is profit. It's hard to imagine any deal where less than 50% of revenue goes to paying electricity costs.

Profit Potential...

Last month Riot mined 520 BTC, worth around $250 Million - and this is before the largest mining farm in the world joins in. Along with the additional ability to sell stock (Nasdaq Symbol RIOT)  when they need to raise funds, Riot is quickly becoming a vital member of the industry.

-------------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News
 

Celsius Bankruptcy Process Complete - Over $3 BILLION Begins to be Distributed to Former Users...

Those who are owed funds from Celsius approved this plan themselves, with a total of 98% of creditors voting for it. With approval from their creditors, and now the courts, the final stage of the bankruptcy process begins.

Both crypto and fiat funds are among the $3 billion, and to help distribute a sum this large among so many people, both PayPal and Coinbase are assisting with payouts. 

Those who had funds in Celsius when it collapsed will be reimbursed in two ways, first is the $3 billion in funds that will be distributed . Then there's the new Bitcoin mining company they're launching with the funds they've been allowed to keep.

Under new leadership of CEO Matt Prusak, who already runs Mining company Hut8, the remaining resources of Celsius will launch their new mining company 'Iconic Digital'.

Shares of the new mining company will be used cover the rest of what they owe, distributing them before the company intends to go public.

Video Courtesy of CNBC