Showing posts with label bitcoin news. Show all posts
Showing posts with label bitcoin news. Show all posts

Sam Bankman-Fried on Becoming one Of The Youngest Crypto Billionares in the World...

Five years ago Sam Bankman-Fried didn't own any Bitcoin, but now, he’s one of the youngest billionaires in the world thanks to the cryptocurrency. 

As the founder of FTX, he's become and one of the most powerful people in the young and fast-growing crypto industry.

Bankman-Fried, who has been touted by some as the next Warren Buffett, even still drives his old Toyota Corolla. 

Here he tells his journey to $1 billion, and his plans to give it all away. 

Video courtesy of CNBC

Traders Who Shorted Ethereum Are Having a Bad Day - Over $110 MILLION in ETH Shorts Now LIQUIDATED as Gains Near 10%...

Ethereum up

Be glad you didn't bet against ETH. If you did, my condolences.

ETH's price surge began at a time a lot of people thought it would continue going down, now these leveraged positions are being liquidated at a rapid pace.

Total liquidations in the past 24 hours have reached close to $200 million...

Most occurred on Ethereum short positions, with more than than $110 million worth of liquidated assets. Notably, the largest in the overall market was a $2 million BTCUSD position that occurred on Bybit.

Other exchanges experiencing large liquidations include OKEx, Binance, ByBit, FTX, CoinEX, Huobi, and Bitmex, among others. OKEX reported up to 75% of short positions being liquidated for a total of $4.28 million, followed by Binance with $3.36 million in total liquidations.

The Ethereum community will likely prefer the upcoming update to a proof-of-stake system. Even as the Merge approaches, the price of the coin continues to fluctuate. Today's view is more optimistic, but the preceding days were not particularly inspiring.

From August 30 to September 5, the ETH price ranged between $1533 and $1577. It saw a slight increase above that threshold on September 6, however, that was the day when Bellatrix was upgraded. After the surge, the price fell to $1560 the following day, September 7, but ended at $1629.

It is not unexpected, given these price fluctuations, that liquidations are currently pushing the limits of the markets. A large portion of traders cannot maintain their positions, and exchanges are going to close them.

Things are abnormally unpredictable right now, play it smart...

While many would argue the smartest play is simply not using any leverage, the reality is that advice will be ignored by many people regardless.  So, at least meet in the middle, and perhaps use a bit less leverage than you normally would, and set stop losses so you always sell before you liquidate your positions. 

Even while many experts believe that the best move is to avoid using any kind of leverage at all, the fact of the matter is, many people are going to disregard that advice regardless.

At the very least, come to a compromise and consider using less leverage than you typically would. If you're not using stop losses so you always sell before you liquidate your positions, start using them now (you already should have been, in any market condition).

------- 

Author: Adam Lee 
Asia News Desk Breaking Crypto News



ETHEREUM Creator talks BITCOIN: His Two Biggest Concerns for Its Future...

Vitalik Buterin on Bitcoin

In an interview before the Ethereum network finally migrates to the Proof-of-Stake (PoS) consensus mechanism, the co-creator of that protocol, Vitalik Buterin, criticized the Proof-of-Work (PoW) mechanism,he claimed to be "concerned" about the safety of Bitcoin in that regard.

THE COMPUTER SCIENTIST EXPLAINED THE "TWO REASONS" WHY HE IS WORRIED ABOUT BITCOIN'S FUTURE...


First is a long-term concern for the security of the network, referring to the situation that Bitcoin mining will experience when new BTC are no longer issued, approximately in the year 2140. Vitalik said that "it will come entirely from transaction fees." "And Bitcoin is simply failing to earn the level of fee revenue required to secure what could be a multi-billion dollar system," he noted.

For that year, miners' earnings are expected to depend only on commissions. Thankfully, there's more than a century left before that.

His second issue revolves around the Proof-of-Work (PoW) mechanism used to verify transactions, he insists that it is less than what Proof-of-stake(PoS) can offer if measured per dollar spent in transaction fees. 

However, he clarified that he's aware there's no sign this will ever happen: "the migration of Bitcoin out of Proof of Work appears to be politically unfeasible," referring to those in the Bitcoin developer community who raised the possibility of Bitcoin one day changing from PoW to PoS were met with overwhelming resistance.

One of the main reasons the Bitcoin community is against changing to PoS, is that they believe PoS based tokens give too much power to large stakeholders...

Buterin addresses this, saying; "They are based on the misconception that PoW and PoS are governance mechanisms, when in fact they are consensus mechanisms. All they do is help the network agree on the correct chain. A block that violates the protocol rules (if it tries to print more coins than the protocol rules allow, for example) will not be accepted by the network, no matter how many miners or participants support it."

Ironically, he's sharing these opinions while Ethereum itself is on the verge of switching from PoW to PoS...

Perhaps this is a subtle way to address concerns some may have about Ethereum's upcoming change -  he's addressing them, but as a hypothetical Bitcoin migration to PoS. 

"The funny thing is that bitcoiners (who tend to be the most pro-PoW) should understand this well, as the Bitcoin civil wars in 2017 very well demonstrated that miners are quite powerless in the governance process," he suggested. "In PoS, it's exactly the same: the participants don't choose the rules, they just execute them and help order the transactions." 

However, Ethereum Developers faced virtually no resistance from the community when proposing the change to PoS, with the exception of miners whos concerns were based on their personal profits, not the overall wellbeing of the network. 

Ethereum makes the move from PoW to PoS later this month, maybe.  There's been too many delays to count, and I've learned Ethereum 2.0 is a "I'll believe it when I see it' thing now.

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


Mosques and Schools RAIDED By POLICE in Iran, as they Hunt Down... Bitcoin Miners!?

Iran bitcoin miners

The Iranian police force in the nation's capitol of Tehran have taken nearly 10,000 illegally running Bitcoin mining devices since March of this year.

The police action comes after Iranian officials ordered they crack down on Bitcoin miners due to the country's electrical infrastructure failing. Leaders there have blamed cryptocurrency mining leading to an increase in the demand for electricity as one of the causes for recent blackouts.

The most current Iranian government ruling on mining, which is still in effect, says that mining farms may only be powered by renewable energy sources, and not connected to the public grid.

The most recent amended version of the `law is more lenient than earlier versions, since it permits hiring power providers from other parts of Iran.

"Majority" Located in Schools and Mosques...

According to the director of the Tehran Electricity Distribution Company, majority of the seizures occurred in mosques and schools.

This is because most Mosques and Schools in the country are enrolled in incentive programs that give them free, or extremely discounted electricity.  Once you own the mining rigs the only expense miners  have to deal with are power costs, so taking advantage of locations like these makes mining an "all profit" venture.

Iran's mining industry has been on a wild ride full of ups and downs.  It's been allowed, it's been banned, and currently the rule is 'allowed, but with permission' which has miners needing to obtain the government's approval, and operate within government provided limitations.

We do not know if those who were found to be illegally mining will face any punishment beyond the loss of their hardware.

------- 

Author: Adam Lee 
Asia News Desk Breaking Crypto News


Michael Saylor Still Pushing Bitcoin after Stepping Down as CEO of MicroStrategy - Tells Elon Musk to "BUY MORE"...


Michael Saylor, a well-known Bitcoin advocate who had earlier announced his resignation as MicroStrategy CEO, responded to Elon Musk's ironic tweet about wanting to buy the Manchester United football team coin.

--
--


Saylor responded to Musk saying he'd 'prefer' if he bought more Bitcoin.

A better response would be something including reasons to buy Bitcoin, besides pleasing Michael Saylor... but okay.

Musk said in February 2021 that Tesla had purchased BTC for $1.5 billion and had begun taking it as payment for its electric vehicles. However, the payment method was removed in April due to contentious concerns about Bitcoin miners and the effects they were having on the environment.   

In spite of this, Tesla kept all of that Bitcoin until recently. In the second quarter of 2022, the corporation sold off 75% of its Bitcoin, leaving only $218 million in the cryptocurrency's balance. The corporation purchased Bitcoin for $31,620 and sold it for almost $29,000 per unit.

Musk says he hasn't sold any of his privately owned crypto...

Musk did clarify, though, that he was not selling his personal cryptocurrency holdings, only those that belonged to Tesla, the company. 

Musk has mentioned owning Bitcoin, Ethereum, and the coin he says he continues to buy more of, Dogecoin.

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

New Data Shows Majority of Transactions were TOTALLY LEGAL on Now-Banned Crypto 'Mixer' Tornado Cash...

Tornado Cash

Last week we covered news that the US Treasury Department had sanctioned Ethereum's controversial transaction mixer, Tornado Cash, for allegedly enabling money laundering.

This was only the second time the US government has taken such an action against a crypto mixing site.

However, a deep analysis of blockchain transaction data is showing the platform was mostly used for completely legal activities...

In fact, just over 30% of the funds sent to that protocol were used for money laundering, at least according to one blockchain analytics firm. 

Slowmist, which included their findings in a report on blockchain security, using the first 6 months of 2022, they found Tornado Cash received total deposits of 955,277 ETH (worth $1.7 Billion at current prices), with 300,160 ETH being related to potential illegal activity. 

This means that there's no (known) legal issues with approximately 70% of the operations of the platform.

If you read the US Treasury Department's press release announcing the sanction against Tornado Cash, you would have the impression that the site was built for, and only used for illegal purposes.  They described it as “A virtual currency mixer that launders the proceeds of cybercrimes, including those committed against victims in the United States."

For some perspective: If true, the study shows Tornado Cash may equally as popular with criminals as printed US Currency...

If we go by the estimates of Harvard University Professor of Economics Kenneth Rogoff - up to 34% of printed money is currently being used to facilitate illegal transactions.

But if I had to guess what primary factor was in the US government deciding to officially act against Tornado Cash, it would be the news that North Korean hackers, aka the 'Lazarus Group' were also using the mixer to launder crypto the have been obtaining through various, always illegal methods. 

-------
Author: Mark Pippen
London News Desk 
Breaking Crypto News

Hotbit Exchange DOWN After Authorities Freeze Funds - Company Says: Ex-Employee's Actions Elsewhere Triggered the Investigation, They Are NOT Involved, will soon be CLEARED...

Hotbit down

As a user myself, Hotbit is a fairly good exchange... when it's up.

But I would by lying if I said this wasn't getting annoying. For the second time now it appears users will be locked out for a potential extended period of time, possibly lasting weeks, or months.

Last time (see our coverage here) hackers gained access to their servers, but not access to withdraw any user funds.  It seems like this angered them, so they decided to destroy everything they did have access to - which was basically the entire exchange system.  They were down for weeks.

This time time it wasn't a security breach, but a much wilder explanation:

"The reason is that a former Hotbit management employee who left Hotbit in April this year was involved in a project last year(which was against Hotbit's internal principles and of which Hotbit was unknown) that law enforcement authorities now think is suspected of violating criminal laws. So, a number of Hotbit senior managers have been subpoenaed by law enforcement since the end of July and are assisting in the investigation. Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.

Hotbit and the rest employees of Hotbit's management are not involved in the project and have no knowledge of the illegal information involved in the project. However, we are still actively cooperating with the law enforcement authorities in their investigations and are continuously communicating with them through our lawyers and applying for the release of the frozen assets. The assets of all users are safe on Hotbit."

As far as when users can access their funds, Hotbit clearly does not know, only saying "Hotbit will resume normal service as soon as the assets are unfrozen" whenever that may be. 

Funds are safe...

Last time I was ready to hear it was all another exit scam and that my funds were gone for good, then the site came back and everything was still in my wallet. So, with fingers crossed, I'm giving them the benefit of the doubt this time. 

According to Hotbit "All user’s assets and data on Hotbit are secure and correct" and they shared this link for more details on how user funds will be handled.  

There is mention of a 'compensation plan' for users, but no details on what that would be based on. 

Those with staked assets and investment product deposits will supposedly continue to earn like normal during this downtime. 

Users with concerns are invited to contact them here.

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

US Senate Wants to Know Why Google and Apple REPEATEDLY FAILED to Stop Crypto-Stealing FAKE Apps in their App Stores...

Crypto scam apps

Sherrod Brown, chairman of the U.S. Senate Banking Committee, has asked Apple and Google CEOs Tim Cook and Sundar Pichai to explain why bitcoin (BTC) scams are so prevalent on their platforms.

Brown is requesting information regarding the processes that Google and Apple employ to approve the programs that they provide in their app stores, as many have turned out to be bogus apps meant to steal cryptocurrency from users. Brown further notes that once a scam has been identified, users who downloaded it do not receive notifications of illicit activities.

There have also been several instances of Google search results including 'sponsored results' that were actually decoy phishing sites; this is something we first heard about years ago and continue to hear about every few months.

Brown cites a Federal Bureau of Investigation (FBI) report that warns about the growth of fake mobile applications. Scammers have used this method to steal $42 million worth of cryptocurrencies over the past few months. The letter, posted on the official US Senate website reads:

“According to the FBI, in one case, cybercriminals defrauded at least two dozen investors by creating a mobile app that used the name and logo of a real trading platform. Investors downloaded the app and deposited cryptocurrencies into wallets. Ultimately, the app was fake and the victims of the scam were unable to withdraw funds from their accounts.”

In Apple's case, where their App Store is literally the only way to install any app to the iPad or iPhone, they defend this monopoly saying it's actually beneficial to the consumer, because they can screen and deny any potentially malicious apps.

Experts recommend always downloading crypto-related software from official websites. Take the time to read user ratings and comments when on Google Play or the App Store, especially for products with a low download volume.

The executives have until August 10 to respond, but it is unclear what consequences corporations may face if they do not comply with Senate inquiries.

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


Get $40 Bitcoin for $20 NOW: Click here!


The SURPRISING Oil-Rich Middle Eastern Country That Declared: Bitcoin Mining Allowed, If Powered By 100% Renewable Energy...

Iran Bitcoin Mining

In an unexpected move from a country that makes most of it's money from oil exports, Iran, which has a love-hate relationship with Bitcoin mining, once again allows mining farms to function normally - provided that it is supplied from renewable sources.

Since December of last year, Bitcoin mining has been prohibited in the country. Due to its seasons of extreme heat or cold, they needed to increase the amount of available power on energy grid, forcing crypto miners to shut down was among their first moves to do so.

Midway through the previous year, mining farms were granted permits on the condition that they utilize on-site generators to at least lower the energy taken from public power system. But a few weeks later, access to public electricity was again prohibited.

Now, the Iranian government has lifted the ban, with the stipulation that electricity must be provided only from renewable sources.

 Typically, miners love the chance to switch to renewables, as electricity generated from renewable sources is less expensive than electricity generated from traditional fuels. As a result, Bitcoin mining farms can reduce their production costs and boost their profitability by utilizing renewable energy.

This is not limited to renewable energy that miners produce themselves through technologies like solar; they can can also buy from power companies as long as they're purchasing energy generated renewably.

We expect an increase in hashpower coming from the country whose government is still on a list of countries with which most western governments don't do business with, because of ties to terrorist groups.

------- 

Author: Adam Lee 
Asia News Desk Breaking Crypto News

Bitcoin Miners STILL EARNING After Orders to SHUT DOWN During Texas Heatwave...

It's summer time and nobody is feeling it more than Bitcoin miners, specifically those in the US. Already known for the heat output caused by masses of GPU's, each mining rig has a dedicated fan there to draw heat away from expensive components. On top of that, every big mining operation has some additional method to cool it down. 

In areas with cheap power, air conditioning is often the second line of defense. Others add huge industrial fans to work with the hundreds of smaller ones. But the cheapest solution for the heat comes from miners in Siberia, where temperatures are often below zero and opening the windows is all it takes to cool down a warehouse full of mining rigs.

But for those who aren't willing to relocate to freezing remote corners of the earth to mine Bitcoin, there's the state of Texas in the US.  Many mining operations from other US states have relocated there, and it has become the top destination for miners leaving China following their ban on it last year.

When Texas Gets Hit With a Heat-Wave, Miners Go Offline - By Choice...

In a deal with the Electric Reliability Council of Texas (ERCOT), the companies setting up in the state have agreed to power down when energy usage spikes on hot days due to residents and businesses turning up their air conditioning. 

There isn't a hard choice to make here - if the miners didn't pause their activity for a few hours, the state would begin to experience blackouts as the grid becomes overwhelmed - so the miners end up offline either way. But working with the electricity providers to do this voluntary means the mining staff can at least wait it out in a nice air conditioned building.

We knew this much a couple months ago, when we covered the agreement for miners to power down - but that was just half the story.

Just Because They Aren't Mining, Doesn't mean they aren't earning...

Yes you read that correctly. 

That agreement with the Electric Reliability Council of Texas includes a special arrangement: every time a mining company is asked to shut down to save power, it will be structured the same as if these mining companies were producing and selling energy back to the grid.

Miners buy power contracts in advance at standard rates, but any time they are shutting down and 'selling' power back, they're selling it at higher peak-usage prices. Some estimate that earnings from powering down could come to 10% a miner’s yearly income.

Surprised and impressed at the deal miners were able to get from the state, I spoke with someone I met at an industry conference in 2019 who moved his mining business to Texas in 2021. Is there something we're missing here? Or is the deal really that good?

He explained, "LOL yeah, the deal really is that good. I'm not blowing smoke when I say TX is where it's at if you're on the mining end of the industry. If I had to come up with something negative, it would be how I can't help but wonder how long we can count on the state for this extra support. Everyone in crypto faces the risk of people electing tech-illiterate boomers who don't understand crypto thinking they need to re-write the rules for it. They'll say, 'These guys should be paying more, not making a profit' and we'll say 'goodbye' and relocate to Florida, which is currently the second best place to mine bitcoin."

So WHY would Texas give Miners such a good deal? 

The miners, as well as politicians who support incentivizing them to come to their state, point out that this is speeding up the expansion of wind, solar, and other renewable power capabilities - moving the state away from coal faster than they originally thought was possible.

Those who invest in and build renewable energy resources can just go ahead and build, knowing the energy they produce will be immediately sold, thanks to the miners.

An industry having a steady demand for energy is only beneficial if they can stop that demand when needed to share with the state - and crypto uniquely has this ability. Unlike a factory or oil refinery, crypto miners can cut their electricity usage in seconds, bringing instant relief to an overloaded grid.

A former operations manager for the state grid, Carrie Bivens says "a very special kind of demand; it can curtail very quickly."

In large part because of Texas's energy policies, the US holds the #1 position of all countries when it comes to Bitcoin mining, with approximately 38% of it occurring there. All other nations come in at 20% or under.

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


CoinBase Staffer Leaks Info to Brother, Gets Them + Friend CHARGED with INSIDER TRADING - But The SEC May Be Up To Something More...

Coinbase insider trading - Crypto news

According to federal prosecutors in Manhattan,  three men engaged in trades over a period of ten months using advance information about fourteen listings on Coinbase, and earned approximately $1.5 million in illicit gains.

Three counts of wire fraud and one count of wire fraud conspiracy were filed against the men.

According to documents filed on Thursday, federal authorities have filed criminal and civil accusations against a former Coinbase employee and two other men in an insider trading case involving sensitive knowledge regarding bitcoin assets that were due to be listed on Coinbase's exchange.

Former Coinbase Employee at the Center...

Ishan Wahi, who was a member of the Coinbase team that placed assets on the exchange at the time, allegedly disclosed private information about when certain bitcoin assets will be published to his brother Nikhil Wahi and his brother's friend Sammer Ramani.

The brother and friend would purchase shortly before the listing went public, and then sell shortly after.

Ishan and Nikhil Wahi have been arrested - while Sammer Ramani, who resides in Houston, Texas, but is believed to have escaped to India, is wanted by investigators.

It began with a tweet from an individual who noticed strange behavior...

Ishan, who works at a cryptocurrency exchange, may have forgotten that the blockchain is public, as their action was quickly spotted and posted by a Twitter user...

""Found an ETH address that bought hundreds of thousands of dollars of tokens exclusively featured in the Coinbase Asset Listing post about 24 hours before it was published, rofl"

To their credit, Coinbase treated this matter seriously.

Coinbase Conducts an Investigation...

The source of the leak was found when Coinbase launched an internal probe in April in response to the tweet.

Coinbase CEO Brian Armstrong states, “We have zero tolerance for this kind of misconduct and will not hesitate to take action against any employee when we find wrongdoing” 

A lawyer for the former Coinbase employee asserts that his client is innocent of any misconduct and plans to fiercely defend himself against these claims.

Although this is unconfirmed, it appears that the suspects used Coinbase to fraudulently purchase the coins they were purchasing based on insider information from Coinbase.

My belief is that it was as simple as connecting the surname of the individual who purchased these coins at a suspicious period with the surname of his sibling who worked there.

While he has removed all social media profiles, we were able to obtain this image of former Coinbase employee Ishan Wahi.  We also discovered he co-founded something called 'The Teacher App'.

SEC Sparks Debate with their choice of criminal charges...

This case is trigging debate as the SEC has charged the defendants with a crime connected to fraud in the trading of securities, but whether all the tokens involved are securities is an issue far from settled.

Classifying crypto as securities is basically stating that they are identical to stocks. But what's being debated is that many coins, such as those associated with DAOs, might not be securities. While in the case of coins from a private corporation with a CEO and staff - many may qualify.

However, many argue (and The Global Crypto Press Association officially supports this position) that many coins function more like commodities, like trading gold and silver.

Coins and stocks can have one massive difference - many coins exist without a company behind them. Whether oversight comes from a DAO or other type of foundation that lacks official ownership, or even coins created by a private company but once launched, are truly decentralized - these may begin as securities if they hold a presale, then transform into something else once the company loses control (often called renouncing) to decentralization.

Even with these unresolved issues, the SEC's decision to charge them with a felony based on the assumption that all tokens involved are securities means that if they succeed, they will establish a legal precedent for designating cryptocurrencies as securities.

It is the responsibility of elected officials to discuss and determine such matters; however, the SEC appears to be attempting to reach its own conclusions.

It bothered Coinbase CEO Brian Armstrong so much that he addressed it in a blog post: "No assets listed on our platform are securities, and the SEC charges are an unfortunate distraction from today’s appropriate law enforcement action."

Even more surprising, and rare, is to have a commissioner from another regulating agency publicly agree with Armstrong's opinion that these are the wrong charges - CFTC Commissioner Caroline .D Pham posted a full page letter on Twitter accusing the SEC of "regulation by enforcement" - in other words, attempting to settle debated laws by charging people with crimes and seeing if they stick. 

This and another case involving NFT's are the first ever crypto insider trading cases.

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



Bitcoin GRABS Analysts Attention as Data Signals Potential RALLY to $30k - The 2 Indicators They're Focusing On TODAY...

Bitcoin breakout

Bitcoin currently has the attention of analysts around the world, as they question if this rally has momentum, and where it could take prices.

The price of Bitcoin jumped over 7% over the past 24 hours, breaking $24,000 to peak at $24,264.  It has been floating around the upper $23k-$24k range since - this comes after lingering in the $19k-$21k range for weeks

At time of publishing BTC is down from  outperforming most other tokens and advancing to the highest levels since the largest crypto plummeted to as low as $18,000 from $30,000 in a severe selloff in mid-June.

Technical Analysis of the Data says this Rally Could Bring Bitcoin Near $30,000 - But It's also Bitcoin's Worst Month Since 2011...

A bad month means many traders simply aren't in the mood for a rally, "There's no indicator/signal/expert on the planet that will end with me dumping more money into Bitcoin.  Talk to me in like... November, maybe" said one user in a crypto traders telegram community. 

Nonetheless, top analysts at crypto intelligence firm Glassnode are confirming “Numerous signals indicate that genuine bottom formation could be underway” adding that “Bitcoin prices have now traded below the Realized Price for over a month, with many signals that a deep and complete capitulation has occurred.”

What They're Looking For Next...

Bitcoin must break out above the $25,000 resistance level, and see a moving average convergence divergence (MACD)—which is a technical indicator—above zero each day in addition to a positive weekly signal.

This together with which momentum indicator like stochastics showing a number above 20% would make the odds of a run to $29k-$30k range possible.  

If we see both of these today, 

In Closing...

I'm viewing the situation like this:

The data indicates a potential BTC rally - no argument from me there.  We just finished one where Bitcoin gained about $3000, and I see repeating something of similar size much more likely than following it up with one nearly twice as large. 

That's feels like too much too soon 

Anything over $27,000 and I'll be pleasantly surprised. 

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

From Chaos Comes 'One Of the LARGEST BULL MARKETS in HISTORY'...?

While the return of the bull market may not be 'close' - there's some signs that it is indeed coming. 

We're not alone, many analysts see a positive future ahead, such as senior analyst of Bloomberg's Commodities Division, Mike McGlone, who says "bitcoin could initiate one of the largest bull markets in history."  

McGlone says that between betting on Bitcoin's collapse, or Bitcoin continuing to gain wider adoption, their “bias is that bitcoin adoption is more likely to continue to rise” .

Other Positive Indicators:

Bitcoin being transferred from exchanges to privately owned wallets is considered a bullish sign, it indicates the owner of that Bitcoin is not looking to sell anytime soon. These investors are considered to be HODLing, and waiting for the bull market to return. 

Bitcoin on exchanges
via CryptoQuant: Amount of Bitcoin available on exchanges.

In fact, the supply of BTC being traded on exchanges hasn't been this low in 3 years.

Traders too fearful to notice - the crypto market already stabilized!

Traders are still on-edge from recent market chaos, the 'Fear & Greed Index' currently rates the Bitcoin market as one with 'Extreme fear' meaning indicators taken into account such as volume, momentum, and social media sentiment show traders hesitant to buy. 

Bitcoin has been trading between $19k and $22k for nearly an entire month!

'Hesitant to buy' and 'selling off' are two very different things - and it's gone somewhat unnoticed that the selloff ended weeks ago.

For Bitcoin especially - this is an extremely stable price range to be holding for weeks now.

Lingering fears...

Until last week, the big question mark hanging over the crypto market was lending platform Celsius and concerns it would be next to collapse.  They leveraged their funds through multiple DeFi platforms, concerns that they could be liquidated still owing millions were valid as it would have caused a ripple effect and likely another round of coin prices crashing down.   

However - they've spent the last week paying off large portions of those debts and now is no longer at high risk of liquidation 

So for now, it appears we won't be seeing any additional over-leveraged crypto platforms collapse. 

Unfortunately, the remaining cloud of fear hanging over the crypto market is a massive one that reaches far beyond crypto.  These fears are shared with the world and come from an economy struggling to grow, out of control inflation, rising gas costs, and global conflict. 

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


Man CONFRONTS Luna Founder AT HOME After Losing Over $2 Mil in Coins Recent Collapse...

Terraluna Luna founder breakin

A crypto investor was arrested today in Seoul, South Korea for trespassing at the residence of Do Kwon, the co-founder and CEO of Terraform Labs.

The suspect, whose identity has been concealed, allegedly entered the apartment complex in eastern Seoul last week and rang the doorbell when Kwon's wife was at home, looking for him.

Kwon is at the heart of the Terra cryptocurrency's and Luna's digital coin counterparts' huge downfall. Luna's price has dropped to under 1cent, having traded for over $80 at the beginning of the month, while their stablecoin built to always be worth $1 continues to massively miss the mark at $0.09.

"I've lost between 2 and 3 billion won (US$2.3 million)" the suspect told reporters during an inquiry at Seongdong Police Station.

The suspect, who runs an online broadcasting channel, alleges that people have committed suicide as a result of the stablecoins' decline.

Pleading with Kwon to take responsibility for the current catastrophe, the suspect said Kwon should apologize to the over 200,000 investors who have lost money.

Kwon's wife requested police protection after his visit, according to officials.

Terraform Labs says they are working on ways to keep its Terra blockchain and ecosystem running despite the collapse of its cryptocurrency.

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

How Do I Conduct a Smart Contract Audit?

Audit smart contract

Hackers test the strength of blockchain security in different areas every day. It is not surprising since the system itself has been designed to create a more optimal level of protection. If you use smart contracts, you know for sure about a severe vulnerability in the blockchain right now. To prevent serious problems that can cost your reputation and money, you need to conduct a
 smart contract audit. However, to initiate it, you should know more about it.

What Are Smart Contracts and Their Audits?

Smart contracts are known as computerized transaction protocols on the blockchain market designed to fulfill the prescribed terms of a contract. They are used in voting in elections and managing various supply chains. The role of any smart contract is to optimize an ideal level of performance. However, without hiring a reliable auditor before launch, you are exposed to significant risks:

- Severe discrepancies in the execution

- Loss or theft of personal data

With the help of smart contract audits, it is easier to identify any errors and vulnerabilities even before the smart contract is launched. Moreover, such checks are a mandatory recommendation since data, like code, can be changed in the blockchain.

Importance of Ethereum Smart Contract Audits

The most common attacks in the blockchain system are replay, reorder, or short address attacks. A smart contract audit is necessary if you are the owner of decentralized application products, the creator of an ICO startup, or a smart contract developer. But what will it give you in practice?

- After checking, it will be possible to optimize the code better.

- Improved smart contract performance.

- Further protection against hacker attacks.

- Enhanced security of e-wallets.

If the smart contract audit cost is the only criterion you consider when looking for auditors, you should urgently change your approach. There is no concept of more or less here. Its price is affected by many factors. So, it is better to rely on the experience of the team or an individual auditor. They will consult you, answer all your questions, and name the price for their services. Then, if everything suits you, the smart contract project team will start working.

Work Principles of Smart Contract Security Audit

Usually, the audit process consists of four main elements:

  1. Testing can help detect bugs and target individual features or a larger piece of smart contract code. If most tests fail, the audit is suspended until the most critical aspects are corrected.

  2. Automated analysis can evaluate the program to determine the input data. It can optimize the process of finding problems. If you have to initiate this verification element manually, it will be automated in the future. It will significantly reduce one part of the audit process.

  3. In the case of a complex search for security vulnerabilities, manual analysis is necessary. Auditors will be able to evaluate the effectiveness of the desired features and your project. In other words, you can achieve your goals with an already existing contract, or it needs to be finalized.

  4. After smart contract security audits, you will have a report with detected errors and recommendations for code fixing.

The importance of such audits is obvious, but before conducting them, please, consider the elements of the audit to select reliable auditors.


--------------
Information Provided Via Guest Post Submission

Content not created, evaluated, or endorsed by Global Crypto Press Crypto & NFT Press Release Distribution

Tesla Shares Why They Believe in Bitcoin in Latest Quarterly Report Filed with The SEC...

Tesla bitcoin crypto investments

Tesla, the US electric car manufacturer, released more details about why it invests in bitcoin (BTC). This is no small investment either, as Tesla currently holds 42,902 BTC making them the 2nd largest Bitcoin holder of all companies globally, with MicroStrategy the largest. However, it's worth noting that MicroStrategy is a company that exists to invest in digital assets.

These new disclosures on Tesla's belief in crypto come in their latest quarterly report filed with the SEC, where they state:

"In the first quarter of 2021, we invested an aggregate $1.50 billion in bitcoin. We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. As with any investment and consistent with how we manage fiat-based cash and cash-equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions.

Digital assets are considered indefinite-lived intangible assets under applicable accounting rules. Accordingly, any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges, whereas we may make no upward revisions for any market price increases until a sale. For any digital assets held now or in the future, these charges may negatively impact our profitability in the periods in which such impairments occur even if the overall market values of these assets increase. For example, in the first quarter of 2021, we recorded approximately $27 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $128 million on certain sales of bitcoin by us."

Their crypto investments come up once again in the document, where companies are required to disclose any risks to the business.  It's important to understand this section is where a company gives the absolute worst case scenario to investors. Here, Tesla included everything from being unable to make more batteries because of material shortages, to hackers being able to 'gain control of' their vehicles and the public panic it would cause. 

So, with that tone in mind, they explained the risks they take by holding crypto, saying:

"In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity, allowing us to invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future. Thereafter, we invested certain of such cash in bitcoin. We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. As with any investment and consistent with how we manage fiat-based cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions. 

The prices of digital assets have been in the past and may continue to be highly volatile, including as a result of various associated risks and uncertainties. For example, the prevalence of such assets is a relatively recent trend, and their long-term adoption by investors, consumers and businesses is unpredictable. Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralization may subject their integrity to the threat of malicious attacks and technological obsolescence. Finally, the extent to which securities laws or other regulations apply or may apply in the future to such assets is unclear and may change in the future. If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed."

In other words, fairly common fears like potential security threats, which have hit companies far more experienced in holding large amounts of crypto.  Another risk highlighted is the the possibility of future government regulation, which could hurt the whole ecosystem if poorly implemented or too broad.

So far, even with the latest dips, Tesla is well into the profit zone. They acquired their Bitcoin in January 2021, when prices were as low as $29,000 and peaked at $34,000.

At the time of publishing, Bitcoin is trading at $38,350, meaning their profits are a minimum of $186,623,700.

So, where things currently stand, Tesla has no regrets.

-------
Author: Mark Pippen
London News Desk 
Breaking Crypto News


How Bitcoin Mines Were Airlifted From China to the US Following China's Ban On Crypto...

The Chinese government has been attempting to eradicate cryptocurrencies in the country for quite some time, with varied degrees of success.

In 2021, restrictions on mining eventually drove firms out of the country, relocating to nations such as Kazakhstan, who have more favorable policies toward cryptocurrency mining. A number of towns around the United States have welcomed them, with both support and condemnation coming from residents 

Video Courtesy of Motherboard / Cryptoland 

Dallas Cowboys Becomes First NFL Team To Cross-Over to the Crypto World, Thanks to New Partnership...

The Dallas Cowboys have made Blockchain.com their official digital asset platform, which is the first time the NFL has worked with a cryptocurrency company.

Peter Smith, the co-founder and CEO of Blockchain.com, met with Cowboys owner Jerry Jones at The Star in Frisco to talk about the partnership. 

For Blockchain.com, the deal will give them a chance to advertise and brand themselves. It also gives them club space inside AT&T Stadium, as well as rights to social media integration and signage.

They did not disclose how much the deal was worth.

Video Courtesy of CBS Dallas

Luna Foundation Buys Another 4,130 Bitcoin - Surpassing Tesla's Holdings...

Luna foundation bitcoin holdings

The Luna Foundation bought an additional 4,130 Bitcoin, raising the foundation's total holdings to 39,897.98 BTC, as they continue to pursue their goal of purchasing $10 billion worth of Bitcoin and becoming the second-largest holder of BTC behind Satoshi Nakamoto.

The Luna Foundation still needs to purchase another $8.2 billion in Bitcoin to reach its goal, but their holdings are already quite impressive.  

In addition to their stash of Bitcoin, the foundation also holds $563 million in USDC and USDT stablecoins, and earlier this week announced a planned $100 million purchase of avalanche (AVAX) to continue to diversify their reserves.

Market Reaction... Missing.

However, the Luna Foundation's purchase of 4,130 Bitcoin had no effect on the cryptocurrency markets.

The reason is most likely a deal conducted outside of exchanges, which allows them to avoid slippage (raising the price on themselves), which also means not filling any sell orders - in short, everything is done in such a way that it is impossible to move the price, except for how other traders react to the news.

 At the time of writing, BTC is hovering around the $43k support level.

Where Do We Go From Here?

Indicators are now in a neutral zone, none are screaming 'buy' or 'sell' at the moment. 

This could result in lower prices before another rally, but if it manages to hold at this level or higher for the next few days that stability could attract buyers, once again building up momentum.  I'm watching for it to break the $48k resistance zone and open the door to $50k or even higher fairly soon.

------- 

Author: Adam Lee 
Asia News Desk | Breaking Crypto News

Spend $20, GET $40! Do it while you still can here!