Day: August 14, 2020

Chinese Bitcoin Miners Develop Strong Relationships and Crypto Mining Facilities in Iran

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During the last few months, crypto proponents have focused their attention on Iran. The Iranian President Hassan Rouhani initiated a new mining strategy last May, and the government-licensed 14 bitcoin mining farms in July. According to the Chinese mining operation Lubian, it claims to operate one of these regulated bitcoin mining farms in the oil-rich nation. The Cambridge Bitcoin Electricity Consumption Index or “Bitcoin Mining Map” attempts to visualize the geographic distribution of global Bitcoin hashrate. Iran is the sixth most powerful country in terms of global hashrate. Of course,…

Bitcoin News Roundup for Aug. 14, 2020

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With traditional finance and crypto traders both enjoying market madness, CoinDesk’s Markets Daily is back with your latest crypto news roundup! Today’s stories: Institutional exchange CME has become the third-largest bitcoin futures exchange by number of open contracts.  Crypto traders are enjoying their own version of the market’s madness, from bitcoin’s bull run to the collapse of YAM to Dave Portnoy. The guidance is aimed at assisting regulatory compliance and enhance crypto industry conduct under the city-state’s payment laws. What do you do if your country unplugs the internet? Satellite…

Will Bitcoin Break $12,000? 4 Things to Know Heading Into the Weekend

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Bitcoin yet to clear $12,000 hurdle Ethereum Gas prices skyrocket Small-cap cryptos shine Watch the Bitcoin and gold correlation This week, the Bitcoin and cryptocurrency market roared into Monday like a lion only to end the week more like a lamb. Going into the weekend, let’s take a look at the major developments that have shaped the past week and what can be expected for the price of Bitcoin during the weekend.  Bitcoin yet to clear $12K hurdle Bitcoin (BTC) price tested its year-to-date high, briefly surging past $12,000 only…

Shorting Bitcoin Now is “Pure Gambling” Claims Top Trader

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Bitcoin is once again trading within the upper-$11,000 region. This is where its price has found immense stability throughout the past couple of weeks. The cryptocurrency’s sideways trading has led it to oscillate between $11,200 and $12,000 – with these two levels marking the upper and lower boundaries of a trading range formed over the past two weeks. Some analysts are pointing to recent events like a sharp decline in exchange’s BTC balances, and Dave Portnoy’s foray into crypto, as factors that could help boost the market in the short-term.…

The Yam Protocol Will Migrate Old Tokens to an Audited Contract

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After the original Yam Finance protocol collapsed due to a single line of code, its developers are planning to relaunch the project on new, audited smart contracts. In a blog post published on Friday, the developers outlined a migration plan that will see the already existing tokens get transferred on a new smart contract with a properly functioning rebase. The relaunch was announced shortly after it became clear that a last-ditch effort to save the protocol failed on Thursday.  Now, details on the upcoming transition have emerged. The migration will…

Diversity and Inclusion in Blockchain and Crypto: The Gender Aspect

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When we talk about financial inclusion, we have to think about inclusion for whom, in what context, and what inclusion itself means. One of the common answers when thinking about who needs to be “financially included” is “most currently unbanked people, who should ideally have access to commercial banking systems.”  But it’s not as simple as just asking, “How do we get unbanked people into the banking system?” because the banking system can be exploitative, and newly banked customers often wind up being the least-important customers or paying the highest…

New Blockchain Patent Presented by US Postal Service as Trump Denies Funding for Mail-In Votes

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In light of the 2020 US presidential elections, Trump admitted to denying funding to the US Postal Service (USPS), despite the mailing service’s proposal on Thursday of a new patent for a blockchain-powered voting system, which would make ballot casting more secure.   Why Did Trump Deny Funding to USPS? President of the United States (POTUS) Donald Trump had been reported by Forbes to have denied USPS’ funding in order to block mail-in voting, sparking rage from Joe Biden’s Democratic Party, who allegedly needs that money sponsoring to keep the post office rolling and the ballots coming.  With all this ongoing, the…

6 Questions for Justin Rice of Stellar Development Foundation – Cointelegraph Magazine

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Each week we ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and we throw in a few random zingers to keep them on their toes!   This week our 6 Questions go to Justin Rice, Head of Ecosystem at the Stellar Development Foundation. Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Justin speaks on behalf of developers building on the Stellar network and coordinates the members…

‘How Can You Be Bearish?’ Asks Bitcoin Trader as Tether Surpasses $12B

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The market capitalization of Tether (USDT) surpassed $12 billion as of Aug. 14, according to cryptocurrency market analytics firm Coinmetrics. Meanwhile, some believe the rapidly-rising valuation of the dominant stablecoin positively benefits Bitcoin (BTC) in the long term. But some investors also fear that it makes the cryptocurrency market vulnerable. Tether has been the most widely-utilized stablecoin for several years, and it has seen exponential growth. In January 2017, the total supply of Tether was hovering at around $10 million. Within four years, that number has increased by 1,200-fold. The…

MicroStrategy Buying Bitcoin Shows Institutional Investors Seek to De-Risk

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Bitcoin (BTC) adoption by big-money players is once again on the agenda following the recent $250 million BTC purchase by MicroStrategy. Industry commentators have also stated that corporations plugging into Bitcoin will provide prominent tailwinds to push BTC valuation to new heights. With the coronavirus pandemic adversely impacting economies around the globe, investors appear to be looking toward safe haven assets. Indeed, the attention on both BTC and gold is causing a significant coupling of their respective price actions, given that central banks continue to pursue aggressive quantitative easing. With…