Day: October 28, 2020

Blockchain Bites: Bitcoin Miners’ Slim Margins, ConsenSys’ Latest CBDC Pilot, a16z’s Power Hire

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Bitcoin’s hashrate is soaring. Ethereum incubator ConsenSys has signed on to another CBDC pilot. JPMorgan unveiled a revamped interbank transfer blockchain network that could challenge SWIFT. Top shelf Lower profitsBitcoin mining profitability is at all-time lows in 2020, spurred in part by new ASIC mining machinery driving up the network’s hashrate. While bitcoin‘s hashrate has taken a dip as China’s wet season comes to an end, mining professionals predict this will only be temporary, and it has only improved profit margins so much, CoinDesk’s Colin Harper reports. According to North American Bitcoin…

The Number of Bitcoin Millionaires Cross 20k—Why It’s Not a Good Sign

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According to the data from Glassnode, the number of millionaire Bitcoin holders surpassed 20,000. Albeit the figure shows many investors are profitable after BTC’s recent rally, it might also show a sign of a top. Glassnode analysts wrote: “The number of #Bitcoin millionaire addresses (addresses holding ≥ $1M worth of $BTC) crossed 20,000. It is the highest value since January 2018.” In the past 20 days, the price of Bitcoin has increased by around 31%. It massively outperformed both gold and the U.S. stock market. The number of Bitcoin addresses…

Here’s One Key Reason Why This Bitcoin Uptrend Differs from Previous Ones

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It has been a turbulent past few days for Bitcoin and the aggregated crypto market, with bulls primarily controlling the cryptocurrency. Bears have gained some ground today, however, as the recent rejection at $13,800 has sparked a somewhat intense selloff that isn’t showing any signs of slowing down. This downtrend has been perpetuated by strength seen by the US Dollar as well, which BTC has formed an inverse correlation to throughout the past few months. So long as Bitcoin holds above $12,800, however, its bull case is still incredibly strong,…

Societe Generale Cuts Deal With Blockchain Behemoth ConsenSys To Back Its Central Bank Digital Currency Experiments With Technology, Expertise and Strategy

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Societe Generale – Forge, the digital capital markets platform of the Societe Generale Group, has chosen one of Blockchain leading companies ConsenSys to provide technology and services as part of its ongoing Central Bank Digital Currency (CBDC) pilot activities. Jean-Marc Stenger, CEO of Societe Generale – Forge, noted: “We are pleased to partner with ConsenSys, a company who is a key player in the development of distributed ledger technology globally and offers many of the infrastructure and development tools used by the blockchain community.” ConsenSys will provide technology and expertise to Societe…

3 reasons why Bitcoin price suddenly dropping below $13,000 isn’t bearish

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The price of Bitcoin (BTC) fell below $13,000 on Oct. 28 shortly after hitting $13,850 at the day’s peak. Despite the 7% drop in 11 hours, however, the market sentiment remains positive for three key reasons. First, Bitcoin is still at where it was on Oct. 27, merely 24 hours ago. Second, BTC rose to $13,850, right below a multi-year resistance area at $13,873. Third, a marketwide drop was expected due to declining stablecoin inflows into exchanges. Bitcoin drops to where it was yesterday In the last two days, the…

Ethereum (ETH) and Altcoins Could Benefit from a Bitcoin Correction

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Summary: Bitcoin has corrected hard to $13k after setting a 2020 peak of $13,858 Bitcoin dropping hard could signal the end of its bullishness at least in 2020 If history is to go by, Bitcoin correcting might provide some room for  Ethereum and altcoins to thrive as witnessed in the 2017/2018 bull market season Bitcoin (BTC) has once again proven why it is the King of Crypto by hitting a 2020 high of $13,858 – Binance rate – earlier today. However, Bitcoin’s move closer to the intended target of $14k…

US Blockchain Firm Ripple Considers Relocation to UK and Singapore for Better Crypto Regulatory Clarity

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Ripple CEO Brad Garlinghouse elaborated further on why the UK and Singapore may potentially be future hosts of his blockchain firm Ripple, asserting that the crypto regulatory framework adopted by these countries may be more beneficial for Ripple (XRP) operations.  In addition to the UK and Singapore, Garlinghouse mentioned that Japan, Switzerland, and the United Arab Emirates were also places he was considering. Ripple Labs considers alternatives to the US The CEO’s sentiments echo that of Ripple’s co-founder Chris Larsen. Previously, Larsen had criticized the cryptocurrency framework provided by the…

Overstock’s Medici Ventures Invests $8M in Blockchain Firm Bitt

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Medici Ventures has completed an $8 million equity purchase in Barbados-based Bitt, bringing it a controlling interest in the blockchain firm. Medici’s latest investment will help it chase market opportunities around the adoption of digital currencies in developing countries, the Overstock subsidiary said in an announcement Wednesday. “Bitt’s pioneering work in the central bank digital currency space promotes social inclusion, financial empowerment and economic growth,” said Overstock CEO and Medici Ventures President Jonathan Johnson. “It is the perfect use case for blockchain technology.” With its controlling interest in Bitt, Medici…