Day: February 11, 2021

2 Crucial Bitcoin Takeaways from Powell’s Economic Club Speech

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Bitcoin plunged by more than $3,000 after establishing a record high on Tuesday, stoking concerns about an extended price decline on growing profit-taking sentiment. Nevertheless, the flagship cryptocurrency discovered a substantial interim support range above $44,000. The BTC/USD exchange rate inched back above $45,000 in the early Asian trading session Tuesday, reiterating hopes that the pair might reclaim its previous high in the coming sessions. Bulls mentioned Tesla’s latest $1.5 billion investment into the cryptocurrency as a major upside case. Bitcoin logs intraday gains amid hopes of Twitter’s investment in…

How blockchain can improve vaccine safety and distribution

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This is the third article in a special Forkast.News series on blockchain, Covid-19 and the future of healthcare. To learn more about this series, please see the full episode list here. —————————————————————————— While 2020 will go down in history as a year to skip,  thus far 2021 is one of greater promise and optimism given the regulatory approval and rollouts of the Pfizer/BioNTech, Moderna and Oxford/AstraZeneca vaccines, which offer between 90% and 95% protection against Covid-19. Yet, with the end seemingly in sight, novel variant strains of the virus have…

Is this the escape from Ethereum? Feb. 3–10

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Finance Redefined is Cointelegraph’s DeFi-centric newsletter, delivered to subscribers every Wednesday. It seems that this week, finally, the community has had enough of Ethereum’s gas fees. That is obviously a bit of hyperbole, as gas fees are high precisely because people are willing to pay such a premium for Ethereum block space. But we’re seeing a kind of “applied trickle-down economics,” where a few brave degens are venturing outside to see what else exists in the world. The effect has been particularly pronounced on Binance Smart Chain. The number of…

Amazon Seeks Developers as It Prepares to Launch Digital Currency Project in Mexico

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As Andy Jassy will soon replace Bezos as a new Amazon CEO, it can be expected that he may explore crypto payments for the company. American multinational technology company Amazon.com Inc (NASDAQ: AMZN) is hiring developers for a digital currency project to be launched in Mexico. Amazon announced that it is seeking software development managers (SDMs) and software development engineers (SDEs) in a series of posts published on the Amazon Jobs website. According to the job post, Amazon is creating a tech team that would build innovative products for new customers in emerging…

Crypto investors should consider buying gold, Newcrest Mining CEO says

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Sandeep Biswas, managing director and CEO at Newcrest Mining, believes crypto investors should consider buying some gold to protect themselves against highly unstable prices of cryptos like Bitcoin (BTC). “If you’re into cryptos, you want to consider having some gold,” Biswas said on Bloomberg TV Thursday, stressing that gold is less volatile than crypto. The exec emphasized that gold is a different class of investment. “It’s a tangible asset: you can see it, you can touch it, you can feel it, you can mold it, you can make it into…

DeFi Platform Celo Raises $20M in New Funding Round, Launches Payment App Valora

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One of the hallmarks of the achievement of the cLabs, the development arm of Celo, is the launch of the Valora app, the first mobile peer-to-peer payments and remittance app built on the Celo platform. Decentralized Finance (DeFi) payments platform Celo has announced a successful $20 million fundraiser, bringing the total funds raised by the startup to $65 million. According to the official announcement, the latest funding round was backed by Andreessen Horowitz (a16z), Greenfield One, and Electric Capital. These latest investors join Celo’s earlier investors such as Coinbase Ventures…

Major Malaysian Bank Kenanga Acquires 19% Stake in a Crypto Exchange – Exchanges Bitcoin News

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One of Malaysia’s top investment banks has bought a 19% stake in a local crypto exchange via its private equity arm. The Kenanga Investment Bank announced its inception into the crypto business by investing in Tokenize Xchange. Tokenize Xchange Is One of the Three Malaysian Licensed Crypto Exchanges Per the official announcement, the bank made the transaction through Kenanga Private Equity Sdn Bhd via a conditional agreement to purchase 19% equity interest in the trading platform. Hong Qi Yu, chief executive officer of Tokenize Xchange, founded the firm in 2018.…

Ethereum-based social media project shuts down as ETH fees approach new highs

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An Ethereum-based project has been forced to cease development due to rising gas prices, as the cost of transacting on the blockchain continues to push new highs. The official Twitter account for social media token project Unite announced on Feb. 10 that the project was no longer in active development, adding that the original idea for the project had been rendered unfeasible by the recent gas price spike. The average cost of using Ethereum increased 35,600% since January 2020: “We are unfortunately no longer actively developing Unite. Gas prices mean the original…

Reddit Posts Trigger Increase in Cannabis Stocks

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Wall Street is not particularly bullish on cannabis companies. Only 2 out of 14 analysts have a buy rating on Tilray. Cannabis stocks surged in reaction to Reddit users who have shifted attention on some groups of canopies companies. The Reddit users fueling the surge in cannabis stocks, WallStreetBets Reddit army, are the same group of people that caused the recent spike in GameStop Corp (NYSE: GME).  On the 10th of February, shares of selected cannabis companies soared as the Reddit trading community bet that the new Democratic administration legalizes the…