Day: April 26, 2022

Spot Bitcoin ETFs Are Launching in Australia but Elsewhere They Face Brutal Fund Outflows

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Just a day after bitcoin soared past $40,500 on news of financial giant Fidelity’s decision to allow consumers to invest in bitcoin in their 401(k) retirement savings accounts, the largest cryptocurrency by market capitalization was trading just over $38,000, its lowest mark since early March. Ether, the second-largest crypto by market cap, was changing hands at about $2,820, off roughly 5.7%, following a day when it pushed past $3,000. Original

Bitcoin Mining explained

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io How does Bitcoin mining work? Put simply, Bitcoin mining is the sophisticated peer-to-peer process used by nodes to add transactions to the publicly available ledger and mint new Bitcoins. The miners provide the computational investment to keep the Bitcoin ledger and secure the network. To date, over 18 million Bitcoins have been put into circulation via the Bitcoin mining’s block reward mechanism. There are several web-based profitability calculators that miners can use to analyze the cost-benefit of Bitcoin mining. However, miners are…

South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent – Bitcoin News

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A South Korean music sharing platform, Koong World, recently announced the registration of a non-fungible token (NFT)-based music theft prevention patent. Using this patent, the music sharing platform aims to “solve the problem of copyright protection in the rapidly growing music market.” Tackling the Problem of Copyright Infringement in the Music Industry A South Korean peer-to-peer music sharing platform, Koong World, recently registered an anti-music theft patent with the Korean Intellectual Property Office, a report has said. Kung World says the patent will enable it to solve the challenge of…

Crypto Market’s Direction During a Recession Might Depend on Nasdaq

“Bitcoin has really bound itself to the Nasdaq in terms of correlation, and if the Fed keeps hiking rates and if the market believes [it is] going to hike rates, recession or not, Nasdaq suffers in the short term,” said Bob Iaccino, chief strategist at Path Trading Partners and co-portfolio manager at Stock Think Tank. “And if this correlation continues, then crypto suffers, too.” Source

Here’s why the growth of token staking could be bullish for Lido (LDO)

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Liquid staking has grown in popularity over the past year thanks in part to the launch of the Ethereum beacon chain and the inability of ETH stakers to withdraw their tokens until the full launch of the consensus layer.  As a result, Lido (LDO) has established itself as a leader in the liquid staking sector. Lido is one of the main staking protocols for several popular tokens and it allows token holders to earn an extra yield by putting their staked assets to work in decentralized finance (DeFi). LDO/USDT 4-hour chart. Source:…

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Ethereum on-chain data hints at further downside for ETH price

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Analyzing Ether’s (ETH) current price chart paints a bearish picture, which is largely justified by the 11% drop over the past month, but other traditional finance assets faced more extreme price corrections in the same period. The Invesco China Technology ETF (CQQ) is down 31% and the Russell 2000 declined by 8%. Ether price at FTX, in USD. Source: TradingView Currently, traders fear that losing the descending channel support at $2,850 could lead to a stronger price downturn, but this largely depends on how derivatives traders are positioned along with…

US Senate confirms Lael Brainard as Fed vice chair

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After weeks of delays due,  in part, to partisan obstructionism, the United States Senate has confirmed the nomination of Lael Brainard, a member of the Federal Reserve’s board of governors, as the next vice chair of the central bank. In a 52–43 vote on the Senate floor on Tuesday, U.S. lawmakers confirmed Brainard a vice chair of the Federal Reserve for four years, potentially beyond her term as a governor ending in January 2026. Brainard was one of four nominees waiting for approval since Republican lawmakers in the Senate Banking…