Day: July 15, 2022

ECB report likens PoW to fossil fuel cars, PoS to electric vehicles

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Amid the soaring inflation, the European Central Bank (ECB) has found time to sum up its concerns about the “significant carbon footprint” of Bitcoin (BTC) and other cryptocurrencies, which require vast amounts of computational power.  ECB published the report titled “Mining the environment – is climate risk priced into crypto-assets?” on July 12. In the report, the ECB research group reinforces the environmental narrative about the battle of protocols, where the proof-of-work (PoW) concept represents a threat to the planet. In contrast, the proof-of-stake (PoS) is the only sustainable crypto option, experts…

DeFi Coins Outperform Bitcoin, Ether as Traders Pare Bets on Jumbo Fed Rate Hike

While cryptocurrency lending platform Aave’s native coin AAVE was up 15% at $91, decentralized exchange Uniswap’s UNI traded at $7, representing a 13% gain, CoinDesk data shows. Bitcoin (BTC), the biggest cryptocurrency by market value, changed hands at $20,660, up 3.5%, while Ethereum’s ether (ETH) token was priced at $1,200, up 8%. Other notable gainers were programmable blockchain Solana’s SOL cryptocurrency, privacy-focused coin monero, Polygon’s MATIC, cosmos and algorand. Source

Two Bitcoin price prediction polls, same outcome: $10K BTC is coming

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Bitcoin (BTC) investors in China plan to buy the dip despite an ongoing market correction and a nationwide crypto ban, a new survey shows. Consensus sees Bitcoin at $10K A survey of 2,200 people conducted on China-based social media platform Weibo found that 8% would buy Bitcoin when its price hits $18,000, according to Wu Blockchain. While 26% of the respondents prefer to wait until BTC reaches $15,000. But a majority anticipated the price to fall even further with 40%, saying they would buy BTC at $10,000. In a survey…

South African Central Bank Now Considers Cryptocurrency to Be a Financial Asset – Emerging Markets Bitcoin News

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The deputy governor of the South African Reserve Bank (SARB) recently said the institution has changed its position on cryptocurrency, and now regards it to be a financial asset which must be regulated as such. The SARB expects to have a cryptocurrency regulatory framework in place by the end of 2023. A Safer Crypto Ecosystem The deputy governor of the SARB, Kuben Naidoo, recently said the institution had revised its stance on cryptocurrencies and is now looking to introduce a framework that governs crypto-related transactions. Naidoo, a member of SARB’s…

Crypto Exchange BitMEX Says One Metric Reveals When Bitcoin Bear Market Will End

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Crypto trading platform BitMEX is revealing one metric that it says could signal the end of the bear market. In a new blog post, BitMEX says that based on Bitcoin’s Market Value to Realized Value Ratio (MVRV), BTC is currently early in the bear cycle compared to previous bear markets. MVRV is the ratio of an asset’s market cap versus its realized capitalization – the value of all Bitcoin at the price they were bought not the current price. “Looking at the other three key bear market cycles and measuring…

Torches, the Lending Protocol on KCC Opens TOP Mining with Up to 900% Mining Rate

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Singapore, July 15, 2022 – Torches Finance, the decentralized lending protocol, announces the official launch of TOP (Torches Point token) Mining. By participating in the “Supply & Borrow”, users  will be able to obtain the TOP rewards, which can be exchanged for TOR (Torches token) with a certain coefficient before the TOR launching. Built on the KuCoin Community Chain (KCC), Torches grew to the top lending protocol with its total market size over $3 million. Starting from July 15 at 10:00 (UTC), Torches allows users to get TOP rewards for…

Crypto mixers’ popularity booms as illicit addresses push volumes to ATH: Report

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As on-chain activities slow down during the crypto winter, usage of cryptocurrency mixers has doubled in 2022, with addresses classified as “illicit” being the top contributor.  Cryptocurrency mixers, also called “tumblers,” provide anonymity to transactions, making the sender or receiver of the transaction completely unidentified. While this has a valid use case for everyday users, hackers have used it to hide from authorities. In a report by analytics firm Chainalysis, data shows that the 30-day moving average of the total daily value received by crypto mixers reached a new all-time high…

Crypto mixers’ popularity booms as illicit addresses push volumes to ATH: Report

As on-chain activities slow down during the crypto winter, usage of cryptocurrency mixers has doubled in 2022, with addresses classified as “illicit” being the top contributor.  Cryptocurrency mixers, also called “tumblers,” provide anonymity to transactions, making the sender or receiver of the transaction completely unidentified. While this has a valid use case for everyday users, hackers have used it to hide from authorities. In a report by analytics firm Chainalysis, data shows that the 30-day moving average of the total daily value received by crypto mixers reached a new all-time high…

Aussie FPA supports ‘crypto rule book’ and regulation of exchanges

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The Financial Planning Association of Australia (FPA) has shown its support for the “crypto rule book” idea and called for regulating exchanges instead of crypto assets. In May, the Australian Law Reform Council (ALRC) proposed to tackle crypto regulation through a rule book-style framework which sets out a series of gradually updated compliance principles for local crypto firms to adhere to. The comments came via a submission to the Treasury by FPA’s head of policy, strategy and innovation, Ben Marshan, who also argued that the regulation of crypto exchanges should…