Day: December 20, 2022

Bitcoin Still “Overvalued” According To NVT Ratio

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On-chain data shows signs aren’t looking good for Bitcoin as the NVT ratio is indicating that the crypto is still overvalued right now. Bitcoin NVT Ratio Continues To Be At High Values As pointed out by an analyst in a CryptoQuant post, BTC is currently overvalued from an on-chain perspective. The “Network Value to Transactions (NVT) ratio” is an indicator that measures the ratio between the market cap of Bitcoin and its transaction volume (both in USD). This ratio judges whether the current value of Bitcoin (that is, the market…

Bank of Japan’s Kuroda Shocks Markets by Raising the Benchmark Rate to 0.5% From 0.25% – Economics Bitcoin News

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The Japanese yen is up 3.42% against the U.S. dollar on Tuesday as the Bank of Japan surprised the world by deciding to allow the benchmark interest rate to rise to 0.5% from 0.25%. The Japanese central bank was one of the only banks worldwide to hold off on raising benchmark interest rates, as policymakers have kept the government bond yield rate close to zero since 2016. Japanese Central Bank Lifts Rates for the First Time in 6 Years During the last two months, there’s been a lot of discussion…

Bitcoin miner Greenidge signs $74M debt restructuring agreement with NYDIG

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According to a new filing with the U.S. Securities and Exchange Commission on Dec. 20, Bitcoin (BTC) miner Greenidge stated that it reached an agreement with its creditor, fintech firm NYDIG, to restructure approximately $74 million worth of debt. The deal, in the form of a non-binding term sheet, would result in a major change to Greenidge’s current business strategy. Essentially, it would transform Greenidge from self-mining to hosting for NYDIG’s mining rigs.  Under the conditions, NYDIG would purchase miners with approximately 2.8 exahash per second (EH/s) of mining capacity…

Elizabeth Warren’s New Financial Surveillance Bill Is a Disaster for Privacy and Civil Liberties

In addition, the bill effectively bans privacy-enhancing technologies in blockchain networks. The bill would prohibit all financial institutions from handling, using, or transacting with digital asset mixers, privacy coins and “any other anonymity-enhancing technologies.” The list of financial institutions prohibited from interacting with privacy-enhancing technologies includes the broad group of blockchain network participants that would be classified as money-service businesses under the bill – meaning that developers, miners, validators and custodial and self-hosted wallet creators would all effectively be prohibited from interacting with privacy-enhancing technologies, including privacy coins. Source

What it’s actually like to use Bitcoin in El Salvador – Cointelegraph Magazine

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I attempted to spend two weeks travelling in El Salvador living on Bitcoin. I tried to pay for every single thing with Bitcoin, or Satoshis, small amounts of Bitcoin. Spoiler alert, I failed.  Outfoxed by car hire companies (fortunately my car of choice was not Fiat); stubborn restauranteurs, a parking meter, pupusas, and a fancy dress shop where I was obliged to purchase a multicoloured wig with a $5 bill, I could not survive in “Bitcoin Country” on Bitcoin alone.  So where did I go wrong? How did this happen?…

‘Forget a pivot’ — Markets won’t see Fed rate cut boost in 2023, says analyst

Bitcoin (BTC) and other bulls will not benefit from a major change in United States inflation policy in 2023, one analyst says. In a Twitter thread on Dec. 20, Jim Bianco, head of institutional research firm Bianco Research, said that the United State Federal Reserve would not “pivot” on rate hikes next year. Bianco: Japan YCC move “matters for all markets” In light of the surprise yield curve control (YCC) tweak by the Bank of Japan (BoJ), analysts have become all the more bearish on the prospects for risk assets this…

‘Forget a pivot’ — markets won’t see Fed rate cut boost in 2023, says analyst

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Bitcoin (BTC) and other bulls will not benefit from a major change in United States inflation policy in 2023, one analyst says. In a Twitter thread on Dec. 20, Jim Bianco, head of institutional research firm Bianco Research, said that the Federal Reserve would not “pivot” on rate hikes next year. Bianco: Japan YCC move “matters for all markets” In light of the surprise yield curve control (YCC) tweak by the Bank of Japan (BoJ), analysts have become all the more bearish on the prospects for risk assets this week.…

Waves founder announces new stablecoin as USDN depegs

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Sasha Ivanov, founder and CEO of the Waves blockchain platform, is planning to launch a new stablecoin amid the ongoing crisis of the Waves-backed stablecoin, Neutrino USD (USDN). Ivanov took to Twitter on Dec. 20 to announce the USDN situation resolution plan alongside a new stablecoin project. “I will launch a new stablecoin,” Waves founder wrote, adding that there is going to be a “USDN situation resolution plan set in motion before.” He stressed that nothing new will be launched or announced until the USDN plan resolution is set in…

Polygon Founder Unveils Web3 Accelerator Beacon

“We’re creating Beacon because, as a network of web3 founders and operators ourselves, we’re 100% committed to this idea of bringing the next one billion users into this space. With everything happening in the news, we know the odds are stacked against us,” Nailwal told CryptoX in an email. “However, if we can support the best founders and accelerate projects serving real customer needs, adoption will happen – it’s inevitable.” Source AcceleratorBeaconFounderPolygonUnveilsWeb3 CryptoX Portal