Day: May 20, 2023

Hyperbitcoinization is underway, RFK seeks Bitcoin donations…

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Top Stories This Week Hyperbitcoinization coming, says Bitcoin OG as ‘wholecoiners’ hit 1 million Bitcoin has crossed a significant threshold this month — there are over 1 million addresses that hold at least 1 BTC. Data from Glassnode shows an escalating pattern with regard to the amount of so-called Bitcoin “wholecoiners.” If the trend continues, Bitcoin price escalation could soon make buying it not only a luxury but something potentially unattainable altogether, according to Adam Back, co-founder and CEO of Bitcoin firm Blockstream. This hyperbitcoinization refers to the moment when…

Tether flees from banks, Ledger’s backdoor for seed phrases and more

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Banks want to reduce exposure to crypto businesses, just as crypto businesses are seeking to reduce exposure to the ongoing banking crisis. Tether’s latest audit report shows that the stablecoin issuer withdrew over $4.5 billion from banks in the first quarter to reduce counterparty risk following Circle’s troubles during the collapse of Silicon Valley Bank. The past few days also brought a change in the winds to Ripple’s battle with the United States Securities and Exchange Commission (SEC), with a motion from the securities regulator to seal some records rejected…

Bitcoin FOMO is gone, portfolio managers are taking BTC seriously — 3iQ CEO

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As the hype around Bitcoin (BTC) has faded, institutional investors and portfolio managers have begun looking at the major cryptocurrency as a “serious venue” to invest in, claims Fred Pye, CEO of 3iQ, Canada’s first Bitcoin fund issuer. In an interview with Cointelegraph during the Bitcoin 2023, Pye spoke about Canada’s advanced regulation for crypto trading, and how it has been drawing investors to the digital assets market. According to Pye, fund managers and institutional investors running diversified portfolio assets are looking for alternative investment strategies amid a global inflationary…

Bitcoin, ethereum on centralized exchanges at multi-year lows

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A recent report by on-chain data analysis platform, Santiment, shows that the two most valuable cryptocurrencies by market cap, bitcoin (BTC) and ethereum (ETH), are actively being pulled from cryptocurrency exchanges like Binance. According to Santiment, crypto holders are moving their assets from custodial centralized exchanges to cold storage wallets where they have control of the coins’ private keys. Private keys are important seed phrases for signing transactions, sufficient proof that the sender owns coins. On-chain…

Binance provider in Brazil gets payment institution approval

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Latam Gateway, the payment provider for Binance in Brazil, has been granted a license by the country’s central bank to operate as a payment institution and electronic money issuer on May 19, according to local media reports. Brazil is among Binance’s top global markets, the exchange said in a previous announcement. Latam Gateway helps foreign companies to operate in Brazil by providing on/off ramps with the Brazilian real. According to the company’s website, Binance is the only crypto client in the country. Other relevant clients include gaming-related companies such as…

Bitcoin forgets Fed as trader eyes classic BTC price ‘liquidity hunt’

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Bitcoin (BTC) remained stuck inside a narrow range into May 20 as cryptocurrency markets shook off United States macro triggers. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Powell leaves market with “tons of uncertainty” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading just below $27,000. The pair had seen brief volatility after Jerome Powell, Chair of the Federal Reserve, gave new commentary on policy and the outlook for inflation. While leaving the door open for change should it be required, Powell’s language did not offer risk assets…

Bitcoin Ordinals’ total mintage fees increase 700% from April: Report

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According to a report compiled by @dgtl_assets of Dune Analytics, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 Bitcoin (BTC), or $38.2 million, on May 20, representing an increase of 700% from April 20 and 831% from April 1, respectively. An analysis shows that despite continued interest in Bitcoin NFTs, the overwhelming majority of Bitcoin Ordinals has since shifted to text-based inscriptions, compared to a somewhat equal balance of text and image inscriptions from February to April.  As explained by cross-chain wallet BitKeep, Bitcoin Ordinals…

A brief history of nonfungible tokens

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As mentioned, the story took off with colored coins, which were created to represent and manage ownership of real-world assets on the blockchain. They were different from Bitcoin (BTC) because of the “nonfungible” element that provided them with a unique utility. Demonstrating a humongous leap in Bitcoin’s capabilities, colored coins were composed of tiny fractions of a Bitcoin, which could be as minuscule as a satoshi. Use cases of colored coins, such as the representation of property, coupons, or usage as digital collectibles, subscriptions, shares and access tokens, helped people…

Monero community lashes out against ‘Mordinals’ amid privacy concerns

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Nonfungible tokens (NFTs) are finally on the most infamous privacy-focused blockchain, but not everyone is happy about it. Mordinals, or Monero Ordinals, are similar to Bitcoin Ordinals in that they allow anyone to inscribe data alongside transactions stored on the Monero blockchain. From reduced privacy on the network to storing illegal content on an undeletable database, the Monero community is throwing around many concerns — but is there really anything to worry about? What are Mordinals? In January, Casey Rodarmor launched the Bitcoin Ordinals protocol, allowing anyone to inscribe arbitrary…

PEPE losing investors after NFT scam while capital and interest flow to DigiToads

DigiToads‘ code is secure following a thorough review by Coinsult, a blockchain security and audit firm. Meanwhile, pepe coin (PEPE) remains under pressure and faltering. As laws regulating crypto and the industry are being developed, the resulting weak check and balances have made malpractices widespread in crypto. Countless cryptocurrency firms have hoodwinked capitalists leading to losses. It is why investors seek assets that can be profitable and secure to invest their hard-earned capital in.  DigiToads, a cryptocurrency platform, is a protocol that investors can explore. It seeks to revolutionize the…