Month: August 2023

The Jackson Hole Effect? Powell’s Speech Sparks Bitcoin Fears Amid Similar 2022 Price Action

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As Jerome Powell, the Federal Reserve (Fed) Chair, prepares to return to Jackson Hole this Friday, the Bitcoin (BTC) market is experiencing a sense of anticipation due to the similarities in the current price action compared to the period leading up to last year’s speech.  Key moving averages have been tested and lost over the past two weeks, followed by a period of consolidation, reminiscent of previous events. However, it is important to note that these similarities do not guarantee a repeat of the past, as market conditions and Powell’s…

China sentences former party official to life in prison for enabling crypto mining

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Hangzhou Intermediate People’s Court has convicted a former Chinese party official, Xiao Yi, for abuse of power and bribery. Xiao Yi has received a life imprisonment sentence. Officials clarified that he misused his authority to support the growth of Bitcoin mining by facilitating financial support and power supply arrangements. An Aug. 22 report reveals that the offender accepted bribes totaling almost $17.4 million. The report noted that the bribery charges were categorized as notably substantial,…

Shiba Inu Team Will Start Implementing ShibPaper, What does This Mean?

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Following Shibarium’s botched launch, the network’s developers promised to provide regular updates as the network put measures in place to scale and handle any substantial amount of traffic. And in his latest update, lead developer Shytoshi Kusama has revealed plans to start implementing the “ShibPaper.” What Is The ShibPaper? According to the blog post released on August 22, Kusama announced that the implementation of the ShibPaper will begin on August 23 in hopes that Shibarium can accomplish a huge part of its vision of becoming a “decentralized digital nation state”…

Nvidia CEO bullish as Q2 revenue tops estimates

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Shares of computer chip manufacturer Nvidia soared nearly 10% in after-hours trading as surging demand for AI chips saw the firm post Q2 earnings that significantly beat Wall Street estimates. In its Q2 earnings report, the company posted a whopping $13.5 billion in revenue for the quarter — an 88% increase from Q1. The revenue figure came in at over $2 billion more than the $11.2 billion that analysts had predicted for the company. Additionally, Nvidia reported $2.48 earnings per share (EPS), which surpassed consensus analyst estimates of $2.08, according…

more firms exploring blockchain despite FTX setback

A recent Citi report provides an in-depth analysis of the growth, challenges, and regional variations in the adoption of digital assets and distributed ledger technology (DLT) over the past year. On Aug. 23, Citi presented a comprehensive analysis of the developments and challenges faced by the digital assets and distributed ledger technology (DLT) sector. Despite the setbacks of 2022, particularly for some crypto firms like FTX, the research offers an optimistic perspective on the evolution of DLT and digital assets. The report points out that a larger number of companies…

Which Top Meme Coins Have Held Their Value Best Amid The Crypto Market Crash?

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The performance of the top meme coins in the space has mostly mirrored the broader market crash triggered by Bitcoin’s decline toward the $25,000 level. However, while all of these digital assets have suffered losses during this time, some have held up better than others, leading to fewer losses on their part compared to their competitors. Baby Doge Coin (BABYDOGE) Leads Meme Coins This meme coin has surprisingly seen the best performance following the crash compared to its counterparts. While most top meme tokens have recorded double-digit losses, Baby Doge…

SEC charges former corrections officer for role in bizarre crypto scam

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John A. DeSalvo, a former lieutenant at the New Jersey Department of Corrections, has been charged by the U.S. Securities and Exchange Commission (SEC) for orchestrating a crypto scam that specifically targeted police officers and first responders. According to the Aug. 23 announcement, DeSalvo allegedly raised $623,388 from 222 investors through sales of his own Blazar token from November 2021 to May 2022. DeSalvo proclaimed Blazar would “replace traditional state pension systems” for police, firefighters, and paramedics alike, thereby providing lucrative returns. DeSalvo allegedly told investors:  “Blazar Token is the…

FET, GRT, AGIX Hold Gains After Nvidia’s (NVDA) Earnings Beat Solidifies Artificial Intelligence Outlook

CryptoX – Cryptocurrency Analysis and News Portal Today’s result follows Nvidia’s blowout first quarter results from last May which revealed an extremely bullish outlook for revenue tied to AI. This sentiment, coupled with increasingly AI mainstream reach with the likes of OpenAI’s ChatGPT, spilled over onto AI-related cryptocurrencies, sending them soaring, even though they’ve fallen back over the summer along with the rest of the market. Source The post FET, GRT, AGIX Hold Gains After Nvidia’s (NVDA) Earnings Beat Solidifies Artificial Intelligence Outlook appeared first on CryptoX. CryptoX Portal

Whale Moves 2,910 Bitcoin (BTC) To Exchange Amid FBI Warnings, A Bearish Signal?

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Substantial Bitcoin (BTC) transfers have been reported again, often setting the stage for market speculation. Over the past 24 hours, there have been two significant BTC transactions. This transaction has sparked debate within the crypto community, especially since it comes shortly after the US Federal Bureau of Investigations (FBI) warned crypto firms that funds associated with North Korean hacker organizations, Lazarus Group and APT38, are on the move. A Potential Bitcoin Sell-Off On The Horizon? Earlier today, Whale Alert’s notifications drew attention to a roughly 4,800 BTC (approximately $124.95 million) transfer…