Day: September 1, 2023

Kentucky regulator denies plan for subsidizing crypto mining facility

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The Public Service Commission of the state of Kentucky has denied a proposed contract that would have allowed a mining firm to receive a discounted rate on electricity provided by the power company. In an Aug. 28 order, the commission denied a contract between Ebon International and the Kentucky Power Company that involved a $50 million investment in a crypto mining facility in the city of Louisa. According to the filing, Ebon planned to run a 100-megawatt (MW) mining operation until 2024, then increase the load to 250 MW. The…

This Metric Hinted At The Bitcoin Retrace In Advance

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The trend in the total supply of the stablecoins may have hinted in advance that the Bitcoin rally wouldn’t last too long. Bitcoin Stablecoins Supply Hasn’t Moved Much Recently An analyst in a CryptoQuant Quicktake post explained that the latest news has been unable to make the stablecoins supply budge. The “stablecoins supply” here refers to the total circulating supply of all stablecoins in the sector. Generally, investors use stables to escape the volatility associated with most coins in the rest of the cryptocurrency sector. Thus, whenever this metric rises,…

On-Chain Metrics Expose Vulnerability, Targets $23,000

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The recent decline in Bitcoin (BTC) has raised concerns among market participants as the largest cryptocurrency struggles to maintain its upward momentum.  With the loss of key moving averages and the $27,000 level, BTC’s sharp decline has been exacerbated by negative market sentiment and delays in the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC).  Adding to the bearish outlook is the analysis of on-chain data, which suggests a lack of strong support below the $25,400 mark.  Renowned crypto analyst Ali Martinez has…

Ronaldinho denies ties to dubious 18k crypto pyramid scheme

Football legend Ronaldinho denies involvement in a controversial crypto scheme 18k Ronaldinho, while testifying before a legislative committee. Brazilian football legend and global icon Ronaldinho directly refuted allegations linking him to a cryptocurrency-based financial pyramid. Testifying before a legislative committee on Aug. 31, the athlete denied any association with the controversial venture 18k Ronaldinho, a scheme that once pledged skyrocketing returns of up to 400% within a year. Ronaldinho claimed that he had been unfairly implicated and the company exploited his public image without permission. The football legend stated he…

Bitcoin continues to outperform Warren Buffett’s portfolio, and the gap is set to widen

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Warren Buffett, the renowned investor and chairman of Berkshire Hathaway, celebrated his 93rd birthday on Aug. 30. Throughout his lengthy career, he has adhered steadfastly to a value investing strategy that bears some resemblance to the “buy and hold” approach often associated with cryptocurrencies.  However, Buffett’s focus is on assets with strong earnings potential, and investing in companies and sectors where he and his team possess a deep understanding of the associated risks, competition, and advantages. The question is whether such a laser-eyed strategy can outperform Bitcoin (BTC) in the…

Whales accumulating XRP, investors bullish on QUBE

The crypto market, known for its volatility and unforeseeable changes, is often influenced by investor sentiment. While XRP, with its increased whale activity, has caught the eyes of crypto enthusiasts, QUBE, the native token of InQubeta, is gaining ground. Specifically, there is a notable interest in the InQubeta presale. InQubeta: future of AI start-up investments? Set against the backdrop of artificial intelligence (AI) innovation, InQubeta seeks to redefine the investment landscape for AI start-ups.  The crowdfunding platform, enabling fractional investments with QUBE, links AI innovators and potential investors. This inclusive approach opens doors for…

Former SEC chair says spot Bitcoin ETF approval is ‘inevitable’ despite delays

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Following the United States Securities and Exchange Commission (SEC) delaying decisions on several spot Bitcoin exchange-traded funds, former commission chair Jay Clayton said he believed approval was still going to happen at some point. In an Sept. 1 interview with CNBC, Clayton said major financial institutions backing spot Bitcoin (BTC) investment vehicles represented a shift in how retail investors could get exposure to crypto. On Aug. 31, the SEC designated a longer period in which it could review spot BTC exchange-traded fund (ETF) applications from BlackRock, WisdomTree, VanEck, Invesco Galaxy,…

New Job Listing Indicates What Ripple Is Focusing On Next

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Following its partial victory over the United States Securities and Exchange Commission (SEC), Ripple seems to be turning its attention toward avoiding a repeat of such a lawsuit, as evidenced by its most recent job posting. Ripple Wants Compliance Talent Ripple is seemingly looking to improve its compliance with sanctions and regulatory developments through a more proactive approach. To this end, the payments processor is actively hiring talent to fill a role advertised as “Web3 Specialist, Global KYC & Due Diligence.” The job which carries an $85,000-$106,000 pay range is…

How Bitcoin Flipped The Narrative Around Energy Consumption

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The debate surrounding the Bitcoin network’s energy consumption has been intense and mostly tilted in favor of BTC detractors. These individuals and entities have used the Cambridge Bitcoin Electricity Consumption Index (CBECI) to make an argument against the cryptocurrency. However, Cambridge has updated its CBECI to reflect new data, potentially flipping the discourse around Bitcoin’s sustainability. This report previously compared BTC’s energy consumption to some major European nations, but the revised models provide a deeper insight. BTC’s price is moving sideways on the daily chart. Source: BTCUSDT on Tradingview Bitcoin…