Day: August 16, 2024

Ghana’s central bank announces draft guidelines for crypto service providers

Ghana’s central bank has published draft guidelines for Virtual Asset Service Providers. According to the Bank of Ghana’s Aug. 16 draft, the nation has witnessed a spike in demand for cryptocurrencies, prompting the need for regulations to counter the various risks typically associated with the emerging asset class. Ghana, like other South African nations, has confronted economic challenges, pushing residents towards alternative assets such as Bitcoin (BTC) as a shield against inflation. As detailed by the bank, the growth has been spurred by a tech-savvy population, widespread internet access, and…

Crypto Analyst Unveils Six ‘Super-Cycle’ Tokens Primed For Massive 1000x Price Explosion

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As the broader crypto market consolidates, one industry analyst has identified a select group of altcoins that could see exponential gains during the anticipated “super-cycle” expected in the latter half of 2024. In a detailed social media post, the analyst, known as OxNobler, delves into the cyclical nature of the crypto market and highlights the factors driving the impending uptrend phase. Crypto ‘Supercycle’ Imminent? According to OxNobler, the crypto market consistently follows a four-phase cycle: Accumulation, Markup (Uptrend), Distribution, and Markdown (Downtrend). The analyst argues that understanding these distinct phases is…

Spot Bitcoin ETFs witness inflows of $11.11m, Ether ETFs break 3-day inflow streak

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Spot Bitcoin exchange-traded funds in the United States saw positive flows again, in contrast to spot Ethereum ETFs, which saw substantial outflows, ending their three-day run of gains. Data from SoSoValue reveals that on Aug. 15, the twelve U.S. spot Bitcoin ETFs registered a collective inflow of $11.11 million, ending their short-lived negative flow witnessed the previous day. Fidelity’s FBTC led the charge with inflows of $16.2 million followed by Grayscale’s Bitcoin mini trust and Biwise’s BITB which saw $13.7 million and $6.2 million inflows, respectively. Grayscale’s GBTC was the…

Sovereign Wealth Funds Can Take Bitcoin To $148,000: Researcher

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In the latest episode of the podcast “The Bitcoin Layer,” Daniel Batten, a recognized advocate for Bitcoin, discussed the potential impact of sovereign wealth funds (SWFs) on the Bitcoin price, predicting a rise to over $148,000 per BTC should these funds decide to invest even a minimal fraction of their assets. With $35.7 trillion under management between SWFs and public pension funds, a 1% allocation could have a significant impact on Bitcoin’s valuation. Batten’s analysis hinges on the sheer scale of assets managed by SWFs and public pension funds, noting…

Bitcoin sidechain developers release whitepaper for BitVM2

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Blockchain developers have released a whitepaper for BitVM2, presenting new updates to Bitcoin sidechain technology and introducing a new bridge design. The developers of Bitcoin (BTC) scaling solution BitVM have unveiled its second version, bringing permissionless challenging features and reducing the complexity and number of on-chain transactions required to resolve disputes. In an Aug. 15 announcement on X, Alexei Zamyatin, a co-founder of Build on Bitcoin, a hybrid layer-2 powered by Bitcoin and Ethereum, said the updated version aims to enhance the security of BitVM by allowing anyone to challenge…

Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off

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While Ethereum hasn’t been quite consistent with its bullish trajectory in the past weeks, its circulating supply has done the opposite. According to data from Ultrasoundmoney, ETH’s circulating supply has skyrocketed to over 120.72 million ETH as of today. Although this increase in supply is not straightforwardly negative for ETH, it still marks a notable shift in the network’s dynamics, fuelled largely by adopting Ethereum’s proof-of-stake (PoS) model. Supply Increase, How And Why? The surge in Ethereum’s total supply to 120.72 million ETH, as shown in the data from Ultrasound.money,…

Bitcache founder Kim Dotcom vows to fight extradition to US

Bitcache and Megaupload founder Kim Dotcom, is determined to resist extradition to the U.S., claiming political persecution and vowing to stay in New Zealand. German-Finnish internet entrepreneur Kim Dotcom, known for his controversial political views, now faces a new challenge as New Zealand’s justice minister, Paul Goldsmith, has signed an order for his extradition to the United States. The move has reignited a legal battle that has spanned more than ten years, with Dotcom and his legal team vowing to fight the decision tooth and nail, per a report from…

Will This Experienced DeFi Founder Save FTM After Taking Over As CTO?

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Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com,…