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Showing posts from May, 2024

Congressman Tom Emmer has called for a ban on the issuance of the digital dollar

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Tom Emmer, during a speech in the House of Representatives of Congress, protested against the launch of a central bank digital currency (CBDC). According to the congressman, with the help of the digital dollar, federal authorities will be able to access information about citizens' financial transactions. Tom Emmer called CBDC a "surveillance tool" that will help officials track private payments, violating privacy. The congressman cited China as an example, calling the digital yuan a financial system directed against citizens. Tom Emmer believes that the Chinese government is able to spy on its citizens with the digital yuan, and if the digital dollar is launched in the U.S., the same will happen to Americans. The digital dollar could become a burden for the U.S. Federal Reserve System as the central bank takes over the role of commercial banks and gains direct control over individuals' finances. The congressman insists that the Federal Reserve System already consid

Bitcoin is already dead, long live silver

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Peter Schiff, a well-known financial expert and gold investment advocate, has declared bitcoin a "dead cryptocurrency" despite it trading above $66,000. Peter Schiff is known for his bearish views on the cryptocurrency market. In his opinion, bitcoin has not long left to be "on top", but this time the investor compared the first cryptocurrency not with gold, but with silver. Peter Schiff noted that since April, the growth of bitcoin rate is 2%, and this is too "pale" compared to the growth of silver by 21%. The expert stated: such a low result of bitcoin is a sign of the imminent death of the cryptocurrency. Silver now has a market capitalization of $1.83 trillion, which is $500 billion more than bitcoin's market capitalization ($1.31 trillion). This means bitcoin would have to grow 40% to reach $93,000 and catch up with silver. In the comments, bitcoin supporters objected to Peter Schiff suggesting that he may be selectively using short-term data

Bitcoin is the new gold?

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The total market capitalization of gold today is about $13 trillion. The cryptocurrency market is valued at about $1 trillion. Bitcoin still lags far behind gold, but the progress is impressive. Today, lines of code can rival an asset with thousands of years of history. Some people even call bitcoin "the new gold." How correct is such a comparison? Let's find out. Similarities and differences Whether cryptocurrency can be called the new gold is debatable. There are some similarities between the two assets, but there are also some key differences. Similarities Both gold and cryptocurrency are scarce assets. There is a limited amount of gold and a limited amount of cryptocurrencies in the world (in the case of bitcoin, there can be a maximum of 21 million coins). Both are seen as a defense against inflation. When the value of paper currencies (such as the dollar) declines due to inflation, the value of gold and cryptocurrency increases. Both gold and cryptocur

The Pink Drainer hackers have announced that they will cease operations

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Hackers from the Pink Drainer group announced the termination of their activities due to the successful implementation of a plan to steal $85 million in cryptocurrency. The infrastructure used for the attacks will be destroyed, the group promised. Security experts at the MistTrack platform said that criminals are now actively moving stolen assets by converting to MakerDAO (DAI) tokens. Pink Drainer participants provided other criminals with tools to steal cryptocurrencies through social engineering and the distribution of phishing links. As payment, the developers received commissions and interest on the stolen assets. The representatives of the group emphasized that they do not intend to return the stolen funds and thanked the criminal community for their trust and respect. Cybercriminals believe that their departure will not change the situation for the better in terms of security in the market of digital assets, users will continue to believe fraudsters, investing in scam proje

Solana leads in average daily number of transactions

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According to a report by analytics platform CoinGecko, in April, the average daily number of transactions per second on the Solana network peaked at 1,504 amid the popularity of memcoins. The researchers pointed out that Solana's network is 46 times faster than Ethereum, and 5 times faster than Polygon, which has the highest average daily number of transactions per second (TPS) among scaling solutions. The report emphasizes that Solana has so far only reached just over 1.6% of its possible maximum capacity of 65,000 TPS. In second place is the Sui network with an average daily number of 854 transactions, which was reached last summer. The relatively fast blockchains that do not support Ethereum virtual machine (EVM) include TON and Near Protocol. BNB Chain and Polygon are leading as the fastest EVM blockchains. According to CoinGecko, nearly all records for average daily transaction counts were set during 2023 and early 2024, driven by increased activity in the onchain driven

The investment value of crypto-influencers is zero or negative

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A joint study by researchers from Harvard Business School, Indiana University Business School and Texas A&M University found that the long-term investment value of tweets by popular crypto-influencers not only tends to zero, but can lead to a loss of funds. A team of experts from three institutions analyzed nearly 36,000 posts on the X network on behalf of 180 of the most popular and influential individuals in the crypto community. The study of posts was limited to a two-year period ending in December 2022 and covered more than 1,600 cryptocurrencies. Researchers have obtained compelling evidence that influencers advice about investing in cryptocurrency is, on average, unfavorable. This confirms the validity of regulators concerns that social media can mislead retail investors. People who represent a large share of the entire crypto market and for whom financial losses can be particularly devastating financially and socially. The future of cryptocurrency cannot be built on vira

Is there a correlation between cryptocurrencies and stocks?

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Many traders have noticed some correlation between the cryptocurrency and stock market. When there is a local crisis, it affects both industries, and during the period of active growth, both types of assets grow. Is there a direct correlation here? And if so, how strong is it? IMF economists have already answered this question. Correlation study According to the IMF study , there is some correlation between the cryptocurrency market and stocks. And it is growing over time. The correlation has grown especially strong between 2020 and 2021. This study included crypto assets such as BTC and ETH, as well as the S&P 500, Nasdaq, Russell 2000 and MSCI EM1 equity indices. Between January 2017 and December 2019, the volatility correlation between Bitcoin and the S&P 500 was 0.1, and between January 2020 and November 2021, it increased to 0.46. The return correlation also increased from 0.01 to 0.36. Similar changes in correlation were seen between Ethereum and the S&P 500. Con

El Salvador mined 473 BTC through the use of geothermal energy

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🇸🇻 El Salvador's National Bitcoin Office (ONBTC) reported that a mining center located near the Tecapa volcano has mined 473.5 BTC since 2021 through the use of geothermal energy. The power plant located near the Tecapa volcano generates 102 MW of electricity. The mining center located there, equipped with several hundred units, consumes 1.5 MW. 🌋 🌋 ⛏️ The bitcoin mining project was developed by LaGeo. The project was opposed by several environmental organizations, which stated that it would require significant water resources and would be a serious problem for El Salvador. The country's government is trying to raise additional funds to develop bitcoin mining infrastructure by offering tax breaks to investors and continues its policy of buying 1 BTC every day. Currently, the government has 5,750 BTC worth $356 million on its balance sheet. 💰 💰

"It's Time for Bitcoin to Elect the Next President"

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The CEO of Bitcoin Magazine said that he is actively involved in the work of Donald Trump's headquarters. The magazine is assisting with the preparation of a draft regulation of the crypto market, which, the CEO assures, will turn into a regulatory act if the candidate of the Republican Party of the United States wins. David Bailey tried to convince his subscribers that as soon as Donald Trump becomes president again, positive changes for bitcoin and the crypto market in general will follow on the first day. The head of Bitcoin Magazine promised to publish details about the project in the near future. The businessman said the magazine is launching a fundraiser for Republican presidential candidates, with plans to raise $100 million, including in cryptocurrency. David Bailey made it clear that he is desperately counting on the votes of crypto-enthusiasts: "It's Time for Bitcoin to Elect the Next President" The head of Bitcoin Magazine claims that Donald Trump, unl

New feature in MetaMask

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Consensys, the operator of the MetaMask cryptocurrency wallet, announced the launch of Smart Transactions. Customers will be able to send transactions to a virtual mempool (short for memory pool ) to simulate transactions. The developers promise that the new feature will help counteract the transfer of data to third parties. Consensys representatives claim that Smart Transactions will help protect cryptocurrency wallet clients from MEV bots and other types of fraud. MEV bots monitor mempools with pending transactions, and are activated when they detect large trades. The bots create two trades at once: one before the detected transaction and one after. As a result, the client falls into the asset price slippage trap and loses his funds. In addition to protecting against MEV bots, the virtual mempool can perform transaction modeling, giving users the ability to receive lower fees for cryptocurrency transactions.

Animoca Brands announced the launch of a gaming token on the Bitcoin network

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Hong Kong-based venture capital firm Animoca Brands, with participation from Opal Protocol and Saakuru Labs, is launching the BLIF token. The issuer promises that it will be a native coin of the ecosystem of Web3 Games, entertainment and decentralized finance in the Bitcoin network. According to the official announcement from Animoca Brands, the BLIF token created on the Runes standard will become an asset of the Opal Protocol project. The initiative is supported by Magic Eden, Xverse, HorizenLabs and ALEX. Darewise investment product director Vincent Marty admits that the conglomerate of firms will try to grab a share of the Web3 market, whose capitalization is set to grow from $3.19 billion in 2024 to $16.3 billion in 2028. Animoca Brands has announced a partnership with Saakuru Labs, a project developing the Saakuru tier 2 network. Objective: to develop Web3 games.

Willy Woo expects bitcoin at $1 million by 2035

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Popular cryptocurrency analyst Willy Woo believes bitcoin could reach $1 million by 2035. This prediction is obtained by taking the user growth curve for valuation. What is meant here is fair value, not peak value during a bull market frenzy. After bitcoin's emergence, the price didn't catch up with the number of users as quickly. Bitcoin didn't trade at all until it had its thousandth user. It was only after the emergence of cryptocurrency exchanges, the launch of Bitstamp in 2011, that global venues emerged to value the asset. After 2012, the price of BTC largely corresponded to the growth in the number of users. Willy Woo emphasized that right now, bitcoin adoption is still in the early stages. According to him, only 4.7% of people have used bitcoin. This corresponds to the spread of the Internet in 1999.

Gold, silver and bitcoin will help survive the worst of the crisis

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💰 Robert Kiyosaki, author of Rich Dad Poor Dad, addressed his subscribers on social network X with two pieces of news. The bad news is that the crash has already begun, and it's only going to get worse. The good news: the crisis is the best time to get rich. The entrepreneur advised investors to prioritize gold, silver and bitcoin, emphasizing their enduring value. These assets are resilient during economic turmoil and tend to appreciate even during fluctuations in traditional markets. 🤖 The billionaire advised investors to start their own business out of fear that artificial intelligence could destroy millions of jobs. Therefore, it is better to start a small business and become an entrepreneur rather than an employee who is afraid of losing his job.

Tether blocked more than $1 billion in USDT crypto wallets

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Hash Telegraph's sources report that Tether is actively blacklisting wallets and blocking users from accessing USDT stablecoins. Following the events of November 2017, when an unknown hacker stole more than $30 million in USDT stablecoins from a Tether Treasury wallet, the issuer of these stablecoins, Tether announced the release of a new version of its Omni Core software client capable of blocking assets and transactions from blacklisted cryptocurrency wallets. In December 2023, Tether announced an updated blocking policy. From that time until now, the company has been actively blocking USDT holders' access to wallets on the U.S. sanctions watchlist (SDN). Enforcement is monitored by the Office of Foreign Assets Control (OFAC). Tether said that this strategic decision is consistent with their unwavering commitment to maintain the highest standards of security for their global ecosystem and fosters an expanded close working relationship with global law enforcement and regu

Only 3 cryptocurrencies out of the top 100 managed to rise in price in April 2024

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Only 3 cryptocurrencies from the top 100 managed to rise in price over the past 30 days. Thus, April 2024 was a negative month for the global market of digital currencies. The best result was demonstrated by the new token Ethena (ENA), whose quotes jumped by 13.5% during the reporting time period. It should be noted that the token Ethena (ENA) lost 13.45% over the past 24 hours. As of the evening of May 1, 2024, the ENA cryptocurrency is trading around $0.78, and its capitalization reaches $1.11 billion. Over the past 24 hours, traders made transactions with the token on the spot market for a total of $448 million. Bitget Token (BGB) and Neo (NEO) rose in value by 2.55% and 1.97%, respectively. All other digital currencies fell in value to varying degrees. The losses of TRON (TRX) were insignificant. This cryptocurrency fell in price by only 0.6%. Also, the prices of such well-known cryptocurrencies as Monero (XMR) and Binance Coin (BNB) fell insignificantly. The digital assets lo

Court sentences Binance co-founder Changpeng Zhao

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A federal court in Seattle sentenced the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange. One of the richest people in the cryptoindustry got off with four months in prison. During the hearing, U.S. District Judge Richard A. Jones denied the U.S. Department of Justice's request to imprison Changpeng Zhao for three years. The reason: there was no evidence that the defendant had been informed of illegal activities on the stock exchange. Justice Department officials insisted that a suspended sentence for Changpeng Zhao would also be a wrong decision, as such a thing could encourage others to break the law and do so on the largest scale possible. The court agreed with the argument. In his last statement, Changpeng Zhao admitted that he failed to properly build a decent customer verification and anti-money laundering (KYC/AML) system at Binance during his leadership.