Bitcoin’s Mining Difficulty Change Prints 2022’s Second Largest Increase — Metric Nears All-Time High

On Wednesday, Bitcoin’s mining difficulty jumped 9.26% higher, recording the second highest difficulty rise in 2022. The latest rise is Bitcoin’s third difficulty increase since August 4, 2022, and it’s now 11.63% harder to find bitcoin block reward.

Bitcoin Difficulty Jumps 9.26% — Metric Prints the Second Largest Rise This Year

Bitcoin (BTC) has experienced the third difficulty increase this month as the difficulty increased by 9.26% on August 31. The difficulty change took place at block height 751,968, and the 9.26% jump is the second biggest this year. The largest rise in 2022 took place 223 days ago on January 20, 2022, at block height 719,712.

Currently, the difficulty is 30.98 trillion, which is only 0.27 below the network difficulty’s all-time high (ATH) at 31.25 trillion on May 10, 2022. With bitcoin’s lower USD value and a 9.26% difficulty increase, miners have been dealt a blow. In fact, the last three difficulty increases have made it 11.63% harder to find a bitcoin block reward prior to August 4.

On August 4, at block height 747,936, Bitcoin’s mining difficulty rose by 1.74% and two weeks later, it increased again by 0.63%. Five days ago, Bitcoin.com News reported on the community discussing the possibility of the difficulty seeing a notable rise. On August 25, Blocksbridge Consulting tweeted that it was expecting “a notable difficulty jump.”

Furthermore, during that same week, Bitcoin’s hashrate spiked to 282.21 exahash per second (EH/s). The hashrate was roughly 3.35% lower than the all-time high (ATH) recorded on June 8, 2022, at block height 739,928. At the time of writing, Bitcoin’s hashrate is coasting along at 236.33 EH/s.

The difficulty rise and the lower BTC value has not affected miners yet as the hashrate continues to run at elevated speeds. The difficulty increases when 2,016 bitcoin block rewards are discovered ‘too fast,’ and the metric decreases when the block discovery time or interval is ‘too slow.’

Average Block Interval and Current Hashrate Speed Show Another Increase Is Likely in the Cards

Satoshi Nakamoto’s design makes it so roughly every ten minutes, a new BTC block is found as the DAA system is modeled by a Poisson distribution scheme. The average block interval at the time of writing is 7:59 minutes, which means if the next 2,016 bitcoin block rewards are discovered ‘too fast,’ the next difficulty is estimated to increase again.

There are roughly 1,964 BTC block rewards left until the next difficulty shift and it is estimated to take place on September 12, 2022. If the rise is higher on that day, there’s a great possibility that the network’s difficulty could very well surpass the ATH recorded 113 days ago on May 10, 2022.

What do you think about the latest difficulty change? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: LEO Hits 6-Week High, as NEAR Jumps Higher for Third Straight Session

LEO rose to a six-week high on Wednesday, as prices rallied for a fifth consecutive session. The move came as the token raced past a key resistance level, on its way to today’s peak. Near protocol was another notable gainer, climbing for a third straight day.

UNUS SED LEO (LEO)

Unus Sed Leo (LEO) was one of the big movers in today’s session, as the token rose for a fifth consecutive day.

Following a low of $5.33 on Tuesday, the token raced to an intraday peak of $5.68 earlier in the day.

The move saw LEO/USD climb past its resistance point at $5.40, on its way to its highest point since July 10.

As seen from the chart, today’s surge took LEO close to another price ceiling at the $5.70 level, however, bullish momentum faded as the session matured.

Currently, the LEO is trading at $5.64, which is marginally below earlier highs, and comes as the relative strength index (RSI) approaches its own obstacle.

The index is tracking at 65.10 as of writing, which is close to a ceiling of 66.50. Should we see this resistance sustained, prices will likely decline.

Near Protocol (NEAR)

Like LEO, near protocol (NEAR) also extended recent gains on Wednesday, as prices moved higher for a third straight day.

NEAR/USD surged on hump-day hitting a high of $4.42, which is its strongest point since August 25.

This one-week high comes as prices broke out of a $4.00 resistance point, two days after trading at the support of $3.70.

As of writing, the token is now at $4.40, which is over 7% higher than yesterday’s low, and comes as the RSI has risen to a two-week peak of 47.50.

Honing in on the chart, you can see that this upwards momentum has altered the direction of the 10-day moving average (red), which is now trending sideways.

Should relative strength move beyond an upcoming ceiling at 49.00, it is likely we will see NEAR hit $4.50.

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Do you expect bullish momentum in near protocol to continue this week? Let us know your thoughts in the comments.

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Bitcoin, Ethereum Technical Analysis: ETH Hovers Near $1,600, as Crypto Markets Consolidate

Ethereum was hovering close to $1,600 during Wednesday’s session, as market volatility eased today. Following a turbulent week of trading, crypto markets mostly consolidated on hump-day, with the global market capitalization down 0.23% as of writing. Bitcoin’s price was mostly unchanged, as it remained above $20,000.

Bitcoin

Cryptocurrency markets consolidated on Wednesday, with bitcoin (BTC) largely unchanged from yesterday’s session.

Following a high of $20,542.64 on Tuesday, BTC/USD was marginally lower, with today’s peak standing at $20,425.97.

The token is now trading in between a support point at $19,500 and a resistance level of $20,600, with sentiment slightly shifting towards bullish territory.

This comes as the 14-day relative strength index (RSI) broke out of a resistance point of 37.90, and is now tracking at 38.60.

Looking at the chart, it appears as if the index is headed towards the 42.00 mark, which has historically acted as a ceiling.

Should this target be hit, it is likely that we will see bitcoin trading at, or slightly above its resistance of $20,600.

Ethereum

Ethereum (ETH) briefly rose higher on Wednesday, as the token continued to hover around the $1,600 region.

ETH/USD raced to a peak of $1,612.36 earlier today, which is close to an interim resistance level of $1,630.

Since approaching this point, prices have since dropped, falling back below $1,600 as bulls retreated, fearing a potential reversal.

As of writing, ethereum is now tracking at $1,588.46, with the RSI currently at 47.47, which is close to a ceiling of 50.00.

Bulls appear to still be targeting a breakout of the $1,630 mark, however, this will likely only occur should relative strength moves past its own point of resistance.

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Will we see ethereum climb above $1,630 this week? Leave your thoughts in the comments below.

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New Study Says Number of Cryptocurrencies Now at 10,000 — Five Coins Account for 75% of Total Market Cap

The number of known cryptocurrencies surged from 6,000 in July 2021 to 10,400 in February 2022 before dropping to around 10,000 by August. Only five cryptocurrencies currently account for over 75% of the entire crypto industry market capitalization.

A Thousand Cryptocurrencies Added Every Month

According to the data from Augusta Free Press, the number of known cryptocurrencies went up from 6,000 in July 2021 to around 10,400 by February 2022. However, this number had dropped to around 10,000 by August 2022, the data revealed.

Before surging past the 10,000 mark, the number of cryptocurrencies — according to a study by Statista and Investing.com — had grown from 60 in 2013 to over 4,500 by 2020. As shown by the data, in the period between 2021 and 2022, the number of cryptocurrencies has doubled.

Remarking on this phenomenal growth in the number of cryptocurrencies added, the Augusta Free Press report said:

In the first half of 2021 only, 1,500 new digital coins entered the market, with their number rising to over 6,000 in July. At the end of last year[2021], the market was adding about 1,000 new cryptocurrencies each month, with their total number reaching 9,900 in January 2022.

Five Cryptos Account for Over 75 of Market Cap

Despite this surge in the number of cryptocurrencies, just five cryptocurrencies account for over 75% of the crypto industry’s total market capitalization. At the time of writing, bitcoin, which came close to reaching $70,000 in November 2021, was trading at just below $20,000 and had a market capitalization of over $377 billion. With this market capitalization bitcoin accounts for 40% of the entire crypto market cap.

Ethereum, the next top-ranked cryptocurrency by market capitalization, accounts for 20% of the total market cap. Completing the top five ranked cryptocurrencies are the stablecoins tether and USDC as well as BNB. This means that the rest of approximately 10,000 cryptocurrencies only account for just 24% of the total market capitalization.

Even though the Augusta Free Press report appears to suggest that the number of cryptocurrencies only went past the 10,000 mark in 2022, the crypto market cap aggregator coinmarketcap.com has 20,797 listed coins, while the platform coingecko.com has 12,892.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Reef’s Highly Anticipated Reef Card Is Officially Available for Crypto Holders

PRESS RELEASE. London, The UK, August 31st – Reef, a layer 1 Substrate based blockchain for DeFi, NFTs, and gaming, announced today its highly anticipated Reef Card is now available for people in the United Kingdom and Europe.

Reef has been working with Baanx, an experienced partner for revolutionary web3 financial solutions, to create and produce Reef Card. Reef Card, powered by Baanx, is part of the MasterCard crypto debit line. Due to covid, and material production delays, the card was put on hold until this year. Now it’s officially available to everyone in the UK and EEA.

Denko Mancheski, CEO of Reef said, “We feel good about the future of Reef, and over the past year, we’ve been working hard with Baanx to get Reef Card out. We’re excited to have it available now and allow hodlers the opportunity to spend their cryptocurrencies in the physical world.”

Crypto debit cards have become a hot ticket in the physical world as they add another layer of utility to tokens and the cryptocurrency landscape. Reef Card owners will be able to spend their crypto and have their card convert it to fiat only at the time of purchase, and they will be able to use their card at over 90 million merchants worldwide and even withdraw fiat at certain ATMs. To start, Reef Card will be available as a physical card and Google Play right away. Apple Pay will come next.

Garth Howat, CEO of Baanx said, “It’s very exciting to see that more companies and communities are adopting our solutions to bridge the gap between DeFi and traditional finance. We’ve been working hard with the Reef team on this project, allowing the community to enjoy Reef’s ecosystem to the fullest!”

Reef continues to evolve and expand its blockchain, quickly gaining momentum on the lead to becoming one of the top five Web3 blockchains. Recently, Reef launched an NFT division, attended Binance Blockchain Week in Dubai, and launched ReefScan V2 and a new $REEF Community Staking Bond. Reef Card is another innovative addition to the rise of the chain and their native token $REEF.

About Reef

Reef’s Substrate-based layer 1 blockchain with smart contract functionality offers an intuitive user experience, high scalability, and low fees, helping the ecosystem to be a go-to platform for NFT projects. Reef is the most advanced EVM-compatible blockchain with smart contract functionality. Based on a Nominated Proof-of-Stake (NPoS) consensus mechanism, the network offers low fees and scalability, as well as a myriad of features, including native token bridges, on-chain governance, recurring payments, and much more. Eventually, the platform will also support an additional virtual machine that will allow developers to write code in several different programming languages.

About Baanx

Baanx offers Fintech services to the digital asset sector, including Cryptodraft and payment authorisation integration into VISA, Mastercard & other transaction payment systems. Baanx headquarters are in London (UK) with subsidiaries in Delaware (United States), Portugal and Lithuania. Baanx manages digital assets with maximum privacy and security. The company is launching services for more than 25 top tier clients, including Ledger and Reef. Baanx is managed by a seasoned team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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FBI Warns About Decentralized Finance Exploits and the Losses Associated With Them

The United States Federal Bureau of Investigation (FBI) has issued a public service announcement about exploits attackers have recently used to steal cryptocurrency from investors that put money on decentralized finance (defi) platforms. The organization also advised crypto investors to do their own research and verify that the decentralized finance platforms chosen were audited by independent parties.

Defi Platforms Under the Eye of the FBI

The FBI has begun to notice the attention scammers are giving to decentralized finance (defi) platforms in order to exploit their operations. The bureau has issued a public service announcement warning investors and defi platforms about this development, and issuing recommendations to try and prevent these exploits from happening.

The FBI has observed three recent hacks, by which attackers have managed to compromise these decentralized finance protocols: initiating flash loans, exploiting signature verifications to empty cross-platform bridges, and manipulating crypto price pairs by exploiting oracles used to update the price of a cryptocurrency asset in real-time. These exploits reportedly caused defi platforms and their investors to lose $358 million.

Advice Issued to Defi Platforms and Investors

While the service announcement does clarify that investments carry risk and that investors in these platforms should seek advice from financial advisors, the FBI also issues a set of recommendations for avoiding questionable defi sites.

These recommendations include researching the platforms before putting funds behind them, investing only in platforms with audits from independent parties to minimize risk of exploits, and being aware of the changes that crowdsourced code underlying these platforms can suffer due to the many actors with access to such repositories.

However, not all recommendations were directed to investors, as decentralized protocols also share the responsibility of minimizing the occurrence and gravity of these events. The organization advises decentralized finance protocols to implement real-time analytics tools that serve to identify the possibility of a threat by examining and detecting suspicious actions, and also to design strategies to deal with such incidents, alerting investors in the process.

In July, the FBI warned about liquidity mining scams and the dangers of fake cryptocurrency apps designed to steal crypto from investors.

What do you think about the latest decentralized finance warning issued by the FBI? Tell us in the comments section below.

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Publicly-Listed Bitcoin Miner Cleanspark’s Hashrate Exceeds 3 Exahash, Firm Records Daily Production High of 13.25 BTC

Bitcoin miner Cleanspark says it experienced accelerated growth amid the crypto winter this year and the operation’s hashrate has surpassed 3 exahash per second (EH/s), tripling in less than twelve months’ time. The news follows a number of expansions bitcoin mining operations have embarked upon during 2022’s tumultuous crypto market.

Cleanspark’s Hashrate Surpasses 3 EH/S, Bitcoin Miner’s Executive Chairman Says Firm Was Prepared ‘for a Rough Market’

On Tuesday, the bitcoin mining operation Cleanspark (Nasdaq: CLSK) announced that the company’s hashrate has officially surpassed 3 EH/s. Cleanspark notes that the firm’s hashpower has jumped three times higher in less than a year and currently the company has 31,000 ASIC (application-specific integrated circuit) mining rigs. According to the company, Cleanspark has recorded a “daily production high of 13.25 bitcoins.”

Cleanspark’s update on Tuesday follows the firm revealing it acquired thousands of next-generation ASIC miners at a discounted price. At the time the company said the crypto winter provided “unprecedented opportunities” and during the first week of August, it announced the acquisition of a plug-in-ready mining facility with up to 86 megawatts (MW) of capacity. A large number of other bitcoin mining operations have been expanding and growing operations in 2022 as well.

Applied Digital recently revealed it obtained land in North Dakota for a mining facility after it secured a $15 million loan to continue expansion. Validus Power, a blockchain power solutions firm, announced that the company is building out more data centers in Canada.

On Monday, the bitcoin mining operation Terawulf Inc. (Nasdaq: WULF) amended its existing joint venture agreement for the Nautilus Cryptomine bitcoin mining center. This month, Cipher Mining completed the firm’s 40 MW Texas mining facility that’s powered by wind and two weeks ago, BIT Mining revealed a $9.3 million registered direct offering.

After surpassing 3 EH/s, Cleanspark’s executive chairman Matt Schultz explained that the company had prepared for the crypto winter’s downturn. “We prepared for a rough market, which allowed us to take advantage of unique opportunities and propel the Company further,” Schultz detailed on Tuesday in a statement. “Because of that we’re growing our market share as a publicly traded bitcoin miner,” the executive added.

Meanwhile, a large quantity of shares stemming from publicly-listed bitcoin miners are down a great deal in value this year. Year-to-date, CLSK has shed 68.33% against the U.S. dollar and at one time it traded for more than $22 per share. On Tuesday, stock market data shows CLSK is changing hands for $4.29 a share.

What do you think about Cleanspark surpassing 3 EH/s amid the crypto winter? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Hubble Protocol Launches Kamino Finance to Optimize Yields for Liquidity Providers on Solana

PRESS RELEASE. LONDON | August 30, 2022 – Hubble Protocol, home of the USDH stablecoin, has launched Kamino Finance: the first concentrated liquidity market maker (CLMM) optimizer of its kind on the Solana blockchain.

Kamino Finance, launching initially on next-generation decentralized exchange (DEX) Orca, will allow users to earn higher yields in a fully automated way simply by depositing their crypto into vaults linked to Orca’s liquidity “whirlpools.”

Kamino Finance builds on the advantages of CLMM’s, which reduce slippage and facilitate larger trades by narrowing the price range at which users provide liquidity.

By automatically adjusting positions so they are set in an optimum range to capture the most fees and provide the deepest liquidity, Kamino removes common pain points for CLMM liquidity providers (LPs). In addition, Kamino automatically compounds CLMM fees and rewards back into users’ LP positions, boosting yields as position sizes grow.

Marius Ciubotariu, the co-founder of Hubble Protocol, says: “Managing profitable LP positions has been notoriously difficult due to the complexities posed by CLMMs and the increased risk of impermanent loss when prices swing the wrong way, as well as front-running by bots – common on Ethereum.

“Thanks to the lightning-speed throughput of the Solana blockchain, Kamino is able to provide LPs with higher yields and maximum capital efficiency. This fully realizes the potential of CLMMs. With Kamino, we hope to be paving the way for DeFi’s next explosive period of growth on the Solana DeFi ecosystem.”

Instead of the usual CLMM NFT, Kamino will provide LPs with a fungible LP token as a receipt of deposit. This LP token can be used as collateral to borrow USDH, Hubble’s censorship-resistant stablecoin, which can then be used to transact or earn further yield in Solana DeFi.

Hubble will build the first Kamino vaults on top of Orca’s concentrated liquidity whirlpools. At launch, vaults will be dedicated to stable-asset and pegged-asset pairs, with additional vaults added in the future.

Milan Patel, Head of Business Development at Orca, says: “By building upon Whirlpools, Hubble has created a simple way for liquidity providers to access the benefits of concentrated liquidity without continuous rebalancing. Hubble’s Kamino project demonstrates how concentrated liquidity on Orca can be easily harnessed by all users and protocols.”

About Hubble Protocol

Hubble Protocol enables the Solana DeFi community to borrow USDH, a censorship-resistant and crypto-backed stablecoin. By depositing a range of bluechip crypto tokens such as SOL, BTC, ETH, liquid staking tokens like mSOL, stSOL, and daoSOL, and a growing number of assets, users can mint USDH at up to an 80% LTV.

USDH can be used on multiple protocols across the Solana DeFi ecosystem to transact and earn yield. The Hubble team is completing a roadmap that includes improvements to the current USDH borrowing platform as well as the launch of new products and services, like Kamino, that bring real and long-term value to DeFi.

About Kamino Finance

Kamino Finance is an automated market-making solution built on DEXs powered by concentrated liquidity. The protocol optimizes CLMM liquidity by leveraging the superior speed and cost of Solana to rebalance positions and auto-compound fees plus rewards on behalf of users.

As an automated product guided by quantitative analysis and modeling, Kamino seeks to provide users with a market-making tool that requires little to no expertise for participation. LPs can “set it and forget it” to maximize their earned fees and minimize IL when providing liquidity via Kamino.

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Meta Reveals Cross-Posting NFT Compatibility Between Facebook and Instagram

Meta, the corporate entity behind the social media platforms Instagram and Facebook, has revealed that non-fungible token (NFT) support now offers cross-posting compatibility between the two major social media platforms. The digital collectible-sharing ability follows Meta rolling out NFT and Web3 wallet support to 100 countries during the first week of August.

Meta’s NFT Rollout Continues as Social Media Giant Introduces the ‘Ability to Post Digital Collectibles’

Meta Platforms, Inc. (Nasdaq: META), announced on August 29, 2022, that the firm is “introducing the ability to post digital collectibles” across Instagram and Facebook. Meta disclosed the information on Twitter and shared a blog post published in May that gets updated on a regular basis.

When Meta tweeted about the NFT cross-posting compatibility and support for Facebook and Instagram, the company got a few replies from individuals who liked the idea and also from people who mocked the NFT concept. One person wrote that Meta’s latest NFT cross-posting compatibility was “bullish.”

Meanwhile, a number of other people mocked the NFT announcement and one such individual told Meta: “No, I’ll just post the jpeg instead, thanks.” Another individual replied jokingly that sharing a jpeg was “more safe for sure.” A few people shared screenshots of the ability to cross-post NFTs across Instagram and Facebook.

Meta’s post on Monday states:

As we continue rolling out digital collectibles on Facebook and Instagram, we’ve started giving people the ability to post digital collectibles that they own across both Facebook and Instagram. This will enable people to connect their digital wallets once to either app in order to share their digital collectibles across both.

The August 29 announcement follows Meta initiating NFT support to 100 countries and adding the ability to connect with third-party wallets such as Metamask and Rainbow. Meta also noted on August 4 that the digital collectibles features would support blockchains like Flow, Ethereum, and Polygon. At the time, Meta said that “there are no fees associated with posting or sharing a digital collectible” on Instagram and Facebook.

The company’s social media competitor Twitter launched non-fungible token support via Twitter Blue Labs. Users leveraging Twitter Blue Labs’ features can upload longer videos on Twitter, upload videos in 1080p quality, and leverage an NFT profile picture. While Meta has integrated Flow and Polygon, Twitter only supports static NFTs that were created on the Ethereum blockchain (ERC721, ERC1155).

What do you think about Meta adding cross-posting NFT compatibility between Facebook and Instagram? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: FLOW up 12% on Tuesday, Hitting 5-Day High

Flow rose for a second consecutive session on Tuesday, as the token climbed by 12% earlier in the day. The rebound comes after prices fell to a one-month low over the weekend. Cosmos was also in the green, as it, too, hit a five-day high. Overall, the global crypto market cap is up 0.68% as of writing.

Flow (FLOW)

Flow (FLOW) was one of the notable movers during Tuesday’s session, as the token rose by as much as 12% today.

On Sunday, FLOW fell to its lowest level in over one month, as cryptocurrency markets fell victim to an influx of bearish pressure.

Since then prices have rebounded, moving away from yesterday’s low of $1.77, hitting a peak of $2.08 earlier in the day.

Today’s surge saw FLOW/USD almost collide with a key resistance point at $2.10, which caused some uncertainty in price movement.

Following its earlier peak, FLOW is now trading at $1.94, as previous bulls moved to liquidate their positions, sending prices lower.

As seen on the chart, this may also be due to the 14-day relative strength index (RSI) hitting a resistance point of its own at the 40.00 mark.

Cosmos (ATOM)

Another big mover so far today has been cosmos (ATOM), which also rose for a second straight day.

Following a low of $10.16 on Tuesday, ATOM/USD raced to an intraday high of $11.86 earlier today.

Today’s move sees ATOM drop to its lowest point in five days, from when the token was trading above $13.00.

Looking at the chart, although the token climbed beyond its key resistance level of $11.50, earlier gains diminished, as traders moved to secure profits.

As of writing, cosmos is now trading at $11.25, falling below the aforementioned price ceiling.

Should traders look to extend the run of the past two days, the RSI will need to move past an upcoming obstacle which stands at 52.00.

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Will volatility in crypto markets continue throughout the week? Let us know your thoughts in the comments.

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Whale Spends 10,000 BTC Worth $203M, Bitcoins Stem From the Infamous 2011 Mt Gox Hack

In two days’ time, bitcoin’s price dropped to fresh August lows as it dipped below the $20K per unit region for the first time since mid-July. During that time, two addresses created on December 19, 2013 sent 10,000 bitcoin worth $203 million to unknown wallets after sitting idle for close to nine years. Onchain data shows the 10,000 coins moved this week originally came from the Mt Gox breach that occurred on June 19, 2011.

Whale That Once Held 134,000 Bitcoin From the 2011 Mt Gox Hack Spends the Last 10,000 This Week

A 2013 whale moved approximately 10,001.514 BTC on Sunday, August 28, and on Monday, August 29, 2022. The funds stemmed from two addresses (1,& 2) created eight years and eight months ago on December 19, 2013.

The 10,001 bitcoin transaction was caught by the blockchain parser btcparser.com, a tool that often catches so-called ‘sleeping bitcoins’ moving after sitting idle in addresses for years. Some of the sleeping bitcoins caught by blockchain parsers are BTC block subsidies mined in 2011, 2010, and 2009.

The 2013 bitcoins were sent in two batches of 5,000 BTC per transaction, and then split into multiple smaller transactions. For instance, one address was split into multiple fractions of 47.98 BTC, and one single transfer for 200.99 BTC.

The “14RKF” address that sent the 5,000 BTC came from a wallet 18JPr that once held 24,404.50 BTC. The 24K BTC from wallet 18JPr was originally received on November 24, 2012.

Some of the wallets that received fractions of 47.98 BTC on Monday still hold the funds, but the 200.99 BTC was dispersed into other addresses. The address 15n6b that dispersed 5,001.514 BTC the day prior on August 28, 2022, also stemmed from the 18JPr wallet that once held 24,404.50 BTC.

Onchain Data Shows 10,000 Bitcoin Moved This Week Came From the 2011 Mt Gox Breach

The 2013 bitcoins spent on Sunday and Monday were originally derived from wallet 1McUC that once held 134,897.01 BTC after getting the coins on June 19, 2011. Then the entity started moving the BTC stash on July 20, 2011.

Prior to June 19, 2011, the 134,897.01 BTC stemmed from various batches sent from 14 different senders. Onchain analysis further shows the bitcoins, whether it be the 10,000 BTC spent this week or the original 134K BTC, likely belonged to a single entity.

The transfers between June 2011 up until now, do not show signs of being an exchange, and the whale’s mega stash of 134K BTC gradually depleted in fractions over the last 11 years. The 10,001 BTC spent this week seems to be the last of the stash stemming from the original 1McUC address.

The 10,001 BTC is special because the entity spent tens of thousands of bitcoins in batches between July 2011 up until the end of 2013, but not a single cent of the 10,001 BTC batch was spent for close to nine years. On Tuesday, the blockchain researcher and the admin of the Telegram channel “gfoundinsh*t,” Taisia, said that the 10,000 bitcoins came from the infamous 2011 Mt Gox hack.

“The blockchain visualization clearly shows that in each of the transaction chains associated with both withdrawals, the same wallet (1McUC) actually appears, which received a large amount (134K BTC) from Gox, just at the time of the described events,” Taisia told Bitcoin.com News. “And, as we remember, the founders of the BTC-E exchange, which was created later, and later WEX was also suspected of the subsequent hacker attack.”

Taisia added:

Given the events now taking place with the leaders of these two exchanges, if they were involved in the summer cyber attack, it is possible that these old piggy banks are being opened under the influence of law enforcement agencies.

Taisia also mentioned that it was an odd coincidence that these 2011 Mt Gox coins were distributed this week while rumors of the 140,000 Mt Gox bitcoin were spreading like wildfire this past weekend. Bitcoin.com News reported on the speculation and rumors surrounding old Mt Gox bitcoins three days ago and the number of people and actual Mt Gox creditors calling it “fake news.”

What do you think about the whale that spent 10,001 bitcoin this week and the association with the 2011 Mt Gox hack? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Markets Rebound

Bitcoin was back above $20,000 on Tuesday, as bulls seemingly moved in to buy following the recent dip in price. The token dropped to a multi-week low over the weekend, however prices have now risen in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600.

Bitcoin

Bitcoin (BTC) was trading higher for a second consecutive session, as the token rallied back above $20,000 following recent declines.

BTC/USD dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices reached a peak of $20,542.64 earlier today.

This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark.

Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week.

The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above its 38.00 ceiling.

Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.

Ethereum

Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to a one-month low.

During the weekend, ETH/USD hit a low of $1,427.73, which is its weakest point since July 26, taking prices close to a key floor at $1,420.

However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46.

This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday.

As of writing, ETH continues to trade above a key support point at $1,550, and this comes as its RSI edges closer to a potential hurdle.

A ceiling of 50.00 awaits the index, which is currently tracking at 47.00, which could potentially see bears back into the market, putting a stop to the recent rebounds.

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Can ethereum move back towards $2,000 in September? Leave your thoughts in the comments below.

via Eliman Dambell

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More Than a Third of Africa’s 53 Million Crypto Owners Are From Nigeria, Study Shows

With an estimated 53 million cryptocurrency owners, the African continent now accounts for 16.5% of the global total, a study has found. The study findings suggest that Nigeria, which has more than 22 million crypto owners, currently accounts for more than a third of the continent’s total number of holders.

Nigeria Accounts for Over a Third of Africa’s Crypto Owners

According to Triple A’s latest crypto ownership data, the African continent now has an estimated 53 million cryptocurrency owners. This constitutes about 16.5% of the estimated global total of 320 million. Out of all the crypto holders in Africa, Nigeria accounts for over a third of the total, or just over 22 million.

Globally, Nigeria has the fourth-highest number of crypto owners, while the United States is the top-ranked country, with 46 million cryptocurrency holders. According to the data, India and Pakistan are the next top-ranked countries with 27.4 million and 26.4 million crypto owners respectively.

Nigerian Bitcoin and Crypto Internet Searches the Highest Globally

While Nigeria is ranked fourth in terms of crypto ownership, the country is nonetheless seen as the world leader when it comes to the “number of people searching for ‘bitcoin’ and ‘crypto’ keywords on Google.” These findings are seemingly backed by the findings of another study, which suggested that Nigeria is the country most obsessed with cryptocurrencies.

Meanwhile, Triple A’s data shows that South Africa is the African country with the next highest population of cryptocurrency holders at 7.7 million. This figure constitutes nearly 12.5% of South Africa’s population. Kenya has the third largest population of crypto owners in Africa, with 6.1 million or 11.6% of the country’s population.

Completing Africa’s top five countries with the highest number of crypto owners are Eygpt and Tanzania which have 2.37 million and 2.32 million holders respectively. Seychelles, which has an estimated 1,257 crypto owners, is the lowest-ranked African country.

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via Terence Zimwara

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Mergers and Acquisitions Innovation for DeFi and Web3 Pushed Forward, Crypto Collapse Phoenix

In 2021, the global cryptocurrency market was valued at US$ 1,782 Billion. Sectors like DeFi and NFTs allowed individuals to earn high yields on their investments and create unique collectables as web3 introduces decentralized and permissionless ownership of assets to individuals.

Acquire.Fi is creating the first-of-its-kind Mergers and Acquisitions (M&As) marketplace for web3, crypto, blockchain, and NFT companies or IPs. The platform is equipped with crowdfunding and fractionalized ownership through NFTization.

The project is steadfast in enabling all investors to participate in wealth-building M&A opportunities using cryptocurrency.

A Platform to Access Exclusive M&A Deal Flows

Web3 M&A deals originate only in the back channels among trusted parties, the crypto founders, promoters, advisors, or influencers. M&A alpha is highly sensitive, intricate, and confidential.

For most investors, there isn’t a platform to view or shop the full spectrum of Web3 innovation. However, most investors do not have the time or financial, technical, and legal expertise to deal with M&A and web3 valuations and due diligence.

Acquire.Fi is a backstage pass to unpublished deals and confidential M&A alpha. $ACQ staking grants investors tiered access to the Acquire.Fi platform and unique investment opportunities.

The team also provides matching services to investors with businesses or IPs they are interested in acquiring.

An Innovative Wealth Building Tool

Many investors do not have the same investment opportunities as institutional or accredited investors, excluding them from wealth-building opportunities through acquisitions.

Acquire.Fi establishes inclusivity in wealth-building opportunities through investment pools, crowdfunding, and fractionalized ownership.

The platform allows investors to list and sell their NFTs on a secondary marketplace, making the acquired investments liquid assets.

DeFi investors can participate in acquiring traditional investments using cryptocurrency, but they do not have to leave the blockchain sphere to invest in real-world investments.

Conclusion

With a listing database comprising over 40 companies with a revenue potential of $82 million and deal flows for complete acquisitions ranging between $120000 to $12M, Acquire.Fi will be the world’s first marketplace for investing in crypto assets and IPs up for acquisition.

The company reached the MVP funding milestone in under two months; this guarantees the launch of the $ACQ token, liquidity farming, staking, investment tiers, governance, and access to novel investment opportunities.

Acquire.Fi is a wealth-building ecosystem ushering in the new era of web3 M&A where all investors are offered access and the opportunity to acquire a piece of the future.

 

 

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via Bitcoin.com

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Nigerian Central Bank Slashes CBDC Transaction Fees by 50%

The Central Bank of Nigeria has said it is slashing transaction fees for the e-naira platform by 50% — a move which the bank claims will increase the volume of transactions on the central bank digital currency (CBDC) platform. The central bank also believes that wider adoption of the CBDC will bolster Nigeria’s cross-border trade volumes.

Boosting E-Commerce Transaction Volumes

In yet another move aimed at boosting the embrace and adoption of the e-naira central bank digital currency (CBDC), the Central bank of Nigeria (CBN) reportedly said it will slash the service fees incurred by individuals and merchants using the digital currency platform by 50%.

In addition, Nigerian businesses signing on to become e-naira merchants have an opportunity to increase the volumes of their respective e-commerce transactions by 50%, a report has said.

Quoting Kingsley Obiora, the central bank’s deputy governor, a Daily Trust report suggests that Nigerian businesses adopting the CBDC could improve cash management and potentially boost the country’s cross-border trade volumes. Obiora said:

Also, the implementation of cross-border transactions in phase 3 of the e-naira project is expected to increase cross-border trade by about 30%. Furthermore, the lower transaction cost is expected to increase the usage (transaction volume and value) of eNaira and improve income generation by businesses.

Deepening Financial Inclusion

The remarks by Obiora, who reportedly spoke at a merchant onboarding event, come just days after CBN Governor Godwin Emefiele revealed that the CBDC had less than 1 million users. However, as reported by Bitcoin.com news, the CBN is now targeting a tenfold increase in the number of e-naira users.

To achieve this, Emefiele said the central bank would add a feature that enables users without bank accounts and smartphones to access the CBDC. The CBN has since unveiled an unstructured supplementary service data (USSD) code which it says will deepen financial inclusion.

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via Terence Zimwara

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Veve Partners With Marvel to Drop Limited Edition NFT Covers Featuring Spider-Man, Black Panther

On August 29, the digital collectibles company Veve announced that the platform has launched digital variant non-fungible token (NFT) covers from three Marvel comic book artists. Veve and Marvel detailed that the NFT drops called the Marvel Artworks collection will be limited edition, 1-of-1 releases of three Marvel comic covers featuring Spider-Man, and the Black Panther.

Veve Reveals Marvel Artworks Collection

Marvel Entertainment continues to release products for the NFT industry with the company Veve Digital Collectibles. The two firms recently revealed plans to drop three limited edition NFTs from the Marvel Artworks collection. Veve has worked with Marvel in the past dropping Spider-Man and Captain America digital collectibles in 2021. Further, Veve has collaborated with Marvel’s competitor DC Comics and the entertainment giant Walt Disney.

The latest Veve and Marvel NFT auction started today, and it runs through Friday, September 2, 2022, at 2:00 p.m. (PT). Bids start at $1,500 per digital collectible and Veve says the auction is silent, and “all bids are hidden from auction participants and the highest bid wins once the auction timer expires.”

The NFTs feature artwork from Sara Pichelli’s “Miles Morales: Spider-Man #25,” Brian Stelfreeze’s “Black Panther #25,” and Skottie Young’s “Amazing Spider-Man #1.” Veve leverages the scaling solution Immutable X, a company that recently partnered with Gamestop’s NFT platform last February.

The last drop Veve did with Marvel was six days ago on August 23, when the two firm’s dropped “Marvel Super Heroes Secret Wars #3” NFTs. The Secret Wars-centric non-fungible tokens are fully readable and offer five cover rarities and are distributed in blind box format.

30-Day NFT Sales Down Close to 10% Lower Than the Month Prior, Google Trends Shows NFT Interest Has Dive-Bombed Since January

Meanwhile, non-fungible token sales are down close to 10% during the past month, compared to the statistics recorded during the 30 days prior. NFT sales managed to gather $603.33 million during the last month in sales, but the month prior saw $666.93 million in NFT sales, according to cryptoslam.io metrics.

Immutable X is currently this month’s third largest blockchain, in terms of NFT sales, and Immutable X-based NFT sales increased by 169% compared to the month before. Google Trends data indicates that interest in the term “NFT” is very low compared to the first month of January, back when the search term scored a GT score of 100.

This week, the search term “NFT” is much lower and a lot more dreary, as the query has a GT score of around 14 for the week starting on August 21. The lack of interest and low NFT sales volume hasn’t stopped large firms like Funko, Paramount, Warner Bros., Hasbro, Mattel, Atari, Topps, and more from continuously dropping entertainment and brand-related NFTs in 2022.

What do you think about Veve dropping the Marvel Artworks limited edition, 1-of-1 releases of three Marvel covers? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Itau Unibanco Selected by Central Bank of Brazil to Build Real-Pegged Stablecoin Solution

Itau Unibanco, one of the biggest bank conglomerates in Brazil, has been selected by the country’s central bank to develop a system with a stablecoin pegged to the value of the Brazilian real. Itau’s system was one of the eight proposals selected by the Central Bank of Brazil as part of LIFT Lab, an annual initiative focused on financial innovation.

Itau Unibanco to Develop Digital Real Stablecoin

The Central Bank of Brazil is advancing in its pilot program for the launch of its central bank digital currency (CBDC), the digital real. The bank has selected Itau Unibanco, one of the biggest banks in the country, to build a decentralized finance solution that includes the construction of a stablecoin pegged to the real.

The application will include functions commonly present in liquidity pools, but linking the real with other stablecoins representing fiat currencies from all over the world. While not much has been disclosed regarding the project at this point, the application might support asset pooling, alternative investments, and management and custody of these assets using blockchain-based software.

The project presented by Itau Unibanco is one of eight that were selected by the Central Bank of Brazil as part of the Laboratory of Financial and Technological Innovations (LIFT) Lab, a program for financial innovation that is now in its fifth edition. About the objective of the program, Andre Siqueira, Head of the tech department at the Central Bank of Brazil, stated:

LIFT Lab is an opportunity for interaction with society in which we present the Central Bank’s value in building innovation in the national financial system. The release of a new edition, now covering 8 projects, represents an important milestone for LIFT Lab, which completes 5 years of operation.

Other Projects Presented

Other projects selected to be part of 2022’s LIFT Lab include a solution for granting credits to vulnerable people in the Brazilian favelas that involves people of the community as facilitators of these grants, to be developed by the G10 bank; a system that would serve as a bridge to exchange the digital real with other existing blockchains using the Celo blockchain; and a solution for tokenizing assets on the blockchain to decentralize credit risks.

The LIFT also presented a digital real-focused challenge last March, where nine projects were selected to be studied and accompanied by the Central Bank of Brazil.

What do you think about the stablecoin solution to be developed by Itau Unibanco? Tell us in the comments section below.

via Sergio Goschenko

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UN Human Rights Chief Voices Concern Over Assange Extradition Case, Wikileaks Continues to Raise Large Sums of Crypto

On Saturday, the human rights chief at the United Nations (UN), Michelle Bachelet, said that the potential extradition of whistleblower Julian Assange raises concerns for the rights of future whistleblowers and investigative journalists. Meanwhile, cryptocurrency supporters have continued to donate to Assange and his legal battle as Wikileaks has amassed hundreds of thousands of dollars in crypto assets since Assange has been held captive in London from 2019.

UN Human Rights Chief Says the United States Attempt to Extradite Assange ‘Raises Concerns Relating to Media Freedom’

The United States would like to see Julian Assange, the founder of Wikileaks, extradited to the U.S. for leaking classified information provided by U.S. Army intelligence analyst Chelsea Manning. When Wikileaks published the video “Collateral Murder,” the Afghanistan war logs, the Iraq war logs, and Cablegate, the U.S. government launched a full-scale criminal investigation against Assange. When the federal authorities unsealed an indictment against Assange, the complaints stemmed from the leaks provided by Manning. Assange is being accused of violating the Espionage Act of 1917.

Assange joins a slew of others who have been charged under the Espionage Act of 1917 including Alexander Berkman, Emma Goldman, Daniel Ellsberg, Chelsea Manning, and Edward Snowden. While Assange was granted asylum by Ecuador in 2012, seven years later on April 11, 2019, he was dragged out of the Ecuadorian embassy in London and has been fighting U.S. extradition ever since. This week, Michelle Bachelet, the UN’s human rights chief, has voiced concerns over extraditing Assange to the United States.

While meeting with Assange’s wife and attorneys, Bachelet said:

The potential extradition and prosecution of Mr. Assange raises concerns relating to media freedom and a possible chilling effect on investigative journalism and on the activities of whistleblowers.

One of Assange’s lawyers, Jennifer Robinson, told the press that the case will be forwarded to the European Court of Human Rights. Assange’s lawyers contest that the Wikileaks founder is being “prosecuted and punished for his political opinions.” Following Bachelet’s initial comments, the UN human rights chief said her office will be monitoring the whistleblower’s case.

“In these circumstances, I would like to emphasize the importance of ensuring respect [for] Mr. Assange’s human rights, in particular the right to a fair trial and due process guarantees in this case,” Bachelet told the press. “My office will continue to closely follow Assange’s case.”

Wikileaks Raises Hundreds of Thousands in Bitcoin, Ethereum, and Bitcoin Cash

Wikileaks has supported cryptocurrencies and accepted bitcoin for donations since 2010. After Assange’s arrest at the Ecuadorian embassy in London, cryptocurrency donations started to pour in and they have continued to this very day. In the past four months alone, Wikileaks has raised 3.480 BTC worth $133,179 using today’s bitcoin exchange rates. The Wikileaks BTC has changed frequently over the last few years.

Data further shows that for roughly 24 months, Wikileaks has collected 228.16 BCH worth close to $100K. Over the last four years, Wikileaks has collected 147.48 ETH worth $145,647 using today’s ether exchange rates. Of course, a large sum of the BTC, BCH, and ETH donated was cashed out at much higher USD values than they are worth today. Furthermore, Wikileaks also accepts donations in litecoin (LTC), zcash (ZEC), and monero (XMR).

What do you think about the UN human rights chief saying that the U.S. extraditing Assange could send a chilling blow to media freedom, whistleblowers, and investigative journalism? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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The Top Privacy Coins Saw Fewer Percentage Losses Than Most Tokens This Week

The privacy coins monero and zcash managed to see fewer percentage losses against the U.S. dollar this week, in contrast to crypto assets like bitcoin, ethereum, and solana. Seven-day statistics indicate zcash has lost 5.6% against the USD, while monero dropped by 6.1%.

Privacy Coins Manage to Stave off Some of This Week’s Market Carnage, but Are Still Down 62% Lower Than 9 Months Ago

At the time of writing, the entire market capitalization of all the privacy coins in existence is roughly $5.55 billion. Monero (XMR) leads the pack with a market valuation of around $2.64 billion or 47.5% of the entire privacy coin economy. Zcash (ZEC) is the second largest privacy coin in terms of market capitalization as ZEC’s overall market valuation today is $789 million.

Behind XMR and ZEC, are privacy tokens such as decred (DCR), nucypher (NU), secret (SCRT), horizen (ZEN), ergo (ERG), digibyte (DGB), and beldex (BDX), respectively. Top privacy coin double-digit gainers this week include deeponion (ONION), litecash (CASH), pivx (PIVX), and masari (MSR). The week’s top privacy coin losers in terms of percentage losses include tokens like zclassic (ZCL), lethean (LTHN), and phore (PHR).

The top five privacy coin crypto assets make up most of the $5.55 billion in privacy coin value, and each token offers different types of privacy techniques. XMR is a Cryptonote token with a blockchain protocol that was not forked from Bitcoin. XMR uses ring signatures, ring confidential transactions, stealth addresses, bulletproofs, and Dandelion++. The ZEC network can shield transactions by leveraging a zero-knowledge proof called zk-SNARKs.

Decred (DCR) utilizes a Coinjoin mixing scheme called Coinshuffle++ (CSPP) to obfuscate transactions. Nucypher (NU) deploys Proxy Re-Encryption (PRE), a technology that allows the owner of the private key to encrypt data. Similar to NU, the Secret (SCRT) blockchain provides key management techniques, Trusted Execution Environment (TEE) schemes combined with encryption to enhance privacy.

While privacy coins have taken less of a beating this week compared to ETH or BTC, they still have lost quite a bit of value during the last year. Four months ago the privacy crypto coin economy was worth a whole lot more, at $10.7 billion. XMR’s overall market valuation was $4.13 billion and ZEC’s was $1.84 billion on April 28, 2022. Nine months ago on November 6, 2021, the privacy token economy was worth $14.9 billion.

At that time in November 2021, NU was not in the top five, as horizen (ZEN) held the fifth position in terms of privacy coins by market cap. XMR’s overall market valuation was $4.69 billion. ZEC’s market capitalization on November 6, 2021 was slightly higher than the April 28, 2022 record with $1.94 billion. In November 2021, XMR’s and ZEC’s market caps combined were larger than today’s privacy coin economy value.

What do you think about the privacy coin market action in recent times? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto

Mendoza, an Argentinian province, has implemented a system that allows taxpayers to pay their taxes fully with cryptocurrencies. The system, which was launched this week, is part of a strategic push for the modernization and digitalization of payments carried by the tax authority of Mendoza and uses the services of a third party to process the transactions.

Mendoza Goes Crypto for Tax Payments

More and more governments are including cryptocurrencies as a way of paying state-related obligations due to their recent popularity. Mendoza, a province of Argentina, is one of the first in the country to implement a digital system that allows taxpayers to execute payments and other operations with digital currencies.

The system, launched on August 24, is part of a strategic move by the authorities of the province to modernize the payment of tax and state tributes, offering several options to citizens to fulfill their obligations. Nicolas Chávez, general director of the Mendoza tax administration authority, stated:

It is one more door to facilitate the payment of taxes to taxpayers. This is a service offered by the payment processor with which we have incorporated new technology, such as virtual wallets and cryptocurrencies.

While the payment utility is directly embedded in the page of the province, the payments are processed by a third-party company, that accepts crypto and liquidates the payments made in Argentinian pesos to the province. The system only receives payments in stablecoins, including USDT, USDC, and DAI, among others. In this way, the system maintains volatility out of its operations.

Similar Initiatives

Other municipal governments in Argentina and in Latam have also announced the inclusion of cryptocurrencies as a means of payment for taxes. Last April the head of the government of Buenos Aires, Horacio Larreta, announced that the city was planning to also introduce crypto payments for taxes. Larreta stated that this use case could be implemented in 2023 alongside a blockchain-based identification system.

Rio de Janeiro, one of the biggest cities in Brazil, also reported the inclusion of these assets as payments for taxes in 2023 due to their popularity. But Rio’s plans go even further, envisioning crypto payments for other services like taxi rides, and NFTs to promote the areas of arts, culture, and tourism, as well as investing part of the city funds in crypto through a new institution, the Municipal Committee for Crypto Investments.

What do you think about the inclusion of crypto to pay taxes in Mendoza? Tell us in the comments section below.

via Sergio Goschenko

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