Satoshi Nakamoto’s Seminal Bitcoin White Paper Turns 14 Today

Approximately 14 years ago today, on Halloween, Satoshi Nakamoto introduced Bitcoin to the world by sharing the renowned white paper. Satoshi’s invention, shared on metzdowd.com’s Cryptography Mailing List, not only solved a problem that had plagued computer scientists for years, but the invention also redefined how people look at money. Furthermore, as a side effect, Satoshi’s creation spawned a new digital economy with more than 13,000 cryptocurrency assets, worth just over $1 trillion today.

Celebrating the 14th Anniversary of Satoshi’s Bitcoin White Paper

Presently, cryptocurrency and Bitcoin supporters are celebrating the 14th anniversary of Satoshi Nakamoto’s Bitcoin white paper. Bitcoin’s mysterious creator first introduced the white paper on metzdowd.com’s Cryptography Mailing List on Oct. 31, 2008, at approximately 2:10 p.m. (ET). The date marks the first time Satoshi shared the inventor’s vision and the first sentence Bitcoin’s inventor said was:

I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.

In the message, Bitcoin’s creator said that the invention offers a number of different properties. Bitcoin’s benefits include the prevention of double spending and there is “no mint or other trusted parties,” Satoshi said. The inventor also highlighted how bitcoins are minted via a “Hashcash style proof-of-work.” Satoshi added:

The proof-of-work for new coin generation also powers the network to prevent double-spending.

After introducing the main properties, Satoshi shared the abstract summary of the seminal Bitcoin white paper with a link to bitcoin.org, where the paper was hosted at the time. Satoshi did not communicate with the public again, until four days later, as the inventor published two more emails on Nov. 3, 2008. Both emails were introductions to the Bitcoin white paper, with a summary and URL linking to where the paper could be read. Satoshi wrote a total of 16 emails (some replies to James A. Donald) in 2008 before the network actually launched on Jan. 3, 2009.

‘A Solution to the Byzantine Generals’ Problem’

On Dec. 10, 2008, Satoshi’s last email before the network launched was a welcome post to the Bitcoin mailing list. After the network launched on Jan. 3, 2009, Satoshi did not communicate via the mailing list until Jan. 8, 2009, in a post called “Bitcoin v0.1 released.” In that thread, Bitcoin’s inventor shared the very first codebase release of Bitcoin when the creator said:

Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.

It is believed that Satoshi may have shared the codebase with others before the “Bitcoin v0.1 released” post was published. It is also commonly understood that Nakamoto helped kick-start the network during those early days. It is assumed that Bitcoin’s inventor mined between 750,000 to 1.1 million BTC before leaving the community in 2010. It is also assumed that Satoshi may have mined the cache of coins with a single PC.

In addition to releasing the white paper on Halloween 2008, it was the first time academia and computer scientists were provided with a paper that solved the “Byzantine Generals’ Problem” or the “Byzantine Fault.” It also introduced the first academic paper that shows how triple-entry bookkeeping works, and Nakamoto knew it was a breakthrough invention when the inventor stated on November 13, 2008:

The proof-of-work chain is a solution to the Byzantine generals’ problem.

Not too long after the Bitcoin network launched, the idea of creating an alternative crypto asset network sprung to life. 14 years later since the white paper was published, there’s now more than 13,000 crypto assets in the wild today, worth $1 trillion in USD value. Other types of blockchain and crypto concepts now exist like smart contracts, decentralized finance (defi), and non-fungible tokens. Out of the $1 trillion in value within the crypto economy, Satoshi’s invention represents nearly 38% of the aggregate today.

What do you think about Satoshi Nakamoto publishing the Bitcoin white paper 14 years ago on Halloween, 2008? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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3 Bitcoin Mining Records Set in October — BTC Hash Price Taps Lifetime Low, While Hashrate and Difficulty Surged

This month bitcoin’s hash price tapped an all-time low of $66,500 per exahash on Oct. 25, according to statistics from the onchain market intelligence firm Glassnode. Alongside this, the network’s mining difficulty reached a lifetime high at 36.84 trillion on Oct. 23. Despite the high mining difficulty and the lower prices, Bitcoin’s total hashrate reached an all-time high at 325.11 exahash per second (EH/s) as 4,578 blocks were generated during the past 30 days.

Bitcoin Hash Price Sinks, Hashrate Taps a Lifetime High, Difficulty Reaches New Heights

While the month of October did see an “Uptober,” as far as 30-day percentage gains are concerned, the month also saw a few mining records. The most notable was the all-time hashrate high recorded at block height 758,138, when Bitcoin’s (BTC) total hashrate reached 325.11 EH/s.

Bitcoin’s hashrate has remained above the 200 EH/s mark all month long, but reached a low of 215 EH/s on Oct. 10. The hashrate average over the last 2,016 blocks (roughly two weeks) was around 259.8 EH/s.

Bitcoin’s record high hashrate has made it so the network has experienced two difficulty changes this month that have increased. The first difficulty adjustment change was the largest difficulty retarget in 2022, jumping 13.55% at block height 758,016 on Oct. 10.

The second retarget in October took place on Oct. 23, as the shift increased upwards again by 3.44%. Both of these upwards shifts combined brought the network’s difficulty to a lifetime high at 36.84 trillion.

The next difficulty change is not due until next month on Nov. 6, and it’s expected to decrease by 1.51%. Price-wise, while the crypto winter has been tough on bitcoin miners, October was the best month out of the last three months for BTC prices.

Bitcoin gained more than 5% against the U.S. dollar during the 30-day span. During the last 30 days, bitcoin miners discovered 4,578 blocks which produced 28,612.50 newly minted bitcoins. Out of the 4,578 blocks, the top mining pool, Foundry USA, discovered 1,186 blocks.

Over the last 30 days, Foundry’s total hashrate equated to 25.91% of the global hashrate. During the last month, bitcoin miners have managed quite the feat by pushing the hashrate and mining difficulty to record highs, while bitcoin’s hash price has been at the lowest it’s ever been in close to 14 years.

With all these factors, it will be interesting to see what happens to the hashrate and difficulty metrics when bitcoin’s hash price reaches higher prices, rather than the all-time lows recorded this month.

What do you think about the state of bitcoin mining during the month of October? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: BNB Rallies to 5-Month High on Monday

Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its highest point since mid-May, extending recent gains in the process. Avalanche was also in the green, climbing to a six-week high during today’s session.

Binance Coin (BNB)

Binance coin (BNB) rose to a five-month high to start the week, as cryptocurrency markets surged on Monday.

BNB/USD moved to a peak of $336.52 earlier today, which comes less than a day after trading at a low of $307.37.

Monday’s rise in price sees the token hit its highest point since May 9, when the coin was trading at $359.

Overall, BNB has now extended its recent bull run, with prices moving higher for a fourth consecutive day.

Despite recent hacks on a blockchain linked to Binance, its native token remains unscathed, and has now risen by as much as $100 in the last ten days.

As a result of this, the 14-day relative strength index (RSI) has risen to overbought territory, and is now tracking at its highest point since last April.

Avalanche (AVAX)

Another notable mover in today’s session was avalanche (AVAX), which rebounded following a volatile weekend.

Following yesterday’s low of $17.96, AVAX/USD was able to climb to a high of $19.71 on Monday.

Today’s move came as the token moved above its recent resistance of $18.50, hitting its highest point since mid-September in the process.

Looking at the chart, the RSI for AVAX is currently tracking at 68.49, which is slightly under a ceiling of 70.00.

This is the strongest point the index has reached since early August, and will likely be the biggest obstacle preventing the token from further surges.

In order to move above $20.00, bulls will need to first ensure that the RSI moves well past this upcoming wall.

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Could we see avalanche hit $20.00 ahead of Wednesday’s FOMC meeting? Let us know your thoughts in the comments.

via Eliman Dambell

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Paraguay Warns About Growth of Illegal Bitcoin Mining Operations and Effect on Power Stability of the Country

The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments.

Paraguay Underground Mining Operations Grow

Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the National Power Administration, declared on Oct. 28 that the recent boom in bitcoin mining has caused power consumption for the department of Alto Parana to grow immensely, with many operations connecting illegally to the grid.

According to Miguel Angel Baez, technical director of the ANDE organization, this has prompted the group to step up vigilance in the zone, ramping up supervision operations to detect covert connections on the border with Brazil.

However, Baez states that when the company detects and disconnects an operation, another two appear. Each one of these covert operations can reportedly use the energy equivalent of what an apartment complex consumes in one day.

This situation is not new to the area. The National Power Administration previously disconnected power to some miners that had committed power-related crimes. In Aug., Alfredo Arguello, head of the East Regional Management Division, stated that they had detected irregularities, including direct connections, bypass connections, and modified power meters, during supervision visits. The losses as a consequence of these irregularities reached $400,000 monthly.

Special Bitcoin Mining Fees

The situation in the sector prompted the National Power Administration to oppose the fee suggested in a proposed cryptocurrency bill, which established the maximum fee to be only 15% higher than what is collected from other equivalent companies. At that time, the organization stated it would support a possible veto of the law due to that consideration, and propose a new set of power fees.

The cryptocurrency bill, which would come to bring more clarity to the bitcoin mining industry, was vetoed by president Mario Abdo on Sep. 2 on the grounds that it was an energy-intensive activity that presents little demand for labor. The veto was rejected by the Paraguayan senate on Sept. 30, with the Congress making moves to pass the bill without presidential support.

Even with this happening, Paraguay is still deemed an attractive destination for bitcoin mining companies. On Oct. 14, Pow.re, a bitcoin mining company, announced that it had started the construction of two mining facilities in the country that will manage 12 megawatts (MW) of hydroelectric power.

What do you think of the warning about the rise of underground illegal mining operations in Paraguay? Tell us in the comments section below.

via Sergio Goschenko

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Bitcoin, Ethereum Technical Analysis: ETH Above $1,600 as Markets Begin to Anticipate Fed Rate Decision

Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session.

Bitcoin

Bitcoin (BTC) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off.

Following Sunday’s low of $20,461.72, BTC/USD surged to an intraday peak of $20,791.67 earlier today.

The move sees the token edge closer to Saturday’s high of $21,080, which was the strongest point the token had hit since September 13.

Looking at the chart, Monday’s surge sent BTC close to its long-term price resistance of $20,800, which hasn’t truly been broken since early September.

Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00.

In order for BTC to move past $21,000, bullish pressure will first need to overcome this current threshold on the RSI.

Ethereum

Ethereum (ETH) was also in the green to start the week, as the token continued to trade above $1,600.

ETH/USD moved to a high of $1,623.68 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,567.57.

Today’s rise in prices comes as the world’s second largest cryptocurrency climbed above its ceiling of $1,585.

As can be seen from the chart, the upward crossover of the 10-day (red), and 25-day (blue) moving averages seems to be reaching a summit, which could be a sign of slowing momentum.

The RSI is also in overbought territory, which means bears could be already positioning themselves for reentry.

Wednesday’s United States Federal Open Market Committee (FOMC) meeting could likely be the trigger which either extends current momentum, or shifts its direction.

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Do you expect ETH to hit $1,700 before or after the Fed rate decision? Leave your thoughts in the comments below.

via Eliman Dambell

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Mercado Pago Launches Cryptocurrency Trading Services in Mexico

Mercado Pago, the financial wallet division of Mercado Libre, the Latam e-tail giant, has announced the launch of cryptocurrency trading services in Mexico. The company has already launched this kind of service in Brazil, serving one million customers in the country, allowing them to purchase, store, and sell bitcoin and ethereum, and also to receive Mercado Libre’s own token, mercadocoin.

Mercado Pago Debuts Crypto Purchases in Mexico

Mercado Pago is aiming to grow in Mexico with the introduction of cryptocurrency services. The company, which serves as a wallet arm of Mercado Libre, announced on Sep. 27 that it has activated the possibility for customers to purchase crypto with national fiat currency in Mexico. In this way, every customer in Mexico is now able to purchase bitcoin and ether using funds available in Mercado Pago’s native wallet.

In bringing this product to Mexico, the company seeks to provide more options to Mexicans that are already customers of the company. On this, Mercado Pago Mexico’s CEO Pedro Rivas stated:

Through this new service we seek to give millions of Mexicans access to the crypto world in an educational, safe and simple way, in order to generate greater technological inclusion.

Mercado Libre’s Latam Expansion

This move had been hinted at by the company before. Osvaldo Gimenez, head of Mercado Pago, announced a possible expansion on Aug. 4, remarking on the importance cryptocurrencies have as an alternative investment in Latam. The company was a pioneer in offering this kind of service in Brazil, with more than 1 million customers enjoying this functionality since November 2021.

However, Mercado Pago is still not allowing customers to purchase merchandise available in Mercado Libre using crypto yet. This goes in line with what Marcos Galperin, co-founder and CEO of Mercado Libre, thinks about the value of crypto, attributing more importance to its function as a store of value than what it might offer as a means of payment. The company also launched its own token, called mercadocoin, on Aug. 20, but gave no indications about its launch in Mexico.

Interest in cryptocurrency in Mexico has been rising steadily, and other companies have already introduced crypto as a means of payment as part of their respective business models. Rappi, a food delivery company, announced on April 13 that it was launching a pilot to accept cryptocurrencies as payment for its services.

In July, Indira Kempis, a Mexican senator, introduced a bill to declare bitcoin as a legal tender as a way of improving the levels of financial inclusion and literacy of the citizens.

What do you think about Mercado Pago launching crypto trading services in Mexico? Tell us in the comments section below.

via Sergio Goschenko

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After Years of Uncertainty, Cryptocurrency Exchanges Can Open Bank Accounts in Chile

After years of court battles in Chile, a cryptocurrency exchange has managed to open a bank account in Bci, a financial institution that established a protocol to serve these businesses. The first exchange that opened a bank account with the institution was Buda, a local exchange, which satisfied the requirements of the bank in the mentioned protocol.

Cryptocurrency Exchanges Can Now Open Bank Accounts in Chile

On Oct. 28, Bci, a bank in Chile, announced that it had developed a protocol to allow cryptocurrency exchanges to open checking accounts with the institution. This marks a milestone for cryptocurrency exchanges in the country, which had been fighting for the right to use traditional banking services for years.

The protocol developed includes a series of requirements inspired by recommendations issued by the Financial Action Task Force (FATF), which include the fulfillment of compliance processes, traceability of transactions, prevention of money laundering, financing of terrorism, and audit reports from an outside company.

A spokesperson for the bank told the local newspaper Diario Financiero that this move would be beneficial for customers of the exchanges. The bank stated:

Our objective is to accompany their clients so that they can operate in this market within a framework of security and trust.

First Account Opened

The history of the battle between cryptocurrency exchanges and banks in Chile goes back to 2018, when Buda and Crypto MKT, two local cryptocurrency exchanges, started a court battle to be able to enjoy banking services after their accounts were closed. The legal battle continues to this day, as the exchanges declare that banks are abusing their power position to cripple the possible competition that alternate financial systems including cryptocurrency might pose for them.

Buda, which is one of the exchanges still embroiled in the mentioned judicial battle with other banks, was the first cryptocurrency exchange to open a checking account in Bci, after signing an agreement with the bank. This agreement also allows other exchanges to seek banking services with the institution, having to fulfill the requirements stipulated in the established procedure.

On this development, Buda CEO Guillermo Torrealba stated:

We are happy with this agreement and grateful for Banco Bci’s vision. Sooner rather than later, cryptocurrencies will be a fundamental part of banking and we want to help accelerate that moment.

In other countries of Latam, banks have been more open to offering cryptocurrency-related services, like Santander, which already has a cryptocurrency asset division and is planning to offer cryptocurrency services to its customers in Brasil.

What do you think about Bci opening banking services to crypto exchanges in Chile? Tell us in the comments section below.

via Sergio Goschenko

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Stablecoin HUSD Continues to Trade Below $1 Parity as Token Taps an All-Time Low at $0.72

After Huobi Global announced that it would be delisting the stablecoin HUSD and auto-converting customer balances 1:1 with tether tokens, the stablecoin asset has dropped significantly in value sliding to a low of $0.72 per unit.

HUSD Remains Below the $1 Peg

Another stablecoin is struggling to maintain parity with the U.S. dollar as HUSD has slipped from the $1 peg to $0.746 per unit on Oct. 30, 2022. At the time of writing, the stablecoin token is exchanging hands for $0.765 per unit and there’s only $59,790 in global trade volume during the past 24 hours.

Two days ago, Bitcoin.com News reported on Huobi Global announcing that it would delist HUSD, a stablecoin asset issued by Stable Universal. While Huobi and the stablecoin shared the same name, and Huobi introduced HUSD on Oct. 19, 2018, the exchange disassociated itself from the stablecoin token this year.

HUSD depegged earlier this year, when it dropped to a low of $0.82 per HUSD on Aug. 18. HUSD also slipped below the $1 parity on Oct. 11 and again on Oct. 28. HUSD tapped an all-time low on Oct. 29, roughly 24 hours ago when it reached $0.725 per unit on Saturday. When the stablecoin slipped below the $1 peg in August, Huobi addressed the problem via Twitter.

“We are aware of the current liquidity issues associated with the HUSD stablecoin, which is issued by Stable Universal Limited and built on the Ethereum network,” Huobi tweeted on Aug. 18. Furthermore, at that time, HUSD’s official Twitter account tweeted about closing several market maker accounts.

“Recently, we had made the decision to close several accounts in specific regions to comply with legal requirements, which included some market maker accounts,” the HUSD Twitter account said on the same day. “Due to the time difference in banking hours, this resulted in a short-term liquidity problem but has since been resolved.”

The official HUSD Twitter account, at least as of Oct. 30, 2022, at 9:30 a.m. (ET), has not tweeted or made any statements since the Aug. 18 tweet when HUSD first started to depeg from the U.S. dollar.

What do you think about the stablecoin HUSD slipping well below the $1 parity? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Fed’s Key Inflation Gauge Jumps 0.5% in September, America’s Rising Costs to ‘Punish’ Democrats

The U.S. central bank’s key inflation gauge, the personal consumption expenditures (PCE) price index, increased by 0.5% in September, according to data released by the U.S. Commerce Department on Oct. 28. Meanwhile, markets expect with near-certainty that the Federal Reserve will codify its fourth consecutive rate hike by 75 basis points (bps) next month. While investors await the next bank rate increase, midterm elections start on Nov. 8 and reports say inflation is weighing heavily on the minds of most Americans.

PCE Increases by 0.5% in September, Fed to Hike Rate by 75bps, Democrats Ignore Inflation Complaints

On Friday, Oct. 28, 2022, the U.S. Commerce Department published the latest PCE data for September and data shows a 0.5% increase from the month prior and a rise of 5.1% during the past year. The PCE is considered the Fed’s preferred measure of inflation as it shows the measure of personal income and disposable personal income (DPI) metrics. “Personal income increased $78.9 billion (0.4 percent) in September,” the Bureau of Economic Analysis (BEA) said on Friday.

The increase in wage growth has been high, alongside the latest consumer price index (CPI) report that noted U.S. consumer prices jumped 8.2% in September. The most recent data published by the BEA on Friday has made analysts believe the Fed will add another three-quarters of a percentage point next week. “The level of wage growth is still very high, even if it is moving in the right direction,” Laura Rosner-Warburton, a senior economist at Macropolicy Perspectives told the New York Times. The economist added:

It’s probably putting upward pressure on services inflation.

Markets are near-certain a 75bps rate hike is in the cards for the next Fed rate increase. However, CNBC’s financial reporter Jeff Cox says: “markets think the Fed might downshift the pace of its rate hikes ahead.” According to Cox’s data, there’s a 60% chance the Fed will go softer in December with a 50bps hike. Surprisingly, on Oct. 26, the Bank of Canada increased its benchmark bank rate by 50bps when the market expected a 75bps rise. In addition to the Federal Reserve’s next meeting, the U.S. midterm elections will start polls on Nov. 8, and reports say Democrats may get punished by voters over inflation.

Amid the skyrocketing inflation, an editorial published by the Economist opines “Joe Biden’s protectionism is costly for America and the world.” USA Today’s Ingrid Jacques detailed how Democrats are concentrating on leveraging abortion as a pressing issue, while Americans seem to think inflation is a more pressing matter. For instance, instead of answering a question concerning the topic of inflation, Georgia’s Democratic candidate for governor, Stacey Abrams, went right back to talking about abortion.

“Democrats have overplayed their hand, and voters know it,” Jacques explained on Oct. 29.

What do you think about the inflation data in the United States and the possibility of the Fed raising the rate by 75bps? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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The Top 5 NFT Marketplaces Surpass $40 Billion in All-Time Sales

While non-fungible token (NFT) sales have slipped since the start of the year, the top five marketplaces, in terms of the largest number of all-time sales, have reached more than $40 billion. Moreover, the NFT marketplace platform Opensea captured over $32 billion worth of sales as the NFT market platform currently dominates the top five NFT marketplaces by 79%.

Top 5 NFT Markets Cross $40 Billion in All-Time Sales, Opensea Dominates by 79%

During the month of October, the top five NFT marketplaces surpassed the $40 billion mark, in terms of all-time sales, with approximately $41.36 billion on Oct. 29, 2022. The largest NFT marketplace in terms of sales was Opensea as it nears the $33 billion range with $32.76 billion recorded on Saturday.

Statistics from dappradar.com indicates that the $32.76 billion in sales were executed by $2.34 million traders. On Saturday, Oct. 29, the average price paid for an NFT via Opensea is around $352.

Opensea is followed by the Axie Marketplace ($4.26B), Magic Eden ($1.83B), Looksrare ($1.62B), and X2Y2 ($891M). Axie Marketplace tends to NFTs that stem from the play-to-earn (P2E) blockchain game Axie Infinity and the market has seen 2.17 million traders to date.

The average price paid for an NFT via Axie Marketplace is around $171. Solana’s Magic Eden has captured $1.83 billion in sales that were settled by 1.21 million traders. The average value paid for an NFT on Magic Eden on Oct. 29 is $124.

The NFT marketplace Looksrare has seen fewer traders, as records show 107,636 settled trades via the Looksrare market. However, the average price paid for an NFT on Saturday is far larger as the average NFT sale is $6.59K on Looksrare.

X2Y2 has not tapped a billion in NFT sales yet, but it has been inching its way toward that milestone. On Oct. 29, 2022, the NFT market X2Y2 settled $891 million among 158,273 traders. The average price paid for an NFT on X2Y2 is approximately $582.78 at the time of writing.

Other leading NFT marketplaces in terms of all-time sales include Mobox ($694M), Solanart ($665M), Bloctobay ($458M), Atomicmarket ($435M), Immutable X Marketplace ($337M), and Rarible ($300M) respectively. Despite being down a great deal in monthly sales, more than $40 billion in lifetime sales among the top five markets is quite a feat.

Data from cryptoslam.io shows that NFT sales across the globe during the last 30 days added up to $426 million, which is down 21.32% from the month prior. The last 30 days saw around 4,556,057 NFT transactions among 510,859 NFT buyers.

What do you think about the top five NFT marketplaces surpassing more than $40 billion in all-time NFT sales? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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The World’s Weakest Currency, Kiyosaki Says Greenback Is ‘Toast,’ IRS Crypto Tax Update and More — Bitcoin.com News Week in Review

In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join the BRICS nations, the United States Internal Revenue Service updates tax filing instructions for crypto, and more.

Report: Ghanaian Cedi Slides Further Versus the US Dollar to Become World’s Worst-Performing Currency

As Ghana waits for a financial bailout from the International Monetary Fund (IMF), the country’s currency, the cedi, continued its slide versus the dollar after the exchange rate slipped to just under C15:$1. Following this latest plunge, the cedi has now depreciated by more than 55% in 2022 and this makes it the world’s worst-performing currency.

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Robert Kiyosaki Says US Dollar Is Toast Citing Saudi Arabia’s Request to Join BRICS

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says the U.S. dollar is toast, citing Saudi Arabia’s request to join the BRICS nations that comprise Russia, China, India, Brazil, and South Africa.

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IRS Updates Crypto-Related Instructions for 2022 Tax Filing

The Internal Revenue Service (IRS) has updated the crypto section in the 2022 draft instructions for tax form 1040. “For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins,” the tax agency detailed.

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Nokia Believes the Metaverse Will Replace Smartphones in the Future

Nokia, one of the first companies to manufacture a consumer-grade mobile phone system, now believes the metaverse will cause phones to become deprecated. “Our belief is that this device will be overtaken by a metaverse experience in the second half of the decade.”

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What are your thoughts on this week’s hottest stories from Bitcoin.com News? Be sure to let us know in the comments section below.

via Bitcoin.com

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Bitcoin.com Games Invites you to Celebrate Halloween with a Magical Tournament

It’s Halloween! Play spookilicious casino games and celebrate this festival of hallowed magic with Bitcoin.com Games!

Monsters Bats Witches Vampires

Our very own premium casino brand, Bitcoin.com Games, has launched the Halloween Magic Tournament where you can play horror-themed games and stand a chance to win cash prizes. The promotion features all sorts of magical creatures to keep you spellbound for the whole week leading up to Halloween.

Featuring monsters,pumpkins, bats, witches and vampires – you’re set to be petrified by the charming new release Halloween Bonanza, or feed your brains to the Candy Monsta as the creepy creatures try to devour all your bets. Spin and Spell, Lucky Dama Muerta, and Fruit Million Halloween Edition round up the games featured in the tournament.

Get ready to be ghouled out and bewitched with a howling surprise from Bitcoin.com Games this Halloween.

At Bitcoin.com Games, you can choose from numerous spooky yet charming slot games designed to reward each bet with insane multipliers, some even going up to x100,000 – based on a random chance of winning. Many slots also carry tiered jackpots, each with specific criteria that, if met, can unlock a massive amount of money for players to take home.

The Halloween Magic Tournament has begun and you can play your favorite bewitching games to grab 10% cashback until the night of Halloween(23:59 GMT on the 31st of October).

Check out this exciting new tournament from Bitcoin.com Games and more on the casino’s website.

What do you think about this newly launched Halloween tournament? Let us know what you think in the comments section below.

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New Mining Bill Permitting Cross-Border Crypto Payments Filed in Russian Parliament

A draft law designed to regulate the mining of digital coins in Russia is also legalizing the use of cryptocurrencies in international settlements. It has been submitted to the Russian parliament after the rejection of an earlier bill which was aiming to allow domestic crypto payments as well.

Draft Legislation on Crypto Mining Allows Russian Residents and Businesses to Pay With Crypto Abroad

Russian lawmakers will review a new legislative proposal for the legalization of cryptocurrency mining, which has seen significant growth over the past few years. Announcing the filing of the bill on Sputnik radio, the Chair of the parliamentary Financial Market Committee Anatoly Aksakov pointed out that the document authorizes the use of cryptocurrencies as a means of payment outside the country.

“We have introduced a bill that legalizes mining, that is the issuance and circulation of cryptocurrencies. But cryptocurrencies can only be employed as a means of payment outside of our country, in foreign jurisdictions,” Aksakov explained, also quoted by RBC Crypto. In experimental mode, the digital assets may also be used to pay for parallel imports, the deputy added and emphasized:

This is a step that speaks of a new direction in the development of financial markets in our country.

Sanctions pressures have increased support for the idea of permitting cross-border crypto payments, but most government institutions in Moscow remain opposed to the legalization of payments with bitcoin and the like inside the Russian Federation. Another mining bill, put forward by the liberal New People faction, was rejected as it provided for the legalization of domestic crypto payments.

The latest draft law was announced last week by Anton Gorelkin, deputy chairman of the Committee on Information Policy at the State Duma, the lower house of parliament, and member of the ruling conservative United Russia party. At the time, he noted that it is a more elaborate document, reflecting the opinions of the Bank of Russia and the Ministry of Finance.

Gorelkin added that the federal law “On Mining in the Russian Federation” does not threaten the status of the Russian ruble as the only legal tender and creates the basis for the development of the country’s own crypto infrastructure. After months of deliberation, Russian lawmakers are also expected to review a bill “On Digital Currency” designed to more comprehensively regulate Russia’s crypto market than the current law “On Digital Financial Assets.”

Do you think Russia will start using cryptocurrencies in foreign trade after the adoption of the new crypto mining law? Share your expectations in the comments section below.

via Lubomir Tassev

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Zksync Devs Plan to Launch Layer 3 Scaling Solution Called ‘Opportunity’ in Q1 2023

Matter Labs, the team behind the Ethereum layer two (L2) scaling protocol Zksync, revealed the developers plan to launch a layer three (L3) proof of concept called “Opportunity” in the first quarter of 2023. The team says that the prototype of L3 will be built on top of L2 and developers and Zksync users can “research and experiment with it.”

Matter Labs Discusses Roadmap’s Baby Alpha Milestone and L3 Proof of Concept

On Oct. 28, Shazia from the Matter Labs team announced that the Zksync developers have reached the roadmap’s Baby Alpha Milestone. Developers note that the team has begun the march to Fair Onboarding Alpha and Full Launch Alpha. Zksync is an Ethereum L2 scaling solution similar to the project’s competitors Optimism, Arbitrum, Polygon Hermez, and Loopring. The Baby Alpha Milestone marks the “deployment of the end-to-end system to mainnet,” Shazia detailed.

With the Baby Alpha Milestone, Zksync devs plan to stress-test the infrastructure with various use cases and run security audits. The team will also run contests and bug bounty programs alongside improving “the technical documentation for Zksync 2.0.”

In addition to the Baby Alpha Milestone, Shazia mentioned the L3 proof-of-concept called “Opportunity.” Matter Labs disclosed that it would be creating an L3 scaling solution during the second week of October and it was originally called “Pathfinder.” The L3 proof-of-concept is set to launch in Q1 2023.

“Layer 2 is the first step toward scalability, developer experience, and user experience. Zksync’s EVM-compatible Layer 3 proof of concept ‘Opportunity’ will come to life in the first quarter of 2023, bringing a starfield of 10X moments to Ethereum,” the Matter Labs representative Shazia detailed. The Matter Labs representative said the team will deliver:

• The prototype of a Layer 3 HyperChain built on top of Layer 2, allowing the ecosystem to research and experiment with it.
• Kickstart development of developer tools, including a CLI and SDKs to spin off your Layer 3 and interact with it.

The news follows Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) on Sept. 15, also known as The Merge. Ether fees have increased to 0.002 ETH or $3.31 for the average ethereum transfer after dropping below the $2 range after The Merge during the last two weeks of September.

What do you think about Matter Labs’ efforts to create an L3 proof of concept built on top of Zksync’s L2? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Twitter Reveals ‘NFT Tweet Tiles’ in Order to ‘Impact’ the Social Media Experience

According to the social media company Twitter, the firm plans to launch a new feature called “NFT Tweet Tiles,” a segregated panel within a tweet that showcases non-fungible tokens (NFTs) and the marketplaces that list the specific NFT shared. The new NFT concept is expected to drop soon, in order to “impact the Tweet experience,” Twitter developers explained on Oct. 27.

Twitter Developers Reveal ‘NFT Tweet Tiles’

After Elon Musk officially took over Twitter, the social media’s development team tweeted that the firm aims to drop a feature called NFT Tweet Tiles soon. “Now testing: NFT Tweet Tiles,” the account @twitterdev tweeted. “Some links to NFTs on [Rarible], [Magic Eden], [Dapper Labs], and [Jump.trade] will now show you a larger picture of the NFT alongside details like the title and creator. One more step in our journey to let developers impact the Tweet experience.”

The NFT Tweet Tiles share the title of the non-fungible token and its creator’s name alongside an image of the digital collectible. From the marketplaces currently supported, Twitter’s new feature will support Ethereum, Immutable X, Flow, Polygon, Solana, and Tezos. Twitter has been moving toward cryptocurrency and blockchain solutions since last year. On Sept. 23, 2021, Twitter started to roll out the company’s “Tips” feature, which allows users to tip their favorite accounts with bitcoin or cash tips.

In Jan. 2022, Twitter rolled out the social media platform’s NFT verification tool, which allows Twitter Blue paid subscribers to upload their NFTs as a profile picture. The NFT authentication and profile tool works with the Web3 wallets Metamask, Argent, Coinbase Wallet, Trust Wallet, Ledger Live, and Rainbow. Twitter is not the only social media firm working with blockchain mediums as Meta has applied cross-post NFTs on Instagram and Facebook.

Twitter’s new NFT Tweet Tiles seem to extend the company’s hexagon logo and NFT verification system. During the last 12 months NFT sales have slid significantly and 30-day statistics indicate NFT sales volume is down 22.01% lower than the month prior. During the last month, $423.91 million in NFT sales were settled and all-time sales crossed the $40 billion mark this month.

What do you think about Twitter’s new NFT Tweet Tiles? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Biggest Movers: SHIB 20% Higher, as DOGE Hits 5-Month High

Meme coins were trading significantly higher on Saturday, as both shiba inu and dogecoin rose by over 20%. Shiba inu rallied to a six-week high in today’s session, as the token broke out of a key resistance level. Dogecoin extended recent gains, climbing to a five-month high in the process.

Shiba Inu (SHIB)

Shiba inu (SHIB) rose to a six-week high to start the weekend, as the token was up by over 20% on Saturday.

SHIB/USD surged to a peak of $0.00001268 earlier today, which comes less than a day after trading at a low of $0.0000106.

Today’s move pushed prices of the meme coin to their highest point since September 13, breaking out of a resistance point in the process.

Looking at the chart, the aforementioned ceiling was the $0.00001230 level, which has been in place since mid-September.

However, SHIB has somewhat slipped from earlier highs, which comes as the 14-day relative strength index (RSI) collided with a key point of resistance.

The index is currently tracking at 69.38, which is marginally below a ceiling at the 70.00 mark.

Dogecoin (DOGE)

Dogecoin (DOGE) extended its bull run for a fifth straight session, with the token trading over 30% higher in today’s session.

Following yesterday’s low of $0.08073, DOGE/USD was able to climb to a high of $0.1076 earlier today.

As a result of its gains to start the weekend, the meme coin is now trading at its highest level since May 11.

In addition to multi-month highs, the RSI is currently tracking at 90.37, which is its strongest point in over a year.

As discussed yesterday, despite prices being significantly overbought, the recent crossover of the 10-day (red) and 25-day (blue) moving averages makes it difficult for bears to reenter.

This is due to the fact that both short and long-term momentum point to an upward trend, which bulls see as a sign to maintain market pressure.

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Do you expect meme coins to continue this trend for the remainder of the weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday

Bitcoin was back in the green on Saturday, as bulls returned to cryptocurrency markets to start the weekend. The token moved closer to a peak of $21,000, rebounding from Friday’s sell-off in the process. Ethereum was also higher in today’s session, climbing by nearly 10%.

Bitcoin

Bitcoin (BTC) rebounded from Friday’s sell-off in today’s session, as the token moved closer to a breakout of $21,000.

Following yesterday’s low of $20,132.50, BTC/USD surged to an intraday high of $20,988.39 to start the weekend.

Today’s move sees the world’s largest cryptocurrency hover close to its highest level in nearly six weeks.

As a result of today’s move, the 14-day relative strength index (RSI) is now nearing a ceiling of its own.

Price strength has already failed to break out of the aforementioned resistance of 66.00 earlier this week, however bulls seem set on retesting this point.

Should a breakout occur, we will not only see the token above $21,000, but potentially moving closer to $22,000.

Ethereum

Ethereum (ETH) was also higher to start the weekend, as prices rose by nearly 20% in today’s session.

ETH/USD raced to a peak of $1,644.28 earlier in the day, which comes after it fell to a bottom of $1,494.75 on Friday.

Following today’s rally, the token founded by Vitalik Buterin rose to its highest point since September 13.

The move came as prices broke through a key resistance point of $1,590, following a failed attempt earlier in the week.

Although the price ceiling was broken, the RSI is now approaching a ceiling of its own, which could lead to increased uncertainty.

As of writing, ETH/USD is trading at $1,614.21, relatively lower than its previous peak.

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Will we see any further surges in ETH this weekend? Leave your thoughts in the comments below.

via Eliman Dambell

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Brussels to Spur Rollout of Instant Payments in Euro, Proposes Legislation

The European Commission has approved a proposal to accelerate the introduction of euro instant payments. The technology is there and Europeans should be able to send and receive money immediately, the executive body said, revealing its intentions to push the industry toward wide adoption.

EU Moves to Make Instant Payments Widely Available Throughout Europe

A legislative proposal to provide all citizens and businesses with access to instant payments in Europe’s single currency has been put forward by the European Commission. The payments should be secure and affordable for anyone with a bank account in the European Union and European Economic Area, officials insisted in an announcement on Wednesday.

Instant payments are much faster than traditional transfers and increase convenience for consumers, save costs for companies, and will free up to €200 billion ($199B) currently locked in transit every day for consumption or investment, the executive power in Brussels argued. The Commission is aiming for their widespread use.

Commenting on the initiative, Executive Vice-President for an Economy that Works for People Valdis Dombrovskis emphasized that instant payments will allow Europe to stay competitive and take advantage of innovations in the digital age. However, nine out of ten credit transfers in euro are still processed as ‘slow’ transfers, pointed out Mairead McGuinness, commissioner for financial services, financial stability and Capital Markets Union.

McGuinness compared the transition from next-day transfers to transfers in seconds to the one from mail to e-mail. She is convinced there is no reason for European citizens and businesses to be unable to send and receive money immediately since the needed technology has been in place since 2017. As it might take another decade for instant payments to become the norm, “we are nudging this sector in this direction,” the commissioner stated during a press conference.

Under the proposal, which amends the Regulation on the Single Euro Payments Area (SEPA), payment service providers that offer credit transfers will be obliged to support instant payments as well and maintain fees that do not exceed those charged for traditional euro transfers. They will also be required to verify if the bank account and the name of the beneficiary match, and check if their clients are not sanctioned by the EU.

The European Commission expects the changes to increase competition in the payments market. They have been proposed as financial authorities in the eurozone are working on a project to issue a digital version of the common European currency. In July, high-ranking officials from the European Central Bank indicated that wide acceptance, ease of use, low-cost and high-speed transactions will be among the key attributes of the digital euro.

What do you think about the European Commission’s decision to promote instant payments in euro? Share your thoughts on the subject in the comments section below.

via Lubomir Tassev

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Bitget to Launch KCGI 2022: Football Edition With 100 BTC Prize Pool and More Rewards Including Signed Messi Jerseys and Popular Tokens for Fans

PRESS RELEASE. October 28, 2022 – Leading cryptocurrency exchange, Bitget, unveils details and awards for King’s Cup Global Invitational (“KCGI”) Fall 2022, its upcoming global crypto futures trading competition. Being Bitget’s third KCGI and celebrating World Cup Qatar 2022 hosted in the same period, the tournament will be themed around football and the mega event. Participants will compete to share a prize pool of up to 100 BTC, and get popular fan tokens, and have a chance to gain a coveted autographed jersey of renowned football star Leo Messi, and popular fan tokens.

KCGI will kickstart the registration period on October 28. In the new edition, Team Battle is closely tied to the World Cup theme, as for the schedule and phased reward system. Moreover, two new reward modes will be introduced; the Invitational Competition rewards players for the number of referrals they bring to the competition, and the Individual Fun Competition allows participants to earn ‘football points’ which can be redeemed for mystery token boxes. Together with the Team Battle, KCGI players will have ample opportunities to team up, trade and win a plethora of rewards.

Bitget recently announced its partnership with Leo Messi, the iconic Argentinian footballer and aims to offer Messi fans a unique opportunity to explore Web 3 and the crypto world while enjoying engagement with the football star. Along with the trophies and awards mentioned above, winners of KCGI have a chance to obtain the autographed jersey of Messi.

Debuted in 2021, the appeal of KCGI has drawn enormous responses as the last two competitions totally received over 12,000 participants. The most recent KCGI Spring competition, KCGI 2022: The Throne’s Calling, closed with a total participation of 4,754 trading enthusiasts from all over the globe.

Gracy Chen, Managing Director of Bitget, comments, “We are glad to see that KCGI has already become one of the most desired events in our community and the industry. The overwhelming responses from traders and the excellent performance of winners push us to take the tournament a step forward. We have optimised the competition system with more options for different sorts of traders and a new theme of the global football mega-event. It is not only about investment, but also fun. As part of our ethos, we want to expand the world of Web 3 to all corners of the globe and all walks of life. Our partnerships with sporting legends reflects our philosophy that better trading and a better life are symbiotic. Bitget’s social trading initiative and our global futures trading tournament, KCGI, are naturally synergistic.”

“The launch of this season’s KCGI also coincides with the integration of our new ‘Bitget Insights’ feature, where crypto trading insights and information can be disseminated in a social media-friendly format – without the shilling, spam or misinformation. We encourage KCGI players, in addition to all our platform users, to use Bitget Insights to seek out smarter trades or technical analyses that may give them the edge on their competition. Not financial advice but, as the last few seasons have shown, the competition is fierce in KCGI.”

For more details on the KCGI Fall 2022, please visit https://www.bitget.com/en/KCGI2022

About Bitget

Established in 2018, Bitget is one of the world’s leading cryptocurrency exchanges with a core focus on social trading. Currently serving over two million users in more than 50 countries around the world, Bitget accelerated its mission to promote decentralised finance with a 600-strong workforce.

Since Bitget’s official launch in the crypto derivatives market in June 2019, the platform has now become one of the world’s largest crypto copy trading and derivatives exchanges and is ranked in the top five globally by CoinGecko for derivatives trading by volume. The leading exchange focuses on transforming the way people connect and trade with social trading. Its flagship offering, One-Click Copy Trade, is nothing short of a pioneer in social trading and has amassed over 55,000 professional traders, with approximately 1.1 million followers, innovating the experience for crypto derivatives traders worldwide.

Adhering closely to its philosophy of ‘Better Trading, Better Life’, Bitget is committed to providing comprehensive and secure trading solutions to users globally, aiming to be the portal that transcends Web2 and Web3, that connects CeFi and DeFi, resulting in an expansive bridge to the vast web of crypto. In September 2021, Bitget announced its sponsorship of world-renowned football team Juventus as its first-ever sleeve partner and PGL Major’s official esports crypto partner soon after. Partnership with the leading esports organisation, Team Spirit was also announced in early 2022.

For media queries, please contact:

sylvia.huang.yq@bitget.com

rachel.cheung@bitget.com

 

 

 

 

---

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.

via Media

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Biggest Movers: AVAX Hits 1-Month High, DOGE Maintains Bullish Momentum

Avalanche rallied to a four-week high on Friday, as prices moved close to a key resistance level. The token hit a ceiling of $17.70 earlier in today’s session, which comes following several days of gains. Dogecoin also maintained recent sentiment, as prices climbed for a fourth straight day.

Avalanche (AVAX)

Avalanche (AVAX) rose to a one-month high on Friday, closing in on a key resistance level in the process.

Following a low of $16.83 on Thursday, AVAX/USD made a move to a peak of $17.70 earlier in today’s session.

This surge in price sees AVAX hit its highest point since September 27, when the token was trading at a high of $18.47.

Looking at the chart, prices have marginally decreased from the earlier peak, and as of writing the asset is trading at $17.67.

The uncertainty in price action comes despite the fact that the 14-day relative strength index (RSI) moved past its ceiling of 60.00.

The index is currently tracking at 60.76, which is its strongest point since August 14.

Dogecoin (DOGE)

For a fourth consecutive day dogecoin (DOGE) has climbed higher, with the token now approaching a fresh multi-month high

Today’s move, which saw DOGE/USD hit a peak of $0.0854, has pushed the meme coin into the cryptocurrency top ten.

As a result of Friday’s 10% gain, prices are now at their strongest point since August 17, with the RSI also higher.

Looking at the chart, the index is now tracking at 84.58, which is its highest point in over a year.

Overall, price is now deep in overbought territory, which could be a positive for bears looking to short the token.

Despite this, momentum of the 10-day (red), and 25-day (blue) moving averages remains high, which some see as a sign of further upcoming rallies.

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How high do you expect dogecoin to climb this weekend? Let us know your thoughts in the comments.

via Eliman Dambell

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National Bank of Kazakhstan to Integrate Digital Tenge With BNB Chain, Binance CEO Unveils

The central bank of Kazakhstan intends to use Binance’s blockchain platform Bnb Chain for the deployment of its upcoming digital currency. The decision was made public on social media by Changpeng Zhao, the chief executive of the global crypto exchange which was recently licensed to work in the country.

Kazakhstan to Employ Binance Blockchain Infrastructure for Its Central Bank Digital Currency Project

Kazakhstan’s monetary authority is going to integrate its central bank digital currency (CBDC) into the Bnb Chain developed by Binance, the founder and CEO of the world’s leading crypto trading platform, Changpeng Zhao (CZ), announced on Twitter.

Binance was recently granted license to provide a range of services for digital assets, including exchange and custody, while operating from the Astana International Financial Center (AIFC), the Central Asian nation’s financial hub.

National Bank of Kazakhstan (NKB) will integrate their CBDC on @BNBchain. #BNB https://t.co/33WMKwAczm

— CZ 🔶 Binance (@cz_binance) October 27, 2022

On Wednesday, Zhao revealed that after it received the regulatory approval, the company met with the First Deputy Governor of the National Bank of Kazakhstan (NKB) Berik Sholpankulov and Binur Zhalenov, head of the bank’s Payment and Financial Technologies Development Center.

Representatives of the exchange introduced the central bank officials to the Bnb Chain community and discussed with them testing the integration of the digital Kazakhstani tenge with the blockchain platform. In a series of tweets, CZ also remarked:

If you’re not aware, NKB recently launched a CBDC pilot in a controlled environment and with real consumers and merchants.

Binance’s chief executive emphasized his team is looking forward to NKB preparing use cases for its digital currency which will allow it to be seen how they could be integrated into Bnb Chain. The ultimate goal will be to bridge the gap between traditional banking and the crypto ecosystem.

Kazakhstan, which became a hotspot for crypto mining in the aftermath of China’s crackdown on the industry last year, has been taking steps to regulate its crypto space, including the activities of coin trading platforms. A transaction for the purchase of bitcoin with the national fiat was recently conducted by a local bank and another licensed exchange, Intebix.

Binance has previously pledged support for the “safe development” the country’s digital asset market. The exchange and the government in Nur-Sultan recently agreed to share information on financial crimes involving cryptocurrencies under a Memorandum of Understanding signed with Kazakhstan’s Financial Monitoring Agency.

What do you think about the cooperation between Binance and Kazakhstan on the central bank digital currency project? Tell us in the comments section below.

via Lubomir Tassev

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