Author: dfmines

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The bitcoin mining crackdown was one of the major moves by a government that rocked the crypto space. The crackdown saw the mass exodus of bitcoin miners out of the presumed mining capital of the world as the Chinese government ramped up its efforts to push the miners out. During this time, the mining hash rate from the region had crashed to nearly zero. Miners moving out of the country had had to quickly move their mining rigs and find new homes for them. During this time, the hash rate and by extension, the price of bitcoin, had suffered extensively but with time, bitcoin miners had found their footing in other places like the United States. The China crackdown was swift and intense but it did not necessarily drive out all of the bitcoin miners. Related Reading | Struggling Prices Beats Bitcoin Expectations Down From $100K To $50K Bitcoin Miners Remain In China A new report from CNBC has shown that there are still active bitcoin miners that remain in China. The report estimates that about 20% of all bitcoin miners continue to operate in the region, albeit in the shadows. The report follows ‘Ben’, a bitcoin miner who continues to operate in the region. This miner shares that they have had to go underground and hope that they do not get caught by the Chinese authorities. Nevertheless, Ben and others like him continue to carry out their mining operations while coming up with more creative ways to evade detection by the authorities. BTC trending around $48K | Source: BTCUSD on TradingView.com It was stated in a report from Cambridge University that mining activities had ground to a halt in the country, putting China’s mining share at 0% but Ben and other miners who remain would beg to differ. These miners successfully hide their hash rate, leading the rest of the world to believe that the hash rate from the region is significantly less than it actually is. “A pool doesn’t have to reveal any data,” said Ben. “You’re basically telling the world that my revenue is only half of what I actually have. You don’t brag about it.” Mining Activities Continue The main reason behind the China crackdown on mining had revolved around the energy shortages that were being experienced in the country. Bitcoin miners were singled out as the culprit due to the energy-intensive nature of the activities, and authorities banned mining in an effort to regain power in these places. Related Reading | Billionaire Ray Dalio Explains Why He Owns Bitcoin And Ethereum Most mining operations in the region are fished out using the energy consumption from particular consumers. However, Ben has found a way around this by spreading out his operation across multiple locations and only drawing power from local sources and not the main grid. Qihoo 360, a Chinese cybersecurity company, reported in November that there are still about 109,000 daily active crypto mining addresses in the region. This is significantly less than at its peak but still puts China as a major player when it comes to bitcoin mining. Featured image from CoinDesk, chart from TradingView.com

Visa’s head of crypto has revealed that the payments giant has partnered with about 60 leading crypto platforms “to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide.” He emphasized, “We’ve built a lot of momentum in this space, and we’ll continue to […]

Ubisoft’s first foray into nonfungible tokens was met with significant backlash from the gaming community. Now, it’s pursuing “dynamic NFTs” with aleph.im.

Right now there are lots of cryptos who are rolling out zkRollup solutions. I will not mention any by name, since I had a post earlier mentioning some by name, and it was removed, however, I am still very interested in having an orderly discussion about how L2 scaling will grow ETH. Right now there…
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CNBC personality Jim Cramer has been pushing the possibility of a so-called “Santa Claus rally” across the stock market. But could this holiday-related trend have an impact on Bitcoin and cryptocurrencies? Mad Money Host Calls For “Santa Claus Rally” Bitcoin has taken a beating, down substantially from what most of its backers believed the year would be closing at. The stock-to-flow model was predicting anywhere between $100,000 to $288,000 per coin, but instead the top cryptocurrency by market cap is below $50,000 or around half of the lower of the two targets. Related Reading | Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak? But the year isn’t yet over, and a potential Santa Claus rally narrative is slowly spreading across the world of stocks. CNBC Mad Money host Jim Cramer is giving the idea heavy press. First, he tweeted explaining that today is the day it would normally start. Historically today is the day the Santa Claus rally starts. It worked even during 2007-2009. So it is hard to doubt.. — Jim Cramer (@jimcramer) December 21, 2021 On Squawk Box, Cramer later revealed that if “you bought today and you just held on even for six days, you made money almost every single year.” According to Investopedia, a Santa Claus rally “describes a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.” Statistics show that there is a remarkably higher probability of strong performance during these key dates based on the S&P 500. Such rallies are retail driven, and occur for various reasons which include: Increased investor enthusiasm around the holidays A low volume environment due to holidays and vacations More sophisticated short-sellers are on vacation The end of tax-loss harvesting by institutional or wealthy investors But does such a phenomenon work for Bitcoin and crypto? Ho ho how much could crypto climb? | Source: BTCUSD on TradingView.com Will Bitcoin Climb This Christmas Into The New Year? Reviewing past statistics related to Bitcoin price action around the last week of December into the first two trading days of January, data shows there is a lower probability of a Santa Claus rally in crypto than in stocks. Only four years during such timeframe have been positive for Bitcoin, with the most recent occurring last year. With far less data available than in the S&P 500, anything is still possible when it comes to speculative digital assets. Related Reading | Bitcoin Falls Flat: Examining A Rare Bull Market Corrective Pattern Other seasonal type data related to this very day might prove to be more profitable. Today also is the Winter solstice, which in the past has been in close proximity to either a top, bottom, or a break of all-time high. The Winter Solstice and Fibonacci | Source: BTCUSD on TradingView.com With this Winter solstice having failed to produce the peak of a rally, it could – like it has in the past – instead put in a short-term bottom that runs until the next equinox. And its possible that it starts with a Santa Claus rally. Crypto is notoriously low volume compared to other markets, especially during holidays. The presence of institutional tax loss harvesting and more advanced short hedge positions could have kept Bitcoin price down during the December month, but with that out of the way, retail could push prices up in the near term. However, according to the person who first mentioned a Santa Claus rally in The Stock Trader’s Almanac in 1972, Yale Hirsch, the rally itself isn’t what’s important. It is what arrives in the year that follows that matters. “What’s important is not to catch this little rally but to use it as indication for what may happen in the coming year,” he said, calling it “an early indicator for the year to come.” Hirsch’s father even came up with a phrase to help remember: “If Santa clause should fail to call, bears may come to Broad and Wall.” I'm dreaming, of a green Christmas. With every #Christmas chart I draw. When #Bitcoin tops are possible; altcoin season, probable. Flip bear, then short it once again. pic.twitter.com/1wV6JYy4Vx — Tony “The Bull” Spilotro (@tonyspilotroBTC) December 15, 2021 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

PRESS RELEASE. Affyn’s private round was oversubscribed within a week of its website unveiling, resulting in the opening of a new strategic round that once again became oversubscribed, ahead of its presale in December 2021. Backed by more than 50 venture capitalists, institutional investors and partners, signaling high confidence and strong demand for Affyn’s Play-to-Earn […]