Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

so, what needs to be done by the community to disable the 2miners influence?

Me and my best friend have an invested interest in the RVN community, and the coin itself. I spent over 4 months working with this crypto coin, and have become somewhat… emotionally attached to the community as well. (KAW KAW KAW) We have a good chunk of our future investment in RVN coin. CLEARLY this…
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VORTECS™ Spotlight: Fantom’s 500%+ rally was signalled by this key trading metric

This key trading metric alerted traders to FTM’s bullish outlook on each turn of the altcoin’s parabolic 500% rally.

Why This Investor Fled His Bitcoin Position, Should You Do The Same?

Bitcoin has been moving sideways in the past day after a 20% dropped at the start of the week. The first cryptocurrency by market was showing strong conviction to the upside, but ultimately the excessive greed in the market could have played against the bulls. At the time of writing, Bitcoin trades at $46,875 with a 1.2% profit in the daily chart. A recent report by QCP Capital confirmed that the flash crash was preceded by an increase in leverage positions on the derivatives sector. The firm previously warned about the potential downside risk as derivatives were signaling “nervousness” amongst investors. When the price of Bitcoin broke the $52,000 barrier, the outlook “worsened”, the firm said. In addition, there was a sentiment of “disbelief” in the market that the rally that took Bitcoin into those levels was unable to “fail”. In previous months, May, June, and July, a similar situation occurred with a “Buy the rumor, sell the news” catalyzer, in this case the implementation of the Bitcoin Law in El Salvador. In addition to an increase in fair and uncertainty due to the Securities and Exchange Commission (SEC) cracked down on crypto exchange Coinbase. Related Reading | Bitcoin On-Chain Data Reveals Why This Selloff Is Different From May’s Crash In that sense, investor Alex Wice took to Twitter to announced that he has “exited” his Bitcoin position. Wice believe the outlook in the market has changed with the recent crash. The rally from near BTC’s price yearly open started driven by a fresh surge in institutional investment. Wice highlighted the participation of Alameda Research, the investment arm of crypto exchange FTX, as bullish factor previous to the crash. However, he added: Since this nuke, longs are no longer cozy. We’ve changed from up only to ball game – we update for nukes to be much more likely now. Overleveraging is back. Post bounce, longs are low edge. We could even goblin town. Bitcoin Data Speaks, Will The Bears Take Back Control? In that sense, Bitcoin follow two scenarios, more “crab like” price action in the coming days, as it did during May, and June, or a straight dropped most likely back into the $30,000 levels. Analyst Ben Lilly has found a correlation with the recent price action to the downside and a cool off in the non-fungible tokens (NFT) sector. As Ben Lilly pointed out, the EIP-1559 update as made Ethereum more susceptible to variations in on-chain activity. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Similarly, Ethereum was one of the cryptocurrencies leading the market during the rally. In addition, Bitcoin fundamentals and other indicators turned bearish suggesting a pullback, Ben Lilly added: (…) even the morning of the drop we witnessed a transaction that tends to take place when a “by the dip” opportunity is likely to happen. This is what I mean when I saw a few odd transactions took place onchain that led us to believe some of this was premeditated. Bitcoin could be at a turning point, according to the analyst. In the coming days, the fate of the bull-run could be decided if BTC’s price continues to trend to the downside to form a “Bull/Bear Divide”, as seen below. In that context, long term BTC holders will become importance. Their activity, as measured by the Spent Output Age Bands (In pink below), could indicate a “liquidity exit”. With that in mind, the analyst doesn’t rule out a potential short squeeze and more continuation if that holds, Ben Lilly added: With a quick change in sentiment the market will sometimes prey on overly bearish behavior. Meaning price can quickly squeeze out shorts who entered late. Once this easy pickings scenario plays out we’ll see how the structure looks. If it’s a big squeeze then maybe we can get another attempt at $53k.

Does anyone feel like ETH could be the the myspace of crypto?

I keep hearing about how bitcoin is the myspace of crypto but bitcoin seems to have a very niche market. It's decentralised money that free's billions of people from inflation. no other crypto does this. Meanwhile ETH does smart contracts but it seems like there's dozens of other projects nipping at the heels and trying…
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How to Solve Ethereum’s NFT Gas Wars

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Buy physical art as NFTs

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Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting

Bitcoin is a perpetual motion machine. The Bitcoin hashrate is slowly climbing to pre-China-ban levels, and the service continued uninterrupted without a hiccup. Such is the power of well-placed incentives. Pantera Capital’s CEO Dan Morehead adds one more factor to the equation. “The bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China’s ban—likely in places with cleaner energy.” The recovery is happening exactly as forecast. The #bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China's ban—likely in places with cleaner energy. The transition to renewables is underway. Sep Letter: https://t.co/xLyaLpPQQN pic.twitter.com/UsK9ML3BU8 — Dan Morehead (@dan_pantera) September 9, 2021 In the company’s newsletter, Pantera fleshes out the argument: “Although difficult to know with certainty, it seems very likely that much of the reboot in mining power is occurring in places with cleaner energy than those utilized by Chinese miners.  The transition to renewables is well underway.” Regarding The Bitcoin Hashrate, Are ESG Concerns Even Important? Here at NewsBTC we’ve determined that China’s Bitcoin mining tended to go to provinces with abundant green energy. Bitcoin incentivizes that. The Bitcoin hashrate tends to go where the energy is cheap. We’ve also determined that the environment doesn’t seem to be the reason for China’s Bitcoin mining ban. “The fact that the electricity for crypto mining in Sichuan came from clean hydropower meant that many thought the province would be a safe haven for Bitcoin miners. As pressure on local governments to cut carbon emissions mounts, projects were successfully shuttered in some other provincial-level regions — such as Xinjiang and Inner Mongolia — where the mining was chiefly fueled by coal.”  The only thing we can know for sure about the Chinese government’s plan is this: the environment is not on their radar. They’re closing these mining operations for other reasons altogether.  It’s also important to remember that China’s Bitcoin hashrate dominance was already on decline before the mining ban.  “According to Arcane Research, CBECI numbers say that: China’s share of total Bitcoin mining power has declined from 75.5% in September 2019 to 46% in April 2021 — before the restrictions on Chinese miners were even imposed. That figure is much lower than the older estimate of 65%. That’s a sharp decline. Why did China’s miners lose so much ground before the ban?” None of this invalidates Pantera Capital’s original thesis, though. “The transition to renewables is well underway,” that certainly seems to be the case. And the Bitcoin hashrate keeps climbing.  BTC price chart for 09/09/2021 on Timex | Source: BTC/USD on TradingView.com Do Bitcoin Halvins Imply Cuts In Energy Consumption? Another interesting idea present in the mentioned newsletter is this one: “Bitcoin has a built-in mechanism to reduce energy consumption over time.  The number of bitcoin issued in the every-ten-minutes block reward is cut in half every four years.  Ceteris paribus, the amount of electricity Bitcoin consumes will be cut by 50% every four years.  For comparison, the Paris Accord only requires 7% cuts every four years.” Of course, when related to fiat currencies, Bitcoin’s price fluctuates. So, the value of every Bitcoin stays the same, but the price might – and usually does – increase more than twofold. Even though the miner’s rewards are cut in half, their earnings might increase. That extra money could bring even more competition and a Bitcoin hashrate increase with it.  Taking that into account, Pantera poses: “Perhaps a more realistic scenario is if the price of bitcoin were to double every four years in parallel with the halvings – putting bitcoin at $320,000 /BTC in 2032 – electricity consumption would be no greater than it is today.” Enough About The Bitcoin Hashrate, What About The Price? Another point that the newsletter makes is this one.“This is China’s third ban of Bitcoin.  The reverse hex is still working – the price is up 57%.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Is this a bullish signal? Bitcoin’s price has “only” increased by 57% since the Chinese mining ban sent the Bitcoin hashrate in death spiral for a few seconds. Bitcoin paid the price and resisted sabotage like a hero. We’re not sure if a “reverse hex” could be considered reliable information, but… maybe this IS a bullish signal? Featured Image by Diana Polekhina on Unsplash – Charts by TradingView and Pantera Capital

Dydx Protocol Unlocks Airdrop Rewards; Users Get up to $50K

Dydx, a decentralized exchange, finally unlocked its airdrop rewards for users. Its governance token, dydx, was locked due to airdrop restrictions since the protocol announced its distribution on August 3rd. Since its release the price has skyrocketed, giving some of the more active users on the platform more than $50K worth of dydx. However, some […]

Tron Black, RavenCoin with Charlene Live on iheartRadio – Friday Oct 1st

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