Category: Cryptocurrency News

El Salvador’s plans to build a billion dollar renewable energy precinct has found a first-round investor in stablecoin issuer Tether.

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“We only support blue chip NFTs to reduce the risks,” said Paraspace developers.

Data from Glassnode shows that the current Bitcoin price is where the cost basis of a large number of coins lies. Here’s what this means. 780,000 BTC Was Acquired Near The Current Spot Prices According to data from the on-chain analytics firm Glassnode, 4.6% of the entire circulating Bitcoin supply has its acquisition price near the current spot prices of the asset. The relevant indicator here is the “entity-adjusted UTXO Realized Price Distribution (URPD),” which, in simple terms, tells us about how the cost basis of the investors is distributed right now. The cost basis here refers to the price at which they bought their coins, so this distribution shows us at which price how many coins were acquired by the holders. Note that this indicator has been adjusted for entities, meaning that all internal movements between the wallets owned by a single investor are removed from this data (an “entity” refers to a collection of addresses that Glassnode has identified to belong to the same holder). Naturally, this adjustment has been made because any movement between the addresses of the same entity would otherwise count as a sale. Thus, a fresh cost basis would be given to the investor (when in reality, it wouldn’t be so). Related Reading: Bloomberg’s Senior Macro Strategist Predicts More Pain Ahead For Bitcoin Now, here is a chart that shows what the URPD in the Bitcoin market looks like right now: Looks like the levels around the current price have a large amount of coins concentrated | Source: Glassnode on Twitter As highlighted in the above graph, the levels around the current spot price of the cryptocurrency seem to be the largest center of cost basis in the market right now. In total, 780,000 tokens were purchased at these prices, which amount to around 4.6% of the entire circulating supply of the cryptocurrency. Because of this reason, the current price range that Bitcoin is trading in might be crucial for where the asset could go from here. Related Reading: Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $28K “With such large swathes of Bitcoin concentrated within a tight price range, a move in either direction would send a significant amount of coins into a position of profit or loss, highlighting the acute sensitivity of our current position,” explains Glassnode. Major cost basis centers have historically played a notable role in the market because they act as important psychological levels. During bearish trends, investors prefer to sell when the prices fall to their cost basis, as they want to avoid getting into a loss. Similarly, holders prefer to buy more at their cost basis during bullish trends, considering it a profitable buying opportunity. It remains to be seen how the market will respond to the current situation in the coming days. BTC Price At the time of writing, Bitcoin is trading around $26,000, down 5% in the last week. The value of the asset seems to have plunged down during the past day or so | Source: BTCUSD on TradingView Featured image from Thought Catalog on Unsplash.com, charts from TradingView.com, Glassnode.com

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Researchers in Germany found that the launch of ChatGPT had a significant impact on AI-related cryptocurrencies, despite an overall bear market.

The founder of the Cardano blockchain, Charles Hoskinson, took to Twitter to inform investors of a new scam scheme that has suddenly emerged focusing solely on ADA holders. According to Hoskinson, the scammers impersonate him to send messages to members of the ADA community. Related Reading: Bedrock Upgrade: How Optimism Game-Changer Could Impact OP Price In the post, the Cardano founder reiterated that he would “never email ADA holders directly.” He also disclosed that scammers have been trying different tactics to impersonate him and defraud ADA investors of their funds. Scammers Target ADA Community Members Hoskinson discovered the ongoing scam tactic through an unknown ADA enthusiast who contacted him about the malicious scheme. The ADA user reported that while impersonating him, the scammers sent emails concerning a newly launched project, the “Hoskinson Health and Wellness Clinic.”  The scammers wrote that the launch of the medical facility is part of Hoskinson’s vision to build a “strong” ecosystem for Cardano.  They also noted that the medical center, based in Wyoming, will include ADA as a payment option. The scammers’ emails mentioned that lives are easily lost when people fail to disclose their medical details on time.  So, they stated that easy availability and accessibility of medical information through innovative technology like Cardano would help to save more lives promptly. Related Reading: XRP Climbs 12% As Crypto Celebrates 11-Year Milestone Further, the malicious email stated that the newly launched medical facility is the first medical multichain on the Cardano network. It mentioned that the impact of such a project on the blockchain ecosystem and in life could scale quite high once this kind of project reaches its peak. Finally, the email persuaded ADA investors to research the medical chain project more while increasing their investment holdings in ADA. Hoskinson Offers Some Tips To Identify Scammers While notifying the investors about the ongoing scam, Hoskinson laid out some tips on identifying scammers. Hoskinson noted that the tips would help to fish out those impersonating the Cardano founder. The founder advises members of the ADA community to verify the identity of senders of suspicious emails by requesting them to do so. To ensure security, the verification process should involve obtaining Hoskinson’s Pretty Good Privacy (PGP) key signature. Hoskinson has confirmed that scammers cannot replicate this signature. PGP keys are public encryption keys designed for the specific purposes of encrypting or signing emails, files, and directories. When you create a PGP key, the system generates a public and private key pair, enabling you to receive an encrypted message and open it. But you can send the public key to the sender and use your private key to decrypt the message when it comes. In that case, someone impersonating you cannot produce your public key, as Hoskinson pointed out. Meanwhile, ADA is trading at around $0.3748 when writing, indicating a drop of 1.78% over the past 24 hours. Data from CoinMarketCap shows that its market cap is about $ 13.07 billion. Featured image from Pixabay and chart from TradingView.com

How have the regulatory and legal frameworks governing cryptocurrency fines transformed over the years, and what are the key trends and challenges?