Orbital, a provider of blockchain-based payments, has published a blog post highlighting the importance of USDT payments on TRON in emerging markets. The company processes millions of on-chain transactions each year, valued in the billions of dollars. The post explains that while developed markets have little motivation to adopt crypto payments, the situation is different […]
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Digital Chamber Urges SEC to End Attacks on Crypto Industry, Embrace Future of Finance
The Digital Chamber (TDC) has urged the U.S. Securities and Exchange Commission (SEC) to end its attacks on the crypto industry following its enforcement action against Consensys. The chamber argues the SEC’s actions are overreaching and detrimental to financial innovation and inclusion. Digital Chamber Criticizes SEC’s Action The Digital Chamber (TDC) has called on the […]
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Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking
The winds of change are blowing through the crypto mining industry. The highly anticipated halving event in April 2024, which sliced block rewards in half, has sent shockwaves through the ecosystem. Daily revenue for miners has plummeted by over 70% since the halving, forcing them to scramble for new avenues to secure their bottom line.
Enter Artificial Intelligence (AI). Buoyed by the success of projects like OpenAI’s ChatGPT, AI computing is experiencing a surge in demand. This, coupled with potentially higher profit margins compared to Bitcoin mining, is making AI an increasingly attractive option for miners.
AI: A Beacon Of Hope In A Volatile Sea
Companies like Bit Digital are leading the charge, with AI already contributing nearly 30% of their revenue. Other industry players like Hut 8 and Hive are also dipping their toes into the AI pool.
Adam Sullivan, CEO of Core Scientific, said:
“The shift to AI allows us to create a diversified business model with more predictable cash flows.”
This diversification is crucial in the face of the volatile nature of Bitcoin prices. By incorporating AI, miners are aiming to reduce their dependence on a single, often unpredictable, income stream.
Mass Exodus Or Miner Metamorphosis?
The impact of the halving isn’t limited to dwindling profits. Data suggests a potential shakeout within the mining community. A recent report indicates a significant drop in the Bitcoin network hashrate, a metric reflecting total mining power. This could signal a mass exodus of miners, particularly those with less efficient rigs struggling to stay afloat after the reward reduction.
Further corroborating this theory is the recent flash in the Hash Ribbons metric. This indicator tracks the difference between short-term and long-term moving averages of hashrate, with spikes suggesting low mining activity or miner capitulation.
Crypto hedge fund Capriole Investments interprets this as a potential “tempting Bitcoin buy signal,” suggesting the market might be reacting to a decrease in mining pressure.
Mining pressure refers to the pressure on crypto miners to sell their Bitcoin. Miners earn Bitcoin as a reward for securing the network and typically sell it to cover operational costs like electricity and equipment. When pressure decreases, it often indicates that miners are less compelled to sell their Bitcoin.
A Silver Lining For Long-Term Bulls?
Meanwhile, some analysts claim that institutional investors are showing renewed interest in Bitcoin, turning “risk-on” in their approach. This could be a sign of growing confidence in the long-term prospects of the cryptocurrency.
Featured image from The Motley Fool, chart from TradingView
Forget Fear, Embrace Greed? Bitcoin Soars As Sentiment Turns Red Hot
Bitcoin (BTC) continues its captivating dance near its all-time high, leaving investors to ponder whether it’s a victory lap or a prelude to a potential tumble. While the price sits stubbornly around ,000, new data reveals a market brimming with “extreme greed,” according to the Crypto Fear and Greed Index. This suggests investors are piling on, fueled by the belief that the digital gold is on an unstoppable ascent.
However, beneath the surface of this bullish fervor lurk shadows of potential setbacks. Let’s dissect the forces shaping Bitcoin’s trajectory.
Greed For Bitcoin Up
The Fear and Greed Index at 74 paints a picture of a market intoxicated by optimism. Investors are chomping at the bit, accumulating more BTC in anticipation of a price surge. This bullish sentiment might very well be a self-fulfilling prophecy, but a note of caution is necessary. Historically, periods of extreme greed have often ended with sharp corrections.
Profit Taking: The Looming Sell-Off?
With BTC brushing shoulders with its all-time high, the allure of profit-taking becomes irresistible for some investors. The temptation to cash out and lock in gains could trigger a wave of selling, applying downward pressure on the price. This dynamic highlights the double-edged sword of profitability. While it bolsters sentiment, it can also ignite a sell-off if not managed strategically.
Short-Term Holders: A Recipe For Volatility?
The analysis also reveals a rise in short-term holders (STHs). These investors, unlike their long-term counterparts, are more likely to react impulsively to market fluctuations. A sudden dip in price could trigger panic selling from these STHs, leading to short-term volatility for Bitcoin.
Greed: Bullish Sentiment
The bullish sentiment fueled by the Fear and Greed Index is a positive force. However, the risks of profit-taking, short-term holder behavior, and potential future miner capitulation cannot be ignored. The coming days will be crucial in determining whether Bitcoin can overcome these hurdles and propel itself to new heights or succumb to a correction.
Miners: A Force To Be Reckoned With
Meanwhile, miners – the lifeblood of the Bitcoin network – play a crucial role in price stability. When miner revenue dips, they’re forced to sell their BTC holdings to cover operational costs. This selling pressure can significantly impact the price. However, the good news is that miner revenue has been on an upswing recently, alleviating some concerns about a miner-induced sell-off.
Featured image from Getty Images, chart from TradingView
Embrace Privacy and Earn up to 150% APY With wZANO-USDT
Bitcoin.com’s decentralized exchange, Verse DEX, has launched the second wZANO-USDT farm, offering an impressive APY of up to 150%. For full details, including instructions, head over here. This initiative is the continuation of the integration of the privacy-focused ZANO token into the broader Bitcoin.com ecosystem, an essential development for crypto enthusiasts valuing both high yields […]
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Will X Unleash The Doge? Platform Users Eager To Embrace The Meme Coin
DOGE (Dogecoin), the cryptocurrency propelled by internet memes, is gaining attention on Elon Musk’s X (formerly Twitter), as evidenced by a survey conducted by a leading Doge account.
The community’s interest in integrating Dogecoin (DOGE) into the platform for payments and tips is apparent, reflecting a desire to move away from traditional fiat currencies.
Related Reading: Shibarium Shatters Records: 2 Million Transactions In A Day – Details
Doge In X: Regulatory Challenges
Elon Musk has been a vocal supporter of Dogecoin, praising its transaction speed and suitability in comparison to Bitcoin. Although there is no official confirmation, speculation is mounting following X’s acquisition of money transfer licenses across various US states.
Musk envisions transforming X into an “everything app” with a robust commerce engine, and Dogecoin could play a significant role in this vision.
Would you use Dogecoin on 𝕏?
pic.twitter.com/bjPayw1NXH
— Sir Doge of the Coin
(@dogeofficialceo) January 17, 2024
However, obstacles exist before the potential integration of Dogecoin into the platform. Regulatory approvals for the acquired money transfer licenses are anticipated by mid-2024, posing a potential challenge to Musk’s ambitious timeline.
Additionally, technical details and integration methods for DOGE payments remain undisclosed.
At the time of writing, DOGE was trading at $.0802 down 1.2% and 4.4% in the last 24 hours and seven days, data from Coingecko shows.
Despite these uncertainties, the Doge community is actively preparing. Large transactions involving millions of DOGE tokens suggest anticipation for a potential surge in demand. The enthusiasm within the X community, evident in tweets and discussions, is noteworthy.
Just this week, almost a billion DOGE changed hands. An unidentified buyer removed 67,903,623 Dogecoin from the popular brokerage platform Robinhood during the last 24 hours, according to the blockchain sleuth at Whale Alert.
67,903,623 #DOGE (5,549,241 USD) transferred from #Robinhood to unknown wallethttps://t.co/381LGoHzwD
— Whale Alert (@whale_alert) January 16, 2024
The identical source had earlier this week reported a substantially larger quantity of these meme currencies transferred—990,000,000 DOGE, which was valued ,757,842 when the transaction was made.
The possibility of Dogecoin payments on X has the potential to bring about significant changes, not only for X but also for the broader online payment landscape.
Doge Challenges: Volatility, Community Transition
Envisioning the ability to tip content creators or settle bills with digital shiba inu coins adds an element of fun and community to online transactions, challenging the dominance of traditional payment providers.
However, challenges extend beyond regulatory approval. The inherent volatility of cryptocurrency markets, exemplified by Doge’s recent price dip, raises concerns. Integrating a meme-based currency into a major platform entails navigating potential financial risks and bubbles cautiously.
The future remains uncertain regarding Doge becoming the official currency of X’s “everything app” ecosystem. One undeniable fact is the readiness of the Doge community to transition away from fiat, envisioning a future where digital shiba inu smiles replace conventional currencies.
The extent to which this revolution translates into widespread adoption and lasting impact is yet to be seen. Regardless, the Dogecoin narrative is evolving, promising an intriguing journey shaped by memes, speculation, and the unpredictable nature of Musk.
Featured image from Freepik
Phantom Expands Web3 Wallet to Embrace Bitcoin, Ordinals, and BRC20 Tokens Amid Soaring Demand
Phantom, the Web3 cryptocurrency wallet initially developed for Solana, has expanded to include Ethereum and Polygon, and is now introducing support for Bitcoin, Ordinal inscriptions, and BRC20 tokens. Users of Phantom have the ability to integrate their existing bitcoin wallets, allowing them to manage their Bitcoin-centric digital collectibles and fungible tokens through the Web3 platform’s interface.
From Solana to Bitcoin: Phantom Wallet’s Latest Expansion Embraces Inscriptions and BRC20s
In 2023, Ordinals and BRC20 tokens, developed atop Bitcoin, have gained considerable traction, leading numerous companies to adopt the supporting infrastructure. As of December 21, 2023, the Bitcoin blockchain boasts over 50 million inscriptions.
On Wednesday, Phantom, the Web3 wallet that secured 9 million in Series B funding from key investors last year, announced its foray into the Bitcoin realm. Phantom acknowledges Bitcoin’s foundational role, stating that without it, there would be no Solana, Ethereum, or Web3.
“Introducing Bitcoin on Phantom,” the company said in a post shared on X. “You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC20 tokens with your favorite multi-chain wallet.”
Phantom’s integration of Ordinals and BRC20s coincides with a surge in demand for Bitcoin digital collectibles and fungible tokens. Recent data from cryptoslam.io reveals that Bitcoin-based NFT sales have exceeded 0 million in the past week.
Phantom’s Bitcoin feature is currently in beta and available on an opt-in basis. Users can also link with the NFT marketplaces Magic Eden and Unisat, and Phantom indicates that additional “trusted” applications will be introduced shortly.
What do you think about Phantom supporting Bitcoin, Ordinals, and BRC20 tokens? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Sentiment Returns To Neutral, Will Traders Embrace Greed Next?
Data shows that Bitcoin investors may be close to embracing greed as market sentiment has surged into neutral territory.
Bitcoin Fear & Greed Index Points At Neutral Trader Sentiment
The “Fear & Greed Index” is an indicator that tells us about the general sentiment among the investors in the Bitcoin and wider cryptocurrency sector. According to the index’s creator, Alternative, the metric takes into account multiple factors for calculating this sentiment.
The five factors it currently uses in the indicator’s value are namely: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends data. Earlier, the index also made use of surveys, but for now, they are on pause.
To represent the market sentiment, the fear and greed index uses a numeric scale that runs from 0-100. All values above the 54 mark suggest greed among the traders, while values below 46 imply fear. The in-between region means the presence of a neutral mentality.
Besides these three basic sentiments, there are also two extreme sentiments, called “extreme fear” (taking place below 25) and “extreme greed” (occurring above 75). Historically, these two regions have been quite significant for Bitcoin, as cyclical bottoms and tops have usually formed in the respective zones.
Now, here is what the Fear & Greed Index looks like for the market right now:
According to the index, the investors as a whole are sharing a neutral sentiment, meaning that they aren’t leaning one way or the other. Although, at the current 52 value, the metric is certainly closer to the greed territory than the fear one.
Earlier in the month, when BTC witnessed a crash from the ,000 level to below the ,000 mark, the sentiment in the market naturally plummeted. Investors had become fearful and had remained so for the duration that the asset consolidated around these lows.
After the rally spurred by Grayscale’s lawsuit victory, though, the sentiment rapidly registered an improvement and surged toward the current neutral values.
The below chart represents how the Fear & Greed Index’s value has changed recently:
While the sentiment in the market has seen a rapid improvement with the latest rally, the investors haven’t quite yet made up their minds if they want to give in to greed or not.
It’s possible that more positive price action would need to happen before the investors are able to fully embrace the bullish momentum.
Nevertheless, a break into the greed territory would naturally be a green signal for any surge’s sustainability, as it would mean that the majority of the investors are ready to support the move.
BTC Price
After observing a pullback since the rally high, Bitcoin is currently trading around the ,200 level, with investors still enjoying profits of about 3% over the past week.
Exploring the World of Rare Satoshis: Collectors Embrace the Value of Unique Bitcoin Artifacts
With 13 million Ordinal inscriptions linked to the Bitcoin blockchain, enthusiasts have turned their attention to a distinct digital artifact subject known as “rare satoshis” or “satributes.” The latest trend involves collectors assigning greater worth to satoshis connected to noteworthy occurrences, such as being involved in the first bitcoin transaction or being the initial satoshi of a block. Lately, these rare satoshi artifacts have captivated the collector community.
The Quest for Rare Satoshis
As the popularity of Ordinal inscriptions surged on the Bitcoin blockchain, individuals embraced the technology to meticulously categorize satoshis, the smallest divisible unit of Bitcoin. Derived from the name of Bitcoin’s visionary creator, satoshis represent the smallest fractions of the cryptocurrency thoroughly documented on the ledger.
In a recent twist, collectors have begun attributing higher value to particular satoshis, either due to their rarity or their association with legendary milestones. Enthusiasts are now on the hunt for these luxury satoshis, eagerly inspecting their holdings in hopes of uncovering ancient treasures acquired over time.
The topic has been circulating on social media, and numerous individuals have posted Twitter threads on the subject. Others have authored comprehensive articles explaining rare satoshis and providing instructions on how individuals can verify their ownership of such sats. On May 16, the author known as Old School Crypto published an editorial that extensively discusses rare satoshis.
The article includes images illustrating the definitions of common satoshis, which encompass any satoshi that was not the first in a block. Uncommon satoshis, on the other hand, represent the first satoshi in a block, and currently, there are nearly seven million of this type.
Another collectible sat is a satoshi that represents the first satoshi of the initial block linked to a new difficulty epoch, with fewer than 3,500 of them available. An epic satoshi refers to the first satoshi in the initial block associated with block-halving events. Additionally, there is the first satoshi in the Genesis block, and other rare satoshis could be connected to significant historical events. These historical events encompass the first transaction, the pizza transaction, a satoshi mined within the first 1,000 blocks, and more.
As described in Old School Crypto’s article, the marketplace Ord.io, within the Ordinal platform, allows users to explore and filter these types of satoshis using the “satributes” filter. Ord.io’s website showcases nine distinct types of satributes, encompassing uncommon, common, rare, epic, vintage, Nakamoto, first transaction, palindrome, pizza, block 9, and block 78.
The concept of assigning numismatic value to bitcoin is not new, as individuals have linked the currency to notable events such as the Silk Road, Satoshi’s first transaction with Hal, and others. Physical bitcoins like Casascius coins have gained value beyond their original loadings. In 2011, users on bitcointalk.org engaged in discussions regarding the purchase of a single bitcoin for 1.5 BTC, which was associated with the 2010 pizza transaction.
What do you think about rare satoshis or satributes? Share your thoughts and opinions about this subject in the comments section below.
Majority of Americans Hesitant to Embrace Central Bank Digital Currency, Survey Finds
A recent poll conducted by the Cato Institute and public opinion firm Yougov reveals that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings indicate that support for a CBDC remains relatively low among survey respondents.
U.S. CBDC Support Remains Low: Survey Highlights American Hesitation
In late May 2023, the Cato Institute, a public policy research organization, and Yougov, a public opinion and data firm, unveiled a survey examining American attitudes toward the potential introduction of a CBDC. From February 27 to March 8, 2023, they polled 2,126 individuals, inquiring about their stance on a CBDC under various circumstances.
For example, one question asked participants whether they would endorse or oppose a government-issued CBDC if it allowed the government to monitor all purchases. Just 13% expressed full support for this type of CBDC, while 68% were thoroughly opposed. Approximately 20% remained uncertain and expressed no clear preference either way.
Another query posed to respondents was whether they would favor or reject a CBDC that allowed the government to control their spending. In this scenario, only 10% fully backed the idea, whereas 74% were adamantly against it. Roughly 16% professed they were unsure and could not firmly commit to either side. When asked about their support for a CBDC designed to combat money laundering and fraud, 42% declared total approval.
Of those surveyed on this topic, about 28% entirely rejected such a fraud-reducing CBDC while roughly 31% could not definitively say if they would support it. Furthermore, when questioned about endorsing a CBDC that ensures welfare recipients use funds as intended, there was an even split: exactly 40% strongly supported it while approximately 31% firmly disapproved and 28% were undecided.
Cato’s Polled Respondents Mostly Concerned a CBDC Will Give the Government Total Control Over Spending
In general, as far as a CBDC with no set criteria, 34% of Americans oppose the U.S. central bank launching a CBDC and 16% favor the idea. Interestingly, nearly half of those surveyed (49%) did not have a clear opinion on the matter, which may be due to a lack of familiarity with the concept; in fact, 72% of respondents admitted to being unfamiliar with CBDCs. When asked about their concerns regarding a potential CBDC, 66% of respondents cited worries about government control over their finances, while monitoring was the second most common concern.
Looking ahead, only 22% of those polled believe that an American CBDC is likely to launch, while the majority (78%) do not anticipate such a development. When it comes to political affiliations, around 15% of the surveyed group identified as Libertarians. Interestingly, most Democrats and Independents did not express a clear opinion on the matter. On the other hand, a majority of Republicans were firmly opposed to the creation of a CBDC.
According to the survey, the most attractive aspect of a CBDC was its purported ability to combat money laundering and financial crime. The second most appealing feature was a CBDC that bolstered the welfare system. However, a striking 76% of respondents expressed greater concern about the potential risks associated with a CBDC than its potential benefits.
What are your thoughts on the potential risks and benefits of a central bank digital currency? Share your thoughts and opinions about this subject in the comments section below.