This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached per troy ounce for the first time since February 2013. Silver Hits per Ounce, Outperforms Gold […]
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Precious Metal Peaks — Gold Surpasses $2,140, Marking Historic Price High
As bitcoin climbed beyond its previous 2021 peak, the value of an ounce of pure gold similarly hit a lifetime high on March 5. The globally acknowledged safe haven asset soared to ,140 per ounce on Tuesday, marking a 4.97% increase against the U.S. dollar over the preceding week. Price of Gold Climbs to Unprecedented […]
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Bank of China Completes First Precious Metal Digital Yuan Settlement
The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a million precious metal trade after receiving the funds overseas, according to local media reports.
Bank of China Completes First Cross Borders Precious Gold Transaction With Digital Yuan
The Shanghai branch of the Bank of China announced that it has completed the first precious metal settlement using the digital yuan, the Chinese central bank digital currency (CBDC). The bank worked closely with the Shanghai Gold Exchange to transact the funds received overseas with the digital yuan. The transaction involved paying million in exchange for undisclosed precious metals.
According to local media, this would be the first time the Chinese digital yuan is used to complete a fine metal transaction. A spokesperson for the Shanghai branch of the Bank of China stressed the relevance of this trade to set up Shanghai as an international financial hub. He stated:
The account will contribute financial strength to support Shanghai’s in-depth implementation of the free trade pilot zone promotion strategy and promote the quality and upgrading of the international trade center.
This is the second milestone the Bank of China has reached using the digital yuan this month. On Dec. 14, the bank facilitated a transaction between its Shanghai and Hong Kong branches, facilitating a settlement between Baosteel Group, a steel and iron company, and Bao-trans Enterprises, a manufacturer of premium steel products. The .4 million imported iron ore payment marked the debut of the digital yuan in the commodities arena.
China is also making efforts to introduce international digital yuan retail payments, as it recently announced a partnership with the Monetary Authority of Singapur (MAS) to implement a pilot program that will allow tourists to use the digital yuan for tourism purposes in both countries.
What do you think about using the digital yuan in precious metals settlements? Tell us in the comments section below.
Amid Rising Bitcoin ETF Hopes, Critics Warn of Vulnerability and Echoes of Precious Metal Manipulation
In recent months, the buzz around a potential bitcoin exchange-traded fund (ETF) has surged, echoing in its climbing price. But the enthusiasm isn’t universal. Some fear a spot bitcoin ETF could make BTC vulnerable, much like the gold and silver markets. The approval might open doors to manipulative practices reminiscent of those alleged in precious metals.
With a Physically-Settled Bitcoin ETF on the Horizon, Skeptics Foresee Gold-Like Manipulation Risks
A tangible bitcoin ETF might seem like a boon for crypto growth and valuation. However, there are concerns it could mirror gold and silver ETFs, using fictional BTC supplies as leverage for futures. Rapid price hikes could be countered by releasing this made-up supply. Instead of acquiring real bitcoin, buying into a bitcoin ETF wouldn’t diminish the actual supply. Operators of the ETF might leverage positions far exceeding their verifiable assets, swaying prices.
On October 16, 2023, Josef Tětek, a BTC analyst at Trezor, remarked that an “ETF is fiatization of bitcoin.” Tětek opines that long-term, an ETF might not benefit BTC. He asserted, “[A] bitcoin ETF is one of the worst things that can happen to bitcoin adoption. It is an attack on self-custody, substituting actual usage (whether as a MoE or SoV) for dumb price speculation.”
Tětek elaborated further:
ETFs are much worse than exchanges, as we can at least incite bank runs on exchanges and test their solvency – and if they prove to be running a paper bitcoin ponzi scheme, they collapse before they grow too large (FTX, Blockfi, etc.).
The first gold exchange-traded product (ETP) debuted in 1961 as a closed-end fund. By 1983, it opened its doors to a wider investor base. In 1986, after two decades on the Toronto Stock Exchange, it found its place on the U.S. Stock Exchange. March 2003 saw the listing of the first physical gold ETF, “Gold Bullion Securities.” Since these introductions, many have pointed fingers at ETFs and financial powerhouses for allegedly rigging precious metal prices.
This suspicion extends to a bitcoin ETF, where an ETF’s 100,000 BTC might be overshadowed by unchecked paper. Such an ETF could conveniently leverage fictitious supplies, assisting corporations in hedging vast derivatives bets. When prices balloon suddenly, this illusory supply might be released to curb the surge. Gold has allegedly been a victim of such practices. For example, two ex-JPMorgan metals traders faced fraud convictions last year for a gold market ploy, along with other precious metals.
In 2020, JPMorgan settled U.S. allegations of precious metals futures price manipulation from 2008-2016. Silver is also believed to suffer similar manipulation. Large financial entities are often accused of using short positions to suppress silver prices. Such underhanded tactics against gold and silver have been highlighted in various research papers and exposés. There’s a growing apprehension that the decentralized crypto world might face the same fate.
“A spot bitcoin ETF will be bad because it will allow Blackrock to purchase and control bitcoin, bought with other people’s dollars,” explained an individual on the social media platform X. “They will get a seat at the table, they didn’t earn. I don’t think you realize how bad this will be for plebs. We don’t want Mr. Fink at our table.”
While bitcoin ETFs may democratize access, naysayers believe they mask leverage and speculative practices from oversight bodies and investors. As with precious metals ETFs, price discovery might be twisted. “Best State attack on bitcoin ever – An ETF,” explained another bitcoin enthusiast on social media this week. “The funniest part is that bitcoiners are desperate for an ETF.” Another X user echoed the sentiment, foreseeing a gloomy future for the decentralized crypto.
“The approval of the spot ETF will be good for short-term traders as price will skyrocket,” the person posted. “But it will be bad for all the small retail bitcoin investors, as we won‘t see the actual price level again. As soon as the big boys step in, bitcoin becomes political.” Yet, not all concur with this thesis. Another user on X argued that painting an ETF as a villain is ludicrous, believing that the indomitable decentralized nature of bitcoin will always prevail.
“Bitcoin ETF bad [for] bitcoin,” the person said in jest. “People who say this think bitcoin is like gold. They do not understand that you cannot control bitcoin in the long run. Let Wall Street create all the ETFs they want. They will never be able to control bitcoin.”
What do you think about the critics of a spot bitcoin ETF? Do you think they have valid fears? Share your thoughts and opinions about this subject in the comments section below.
Hardware Wallet Firm Trezor Rolls Out New Safe 3 Model, Metal Seed Backup
Trezor, a leading hardware wallet manufacturing company, unveiled three new products on Thursday aimed at both novice and experienced cryptocurrency users who want to securely self-custody their digital assets. The Prague-based firm launched the Trezor Safe 3, the firm’s latest generation hardware wallet available in four colors; the Trezor Keep Metal, a backup device for cryptographic seed phrases; and a limited-edition BTC-only version of the Trezor Safe 3.
Trezor Drops New Devices for Self-Custody Proponents
The Trezor Safe 3 includes new security features like a tamper-resistant secure element chip while still adhering to Trezor’s commitment to open-source development, according to the company. The latest generation Trezor hardware wallet supports bitcoin, ethereum and more than 7,000 other cryptocurrencies. It integrates with the Trezor Suite desktop application for crypto management and currently retails for per unit.
“As we approach the next wave of Bitcoin adoption, we’ve introduced some compelling new devices that enable crypto novices and newcomers to enjoy the security and peace of mind that comes with owning and safeguarding their own crypto,” said Trezor CEO Matěj Žák.
For securely backing up the all-important recovery seed phrases needed to restore crypto wallets, Trezor also released the Trezor Keep Metal. Made from corrosion-resistant stainless steel, the device protects recovery seeds from fire, water, and other damages. It comes in versions for both 12-word and 24-word seeds, priced at per unit, as well as a Shamir backup model for 9 per unit.
In honor of the 10-year anniversary of Trezor’s first hardware wallet, the company is also selling 2,013 limited-edition Bitcoin-only Trezor Safe 3 models in a nod to the firm’s founding year. The Bitcoin-orange devices will retail for , with from each sale going to Trezor’s Bitcoin education initiative.
Žák said the new product lineup aims to make self-custody more accessible for crypto beginners. The redesigned desktop and mobile apps further simplify managing digital assets with Trezor’s hardware wallets and backup tools, he added.
What do you think about Trezor’s new lineup of products? Share your thoughts and opinions about this subject in the comments section below.
EMCO Network Unleashes Blockchain’s Potential for Precious Metal Industry and Financial Inclusion
PRESS RELEASE. EMCO Network, a pioneering Defi project, is set to revolutionize the digital and financial landscapes by leveraging its unique blend of real-world experience in precious metals and artificial intelligence sectors.
Addressing the challenges faced by users from low socio-economic backgrounds, EMCO Network aims to provide a novel platform to tap into their digital identities, generating financial opportunities while fostering organic online interactions. The project’s robust and sustainable revenue model is built on its strong foothold in the precious metals industry.
EMCO Network’s blockchain strategy is designed to bring a new level of transparency, tracking, and authentication to the precious metals sector. This initiative aims to overcome the industry’s inability to share sensitive information on a public ledger due to risk factors such as cargo interception. By ensuring the safety and integrity of the load, EMCO Network will promote transparency and validation of goods, benefiting all parties involved.
The deployment of Blockchain Distributed Ledger Technology (BDLT) will give birth to ENERD, a Software as a Service (SaaS) rewards system, and a Defi platform. This initiative will provide financial inclusion and allow users to access the ENERD Dashboard/App and request a micro-task. The proprietary software solution, ENERD, issues unique micro-tasks to users determined by AI that analyzes data from connected platforms. These tasks, designed to promote organic engagement, will reward users with $EMCO tokens, which can be sold or staked in the Defi platform.
The Defi platform provides fixed APYs based on fixed periods and the unique opportunity to exchange tokens for RWA NFTs; the user can redeem a physical asset in the form of a coin, round, or bar, depending on the value; assets include Gold, Silver, Platinum, Copper and select Gemstones. Users can hold these for safekeeping or choose to redeem the investment, which is sent via secure courier. KYC for courier redemption is subject to the value denoted in the user’s local jurisdiction and the country’s custom declaration laws.
Relationships are being established at a local level across the globe that will allow users the ability to exchange their digital assets for physical assets at trusted and vetted bullion dealer partners. This will empower users the ability to convert easily into an asset class of physical value that they can use within local economies.
If a user decides instead to convert un-redeemed NFTs back into USDT or $EMCO, a secondary marketplace will be available through EMCO that will allow other users to place bids on these NFTs at discounted rates.
E.g; A buyer might put a bid of ,000 at a 3% discount to purchase. Their USDT is sent to the smart contract and held. When a seller/s agrees to the rate, the smart contract will complete the trade, sending the tokens and NFT/s to the appropriate parties. Both buyers and sellers can place offers onto the market at their desired price points ensuring a dynamic and inclusive ecosystem.
The project’s tokenomic structure and revenue model are built around trading precious metals on a B2B level. EMCO Network has direct contracts with precious metal mines, refineries, and government sector customers. The project will use 40% of the profits for a buyback of $EMCO tokens, creating a reflex loop for the longevity of the ENERD platform, with an additional 10% going to the treasury vault. This outside liquidity from the profits of the business ensures the growth of the token and its APY offerings are supported by realized gains as opposed to hypothetical market returns.
The EMCO Network team comprises seasoned professionals with an average of 20 years of experience in various fields, including precious metal sourcing, blockchain-related technologies, and business management. This multicultural, diverse team is dedicated to creating value for society and the community.
For more information, one can reach out to:
Twitter: https://twitter.com/EMCO_Network
Whitepaper: https://emco-network.gitbook.io/emco-network/
Telegram: https://t.me/EMCONetwork
Contact Details:
EMCO Network
Contact Email: contact@emco.network
Website: www.emco.network
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.
Drunk Robots Announces 4 Massive New Partnerships and a 5,000,000 $METAL Battle Prize Pool
The post-apocalyptic city of Los Machines has become the hub of Play2Earn activity. After a sold-out IDO, Animoca Brands-backed Drunk Robots has partnered up with Infinity Force and 3 major guilds – has just rehauled its game economy after a sold-out IDO, increasing the rewards and making it even easier to enter the game.
Drink, fight, earn
After ‘play to earn’ and ‘move to earn’, has the time come for ‘drink and fight to earn’? At least that’s what the robots of Los Machines do all day long: consume vast quantities of beer, then thrash each other around.
Despite this violent premise, Drunk Robots is outrageously fun – and very well designed at that. In fact, the robots look so good that the original collection of 10,101 characters was immediately sold out on Liquidifty and Binance NFT. You can currently buy robots in closed containers on the Liquidifty marketplace.
While you do need a robot to fight in the Arena or scavenge $METAL, there are several mini-games that you can play 100% free – such as Knockout, where you have to shoot at other robots before they shoot you.
The project counts 23,000 Discord members, over 64k Twitter followers, and 39k Telegram channel subscribers – for a total of 126 thousand users in the community. Few P2E games can boast such a large following just weeks after the IDO.
Drunk Robots introduces a 5,000,000 $METAL prize pool for the Arena leaderboard
The Play2Earn element of Drunk Robots is also well thought-out. Players earn prizes for participating in battles – and then they get even more if they manage to rise to the top of the leaderboard at the end of the season. This creates a strong incentive to compete in the Arena every day.
On May 4, the team announced big changes to the game economy ahead of the second season, which starts on May 6.
First of all, the seasonal prize pool for PvP (player versus player) battles is increased to 5 million $METAL tokens. A single robot can earn a player around 3,840 $METAL a month.
The creators have also updated the prices of containers with robots, equipment, and energy booze (a special energy drink that robots need after a brawl).
Starting from the second half of the season, players will need to take part in at least 5 battles every 24 hours to keep farming $METAL – or face a drop in the farming speed.
4 major gaming projects already collaborate with Drunk Robots
Drunk Robots has also been expanding its roster of partnerships, adding three major gaming guild projects in a few weeks:
- Yield Guild Games SEA (YGG SEA, $SEA): the Southeast Asia branch of YGG, uniting 30,000 scholars across 18 countries;
- Avocado DAO ($AVG): a community of 11,000 scholars playing games like Axie Infinity and Revv Racing;
- Skill Guilds: providers of an advanced guild manager dashboard and a guild-building SDK.
The latest partner to be announced is Infinity Force ($YNFF), a platform that connects players, guilds, and games.
These collaborations follow a strategic partnership with Merit Circle, perhaps the most influential DAO in the blockchain gaming industry.
Apart from these gaming partners, Drunk Robots boasts an exceptionally strong list of backers among venture firms, including Animoca Brands, Shima Capital, Moonrock Capital, and DEX Ventures, as well as Gate.io, ZB.com, and Oracles Investment Group.
$METAL IDO sold out on 3 launchpads
Amid all this partnership-building, Drunk Robots also held a highly successful IDO for its $METAL token. On April 7, three launchpads – Liquidifty, TrustPad, and GameFi – together sold 25,000,000 $METAL at .01 each, raising 0,000. Once $METAL was listed on PancakeSwap and Gate.io, the price rose over 300% above the IDO price to reach .43.
$METAL has many uses in the Drunk Robots economy:
- reward payouts and scavenging (farming);
- leveling up robots and their equipment;
- drunk races (yes, it’s a completely legit activity for robots);
- re-rolling opponents in PvP battles, and much more.
Drunk Robots’ roadmap for the next few months includes more detailed visualizations in the PvP arena; gangs and clans; farming virtual land, and more. To get your first robot and start earning $METAL, visit https://drunk-robots.com/ .
Gold Rally Peaks: 5 Reasons Bitcoin Will Likely Outperform The Precious Metal
Ahead of the United States’ second round of economic stimulus, gold and Bitcoin exploded as the dollar fell. According to financial analysts, after setting a new record the gold rally may be peaking, leaving room for the cryptocurrency market to catch up to precious metals.
Here are five important factors why Bitcoin will outperform gold in the long haul and how that may extend into altcoins.
Mad Money’s Jim Cramer Says Charts Call For Gold Rally Peak
Only a mere few weeks ago, NewsBTC published a story about Bitcoin and gold trading neck and neck in terms of two-year performance. However, the gold rally has since picked up even more bullish momentum, and the asset exploded to a new all-time high.
The rally helped the precious metal beat out Bitcoin in terms of overall performance, but gold may soon be peaking, according to several industry analysts.
Related Reading | BTCUSD and XAUUSD Neck and Neck In Two-Year Safe Haven Arms Race
Mad Money’s Jim Cramer says that precious metal price charts are “very precarious.” Market strategist and published author Carley Garner told the CNBC host that silver and gold could have “one last leg up,” Cramer explained. She added that another leg up could even be “substantial” but that the rare metals would “come plummeting back to earth.”
Gold (XAUUSD) Versus Bitcoin (BTCUSD) Comparison | Source: TradingView
The assets pulled directly from that earth, have a limited supply that makes them a hedge against inflation and investment of choice during economic distress.
Cryptocurrencies like Bitcoin were designed with certain attributes found in precious metals in mind. It is for this reason that the first-ever cryptocurrency is often referred to as digital gold.
But while XAUUSD price charts suggest a peak is coming, Bitcoin is suddenly spiking, suggesting that profit-taking in precious metals could be flowing into crypto.
Bitcoin offers several attributes beyond what metals provide, which could act as a catalyst for overperformance in the cryptocurrency market compared to gold and silver in the days to come.
In the long-run, gold’s entire market capitalization beyond its industrial demand is latent market cap for #Bitcoin which is superior across all properties of money: divisibility, durability, portability, recognizability, and scarcity.
— Robert Breedlove (@Breedlove22) July 28, 2020
Bitcoin To Outperform Precious Metals For These Five Important Factors
It’s not just Mad Money host Jim Cramer and analyst Carley Garner that think XAUUSD and XAGUSD are close to topping.
Rich Dad, Poor Dad author Robert Kiyosaki claims that “respected gold bull” Dennis Garman has ditched his position. Kiyosaki also agrees, although previously had called for targets of ,000 or more per troy ounce.
The entrepreneur and investor also believes Bitcoin will reach ,000, and silver as capital moves out of the yellow-colored metal in search of more green.
In response, Parallax Digital CEO Robert Breedlove reveals five critical factors that set Bitcoin apart from the precious metal. These reasons are also exactly why Bitcoin is poised to outperform gold in the days ahead, perhaps henceforth.
Related Reading | Are Altcoins Silver To Bitcoin As Gold? Unusual Correlation Discovered
These attributes include “divisibility, durability, portability, recognizability, and scarcity.”
Precious metals are commonly sold as bars or by weight, ranging from grams to ounces to kilos. Bitcoin, however, is divisible down to the satoshi, or 0.00000001 BTC.
Metals tarnish, can bend, and as jewelry proves, are malleable and melt. There’s no physical form of cryptocurrency to damage, as they exist only in cyberspace.
Gold is heavy, takes up space due to its physical mass, while crypto can be moved in light speed and stored without a physical footprint.
Precious metals are commonly counterfeited. Bitcoin has many imposters and wanna-bes, it cannot be faked.
Finally, only 21 million BTC will ever exist, while the supply of gold left unearthed will likely forever be unknown.
Satoshi Nakamoto set out to create a new form of digital currency that closely mimicked certain properties of precious metals, and succeeded. Not only does Bitcoin stand ounce-against-ounce with gold, but it also beats it in several ways. And that’s why the crypto asset is likely to perform the precious metal from here on out.
Silver (XAGUSD) Versus Altcoin Market Comparison | Source: TradingView
In a surprise twist, the altcoin market cap chart looks strikingly similar to silver. Both silver and altcoins have recently shown strong performance. Could a similar argument be made between the two vastly different assets?
Former Soviet Metal Construction Plant Is Now Mining Bitcoin
n Bitriver hosts mining machines in the former worlds largest aluminum smeltern
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Wheaton Precious Metals to Deploy Blockchain in Metal Accounting Processes
n Wheaton Precious Metals will use Blockhead Technologies blockchain platform STAMP to boost internal processesn
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