While gold reached a record high in May at ,450 per ounce, it has since settled at ,329 per ounce. According to the World Gold Council, China’s demand for gold fell in May to its lowest level in four years. Gold Prices Down from Record High, China Physical Consumption Slumps, Analyst Expects Slight Decline Gold […]
Bitcoin News
Bitcoin Miners Face Significantly Reduced Earnings in May Despite Bitcoin Price Rise
According to the seven-day simple moving average (SMA) statistics regarding Bitcoin’s hashrate, the network hashrate has stayed below the 600 exahash per second (EH/s) mark for approximately one week. The recent rise in bitcoin’s price has positively influenced the overall hashprice as the value of 1 petahash per second (PH/s) daily has climbed above the […]
Bitcoin News
Bitcoin Network Adjusts to Lower Fees and Reduced Hashrate After Latest Halving
Based on the three-day simple moving average, Bitcoin’s hashrate has continued its downward trend, registering at about 550 exahash per second (EH/s). Following the halving, onchain costs have decreased significantly, with data indicating transfer fees ranging from .50 to .65 per transaction. Bitcoin’s Hashrate Slides 19% in 16 Days According to statistics, the three-day simple […]
Bitcoin News
Down Big: Crypto Scamming Numbers Reduced In 2023 – Report
2023 started with a challenging overall landscape for the crypto market that continued throughout the rest of the year. However, the market saw a recovery with a spike in bullish sentiment and ended the year on a positive note.
Additionally, 2023 saw a decline in crypto scamming and crypto-related illicit activity compared to the previous year, as new data shows.
Illicit Activity Market Revenue Decline In 2023
American blockchain analysis firm Chainalysis released its 2024 Crypto Crime Report detailing the trends and figures that crypto-related illicit activities saw in 2023. The firm’s data shows a significant drop in value received in cryptocurrency addresses used for illicit activities, totaling .2 billion.
This is a considerable reduction compared to the 2022 updated estimate of .6 billion. In addition, the share of all crypto transaction volume associated with illicit activity reduced from 0.42% in 2022 to 0.34% in 2023.
According to the report, there seems to be a shift in the type of assets involved in crypto-related crime activities over the last two years, with Bitcoin no longer being the most used asset for most illicit transactions.
Alternately, stablecoins have become a more popular choice for crypto assets involved in illicit activities, as the report states. This increase could be attributed to the recent general growth of stablecoins’ share of all crypto activity overall.
The shift to stablecoins is not seen in every related crime, with activities, such as darknet market sales and ransomware extortion, still taking place predominately in Bitcoin.
Nonetheless, it’s worth noting that their issuers can trace stablecoins, and funds can be frozen when addresses are linked to illicit activities, as Tether did back in 2023.
Trends That Defined Crypto-Related Crime In 2023
Chainalysis on-chain metrics suggest that scamming revenues have been trending globally since 2021. Although these crimes are still underreported, “overall, scamming is down, given broader market dynamics.”
Romance scams, such as ‘pig butchering,’ are among the most popular crypto scamming tactics used by scammers and are one of the biggest forms of related crime by transaction volume.
Regarding crypto hacking, the firm believes that “the decline in stolen funds is driven largely by a sharp dropoff in DeFi hacking,” it could represent “the reversal of a disturbing, long-term trend.” In 2023, crypto scamming and hacking revenue fell significantly, with the total revenue decreasing 29.2% and 54.3%, respectively.
In contrast to the overall trends, ransomware and darknet markets, two of the most prominent forms of related crime, saw revenues rise in 2023. Similarly, 2023’s growth in darknet market revenue comes after a 2022 decline in revenue.
The report shows that transactions with sanctioned-related entities and jurisdictions drive most of the illicit activity as entities and jurisdictions move towards using stablecoins and other crypto assets to bypass restrictions.
They accounted for a combined .9 billion transaction volume in 2023, representing 61.5% of all illicit transactions over the year. Chainalysis explains that:
Most of this total is driven by cryptocurrency services that were sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), or are located in sanctioned jurisdictions, and can continue to operate because they’re in jurisdictions where U.S. sanctions are not enforced.
Ultimately, the report addresses that not all sanction-related transactions are due to the illicit use of digital assets, as some of that .9 billion volume is related to the average users who reside in the sanctioned jurisdictions.
Bitcoin trading at ,906.6 on the hourly chart. Source BTCUSDT on TradingView.com
NewsBTC
Asian Economies Could Benefit From Reduced Dollar Influence, Says Devere CEO
The CEO of asset management firm Devere Group says the world is shifting “away from a dollar-dominated financial system.” Emphasizing that a shift away from U.S. dollar influence “could have positive implications for Asian economies,” he described: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.”
How Reducing Dollar Dependence Could Benefit Asian Countries
Nigel Green, CEO of asset management firm Devere Group, published an opinion piece in Asia Times on Friday arguing that the decline of the U.S. dollar could benefit Asian economies. The executive began:
I believe that we are witnessing in real time the world beginning to shift away from a dollar-dominated financial system.
“Among other reasons, this is because astronomic levels of debt, and the enormous amount of desperate money-printing to monetize these debts, have caused a considerable drop in the long-term value of the currency,” he detailed.
Reiterating his warning earlier this year that the U.S. dollar’s dominance is under threat as Russia and Saudi Arabia eye the Chinese yuan for oil trade, the Devere boss emphasized:
A shift away from dollar influence could have positive implications for Asian economies.
He explained that reduced reliance on the greenback would allow Asian countries to “implement policies that are more tailored to their domestic economic conditions, potentially boosting stability and growth.”
Green further detailed: “With the dollar losing its stranglehold, Asian economies would also likely experience a diversification of reserve currencies, paving the way for greater regional trade and investment opportunities.” He continued: “A multilateral currency system would promote more extensive use of regional currencies like the Japanese yen, Chinese yuan and Indian rupee, making trade within Asia more accessible and efficient.”
Moreover, “A diminished dollar dominance would lead to more stable exchange rates, reducing volatility and uncertainty in cross-border transactions,” he noted. The Devere executive concluded:
A decline in dollar dominance would encourage Asian countries to diversify their reserve holdings, leading to better allocation of resources and increased investment in productive sectors.
Do you agree with Devere CEO Nigel Green about the decline of the U.S. dollar benefiting Asian economies? Let us know in the comments section below.
B2Broker Announces NDF Asset Class Addition, Reduced Margin Requirements, and Updates to PoP Liquidity Offering Package
PRESS RELEASE. B2Broker, a prominent global liquidity provider in the FX and crypto industry, proudly declares the inclusion of Non-Deliverable Forwards (NDFs) in its extensive range of liquidity offerings. This strategic expansion further strengthens the company’s commitment to furnishing comprehensive asset coverage and unparalleled risk management solutions for all B2Broker customers.
As a multi-asset liquidity provider, B2Broker supports all major asset classes, which include:
- Rolling Spot FX & Precious Metals
- Equity Indices
- Energies
- Commodities
- Crypto Derivatives/CFDs
- Single Stocks/CFDs
- ETFs
- NDFs
This accomplishment consolidates B2Broker’s leading position in the industry, demonstrating its steadfast commitment to meeting the diverse requirements of its clients.
NDFs At B2Broker
NDFs are critical financial instruments in international trade used to mitigate currency risk. They enable parties to offset potential losses resulting from fluctuations in exchange rates between two currencies. NDFs allow participants to swap the difference between a pre-agreed fixed exchange rate at the start of the contract and the current market exchange rate on a specified future date. NDFs are cash settlements, meaning they do not involve the actual exchange of the underlying currencies.
These instruments are particularly important in emerging markets where local currency forwards may not be feasible or available, making them effective tools for managing risk and offer companies a cost-effective approach to hedging against potential losses in cross-border transactions.
B2Broker offers a wide range of NDF currencies, providing customers the option to offset currency risk in various emerging markets. These NDF currencies include USD/BRL, USD/CLP, USD/COP, USD/IDR, USD/INR, USD/KRW, and USD/TWD.
Advantages Of B2Broker’s Innovative Product
B2Broker has designed NDFs based on the structure of Contracts For Differences (CFDs). Thus, unlike traditional NDFs, where settlements can take up to T+30 days, B2Broker’s clients can receive their settlements on the next business day through the CFD contracts. This innovation eliminates client settlement risks and expedites the entire process, ensuring optimal efficiency and peace of mind.
B2Broker’s dedication is further expressed through its commission rates, which are currently some of the lowest in the industry.
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.
Barclays and RBS Have Reduced the Real Estate Transaction Process Four Times Who Benefits
n Blockchain can save the real estate market 0 billion, as the results of a trial carried out by Barclays and RBS shown
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Bitcoin (BTC) Could “Die” If Block Size Is Reduced From 1MB To 300KB
- Bitcoin prices bullish and ranging
- Proposal to slash block size to 300kb resuscitated
- Transactional volumes low but likely to expand as BTC demand pick up
Luke J is putting forth a bid to reduce block size from 1MB to 300kb. Without a doubt this will affect BTC prices should it make it as a BIP or as a pull request. Meanwhile, BTC prices are consolidating and could print higher if they race past ,800.
Bitcoin Price Analysis
Fundamentals
There is another twist to the Bitcoin Block size debate. A Bitcoin developer, Luke j, is writing code on the Bitcoin source code in a proposal seeking to further reduce block sizes from 1 MB to 300 Kb. As we know, the topic of block sizing is always contentious drawing criticism and praise in equal measure.
The last time we had a Bitcoin legacy hard fork was at the height of the previous ICO pumped rally when BTC prices were trading at around ,000 apiece. Proponents of Segwit 2X saw it fit for block sizes to increase from 1MB to 2MB.
After their pitches flopped, Roger Ver and crew formed Bitcoin Cash with the endorsement from Wu Jihan who has since stepped down as the CEO and co-founder of Bitmain. Doubts abound. Critics think Luke’s proposals will quickly die.
1) Same timeframe as BIP148 (and frankly still too far off for comfort – we needed this yesterday)
2) No, there is no reason to prefer Segwit transactions. The bias we have now is breaking incentives / harmful.
3) Segwit was controversial too. That doesn't guarantee a split.— Luke Dashjr (@LukeDashjr) February 11, 2019
However, if there is consensus culminating to a block reduction from 1MB to 300kb, Lightning Network stands to be the primary beneficiary. In a worst-case scenario, transactions will migrate to other scalable platforms as Litecoin, and even Nano are certified fast, settling almost instantaneously. It is still a long way from being considered. Once his proposal evolves to a BIP or a pull request, that’s when it will start ruffling feathers.
Candlestick Arrangements
At the moment though, BTC prices are steady and doing what it has been doing in the last three days or so—it is flat. However, the fact that it is trading within tight trade ranges and inside Feb 8 high low, is positive for traders and holders.
Before traders load up, it is super important for prices to edge past ,800. The emphasis on ,800 is clear. It is the 50 percent Fibonacci retracement line of Dec 2018 high low. Apart from that, the level marks the tops of the double bar bull reversal pattern of Jan 13-14.
Therefore, while there appears to be urgency, patience is the bottom line. Once our trading conditions are live, risk aggressive traders can aim at ,500 and later ,000.
Technical Indicators
Volumes are low as price action range. Like in our previous BTC/USD trade plan, any bar that reflects underlying demand should be at the back of high volumes first exceeding averages of 10k and most important 35k of Jan 30—which is above Feb 8’s 32k—according to data from BitFinex.
The post Bitcoin (BTC) Could “Die” If Block Size Is Reduced From 1MB To 300KB appeared first on NewsBTC.
Monero Transaction Fees Reduced by 97 After Bulletproofs Upgrade
n nn nn After the recent hard fork upgrade of its protocol, Monero has seen its transaction fees shrink by approximately 97 percent, dropping from 60 cents to just 2 cents. Crypto analytics firm Coinmetrics shared a tweet confirming the drop in fees and their corresponding reduction in transaction size, falling from 18.5kb pre-fork to 3kb an 80 percent change.The upgrade, called Monero 0.13.0 Beryllium Bullet, implements bulletproofs. First introduced by research
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