Category: Cryptocurrency

Cryptocurrency

China’s state planning agency calls for public opinion on Bitcoin mining ban

China’s state planning agency calls for public opinion on Bitcoin mining ban

China’s National Development and Reform Commission is seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries.The call for public comments by the country’s macroeconomic planning agency was contained in a release issued on Thursday.Back on Sept. 24, the agency added digital currency mining to its list of outdated industries following sweeping crackdowns by authorities in Beijing against crypto miners.The move offered a definitive stance by the commission after seemingly going back and forth on the issue for the last two years.As part of the calls for public comments, the agency’s notice requested public feedback from “relevant units” as well as “people from all walks of life.”The public comment period will last for one month, between Thursday, Oct. 21, and Nov. 21. Members of the public interested in providing feedback on the matter will have four different avenues to make their opinions known, including emails, physical mail and comments sections on the commission’s website.In a related development, the commission also put out a post on its website stating that the United States had replaced China as the dominant Bitcoin (BTC) mining nation in the world.Related: Death knell for Chinese crypto miners? Rigs on the move after gov’t crackdownIndeed, as previously reported by Cointelegraph, the U.S. now accounts for over a third of the global Bitcoin mining hash rate distribution, with Kazakhstan and Russia in second and third place, respectively.Even before Beijing’s crackdown, crypto miners in North America had been expanding their capacity with massive hardware orders from major manufacturers such as Bitmain and MicroBT.At the height of China’s dominance, Chinese miners controlled three-quarters of the global Bitcoin hash rate.Chinese miners driven out by the ban have reportedly moved their hardware to overseas locations, including Kazakhstan, with states such as Texas and Florida looking to attract some of these companies.

Nigerian Agency Refuses Blockchain Start-Up Application — Says Tech Not Recognized by Government

Nigerian Agency Refuses Blockchain Start-Up Application — Says Tech Not Recognized by Government

Nigeria’s company registration agency, the Corporate Affairs Commission (CAC), reportedly rejected an application for registration by a start-up on the basis that blockchain is yet to be recognized by the Nigerian government.
Decision Disappoints Blockchain Community
According to a report, the unnamed start-up, which is building an API connection for blockchain gaming rewards, was told the agency will only process the application once the reference to blockchain technology is resolved. The CAC reportedly wrote: “Blockchain is yet to be recognised by the Nigerian government, kindly expunge.” As expected, the decision has angered some members of Nigeria’s blockchain community.
One of those expressing their disappointment with the CAC is Adedeji Owonibi, the founder and COO at Convexity, a blockchain incubating hub. As the report by Cryptoassetbuyer explains, Owonibi’s displeasure with the agency stems from the fact that CAC is one of the 27 institutions in Nigeria that are supposed to implement the country’s blockchain strategy.
Lamenting what some see as a backward decision, Owonibi said:
I can’t believe we have this level of ignorance in govt circle, at least not the agency saddled with company registration in Nigeria. The staff that queried this application for company registration on the pretence that blockchain is not approved by the Nigerian Govt need to be educated immediately for ease of doing business to improve in Nigeria.
Nigerian Government Asked to Intervene
In addition to Owonibi’s remarks, the report also quotes Convexity’s other co-founder, Charles Okaformbah, similarly expressing his disapproval of the CAC’s decision. In his own statement, the co-founder asks the country’s vice president, Yemi Osinbajo (one of the few figures inside the Nigerian government to back fintechs), to intervene.
Following the CAC’s decision, the Cryptoassetbuyer report concludes that Nigeria is now unlikely to achieve its goal of generating $10 billion in revenue from blockchain technology.
What does the CAC’s refusal to process this application mean for Nigeria’s blockchain industry?

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Digital currency asset manager Grayscale Investments is announcing plans to convert its Bitcoin (BTC) trust into an exchange-traded fund (ETF).
Grayscale says it wants to transform the 2013-launched Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The value of GBTC’s assets under management is close to $40 billion, according to Grayscale.
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Bridging the Gap Between Blockchain and Social Media

Bridging the Gap Between Blockchain and Social Media

Social media, a relatively old concept and way of connecting people have existed since 1997. Yes, over 2 decades old. It has continuously evolved so much that we cannot fully comprehend it any longer!
And now there’s blockchain, again over a decade-old science, which has since taken off. We’d think that the only connection blockchain would have is with finance and technology. However, the reach that blockchain has is massive.
That’s what The LoveChain took advantage of unleashing. A way to bridge the gap between regular old social media, to the decentralized future version of it, via blockchain.
Basically, social media, aka The LoveChain, is where you are back to being the center of attention. The attention and care that you all deserve. A place where you are not tracked down for ad sales.
What inspired The LoveChain?
The LoveChain is a digital version of the lovelocks that can be found all over the world on bridges. It is developed as a social media platform to record and celebrate the people and things in our life that we love at all times of our lives.
Because it is based on the latest blockchain technology, it offers advantages in terms of uniqueness and security that are not available on regular social media platforms. Each user is granted their own piece of digital real estate to call their own as a result of the blockchain’s implementation. Free space for anyone and everyone. You have the power in your hands.
Users can produce and exchange content across the network without the need for any centralized mediators. The platform will include a complete rewards system powered by the LOVR (LoveChain rewards token).
In addition, the LOVR  can be used to get discounts through the online merchant store within the LoveChain ecosystem, and users can also trade and send the LOVR tokens to one another.
The LoveChain is being built on the Algorand blockchain.
Since the blockchain is decentralized, this piece of real estate has the potential to last indefinitely, which is why their slogan is The LoveChain is Forever.
Primary goal
It’s critical to build The LoveChain platform on a decentralized network because it achieves the goal of providing members control over their data. Furthermore, because privacy is becoming more of a worry, as a result of traditional social media platforms’ indiscretions.
The LoveChain will impose restrictions on the type and number of adverts to improve the user experience and not make them feel watched.
The power of Networking embedded in The LoveChain
 The power of networks is a vital success indicator for such business models, especially for social media apps, because they rely on the interconnection between their users. Metcalfe’s Law, a principle that is critical to The LoveChain’s success, best explains this interconnection.
In computer networks and telecommunications, Metcalfe’s Law is used to represent the value of a network. According to Metcalfe’s Law, the influence of a network is proportional to the number of nodes in the network. For example, a network with 10 nodes has an intrinsic value of 100 (10*10) computers, servers, and/or connecting users can be end nodes.
When determining the worth of its network, the aforesaid calculation gives social media a lot of weight.
The LoveChain recognizes the importance of Metcalfe’s Law and has devised a strategy to boost its network footprint in order to compete with the large social media platforms. As a result, they want to establish a one-of-a-kind offering, a sizable network presence, the ability to create your own NFTs from the content you post, an eCommerce marketplace, a rewards system to go along with it all, and a whole lot of #LOVE.
For more information on The LoveChain please visit: https://linktr.ee/lovechain

Sanctioned Russian oligarch urges central bank to embrace Bitcoin

Sanctioned Russian oligarch urges central bank to embrace Bitcoin

Russian oligarch Oleg Deripaska has once again called on the Russian government to stop ignoring Bitcoin (BTC) after the United States Federal Bureau of Investigation raided his homes in Washington and New York.In an Oct. 21 Telegram post, Deripaska argued that the Bank of Russia has been “infantile in ignoring the growing cryptocurrency market,” while the U.S. Department of the Treasury has been “investing particularly in this direction.”The billionaire emphasized that cryptocurrencies like Bitcoin have massive potential to not only help Russia avoid U.S. sanctions but also weaken the U.S. dollar, stating:“The U.S. had realized long ago that uncontrolled digital payments are capable of not only nullifying the effectiveness of the entire mechanism of economic sanctions but also taking down the dollar as a whole.”Deripaska specifically referred to a U.S. sanctions review published by the U.S. Treasury in October 2021. According to the oligarch, the U.S. authority “effectively admitted” that the growing fintech tools like cryptocurrencies pose a serious threat to the U.S. dollar.“This means that the development of the cryptocurrency market uncontrolled by the state can put the U.S. Treasury in front of a potential default due to its $30 trillion debt,” Deripaska argued.“It’s time to open your eyes and take cryptocurrency seriously. In the aging American establishment, there are still a lot of people willing to fight,” he stated.Last Friday, the U.S. Treasury published a brochure providing guidance for cryptocurrency companies to make sure that they are complying with U.S. sanctions. In the document, the authority said that sanctions by the Office of Foreign Assets Control (OFAC) “apply equally to transactions involving virtual currencies and those involving traditional fiat currencies,” adding:“Members of the virtual currency industry are responsible for ensuring that they do not engage, directly or indirectly, in transactions prohibited by OFAC sanctions, such as dealings with blocked persons or property, or engaging in prohibited trade- or investment-related transactions.”Related: Russia aims to replace US dollar reserves with digital assets in long termDeripaska’s latest remarks come after FBI agents raided homes linked to the oligarch in Washington and New York City on Tuesday. A Deripaska representative reportedly said the searches were carried out on the basis of two court warrants related to U.S. sanctions. With reported close ties to Russian President Vladimir Putin, Deripaska was placed under U.S. sanctions in 2018.The Russian oligarch has slammed the Russian central bank for rejecting Bitcoin before. In June, the billionaire argued that Russia needed to move into crypto to provide a “real financial instrument enabling independence in foreign trade settlements.”

Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch on Nasdaq This Week

Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch on Nasdaq This Week

After the Proshares Bitcoin Strategy exchange-traded fund (ETF) listed and smashed records in the first two days of trading, Vaneck’s bitcoin futures ETF was given the green light to start trading next week. Furthermore, sources say that the Valkyrie Bitcoin Strategy ETF is set to launch this week with a possible listing on Friday.
Proshares Bitcoin ETF Smashes Records
October is the month of bitcoin exchange-traded funds as the United States approved the first ETF last week. Proshares Bitcoin Strategy ETF (NYSE: BITO) listed on Tuesday and saw close to $1 billion in volume on its first day of trading.
The following day, BITO continued to perform remarkably and bitcoin (BTC) spot markets tapped a new lifetime price high at $67,017 per unit.

If $BITO keeps up this pace of inflows it wont have any futures left to buy by the end of the month due to pos limits (via rough back of envelope calc w/ @JSeyff ). https://t.co/KauFuaPzhb
— Eric Balchunas (@EricBalchunas) October 21, 2021

In fact, the senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, explained how the bitcoin ETF was one of the fastest in history to capture $1 billion in assets. Balchunas said:
RECORD BREAKER: BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking [gold’s] 18 [year] old record (3 days), which is poetically apropos.
Chart shared by senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, on Wednesday.
Two Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch Friday
Balchunas is one source that has said that the Valkyrie Bitcoin Strategy ETF is set to launch this week. In addition to statements from Balchunas, crypto reporter Danny Nelson confirmed with a Valkyrie spokesperson that the fund will begin trading on Friday after it “cleared the final regulatory hurdles.” Bloomberg’s senior ETF analyst also explained the news on Twitter.
“Just got word Valkyrie is changing the ticker back to BTF 🙁 SEC prob wasn’t a fan of BTFD. Also odds [are] growing they will launch tomorrow. Not final yet [though],” Balchunas said.
Then he corrected his tweet and noted that the Valkyrie ETF would list on Friday. “I had said this was launching [tomorrow] it’s actually going to be on Friday. Sorry about that,” the analyst further detailed.

The Valkyrie fund will leverage the ticker symbol “BTF” but there was talk about the company adopting the ticker “BTFD.” Unlike Proshares and Vaneck, the Valkyrie ETF will list on Nasdaq rather than the New York Stock Exchange (NYSE).
Valkyrie’s ETF was originally filed in August and the operating expenses per year are 0.95%, according to the pre-effective amendment filed Wednesday morning.
What do you think about the possibility of Valkyrie’s ETF launching this Friday? Let us know what you think about this subject in the comments section below.

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approval, bitcoin etf, bitcoin futures, Bloomberg Intelligence, BTF, BTFD, Danny Nelson, Eric Balchunas, ETF analyst, ETF Listing, nasdaq, NYSE, Proshares ETF, SEC, sec approval, senior ETF analyst, Valkyrie, Valkyrie Bitcoin, Valkyrie Bitcoin Strategy ETF, Valkyrie spokesperson, Vaneck ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons, Eric Balchunas Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

Bitcoin (BTC) broke its all-time high price level following the launch of ProShares’ Bitcoin Strategy exchange-traded fund (ETF), BITO, on Tuesday, but JPMorgan Chase strategists believe the key driver behind the price jump is investor concern over inflation.The BITO launch, which saw the highest-ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note. Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the shift away from gold ETFs into Bitcoin funds has bee gathering speed since September and “supports a bullish outlook for Bitcoin into year-end.”The JPMorgan strategists exemplified the waning interest after the first week following the launch of the Purpose Bitcoin ETF (BTCC) in Canada, claiming that the initial hype surrounding BITO could also fade after a week.As the first Bitcoin futures-linked ETF in the United States, ProShares’ Bitcoin Strategy ETF started trading on the New York Stock Exchange on Tuesday at an opening price of $40 per share. It enables investors to have direct exposure to cryptocurrency futures in a regulated market.Related: Bitcoin futures ETF hits $1B AUM in a record-breaking two daysJPMorgan’s comments echo others in traditional finance. Billionaire investor Carl Icahn praised Bitcoin as a great hedge against inflation as the next market crisis looms on the horizon.Bill Winters, CEO of British bank Standard Chartered, recently noted the passing of a long period of low inflation, adding that “it’s perfectly reasonable for people to want an alternative to fiat currency.”

Bitcoin gains $2K in hours after BTC price bounces near previous all-time high

Bitcoin gains $2K in hours after BTC price bounces near previous all-time high

Bitcoin (BTC) passed $66,000 again on Oct. 21 after fresh macro turbulence sparked a retest of previous all-time highs.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewEvergrande fails to hold Bitcoin bulls backData from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from a dip to $64,000 overnight.The move had come in step with a comedown in stocks, which were reacting to renewed concerns over Chinese property giant Evergrande.Nonetheless, Bitcoin managed to preserve higher levels, resulting in only a brief trip below the $64,900 threshold, which had held as the BTC record since April this year.#BTC successfully retested the orange area as support to reach a new All Time HighNow $BTC is dipping to turn its previous old All Time High into support (blue)#Crypto #Bitcoin pic.twitter.com/qJZnm8X387— Rekt Capital (@rektcapital) October 21, 2021“Markets always go higher than the majority expects. Probably what will happen in coming months,” a still bullish Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers.$75,000 next targetWednesday, Oct. 20, saw new all-time highs of over $67,000 after a squeeze took BTC/USD $3,000 higher.Related: Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNIThe monthly candle for October, analysts noted, is already larger than the entire Bitcoin all-time high from December 2017.“BTC is testing its old ATH for support,” Dutch crypto consultancy and education platform Eight wrote in its latest update on the day. “If we bounce from here some levels to keep an eye on are around 75k, 87k, and 96k, derived from recent price action using the Fibonacci retracement tool.”BTC/USD chart with Fibonacci levels. Source: Eight/TwitterAs Cointelegraph reported, Fibonacci is responsible for long-term BTC price findings, which currently put the peak of this cycle’s bull run at as much as $300,000. The trough, by contrast, could be anywhere from $47,000 to $60,000 — still an order of magnitude higher than last cycle’s $3,100 floor.

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Cardano, Polkadot and Four Additional Altcoins Are Set To Explode in 2022, According to Crypto Trader Austin Arnold

Crypto trader and Altcoin Daily host Austin Arnold thinks six major altcoins are gearing up for massive rallies in the next year.
In a recent crypto update, the YouTube star tells his 1,040,000 subscribers that Ethereum layer-2 (L2) scaling solution Polygon (MATIC) is gaining momentum after landing a partnership with the $20 billion gambling company DraftKings.
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Sakura NFT Is Giving a Digital Touch to the Works of Athletes and Sportsmen

Sakura NFT Is Giving a Digital Touch to the Works of Athletes and Sportsmen

NFTs have developed into a multibillion-dollar industry, with art collectors and memorabilia hunters bidding millions of dollars for rarefied digital works and memories of superstars from many fields, including music, art, film, and sports.
This sector has sparked a worldwide rush of artists and investors looking to grab a piece of the action. These digital assets are allowing artists and creators to not only earn more money but also to form new connections with their audience.
NFTs are about more than just allowing artists to sell their work. Digital tokens are upending a wide range of industries that have long depended on traditional business methods. NFTs are giving things a digital twist in ways that were previously unimaginable.
Sakura is a blockchain NFT project that will assist celebrities, influencers, athletes, musicians, and artists in creating their own collectibles. Sakura is on a mission to solidify NFTs as an important industry in the blockchain world.
The project is building a Japanese-based NFT marketplace that aims to tokenize the works of popular athletes and celebrities. It is designed mostly for those who are active in the times and well-known individuals, as well as entertainers who want to share their photographs, films, and other stuff with the world.
Sakura has established itself as a branded platform that will continue to develop steadily in the near future, as the NFT sector moves closer to widespread mainstream acceptance.
To some extent, rarity drives the NFT market. Sakura will be forming partnerships with well-known athletes and celebrities to help tokenize and monetize the finest moments in their lives and careers, bringing them closer to their fan base. A blockchain project named XRI is working on the development of the SAKURA NFT Platform.
XRI is a project that intends to deliver decentralized infrastructure to individual Internet users in order to act as the nexus between blockchain technology and the world’s data. XRI is on a mission to bring enterprise solutions to the data market and also solve many of the impending challenges that have eroded the data industry and as such XRI will be working with Sakura to deliver its NFT platform.
Sakura is the first mover in the gold NFT race.
Almost everyone seems to be following the regular pattern in the issuance of NFT, however, Sakura is seeking to change the course of things on how NFTs could be valued. Commenting on the uniqueness of the Sakura NFT marketplace distinctiveness, saying:
“We learned from the cryptocurrency system that gold may be circulated without the need to carry banknotes. It marks the start of a new gold standard. Sakura Japan will collaborate with Arca Degussa to create the world’s first gold distribution system. As a result, GOLD DEBIT NFT will be available soon. This is a product where you may buy an NFT with GOLD DEBIT, which allows you to add gold value to the NFT in order to keep the NFT and cryptocurrency prices stable.”
Despite the fact that NFTs are becoming more mainstream, they remain inextricably tied to the crypto ecosystem and hence vulnerable to market volatility. Sakura’s invention will bring gold to NFTs, therefore stabilizing the price flow of Sakura NFTs. This may be a game-changer for the whole NFT industry and a springboard for new ideas. Sakura is embracing every opportunity to establish itself as a popular choice.
A look at Sakura’s recent partnerships
Sakura has signed a number of athletes and celebrities, adding to its lists of athletes. This was announced through a blog post:
“SAKURA NFT Platform is a platform providing various functions related to NFTs, in which they revealed new information about a great car racer, Ai Miura”
The first contract with Ai Miura, will almost certainly serve as a springboard for other major partnerships in the future. Ai Miura is a Japanese racing driver. She was the first Japanese woman to win a Formula 3 race.
Ai Miura earned the first Japanese Formula 3 Racing Series champion in the series’ history in 2014. She won the FIA Solar Car Race Suzuka, the KYOJO Cup, and the VCR Vita as well. She competed in Formula Regional Japan, Super Taikyu, and Mini Challenge Japan in the year 2020.
This partnership is the first in what may be a succession of partnerships with world-class athletes, a blockchain-focused community of eSports fans, gamers, digital artists, and cryptocurrency activists.

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