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Bitcoin price flash crashes by 87% to $8K on Binance US

Bitcoin price flash crashes by 87% to $8K on Binance US

Bitcoin (BTC) crashed to just $8,100 on Oct. 21 — but only if you were trading on Binance’s dedicated United States exchange, Binance U.S.On Thursday, Binance U.S. suddenly printed a one-minute candle which took BTC/USD from $65,815 to $8,200 — a drop of 87%.”Shouldn’t be happening”In what traders call a “scam wick,” the one-minute BTC/USD differed dramatically from other major exchanges, which logged a one-minute candle with a floor around $64,200.The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order book events. The scope of the Binance U.S. error, however, was in a league of its own, and did not go unnoticed by market participants.”Well done Binance U.S.,” popular Twitter trader Crypto Chase summarized.”Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”BTC/USD 1-hour candle chart (Binance). Source: TradingViewCrypto Chase referred to the implications sudden erratic price movements on exchanges, these serving to liquidate traders who should have retained their positions.The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, known as CZ, warned about incoming volatility.”Expect very high volatility in crypto over the next few months,” he tweeted on the day.Leverage builds in overly long marketMeanwhile, concerns were also mounting Thursday that leveraged traders had taken on more risk than they could chew.Related: Bitcoin futures ETF hits $1B AUM in a record-breaking two daysA look at funding rates across exchanges hinted at excessive optimism, with traders going long BTC en masse — a classic indicator of a correction.Funding rates had increased significantly in the hours after BTC/USD passed its recent all-time high and went on to hit $67,100.Bitcoin funding rates chart. Source: Bybt

Trace Networks Onboards 883 Police, To Launch Digital Fashion NFTs on the Bling Marketplace

Trace Networks Onboards 883 Police, To Launch Digital Fashion NFTs on the Bling Marketplace

The popular Italian designer brand, 883 Police is all set to launch the special edition “883 Police NFT Collection” on Bling lifestyle and luxury NFT marketplace as a part of its collaboration with Trace Network Labs.
The 883 Police NFT Collection includes digitized versions of special edition apparel and fashionwear NFTs that can be owned and carried in multiple metaverses. As a fabric that brings together luxury goods and the digital world together, Bling will be auctioning this limited edition, exclusive NFTs on its platform.
In a recent media interaction, the CEO of 883 Police India Seetharaman Kannan said, “We are delighted to partner with Trace Network Labs to bring forth a revolutionary phase of digital fashion with 883 Police branded NFTs. We are confident that with the 883 Police brand’s legacy of many years we can bring in extraordinarily quirky digital fashion that can be transaction as NFTs and also worn by users of a metaverse.”
Tracing back in time, the 883 Police brand was started in 1995 in Italy. Over the past two and a half decades, the company has been at the forefront of clothing innovation, “Denims” in particular, and expanded its reach to become one of the aspirational brands across multiple continents. The ultra-rich style statement of the apparel produced by 883 Police has brought global recognition as well as invited the attention of some great celebrity endorsements.
Meanwhile, Trace Network Labs, as one of the leading protocols in the NFT and Metaverse space, introduces lifestyle and luxury to multichain metaverses by enabling brands to create digital avatars of their actual products.
The CEO and Cofounder of Trace Network Labs, Lokesh Rao said, “We are thrilled to onboard 883 Police on the Lifestyle for the Metaverse journey at Trace Network Labs. What I find most interesting in fashion is that it reflects your moment. 883 Police has a rich history and roadmap in creating those perfect moments by making a differentiating fashion statement. It is exciting to bring 883 Police limited edition wearable NFTs to Bling marketplace to further enhance the user experience on various metaverses!”
Trace Network’s Bling NFT Marketplace and 883 Police will soon announce the dates for the action of these specifically designed NFTs for gaming metaverses.
Learn more about 833 Police NFTs on Bling luxury NFT marketplace at  https://medium.com/trace-network/popular-brand-883-police-to-launch-digital-apparel-nfts-in-collaboration-with-bling-4d3f6905b8b0

Iota launches beta smart contracts to foster interoperability

Iota launches beta smart contracts to foster interoperability

The Iota Foundation has announced the release of its beta version smart contract functionality, with the objective to solve market challenges of scalability limitations and high transaction fees, as well as reportedly debuting components not witnessed thus far in the space.Iota’s nonprofit foundation is focused on open-source research and development initiatives to drive adoption in the distributed ledger technology space, alongside its native platform, the Tangle.The smart contract service will foster interoperability and standardization through the integration of Ethereum Virtual Machine; multi-capacity for developers to write program languages with Tiny Go, Rust, and Ethereum’s Solidity; as well as enabling developers to mark unique execution fees, among other features.The latter is a prominent difference from the Ethereum blockchain and could drastically foster the reduction of fees across the network, as the pool of competitors seeking to validate the smart contract increases. Related: Iota Foundation to support EU blockchain initiativeIn March, the platform announced the release of its alpha Iota Smart Contracts Protocol, designed to encourage developers to build smart contracts in addition to decentralized finance (DeFi) and nonfungible token (NFT) applications.Dominik Schiener, co-founder and chairman of the Iota Foundation, told Cointelegraph that the addition of smart contract functionality will “add a vital component to the Iota ecosystem. They allow anyone to build composable and complex dApps using industry standard Ethereum tooling while relying on a feeless base layer and predictable, low execution fees.”“IOTA Smart Contracts also enable the feeless transfer of assets across chains, which offers the IOTA ecosystem — and anyone else interested — unprecedented opportunities in terms of utility, composability, and scalability,” Schiener said.Schiener claimed that Iota smart contracts are unique in that they offer low, predictable, transparent fees, adding: “Smart contract chains enjoy permissionless deployment, without setup fees, auctions, or gatekeepers of any kind. The smart contract execution fees are predictable, non-volatile, and entirely up to the chain owner to set.”“The possibility for chains to compete for the ‘work’ of executing a smart contract creates an additional incentive to push execution fees to their absolute minimum — including zero. Non-zero fees are payable in whatever form the chain owner demands, giving additional flexibility. In a nutshell, it is a DeFi operator’s ‘wet dream’.”

FTX crypto exchange raises $420M from 69 investors

FTX crypto exchange raises $420M from 69 investors

FTX, one of the largest cryptocurrency exchanges in the world, has raised $420 million in fresh funding, bringing its total valuation to $25 billion.The firm officially announced Thursday that FTX’s operator, FTX Trading, has completed a new Series B-1 fundraise involving 69 investors, including Ontario Teachers’ Pension Plan Board and Singapore’s state investment firm Temasek.Other investors included major venture capital firms such as Sequoia Capital, Tiger Global, Sea Capital, Ribbit Capital, Lightspeed Venture Partners, and funds and accounts managed by BlackRock.According to FTX head of product Ramnik Arora, the new funding will help the company further expand its market opportunities across equities, prediction markets, nonfungible tokens (NFT) and videogame partnerships. “We expect to make strategic investments designed to grow the business and expand our regulatory coverage,” he said.FTX founder and CEO Sam Bankman-Fried said that he founded his company with the idea of “creating a better financial marketplace.” “For this round, we capitalized on those strides and were able to partner with investors that prioritize positioning FTX as the world’s most transparent and compliant cryptocurrency exchange,” he added.The news comes shortly after FTX obtained registration for its Bahamian subsidiary in the Bahamas in September. The exchange has been actively involved in the NFT industry recently, announcing the launch of its own native NFT marketplace last month.This article is developing and will be updated.

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.

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.”

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.

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