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Category: Crypto News

CryptoPunks Owner Declines Record-setting $9.5 Million Offer, Explains Why 

Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), which would have been the highest on-chain NFT transaction to date. The bidder, who goes by an ENS of poap.eth, placed the record-setting bid after the CryptoPunks owner tweeted: “My punk is not for sale. Don’t care what anyone offers me.”  CryptoPunks is an NFT collection of 10,000 randomly generated images created by Larva Labs, and is widely touted and recognized as the #1 collection across the entire NFT space.  Related Reading | Cryptopunks are Headed to Hollywood The project is an all-time leader in total transaction volume at 552,073 ETH, or approximately $2.1 billion. Bored Ape Yacht Club (BAYC), which is the next largest collection on OpenSea, has recorded 1/5th of CryptoPunk’s all-time sales volume. According to data from Larva Labs, the most expensive transaction to date was $7.57M for Punk #7804 back on March 11, 2021.  Come on Richerd. Don’t you want to go down in history as the top cryptopunk sale to date? pic.twitter.com/JEeIMo2MEm — POAP – The bookmarks of your life (@poapxyz) October 15, 2021 If the bid made by poap.eth were to have been accepted, CryptoPunk #6046 would have become arguably the most valuable CryptoPunk by more than 500 ETH. Interestingly enough however, the owner himself admitted that the “value” of his NFT was nowhere near the ballpark of $9.5M: [#]6046 is probably not worth 2500 ETH, it’s a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?”  How Exactly are CryptoPunks Valued? Within NFT collections, the value of an individual piece is often determined by the rarity of its traits and characteristics. This is the case for CryptoPunks, with extremely rare traits like Aliens (0.09%) fetching a far greater price than ones with more common traits. In the case of Punk #6046, its trait of 3D glasses (3%) would be worth considerably less than extremely rare traits.  The average price of a CryptoPunk has skyrocketed over the past year, with data from DuneAnalytics showing a 1300% increase in average sales price since the beginning of the year. Despite these meteoric increases in price, the NFT space is still in relative infancy. Related Reading | Forget NFT Avatars: Owning and Trading NFT Colors Could be the Next NFT Trend on OpenSea  Coinbase, which recently announced its plans to release an NFT marketplace, saw over 1.5 million sign ups – a number trumping OpenSea’s user base by several fold. According to dappRadar, OpenSea has a total user base count of 263 thousand. With Coinbase entering the NFT space, there’s little to no doubt that the industry will continue to grow exponentially.  Interestingly enough, @richerd explained the reasoning behind rejecting the offer. He implied that his brand and online persona was largely connected to his CryptoPunk, and selling it would effectively sever this bond. “My identity, along with [the] identity of other iconic Punks, have value beyond the NFT itself. We have our own brands similar to any other brand and that has value. Because I value my personal brand and identity, this was an easy rejection for me.”  Featured image from Larva Labs  
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MobiePay Rebrands into Mobie Network to Broaden the Scope of Technologies and Products

MobiePay, a popular service that aims to bridge the gap between blockchain and the mainstream, has recently announced a major change of its brand. The project has now changed its name to Mobie Network. Initially, the project started off as MobiePay, in order for people to know what type of project the team is developing and what kind of service they plan to offer. However, as the development continued, the project decided to broaden the scope of different technologies and products that it aims to build and offer. But, with all the new products in the pipeline, the name MobiePay no longer does it justice, indicating that the project offers less than what it actually has. As a result, its team decided to rebrand into Mobie Network, which is expected to help with more utility within their platform. The change will also help build the Mobie ecosystem into a proper network, instead of being simply a payment/banking functionality. On top of that, the project will also enhance its products with other on-chain and off-chain products. The project’s ultimate goal is to turn its Mobie Network into a hub for all of the crypto-specific innovation that is encompassed under the Mobie umbrella. This is meant to include everything, from MobieSwap, Mobie Bridge, the token side of the app, staking and rewards functionalities, the tokenized community, and more. What Innovations are Coming with Mobie Network? Mobie Network will also build mainstream products with blockchain by bridging the gap between user experience and this emerging technology. One way to do it is to provide a more personalized payment experience. Specifically, the project will offer a personal and business finance app that will be available on the web and mobile alike. Next, they aim to offer an efficient and dependable gateway for crypto and fiat currencies alike. This will allow them to handle anything, from checkouts to transfers. Mobie Network also plans to get involved in gaming payments. Crypto and gaming have been a great match for years now, and Mobie Network can contribute to that relationship further by bringing innovative payments, data, and sophisticated analytics. Speaking of analytics, the firm is bringing consumer and market insights to those who need it, and in doing so, it can help drive loyalty and conversions for retailers in any industry. Finally, with the NFT sector exploding in 2021, it is not surprising that Mobie Network is eyeing that space as well.  In terms of NFTs, it will support users with creation, purchasing, storing, or swapping them, with all of the transactions being effortless, efficient, and with a seamless interface. Of course, the network will continue to allow users to spend, send, earn, or give cash or cryptocurrencies instantly. There is a clear advantage to being able to do all of this from one spot. However, Mobie Network is going even further than that now, offering users to use crypto for everyday purchases, it offers incentives for adoption and growth through cashback and affiliate revenue, and it simplifies payments for the merchants, making it easier for them to start accepting cryptocurrencies. In doing so, merchants stand to become a part of an extremely popular emerging crypto industry and increase the number of customers through inclusiveness. Conclusion All in all, MobiePay was an important chapter in the project’s history, but now it is time to take the next step, and Mobie Network is the working name for this new segment of the company’s history.
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XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient

The post XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal appeared first on Coingape.

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Has Shiba Inu ($SHIB) Lost Its Momentum Amid Bitcoin ($BTC) ATH Surge?

Shiba Inu ($SHIB), the meme coin that has made headlines for its bullish momentum as well as resilience against Bitcoin ($BTC), seems to be succumbing to the recent bullish surge in Bitcoin price. $SHIB price broke past two immediate support and currently trading just above $0.000025 with a 4% decline over the past 24-hours. On

The post Has Shiba Inu ($SHIB) Lost Its Momentum Amid Bitcoin ($BTC) ATH Surge? appeared first on Coingape.

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Polkadot (DOT) Shoots to $45 After Governing Council Passes Motion for Open Parachain Auctions

Polkadot (DOT) continues its rally further gaining Another 6% in the last 24 hours and moving closer to $45. As of press time, DOT is trading at 4.83% up at a price of $43.57 and a market cap of $43.02 billion. The DOT price has gained more than 30% in the last three days after

The post Polkadot (DOT) Shoots to $45 After Governing Council Passes Motion for Open Parachain Auctions appeared first on Coingape.

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It’s Final, ProShares Bitcoin Futures ETF To Start Trading In the U.S. Next Week Onwards

The wait is finally over as the first Bitcoin ETF in the U.S. will start trading next week onwards as per the SEC filing. The optimism has sent Bitcoin price skyrocketing past $62,000 and there’s every possibility that we could be seeing a new all-time high as soon as this weekend. As per the filing,

The post It’s Final, ProShares Bitcoin Futures ETF To Start Trading In the U.S. Next Week Onwards appeared first on Coingape.

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Bitcoin (BTC) Price Tops $62,000 After Jack Dorsey Announces Bitcoin Mining Plans

The world’s largest cryptocurrency Bitcoin (BTC) is showing solid strength and has gained another 5% to soar past $62,000 levels moving pretty closer to its all-time high. As of press time, BTC is trading 4.53% up at $62,101 with a market cap of $1.16 trillion. On-chain data provider Santiment reports that the dormant BTC is

The post Bitcoin (BTC) Price Tops $62,000 After Jack Dorsey Announces Bitcoin Mining Plans appeared first on Coingape.

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Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin

Payments processor Strike has announced the launch of a new feature that will allow users to convert their paychecks to bitcoin. This feature brings workers one step closer to collecting their paychecks in bitcoin. Instead of the employer paying out wages and salaries in BTC, employees can take the paychecks they receive and convert them to cryptocurrency in one easy step. Receiving Paychecks In Bitcoin Strike is enabling users to convert all or some of their paychecks into BTC. Instead of cashing into fiat and then having to change back to BTC, users can directly convert to BTC using the paycheck that they receive. The feature is known as “Pay Me in Bitcoin” was announced on Thursday and is one of Strike’s efforts to make BTC readily available to its users. Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October Strike is best known for helping El Salvador in their journey to bitcoin adoption, but they are also a bitcoin-focused payments processor that allows users to receive and pay in BTC. And with the new feature, get paid in BTC with no hassles. Strike completely bypasses the need for employers to adopt and start paying their employees in cryptocurrencies. Instead giving employees the power to decide if they would rather convert their paychecks to fiat currency or cryptocurrencies. This also means that employees are not limited by the payments options their employers use. It doesn’t matter the company individuals work for, they can choose to have their paychecks deposited in bitcoin. BTC price trading above $61,300 | Source: BTCUSD on TradingView.com Following The Lead Of Coinbase Strike’s announcement of the “Pay Me in Bitcoin” feature comes only a few weeks after Coinbase launched a similar feature. In the announcement post, Coinbase shared that customers were now able to deposit their paychecks directly to cryptocurrencies to ease their trading activities and just like Strike, streamline the process of users converting their money to cryptocurrencies. The feature has been welcome in the crypto space as investors can now decide to deposit their full paycheck or a portion of it into their cryptocurrency tradings accounts. Customers could also choose to deposit their paychecks directly to U.S. dollars on Coinbase, which they can then use to carry out their trading activities on the platform. Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals Similar to Coinbase, Strike announced that the feature will initially be available to users in the United States. Roll-outs for other countries may be in the works but there has been no confirmation of these. Although users can only convert their paycheck to bitcoin on Strike, Coinbase offers users a wider variety as they can convert their paychecks to the over 100 cryptocurrencies currently listed on the exchange. Featured image from Inc. Magazine, chart from TradingView.com
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SEC Approves Bitcoin ETF, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring Bitcoin to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  Bitcoin ETF Finally Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its Bitcoin Strategy ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible Bitcoin ETF will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the exchange traded fund will track Bitcoin futures, rather than the price of the Bitcoin directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with Bitcoin nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, Bitcoin is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring the cryptocurrency to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  ProShares’ Bitcoin ETF Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  BREAKING: U.S. Securities and Exchange Commission (SEC) officially approves #Bitcoin ProShares Futures ETF, which is expected to begin trading next week. pic.twitter.com/FC4mEaJuPO — Mr. Whale (@CryptoWhale) October 15, 2021 Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible exchange-traded fund will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the ETF will track Bitcoin futures, rather than the price of the digital asset directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with BTC nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, BTC is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Jack Dorsey: Square Could Build Bitcoin Mining System

CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. Via his Twitter account, Dorsey announced that the company is currently “considering” the possibility of creating a BTC mining system. Related Reading | Square’s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark’s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners. Now, Square could be based their mining system on “custom silicon and open source for individuals and businesses worldwide”, the announcement said. Dorsey clarified that the mining system could track its hardware wallet model. In August, the company revealed a new project to build a decentralized exchange to facilitate Bitcoin peer-to-peer trading alongside a hardware wallet. Similar to today’s announcement, the company emphasized the need to collaborate with the community and the ecosystem to benefit the project and the network. Dorsey made some reflections on the nature of mining and: Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resilient the Bitcoin network becomes. In that sense, the CEO of Square believes BTC mining needs to be “more efficient” and to continue to move towards clean energy. Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey As stated in the aforementioned Whitepaper, BTC mining could be used to create and support an alternative energy system. Dorsey believes BTC and its network are a potential source of innovation for the renewable energy dilemma. Square To Work On Bitcoin Mining For The Mainstream Therefore, Square wants to make BTC mining more accessible to everyone in order to resolve the issues around Silicon design and vertical integration in the energy sector. Dorsey said: Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners? The CEO of Square said Jessi Dorogusker will lead a team to research the technical requirements to undertake the project with Afshin Rezayee and Thomas Templeton. Dorogusker said: We will incubate the Bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures. At the time of writing, BTC trades at $61,945 with a 7% and 16.1% profit in the daily and weekly charts, respectively.
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Major Mortgage Lender Abandons Plans to Accept Crypto Payments

United Wholesale Mortgage (UWM), one of the foremost mortgage lenders in the United States, has suspended its plans to accept cryptocurrency payments. In a press release shared earlier this week, the Pontiac, Michigan-based mortgage lender explained that the risks associated with the acceptance of cryptocurrency far outweighed the benefits, and it would not be moving […]

The post Major Mortgage Lender Abandons Plans to Accept Crypto Payments first appeared on BitcoinExchangeGuide.

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Green Energy Bitcoin Miner, MintGreen, to Supply Heat to 100 Homes in Canada

A Canadian company is looking to change the narrative around Bitcoin mining by using energy for the public good. Earlier this week, MintGreen – a green energy Bitcoin mining firm – announced that it had agreed to supply heat generated from crypto mining to over 100 residents in North Vancouver. In its press release, MintGreen […]

The post Green Energy Bitcoin Miner, MintGreen, to Supply Heat to 100 Homes in Canada first appeared on BitcoinExchangeGuide.

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Bitcoin “Supertrend” Begins As Buy Signals Stack On All Major Timeframes

Bitcoin price is above $60,000 and bears are in disbelief. But they shouldn’t be, as bulls have long been in control of the trend. It had only been lower timeframes that had flipped bearish, while the most dominant trend had remained up. According to the Supertrend, all of the most important timeframes have since flipped bullish, with buy signals appearing across the board. Here is a closer look at what the tool says, the only remaining timeframe without a buy signal, and more information on what the Supertrend technical indicator does. What The Supertrend Says About The Bitcoin Bull Run When Bitcoin and other cryptocurrencies are trending, they move fast and hard. During uptrends, coins post tens to hundreds of thousand percent rallies. Downtrends then wipe out 99% of that progress. The cycle then repeats and it happens all over again. Trends take place across multiple timeframes. For example, a short-term downtrend on daily timeframes might last weeks, while a monthly downtrend could take years to turn around. The same is true for the opposite direction, which is what bears missed this time around. Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout Bitcoin price flipped bearish on daily and even weekly timeframes, but failed to flip fully bearish on the monthly timeframe. That is at least according to a technical indicator called the Supertrend, which gives fairly straightforward buy and sell signals. On monthly timeframes, Bitcoin never fell bearish, and has recently flipped back bullish on the daily and weekly timeframe. From left to right: Monthly, Weekly, Daily timeframes | Source: BTCUSD on TradingView.com Buy Signals Stack As BTC Approaches Pivotal Point According to eLearnMarkets, the Supertrend is a trend following indicator “similar to moving averages.” It is plotted along with price action, using only a period and a multiplier for its calculation. “When we construct the Supertrend indicator strategy, the default parameters are 10 for Average True Range (ATR) and 3 for its multiplier. The average true range (ATR) plays a key role in ‘Supertrend’ as the indicator uses ATR to compute its value and it signals the degree of price volatility,” the site description reads. Essentially, the tool projects a moving average-like line based on the Average True Range, when which broken, issues a buy or sell signal depending on the direction. The two-week still hasn’t triggered a buy signal | Source: BTCUSD on TradingView.com Buy signals have been issued on daily, weekly and monthly as pictured at the top of the article, but the chart directly above here shows that the two-week timeframe has yet to be penetrated, leaving one more box for BTC to check before new highs are guaranteed. Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone” The fact buy signals are only just triggering as Bitcoin is hitting former resistance and what was supposed to be the bull market “top” is probably the best proof yet that what happened in April 2021 was no cycle peak. As for what price that might happen yet, we’ll be watching the Supertrend closely for when the next sell signal triggers. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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