Milestone: Cryptocurrency market value blows past $3 trillion
Nov09

Milestone: Cryptocurrency market value blows past $3 trillion

The cryptocurrency market is now worth more than $3 trillion. The little more than a decade old market for digital assets has already roughly quadrupled from its 2020 year-end value, as investors have gotten more comfortable with established tokens such as Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functionality. Excitement about the possibilities of decentralized finance and non-fungible tokens is growing, and memecoins like Dogecoin and Shiba Inu continue to attract attention. “Bitcoin appears to be pushing out of a bullish flag pattern, and Ether is likely to confirm a long-term breakout on a close above resistance this Friday,” said Katie Stockton, founder and managing partner of Fairlead Strategies, in a note. As of 9:54 a.m. in New York, the overall market cap of cryptocurrencies hit $3.3 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week. Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768. Crypto companies such as miners Marathon Digital Holdings Inc. and Riot Blockchain Inc. each rallied more than 10% Monday. Coinbase Global Inc., the largest U.S. exchange, gained as much as 3.6%, a day before reporting third-quarter results. Of course, crypto is notoriously volatile. The last time Bitcoin reached these levels, it fell back several thousand dollars, and it’s […]

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Cleanup in aisle four: Kroger calls crypto news release a fake
Nov06

Cleanup in aisle four: Kroger calls crypto news release a fake

Kroger Co. said a press release announcing plans to begin accepting Bitcoin Cash was fraudulent, marking the latest apparent scam tying a major retailer to cryptocurrency. The statement appeared early Friday on PRNewswire, a service used by many large companies to make official announcements. Kroger’s investor-relations website automatically picked up the release, the grocer said. Media organizations including Bloomberg News published the information, and Bitcoin Cash briefly spiked about 5%. “This communication was fraudulent and is unfounded and should be disregarded,” Kroger said. The episode recalled a similar scam less than two months ago involving Walmart Inc. In that situation, a fake statement went out on a separate wire service, GlobeNewswire, saying the retail giant would begin accepting the cryptocurrency Litecoin. The fake news release set off a short-lived surge of more than 30% in Litecoin before Walmart said the information was false and the statement was taken down. A PRNewswire representative didn’t immediately return a request for comment about the Kroger statement. While fabricated releases aren’t new, cryptocurrencies would seem to provide fertile ground for deception. Unlike in stocks, trading is mostly untraceable, so scammers leave few tracks. And traders have become conditioned to expect outsize price reactions to even flimsy announcements. Kroger fell 1.9% to $42.59 at 10:43 a.m. in New York, the biggest drop on an S&P index of U.S. consumer staples companies. Bitcoin Cash rose less than 1%. Bitcoin Cash is an offshoot of Bitcoin, the largest cryptocurrency.

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NYC Mayor-elect vows to take first salary payments in Bitcoin
Nov05

NYC Mayor-elect vows to take first salary payments in Bitcoin

New York City Mayor-elect Eric Adams said he would take his first three paychecks in Bitcoin when he takes over City Hall in January. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries,” he said on Twitter on Thursday. In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait! — Eric Adams (@ericadamsfornyc) November 4, 2021 Adams, a Democrat, has said he wanted to turn New York into a crypto-friendly city and that he wants to explore a NYC Coin similar to Miami’s. In an interview on Bloomberg Radio after being elected mayor on Nov. 2, he wagered a “friendly competition” with the mayor of Miami, who was the first to set up a so-called CityCoin cryptocurrency. “He has a MiamiCoin that is doing very well — we’re going to look in the direction to carry that out,” Adams said in a Wednesday interview on Bloomberg Radio. He vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”  

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Ether hits all-time high
Nov03

Ether hits all-time high

Ether, the world’s second-largest cryptocurrency, has hit an all-time high, catching up with Bitcoin’s rally and riding on news of wider blockchain adoption. The Ether token, which underpins the Ethereum blockchain network, rose on Wednesday to as high as $4,643 in Asian hours, breaching the previous day’s $4,600 and taking the week’s gains to more than 10 percent. In the days since Bitcoin, the world’s largest cryptocurrency hit its record high of $67,016.5 on October 20, other tokens on the base layer of blockchain networks, known as Layer 1 networks, have gathered momentum. Bitcoin (BTC) was trading at approximately $63,078 and is up about 117 percent this year, while Ether is up six-fold. “Since the market reversal at the end of September, Ether’s strength has been moving in stride with BTC and other majors,” said Ryan Rabaglia, the managing director and global head of trading at digital asset platform OSL. “Ethereum has been the clear winner of the Layer-1s for what we believe will be a substantial shift in a potentially prolonged market sentiment uplift. Ethereum will also continue to play a big role in the NFT [non-fungible token] and metaverse ecosystem build-out,” he said. NFTS are a kind of crypto asset that records ownership of digital items The steady stream of news on cryptocurrency adoption by banks, growth of non-fungible tokens on virtual gaming platforms, the launch of Bitcoin futures-based US ETFs [exchange-traded fund] and a need among investors for diversification in an uncertain interest rate environment have pushed […]

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How deflationary is Ethereum’s digital currency Ether?
Nov03

How deflationary is Ethereum’s digital currency Ether?

Fans of Ethereum are jumping on the anti-inflation narrative that has been traditionally been one of the main selling points for Bitcoiners. Ether, as the native digital currency of the Ethereum blockchain is known, saw the difference between the number of tokens issued and destroyed turn negative in the last seven days on aggregate for the first time, according to blockchain tracking site watchtheburn.com. The shift comes as Ether outperforms Bitcoin in price appreciation terms this year, even as both cryptocurrencies climb to record highs. The week-long bout of negative issuance has prompted crypto enthusiasts on Twitter to proclaim that Ether is deflationary, and now a possible hedge against the looming inflation that they’ve long warned is coming in the mainstream financial system. Bitcoin has been marketed that way since its inception because it has a hard supply cap of 21 million coins that won’t be reached until around the year 2140. Ether doesn’t have an explicit limit on supply. ETH to surpass gold’s market cap within 5 years. ETH is the world’s most deflationary asset with no supply floor. Both Gold and Bitcoin are inflationary vs. ETH’s reducing supply. — Token State (TokΞnizΞ ThΞ World ΞIP-1559) 🦇🔈 (@tokenstate) October 30, 2021 Ethereum is a deflationary asset. $ETH — Ethersole (💎,💎) (@SickDudeTight) November 1, 2021 But not everyone is so sure the negative issuance changes the traditional theses behind Ethereum and Bitcoin. “We see so much misinformation out there about how Ethereum is deflationary,” said Noelle Acheson, head of markets insights at […]

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Singapore says embrace crypto or risk being ‘left behind’
Nov02

Singapore says embrace crypto or risk being ‘left behind’

Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centres around the world grapple with approaches to handle one of the fastest-growing areas of finance. “We think the best approach is not to clamp down or ban these things,” said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), which regulates banks and financial firms. Instead, MAS is putting in place “strong regulation”, so firms that meet its requirements and address the multitude of risks can operate, he said in an interview. Nations differ vastly when it comes to how they handle crypto: China has cracked down on large amounts of activity in recent months, Japan only recently allowed dedicated crypto investment funds – though El Salvador has embraced Bitcoin as legal tender. In the United States, while there are many options for investing in the burgeoning asset class, regulators are concerned about everything from stablecoins to yield-generating products. “With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point,” said Menon, who has helmed the MAS for about 10 years. “But not to get into this game, I think risks Singapore being left behind. Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.” The stakes are high for the small island nation, which has already earned a reputation as a global wealth hub. Singapore must raise […]

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