The sheer volatility of crypto markets is often agonizing. When the markets are usually undergoing a freefall, investors are usually panicking and praying for the decline to stop. Yet, during periods of side by side consolidation, there is more market anxiety, as investors speculate whether the market is going to split upwards or stumble further. A similar sentiment […]
Nayib Bukele, El Salvador president, has claimed that 2 . 1 million citizens are using the new government-backed Chivo cryptocurrency wallet. In a tweet, he implied the apparent success of Bitcoin in the country. El Salvador recently adopted bitcoin as a legal tender on September 7, 2021, being the first country to do so. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1 . 1 Million Citizens Have Chivo Wallet On Saturday afternoon, president Nayib Bukele shared this update with his 2 . 9 million Twitter followers. That he claimed that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. He also said that despite Chivo not being a bank, it already has more users than any bank in El Salvador and it is only a matter of time before the wallet’ s adoption surpasses all banks in El Salvador combined. El Salvador’ s Chivo Wallet The state-issued wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender. Chivo enables individuals and businesses to send and receive payments in Bitcoin (BTC) or dollars (USD) from all over the world. Merchants must offer the power to use both currencies. But some merchants saying they might rather lose sales than accept bitcoin payments. Related Reading | El Salvador’s Chivo And Bitcoin Adoption In Mindblowing Facts And Stats The wallet can be acquired on both Android and Apple devices. Latin American cryptocurrency exchange Bitso is the core service provider for the Chivo wallet. There are now over 200 bitcoin ATMs in El Salvador, the third-largest quantity of ATMs after the U. S. and Canada. President Bukele’s goal is 2 . 5 million Salvadorans, which is approximately 39% of the population. Being an incentive, the government offers $30 in bitcoin when people download the wallet app. Bitcoin Adoption In The Country President Bukele’s latest update implies that the Bitcoin Law is being received positively by the citizens of El Salvador. However , many protestors have taken the streets to assert their disapproval. As reported, some protesters even set fire to a brand-new Bitcoin machine, while others held signs reading “ Bukele Dictator”. According to the protesters, the president is using authoritarian means to tighten his grip on power. They gathered in the administrative centre San Salvador on the 200th anniversary of the country’ s independence, with placards that read “ No to Bitcoin” and “ Respect the Constitution”. BTC trading at $43. 2K | Source: BTCUSD on TradingView. com Independent of the protests, there were reported glitches during the initial rollout. In the first week, one machine completed only three successful transactions out of many. Plenty of Salvadorans also do not trust bitcoin because of its volatility. In accordance with a recent survey from Sherlock Communications, an agency in Brazil, 54% of Salvadorans are not familiar with Bitcoin. Featured image from Nairametrics, Chart from TradingView. com
Why didn’t we thought of measuring Chivo and Bitcoin adoption this way? Cero anecdotal evidence. Only facts, numbers, and reports from wherever we can get them. What do we know about the Chivo wallet’s Lightning node? What apps besides the government finances are the Salvadorans using? Could they be happy with them? Investor and blogger Kevin Rooke has a fresh take on El Salvador’s Bitcoin adoption and we’re here to summarize it. “I wanted a deeper knowledge of how real people in El Salvador are interacting with Bitcoin, so I went away in search of other success metrics. ” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Investing Course However , since “the Lightning Network is personal by design, ” it’s hard to accurately measure “payment volumes and the flow associated with funds between various purses and exchanges. ” Therefore , what did Kevin Rooke do? He looked just about everywhere else for hard data about Chivo and Bitcoin adoption. Let’s explore what he found. BTC cost chart for 09/24/2021 on Exmo | Source: BTC/USD on TradingView. com The particular Chivo Ecosystem Is Growing Quick To measure the Chivo wallet’s adoption, Rooke used the official information provided by President Bukele. Not ideal, but not unusual either. It’s easier to obtain stats about the Chivo Lightning node because you can check out all the public info right here. But wait, why is the particular Salvadorean government running a Super node? “Just like every various other participant on Bitcoin’ ersus Lightning Network, Chivo runs a Lightning node. Since Chivo is a custodial wallet, all Lightning payments that Chivo users send from other Lightning wallets may transfer liquidity to and from Chivo’ s node. ” Through those sources, what did the author find out about the Chivo ecosystem? At the moment, “Chivo’ ersus node has 12. 7 BTC of public capacity. ” Which is 1, 269, 941, 898 sats. The Chivo node “ranks 83rd among public Lightning nodes. ” At the time of writing, it is connected to 58 other channels, but this number modifications daily. Back to the iOS App Store and Google Play Store, the Chivo wallet remains at the top of the popularity listing, “beating all the most popular social media apps like WhatsApp, TikTok, and Instagram. ” Um bet you haven’t considered this one, “By onboarding over 1 . 6 million customers in just two weeks, Chivo is likely the most popular Lightning Network application in the world today. ” What About The Other Bitcoin Apps? Are They Well-known In El Salvador? Ok, granted. El Salvador’s federal government incentivizes the downloading from the Chivo wallet app with $30. That has to move the needle. However , when it comes to the rest of the Bitcoin apps, such an motivation doesn’t exist. How are they measuring up to other monetary apps? This infographic says it all: El Salvador’s most popular apps for September 2021 | Source: Kevin Rooke “Salvadorans are already showing solid preference for Bitcoin apps over banking and remittance apps on a national scale, ” as the graphic shows. To put it in numbers, “9 and 13 of the top 20 apps in the respective app stores” are Bitcoin apps. And Chivo is at number one. “Most associated with El Salvador’ s banks and payment processors have user ratings of 2-4 stars, ” that’s the standard banking system for you. On the other hand, “Bitcoin related apps have user ratings of 3-5 stars. ” Even though it is still early, the facts would be the facts. It should be noted that the Chivo app is at the low end of that spectrum. Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Can Surprise You Besides that, Kevin Rooke identified the truth that might be obvious for some, but has to be said: “The millions of Salvadorans that have already been onboarded to the Lightning System aren’ t Silicon Valley nerds or early tech enthusiasts. They’ re anyone else that are making a conscious choice to use the Lightning System because it saves them time and money. ” And they don’t have to use the Chivo ecosystem when they don’t want to. That’s a well known fact. Featured Image by Beam Aucott on Unsplash : Charts by TradingView
One of the threats that the crypto neighborhood face is the attack of cybercriminals. Many exchanges, projects, and apps often face one vulnerability exploitation or maybe the other. Recently, BSC-based cross-chain pNetwork lost at least $12. 7 million of tokenized Bitcoin to attackers. They have got joined the many networks targeted and exploited by cyber-terrorist in the crypto industry. Associated Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations pNetwork stimulates digital assets movement all through different blockchains. Just like a number of other wrapped token protocols, these people allow users to great pBTC through deposits associated with BTC in a smart agreement. This process allows the users to migrate their BTC worth away from the Bitcoin system and place it on EVM-compatible chains. The information about the hack went live through a Twitter announcement by pNetwork, lamenting the loss of up to 277 pBTC. From the tweets, we learned that the hackers made aside with most of pNetwork’s guarantee. According to the pNetwork team, the particular hackers exploited a bug within the network’ s codebase. The tweet reads: “ They attacked pBTC upon BSC, siphoning up to 277 bitcoin which is serving as collateral. But other connections weren’ t touched, though, since the other funds are intact. ” pNetwork Team To Fix The Problems According to the pNetwork team, they are already fixing the problem. They also offered $11. 5% of the siphoned money to the hackers if they can give back the funds taken. They went ahead to address the black-hat hacker, “We are ready to offer a reward associated with $1, 500, 000 if they can give back the stolen funds. ” Right now, you will find no updates from the pNetwotk team concerning the exploit. They may be yet to talk about plans to pay for back the users who were impacted by the theft. Effects Of The Hack After the exploit, the pNetwork’s PNT governance symbol has fallen down in the last 24 hours. pNetwork has lost almost 8% of its price in last 24 hours pursuing the hack | Source: PNTUSD on TradingView pNetwork is not the only cross-chain platform that has fallen victim to these exploits. For instance, THORChain, a decentralized exchange, was also the victim of hackers last Come july 1st. Following the first hack, system suffered another hack which was worth $8 million. However , THORChain was fortunate to become hacked by a “white hat” hacker, who promised to provide back the stolen funds for a reward of 10% out of the stolen funds. Binance Smart Chain has skilled so many unexpected exploits this year. The list of the BSC fraud victims includes pNetwork, Belt Finance, BurgerSwap, Spartan Process, SafeMoon, Meerkat Finance, Uranium Finance, Bogged Finance, bEarn, Cream Finance, and PancakeBunny. Related Reading | Has Lose Hold On Market Since Bitcoin Breaks $44, 1000, Crypto Market Tops Upward $200 Billion Moreover, there was clearly another record-breaking Poly System hack early in Aug. This hack resulted in a loss of $253M from BSC and above $600M as a whole losses. Luckily, the hacker gave back almost all the particular stolen funds. Featured picture from Revain, charts from TradingView. com
Implementing the particular Satoshi (SATS) Standard — to increase widespread adoption associated with BTC. This isn’t a major paradigm shift or the creation of another altcoin or another variant of Bitcoin.
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China’ ersus central bank has declared that all crypto-related transactions plus services are now illegal. In response, Bitcoin drops down to $41k from $45k. China Announces All Crypto Transactions Plus Activities Are Illegal As per a report from Bloomberg, The far east has intensified its crackdown on crypto and Bitcoin as the nation’ s central bank says all electronic […]#@@#@!!
Bitcoin has suffered in the wake of the brewing Evergrande crisis in Cina. The leading Chinese junk-bond company has now missed two loan repayments. Its connection to the broader crypto market has been linked to Tether. The company at the rear of the dollar-pegged stablecoin is said to hold bonds with the Chinese bank, which is one of […]#@@#@!!
Bitcoin bulls flex their muscle with a rebound from $40, 000 to $44, 000. A golden mix pattern in the daily chart hints at the uptrend attaining more than just listing to $48, 000. Bitcoin bulls fought against tooth and nail to protect the support at $40, 000 earlier this week. The largest cryptocurrency has initially fixed from highs close
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Data shows Bitcoin trading has hit the snooze during Asian market hours, despite being the important thing aggressor for moves before 2020. BTC Sleeps During Asian Trading Hours According to this week’ s Arcane Research report, Bitcoin seems to be mostly sleeping during Oriental market hours, despite as being a key force in price moves before 2020. In […]#@@#@!!
Regardless of the latest Bitcoin dip, Leader Nayib Bukele tweeted that will 1 . 6 million Salvadorians now use the Chivo Budget. With a population of 6. 5 million, this amount constitutes a quarter of the country’ s population. 1 . six millones de salvadoreños ya utilizan @chivowallet 🥳 Y subiendo… #Bitcoin🇸🇻 — Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021 On Saturday, President Bukele […]#@@#@!!
Bitcoin has been suffering from numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42, 000 budget range. While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The purchase price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5, 400 on Monday. The crash happened between the BTC < > USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21, 623. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1 . 1 Million Citizens Have Chivo Wallet Between 12: 21 and 12: 23 UTC the Pyth BTCUSD aggregate price was below $40, 000 – the lowest price reported was $5, 402 with a confidence interval of $21, 623 (4x the asset reported price) for a single slot – that has been off-market relative to the BTC price available on other markets — Pyth (@PythNetwork) September 20, 2021 Pyth Network acknowledged the crash on their Twitter account, where they assured their users which they were working to figure out what caused this. “Engineers are continuing to investigate the cause and a full report is in the works, ” it said. BTC price recovers after falling to low $40K | Source: BTCUSD on TradingView. com Why Did Bitcoin Crash So Much? It is still not yet determined what the reason behind the crash was. So far, there appear to be no other pairs afflicted with the crash. And no other cryptocurrencies have been reported to own suffered the same fate as bitcoin. The crash generated massive liquidations on the platform, which were, “unfortunately working as intended, ” tweeted Bonfida. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading On Bitcoin The crash without doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, “We’re very sorry for any hurt incurred for Pyth customers. ” And the team has asked those affected by the flash crash to reach out to the team either through Twitter or Discord. The team continues to work on figuring out the cause of the crash and will produce a report of these investigations. Featured image from Yahoo Finance, chart from TradingView. com
Is Chief executive Erdogan so out of contact with what’s happening around him that he declared war against Bitcoin? Or are these claims a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin, ” says Turkey’s president” has been making the particular rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However , we observed a crucial detail: the article does not contain a direct quote through Erdogan. That’s suspect. Related Reading | New To Bitcoin? Learn To Trade Crypto With all the NewsBTC Trading Course Armed with an iron will and Google Translate, NewsBTC investigated the issue and came to unpredicted conclusions. Let’s fall into the rabbit hole. “When President Erdogan fired the main bank president in March, sending the Turkish lira plummeting against the dollar, Google searches for the term “bitcoin” soared across the country. ” The tighter politicians squeeze, the quicker #Bitcoin succeeds. https://t.co/F9wmVfl06C — Robert Breedlove (@Breedlove22) Sept 20, 2021 Is It War Against Bitcoin Or Battle Against Cryptocurrencies? The original content cited a mainstream plus generally trusted source, a write-up in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies. ” Reportedly, the president kept a Youth Meeting Plan, so his audience with this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one from the participants asked about their current views on cryptocurrencies: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against all of them. Erdogan said, “ We are going to not give them such a high quality, nor will we. Since we will continue on our method with our money, which is our own fundamental identity in this issue. ” He never also mentions a war against Bitcoin. Remember, this is a Search engines translation and some info might’ve been lost. However , the particular discrepancies are there. The Leader says they “do not need a problem” with crypto, but that “on the particular contrary, they have a separate war and struggle against all of them. ” On the contrary to what? And do notice, it’s not a direct quotation either. In the actual Erdogan quote, he says nothing in regards to a war against Bitcoin. We need more data. Let’s seek advice from other sources. Remember, " We, the people", does not mean " We – the state". Trying to fight a technology that empowers people is a certain way to be on the shedding side of history. — Shaun Booth (@JeffBooth) September 20, 2021 What Did Leader Erdogan Say Exactly? A fast search leads us towards the New Arab. They don’t quote the President directly, but their translation makes a lot clearer the intent associated with what he said: “Erdogan claimed that the country “definitely” doesn’t have a problem with the distribute of digital assets. However , that Turkey would continue with its own money, which he believes is part of the nationwide identity. ” They have no a problem with the spread associated with digital assets because they are preparing their CBDC, and their way to sell it is that money is “part from the national identity. ” First got it. But , what about this war against Bitcoin thing? A second search leads us to Newsbit, who seemingly quotation a much more clear-headed President Erdogan directly: “We have absolutely no intention of embracing cryptocurrencies, ” the president responded, adding: “On the contrary, we have a war towards them. We would never assistance cryptocurrencies. Because we carry on with our own currency which has its own identity. ” Okay, now we know that Erdogan certainly not said anything about a battle against Bitcoin and often referred to cryptocurrencies. And that, in code, he was always talking about the Digital European Lira. However , did he really say all that? That will quote seems suspiciously near to the original Bloomberg quote, and that one wasn’t literal. When the President said everything that obviously, why wouldn’t Bloomberg estimate him? BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD upon TradingView. com Time To Seek advice from Primary Sources Luckily for us, Newsbit linked to the Anadolu Company, a Turkish state-run information agency. This is as close to primary sources as we’re going to get. A report generally speaking event that only delicately mentions cryptocurrencies at the end. Could be the quote present in that survey? What did President Erdogan say exactly? Well, according to the Anadolu Agency: “Erdoğan stated that they do not have a problem of opening to crypto money, on the other hand, they have a separate war plus struggle against them. Erdogan said, “ We will not give them such a premium, nor will we. Because we are going to continue on our way with our money, which is our basic identity in this matter. ” Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets That’s correct! The same exact quote with all the same exact wording that will Bloomberg used at the beginning. Therefore , Bloomberg literally copied plus pasted their article. Plus Newsbit’s supposed quote is really a rewording of that phrase. We don’t know exactly what Chief executive Erdogan said, but at least his intention is clear: Indeed to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war towards Bitcoin. Cryptocurrencies and Bitcoin are not synonymous, journalists. Showcased Image by Faruk Melik ÇEVİK on Unsplash : Charts by TradingView
DeFi bridging Protocol, pNetwork, is the most recent protocol to be targeted by a cyber attack. An unknown hacker has stolen about $12.7 million worth of tokenized Bitcoin from the Binance Smart Chain-based cross-chain platform. According to a Twitter thread published by pNetwork on September 20, the hacker exploited a bug in the network’s codebase. […]
Bitcoin trims almost all the gains accrued last week as it tests support at $45, 000. Long positions liquidations soar to $312 million while Bybit accounts for more than half. Bitcoin and cryptocurrencies suffered yet another blow on Monday during the Asian session. The massive drop of more than 5% in the crypto total market capitalization
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Skybridge Capital Applies For Cryptocurrency ETF And Accumulates hundred buck Million For ALGO Finance
A statement from Anthony Scaramucci provides revealed the total crypto really worth of an Alternative investment company in Australia’ s SkyBridge Capital. He stated that SkyBridge holds crypto really worth $700 million presently. The choice investment firm has filed for a cryptocurrency company ETF which simply means a crypto-based exchange-traded fund. Related Reading through | New To Bitcoin? Learn how to Trade Crypto With The NewsBTC Trading Course They do this on Tuesday, planning to increase their digital currency offerings. SkyBridge Capital also exposed its plans for the Algorand fund during the SALT meeting held within the week in New York. SkyBridge Crypto Resources Worth SkyBridge founder Anthony Scaramucci while addressing CNBC, stated that the firm elevated over $100 million for your new Algorand fund. Anthony was also the former Director associated with White House Communications. It was Scaramucci who valued the company’ s crypto-assets to become about $700 million. The particular CEO reaffirmed that crypto has come to stay. However , this individual added that if regulations intend to fan the increasing use of digital asset technologies, they should take quick action. Anthony explained the crypto adoption as similar to Uber, which the regulators planned to knock out of the system. But the people later won because they accepted its use. This individual predicts that the United States will begin recording up to 200 million crypto users in no distant time. The SkyBridge CEO made these responses when spectators were worried about having a regulatory crackdown maned by SEC. Gary Gensler, the head of SEC, got characterized the crypto sector as rife associated with abuse and fraud. But Anthony Scaramucci, despite his disagreement, appreciated Gary for their stake in crypto. He or she explained that Gary had many people that are yet to comprehend crypto in Congress fully. As a result, they have a lot of negative thoughts, and he will call on elites like Elizabeth Warren to go to such a conference. However , seated with members of the industry will make her understand the methods better. Anthony suggests that the need to carry everyone alone simply by educating them. Other Financial Magnates Opinion Other financial lords in their speech didn’t share Anthony’s optimism. Instead, they doubted the possibility of crypto adoption outrunning the grip of strong-handed regulations. Associated Reading | While Wider Crypto Market Holds The Collective Breath, Whales Are Loading Up On Bitcoin Beam Dalio predicted that as the digital assets popularity raises, it would attract the attention associated with lawmakers. ALGO is currently straight down by 4% at the time of creating | Source: ALGOUSD on TradingView. com However , whilst speaking to CNBC, he said that even if the crypto adoption successfully increases, the lawmakers may kill it. He thought that lawmakers would flourish in killing it as they get their ways of doing so. Dalio described that every monetary asset that offers a cash alternative is worth considering, including Bitcoin. Showcased image from Finance Magnates, chart from TradingView. com
The Bitcoinization of Jordan Peterson is a go. The famed psychologist and media personality had a Canadian politician as a guest in his podcast and couldn’t help but touch on the subject. And Maxime Bernier was right there with him, which lead to a brief discussion about Austrian Economics. Even though both Peterson and Bernier […]