Unlock unbeatable savings at Bestdeals4me.Online - Where deals meet paradise!
Crypto BLOG
Looking for great deals on products and services related to cryptocurrency, blockchain technology, and digital finance? Check out our special offers section for exclusive discounts, promotions, and deals from top companies in the industry. Whether you’re a seasoned investor or just getting started in the world of cryptocurrency, our special offers can help you save money and get the most out of your investments. Keep an eye on this page for new and exciting deals, and take advantage of these limited-time offers before they’re gone!
Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe.
According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in Spain’s legal tender, the Euro.
“This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”
It highlighted that almost one-third of individuals in Spain have a positive outlook on digital assets. “29% of adults in Spain believe crypto is the future of finance,” it stated.
Additionally, it noted that crypto has now become the second most preferred payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, vice president of international and business development at Coinbase, stated that the exchange continues to seek regulatory compliance across the world:
“In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada.”
Excited to announce another major international milestone for Coinbase with today’s VASP registration from the Bank of Spain
Crypto regulatory clarity in the EU is helping to accelerate our expansion efforts in the region! https://t.co/W78LHKzcB5
This follows shortly after crypto exchange Crypto.com obtained regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a virtual asset service provider (VASP) registration from the Bank of Spain.
In October 2021, the Bank of Spain provided guidance on the steps crypto service providers can take to achieve Anti-Money Laundering (AML) compliance within the country.
The instructions specified that crypto exchanges must submit reports detailing efforts to prevent illicit activities such as money laundering and terrorism financing.
Related: Coinbase holds 5% of all Bitcoin in existence: Data
Meanwhile, recent reports indicate that Coinbase is aiming to establish a strong presence in Europe.
On September 22, Cointelegraph reported that Coinbase attempted to buy FTX Europe, the now-defunct crypto exchange, two times. It first tried in November 2022 when FTX filed for bankruptcy, and then again in September 2023.
This comes amid the European Parliamentary Research Service (EPRS) recently emphasizing the need for non-European regulators to exercise stricter oversight in the global crypto market.
As the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward its December 2024 implementation deadline, an EPRS report urges the establishment of a more rigorous regulatory framework in non-EU jurisdictions.
“There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”
Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in
Key ETF Dates Stir Volatility Expectations in Options Market
The options market is signaling potential significant price movements in bitcoin around crucial ETF dates, according to NYDIG weekly report. The forward volatility of at-the-money (ATM) options from October 13th to October 20th, 2023, has surged by 9.6 points. This data suggests traders anticipate a 5.5% single-day move in bitcoin’s spot price during this period. The SEC is set to respond to the BlackRock iShares Bitcoin Trust ETF by October 17th, 2023. Additionally, the SEC has until October 16th to address the Bitwise Bitcoin ETP Trust. Market data indicates traders are bracing for price swings, possibly due to an approval or denial. Another pivotal date is October 13th, the last day for the SEC to appeal the Grayscale case decision.
Mt Gox Delays Creditor Payouts to 2024
The Mt Gox bankruptcy trustee has postponed creditor payouts by a year, moving the deadline from October 31st, 2023, to October 31st, 2024. This delay extends the resolution of a significant event in crypto history, involving approximately 138K BTC, valued at roughly $3.7 billion at current rates. The industry has closely monitored the fund disbursement due to its potential market impact. The resolution has been pushed to 2024.
Fed Rate Policy Sends Ripples Through Financial Markets
The Federal Open Market Committee (FOMC) decided to maintain current interest rates this week. However, hints of a potential rate hike later this year caused asset prices, including stocks and bonds, to decline. Bitcoin initially dipped but ended the week unchanged, contrasting with the performance of stocks and bonds. Over the years, various macroeconomic factors have been proposed as influencers of bitcoin’s price. Yet, none consistently explain its decade-long price history. While some factors, like inflation expectations, may play a role in shorter time frames, bitcoin’s unique characteristics remain its primary price drivers.
Market Overview
Bitcoin’s price remained relatively stable despite weekly fluctuations. In contrast, equities faced challenges due to looming interest rate hike uncertainties. The S&P 500 fell by 2.3%, and the Nasdaq Composite dropped by 5.0%. The fixed income market also saw declines, with investment grade corporate bonds, high yield bonds, and long-term US Treasuries falling by 1.3%, 1.4%, and 3.0%, respectively. Gold’s price slightly increased by 0.4%, while oil declined by 0.6% after a recent rally.
Other Noteworthy News
Mt Gox announced a change in repayment deadlines.
Grayscale Investments is filing for a new Ether Futures ETF.
The NYDFS updated its virtual currency oversight.
The Lazarus Group is reportedly intensifying its crypto hacking efforts.
The U.S. SEC’s Crypto Enforcement Chief hinted that charges might extend beyond Coinbase and Binance.
Citi is developing new digital asset capabilities for institutional clients.
DTCC collaborates with Chainlink to bring capital markets on-chain.
Tether resumes its stablecoin lending and invests $420 million in cloud GPUs.
PayPal USD is now accessible on Venmo.
Upcoming Events
September 29: CME expiry
October 3: Valkyrie Bitcoin and Ether Strategy ETF effective date
October 13: SEC appeal deadline in Grayscale case
October 16: SEC’s response date for the first spot bitcoin ETF (Bitwise)
A technical analysis tool called Bollinger Bands uses price volatility to provide probable entry and exit opportunities in trading. They are made up of two outer bands or lines and a centerline (the simple moving average for a 20-day period), which enlarges and contracts in response to changes in price. For thorough market analysis, they are frequently utilized in conjunction with other technical indicators.
Bollinger Bands, explained
Bollinger Bands were created by John Bollinger in the 1980s. They are a useful technical analysis tool used in cryptocurrency trading and other financial markets to evaluate price volatility, pinpoint probable reversal points, and make trading decisions.
The three bands that help construct a Bollinger Band include:
Upper band
The upper band is created by multiplying the middle band by the price’s standard deviation. A price’s volatility is quantified by the standard deviation. Traders often use a multiplier of 2 for the standard deviation (SD), but this can be changed depending on the state of the market and personal preferences.
Middle band (SMA)
The middle band typically represents the price of the asset over a given period as a simple moving average (SMA). It serves as the axis and depicts the average price of the cryptocurrency within the selected time frame.
Lower band
From the middle band, a multiple of the standard deviation is subtracted to determine the lower band.
The purpose of Bollinger Bands in cryptocurrency trading
In cryptocurrency trading, Bollinger Bands serve as a crucial technical analysis technique that allows traders to:
Assess price volatility
Traders can assess the degree of price volatility in the cryptocurrency market using Bollinger Bands. When the bands widen, there may be trading possibilities because it suggests higher volatility. On the other hand, a contraction of the bands denotes less volatility and the potential for price consolidation or trend reversals.
Identify overbought and oversold conditions
Bollinger Bands are used to detect possible overbought and oversold scenarios, helping traders identify them. A potential sell opportunity arises when the price reaches or exceeds the upper band, which is a sign that the price is overbought. On the other hand, if the price reaches or drops beneath the lower band, it can be considered oversold, indicating a potential purchase opportunity.
Determine trend direction
Traders may use Bollinger Bands to ascertain the prevailing trend direction. The price may indicate an uptrend if it constantly moves along the top band. On the other hand, if it frequently touches or remains close to the lower band, it can be a sign of a downtrend.
Generate reverse signals
Bollinger Bands can be used to create reversal signals, which are indicators of possible trend reversals. For instance, a possible reversal from an overextended condition may be indicated when the price moves outside the bands and then reenters (below the lower band for a downtrend or above the upper band for an uptrend).
How are Bollinger Bands constructed?
The simple moving average and standard deviation are the two basic building blocks of Bollinger Bands and are used in their construction. These bands offer insightful information on price volatility and possible trading opportunities in the cryptocurrency markets.
Here’s a step-by-step guide to constructing Bollinger Bands:
Step one: Calculate the SMA
Depending on their trading technique, traders choose a particular time frame for analysis, such as daily, hourly or another timeframe. For the selected time frame, previous closing prices for the cryptocurrency under examination are gathered. Since it indicates the last traded price at the conclusion of each time period, the closing price is frequently employed.
By adding up the closing prices for the chosen time period and dividing the total by the number of data points, the SMA is calculated. For instance, if traders were examining a cryptocurrency’s daily closing prices over a 20-day period, they would add up the closing prices from the previous 20 days, divide by 20, and then find the SMA for that day.
Step two: Calculate the SD
Traders determine the standard deviation of the closing prices during the same time period after computing the SMA. The standard deviation, which is crucial for assessing price volatility in cryptocurrency markets, quantifies the dispersion or variability of prices from the SMA.
Step three: Construct the upper and lower Bollinger Bands
The higher Bollinger Band is created by multiplying the SMA by the standard deviation. A typical multiplier is 2, although (as mentioned) this can be changed depending on the preferences of the traders and the state of the market. The same multiple of the SD is subtracted from the SMA to arrive at the lower Bollinger Band.
Step four: Plotting the Bollinger Bands on a price chart
Traders can plot the SMA, standard deviation, upper Bollinger Band and lower Bollinger Band on a price chart after calculating them. The centerline of the Bollinger Bands and the SMA is represented by the middle line. Plotting the upper and lower bands above and below the SMA creates a channel that encircles the price chart.
Step five: Interpretation
To understand how to use Bollinger Bands to trade cryptocurrencies, it is vital to interpret the price signals. For instance, when the price reaches or swings outside the upper band, it may signal an overbought condition and an opportunity to sell.
On the other hand, if the price touches or swings outside the lower band, it can be a sign that the market is oversold, presenting a potential buying opportunity. The bands’ breadth provides information on market volatility; broader bands denote higher volatility, while narrower bands denote lesser volatility.
Crypto trading strategies with Bollinger Bands
Various crypto trading strategies using Bollinger Bands used by traders include:
The Bollinger Band Squeeze strategy for crypto
The Bollinger Band Squeeze approach is based on the idea that times of low volatility in crypto prices (referred to as a “squeeze”) are frequently followed by periods of high volatility (referred to as an “expansion”). It works as follows:
Find the squeeze: Watch for times when the Bollinger Bands narrow and move in closer proximity, a sign of decreased price volatility.
Prepare for a breakout: After a squeeze, traders expect a strong price change. They don’t foresee the breakout’s direction, but they do get ready for it.
Entry points: Traders enter positions following price breakouts from Bollinger Bands (above upper band for up, below lower band for down), often using additional confirmation indicators, such as volume.
Stop-loss and take-profit: Implement stop-loss orders to limit potential losses if the breakout fails to hold and set take-profit levels according to one’s trading strategy.
Bollinger Bands for setting entry and exit points in crypto trades
When trading cryptocurrencies, whether for short-term investments or day trading, Bollinger Bands can be utilized to find the best entry and exit points.
Entry points
When the price reaches or breaks below the lower Bollinger Band, indicating an oversold scenario, traders might seek buy signals. In contrast, they view overbought conditions as sell signals when the price reaches or exceeds the upper Bollinger Band. However, it could be necessary to do more technical investigation and validation.
Exit points
Bollinger Bands can be used by traders to determine when to close out a position. For instance, it may be an indication to take profits if traders are long on a cryptocurrency, and the price is approaching the upper band. In contrast, it might be time to close out the trade if they are short, and the price is getting close to the lower band.
Combining Bollinger Bands with other trading indicators
Bollinger Bands are frequently used by traders together with other indicators to complement their trading strategies.
Bollinger Bands and RSI
Combining Bollinger Bands and the relative strength index (RSI) might aid traders in spotting probable reversals. A probable slump may be indicated, for instance, if the price is nearing the upper Bollinger Band and the RSI shows overbought circumstances.
Volume analysis
Bollinger Bands and analysis of trading volume can be used to corroborate price fluctuations. An increase in volume during a Bollinger Band breakout might strengthen the signal’s validity.
Bollinger Bands and moving averages
Moving averages are used in combination with Bollinger Bands by traders to add more context to trend analysis. Bollinger Bands and a moving average crossover approach, for instance, can support the confirmation of trend changes.
Limitations of Bollinger Bands for crypto traders
Bollinger Bands are a useful tool for cryptocurrency traders, but they also have some drawbacks. Firstly, they might produce false signals during times of minimal volatility or in markets that are moving strongly, which could result in losses. Secondly, traders must utilize other indicators or analysis techniques to confirm trend direction since they do not provide directional information on their own.
The efficacy of Bollinger Bands might also vary across different cryptocurrencies and timeframes. Additionally, unexpected market news or occurrences may result in price gaps that aren’t necessarily reflected in the bands, which may catch traders off guard.
Risk management strategies when using Bollinger Bands
As with any technical indicator, Bollinger Bands must be used by cryptocurrency traders in conjunction with thorough risk management and analysis. To reduce possible losses in the event that transactions go against them, traders should set up explicit stop-loss orders.
Position sizing is also essential; to avoid overexposure, traders should also allocate a certain amount of their cash to each trade. Moreover, risk can be reduced by diversifying among different cryptocurrencies and limiting the percentage of one’s entire capital that can be lost in a single trade.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Finally, Bollinger Bands should always be used in conjunction with other indicators for confirmation, as well as larger market patterns. Long-term success with Bollinger Bands depends on maintaining discipline and following a clear risk management strategy.
Dubai-headquartered cryptocurrency exchange Bybit has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA.
In a Sept. 22 announcement, Bybit said it will start suspending services to U.K. residents on Oct. 1 by no longer allowing new account applications. This move will be followed by the suspension of new deposits, new contracts and changes to positions for existing users on Oct. 8.
“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses. […] Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” said the firm.
Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit
Bybit’s date to wind down its services will fall on the FCA’s deadline for crypto asset firms marketing to users in the U.K. to be in compliance with certain rules aimed at providing “clear, fair and not misleading” marketing regimes. The FCA first announced the rules in June and issued an additional warning on Sept. 21, reminding firms of the Oct. 8 deadline and the risk of criminal charges.
Related: UK considers blanket ban on crypto investment cold calls
According to Bybit, the suspension of services “will allow the company to focus its efforts and resources being able to best meet the regulations outlined by the UK authorities in the future.” The FCA suggested that certain firms could have until January 2024 to be in compliance with the marketing rules but would need prior approval from the regulator.
Bybit announced a similar winding down of services in Canada in May, citing “recent regulatory development” at the time. However, the firm has expanded into new markets, including Kazakhstan, where it received in-principle approval to operate as a crypto custody service provider in May.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
OpenAI has initiated an open call for its Red Teaming Network, seeking domain experts to enhance the safety measures of its AI models. The organization aims to collaborate with professionals from diverse fields to meticulously evaluate and “red team” its AI systems.
Understanding the OpenAI Red Teaming Network
The term “red teaming” encompasses a wide array of risk assessment techniques for AI systems. These methods range from qualitative capability discovery to stress testing and providing feedback on the risk scale of specific vulnerabilities. OpenAI has clarified its use of the term “red team” to avoid confusion and ensure alignment with the language used with its collaborators.
Over the past years, OpenAI’s red teaming initiatives have evolved from internal adversarial testing to collaborating with external experts. These experts assist in developing domain-specific risk taxonomies and evaluating potential harmful capabilities in new systems. Notable models that underwent such evaluation include DALL·E 2 and GPT-4.
The newly launched OpenAI Red Teaming Network aims to establish a community of trusted experts. These experts will provide insights into risk assessment and mitigation on a broader scale, rather than sporadic engagements before significant model releases. Members will be selected based on their expertise and will contribute varying amounts of time, potentially as little as 5-10 hours annually.
Benefits of Joining the Network
By joining the network, experts will have the opportunity to influence the development of safer AI technologies and policies. They will play a crucial role in evaluating OpenAI’s models and systems throughout their deployment phases.
OpenAI emphasizes the importance of diverse expertise in assessing AI systems. The organization is actively seeking applications from experts worldwide, prioritizing both geographic and domain diversity. Some of the domains of interest include Cognitive Science, Computer Science, Political Science, Healthcare, Cybersecurity, and many more. Familiarity with AI systems is not a prerequisite, but a proactive approach and unique perspective on AI impact assessment are highly valued.
Compensation and Confidentiality
Participants in the OpenAI Red Teaming Network will receive compensation for their contributions to red teaming projects. However, they should be aware that involvement in such projects might be subject to Non-Disclosure Agreements (NDAs) or remain confidential for an indefinite duration.
Application Process
Those interested in joining the mission to develop safe AGI for the benefit of humanity can apply to be a part of the OpenAI Red Teaming Network.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Crypto exchange Bybit will suspend services in U.K. after ‘final warning’ from the FCA. Binance and its U.S. counterpart, as well as CEO Changpeng Zhao, has filed a joint motion seeking dismissal of the lawsuit from the United States Securities and Exchange Commission. Meanwhile, the firm behind Tether has acquired a stake in Bitcoin miner Northern Data.
Bybit will suspend services in UK following financial regulator’s ‘final warning’
Cryptocurrency exchange Bybit, a Dubai-based company, has announced the suspension of services to the United Kingdom in response to pending rules from the country’s Financial Conduct Authority, or FCA.
Starting Oct. 1, Bybit will begin suspending services to U.K. residents and cease allowing new applicants to sign up for services.
This move will be followed by the suspension of new deposits, new contracts and changes to positions for existing users on Oct. 8.
“In light of the UK Financial Conduct Authority’s introduction of new rules regarding marketing and communications by crypto businesses. […] Bybit has made a choice to embrace the regulation proactively and pause our services in this market,” said the firm.”
Due to recent UK regulatory changes, Bybit will suspend its services in the UK. New account applications cease from Oct 1, 2023, 8AM UTC. Existing UK users, please manage your positions before Jan 8, 2024, 8AM UTC. #Bybit
Binance and CEO Changpeng Zhao ask court to dismiss SEC suit
Binance Holdings, it’s U.S. counterpart and CEO Changpeng Zhao have a joint motion seeking the dismissal of the lawsuit against them by the SEC.
According to a Sept. 21 filing to the United States District Court, both Binance Holdings and Zhao claimed that the financial regulatory had overstepped its authority in the lawsuit against them.
It accused the SEC of failing to introduce clear guidelines for the sector ahead of its lawsuit against the crypto exchange and as a result, had imposed its regulatory authority over the crypto sector retroactively.
Did you know that the CFTC sued Binance in March, alleging that BUSD is a commodity?
And then, just 3 months later, the SEC sued Binance, alleging BUSD is a security?
Now, if FinCen files suit and alleges BUSD is a currency, Binance will have achieved the Holy Trifecta! SMH. https://t.co/WevWtWvMpi pic.twitter.com/b7ioB9qCB7
Lawyers for Binance also asserted that the regulator fundamentally misinterprets securities laws and their application to crypto assets.
In addition to Binance and Zhao’s petition, the American outfit of the crypto exchange, Binance.US — legally known as BAM Trading Services Inc. — also moved to have the charges made against it dismissed in a separate 56-page filing made on the same day.
Tether acquires stake in Bitcoin miner Northern Data, hinting at AI collaboration
The firm behind Tether has invested an undisclosed amount into German-based crypto miner Northern Data Group in a move backing artificial intelligence (AI) initiatives.
The company denied a report from Forbes regarding a $420-million investment, but declined to give a specific amount when reached for comment by Cointelegraph.
Tether, whose USDT is the largest stablecoin by market capitalization at more than $83 billion, says the investment is “separate from [its] reserves” and won’t impact customer funds.
According to a press release from Northern Data Group, the funds are involved in the purchase of hardware typically used in the artificial intelligence sector:
“Damoon Designated Activity Company (Damoon), a company Northern Data Group has recently acquired, with closing of the transaction expected in Q4 2023, has purchased over 10,000 NVIDIA H100 Tensor Core GPUs, at a total cost of approximately EUR 400 million.”
Tether Makes Strategic Investment into Northern Data Group – Set to Become the Biggest Independent AI Player in Europe
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Argentina has grappled with hyperinflation for several decades due to failed policies that have led to budget deficits. As time marches on, the likelihood of Argentina — home to 47 million people — facing a full-scale currency collapse looms. But what are the prospects for increased adoption of Bitcoin (BTC), given its outstanding track record when priced in the local Argentine peso currency?
Throughout its history, the Argentine government has frequently resorted to inflating the money supply through bank deposits or government bonds. Notably, Argentina’s aggregate money supply M1 — comprising currency, demand deposits and other checkable deposits — has surged from 2.81 trillion pesos in July 2019 to a staggering 10.66 trillion pesos, marking a 277% increase over three years.
What happened to Bitcoin’s price in Argentine pesos?
Bitcoin’s price on domestic exchanges has soared to 19.6 million Argentine pesos, up from 14.2 million when BTC reached its all-time high in United States dollars in November 2021. This means that despite a 61.5% drop from $69,000, investors in Argentina have still managed to accrue gains of 38% when measured in the local currency.
Bitcoin price in pesos at Bitso exchange. Source: Bitso
However, one may encounter a different result when consulting Google or CoinMarketCap for Bitcoin’s price in pesos. The answer to this discrepancy lies in the official currency rate for the Argentine peso, which is more intricate than most investors are accustomed to.
To begin with, there is the official rate, known as the “dollar BNA,“ set by Argentina’s central bank and used for all government transactions, as well as for imports and exports.
Bitcoin price in pesos on Sept. 21. Sources: Google, Ripio, Bitso.
Observe how the Bitcoin price in Argentine pesos, as effectively traded on cryptocurrency exchanges, is nearly double Google’s theoretical price.
This theoretical price is calculated by multiplying the BTC price on North American exchanges in U.S. dollars by the official Argentine peso rate provided by the local government. This phenomenon is not unique to cryptocurrencies; it also affects other highly liquid international assets, such as stocks, gold and oil futures.
By artificially strengthening the official rate in favor of the Argentine peso, the government aims to stabilize the economy, reduce capital flight, and curb speculative trading by making it more expensive to purchase foreign currency and store wealth in U.S. dollars. This measure may also increase the cost of imports while boosting exports, with the goal of improving the trade balance.
Related: Bitcoin soars in Argentina as Javier Milei wins presidential primary
However, manipulating the official foreign exchange rate, as seen in Argentina’s case, ultimately contributes to inflation and impedes economic growth. Firstly, it creates incentives for the existence of an unofficial and unregistered market, known as the “dollar blue,” which also fosters illegal activities, undermines financial transparency and discourages foreign investment.
This leads to varying exchange rates, depending on the market in which the transaction occurs and whether or not it involves the government and official banks.
Is Bitcoin a reliable store of value for investors in Argentina?
According to Bitso exchange prices in Argentine pesos, Bitcoin has gained 150% over the two years ending Sept. 21, moving from 7.84 million pesos to 16.6 million pesos. However, the accumulated official inflation rate during this period has exceeded 300%, making it incorrect to claim that Bitcoin has been a dependable store of value.
Notably, those who opted for U.S. dollars, whether in the traditional form or stablecoins, have seen their holdings increase by 297% during the same period, effectively matching the inflation rate. This analysis exclusively compares the two-year period between September 2021 and September 2023.
Nonetheless, the outcome is somewhat disappointing for BTC proponents and is likely to favor the adoption of stablecoins in the region.
On a positive note, investors have had the opportunity to learn about the advantages of self-custody and scarcity, given that the local currency has been decimated by its continuously inflating supply.
In the end, for Argentinians, as long as the U.S. dollar maintains its purchasing power by keeping pace with local inflation, there is little room for Bitcoin to become the preferred store of value.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
At the World Digital Mining Summit, Core Scientific, Inc. (OTC: CORZQ), a North American leader in blockchain computing data centers and software solutions, disclosed a significant investment from Bitmain, the globally recognized manufacturer of digital currency mining servers. Bitmain’s commitment amounts to $53.9 million, further cementing the bond between the two industry giants.
This collaboration will see Bitmain furnishing Core Scientific with 27,000 of its latest Bitmain S19J XP 151 TH bitcoin mining servers. The transaction involves a $23.1 million cash payment and an equity exchange worth $53.9 million in Core Scientific common stock. The equity’s per-share value will be finalized following a chapter 11 plan of reorganization, anticipated to gain approval in the upcoming fourth quarter.
Max Hua, Bitmain’s CEO, expressed his optimism about the strengthened ties with Core Scientific, praising their “professionalism, integrity, and commitment” to the Bitcoin Network’s growth. He emphasized the shared vision of both companies in fostering the expansion of the Bitcoin Network, especially as global bitcoin adoption surges.
Core Scientific’s history with Bitmain is deep-rooted. Since its inception in 2017, Core Scientific has managed over 600,000 Bitmain miners across its data centers. Presently, a staggering 99% of the 200,000 miners they operate, both owned and hosted, are Bitmain S19 models. Bitmain has also been a loyal hosting customer for nearly half a decade, entrusting Core Scientific with a significant portion of its mining equipment.
Adam Sullivan, CEO of Core Scientific, acknowledged the pivotal role Bitmain plays in their operations, stating, “Bitmain’s product quality, attention to service, and responsiveness are critical to our success.” He further highlighted the anticipated efficiency boost the new miners would bring, especially in light of the upcoming halving event.
By the close of 2023’s fourth quarter, Core Scientific aims to integrate and activate the 27,000 units, potentially adding 4.1 exahashes to its self-mining hash rate. Additionally, both parties have consented to upgrade older Bitmain miners at Core Scientific’s facilities to the newer S19J XP models, promising an even greater hash rate increment.
As of the end of August 2023, Core Scientific boasted an impressive energized hash rate of 22.0 exahashes per second, spread across its data centers in five U.S. states. Their self-mining operations yielded 965 bitcoins in August alone, with a cumulative 9,755 bitcoins mined year-to-date, surpassing any other publicly listed bitcoin miner in North America.
Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.
Ethereum developers are gathering to salute the teams behind Ganache and Truffle, two toolkits that were once vital in the early days of Ethereum smart contracts.
In a Sept. 22 post, Consensys announced the sunset of the two products amid a broader shift to Metamask Snaps and SDK.
Consensys is announcing the sunset of Truffle & Ganache, as we shift our focus towards empowering developers with @MetaMask toolings like Snaps & SDK.
Recognizing the significance of Truffle & Ganache, we are partnering with @HardhatHQ to facilitate a smooth transition
Georgios Konstantopoulos, chief technology officer and partner at Paradigm described the announcement as the “end of an era,” sharing that he had written his first-ever smart contract on the Truffle Suite.
Similarly, pseudonymous developer and popular crypto commentator Foobar, wrote that Truffle was the first tech stack he used to write smart contracts on Ethereum.
Thanks for your hard work! Truffle was the very first stack I used for my smart contracts
“The toolkit that helped start my career. You have probably contributed more than you know in the space,” wrote another Ethereum developer in response to the announcement.
The Truffle Suite was launched in 2015 and its team and technology were acquired by Consensys in 2020. At the time of acquisition, Consensys said the Truffle suite was relied on by 1.3 million developers worldwide.
To ease the transition phase between tech stacks, Consensys explained in a separate blog post that it would be partnering with HardHat to help developers get on with writing and deploying new software on the Ethereum network.
“We are investing in new tools and APIs to empower developers to build powerful DApps with MetaMask, Infura, and Linea, which is why the Truffle engineering team will join these teams to accelerate the buildout of their developer offerings,” wrote Consensys.
Related: Decentralized Infura launch within months, Web2 cloud giants may join: Consensys
According to a Sept. 22 post on X (formerly known as Twitter), the Truffle Suite will be wound down over the course of the next 90 days. After that, Truffle and Ganache codebases will remain available as public archives, according to Consensys.
In the Ethereum development community, Ganache was a popular tool for creating, evaluating and deploying smart contracts. It was a sought after tech stack due its interoperability with the Truffle Suite, a development framework for building, testing and deploying smart contracts on Ethereum.
Metamask “Snaps” are Consensys’ name for new DApps built by third-party developers that extend the functionality of the Metamask wallet. Consensys head of strategy Simon Morris recently shared with Cointelegraph that the soon-to-be-released MetaMask Snaps will function similarly to Apple’s App Store.
AI Eye: Real uses for AI in crypto, Google’s GPT-4 rival, AI edge for bad employees
The firm behind stablecoin Tether (USDT) has invested an undisclosed amount into German-based crypto miner Northern Data Group in a move backing artificial intelligence (AI) initiatives.
In a Sept. 21 blog post, Tether said the strategic investment into Northern Data through Tether group company Damoon was intended to demonstrate “its determination to support emerging technology”, hinting at collaborations involving AI, peer-to-peer communications, and data storage solutions. The company denied a report from Forbes regarding a $420-million investment, but did not specify the exact amount when reached for comment. Cointelegraph also reached out to Northern Data, but did not receive a response at the time of publication.
Northern Data announced in July that it had reached an agreement with Tether to acquire Damoon, a deal in which the stablecoin issuer “agreed to capitalize Damoon prior to completion of the acquisition with the funds needed to acquire latest-generation GPU hardware”. Tether chief technology officer Paolo Ardoino described the investment as a ”fresh venture into new technological frontiers”.
Tether Makes Strategic Investment into Northern Data Group – Set to Become the Biggest Independent AI Player in Europe
Tether claimed the investment was “separate from [its] reserves” and would not impact customer funds. The firm previously faced legal action in the United States following accusations it had not been fully transparent about its reserves, resulting in millions of dollars in fines and orders to provide reports on USDT’s backing.
Related: Tether stablecoin loans rise in 2023 despite downsizing announcement in 2022
As the largest stablecoin issuer by market capitalization at more than $83 billion, Tether has made many investments globally, from partnering with KriptonMarket in Argentina to signing a memorandum of understanding to help develop peer-to-peer infrastructure with the government of Georgia. In August, Ardoino revealed some of the firm’s mining operations were based in Latin America, though it’s unclear if they could expand to Germany following the deal with Northern Data.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
