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October 26, 2021

The report also found that one-tenth of all Bitcoin miners control 90% of network hash rate.

Researchers have found that roughly 11,000 entities are responsible for more than half of Bitcoin’s on-chain volume.

According to a study published by the National Bureau of Economic Research (NBER) on Oct. 21, 11,043 on-chain entities represent 55% of volume on the Bitcoin network. Cryptocurrency exchanges were estimated to account for three-quarters of on-chain volume.

The report found that the top 1,000-largest investors control roughly 3 million BTC or 15.9% of circulating Bitcoin, while the next 9,000-largest investors hold roughly 2 million BTC combined or 10.6% of circulating Bitcoin.

The report’s authors conclude that the network remains highly centralized despite the surge of new investors enticed by BTC’s 2021 bull market, stating:

“The Bitcoin ecosystem is still dominated by large and concentrated players, be it large miners, Bitcoin holders or exchanges.”

However, the study also noted that individual Bitcoin holders currently represent 8.5 million BTC or 45.1% of supply.

NBER also identified significant concentration within the Bitcoin mining sector, estimating that the largest 10% of miners control 90% of global hashrate rate. The report added that roughly 50 miners (approximately 0.1% of the network) command 50% of the Bitcoin network’s total hashing power.

While NBER claims the centralization of hash rate places the Bitcoin network at significant risk of a 51% attack, the report does not offer an hypothetical situation in which the world’s top miners would be incentivized to launch an attack on the network.

According to Cambridge University’s Bitcoin Electricity Consumption Index (BECI), the global distribution of hashpower has pluralized significantly since September 2019 — when China’s share peaked at 75.5%

While China’s renewed crackdown on domestic Bitcoin miners has been credited with driving a recent exodus of miners seeking cheap electricity in North America, Central Asia, and Eastern Europe, BECI’s data suggests that Chinese hashing power had already fallen by 40% before the April clampdown.

Cryptocurrency prices today: Bitcoin’s Sharp Move; Ethereum, Stellar & XRP Climbing

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October 26, 2021

Top 5 cryptocurrencies In watch this week: BTC, DOT, LUNA, AVAX, EGLD

The price of Bitcoin rose 0.69% to $62,391 on Coinmarketcap.Market cap of the cryptocurrency reached $1,177 billion.

World’s largest cryptocurrency Bitcoin was trading marginally higher today. The price of Bitcoin rose 0.69% to $62,391 on Coinmarketcap.Market cap of the cryptocurrency reached $1,177 billion.

Currently, the global crypto market cap stands at $2.62 trillion, a rise of 1.63% over the last day. Other cryptocurrencies were trading on a mixed note.

Ethereum gained 1.78% to $4,195 and Dogecoin was trading 1.63% lower at $0.2648. Digital token Stellar rose 1.86% to $0.3867 and XRP rose 2.62% to $1.12.

Litecoin gained 0.98% to $195.16 and Uniswap was trading 0.62% higher at $26.47.

Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood. In late July, Elon Musk said Tesla was “most likely” to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.

The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases. It’s been a wild ride for bitcoin the last three years.

The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges rolled out Bitcoin futures. The attention drove Bitcoin to roughly $19,300, a then-unheard of price for the currency.

The artist behind Fidenza Sells $7M Worth of Ethereum NFTs

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October 25, 2021

The artist behind Fidenza Sells $7M Worth of Ethereum NFTs

Tyler Hobbs fans paid big money for tickets that will get them NFTs tied to art that has yet to see the light of day.

The artist behind Fidenza, Tyler Hobbs, auctioned off new NFTs that haven’t been minted yet.
All the NFTs sold out within one day, topping over $7M in sales.

Think of it like a mystery box—worth millions of dollars.

Tyler Hobbs, whose “Fidenza” digital artworks have generated more than $150 million in sales to date (including one $3.3 million sale for Fidenza #313 in August), will release his next collection, “Incomplete Control,” on December 9 with a live in-person minting event in Manhattan.

And on Friday, buyers spent $1,800 ETH, more than $7 million, for “golden tokens” redeemable for NFTs (non-fungible tokens) tied to the Incomplete Control artworks they haven’t seen yet.

The Dutch auction—in which the set price of each mint decreases every five minutes until the NFTs are sold—started on Friday and sold out in less than one day. The two highest NFTs were sold at a whopping 80 ETH or $322,756, while the lowest were sold at 30 ETH or $120,846.

Fidenza, part of generative NFT art collection ArtBlocks, is a series of 999 colorful pastiches based on an artistic algorithm that have sold for more than 37,000 ETH, over $150 million.

Hobbs’s new collection will be unveiled at Bright Moments gallery in New York City from December 9 to December 13, where Hobbs will present the new series, which he says reflects the theme of control in the analog and digital world.

“Every work takes a certain amount of time to achieve impact, another length of time to achieve understanding, and a further length of time to reach exhaustion,” Hobbs says on the Incomplete Control site about the new collection.

The new NFTs are made to order and will not be viewable to the public (including buyers) until December. They will be hosted on Art Blocks and available as an ERC-721 NFT. Buyers must be present to exchange their tickets for their NFTs.

The collection is set to mint 100 NFTs that focus on the imperfections of the analog world, and how, Hobbs says, “the forces of chaos and entropy give the natural world a certain warmth, and there are patterns and lessons there that we can use.”

I want to share a bit of the artistic vision for Incomplete Control. To say it quickly, this work is about imperfection, time, and continuous space. For the long version, read on at https://t.co/08OMHHvUSn
— Tyler Hobbs (@tylerxhobbs) October 20, 2021

“To say it quickly, this work is about imperfection, time, and continuous space.”

The movie theater chain (AMC) Accepts Dogecoin

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October 25, 2021

The movie theater chain (AMC) Accepts Dogecoin

CEO Adam Aron says the movie theater chain might not only accept crypto payments, but also “issue” its own cryptocurrency.

AMC CEO Adam Aron said the firm is looking into launching its own cryptocurrency.
The movie theater chain accepts Dogecoin payments for gift cards, and will accept additional crypto payments by year’s end.

AMC’s stock price has soared this year on the back of the meme stock phenomenon, along with an increased focus on what its vocal social media fans demand—including accepting cryptocurrency payments. Now the movie theater chain may even be looking to roll out its own coin.

Adam Aron, CEO of AMC, told CNBC at today’s Milken Conference that the theater chain is exploring ways to “issue” its own cryptocurrency.

“There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” Aron said. “That’s just one of half a dozen ideas that we’re working on right now.”

CNBC’s footage doesn’t show further elaboration from the AMC head, so it’s unclear whether Aron offered any extended information about the firm’s ideas. Decrypt has reached out to AMC representatives for additional detail and comment.

AMC announced earlier this month that it is now accepting Dogecoin payments online for gift cards using BitPay, which provides payment processing for numerous retailers—including the merchandise shop for the Dallas Mavericks, owned by noted DOGE fan Mark Cuban.

Dogecoin’s price rose following the announcement, although the leading meme cryptocurrency has dropped slightly since then. As of now, Dogecoin sits at just over $0.24 per coin, up nearly 5% over the last seven days. It’s still down 66% from the all-time high above $0.73 set in May, per data from CoinGecko.

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The firm previously revealed plans to accept Bitcoin payments by the end of the year for movie tickets and online concessions, and then added Ethereum, Litecoin, and Bitcoin Cash to that list. Following social media prodding from Dogecoin fans, Aron held a Twitter poll that showed overwhelming demand for DOGE payment support as well.

AMC stock price has maintained a good chunk of the momentum established this spring, at a current price just under $40 a share—up more than 1,880% since the start of 2021. It’s down about a dollar per share on the day, however, as of this writing.

Picture Is From Pixabay.

Codebase Bit Mining Has Generated 2.9 BTC to Date

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October 23, 2021

Codebase Bit Mining Has Generated 2.9 BTC to Date

Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that the Company’s bit mining infrastructure has generated 2.9BTC as of today, and that the Company is seeking further investments in the space

Bit Mining Highlights

Revenue from mining operations to date of $142,210 CAD, facility operating costs of $68,306 CAD*
Currently holding 2.908 BTC with a market value of $238,288 CAD **

*Unaudited

**Based on BTC price quoted on coinmarketcap.com at time of writing and foreign exchange rate of 1.23 (USD to CAD)

The Company has continued to bring its bit mining infrastructure online and streamline operations to maximize BTC revenue generation. In addition to the generation of Bitcoin, the Company has seen an appreciation of the price of BTC since it began the bit mining operation from approximately $33,500 USD in July to $66,700 USD approximately as of today.

As previously noted, Codebase remains confident in their long-term thesis surrounding Bitcoin and the continued disruption that blockchain technology will have on the world in the coming years, and the Company is seeking further investments.

Codebase Ventures Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem and fintech. The Company identifies such opportunities and applies its relationships and capital to advance its interests.

For further information, please contact:

George Tsafalas – Ivy Lu
Investor Relations
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates”, “may” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

Bitcoin Pullback Is Over? Here’s How Low BTC May Go

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October 23, 2021

Bitcoin Pullback Is Over? Here’s How Low BTC May Go

Closely followed crypto analyst and trader Michaël van de Poppe is saying that the current Bitcoin correction is likely not yet over.

In a new strategy session, Van de Poppe tells his 136,000 YouTube subscribers that BTC could drop further before the leading crypto asset can show signs of recovery.

“So based on the Fibonacci extension tool, the previous high, previous low, key figure and key level to watch become the area around $57,000.

So this entire range ($57,000 -$59,000) that we’ve got here is actually the area that I want to see sustained in order to keep the momentum going.”

Although Van de Poppe expects Bitcoin to continue its pullback, the crypto trader believes the largest cryptocurrency to surge between 25%-50% once BTC regains its bullish momentum.

“Right now, based on the daily time frame, we could still run all the way towards $75,000, get a slight bearish divergence and then make a slight reversal, but overall, this is what I’m looking at based on a daily time frame.

I think the next impulse wave is most likely going to bring the prices all the way back towards $90,000, as that is the next run from here also based on the recent impulse move with Fibonacci.”

Looking at Ethereum against Bitcoin (ETH/BTC), Van de Poppe wants to see the pair move above 0.066 BTC ($4,012) before taking any entries.

“If we do have a reclaim above this level [0.066 BTC], I’m going to be interested in longs. If we drop all the way back down and we get a test around 0.061 BTC ($3,709), I’m looking at a higher low to take the entry.

If that is lost, then I’m going to look at lows that are going to be taken, and I’m going to look at the next level here [0.051 BTC] ($3,101).

So right now, I’m not really interested too much yet into altcoins…The chances will be there, but Bitcoin is first taking the actual spot at this point.”

Cardano (ADA) Fight to Maintain Momentum

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October 23, 2021

Cardano (ADA) Fight to Maintain Momentum

Technical indicators for Cardano (ADA) provide a bearish outlook. Unless the $2.33 area is reclaimed, the trend cannot be considered bullish.

ADA has been falling since reaching an all-time high of $3.1 on Sept 2. So far, it has dropped to a low of $1.91, doing so on Sept 21.

While the token has moved slightly upwards since, it is still trading below the $2.33 resistance area. This area is crucial, since it previously acted as the all-time high resistance in May.

After the Aug breakout, the area was expected to act as support. However, it did not do that, since ADA broke down below it.

Technical indicators are also bearish.

The MACD, which is created by a short- and a long-term moving average (MA), is negative and decreasing. This means that the short-term trend is slower than the long-term one.

The RSI, which is a momentum indicator, is below 50. This is also a sign of a bearish trend.

Finally, the Supertrend is bearish (red line). The indicator is created by using absolute high and low prices. Since ADA is below it, the trend is considered bearish.

The previous time the line was bearish, a roughly two months decrease transpired, in which ADA decreased from $2.5 to $1.

Therefore, unless ADA manages to reclaim this area, the trend cannot be considered bullish.

ADA/BTC

Cryptocurrency trader @CryptoCapo_ outlined an ADA/BTC chart, stating that the token is likely to decrease towards 3100 satoshis.

The ADA/BTC pair is more bullish than its USD counterpart.

The token has broken down from an ascending support line that has been in place since 2021. Previously, the line initiated two bounces (green icons).

The fact that the line had been in place for the entirety of the upward movement and has now been broken is a very bearish development.

Furthermore, the MACD and RSI provide bearish readings similar to the USD pair. The MACD is bearish and decreasing, while the RSI has fallen below 30. The latter shows even worse momentum than the RSI for ADA/USD, which has just fallen below 50.

The closest support area is at 3,100 satoshis.

What other Bitcoin Futures ETFs are around the corner?

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October 21, 2021

Now that the ProShares Bitcoin Strategy ETF will begin trading, what other Bitcoin futures ETFs are around the corner?

ProShares will begin trading on October 19.
Five more Bitcoin futures ETFs may launch in the next two weeks.

On Tuesday, the ProShares Bitcoin Strategy ETF will become the first exchange-traded fund backed by Bitcoin futures to begin trading in the U.S.

Anticipation of the offering pushed the price of Bitcoin near record territory. And institutional investors, seeing the potential for higher demand of BTC, have flocked back to the asset.

So, what’s next?

While many investors have hoped that a “pure” Bitcoin ETF—not one based on BTC futures—would be in the cards this year, for the immediate future, it looks like more Bitcoin futures ETFs could launch to provide competition to ProShares.

The U.S. Securities and Exchange Commission is sitting on a backlog of applications, none of which need to be approved. If the agency doesn’t object, they can quietly go into existence. (Though they could also go into effect sooner if the SEC formally approved them.)

The first up is the Invesco Bitcoin Strategy ETF, which can start trading as soon as Wednesday, October 20. Next week, two more are up: the VanEck Bitcoin Strategy ETF on October 25 and the Valkyrie Bitcoin Strategy ETF. The Galaxy Bitcoin Strategy ETF and AdvisorShares Managed Bitcoin ETF could be available in early November. Thus, in the span of two weeks, the U.S. could go from zero Bitcoin futures ETFs to six.

The other thing to watch is will Invesco file their post-effective prospectus today as their 75 days are up. They could theoretically launch on Wed. But I've got no word on this. Here's look at everyone's potential inception date if no delay from SEC at all: pic.twitter.com/HVYHeJ053c
— Eric Balchunas (@EricBalchunas) October 18, 2021

Why the litany of Bitcoin futures ETF applications? Back on August 3, while speaking at the Aspen Security Forum, SEC Chair Gary Gensler spelled out exactly what investment firms needed to do to get Bitcoin ETFs—long disallowed by the agency—through the regulator: instead of tying them to spot markets, which deal with the current price of an asset, tie them to derivatives, which are more complex, instead.

“I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act),” he said. “When combined with the other federal securities laws, the ’40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”

Given Gensler’s unambiguous comments, it didn’t take long for firms, tired of licking stamps on Bitcoin ETF applications only to be stonewalled by the SEC, to change their strategy. Within days, ProShares and Invesco filed for Bitcoin futures ETFs in line with Gensler’s suggestion, followed closely by VanEck, Valkyrie, Galaxy Digital, and AdvisorShares.

The differences between a Bitcoin ETF and Bitcoin futures ETF are more than academic. The futures market is firmly regulated by the Commodity Futures Trading Commission, not the SEC. Gensler and the SEC have warned that spot markets, meanwhile, are more prone to manipulation.

Morevoer, while both trade like stocks and track the price of a bundle of assets, a traditional ETF would be closely tied to the price of Bitcoin. Everyday investors, including those saving for retirement, could get exposure to BTC in their portfolios, just like they might get some Apple or Tesla stock.

A Bitcoin futures ETF, on the other hand, is tied to Bitcoin futures contracts—speculative bets on the future price of the cryptocurrency that allow people to lock in a price beforehand. Whereas a pure ETF would give exposure to the price of BTC now, the current slate of futures ETFs exposes investors to market sentiment.

At the moment, bullish sentiment is high. A traditional ETF would likely send it higher. Unfortunately for investors, that’s not on the calendar.

First Bitcoin ETF has hit the market: Nearly $1 Billion in One Day

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October 21, 2021