TronWeekly

Crypto World News

You are here: Home / Archives for News / Bitcoin News

Bitcoin News

Bitcoin [BTC] mining system is coming to Jack Dorsey’s Square

by

Jack Dorsey, the founder of Square, has announced reviewing plans to build a decentralized Bitcoin [BTC] mining system based on custom-designed silicon intending to make it more accessible to both retailers and large institutions on a global scale. In his latest tweet, the CEO of the social media giant, Twitter pointed out the current BTC mining scenario in terms of distribution, energy efficiency, concentration, etc, and stressed the urgent need to transform the prevalent system. Revealing more about the master plan he said,

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.”

Accordingly, Dorsey said the proposed project, if successful, would align with the ideals of Square’s own hardware wallet model i.e, to build an open-source and in collaboration with the community as a whole. In his tweet, the CEO also revealed that the technical specifics would be handled by its team of engineers led by Hardware Exec Jesse Dorogusker and concluded the post by hoping for suggestions or queries from the community with regards to its proposed plan.

The latest details caused the price of Bitcoin [BTC] to surge briefly and climb nearly $62,700. This was enough to send the market investors into a frenzy, renewing hopes to cross the all-time high of $64,863. At the time of writing, BTC was trading at $61,521 after an increase of 3.57% in the past 24-hours.

Jack Dorsey’s tryst with Bitcoin [BTC]

The Twitter head is known for his staunch support towards the crypto industry and has always been a big Bitcoin bull. In September this year, the micro-blogging website officially integrated Bitcoin tipping services through Lightning Network [LN] focused third-party payment app, Strike. MicroStrategy’s CEO Michael Saylor, on Twitter, shared a video of Strike Founder Jack Mallers showing how the firm’s API integration had opened up opportunities for a faster and unified global remittance payment system.

In addition to that, Square recently doubled up its BTC investment from $220 million to $470 million adding 8,027 Bitcoins in its reserve ranking third behind blockchain intelligence company Microstrategy and Elon Musk-led Tesla.

ProShares’ Bitcoin ETF becomes first of its kind to garner green signal from SEC

by

Bitcoin exchange-traded funds [ETF] have tried long and hard to make a debut in the US. This could finally be changing as ProShares’s application managed to garner the approval of the Securities and the Exchange Commission [SEC]. Just yesterday, Bloomberg shared a report noting that the USA would be getting its very first Bitcoin ETF and the SEC didn’t take too much time to make it official.

The SEC amassed immense hostility for its decisions pertaining to Bitcoin ETFs. An array of applications were shown the door after being time and again delayed. Many from the crypto community hoped that this would be changed with the departure of Jay Clayton and the arrival of Gary Gensler, the former and current chairman of the SEC, respectively.

The gods had finally answered the prayers of the US citizens as the SEC gave a green signal to ProShares Trust’s Bitcoin ETF. This would mean that ProShares would be listing its shares on the New York Stock Exchange’s Arca. The firm’s ETF would reportedly be rolled out by 18 October 2021 following the filing of a post-effective amendment prospectus.

James Seyffart from Bloomberg tweeted about the same and stated,

“There it is! Bloomberg’s data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps — less than half $GBTC’s 2% fee. This thing is going live next week. Either Monday or Tuesday.”

Back in August, ProShares along with VanEck decided to pull the plug on their Ether ETF filings. While several expressed angst over this, the approval of a Bitcoin ETF was a relief to many.

Bitcoin [BTC] pushes beyond $60K

Bitcoin [BTC] was sitting below the $60K zone for the longest time now. The king coin witnessed a massive plummet from an all-time high of $64K. During the time of writing, BTC had not only hit $60K but even made it past this zone. BTC was trading for $61,359 with a 3.41% surge in the last 24-hours. The entire week was certainly beneficial to the asset as it acquired gains of about 11%.

Additionally, Bitcoin’s market cap was at a high of $1.15 trillion.

Bakkt concludes merger; All set to become a Publicly traded firm

by

Bakkt LLC, the prominent digital exchange marketplace has announced the completion of the merger with VPC Impact Acquisition Holdings [VIH]. The move would help the platform to transition into a publicly listed firm from October 18 this year. Along the same lines, the founding company, Intercontinental Exchange [ICE], revealed that the latest announcement would enable Bakkt holdings to trade publicly under the token name, ‘BKKT’ in the New York Stock Exchange [NYSE].

The official press release further revealed that ICE, which happens to be a global platform for data services and technology solutions, currently retains an astonishing 68% equity stake and a minor fraction of the voting power in the merged entities. Additionally, the financial stake will be regrouped as an equity-based investment and hence would not be incorporated in the ICE’s balance sheets. The resultant proceeds which are expected to generate at least $447 million, would not be included as well in the firm’s revised non-GAAP earnings as per the press release.

The development comes a month after the digital exchange foundation and VPC Impact Acquisition holdings had announced the intention to integrate and unite to form a single public traded entity. Following the request, the US-based regulator Security and Exchange Commission [SEC] finally approved the merger and set the stage for Bakkt holdings, initiating a new chapter in the company’s three-year-old history.

Bakkt’s previous partnerships

Earlier this month, the exchange joined hands with search engine giant Google to expand its reach and bring crypto-assets across a widely targeted audience in the United States and facilitate customers with faster digital transactions. This includes developing new analytics tools such as Artificial Intelligence [AI], Machine learning [ML], and Geolocation function, using Google Cloud’s innovative service to understand users’ individual preferences and demands and accordingly customize loyalty redemption packages.

In a recent development, the Georgia-based firm partnered with Finastra, a financial services-based open digital platform to grant access to Bakkt’s wallets and other use cases to the latter’s community bank customers and other credit unions under the ambit of Fusion Digital Banking solution. Reacting to the collaboration, Phillip Taliaferro of Bakkt stated

“Finastra’s clients are constantly seeking new and innovative experiences to drive engagement with their end consumers. Bakkt’s robust digital marketplace meets those demands by seamlessly integrating crypto, cash management, money transfer and wallet capabilities into Finastra’s FusionFabric.cloud platform and marketplace.”

Bitcoin ETFs could finally see the light of the day in the US

by

Crypto enthusiasts of the United States have been yearning to listen to the news of at least one Bitcoin ETF garnering approval from the Securities and Exchange Commission [SEC]. A Bloomberg report suggested that a Bitcoin ETF could be approved as early as next week.

Bitcoin ETFs have had a rather tough time in the US. Cryptocurrencies witnessed drastic growth over the last couple of months. From being closely linked to the dark web, to being widely accepted by governments across the globe, BTC has certainly come a long way. While an array of crypto-related services were used by many, BTC ETFs failed to amass the approval of certain financial watchdogs. When the entire globe was enjoying crypto exchange-traded funds, the US was the only country that was being constantly left behind.

This was soon going to change as an ETF analyst, Eric Balchunas affirmed that BTC futures ETFs would not face any opposition from the SEC. ProShares Bitcoin Strategy ETF could potentially be the first of its kind to launch in the US.

Bitcoin ETFs touch down in the USA

BTC ETF applications in the US witnessed nothing but constant delays or disapprovals. Several officials even suggested that the country wasn’t ready for a crypto ETF. Bringing in a whole new perspective to this, Bloomberg reported that ETFs from ProShares and Invesco could commence trading from next week. The applications of both these platforms were submitted and the judgment on them was due next week.

While all the sources remained anonymous, Eric Balchunas noted that it was a “pretty much done deal.”The tweet further read,

However, considering the track record of the SEC, Balchunas noted that he wasn’t ready to close the case. He added,

“Like I said tho until these little F-ers (ETFs) are literally trading on the exchange I’m not ready to close this case. But odds now over 90% IMO.”

Additionally, during the same time, the price of Bitcoin hit a high of $60K. BTC hit this level for the first time since April 2021. At press time, the king coin was trading for $59,055 with a 2.51% daily surge. The market cap of the coin was also seen soaring and was noted at $1.11 trillion.

Bitcoin miners intend to flock into the US following China’s crypto ban

by

With the demand for crypto reaching a new height, the mining industry was seen thriving. Bitcoin [BTC] miners were making the most of the flourishing demand for the asset. However, the fervor around the business had migrated from China onto the United States.

China was at the forefront of the Bitcoin mining game. The largest mining firms were residing in the country. Following the recent ban not just the mining side of the industry, but a large number of exchanges and firms related to crypto moved out of China.

Not too long ago, the Chinese government went on to oust an array of crypto mining firms out of the country. While the initial buzz was that all these Bitcoin mining firms were moving into Kazakstan, a new report suggested that miners were keen on flocking into the US.

Bitcoin miners choose US over China

The US has clearly had a love-hate relationship with the crypto-verse. While the country has welcomed certain parts of the crypto industry with open arms, a few others have been outrightly shunned. As per a recent report released by Cambridge University, a vast number of Bitcoin miners were interested in setting up shop in the US.

CNBC further reported that the US was replacing China as the leader of the Bitcoin mining space. These weren’t blatant assumptions as the US accounted for about 40% of the total Bitcoin hash rate back in July. Therefore, it was clear that BTC miners were interested in exploring the US shores to carry out mining activities.

This was the first time that the US had taken over China in terms of crypto mining destination.

Darin Feinstein, the co-founder of Core Scientific revealed that over the last year significant mining infrastructure was being set up in the US. Feinstein stated,

“We’ve noticed a massive uptick in mining operations looking to relocate to North America, mostly in the U.S.”

Cannada was also a place of interest for several mining platforms.

JP Morgan CEO labels Bitcoin “worthless”; Clients strongly disagree

by

A vast number of individuals across the globe have welcomed Bitcoin [BTC] with open arms, however, JP Morgan’s CEO Jamie Dimon remained untethered while the hype around crypto persists. Dimon was even seen outrightly dissing the king coin.

Despite being the first and the largest cryptocurrency, Bitcoin [BTC] took long and hard to reach its current stature. With criticisms from all across the globe, survival became rather difficult for the asset. However, the latest fervor around the coin got it out of its nascent stage in no time. While Bitcoin continues to thrive, major platforms were seen onboarding the coin. But, one platform continues to remain hostile towards BTC.

JP Morgan’s CEO Jamie Dimon appeared in a recent interview with Bloomberg and reveal that his resentment towards Bitcoin was persisting.

JP Morgan CEO still hostile towards BTC

Over the last couple of years, the JP Morgan CEO had continuously expressed his discontent with regard to Bitcoin. Dimon has called BTC an array of things, including, “terrible store of value,” “a fraud”, ” will be stopped,” and many more. Now, in his latest interview, Dimon went on to label the asset,” worthless.”

While all the altcoins were seen plummeting, BTC was the only asset that was thriving. The asset was undoubtedly aiming for $60K. At press time, BTC was trading for $57,310.

Despite the well-lauded growth of the king coin, Dimon went on to call it worthless. “I personally think that Bitcoin is worthless,” he added. He also suggested that he didn’t care and that it made no difference to him.

However, JP Morgan’s clients certainly think the same about the coin. Addressing the same, Dimon said,

“Our clients are adults, they disagree, that’s what makes markets, so if they want to have access to buy yourself Bitcoin, we can’t custody it but we can give them legitimate, as-clean-as-possible access.”

This made it clear that Dimon had no interest in BTC. While he does not refrain his clients from using it, Dimon could miss out on what the crypto market has to offer.

Ethereum co-founder labels El Salvador’s Bitcoin move “reckless”

by

El Salvador became the center of attraction soon after it passed its Bitcoin law. However, Ethereum’s co-founder, Vitalik Buterin does not seem to understand the hype behind El Salvador’s move and even went on to label it a “reckless” one.

While the entire globe was on a crypto adoption spree, El Salvador joined in on the ride. The country’s crypto-friendly move was lauded by the entire crypto community. Despite garnering angst and hesitation from several international monetary authorities the country did not stop. The law even mandated the need for businesses to accept Bitcoin. However, a significant majority weren’t happy with this decision. Protests disregarding this law took place across the region, however, the government remained untethered and wanted to persist the existing laws.

Commenting on the same, the Ethereum network’s co-founder, Buterin suggested that it wasn’t right to force or mandate businesses to accept crypto. While crypto was started out as a tool of financial freedom to people, forcing individuals to accept it would drive out the essence of the crypto-verse, Buterin noted.

Ethereum’s Vitalik Buterin talks about El Salvador

Buterin went on to leave a comment on the largest cryptocurrency-related subreddit, r/CryptoCurrency. This comment became quite controversial as he called out El Salvador for their latest crypto move. He pointed out that forcing BTC down people who have no experience in the industry was a “reckless” move.

This certainly got the Ethereum co-founder in trouble as Bitcoin maximalists gathered up against him and went on to call him out on his “salty” behavior. One such member tweeted,

Furthermore, he suggested that the citizens of El Salvador would be bound to encounter hacks or scams as they do not have the required knowledge about crypto.

Additionally, speaking about Bitcoin maximalists Buterin added,

“Bitcoin maximalists are a very easy community to get to praise you: you just have to be in a position of power and do or say nice things about them and their coin.”

El Salvador has been going all-in on crypto. From mining operations via volcanic energy to exorbitant BTC purchases, Nayib Bukele, the President of the region did not seem to be steering away from the crypto-verse.

Bitcoin [BTC] sees a ‘decisive turnaround’ in sentiment; Etheruem [ETH] not far behind

by

The 2020-21 bull run was fueled by wealth managers, and institutional investors entering the Bitcoin [BTC] and the cryptocurrency market. Institutional investors are turning back to Bitcoin which coincided with the steady market recovery. This was revealed by CoinShares’ latest “Digital Asset Fund Flows Weekly” which stated that BTC investment products have recorded a third consecutive week of inflows.

The report revealed that BTC’s investment product saw inflows of a whopping $69 million last week. Zooming out, digital asset investment products saw inflows of US$90 million during the same time. This marked the seventh consecutive week of inflows adding up to a total of $411 million.

1 TBnu3mNfr7hTEl2D8 C7Vg
Bitcoin [BTC] sees a 'decisive turnaround' in sentiment; Etheruem [ETH] not far behind 3

According to CoinShares, the “decisive turnaround” in sentiment could be due to the rising confidence in the asset class amongst the market players. Another reason for the renewed trend could be due to more flexible statements from the US Securities Exchange Commission [SEC] and the Federal Reserve.

Ethereum [ETH] is gaining favor over Bitcoin [BTC]

While Bitcoin continues to enjoy its position as the market leader, Ethereum [ETH] is also gaining traction at a rapid pace. After a brutal month of September, institutional investors have resorted to broadening their horizons. As a matter of fact, these high-profile market players are slowly diversifying their portfolio and shifting their focus away from Bitcoin and have turned to Ethereum [ETH].

As per CryptoCompare’s Data Asset Management Review for September, institutional investors are looking for a more favorable position on the world’s largest altcoin.

FA7seAsXIAIZ3Lj
Bitcoin [BTC] sees a 'decisive turnaround' in sentiment; Etheruem [ETH] not far behind 4

It was observed that assets under management [AUM] for BTC have plunged by 7.8% last month, thereby, dragging the total amount of BTC AUM to a little over $35 billion. According to the historical data, the latest figure is the lowest that Bitcoin AUM had ever been in a five-month period.

The same cannot be said for Ethereum. CryptoCompare also reported that Ethereum-based products have not followed Bitcoin’s decline. In fact, these products have increased as big money flowed into them. Additionally, Ethereum went on to register its highest market share of total AUM for crypto at approximately 26%.

Bitcoin [BTC] surges past $50K after a month

by

After the wreckage of September, Bitcoin [BTC] finally breached the coveted level of $50K in four weeks. With the latest feat, the crypto-asset amassed daily gains of over 6%. The rally above the crucial psychological threshold comes amidst many altcoins losing value against the king coin lately. The initial rally was perhaps driven by the United States Fed Chairman Jerome Powell, who revealed that they have no intentions of banning cryptocurrency assets.

As a result, Bitcoin’s market dominance tumbled down from nearly 70% to a low of 39.9% in a span of five months. The figures took another damaging turn in the second week of September. However, as price recovered, Bitcoin’s dominance in the market also noted an uptick. At the time of writing, it stood at 43%.

BTC 1
Bitcoin [BTC] surges past $50K after a month 8

Bitcoin’s [BTC] return to profitability

Bitcoin strongly climbed out of a zone of heavy accumulation. Almost every day, its capital inflows are being observed to be around $1.75 billion. This can also be attributed to the network’s hash-power which has been on a steady path to recovery even after the BTC mining industry faced the most dramatic short-term disruption in all history. Throughout May, 50% of the hash rate went offline. Even after the massive effect on its industrial base, the hash rate has been on a consistent path to recovery every since.

The network mining difficulty has increased by 39% after crashing in late July. According to Glassnode’s latest weekly report, mining difficulty has now bounced back to the last 2020 levels. Furthermore, an additional adjustment to the upwards of approximately 3.9% is expected to happen this week.

2
Bitcoin [BTC] surges past $50K after a month 9

The blockchain intelligence company also noted,

“The Difficulty ribbon is also about to flip over and signal full recovery, as the slowest 200-day moving average crosses over the fastest 9-day moving average. The only comparable difficulty ribbon flip to the current market was following the December 2018 bear market capitulation event that took prices down 50% to $3k.”

1
Bitcoin [BTC] surges past $50K after a month 10

To put things into perspective, the mining recovery during 2018-19 took a total of 164-days to completely switch the bearish difficulty ribbon signal. On the other hand, the current market has been in a recovery mode for 120-days. Glassnode further speculated that it is likely to reverse completely after the next upwards difficulty adjustment.

PepsiCo to onboard Bitcoin [BTC] after an “awfully long time”

by

Bitcoin [BTC], the world’s first and the largest cryptocurrency in the world has found shelter in major platforms over the last two years. PepsiCo, however, made it clear that it wasn’t ready to harbor Bitcoin and it would do so only after a really long time.

The achievements of the crypto-verse over the last year cannot be shunned. The upward trajectory that the industry was, in terms of both value and adoption rate, was commended by the entire world. The industry noted a swift and incredible move from the nascent stage. With the popularity of the market rising by the day, several platforms also recognized the value that crypto-assets hold. Therefore, these assets went on to be a part of major companies across various industries.

Even though many suggest that crypto is the future, an array of platforms and countries remain detached from the industry. PepsiCo moderately falls into this category.

PepsiCo CFO talks Bitcoin

Appearing in an interview with CNBC’s Squawk Box, Hugh Johnson, the chief financial officer and Vice Chairman of PepsiCo, spoke about Bitcoin. While major firms have started to jump onto the Bitcoin bandwagon, the question of why PepsiCo still hasn’t arisen. Johnson outrightly suggests that he could not imagine the company purchasing BTC.

Despite noting that he was a “never say never” sort of a person, Johnson couldn’t bring himself to think that his company would pour its money into BTC. The reason behind this was simple.

The crypto industry has constantly been put off by many for its volatile nature. While it’s no secret that Bitcoin is volatile, an array of people continue to sit on the fence over this. The CFO pointed out the volatile and speculative nature of the king coin.

He stated,

“I’ve learned over time never to say never … #bitcoin to me is still too volatile and still too speculative. I think it will be an awfully long time before #bitcoin becomes a functional currency for us,”

While several platforms that now openly embrace Bitcoin have said the same things earlier, the chances of PepsiCo deciding to get on to the BTC bandwagon weren’t nullified.