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Bitcoin gets ‘Royal’ promotion in the UAE

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There was only one cryptocurrency when the crypto-verse first began, Bitcoin [BTC]. BTC was introduced for a number of reasons and is currently the largest in terms of market size and value. Satoshi Nakamoto wanted to provide people financial freedom while also helping the unbanked and underbanked. However, the sector appeared to be straying from its decentralization or borderlessness ethos as it developed.

To enable Bitcoin transactions in the United Arab Emirates, CoinCorner, a leading provider of Lightning Network and BTC services, has teamed up with Seed Group, a subsidiary of Sheikh Saeed bin Ahmed Al Maktoum’s Private Office (UAE).

cover press release on the partnership announcement of coincorner and seed group 1
Source

Hisham Al Gurg, CEO of Seed Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said,

“Apart from individuals, a large number of companies are ready to embrace Bitcoin and other digital currencies as legal tender for future transactions. The UAE wants to offer a growth-oriented environment to fintech companies by establishing an ecosystem for digital currencies. Companies dealing in cryptocurrencies hold huge potential in the Emirates’ digital economy.”

CoinCorner will benefit from Seed Group’s assistance as they grow their operations throughout the Middle East, reach their target market, and gain access to the top decision-makers in both the public and commercial sectors.

As well as providing local businesses with bitcoin-related services, CoinCorner will concentrate on building a user-friendly platform where UAE citizens may buy, sell, send, receive, and keep bitcoin. Danny Scott, CEO of CoinCorner, said,

“We are pleased to enter into a mutually beneficial partnership with Seed Group. We are committed to making Bitcoin transactions the ‘new normal’ in the UAE with the help of our unique solutions, facilitating instant and frictionless payments.”

Through this alliance, CoinCorner will have access to one of the economies that is expanding the fastest and will have more opportunities to connect with potential customers in the Middle East, Africa, and Asia.

Bitcoin adoption is on the rise globally

According to a recent report by Forex, the UAE is one of the top four nations in the world where the adoption of Bitcoin and other cryptocurrencies is most likely. With a transaction volume of almost $26 billion, the Middle East’s third-largest bitcoin and cryptocurrency market is located in the United Arab Emirates. There had been a startling 1,500% increase in the market there from the previous fiscal year in 2020–21.

The acceptability and regulation of cryptocurrencies go hand in hand, as the crypto sphere has come to understand. Bitcoin is not older than the internet or conventional currency. However, a diverse range of individuals and businesses are drawn to the crypto-verse. While some have been active throughout, others have had a patchy attitude toward the sector.

At the time of writing, the world’s largest cryptocurrency was trading at $18,901.30 with a rise of 0.18% over the last 24 hours.

Is Bitcoin reaping more than what’s being sowed?

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The crypto-verse has come to recognize organizations that acceptance and regulation go hand in hand. Neither the internet nor fiat are older than bitcoin. However, the crypto-verse draws a wide range of people and organizations into the market. Others have had a sporadic attitude toward the industry, while some have remained involved throughout. However, it appeared that MicroStrategy had no choice because its executive chairman Michael Saylor was all-in on the world’s largest cryptocurrency.

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Michael Saylor, Executive Chairman, MicroStrategy

Saylor’s regular purchases and recommendations demonstrated his propensity for the asset. Saylor now claims that he doesn’t think the Bitcoin network has a bad influence on the environment, further solidifying his position in the crypto community.

In a letter published on Wednesday, the Bitcoin maximalist, MicroStrategy executive chairman, and alleged tax evader said that mining is “the most efficient, cleanest industrial use of electricity.” According to him, the output cost of the Bitcoin mechanism is 100 times higher than the input cost.

Bitcoin’s annual energy consumption

According to estimates, Bitcoin uses about as much energy per year as a small nation. However, backers of the first cryptocurrency and its power-hungry proof-of-work consensus algorithm claim that a large portion of the energy used are generated by renewable resources like wind and solar.

Miners compete with one another under the PoW paradigm to add new blocks to the chain. However, other well-known blockchains are avoiding PoW. The proof-of-stake consensus technique that Ethereum will implement in its upcoming Merge upgrade is meant to considerably lessen those environmental issues.

In Saylor’s opinion, it’s not that easy. The “specialized energy” that currently powers these devices will switch to “generic computers,” he claimed, dispersing efficiencies that won’t reduce carbon emissions. As a founding member of the BTC Mining Council, Saylor previously vowed to protect Bitcoin against energy skeptics.

Saylor stated that because proof-of-work (PoW) cryptocurrencies are “usually unregistered securities,” regulators, lawmakers, and the general public are often “distracted” by the bad perceptions surrounding PoW mining. At the time of writing, Bitcoin (BTC) was priced at $20,010.78 with a slight hindering drop of 0.14% over the last 24 hours.

Bitcoin: MicroStrategy [MSTR] Eyes More BTC In Latest Filing

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Word’s biggest holder of Bitcoin, business intelligence firm MicroStrategy [MSTR] has remained unperturbed by the market upswings as it looks to stockpile more BTC. A filing with the SEC revealed that the firm has signed a deal with investment bank Cowen & Co. to sell $500 million in Class A stock.

While there isn’t any specific date for the potential sales, the US-based software firm stated that it plans to direct the net proceeds to purchase additional Bitcoins.

We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.

The firm also took note of the BTC price volatility and the resultant implications of its move.

“Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering,” the company wrote.

In August, MicroStrategy co-founder Michael Saylor stepped down from his role as chief executive officer title to focus more on his Bitcoin advocacy efforts.

Interestingly, that was the same day the Tysons Corner, a Virginia-based entity also co-founded by Saylor in 1989 reported a loss of more than $1 billion due to the second-quarter plunge in the price of the cryptocurrency.

That being said, Saylor continues to serve as executive chairman.

A few days ago, there were rumors of MicroStrategy moving over 200k BTC to exchanges.

More trouble for Bitcoin?

A popular influencer CryptoVinco was among the first people to make the claim on Twitter along with a screenshot of a series of transactions carried out by the whale address.

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Bitcoin: MicroStrategy [MSTR] Eyes More BTC In Latest Filing 4

The pseudonymous influencer asked the community to expect a market “bloodbath” when MicroStrategy sells off the BTC. Twitteratis gave mixed reactions as some users disagreed with CryptoVinco saying that the address does not belong to MicroStrategy.

On the price front, Bitcoin bounced back by 16%, as the largest cryptocurrency by market cap traded above $20,000 earlier this week. However, investors put out a word of caution saying this could just be a typical “short covering and a squeeze”.

Kitsoonay (KITS), Bitcoin (BTC), and Waves (WAVES) Could Provide You with the Gains That You Crave!

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Cryptocurrencies have been all over the news lately, with Bitcoin (BTC) prices reaching new heights and then crashing down. While some people are cautious about investing in cryptocurrencies, others see great potential in them. In this blog post, we’ll take a look at three different currencies: Kitsoonay (KITS), Bitcoin (BTC), and Waves (WAVES). We’ll explore what each currency is used for and how it works, and we’ll also discuss the pros and cons of investing in each one. By the end of this post, you should better understand how these currencies work and whether or not they might be right for you.

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Kitsoonay (KITS), Bitcoin (BTC), and Waves (WAVES) Could Provide You with the Gains That You Crave! 7

Kitsoonay (KITS) Is A Great Meme Coin!

Kitsoonay (KITS) is a meme coin launched on Binance Smart Chain (BSC). The project focuses on DeFi (decentralized finance), and the team has created a KITS token and DAO (decentralized autonomous organization) to help with this. The team is working on getting it listed on exchanges. The project has a lot of potential, and we believe it is a good investment. Kitsoonay (KITS) is still in its early stages, but I think it has much potential to grow. 

The team is actively working on development, and I believe they are committed to making the project successful. We believe Kitsoonay (KITS) is a good investment because the project has a lot of potential. If you are considering investing in Kitsoonay (KITS), we suggest doing your research and due diligence first.

Bitcoin (BTC) is “The Gold of The Crypto Market” with its Scarcity and Divisibility

Bitcoin (BTC) is a cryptocurrency that was created in 2009. Unlike traditional currencies, which central banks issue, Bitcoin is created and held electronically. Bitcoin is different from other currencies because it is decentralized, meaning it is not subject to government or financial institution control. The system that creates Bitcoin is known as Proof-of-Work, and it is ensured that there is a finite supply of Bitcoin in circulation, 21 million units to be precise. Furthermore, Proof-of-Work makes Bitcoin very difficult to counterfeit. Another unique feature of Bitcoin is its divisibility. Each Bitcoin can be divided into 100 million units, making it easy to transact small amounts of the currency. The combination of scarcity and divisibility makes Bitcoin an attractive investment for those looking for an alternative to traditional fiat currencies. If you want more insight into Bitcoin (BTC), you can always visit the article here.

Waves (WAVES) Is A Different Take on Web 3!

Waves (WAVES) is a decentralized platform that allows anyone to launch their own crypto token. Its purpose is to make it easy for businesses and individuals to create and issue their own blockchain-based assets. Waves also allows users to trade these assets on a decentralized exchange. The platform is built on top of the web3 protocol and can be used to develop decentralized applications (dapps). Waves tokens (WAVES) are used to pay transaction fees on the platform and can be staked to earn interest. 

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Kitsoonay (KITS), Bitcoin (BTC), and Waves (WAVES) Could Provide You with the Gains That You Crave! 8

Overall, Waves is a good investment for those who want to get involved in the world of cryptocurrency and blockchain technology. Waves is a good investment for those who want to get involved in the world of cryptocurrency and blockchain technology. For more information, here is an article.

Conclusion

KITS, BTC, and WAVES are all good investments. Over the next few years, each of these currencies will likely see significant value increases as they become more widely accepted. If you’re looking for a long-term investment that has the potential to provide serious returns, look into investing in any of these three currencies. With careful research and due diligence, you can decide which currency will be the best fit for your portfolio.

Presale: https://soon.kitsoonay.io/register 

Website: https://kitsoonay.io 

Telegram: https://t.me/KitsoonayOfficial 

Mt. Gox Bitcoin Distribution Update Released

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Mt. Gox trustee has released a new update regarding the distribution. Nobuaki Kobayashi, the trustee for the long-defunct crypto exchange Mt. Gox, provided details on the distribution plan for creditors on Wednesday. The restricted reference period begins on September 15th, according to the documentation.

It is forbidden to assign, transfer, succeed, provide as collateral, or dispose of rehabilitation claims in any other way during this phase. Kobayashi said that the deadline for creditors to submit claims for money lost when the first cryptocurrency exchange failed in 2014 was September 15.

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Mt. Gox Bitcoin Distribution Update Released 10

When Mt. Gox repayment?

The Rehabilitation Plan, which was authorized by nearly 99% of the eligible users affected by the case, outlines the restricted period’s duration and specifies that it would be followed by the first full repayment to creditors.

The file also noted that the trustee might not be able to decide whom to reimburse if notification of transfer is made during the restricted period.

Twitter speculations regarding a 137,000 BTC dump earlier this week caused pressure on the cryptocurrency markets. Later, creditors denied the rumors that circulated on social media.

One of them warned against trusting Twitter “influencers” and stated that they had no intention of selling bitcoin.

Creditor Eric Wall used Twitter to refute the baseless accusations and to explain why Bitcoin holders should disregard this myth and block anyone who is spreading it there:

One of the first exchanges for cryptocurrencies, Mt. Gox formerly enabled more than 70% of all transactions carried out inside the blockchain ecosystem. Following a significant attack in 2011, the website allegedly became insolvent and dissolved in 2014.

The impact affected roughly 24,000 creditors and cost 850,000 BTC. The exchange’s trustee stated in November 2021 that the repair proposal was pending before a Japanese court. It is one of the last stages in a protracted procedure that started in 2018 with a petition to pay creditors.

Jim Cramer warns against being “crypto’d”

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While some remained skeptical about the crypto world, some people warmed over to the industry in the interim. Jim Cramer, the host of CNBC’s Mad Money, has spoken out frequently about his love-hate relationship with cryptocurrency. Cramer brought out the latter, advising the community to steer clear of speculative investments like cryptocurrency. Since its inception, the crypto-verse has drawn a lot of criticism. Numerous government representatives discussed how Bitcoin [BTC] was the dark web’s currency. But as time went on, it became clear that BTC was much more than just a symbol of the shadowy internet.

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Jim Cramer, CNBC Mad Money host

Numerous people have already been shaken by the turmoil in the cryptocurrency market. Many people were shocked by the recent bloodshed that caused Bitcoin to fall below $20,000. Cramer cautioned investors to avoid the sector while they were still reeling from it. He continued by relating it to the Federal Reserve’s current tightening cycle.

Jerome Powell, the chairman of the Fed, stated last week that efforts have been made to lower inflation. He warned American homes and companies that the procedure will cause “some pain” in the interim. He further stated,

“Look, Fed chief Jay Powell told us that we need to stop doing stupid things with our money. That was the thrust of his speech on Friday.”

Jim Cramer pointed out that investments in cryptocurrencies would experience some pain in addition to these households and enterprises. But he also thought that until there is a massive washout of anything speculative, the world won’t “see the end of this decline.”

Jim Cramer says beware of SPAC

Although he focused on cryptocurrencies, Jim Cramer made clear that it wasn’t just about them. Along with cryptocurrency, he advised investors to be cautious of businesses that went public through meme stocks or special purpose acquisition companies (SPAC).

He added,

“What matters is that we just have to get through it intact. Don’t get memed. Don’t get SPAC’d. Don’t get crypto’d. And you’ll get through this thicket and find yourself in a much better time when we are sufficiently oversold for a huge bounce.”

Despite all of this, Bitcoin was still trading at $20,277.07 with a daily rise of 0.02%, at the time of writing.

Bitcoin Community Rattled By Mt. Gox Dumping $140K BTC

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Bitcoin [BTC] has struggled to maintain the $20k mark on Aug. 27 as unconfirmed rumors of Mt. Gox dumping $140k BTC have sparked a massive sell-off.

Crypto Twitter is rife with doomsday predictions that Bitcoin will fall back in the range of $10-$12k. Some pointed out that the release would coincide with unlocking the post-merge staked eth.

“They just want to maximize the chaos,” one of those tweets claimed.

The now-defunct Mt. Gox abruptly suspended all trading in 2014 after losing $460 million to hackers and another $27.4 million missing from its bank accounts.

Following a lengthy legal procedure, the stolen funds were subsequently recovered from the exchange, and the appointed rehabilitation trustee, Nobuaki Kobayashi, announced on July 6 that he was ‘preparing to make repayments to creditors.”

The report went on to say that “in the documentation at the time, Kobayashi gave ‘the end of August as a reference period during which some initial payments might begin:

“Following discussions with the Court and in accordance with the Rehabilitation Plan, the Rehabilitation Trustee plans to set the Assignment, etc. Restriction Reference Period from approximately the end of August this year until all or part of the repayments made as initial repayments is completed for safe and secure Repayments.“

Mt. Gox Creditors Say No Bitcoin Dumping

And soon rumors began to float on Twitter that 137,000 Mt. Gox bitcoins would be released on August 28. However, several users who claim to be creditors of Mt.Gox chose to dispel the banters of the supposed dump.

One of them tweeted that they don’t have any intention of selling BTC and cautioned against believing in ‘influencers’ on Twitter.

Creditor Eric Wall, also took to Twitter to disband the unfounded claims and explained why Bitcoin investors should be ignoring this rumor and blocking all those on Twitter who are spreading it:

Another Twitter user said that those FUDs are being spread to maximize social engagement.

“Apparently, the 140,000 Mt. Gox Bitcoin coins are NOT being released tomorrow. These are rumors being repeated by large accounts for engagement with no actual factual basis. I looked for a source to verify these claims and there isn’t one”, he said.

Bitcoin Wallets Should Hit 1 Billion to Tackle Inflation, Says Scaramucci

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Although Bitcoin (BTC) remains a desirable asset, according to Anthony Scaramucci, CEO of Skybridge Capital, it has not yet attained the “wallet bandwidth” necessary to qualify as an inflation hedge.

During a Monday Squawk Box segment on CNBC. In order for Bitcoin to start functioning as an inflation hedge, it needs to be kept in around one billion wallets, according to the CEO of a worldwide investment management company.

“Until you get into the billion, billion-plus zone, I don’t think you’re going to see Bitcoin as an inflation [hedge] as it’s still an early adopting technical asset.”

The popularity of Bitcoin wallets

Although the precise number of Bitcoin wallets worldwide is unknown, estimates put the figure at around 200 million.

Given its fixed number of 21 million coins, some hailed BTC in its early years as a potential inflation hedge. This story has evolved over time, though, as more evidence has shown that Bitcoin and the stock market are becoming increasingly connected, according to a recent IMF analysis.

Scaramucci stated that he was still bullish on BTC and the wider cryptocurrency industry, citing recent actions taken by BlackRock to introduce a new private spot Bitcoin trust with Coinbase as the custodian as evidence of the substantial institutional demand for the market leader.

According to Scaramucci, there are presently a ton of short bets in the markets, which might lead to tremendous people having “their faces ripped off when they least expect it.”

BTC’s price is currently $21,383.97, down 68.01% from its all-time high of $68,789 on November 10 of last year.

Meltem Demirors, chief strategy officer at Coinshare, said she anticipates that BTC prices will remain stable throughout the third quarter as long as the price correlation between tech shares and cryptocurrencies persists in her appearance on Squawk Box on Monday.

Ronin Hackers Move the Stolen Ethereum and Bitcoin Using Mixers

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The hackers responsible for the $625 million Ronin bridge assault in March have converted the majority of their assets from Ether (ETH) to Bitcoin (BTC) using renBTC and Bitcoin privacy tools Blender and ChipMixer.

Since then, the hackers that carried out the $625 million Ronin bridge assault in March have converted the majority of their ETH holdings into BTC via renBTC and the Bitcoin privacy tools Blender and ChipMixer.

On-chain investigator liteZero, who works for SlowMist and contributed to the company’s 2022 Mid-Year Blockchain Security report, has been following the hacker’s behavior.

The majority of the stolen asset was first changed into ETH and delivered to Tornado Cash, an Ethereum crypto mixer that has since been sanctioned, before being bridged to the Bitcoin network and exchanged into BTC via the Ren protocol.

The Ronin hackers initially moved only a portion of the funds

The report claims that on March 28, the hackers, who are thought to be members of the North Korean cybercrime group Lazarus Group, moved only a small fraction of the fund—6,249 ETH—to controlled exchanges (CEXs), including Huobi with 5,028 ETH and FTX with 1,219 ETH.

The 6249 ETH seems to have been swapped into BTC from the CEXs. Following that, the hackers sent 439 BTC, or $20.5 million as of this writing, to the Blender Bitcoin privacy tool, which was also sanctioned by the US Treasury on May 6. The researcher noted:

“I’ve found the answer in Blender sanction addresses. Most Blender sanction addresses are Blender’s deposit addresses used by Ronin hackers. They have deposited all their withdrawal funds to Blender after withdrawing from the exchanges.”

The hackers then converted about 113,000 ETH to renBTC (a wrapped version of BTC) via the decentralized exchanges Uniswap and 1inch. They then used Ren’s decentralized cross-chain bridge to move the assets from Ethereum to the Bitcoin network and unwrap the renBTC into BTC.

The distribution of roughly 6,631 BTC to various centralized exchanges and decentralized protocols began there.

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Ronin Hackers Move the Stolen Ethereum and Bitcoin Using Mixers 13

Ethereum rises to glory in BTC over last 8 months

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On alternative markets, there is a lot of movement as Ethereum overtakes Bitcoin after a 2022-long conflict. Due to a resurgence in interest in cryptocurrencies, Ether (ETH) is now worth more in Bitcoin (BTC) than it has been since the beginning of the year.

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Source: TradingView

Data from TradingView confirm that on 13 August 2022, ETH/BTC passed 0.08 BTC after overcoming important barrier. The increase is significant for Ethereum, the most popular alternative currency, as the region around 0.075 had been a problematic sell zone that had previously held bulls in check since January.

Overnight, ETH/USD crossed $2,000, a crucial psychological threshold that hadn’t been reached since May.

On-chain analytics company Glassnode saw a tendency of investors increasing their risk exposure as altcoin investments became more popular. Co-founders Jan Happel and Yann Allemann wrote in their most recent “Uncharted” newsletter,

“According to Swissblock’s Altcoin Cycle Signal, some of bitcoin’s force tempered as investors divested into altcoins in a lower-risk environment. Since ethereum’s merge became clearer, ethereum has outperformed bitcoin, driving altcoins higher.”

According to data from TradingView and CoinMarketCap, the total market cap of altcoins also surpassed $700 billion this week, marking its highest level since the end of May.

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Source: TradingView

Ethereum price analysis remains bearish

Despite months of price growth, traders remained cautious when looking at Ethereum price objectives. The famous Twitter account, Crypto Chase, detailed,

“Once untapped highs start getting tapped (and no reversal is given), the rest of the highs typically meet the same fate. Don’t have my eyes on an exact level or setup for long opportunity just yet, but will update if I see one.”

While this was going on, trading company QCP Capital reiterated the necessity for caution in order to make further gains in the developing altcoin market in its most recent market report to Telegram channel users.

Staff noted that open interest (OI) on futures markets was particularly noteworthy, with ETH activity nearly double that of BTC. It also suggested that the September Merge event for Ethereum might serve as a market turning point.