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BTC and ETH Prices Shoot As Chinese Firm Meitu Announces $50 Million Additional Purchase

After consolidating for a while, both Bitcoin (BTC) and Ethereum (ETH) prices have shot up today as the overall cryptocurrency market cap surges 5% moving past $1.80 trillion. Bitcoin (BTC) has surged 5.04% at press time moving closer to $59,000 levels. On the other hand, Ethereum (ETH) has also made a strong move surging closer

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After consolidating for a while, both Bitcoin (BTC) and Ethereum (ETH) prices have shot up today as the overall cryptocurrency market cap surges 5% moving past $1.80 trillion. Bitcoin (BTC) has surged 5.04% at press time moving closer to $59,000 levels. On the other hand, Ethereum (ETH) has also made a strong move surging closer to $1850 levels.

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The latest price rally comes amid the Chinese tech firm Meitu announcing another major investment in BTC and ETH. After announcing a $40 million investment earlier this month, Meitu has poured another $50 million in Bitcoin (BTC) and Ethereum (ETH). Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million.

Market analysts have started comparing Meitu with America’s MicroStrategy, the business intelligence firm that has netted over 90,000 BTC so far. However, Meitu isn’t yet Asia’s MicroStrategy looking at the kind of purchases it made.

So far, Meitu has poured more investments in ETH than in BTC. Meitu founder said that it is the world’s first public company to purchase ETH on such a large scale. On the other hand, while MicroStrategy’s Bitcoin (BTC) purchases have reflected directly in its stock price, the same is not the case with the move. Despite Meitu’s $90 million worth of crypto purchases, the stock hasn’t moved much.

Also, unlike MicroStrategy, Meitu has failed to attract any potential interest from Asia’s institutional investors. Thus, it will be just too early to compare Meitu with MicroStrategy.

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Other News Driving Price Rally In Bitcoin (BTC)

On Wednesday, March 17, Morgan Stanley became the first major U.S. bank to offer its high-profile clients access to Bitcoin funds. This is a huge step as it will open floodgates for other Wealth Management companies on Wall Street to join the Bitcoin (BTC) bandwagon. The bank said that it will offer its clients access to the Bitcoin funds operated by Galaxy Digital and NYDIG.

Recently, while appearing on the On The Brink podcast interview, NYDIG CEO Robby Gutmann dropped massive bombs. He said that some of the firm’s strategic partners are set for major announcements in the coming weeks. Gutmann added:

“I know starting more or less next week, you’re going to see an absolute drumbeat of pretty game-changing milestones from some of these firms.”

Apart from these developments, Bitcoin’s on-chain fundamentals have improved in recent times which can provide an additional boost to its price. On the other hand, institutional purchases in Ethereum (ETH) have caught up again. Yesterday, the Grayscale Ethereum Trust (ETHE) purchased an additional 10K ETH coins.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/btc-eth-prices-shoot-chinese-firm-meitu-announces-50-million-additional-purchase/

Blockchain

VirgoCX to Hold a Crypto Holiday Fundraiser in Support of SickKids Foundation

VirgoCX, a Toronto-based fiat-to-crypto cryptocurrency trading platform, is supporting SickKids Foundation by exchanging cryptocurrency into cash donations. To further enhance this corporate initiative and fulfill its mission, VirgoCX is hosting an online crypto fundraiser to support SickKids Foundation. The fundraiser includes a virtual benefit concert on December 17, 2020, from 7 pm to 10 pm … Continued

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VirgoCX, a Toronto-based fiat-to-crypto cryptocurrency trading platform, is supporting SickKids Foundation by exchanging cryptocurrency into cash donations. To further enhance this corporate initiative and fulfill its mission, VirgoCX is hosting an online crypto fundraiser to support SickKids Foundation. The fundraiser includes a virtual benefit concert on December 17, 2020, from 7 pm to 10 pm EST, followed by a 7-day online charitable auction.

“2020 is full of sadness and stress. Many important and worthwhile things are yet to be done. As we are approaching the year-end, VirgoCX would like to take a moment to give back to the community, especially to those kids who represent the future of our nation. We hope this online charity event organized in support of SickKids Foundation can enlighten and empower the audience.” Said Adam Cai, CEO of VirgoCX, stressing the importance of supporting the community during hardship.

The rise of cryptocurrency brings an important fundraising opportunity and promise for non-profits. This made it essential for VirgoCX to connect with leading charities, like SickKids, to help reach prospective donors they may not be able to otherwise. VirgoCX is excited to offer a new way of making donations in support of child health.

“SickKids relies on community support and we are grateful for VirgoCX for their commitment to improving child health,” says Adam Starkman, Vice President, Corporate Partnerships, SickKids Foundation. ” We are a leading pediatric hospital treating patients from all over Ontario, across Canada and around the world. The support from VirgoCX in assisting us to reach donors of cryptocurrency will help ensure high-quality care for generations to come.”

The online fundraiser will commence from December 17 to 23, start with a virtual concert on December 17 from 7 pm to 10 pm EST via Zoom and Youtube Live. The concert brings together eight Canadian rising stars, including Martina Ortiz Luis, official anthem singer for the Toronto Maple Leafs; Jojo Worthington, award-winning producer/ multi-instrumentalist; critically acclaimed Canadian band Black Creek Reign; North American Country Music Association’s Songwriter of the Year Augusta Ray; Nomadic indie-folk musician Tennyson King; aspiring Torontonian artist Chiara Stella; Toronto based folk-roots singer-songwriter Alex Mason and singer/producer OSA, offering a broad spectrum of music to unite our community.

Besides performances from local musicians, the events offer a range of keynote speeches, an educational presentation from SickKids Foundation and networking sessions. Participating institutions include peers from the crypto community, professionals from various industries, SickKids Foundation, MP Han Dong, etc.

VirgoCX is committed to giving back to our communities. We invite all Canadians to join this special event with us. Sign up Here!


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About VirgoCX:

VirgoCX is the most trusted cryptocurrency trading platform in Canada, making cryptocurrencies available to Canadians everywhere. As VirgoCX is changing the way the world stores wealth, it operates diligently to provide quality services that adhere to global compliance requirements. VirgoCX is accelerating the adoption for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies

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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

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Source: https://cryptocanucks.com/virgocx-to-hold-a-crypto-holiday-fundraiser-in-support-of-sickkids-foundation/

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Refinable as the First Binance-Exclusive IDO on Polkastarter

Refinable has the distinction of being the very first marketplace for non-fungible tokens on the Binance Smart Chain. It has the backing of Mr. Beast and Binance, and the marketplace is specifically aimed to help investors accomplish a variety of functions with NFTs in an easy and hassle-free manner. It allows investors to trade and …

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Refinable has the distinction of being the very first marketplace for non-fungible tokens on the Binance Smart Chain. It has the backing of Mr. Beast and Binance, and the marketplace is specifically aimed to help investors accomplish a variety of functions with NFTs in an easy and hassle-free manner. It allows investors to trade and leverage their market positions while allowing the developers and creatives to create and discover NFTs. The vision of Refinable is to offer the next generation of the platform capable of processing digital transactions with desirable effectiveness and efficiency.

And now, adding another feather to its well-adorned cap, Refinable will become the very first Polkastarter IDO that will make its debut on the Binance on April 23, 2021. Polkastarter is a platform that helps the project to raise capital and is built for the auctions and token pools on the cross-chain.

Refinable as the First Binance-Exclusive IDO on Polkastarter

Expressing positive sentiments on this partnership, co-founder and chief executive officer of Polkastarter, Daniel Stockhaus, said that their organization was thrilled to make the platform available for the community of Binance. The entry of the Refinable is just the first step, and in the future, more such project will make their way into the very vibrant ecosystem of the Binance Smart Chain.

It is important to note that very recently, Polkastarter has started trading on the Uniswap and PancakeSwap, thanks to the bridging of its token, $POLS with Binance. Now the communities of both platforms can easily bridge their tokens using the app of Multichain.xyz.

The performance credential of the Polkastarter can be easily estimated from the fact that this capital-raising startup has raised $13.2 million for more than 40 projects in just 4 months in the past. On April 23, a total of 500,000,000 $FINE tokens will be distributed by Refinable in two different pools before making its token listing on the PancakeSwap.

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Source: https://www.cryptonewsz.com/refinable-as-the-first-binance-exclusive-ido-on-polkastarter/

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Mining Bitcoin: How to Mine Bitcoin

Introduction to Bitcoin Mining Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was … Continued

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Introduction to Bitcoin Mining

Mid-19th century California gold miners were called “forty-niners” after the year 1849, but this rush actually spanned from 1848-1853; it took five years for a quarter-million people to flood the state in search of “free wealth”. Satoshi Nakamoto first published the white paper on cryptocurrency back in 2008, and Bitcoin was launched in 2009. Today, in 2019, there are at least a million bitcoin miners around the world. A single bitcoin (or “1 BTC”) is worth almost $10,000, give or take a few hundred dollars, and there are around 1,800 new bitcoins mined every day, meaning there’s a whopping $18,000,000 being ‘created’ every day.

Not bad for ten years. No wonder everyone wants to learn how to mine bitcoin.

A Brief History on Money

Cryptocurrency is math that can be used as money.

Money is, fundamentally, an accounting of debt; you owe someone for a good or service, and giving them money erases that debt. Banks are giant ledgers, accounting for every transaction – when you paid for your coffee, this “ledger” sees that you lost $2 and the coffee shop gained $2.

Paper dollar bills do not record this specific transaction – who lost and who gained those $2 – but they act as evidence of a transaction having taken place at some point. In fiat currency, a state is the ultimate arbiter or holder of all the debts – and the one that mints, or makes, the currency in the first place. They account for how much currency they put out, and approximately how much is present now; the only road bump being that they do not know every transaction in between.

In cryptocurrency, no one person or entity controls a central ledger, because this “ledger” is effectively on every computer connected to the network of that currency; everyone has it. Since each unit of the cryptocurrency is composed of math, as opposed to physical substances like paper or gold, this math effectively records every transaction

So Where Does it Come From?

Fiat currencies are “made” (or rather, minted) by states, and accounted for by banks, but these currencies are often directly or indirectly made from precious metals that are mined from the Earth – which is why so many people flooded California in the mid-19th century. Minting is a middle step between the mining and the currency.

Cryptocurrency cuts out that middle step; bitcoin is “minted” and made from BTC mining.

If bitcoin is commercialized math, then mining is the process of solving all its equations. A common, yet accurate, joke explanation is, “imagine if you could solve puzzles, then use those solved puzzles as money”. Bitcoin is that, but on a much larger and astronomically more complex scale; bitcoin mining is both the process of solving puzzles, and the process of verifying other solves puzzles.

That said, these “puzzles” (called “blocks” in BTC mining) are operating on a very complicated scale. BTC mining is basically the process of racing to correctly the correct number out of 115,792,090,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 possible options – and doing so hundreds, thousands, maybe even millions of times a day. This takes some pretty hefty computing power.

How to Mine Bitcoin

Despite a lot of chatter about bitcoin mining software, it is really a matter of hardware; software is just the most accessible way to access this hardware.

“Winning” or solving – and receiving payout for – is a combination of computational power and a bit of luck. If you accomplish this, you can get about 12.5 bitcoins, though starting in 2020, that will become 6.25. The number of bitcoins you receive for solving a block cuts in half every 210,000 blocks – which is roughly every four years, since the blocks get more and more complicated over time. This will keep going until 21 million bitcoins have been mined, a cap built into the system. There are currently only 3.17 million bitcoin left to be mined.

How to Mine Bitcoin in the Hard(ware) Way

There are two types of “miners” you can buy: application-specific integrated circuit (ASIC) or graphics processing unit (GPU). These are not only very expensive to buy, but they also take up a lot of electricity and require a powerful network connection. This is why mining calculators exist – these are various apps and sites into which you can input details on your miner, your power cost, and your network cost, to figure out how much profit (if any, even) you will turn.

It is usually pretty low, and these days, mining with your own hardware is only really advised for people who already happen to have lots of hardware and great network on hand, and would not need to go out of their way to get those.

That just leaves…

How to Mine Bitcoin With Bitcoin Mining Software

At 12.5 BTC per block, when bitcoins are worth $10,000 each, that’s $1,250,000 on the line every time you are competing with other miners to “guess the right number” first. This takes far more computer power than most people can afford on their own.

As such, the most common way to get in on BTC mining is to join a collective of miners and “rent” the mining tools – known predominantly as cloud mining.

The biggest advantage is that there is a much lower barrier to entry when you cloud mine bitcoins. The biggest disadvantage is that instead of getting the reward all to yourself, you are splitting those bitcoins with other people, and typically a lot of them. Winning a million dollars doesn’t mean as much when you’re splitting it with a million people.

Step 1: Choose Your Wallet

Before you start working for a job, you want to know how you will be getting your pay. By the same token, before you start mining for bitcoins, you should know where you will keep your bitcoins once you earn them.

Online wallets are typically the most convenient, and easiest to use. They are also typically the most efficient for actually using your bitcoins to purchase goods and services, and you will have your bitcoins even if you lose all your devices. That said, this does put you in a similar position with a bank. If the host is experiencing heavy traffic or DDOS attacks, you may not be able to access your funds, and if they are hacked, you can lose your bitcoins entirely.

Hardware wallets are the opposite extreme. As physical objects, are completely offline, and thus cannot be hacked or otherwise remotely attacked. As long as you have your hardware wallet and a device to access it with, you will be able to access your funds. But what you gain in remote security is lost in personal security; if you lose your device or it’s physically stolen from you, you lose your bitcoins.
The middle-ground between these is “software wallets” or “desktop wallets” (though these can also be mobile apps). These are on your local device, so even if exchanges go down or are attacked, you still have your bitcoins, and the only way you can lose them to remote exploitation is if you, the specific individual, are targeted and hacked, which is very unlikely. But, it can still be used to conduct transactions and otherwise go online as necessary. That said, this is also vulnerable to loss if you lose your physical device (i.e. if someone steals your computer).

Step 2: Find Your Cloud

Mining companies are the computing clouds or collectives of miners. While joining such a company might be couched in terms of renting the hardware, another way to look at it might be that you are investing.

The amount you invest, or the rate at which you rent, is known as a “mining package”, which you pick once you join a mining company. You can also invest ahead of time in new technology that will be coming out at a later date. That said, investing in something that doesn’t exist yet is always a heavy risk.

There are many sites in which you can find comparisons between companies, including user ratings and reviews. Be careful with the
reviews – while they can be insightful, many are also full of people attempting to get new ‘recruits’ specifically with referral codes, which will net the refer-er a small bonus or profit.

Step 3: Pick Your Pool

A “pool” is basically the team of miners that you choose to join up with, and contribute your invest or computing power. If you are just starting out mining bitcoins, you should start by joining an “older” (or rather, more established and vouched-for) pool, and perhaps one with lower fees. The payout or profit from these will usually be on the low side, but they are also less risky.

As you get the hang of bitcoin mining and learn how pools work, you can start venturing out to other pools that aren’t as established and carry higher risks, but also higher rewards.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinsquare, the world’s home for cryptocurrency.


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Source: Coinsquare: Mining Bitcoin: How to Mine Bitcoin

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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

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Source: https://cryptocanucks.com/mining-bitcoin-how-to-mine-bitcoin/

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Is BTC Correction Over? Bitcoin Reserves on Exchanges Down by 12% Despite Recent Sell-Off

Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history. The reason for the sell-off was attributed to several FUD including Coinbase founders

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Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history.

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The reason for the sell-off was attributed to several FUD including Coinbase founders selling their stock to the recent slump in Bitcoin hashrate. However, the market seems to be recovering and on-chain analysis suggests Bitcoin is far from its top as exchange outflows continued even on a day of mass liquidation.

Even during a day filled with FUDs and market liquidation, Binance Exchange registered one of the highest outflows of Bitcoin. Dover Wan pointed out that Bitcoin price has continued to trade in the range above $58K for nearly two months now and despite that the exchange reserves have declined by 12%.

Bitcoin Bull Run is Not Over Yet

Bitcoin price throughout this bull run has shown a similar pattern where every month it recorded a new ATH followed by a sharp correction and then a 3-4 week-long consolidation period. Bitcoin reached a new ATH of $64,683 last week followed by a weekend sell-off and liquidation of high leveraged positions. The consolidation phase has become longer with every new ATH prompting many to declare the start of a bear market on countless occasions over the past couple of months, however, but has bounced back to record new highs every time there are speculations about it reaching a potential top.

The Bitcoin Futures Open Interest rate touched another high indicating strong demand for the top cryptocurrency. Bitcoin proponents believe the market liquidation event was nothing out of the blue as traders got greedy and the sell-off is a bullish event as it ensures the weak hands leave the market.

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Bitcoin price was trading at $57,083 with over a 4% rise in the past 24-hours.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/is-btc-correction-over-bitcoin-reserves-on-exchanges-down-by-12-despite-recent-sell-off/

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