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Blockchain

Square and Blockstream to Launch a Solar-Powered Bitcoin Mining Facility

A solar-powered Bitcoin mining facility will come to the United States courtesy of Jack Dorsey’s Square and Adam Back’s Blockstream.

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Jack Dorsey continues to display his support for the Bitcoin network, this time through the financial services company he runs – Square Inc. The firm has partnered with Blockstream to build an open-source, solar-powered BTC mining facility.

Solar-Powered Bitcoin Mining Coming in the US

Bitcoin mining became a hot topic within and outside the cryptocurrency community ever since Elon Musk cited the asset’s energy consumption levels as the primary reason why Tesla dumped BTC payments for its products.

Although it has been less than a month since then, numerous organizations and prominent individuals have already taken steps to address these concerns, including the establishment of the Bitcoin Mining Council.

The latest initiative comes from Blockstream and Square. The two parties have teamed up to create an open-source, solar-powered mining facility at one of Blockstream’s mining sites in the US.

They vowed to stay transparent through the entire process by sharing details of the project economics and “the knowledge gained from building a Bitcoin mine powered by renewable energy.”


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Square and Blockstream aim to “raise awareness and show how Bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.”

To do so, Blockstream will launch a free access dashboard showing real-time metrics of the project’s performance, including bitcoin mined and power output.

“We are hoping to demonstrate that a renewable mining facility in the real world is not only possible but also empirically prove that Bitcoin accelerates the world toward a sustainable future.” – said Chris Cook, Blockstream’s CIO and Head of Mining.

Square Invests $5M

The financial services company said it will invest $5 million in the facility, while Blockstream will provide the necessary infrastructure. Square’s Global ESG Lead, Neil Jorgensen, indicated that the project will “serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean energy Bitcoin mining.”

Thus, Square has doubled down on its support for the primary cryptocurrency. CryptoPotato reported previously that the firm put BTC on its balance sheet by allocating $50 million.

Additionally, the company’s CEO, Jack Dorsey, has openly praised and outlined the significance of the Bitcoin network. The latest such example came just days ago during the 2021 Bitcoin Conference, where he called BTC the most important work in his lifetime. Furthermore, he said he would leave Square and Twitter for Bitcoin if it needed him.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/square-and-blockstream-to-launch-a-solar-powered-bitcoin-mining-facility/

Blockchain

Grayscale to Include 13 DeFi Tokens

Grayscale, the popular crypto manager, plans to include 13 new DeFi tokens in its investment products. The tokens will offer real-world applications to cryptocurrency owners. The Grayscale team released an asset list back in February, indicating their willingness to add new products. Names like MKR, AAVE, ADA, ZTX, DOT, etc., were among the list. While …

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Grayscale, the popular crypto manager, plans to include 13 new DeFi tokens in its investment products. The tokens will offer real-world applications to cryptocurrency owners. The Grayscale team released an asset list back in February, indicating their willingness to add new products. Names like MKR, AAVE, ADA, ZTX, DOT, etc., were among the list. While the complete list included multiple names, Grayscale clarified that it would not add every token under their portfolio. The crypto manager needs to complete multiple regulatory considerations before officially adding the tokens. 

When discussing in detail, Grayscale is currently hosting various tokens such as Bitcoin (BTC), Chainlink (LINK), Basic Attention Token (BAT), Zcash (ZEC), Bitcoin Cash (BCH), Stellar Lumens (XLM), Decentraland (MANA), Livepeer (LPT), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Horizen (ZEN), and Filecoin (FIL). On the other hand, the platform released a basic list of 13 news tokens, such as 1inch (1INCH), 0x (ZRX), Bancor (BNT), Universal Market Access (UMA), Curve (CRV), Solana (SOL), Internet Computer (ICP), Ren (REN), Kava (KAVA), Polygon (MATIC), Kyber Network (KNC), NEAR (NEAR), and Loopring (LRC). Further, the crypto managing site is also considering adding more tokens to their asset list soon.

Grayscale to Include 13 DeFi Tokens

Earlier this year, the Grayscale CEO, Michael Sonnenshein, said that the company has been moving forward with innovations to connect the finance sector with crypto/digital assets-centric financial system with the aim to offer their investors as much diversity as possible in this zone. The DeFi sector is on a roll as Grayscale plans to add 13 DeFi tokens to its portfolio. Given the stature of involved parties, this development will help the sector for a long time.

Grayscale to Include 13 DeFi Tokens

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptonewsz.com/grayscale-to-include-13-defi-tokens/

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UK Bank TSB to Prohibit Crypto Purchases on Binance and Kraken

The bank has singled out Binance and Kraken, saying the exchanges have failed to…

The post UK Bank TSB to Prohibit Crypto Purchases on Binance and Kraken appeared first on Coin Journal.

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The bank has singled out Binance and Kraken, saying the exchanges have failed to respond to security concerns

A man walks past a TSB Bank building in London

UK bank TSB is looking to prevent 5.4 million of its customers from using their accounts to buy cryptocurrency.

The commercial lender is reportedly taking this step because of concerns over increased fraud at crypto exchanges, which expose their users to further losses.

According to sources cited by The Times, TSB is specifically targeting Binance and Kraken for what it terms as the platforms’ ‘low security standards‘ that make the two exchanges most vulnerable to fraudulent activities.

The bank, which operates 536 branches across the UK, has cited instances of weak security that have allowed fraudsters to “set up e-wallets and steal people’s money.”

On 15 June TSB published advice to its customers asking them to “be extra vigilant when it comes to crypto investment advisors.” According to the bank, customers should guard against engaging with calls, e-mails or texts from crypto-related sources as they are “a scam.”

Binance denies TSB claims

TSB Bank reportedly received 849 fraud-related reports on Binance alone between March 15 and April 15. TSB customers claimed to have lost money in the 30 days, with the bank then seeking Binance’s response on the matter.

However, according to The Times report, the exchange failed to cooperate and “hardly” does regardless of all efforts.

Binance has refuted these claims, adding that it takes its responsibility on user protection “very seriously.”

When we are made aware of these claims, we immediately take action and have an excellent record of working with law enforcement agencies,” Binance said in a statement.

Kraken has also responded to TSB’s fraud accusations, with the exchange’s compliance officer Steven Christie stating that the platform Kraken had “responded to well over 1,000 different requests from law enforcement agencies in 2020 alone.”

He added that the exchange’s operations adhere to regulatory and compliance requirements.

The move by the TSB bank comes just days after UK regulator FCA warned that most crypto investors did not pay attention to warnings and advice regarding cryptocurrency investing.

Its latest research showed that nearly 2.3 million UK adults hold crypto or have invested in it before. However, just one in ten knew of the various regulatory warnings about cryptocurrency.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinjournal.net/news/uk-bank-tsb-to-prohibit-crypto-purchases-on-binance-and-kraken/

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Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K

Bitcoin flashes a classic bearish technical pattern that could crash BTC prices to below $20,000.

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Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned.

The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following a circa 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback.

Bitcoin consolidates between $30,000 and $42,000. Source: TradingView.com

But as traders grapple with the ongoing medium-term bias conflict in the Bitcoin market, one classic technical pattern has surfaced to boost a bearish outlook.

The cup has turned

Spotted by Keith Wareing, an independent market analyst, the so-called “Inverse Cup and Handle” structure points to an extended downside price correction ahead in the Bitcoin market. In detail, the pattern develops when an asset forms a large crescent shape as it rallies higher and corrects lower, followed by a less extreme, upward rebound.

Traders look at the Inverse Cup and Handle pattern as their cue to open short positions to target deeper levels. The most extreme bearish target, in such a case, is determined by measuring the distance between the cup’s top and the pattern’s breakout level.

Meanwhile, traders typically spot breakout levels when the price breaks out from the handle pattern to the downside while accompanied by higher volumes.

Bitcoin Inverse Cup and Handle formation hints bearish breakout is ahead. Source: Keith Wareing, TradingView.com

Based on the chart provided by Wareing, Bitcoin’s recent price action — ranging from its pump to nearly $65,000 followed by a dump to $30,000 and a retracement to $40,000 — almost checks all the boxes that confirm the presence of an Inverse Cup and Handle structure.

Except, the Bitcoin price still awaits a bearish breakout.

The depressive Bitcoin setup appeared as traders assessed the Federal Reserve’s hawkish reversal on interest rates and inflation. Last week, the U.S. central bank signaled that it could raise benchmark lending rates by the end of 2023 instead of 2024 to tame the rising inflation.

James Bullard, one of the Fed officials, said separately on Friday that the central bank could raise rates by as early as 2022. 

Fed chair Jerome Powell also said in a press conference on Wednesday that his office would move to discuss reducing the $120bn worth of monthly asset purchases it had started in March 2020.

Bitcoin and other pandemic winners, including gold and Wall Street stock indexes, fell in tandem owing to the Fed’s hawkish tones. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a pool of top foreign currencies, rose to its two-month high, suggesting a renewed appetite for cash among investors.

More bearish outlooks emerge

The latest Bitcoin price plunge also took cues from reports of China’s deepening crackdown on crypto mining farms in the region. The state-backed newspaper Global Times reported that authorities in Sichuan ordered miners to wind down their operations.

Sichuan is home to China’s second-largest crypto mining community. The latest ban means that 90% of China’s mining capacity, which makes 75% of the global computing supply, has probably gone offline, noted Global Times.

Bitcoin hash rate dropped to its November 2020 low following the China crackdown story. 

Bitcoin hash rate drops to 140.3 EH/s for the first time in six months. Source: Blockchain.info

Dr. Jeff Rose, the founder andCEO of Vailshire Capital Management, said that he expects Bitcoin to stay weak for the next 1-3 weeks, fearing liquidation at the end of Chinese miners.

Nevertheless, he added that the cryptocurrency’s macro outlook remains bullish as long as it holds key technical targets above 12- and 48-month moving averages.

Bitcoin’s breakdown below 12-month moving average risks wiping its market valuation by more than 50%. Source: Dr. Jeff Rose, TradingView.com

Bitcoin’s 48-month moving average is currently around the $13,000 level.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/classic-bearish-chart-pattern-forms-for-bitcoin-as-btc-price-tumbles-to-32k

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What if Michael Burry is Right? BTC Price Confirms “Death Cross” Formation

Popular hedge fund manager Micahel Burry, who correctly predicted the 2008 financial crisis beforehand, has now predicted the “mother of all crashes”. Burry has been vocal about the latest developments in the crypto space along with his views on the global macroeconomic situation. Last Thursday, the founder of Scion Asset Management said: “All hype/speculation is

The post What if Michael Burry is Right? BTC Price Confirms “Death Cross” Formation appeared first on Coingape.

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Popular hedge fund manager Micahel Burry, who correctly predicted the 2008 financial crisis beforehand, has now predicted the “mother of all crashes”. Burry has been vocal about the latest developments in the crypto space along with his views on the global macroeconomic situation. Last Thursday, the founder of Scion Asset Management said:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. #FOMO Parabolas don’t resolve sideways; When crypto falls from trillions, or meme stocks fall from tens of billions, Main Street losses will approach the size of countries. History ain’t changed”.

Burry’s comments have raised anxiety in the crypto space. Bitcoin has been constantly trading under pressure for the last week and collapsed another 8% on the weekend to slip below $33,000 levels. The bitcoin price crash comes with the liquidation of multiple long positions in the last few hours.

Crypto Analyst Confirms Death Cross Formation on Bitcoin Price

The recent Bitcoin price drop on the technical charts has also confirmed the formation of ‘death cross’, a bearish indicator that occurs when the short-term average of Bitcoin drops below its long-term average.

This can lead to further downside pressure on the Bitcoin price leading to a major crash. Fred Ehrsam, co-founder of the world’s largest crypto exchange, Coinbase, also issued a similar warning with the death cross.

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  • Bitcoin price and Wall Street’s Correlation

Although Bitcoin (BTC) has been many times referred to as a hedge asset to stock, it has rather shown strikingly similar price movements with Wall Street. Recently, popular crypto analyst Willy Woo noted that Bitcoin’s further price action will be based on how Wall Street reacts.

Last Friday, June 18, the Dow Jones closed under its support levels striking fear in the market. However, the Dow Jones futures have opened 200 points up at positive levels earlier today. thus, analysts are expecting a positive opening for the start of this week. It will be interesting to see whether any positive price action on Wall Street will help BTC recover from the bottom.

Burry – “The Problem With Crypto Is Over Leverage”

The famed investor noted that the major problem with the crypto market today is very high leverage. “If you don’t know how much leverage is in crypto, you don’t know anything about crypto, no matter how much else you think you know,” he added.

But Burry added that he is not a critic of Bitcoin. “I don’t hate BTC. The long-term future is tenuous for decentralized crypto in a world of legally violent, heartless centralized governments with lifeblood interests in monopolies on currencies.”

burry is not shorting BTC because “In the short run anything is possible”. Famed author of Rich Dad Poor Dad Robert Kiyosaki also noted that there’s a major bubble brewing in the stock market. He said that he will buy more Bitcoins as it reached $24,000.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Source: https://coingape.com/what-if-michael-burry-is-right/

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