The world of non-fungible tokens (NFTs) has been gaining significant attention in recent years, with the global NFT market expected to grow to $25 billion by 2025. NFTs are digital assets that represent ownership of unique items such as digital art, music, and video game items. The rise of NFTs has led to the development of various protocols and blockchains for creating, buying, and selling them.

One such protocol is the Ordinals Protocol, which has recently made headlines after reaching a significant milestone. According to Dune Analytics, the cumulative number of inscriptions on the Ordinals Protocol has exceeded 500,000, with transaction fees exceeding 100 BTC (about $2.74 million) in March 2023. This is a remarkable achievement for the protocol, which was launched in 2019 with the goal of creating a new type of transaction that could encode arbitrary data, including metadata, into the Bitcoin blockchain.

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Unlike Ethereum NFTs that require off-chain data on IPFS, Ordinals Protocol allows for all data to be written directly to the blockchain, resulting in perfect NFTs. This makes the Ordinals Protocol unique among other NFT issuance protocols, which typically use the expression “minting” when issuing NFTs, while Ordinals Protocol refers to it as “inscription.” An inscription is data inscribed in Bitcoin, including smart contracts, and is a combination of media files such as JPEG of images and text.

The success of the Ordinals Protocol has sparked debates within the Bitcoin community. Critics argue that the use of the Bitcoin blockchain should be limited to financial transactions and that storing NFT data on it undermines the original mission of Bitcoin, which was to enable peer-to-peer financial transactions without banks or third parties.

There are also concerns about the energy consumption of Bitcoin’s proof-of-work and its limited storage capacity. The maximum storage space for Bitcoin data is 4 megabytes, and the larger the storage capacity, the faster one block is consumed. Transaction fees increase with more transactions on the network, resulting in slow transfer speeds and significant gas costs that are inconsistent with NFTs.

However, supporters of the Ordinals Protocol believe that it will lead to a cultural change and technical improvement in the NFT space. According to a report by Galaxy Digital, the Bitcoin-based NFT market is expected to grow to $4.5 billion by 2025, and the profitability of miners can be strengthened if transaction fees increase with various transactions, including NFT inscriptions. Increased demand for Bitcoin blocks will increase the scarcity of Ordinals Protocol and users will be willing to pay more fees.

Furthermore, the use of the Ordinals Protocol can help secure the liquidity of Ethereum-based NFT markets such as OpenSea. Users can take care of the security of proven assets with Bitcoin, Dapps, and layer 2 protocols running on the Ethereum virtual machine. The inscription market is expected to grow through marketplaces such as Gamma, and layer 2 protocols such as Stacks using Bitcoin will emerge outside the realm of existing financial transactions.

In conclusion, the Ordinals Protocol’s success highlights the potential for Bitcoin to expand beyond its traditional use in financial transactions and into the NFT space. As the market for NFTs continues to grow, it will be interesting to see how Bitcoin and other blockchains continue to evolve to meet the demands of users and developers alike. While there are criticisms and concerns surrounding the use of Bitcoin for NFT inscriptions, the Ordinals Protocol’s growing popularity suggests that it may play a significant role in the future of NFTs.

#BitcoinNFT #NFT #Ordinals #azcoinnews #crypto2023

This article was republished from azcoinnews.com

Bitcoin has come a long way since its inception in 2009. The digital asset has attracted the attention of mainstream investors and analysts alike due to its meteoric rise in value over the years. However, according to a recent statement from economist and crypto analyst Alex Krüger, the time for investors to get rich from Bitcoin is past.

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Krüger, who has a substantial following of over 153,000 on Twitter, believes that Bitcoin has transitioned from a means of getting rich quick to an asset class that serves as an alternative for wealth preservation, storage value, trading, and hedging against the fiat system. In a recent tweet, Krüger said, “People shouldn’t be buying bitcoin to get rich any longer. That boat has sailed.”

Despite the change in the role that Bitcoin plays in investors’ portfolios, Krüger believes that there is still a possibility for another 10x growth in the price of Bitcoin, which could peak at around $150,000. He also identified eight reasons why the current market structure for BTC is on the verge of an upward reversal, including long-term indicators turning green, a rebound from the 200-day moving average, and a rebound above the current key resistance.

Krüger’s assessment of Bitcoin’s role as an asset class rather than a means of getting rich quick is a shift from the narrative that has surrounded the digital asset since its inception. In the early days of Bitcoin, many investors saw it as a speculative investment that could make them rich overnight. However, as the digital asset has matured, its role has evolved to serve as a store of value and a hedge against inflation.

In conclusion, while Bitcoin may no longer be the means for investors to get rich quick, it still holds value as an asset class. Krüger’s analysis provides insights into the changing role of Bitcoin and the potential for growth in the future. As with any investment, investors should do their research and assess their risk tolerance before investing in Bitcoin or any other asset class.

#bitcoin #BTC #crypto2023 #Kruger #azcoinnews

This article was republished from azcoinnews.com

The Dutch Authority for Financial Markets (AFM) has taken a hard stance on cryptocurrency regulations, despite the strict regulations already in place in the Netherlands.

On March 18th, Laura Van Geist, the chairman of the AFM, expressed her opinion that the EU’s cryptocurrency regulation law, MiCA, will only partially address cryptocurrency risks. She emphasized that the country will take a hard line regarding cryptocurrency regulation, even if companies are outflowed abroad, and “will not lower the standards to attract business.”

Van Geist believes that cryptocurrency is difficult to grasp and vulnerable to fraud and manipulation, and its value is mainly based on speculation, which has no potential value. While the MiCA law includes the requirement that wallet providers and exchanges obtain licenses to operate in the EU within 18 months, Van Geist argues that law enforcement does not need to be so lenient.

This is not the first time that the AFM has taken a strong stance against cryptocurrencies. In May 2022, Paul-Willem van Gerwen, Dutch AFM head of capital markets and transparency supervision, called for individual investors to be banned from trading in cryptocurrency derivatives. While the UK has already banned individuals from trading in crypto derivatives in 2020, the Netherlands has not yet taken action.

It is clear that the Dutch regulatory authorities are taking a cautious approach when it comes to cryptocurrency, and they are not willing to compromise on their standards to attract business. The government is willing to go the extra mile to protect investors and ensure that the cryptocurrency market is free from fraudulent practices and manipulation. With the increasing popularity of cryptocurrencies, it remains to be seen whether other countries will follow the Dutch example and tighten their regulatory oversight of this nascent market.

#VanGeist #MiCA #azcoinnews #crypto2023 #BTC

This article was republished from azcoinnews.com

Trader Joe, the multichain decentralized exchange, has recently launched a new feature called Auto-Pools, which is set to improve liquidity and user experience on the platform.

According to a Trader Joe announcement, the project will deploy the Liquidity Book ver2 feature on Avalanche, Arbitrum, and BNB Chain with the name Auto-Pools. This new feature will combine the efficiency of Liquidity Book and the simplicity of Joe ver 1.

In 2023, Trader Joe has continuously introduced new updates to improve the platform’s liquidity situation. The most notable of these updates is the deployment on multichain and the Liquidity Book feature. Since the launch of ver2 (a centralized liquidity model with Liquidity Book), Trader Joe has earned more than $30 million TVL on the Arbitrum ecosystem, according to DefiLlama.

But Trader Joe is not stopping there; it is continuing to improve the user experience by combining liquidity book with Joe ver 1.

“Auto-Pools introduce automatic position management for Liquidity Book. Users who do not want to manage their positions can use Auto-Pools instead. Auto-Pools will increasingly bring new, unique choices like off-chain signals and combinations of different assets,” Trader Joe said in an interview with Interlock.

In addition, the project revealed that users who deposit tokens into Auto-Pool will receive a representative token. This token will be used for other decentralized financial activities such as yield farming and collateral. This is one of the features of Joe ver 1 that people still commonly use. “Furthermore, the transaction fee of Auto-Pools will be shared with sJOE, JOE’s staking token,” Trader Joe added.

Since the beginning of 2023, the price of JOE, Trader Joe’s token, has increased by more than 400%, from $0.13 to $0.66. Currently, JOE is trading at around $0.6 according to Coingecko data.

@azcoinnews

Trader Joe’s Auto-Pools feature is set to revolutionize the way users manage their positions and improve liquidity on the platform. The combination of Liquidity Book and Joe ver 1 will undoubtedly make it easier for users to participate in decentralized financial activities. With JOE’s price steadily increasing, it is clear that the market is responding positively to these developments.

#TraderJoe #Binance #crypto2023 #Binance #azcoinnews

This article was republished from azcoinnews.com

El Salvador’s President, Najib Bukele, has announced his intention to introduce a bill to the country’s Congress that aims to eliminate all taxes on software and hardware innovations.

In a tweet on Wednesday, Bukele said that the bill would exempt technology innovations such as software programming, coding, apps, AI development, computing, and communication hardware manufacturing from all taxes, including income tax, property tax, capital gains tax, and import tariffs.

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The announcement comes as part of Bukele’s efforts to promote technological innovation in El Salvador, which has already taken significant steps in this direction. In June 2021, El Salvador became the first country in the world to make Bitcoin legal tender, with Bukele stating that it would help to promote financial inclusion and provide opportunities for the country’s unbanked population.

Since then, El Salvador has shown various policies to utilize Bitcoin, including plans to build a “Bitcoin City” powered by geothermal energy and the launch of a government-backed Bitcoin wallet called Chivo. Bukele’s new tax exemption bill for technological innovation is another step towards positioning El Salvador as a hub for innovation and technology in the region.

The details of the bill, including whether crypto assets such as Bitcoin will be included, have not yet been revealed. However, the announcement is likely to be welcomed by tech entrepreneurs and investors, who will now have more incentive to invest in El Salvador and contribute to the country’s economic growth.

The move could also attract the attention of other countries looking to promote technological innovation and create a more favorable environment for businesses in the tech industry. Bukele’s government has shown a willingness to experiment with new and innovative policies, and the tax exemption bill for technological innovation is another example of this approach.

In conclusion, President Bukele’s announcement of a tax exemption bill for technological innovation is a positive development for El Salvador’s tech industry. If passed, the bill would help to attract more investment and promote the country’s position as a hub for innovation and technology in the region. With El Salvador already leading the way in making Bitcoin legal tender, this latest move shows the country’s commitment to embracing new and innovative ideas.

#Elsalvador #Bukele #Bitcoin #BTC #azcoinnews

This article was republished from azcoinnews.com

South Korean tech giant Kakao Enterprise has announced its plans to expedite the establishment of a platform for issuing token securities based on blockchain technology. The company’s blockchain platform has already developed an electronic wallet and an application program interface based on Klaytn, and it is participating in the Central Bank Digital Currency project of the Bank of Korea.

Kakao Enterprise has a number of improved security features for account management, and the blockchain platform has several functions specific to financial institutions. Furthermore, the platform has been developed in Korea, which enables it to effectively respond to maintenance and service advancement.

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Token securities are digitized securities using blockchain technology. Assets that were previously difficult to divide and trade, such as art, real estate, and music copyrights, can be digitized and traded like stocks.

Kakao Enterprise has recently announced that it will participate as a technology partner in ‘Korea Investment ST Friends’, a token securities consultative group formed by internet banks such as Kakao Bank and Toss Bank. Korea Investment ST Friends is the first case in which a financial institution has been formed to support the institutionalization of token securities.

Kakao Enterprise will be responsible for establishing an issuance infrastructure that can supply products suitable for token securities in the relevant token securities council. It will also support the design of securities token issuance and account management methods using blockchain technology, and will be in charge of technical review for the overall STO of Korea Investment & Securities.

The company also plans to expand its alliances with banks and card companies for the operation of the STO blockchain network. With these initiatives, Kakao Enterprise aims to build a faster, more stable, and more efficient platform so that various financial institutions can participate in the STO ecosystem centered on Korea Investment & Securities.

Kakao Enterprise has designed and successfully operated the entire process of stablecoin issuance-distribution-disposal for the Bank of Korea and 14 banks through the Bank of Korea CBDC simulation project. This experience will undoubtedly prove useful in the company’s efforts to establish a platform for issuing token securities.

#Kakao #KakaoTalk #crypto2023 #STO #azcoinnews

This article was republished from azcoinnews.com

The Monetary Authority of Singapore (MAS) has announced that it aims to release feedback on consultations regarding cryptocurrency and stablecoin regulations by the middle of 2023.

This announcement comes after the central bank published two consultation papers in October of 2022, seeking responses on proposed regulatory measures to protect consumers from the risks of trading in crypto and support the development of stablecoins.

The consultation period closed on December 21st, 2022, and MAS received substantial feedback from a wide range of respondents. In response to a parliamentary question, MAS Chairman Tharman Shanmugaratnam stated that the authority is currently reviewing the feedback received and intends to publish its response by mid-2023.

Among the proposed regulatory measures for crypto service providers, MAS is considering banning the use of credit facilities and leverage by retail consumers for trading. Meanwhile, for stablecoins, MAS intends to regulate the issuance of single currency-pegged stablecoins with over S$5 million (US$3.7 million) worth in circulation. The authority also plans to allow Singapore banks to issue such stablecoins.

It is worth noting that Singapore has been vocal about its stance on cryptocurrency, with the government repeatedly highlighting the risks associated with trading in the industry. Singapore has taken steps to restrict the advertising and promotion of cryptocurrencies, as well as blocking crypto ATM services.

MAS has made it clear that it intends to balance the risks and benefits associated with crypto and stablecoins. While the authority recognizes the potential benefits of these technologies, it is committed to ensuring that consumers are adequately protected from the risks. The forthcoming feedback on consultations regarding crypto and stablecoin regulations will provide further clarity on how MAS plans to balance these competing interests.

In conclusion, MAS is taking a measured approach to regulating the cryptocurrency and stablecoin industry in Singapore. The forthcoming feedback on consultations will provide insights into the authority’s plans for regulating the industry and ensuring consumer protection. It remains to be seen how the industry will respond to these proposed regulations, but MAS has made it clear that it intends to strike a balance between risk and reward.

#Singapore #MAS #crypto2023 #azcoinnews #BTC

This article was republished from azcoinnews.com

Trader Joe’s Github has announced that it has merged LB v2.1-related commits into the main branch from v2.1. The company, which is known for its automated market maker trading engine, Liquidity Book, has announced that it will upgrade the engine to version 2.1 as soon as this week. The announcement is a big deal for the Trader Joe’s community, as it will make it more efficient for depositors to add tokens to Trader Joe’s liquidity pools and improve the on-chain trading experience.

For those who are not familiar with the Trader Joe’s automated market maker trading engine, it is a decentralized exchange that uses an algorithm to set token prices based on supply and demand. The engine operates by creating liquidity pools, which are pools of tokens that traders can buy and sell. The pools are filled with funds from depositors who provide liquidity in exchange for a portion of the trading fees.

@azcoinnews

The new version, Liquidity Book V2.1, promises to improve the efficiency of the platform by making it easier for depositors to add tokens to liquidity pools. This will increase the amount of liquidity available on the platform, which will make it easier for traders to buy and sell tokens. The upgrade will also improve the on-chain trading experience, which means that trades will be processed faster and with lower fees.

The announcement has been met with excitement from the Trader Joe’s community, who are eagerly awaiting the release of the new version. Many traders have expressed their enthusiasm for the improved efficiency and faster processing times that the upgrade promises to bring. The company has also announced that it will be releasing a detailed breakdown of the changes in the new version, so traders can stay informed about the updates.

This announcement is just the latest in a series of moves that Trader Joe’s has made to improve its trading engine. The company has been rapidly expanding its user base, and has recently launched a new website to make it easier for traders to access the platform. The company’s commitment to providing a fast and efficient trading experience has made it a popular choice among crypto traders, and this latest upgrade is sure to solidify its position as one of the top automated market maker trading engines on the market.

Overall, the announcement of the Liquidity Book V2.1 upgrade is great news for the Trader Joe’s community. The improved efficiency and faster processing times promised by the new version will make it easier for traders to buy and sell tokens, and will make the platform even more popular among crypto traders. As always, traders are advised to stay up to date with the latest news and updates from Trader Joe’s Github, to ensure that they are making the most of the platform’s many features and benefits.

#TraderJoe #TraderJoeXYZ #crypto2023 #azcoinnews #DEX

This article was republished from azcoinnews.com

Elon Musk and his lawyers have requested a US judge to dismiss a $258 billion lawsuit related to Dogecoin in June 2022. According to a report by Reuters, Elon Musk and his lawyers have asked a US judge to dismiss the $258 billion lawsuit that accused him of running a pyramid scheme to support the Dogecoin cryptocurrency.

At the federal court in Manhattan, Elon Musk’s lawyers called the lawsuit filed by Dogecoin investors in June 2022 a fictional work. Elon Musk was accused of driving up the price of Dogecoin by over 36,000% in two years and then letting it collapse, with allegations in last year’s initial filings that he had used his status as the world’s richest person to manipulate the famous meme coin’s price.

Elon Musk’s lawyers called his Dogecoin statements “facetious tweets” and often absurd, in an effort to convince the judge to dismiss the multi-billion dollar lawsuit against Elon Musk.

Musk’s lawyers further explained that his comments on Dogecoin were too vague to ensure a fraudulent statement. “There is nothing illegal about tweeting support or fun memes about a legitimate cryptocurrency that continues to maintain a market capitalization of nearly $10 billion,” said Elon Musk’s lawyers.

Elon Musk first mentioned Dogecoin in 2019 on his personal Twitter account, and since then, he has often posted about the famous meme coin and is known to be a passionate supporter of Dogecoin.

This lawsuit is just one of the many legal battles Elon Musk has faced in recent years, including the SEC case over his tweets regarding Tesla’s privatization and the defamation case brought by the cave diver Vern Unsworth, which Musk lost in 2019.

Despite these legal battles, Elon Musk’s entrepreneurial ventures, including Tesla, SpaceX, and The Boring Company, continue to make strides in their respective industries.

#ElonMusk #DOGE #Dogecoin #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

The French parliament has been making moves to regulate the cryptocurrency industry in the country, with a bill that will require cryptocurrency companies to register with regulators from January 2022. However, it seems that France is not stopping there in its efforts to regulate the industry, as a new amendment has been agreed upon to ban influencers from advertising cryptocurrency.

According to reports, the Economic Committee of the French National Assembly agreed to the amendment, which will ban influencer direct and indirect promotion of cryptocurrency without permission. This move is seen as part of the country’s strict regulation of the industry, despite being positive towards it.

It is worth noting that currently, there is not a single cryptocurrency company officially licensed by the French financial authorities, effectively banning influencers from promoting cryptocurrency altogether. The bill will go into effect after getting the consent of the Senate and the House of Representatives.

The bill requiring cryptocurrency companies to register with regulators from January next year was passed earlier this year, with 109 votes in favor and 71 against. The registration process will include proof of compliance with governance and anti-money laundering regulations.

The main objective of the bill is to force French cryptocurrency companies to acquire cryptocurrency operator licenses until the announcement of MiCA, a cryptocurrency regulation that covers the entire European Union, by the end of 2024.

French senator Herve Maury, who is part of the French Finance Committee, explained the purpose of the bill, stating that “French cryptocurrency companies have to obtain licenses before October of this year, but no one has done so.” This means that local cryptocurrency companies that are not registered with the French Financial Markets Authority (AMF) will have to obtain a license from 2024.

As the regulation of the cryptocurrency industry becomes more important around the world, it is likely that more countries will follow in France’s footsteps in making strict laws for related regulations.

#French #MiCA #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

Amazon, the world’s largest e-commerce company, is reportedly launching its own NFT (non-fungible token) marketplace, according to Blockworks. The news has been circulating since April 1st, based on information from seven sources and leaked terms of service.

The marketplace is said to be in its final stages of development and will feature popular NFT collections like Beeple and Pudgy Penguins. Amazon’s traditional payment methods, including one-click purchases, will be used to purchase the NFTs.

In addition, Amazon has reportedly partnered with multiple Web3 companies, including Artifact Labs from Hong Kong, NFT collector group Proof Collective, and digital fashion developer The Fabricant. Amazon’s streaming service, Twitch, will also collaborate on promoting Amazon’s NFT business, and NFT purchasers may get the right to distribute gameplay videos on Twitch.

According to Blockworks, Amazon will have a premium Discord membership for partner companies, and affiliated brands will operate an exclusive Discord community for end users, offering special content, events, and opportunities to market NFTs.

The terms of service also suggest that Amazon’s NFT marketplace will run on a private chain, and users will not have to pay for gas. However, the functions for NFT creators will be limited, such as not being able to issue new cards.

While the marketplace was initially expected to launch as early as the fourth quarter of 2022, it has reportedly faced multiple delays, according to three sources.

The marketplace is expected to offer benefits to NFT purchasers, such as exclusive drops of music, e-books, movies and TV shows, physical product shipments, access to private clubs, meet-and-greets with musicians and celebrities, among others.

Although Amazon has not officially confirmed the launch of its NFT marketplace, the news has generated a lot of buzz in the NFT community. If the reports are true, Amazon’s entry into the NFT market will likely be a game-changer and have a significant impact on the market’s future.

#Amazon #NFT #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

Silicon Valley Bank (SVB), which has been a major source of funding for startups for the past 40 years, has been acquired by First Citizens, a US small and medium-sized bank. The announcement was made by the US Federal Deposit Insurance Corporation (FDIC) on March 27th, stating that First Citizens has agreed to underwrite all deposits and loans of SVB. This comes after SVB went through bankruptcy procedures due to a bank run on March 10th.

Established in 1983 as a subsidiary of Silicon Valley Financial, SVB has grown into the 16th largest bank in the United States, serving as a source of money for startups. It was the center of the US venture capital industry that finances technology projects, and has provided investment and private banking services as well as deposits and loans to startups. SVB has 44% of US tech and healthcare venture companies as customers, and has supported many startups such as Cisco, Circle, TrueUSD, Airbnb, LinkedIn, and Uber.

However, the failure of crisis management due to the short-term sharp rise in the benchmark interest rate eventually led to the bankruptcy of SVB. The value of US Treasury bonds fell as interest rates soared, and startups that had difficulty attracting funds increased deposit withdrawals, resulting in losses for the bank.

To make up for this, the bank announced a capital increase plan, which led to a plunge in stock prices and a large withdrawal on March 9th. Deposits began to decrease as startups began withdrawing deposits they had entrusted to them all at once in a situation where financing was difficult across the market.

The news of SVB’s collapse caused a massive bank run and eventually led to bankruptcy. As SVB, which served as a source of funding for startups, closed, the anxiety in the Silicon Valley ecosystem, which needs funding, is growing.

The impact of the Silicon Valley bank’s bankruptcy has also spread to Europe. Credit Suisse, the world’s ninth-largest global investment bank in terms of assets, was sued for not disclosing internal control problems, and a bank run occurred after the stock price collapsed. The Swiss central bank hastily provided a bailout, and the government led the acquisition by UBS, but unrest in the market remains.

The closure of SVB has increased anxiety and fear across Silicon Valley, with startups struggling to find funding in a difficult market. The procession of bankruptcies in US banks later led to the closure of Signature Bank, and massive deposit withdrawals continued to take place at First Republic Bank of San Francisco, which has the 14th largest asset size in the United States. 11 large US banks, including JP Morgan Chase, supported deposits of $30 billion to stabilize the situation.

In conclusion, the bankruptcy of SVB has sent shockwaves through the startup ecosystem and the banking industry, with its impact, felt not only in the US but also in Europe. It highlights the importance of crisis management and the risks of short-term investments. The fallout from this event is likely to be felt for some time to come, with many startups and banks struggling to recover from the financial losses incurred.

#SVB #SVBBank #Binance #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

BitDeer, a subsidiary of former Bitmain co-founder Jihan Wu, has revealed that its operational capacity has surged to 562 MW at the end of 2022. The company has powered 4.2 EH/s and 6.3 EH/s in proprietary mining and hosting hashrate, respectively, as of June 2022.

BitDeer has made a significant leap in capacity from its operational capacity of 280 MW in September 2021, thanks to the construction in Rockdale, Texas. The company has achieved an operational capacity of 386 MW as of June 2022 and increased the developed capacity of the Texas site to 562 MW by the end of 2022.

The new figures place BitDeer in direct competition with Riot, which claims to have 700 MW in developed capacity in the same Texas city. BitDeer’s diversified business models include proprietary mining, hashrate sharing, and hosting. The company generated $75 million through hashrate sharing, similar to selling cloud mining contracts using its own hashrate.

@azcoinnews

The company’s revenue diversification breakdown indicates that BitDeer’s three segments played a more equal role in revenue contribution in 2022 compared to previous years. Notably, the revenue from the hosting segment increased from $26 million in FY’21 to $60 million in the first half of 2022 alone.

@azcoinnews

Texas remains the largest mining hub in North America with about two gigawatts of operating capacity as of Q4 2022, according to an updated North American mining power distribution map by TheMinerMag. Despite industry headwinds, Bitcoin mining is booming in Texas, as reported by Reuters. BitDeer’s success in Texas is a testament to the state’s friendly regulatory environment for crypto miners.

#Bitdeer #RIOT #Texas #Bitcoinmining #azcoinnews

This article was republished from azcoinnews.com

China’s XCMG, a major construction machinery group, has announced its entry into the Metaverse and Web3 fields, as well as its plans to release an NFT collection.

XCMG has positioned itself as the world’s third-largest construction equipment manufacturer and ranks 65th on the list of China’s Top 500 Enterprises. The company has more than 2,000 service bases in 183 countries and regions around the world, making it a significant player in the industry.

The company has revealed that it will make BAYC 3489, a popular monkey-themed NFT collection, its ambassador. XCMG’s move into the NFT space is part of its broader strategy to embrace the decentralized, open, and comprehensive digital economic zone that Web3 promises to deliver. As a starting point, XCMG has partnered with Zen Spark Technology to launch an official NFT collection called “For Real” on the Ethereum network.

The NFT collection will feature BAYC motifs, and XCMG explained that the company owns BAYC’s NFTs and wants to send a message to the cryptocurrency community that it supports the NFT ecosystem by utilizing BAYC. With commercial rights to their respective monkey illustrations, BAYC NFT holders can use their NFT illustrations as motifs for marketing and products. XCMG also plans to leverage this mechanism.

“For Real” will soon be available on the project’s official website and secondary distribution channels such as Opensea and Blur. While the design of the NFT collection is still unclear, XCMG’s announcement shows that the company is committed to exploring the practical applications of blockchain technology and collaborating with the crypto asset (virtual currency) community.

XCMG stated that it is encouraged by the clear global regulations regarding Web3, with relevant policies being implemented in China and Hong Kong in particular. With the potential for blockchain technology to bring about a significant change in the world, XCMG aims to leverage its network of 191 countries and high-quality product lines to explore practical adoption cases on blockchain while complying with regulations.

#XCMG #NFT #BAYC #azcoinnews #Metaverse

This article was republished from azcoinnews.com

Tokenized diamond sales have surged by 300% in response to concerns about a spreading banking system crisis, according to a report by CoinDesk. The rise in sales coincides with the recent bankruptcy of Silicon Valley Bank (SVB), regulatory shutdowns of Signature Bank, and fears of contagion to other banks and digital assets.

Diamond Standard, a company that tokenizes and standardizes diamonds, reported the increase in sales of tokenized diamond products. These tokens are created by embedding physical diamonds into “coins” of standardized value, and each coin contains 8 to 9 diamonds. After digitizing through Ethereum-based digital coin bitcarbon, diamond-encrusted tokens can be traded on multiple exchanges.

Komak Kinney, the Founder and CEO of Diamond Standard, said that their investors view diamonds as a way to diversify and hedge their portfolios. He added that tokenized diamonds offer investors an opportunity to participate in rising prices, as diamond prices are still catching up to other precious metals.

The recent surge in tokenized diamond sales shows how investors are seeking alternative investments in response to market volatility and instability. The appeal of tokenized diamonds lies in their stability and uncorrelated nature with other assets, making them an attractive option for investors looking to diversify their portfolios.

Overall, the rise of tokenized diamond sales reflects the growing interest in digital assets and their potential to offer new investment opportunities. As investors continue to seek out alternative assets, tokenized diamonds could become an increasingly popular option for those looking to hedge against market volatility and uncertainty.

#Diamond #tokenized #azcoinnews #crypto2023 #BTC

This article was republished from azcoinnews.com

A Redditor with the handle @jbtravel84 shared a devastating story on Reddit, as reported on March 16th, 2023. In his first post, he expressed his regret for storing passwords and seed phrases for his accounts in Evernote. According to him, three of his wallets got hacked, resulting in a total loss of over 300k.

@jbtravel84 identified himself as a big fan of MOONs and revealed that he had over 80k MOONs in his Metamask wallet, which the hacker swapped for ETH and moved to another wallet address. In addition, his Rocketpool Node was compromised, and the hacker changed the withdrawal address. @jbtravel84 acknowledged his biggest loss was with the Rocketpool Node, where he had about 250k staked.

The Deadalus wallet had approximately 8k in ADA, which the hacker also transferred to his wallet address. He mentioned that the hacker’s IP address logs suggested they could be from Germany, although he acknowledged that the login could be through a VPN.

@jbtravel84 appeared devastated and unsure of what to do. He asked for advice from the Reddit community on whether he should contact the FBI. In response, a Redditor advised him to report the case to his local police office.

However, another Redditor mentioned that both IP addresses used by the hacker were Tor exit nodes, which made it difficult to track them through just IP data. The wallets used by the hacker showed no transaction history with any exchanges, making it difficult to trace them.

The community advised @jbtravel84 to monitor the wallets used by the hacker for any movement, hoping that the hacker would transact with a KYC exchange, which would enable authorities to request his details.

In conclusion, this story is a cautionary tale for cryptocurrency holders who may have become complacent with their security measures. It is important to avoid storing passwords and seed phrases in easily accessible locations like Evernote. Additionally, this story highlights the need for better security measures and increased awareness among cryptocurrency enthusiasts.

#hack #scams #azcoinnews #redditor #cryptohacks

This article was republished from azcoinnews.com

According to data by Glassnode, a blockchain analytics firm, Bitcoin’s value increased by over 70% in Q1. This remarkable performance has caught the attention of many investors and analysts alike.

To better understand the trend of Bitcoin’s performance, Glassnode analyzed the spot versus derivatives trend over Q1. The analysis showed that the network is much healthier at the end of the quarter than it was at the beginning of the year.

One of the significant indicators of Bitcoin’s health is the exchange balance, which is now flat year-to-date, with roughly 2.28 million Bitcoin on exchanges. This means that more investors are holding onto their Bitcoin instead of selling it. Additionally, demand started to return after the collapse of SVB, which is a positive sign for the cryptocurrency market.

According to Glassnode, the balance of the exchange

Another interesting finding from the Glassnode report is that futures open interest is now at a one-year low, with roughly 300,000 Bitcoin liquidated from the 2022 peak in October. This means that investors are less interested in holding onto Bitcoin futures contracts, which could be attributed to the increased spot demand in recent weeks.

According to Glassnode, the comparison between options and futures.

Finally, options open interest saw a record-breaking amount of $4 billion worth of options expiring on March 31. Roughly 130,000 Bitcoin have been unwound in contracts from the exchange Deribit. This indicates that investors are taking profits from their options positions, which could lead to a decrease in volatility in the Bitcoin market.

Overall, the rally in Bitcoin price has been driven by spot demand in recent weeks. This means that more investors are buying Bitcoin on exchanges, which is driving up the price of the cryptocurrency. It will be interesting to see how Bitcoin performs in the coming months, especially as more institutional investors enter the market.

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This article was republished from azcoinnews.com

Bitcoin investors have been closely monitoring the market sentiment towards the world’s most popular cryptocurrency, and the recent addition of the Fear and Greed Index by Glassnode has added another tool to their arsenal. The Fear and Greed Index is a gauge that evaluates collective market sentiment toward Bitcoin by examining a variety of elements, including fluctuations on the market, trading volume, emotions expressed on social media, and search patterns.

Glassnode, a leading provider of on-chain market intelligence, recently tweeted that the Fear and Greed Index is now firmly within Greed territory. This indicates that market participants are currently feeling bullish about Bitcoin’s prospects and are willing to take on more risk in the hopes of earning a higher return.

However, the question on many investors’ minds is whether this rally will push Bitcoin into Extreme Greed like it did in 2019 and 2021, or whether it will be overwhelmed by resistance like it was in March 2020 or the 2022 deleveraging.

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To understand the implications of these scenarios, it’s important to understand the historical context. In 2019, Bitcoin experienced a massive rally that saw its price increase from around $4,000 to almost $14,000. This rally was driven by a combination of factors, including increased institutional adoption, the announcement of Facebook’s Libra project, and a growing recognition of Bitcoin as a legitimate asset class.

However, this rally was short-lived, and Bitcoin quickly retreated to its previous levels. The Fear and Greed Index showed that investors had become too greedy, and the market was due for a correction.

In 2021, Bitcoin once again experienced a massive rally, this time driven by a combination of factors, including increased institutional adoption, the announcement of Tesla’s decision to accept Bitcoin as payment, and a growing recognition of Bitcoin as a hedge against inflation. The Fear and Greed Index reached Extreme Greed levels, and Bitcoin’s price soared to almost $65,000.

However, this rally was once again short-lived, and Bitcoin quickly retreated to its previous levels. The Fear and Greed Index showed that investors had become too greedy, and the market was due for a correction.

So, what does this mean for the current market? The Fear and Greed Index is currently in Greed territory, but it’s important to remember that this doesn’t necessarily mean that Bitcoin will continue to rally. If investors become too greedy and push Bitcoin into Extreme Greed territory, we could see a repeat of the 2019 and 2021 rallies, where the market quickly corrected itself.

On the other hand, if the market is able to overcome resistance and continue its upward trajectory, we could see Bitcoin reach new heights. It’s impossible to predict the future with certainty, but by keeping an eye on the Fear and Greed Index and other indicators, investors can make informed decisions about their Bitcoin holdings.

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This article was republished from azcoinnews.com

As the world of cryptocurrency continues to gain momentum, the value of Bitcoin has been a topic of discussion for investors and enthusiasts alike. The latest data from CryptoQuant has revealed that there has been a significant decrease in the realized cap of Bitcoin, which is indicative of the spending behavior of Bitcoin holders.

Realized cap is a metric that measures the value of the currency by capturing the value stored as the values of the network and removing the lost unmoved currencies for a long time on a network. It differs from market cap in that it takes into account the spending behavior of Bitcoin holders.

According to the data by CryptoQuant, there is a large difference between the market cap and the realized cap, which suggests that most owners of Bitcoin may make a profit at any possible moment. The decrease in the realized cap is mainly due to short-term currency holders who have held the currency for one week to one month and then from six months to 18 months.

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The total expenditure on Bitcoin amounted to $11 billion, which is a significant amount, and it indicates that the spending behavior of Bitcoin holders is crucial to determining the value of the cryptocurrency.

The decrease in the realized cap of Bitcoin has implications for investors and traders, as it suggests that Bitcoin holders are actively spending their holdings. This behavior may have an impact on the value of the cryptocurrency in the short term, as it may lead to a decrease in demand.

However, in the long term, the spending behavior of Bitcoin holders may be seen as a positive sign for the cryptocurrency. It suggests that Bitcoin is being used as a medium of exchange, which is one of the main functions of any currency.

As the cryptocurrency market continues to evolve, the behavior of Bitcoin holders will be closely watched by investors and traders. The latest data from CryptoQuant provides valuable insights into the spending behavior of Bitcoin holders and may help to inform investment decisions in the future.

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Despite the Hong Kong government’s efforts to make the city a crypto asset hub, many cryptocurrency firms are still struggling to open local bank accounts. Even licensed crypto firms are finding it difficult to do so, especially after the closure of Silvergate Bank and Signature Bank, two of the world’s biggest crypto-friendly banks.

According to SCMP, banks in the city are not keen to serve them, and as a result, Hong Kong’s cryptocurrency-related companies are scrambling to find ideal banking partners around the world and in their home city.

Adrian Wang, the founder and CEO of digital asset management firm Metalpha, stated that quite a few crypto funds and firms are seeking to find local Hong Kong banking partners to do business with to prevent the SVB-style crisis from happening to them again. While digital asset regulations in the city have become friendly overall, Hong Kong banks still have stringent requirements when dealing with crypto businesses.

Current regulations for crypto assets in Hong Kong do not restrict local banks and financial institutions from working with businesses engaged in crypto-related activities. However, the Hong Kong Monetary Authority requires banks to perform due diligence and ongoing monitoring of these clients. For instance, if the customer is a crypto asset service provider (VASP), the bank will need to see if the VASP is licensed and assess its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) controls.

As many VASPs are not currently licensed in Hong Kong nor registered for AML/CTF requirements, this poses a significant hurdle for many VASPs to open a bank account in Hong Kong. But even licensed crypto firms in Hong Kong face challenges, as they can also find it difficult to open bank accounts and often have very limited options.

Many Hong Kong firms are now hoping that local banks could expand their services and develop solutions fit for crypto companies, now that the government has set its mind to attract such businesses back to the city after a previous exodus. In October last year, Hong Kong unveiled a range of policies aimed at boosting its crypto asset sector and becoming a hub and proposed rules on legalizing retail crypto trading.

However, some industry players think such measures are not enough. There are already multiple ways for retail customers to buy crypto, and the real question is that there’s no proper, regulated, and convenient fiat on-ramp and off-ramp infrastructure in Hong Kong.

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This article was republished from azcoinnews.com