According to a July 11 report from the Financial Times, the Cyberspace Administration of China (CAC) wants to impose a system requiring local companies to obtain a license before releasing generative AI systems.Continue Reading on Coin Telegraph More
Spending Bitcoin involves a few steps and requires the following:Continue Reading on Coin Telegraph More
The planned dividend would be paid from Bitcoin generated by the Company’s wholly owned subsidiary, BitNile, Inc. (“BNI”). As previously announced, BNI issued an unaudited update on its Bitcoin mining operations reporting BNI’s mining operations is currently operating at an operational hash rate of 2.1 exahashes per second with approximately 9,000 of its Bitcoin miners at its Michigan data center and 10,000 Bitcoin miners that are being hosted through its strategic collaboration with Core Scientific, Inc. The annualized gross value of Bitcoin currently being mined utilizing BNI’s miners is more than $55 million, or approximately 1,800 Bitcoin, based on current market conditions, including a current trading price of Bitcoin at $30,400 and a mining difficulty of 50.65 trillion.Ault Alliance remains dedicated to its core mission of driving innovation and delivering exceptional value to its stockholders. With the increasing popularity and adoption of cryptocurrencies, Ault Alliance recognizes the potential of Bitcoin as a valuable asset for its stockholders. The idea of potentially issuing a Bitcoin dividend is aimed at providing a forward-thinking approach to stockholder value enhancement. By leveraging its Bitcoin mining operations, Ault Alliance seeks to provide an alternative investment opportunity and potential long-term value appreciation for its stockholders.Ault Alliance is also exploring ways to facilitate the effectuation of its conceptual design for stockholders who may not be familiar or comfortable with receiving a dividend in Bitcoin itself. Ault Alliance would, with the intention of addressing the preferences of all of its stockholders, accomplish this objective by offering its stockholders as of the ex-dividend date a choice of receiving actual Bitcoin or a cash payment equal to the dollar value of the Bitcoin as of such ex-dividend date.“By exploring a possible Bitcoin dividend, we aim to stay at the forefront of technological advancements and provide additional value to our stockholders,” said Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance. “We believe that cryptocurrencies, especially Bitcoin, hold tremendous potential for the future, and we want our stockholders to benefit from this exciting opportunity.”In order to ensure compliance with regulatory requirements and promote transparency, Ault Alliance will be working closely with relevant regulatory authorities throughout the process. The Company is committed to adhering to the highest standards of corporate governance and regulatory compliance in all its operations. At this time, the Company has not declared a dividend and there can be no assurances that it will declare a dividend payable in Bitcoin or a Bitcoin-denominated cash payment, if at all. The Company has not yet determined what procedures would be required to permit stockholders to receive a dividend in Bitcoin, and even if the Company is able to pay a special dividend in Bitcoin, there are no guarantees that all stockholders will be permitted by their local governmental bodies to receive the dividend in Bitcoin.Ault Alliance notes that all estimates and other projections are subject to the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, the ability to build out and provide the necessary power for miners, and other factors that may impact the results of Bitcoin mining production or operations.For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at https://www.ault.com/ or available at https://www.sec.gov/.About Ault Alliance, Inc.Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.ault.com.Forward-Looking StatementsThis press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10‑Q and 8-K. All filings are available at https://www.sec.gov/ and on the Company’s website at https://www.ault.com/.View source version on businesswire.com: https://www.businesswire.com/news/home/20230711529836/en/[email protected] or 1-888-753-2235Source: Ault Alliance, Inc. More
On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360. The last time the network observed such many newly-added addresses over the seven-day moving average was in April. This metric indicates a significant increase in user activity and interest in the world’s leading cryptocurrency.The number of new addresses serves as a crucial indicator of the growth and adoption of bitcoin. The recent surge in new addresses suggests a renewed interest in the asset, potentially fueled by market developments or investor sentiment. BTC price – July 11 | Source: Trading ViewBTC recently soared past the $31,000 mark after three days of trading below it. The asset had spiked to a one-year high of $31,500 on July 6, triggering bullish projections. However, this rally was short-lived, as BTC eventually closed the day below $30,000.The recapture of the $31,000 mark possibly triggered a resurgence of these bullish sentiments. This has compounded the increase in new addresses as market participants look to ride on the projected rally.However, another metric provided by Glassnode reveals a contrasting trend. The total fees paid for BTC transactions, measured over a seven-day moving average, have reached a four-month low of $22,905.This metric suggests that the cost of conducting transactions on the bitcoin network has decreased significantly. A fee decline could indicate reduced trading activity or a lull in general bitcoin usage. It could show decreased interest or transactional demand for BTC at that particular time.However, a look at the Glassnode chart reveals an opposite correlation between network fees and bitcoin’s price in recent times. Notably, fees skyrocketed to a two-year high in May when BTC faced a steep decline from the high of $29,820 observed on May 6. BTC eventually dropped to $25,811 following the two-year high in fees. The surge in network fees could be attributed to increased selling pressure as market participants seek to distribute their tokens amid the mid-May decline in bitcoin’s price.Meanwhile, BTC is trading for $30,405, up 0.71% over the last 24 hours. This drop in network fees has coincided with increasing bullish sentiments as the bulls look to seal a position above the $31,000 threshold.This article was originally published on Crypto.news More
The idea of a handful of “best days” driving the majority of an asset’s growth is not a new concept, and it applies to other as well. For instance, an investor, who put money into the S&P500 index from 1999 to 2018, would have seen an average annual return of 5.62%. However, if the investor missed the 10 best trading days during this period, the annual return would drop dramatically to 2.01%.Source: Missing more of the top-performing days leads to even more striking results. If the same investor missed the 20 best trading days, their annual return would turn negative at -0.33%. If they missed the 30 best days, the return would fall to -1.97%, and if they missed the 40 best days, the return would plummet to -3.35%. If they missed the top 50 trading days, their annual return would have been an abysmal -4.45%.This data underscores a common saying in the financial sector: “Time in the market is more important than timing the market.” Investors who try to time the market, i.e., buy low and sell high, often miss out on the best days. Those who stay invested for a longer duration, however, are more likely to reap substantial returns.In the case of Bitcoin, this means that even though most trading days may seem uneventful, a few key days could have a substantial impact on investment returns. Hence, Bitcoin’s run to $30,000 might not be as straightforward as one might think, but it is those explosive days that count on the crypto market.This article was originally published on U.Today More
These numbers are cited from a joint report on the state of digital asset custody conducted by the consulting firm PricewaterhouseCoopers (PwC) and wealth tech platform Aspen Digital. The 39-page document was published on July 11. Continue Reading on Coin Telegraph More
(Reuters) – May the best exchange win? Crypto platforms are vying for dominance in the United States, the world’s biggest market, following a regulatory crackdown that’s shaken the sector.Coinbase (NASDAQ:COIN) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. The former has fallen to about 51% as of June 18 from a high of 62% in January, while the latter has sunk to around 1.5% from 22% in March, according to data from Kaiko. Both Binance and Coinbase have been sued by the U.S. Securities and Exchange Commission (SEC) for alleged securities laws violations, though deny wrongdoing. Their regulatory woes and others’ have conspired with the collapse of Sam Bankman-Fried’s FTX last year to conjure crypto chaos. Rivals scent blood.Kraken, Bitstamp and LMAX Digital – an institutional crypto exchange – have seen their market shares increase since the start of this year by as much as 5.66%, according to the Kaiko data, which represents the global market share of exchanges that operate in the United States.Kraken has leapt to about 29%, leaving Binance.US in its wake.”Dominance in the U.S. market is really important,” said Ravi Doshi, co-head of trading at Genesis Trading. “The majority of the trading volume happens during U.S. trading hours because the most amount of capital is here and the most amount of interest from institutions is coming from the U.S.”Guy Hirsch, global managing director at Kraken, said the company had “dedicated significant time and resources to enhance the quality of its platform”. Bobby Zagotta, CEO of Bitstamp USA, said its recent growth was driven by a “flight to quality” in the marketplace. Bitstamp’s global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US – the American affiliate of the world’s largest crypto exchange – didn’t respond to a request for comment.’TONS AND TONS’ OF TOKENSThe swings in market share are happening at a precarious time for the digital asset industry, with the SEC arguing that most crypto coins are unregistered securities. It may not be that simple for hungry challengers to grab market share, according to market players.In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.”Differentiating based on the breadth of your offerings has provided a lot of these exchanges with popular adoption,” said Wade Guenther, a partner at investment firm Wilshire Phoenix.Both Kraken and Coinbase, for instance, list more than 200 tokens, including some that the SEC in its lawsuits has labeled as unregistered securities, like solana and polygon. Now, though, the increased regulatory scrutiny of those offerings has made it more challenging for exchanges to follow the old playbook. “As an exchange operator, you’re increasing your risk, because you’re offering these tokens that could be deemed as securities,” said Doshi at Genesis Trading. Still, the cost-benefit analysis for exchanges could change if crypto token prices were to rebound and there was suddenly increased interest from investors, said Doshi. “I can totally see this happening again, where tons and tons of more tokens are added as we enter a new bull market.” More
LONDON (Reuters) -A key British mortgage rate hit a 15-year high on Tuesday when it rose above the levels reached in the aftermath of September’s “mini-budget” crisis, adding to strains on the country’s slowing housing market as the Bank of England battles stubborn inflation.The average two-year fixed residential mortgage rate climbed to 6.66%, narrowly exceeding the 6.65% touched on Oct. 20 and the highest since August 2008 when it stood at 6.94%, according to data provider Moneyfacts. Britain’s housing market activity staged a recovery in early 2023 from the turmoil triggered by the unfunded tax-cutting plans of former Prime Minister Liz Truss. But homeowners and buyers have faced renewed mortgage pain in recent months.Fixed mortgage deal rates have risen rapidly in recent weeks as stickier-than-expected consumer price inflation, which held at 8.7% in May, pushed up bond yields and increased market bets on the BoE’s benchmark rate peaking at 6.5%, up from 5% now.Governor Andrew Bailey said last month there were signs of more persistent underlying inflation pressures after the BoE unexpectedly raised its Bank Rate to 5% in an effort to tame the highest inflation rate among the world’s big rich economies. Swap rates, a key measure lenders use to determine the cost of mortgage borrowing, have also soared. Two-year swaps jumped by 0.89 percentage points over the course of June.The surge has prompted major mortgage lenders to repeatedly reprice home loan offerings.Lenders including Nationwide, Lloyds Bank and Santander (BME:SAN) on Tuesday told lawmakers on the Treasury Committee in Britain’s parliament that mortgage payment arrears had increased slightly but remained below pre-pandemic levels. “Undoubtedly, households and customers are feeling the effect of not just mortgage rates increasing but the wider cost of living crisis … but arrears remain very low in a historical context, and still below what we’d have seen pre-COVID,” Andrew Asaam, homes director at Lloyds Banking Group (LON:LLOY) told lawmakers. However, most households have yet to face the impact of higher borrowing costs as they are still locked in to previous deals. British homebuyers typically take out mortgages with an interest rate that is fixed for two or five years, and then remortgage on to a new fixed rate or accept a variable rate.Trade body UK Finance estimates 800,000 Britons will need to refinance loans in the second half of this year, and a further 1.6 million in 2024 of a total of nearly 7 million fixed-rate mortgages that are outstanding. Analysis from the Resolution Foundation, a think tank, shows the average homeowner who refinances a home loan in 2024 will have to pay an extra 2,900 pounds ($3,732.88) a year.House prices have also shown the hit to the market. Mortgage lender Halifax reported a 2.6% annual fall in house prices in June, the largest decline since 2011, while Nationwide reported a 3.5% drop year-on-year last month, the biggest since 2009.($1 = 0.7769 pounds) More
