Cryptocurrency

Broader risk sentiment also deteriorated as Wall Street indexes retreated from record highs, although Asian markets were much more upbeat following stimulus measures in China. Bitcoin fell 1.2% to $63,440.2 by 01:07 ET (05:07 GMT). The world’s largest cryptocurrency pulled back from near levels that traders expect to spark strong near-term gains.A report from Coindesk said $65,000 was being pegged as a major resistance level, given that Bitcoin had not traded above the level since early-August.The token has struggled to make any sort of price headway since hitting a record high in March, and has traded in a $50,000 to $60,000 price range for most of the year. Market sentiment was also somewhat spooked by reports showing that a 13-year-old Bitcoin wallet, with holdings worth about $3 million, had reawakened after years of dormancy and mobilized its tokens onto an exchange. The expiry of contracts on Bitcoin and Ether worth several billions is set for Friday, and is also expected to spur some volatility in crypto markets. Focus is also on the potential upcoming approval of options linked to BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) by the Securities and Exchange Commission. The approval is expected to attract more institutional capital into crypto. A rebound in the dollar pressured crypto markets, as the greenback rebounded sharply from an over one-year low on Wednesday. Strength in the dollar came amid some uncertainty over just how much further the Federal Reserve will cut interest rates in the coming months, after a bumper 50 basis point cut last week.Several Fed officials said this week that they supported last week’s cut, but were uncertain over the pace of future easing. Chair Jerome Powell is set to offer more cues on that front later on Thursday.Key U.S. economic readings are also on tap, with a revised reading on second-quarter gross domestic product data and weekly jobless claims due later on Thursday.PCE price index data- the Fed’s preferred inflation gauge- is due on Friday.Broader crypto prices were mostly subdued, with major altcoins tracking declines in Bitcoin.World no.2 crypto Ether fell 0.8% to $2,604.67, while XRP, SOL, ADA and MATIC moved in a flat-to-low range.Among memecoins, DOGE lost 0.3% . More

Specifically, Brandt’s attention has been drawn to the controversy surrounding a possible bull flag forming on the BTC price chart. The controversy was sparked by the fact that Brandt once claimed that this pattern could not be as long as it is now on the cryptocurrency’s chart. Looking at Bitcoin’s price movement, we can see how a possible bull flag started to form in March 2024, after reaching a new all-time high, and continues to form until now, i.e., for the sixth month in a row.According to Brandt, a bull flag cannot take that long to form, as one of the disputants mentioned. Here, the trader himself entered the debate and said that it was true. However, Brandt clarifies that this formation could be a bearish channel that, once violated, could resume a longer-term bullish trend.This statement makes it irrelevant whether the formation on the Bitcoin price chart is a bullish flag or just a bearish channel where the price is going down. Success for bullish traders depends on whether BTC can overcome the upper boundary of the range it has been trading in for the past six months.Currently, this dynamic resistance is around $68,500 – less than 10% away from the current Bitcoin price.This article was originally published on U.Today More

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”Additionally, PayPal is enabling U.S. merchants to externally transfer cryptocurrency on chain to third-party eligible wallets. PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.PayPal has continuously made significant steps to increase cryptocurrency’s utilization. In 2020, PayPal announced the availability of its customers to buy, hold and sell cryptocurrency directly from their PayPal and Venmo accounts. In 2023, PayPal announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). In April 2024, we enabled PYUSD as a funding instrument for our Xoom platform, allowing users to pay no transaction fees when using PYUSD to fund eligible transfers to friends and family abroad. Most recently, PYUSD was made available on the Solana blockchain, providing users with the choice of multiple blockchains allowing for increased flexibility and control. More

In a tweet, Arkham Intelligence drew attention to the awakening of a 13-year-old whale with $3.17 million BTC in mid-2011. This is in line with Whale Alert reporting that “a dormant address containing 50 BTC worth $3,173,594 has just been activated after 13.3 years.”This wallet, Akrham Intelligence says, has not made a single move since receiving the coins 13 years ago. Following its reactivation, the Bitcoin wallet sent 20 BTC worth $1.27 million to Bitstamp.In another similar occurrence reported by Arkham Intelligence, a Bitcoin whale with $77 million BTC mined in Bitcoin’s first two months recently transferred 5 BTC to Kraken. These wallets date back to the “Satoshi era,” when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active on public forums between late 2009 and 2011.Arkham Intelligence estimates that this whale still possesses 1,215 BTC worth $77 million. According to his address, the Bitcoin stockpile was mined in February and March of 2009, about two months after Bitcoin’s launch.After moving several times from 2011-2014, the Bitcoin in the wallet was then held dormant for nearly 10 years, during which it increased in value from $474,000 to over $80 million. This whale awakened around three weeks ago and has moved 10 Bitcoins to Kraken so far in three separate transactions.This comes just a few days after another early Bitcoin whale, who mined their Bitcoin around the same time, woke up after 15 years of dormancy to move $16 million of BTC, prompting the question as to why these early Bitcoin whale wallets are suddenly waking up.This article was originally published on U.Today More

The data agency assumes that more Bitcoin repayments from the dysfunctional crypto platform might be coming soon to its creditors.This year, Mt. Gox planned to finally begin compensation repayments to its customers. In total, 142,000 Bitcoin and 143,000 Bitcoin Cash were expected to be paid out in addition to $69 billion yen in fiat.In July, the platform transferred 140,000 Bitcoin valued at roughly $9 billion at the time to various centralized exchanges – Bitstamp, Kraken, BitGo – as it began to prepare for the aforementioned payouts.As reported by U.Today earlier, on Aug. 21, Mt. Gox transferred $709 million worth of Bitcoin to the Bitstamp exchange. On Aug. 14, the platform shoveled 33,141 Bitcoin (valued at approximately $2 billion) to a new blockchain address in preparation for the payouts. A total of 117 BTC was sent to the OKX exchange (the equivalent of roughly $7 million).Pompliano (known to the global cryptocurrency community as Pomp) told CNBC host Andrew Sorkin that he believes Bitcoin to be the best performing asset this year, while gold and oil futures come right after it in terms of gains.He stated that last year he sold all of his Ethereum and acquired Solana instead, trusting that the Solana chain offers a better technology than the second largest crypto platform.As for Bitcoin’s price, Pompliano reckons that due to the recent Fed rate cut and a similar measure announced by the Central Bank of China (PBOC), they are going to attract a lot of cheap capital to the market, and this is where Bitcoin “ends up being a big winner,” Pompliano said.This article was originally published on U.Today More

In his defense of gold and oil, Schiff emphasizes their practical advantages. In the jewelry and electronics industries, among others, gold is used as a trustworthy store of value. Conversely, oil is essential for manufacturing transportation and energy. Since these resources are essential to how contemporary society operates, there is a constant need for them.Schiff, on the other hand, contends that Bitcoin does not address a practical need. Because of its fixed supply and lack of intrinsic utility, Bitcoin’s value is primarily speculative and could plummet if demand declines. Although Schiff presents a legitimate concern regarding Bitcoin’s lack of inherent utility, there are still some benefits to be aware of. With its decentralized financial access, Bitcoin offers a substitute for established banking systems – particularly in nations with unstable economies or repressive political regimes.In these situations, Bitcoin serves as a safe haven for value storage and transfers, while also serving as an inflation hedge. In addition, Bitcoin has gained the title of “digital gold,” a valuable asset for people wishing to diversify their investments outside of established financial assets.One way or another, both Bitcoin and gold serve important purposes for humanity, and it may not be correct to compare them directly. Investors can choose whatever asset they need or are willing to expose themselves to.This article was originally published on U.Today More

Markus reiterated in his post that, aside from Dogecoin and an earlier project called “Bells,” he has not been involved in creating or working on any other cryptocurrency, stating that he has not worked on any cryptocurrency projects since 2014 and has no plans to do so again.”Anything claiming I am affiliated is lying,” Markus added putting to rest any speculation about his involvement with other blockchain initiatives.However, the conversation took a humorous turn when X influencer Ian Miles Cheong cheekily responded with, “But you created Bitcoin.” Markus, brushing off the claim in his characteristic humor, responded, “Yes, and I created the internet and oxygen,” highlighting the absurdity of the speculation.This exchange comes amid a flurry of theories linking various figures in the cryptocurrency world to the mysterious Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The Dogecoin cofounder’s humorous yet firm denial aims to put the speculation to rest and clarify his position within the crypto community.Dogecoin (DOGE) was created in 2013 as a lighthearted alternative to traditional cryptocurrencies like Bitcoin – four years after Bitcoin launched in 2009. Satoshi also disappeared from the scene in 2011, making it unlikely that the Dogecoin founder was Satoshi.There are suggestions that Satoshi might not be a single person. Instead, he may be a group that worked on perfecting and developing the code that powers Bitcoin.Some believe that the complexity of coding used to build Bitcoin would have required more than one person, and it was likely developed by a team of coders. To the present, the mystery of Satoshi remains uncracked.This article was originally published on U.Today More

The EOS Network announces the successful completion of its landmark upgrade to Spring 1.0. This upgrade has introduced the Savanna consensus algorithm, marking a new era in performance, reliability and speed on the network. By enhancing transaction finality to 1 second, EOS has achieved a more than 100-fold improvement over previous iterations. This rapid advancement in speed, security, and scalability sets the stage for future cryptographic breakthroughs.This upgrade reflects the shared vision and dedication of EOS’s global decentralized community, underscoring its commitment to pioneering blockchain innovation.Bart Wyatt, CTO of the EOS Network Foundation, articulated the significance of this strategic development: “With the Spring 1.0 upgrade and the introduction of the Savanna consensus algorithm, we’re achieving something rare in the blockchain world: changing our core consensus algorithm. Very few Layer 1 blockchains have ever done this. I can think of only a handful—Ethereum being the most well known. In doing so, we’re standing on hallowed ground. By bringing EOS to an industry-leading 1-second finality, we’ve taken a massive leap forward, placing EOS at the forefront of blockchain innovation. This isn’t just a technical achievement—it’s about the EOS community taking full ownership.”EOS Network has completed the transition to Antelope Spring 1.0, providing a non-contentious upgrade path. This process demonstrated the collaborative effort within the EOS community, involving extensive beta testing and a distributed activation, carried out by global block producers (BPs).The Savanna consensus algorithm revolutionizes blockchain efficiency. By integrating advanced cryptographic techniques such as aggregate BLS signatures, Savanna ensures rapid, irreversible transactions, boosting both network security, scalability and unlocking new use cases in the blockchain industry. Yves La Rose, CEO of the EOS Network Foundation: “Spring 1.0 marks a pivotal moment for the blockchain industry, introducing the Savanna consensus algorithm with 1-second Instant Finality via cutting-edge BLS cryptographic advancements. This upgrade offers unmatched transaction speed, reliability, and security, laying the foundation for next-generation decentralized applications to flourish. Achieving this was a collaborative feat involving internal teams and external partners, positioning EOS as one of the most technically advanced platforms.As a transformative phase, Spring 1.0 enables new growth opportunities and adoption within the ecosystem. It unlocks unprecedented value for developers and anyone invested in the long-term potential of blockchain innovation. With proven technology and robust infrastructure, the future presents limitless possibilities as EOS propels the industry forward”As EOS Network forges ahead with Spring 1.0, it strengthens the foundation for continued innovation and community development. This significant leap in technology unlocks a vast array of new use cases, enhancing the EOS ecosystem. Follow EOS Network on Twitter or Telegram to stay up to date with the latest enhancements, updates and upgrades to the network. EOS Network FoundationThe EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.ContactChief Communications OfficerZack GallEOS Network Foundationzack@eosn.foundationThis article was originally published on Chainwire More