A parliamentary ethics subcommittee of South Korea has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), the local news agency Yonhap reported on Aug. 30.Continue Reading on Coin Telegraph More
Bitcoin (BTC) rose 6.2% yesterday to close above the 200-DMA for the first time since January.‘Landmark’ win for cryptoThe appeals court ruled that the SEC’s rejection of Grayscale’s Bitcoin ETF application was “arbitrary and capricious.”The SEC had initially declined Grayscale’s GBTC (Grayscale Bitcoin Trust) application, citing concerns that the products were insufficient in preventing fraudulent and manipulative practices.In response, Grayscale pursued legal action, and the recent ruling has overturned the SEC’s decision.In a court filing on August 29, U.S. Court of Appeals Circuit Judge Neomi Rao granted Grayscale’s petition for review and vacated the SEC’s order denying the listing application for GBTC. Judge Rao had previously criticized the SEC for not providing an adequate explanation for its decision against Grayscale.Still, it’s important to note that this court ruling doesn’t guarantee the eventual listing of a Grayscale spot Bitcoin ETF. Citi analysts say the decision “makes the advent of a spot Bitcoin ETF more likely.”“Recent court decisions plus advancing legislation globally are helping sentiment,” the analysts wrote in a report.Bernstein analysts believe the decision is another “landmark win” for the crypto sector.“This ruling likely clears the path for a spot Bitcoin ETF and gives Grayscale a fair chance to be reviewed along with other 7 applicants (Blackrock, Fidelity, Invesco, Valykrie, ARK, Van Eck, Bitwise),” the analysts wrote.Bitcoin price prediction for SeptemberBitcoin price gained more than 6% on Tuesday to close above the 200 daily moving average for the first time in almost nine months. The price action is now coming back lower to re-test the broken resistance.A close above this important technical indicator could attract more buying activity with the 200-DMA ($28,465) acting as the next important resistance level. The key target for the bulls in September remains the 2023 high near $32,000.“[The] move higher is associated with upturns in our short-term indicators, supporting follow-through in the coming days within the context of bitcoin’s trading range,” said analysts at Fairlead Strategies.“However, our intermediate-term indicators still point lower, supporting more consolidation in the coming weeks, similar to late May/early June. Initial resistance is at the 50-day MA (~$28.8K), and secondary resistance is at the weekly cloud, near $31.9K.”Bitcoin is still down 6.3% in August. More
The company expects the 248 GPUs to be delivered in the coming months and aims to utilize them in cloud computing opportunities.Daniel Roberts, co-founder and co-CEO of Iris Energy, stated that the company aims to use its existing data centers to meet the burgeoning demand for generative AI computing.Iris Energy operates in areas abundant in renewable energy resources like wind, solar, and hydro. The company has strategically located its modular data centers close to these inexpensive, surplus renewable energy sources, which it uses for Bitcoin mining.The firm has also expressed its commitment to contributing to skill development and job creation in the communities where it operates and enhancing local revenue through tax contributions.According to information on Iris Energy’s website, the company has four significant data center mining facilities. These are located in Canal Flats, Mackenzie, and Prince George in Canada’s British Columbia, as well as in Childress, Texas.The acquisition comes as renewable energy-powered Bitcoin mining operations continue to attract investment. For instance, Genesis Digital Assets Limited recently opened a new data center in Sweden, which will run on abundant power from the nearby Porjus Hydroelectric Power Station.Meanwhile, Nvidia, the manufacturer of the GPUs purchased by Iris Energy, has also benefited from the surge in demand for AI-powered tools, reaching a market capitalization of over $1 trillion in May 2023.However, it’s worth noting that Iris Energy has faced financial challenges. As crypto.news reported earlier, the company defaulted on a $108 million loan repayment in November 2022 but ended the year with $39 million in cash and no debt.Despite these setbacks, the firm appears undeterred in pursuing ambitious projects, including the recent acquisition of Nvidia GPUs.This article was originally published on Crypto.news More
The partnership aims to digitize the country, update government services and improve the healthcare and education systems. The GDC will also help bring infrastructure closer to where data is generated for El Salvador. Continue Reading on Coin Telegraph More
The CryptoQuant report highlighted some key factors that likely propelled this price rally. The report further calls for caution amid the growing FOMO (fear of missing out) creeping into the market.Interestingly, a comparison of the trading volumes of spot and derivatives exchanges indicates a decrease in the role of spot exchanges in driving the price up. This suggests that the surge in BTC price yesterday was not primarily driven by spot exchanges, per the analysis platform.On-chain metrics reveal a consistent decline in trading volume compared to the surges experienced earlier this year, notably in January, March, and June. The trading volume hit its lowest point this year during the recent surge.Moreover, the report revealed that the trading volume on spot exchanges stood at 74,699 coins, while derivatives exchanges registered a substantially higher volume of 1,416,108 BTC on the same day.Despite the decrease in trading volume for spot exchanges, it’s important to acknowledge that even small volumes can still lead to significant price fluctuations due to the reduced liquidity in the global crypto market. Furthermore, the CryptoQuant report recommends a measured approach characterized by a balanced perspective that tempers excitement and relies on data-driven analysis.Notably, this price rally coincided with the recent verdict in Grayscale’s win against the U.S. Securities and Exchange Commission (SEC). The court ruled in favor of the digital asset investment company, affirming that the U.S. arbitrarily rejected Grayscale’s spot BTC exchange-traded fund (ETF) while approving futures BTC ETFs.BTC price – Aug. 30 | Source: Trading ViewThe decision triggered speculations that the market could be close to getting a spot-based BTC ETF. However, following the surge above $28,000, BTC plummeted, trading at $27,450 at the time of writing. The asset is up 5.82% over the past 24 hours with a $534 billion market cap.This article was originally published on Crypto.news More
It is understood Tether has instructed clients to send money to Britannia’s bank account over the last few months, according to an Aug. 29 report by Bloomberg, citing people familiar with the matter.Continue Reading on Coin Telegraph More
I remember my audacity as a child, just sneaking into the buildings with newspapers and magazines it was called the House of Press, Ismailova recalls in an interview with Cointelegraph. I would handwrite my stories and sneak into the building because I didnt have a pass by making up stories that I was someones granddaughter, or by just going in when someone else entered. And I would find the doors that said editor or editor-in-chief, and I would just walk in and give them my articles. People smiled, and Im sure they felt I was naive, but I felt they also had some respect for me doing this work.Continue Reading on Coin Telegraph More
The firm’s financial statements report total revenue of $73.9 million, a 33.7% increase compared to the previous quarter.On Aug. 29, Canaan, which is listed on the Nasdaq, announced the company saw an increase in mining revenue. At the end of the quarter, the computing solutions provider shared that the mining revenue grew to $15.9 million, a 43.4% increase from $11.1 million in Q1 of 2023 and a 105.1% increase from the same period in 2022.The company’s chief financial officer, James Jin Cheng, also quoted a notable 115% increase in cryptocurrency assets on Canaan’s balance sheet, which would include 747 Bitcoins owned by the firm. This increase is likened to two factors, according to the statement: improved uptime and enhanced Bitcoin rewards.At the same time, the second quarter included a net loss for the company of $110.7 million, likened to inventory write-down, provision for commitment reserve, and impairment of equipment.Canaan is currently in the process of obtaining licensing to continue its operations and, as a result, expects lessened Bitcoin generation due to the hardware that is now offline.Bitcoin miners have been struggling amid the crypto winter for a while now. In Q1, DMG Blockchain shared its own unaudited Q1 2023 that highlighted that the firm suffered a 50% drop in revenue when compared to the previous year, mainly as a result of the drop in BTC’s value.On Aug. 28, Bloomberg confirmed the ongoing struggle for these firms, sharing a decrease in hash price to $0.06 for a unit of computing power per day, a value close to the record low reported in late 2022. At the same time, the mining difficulty, a metric that gauges the computing power used to mine Bitcoin (BTC), also set a record high in the same week, indicating miners are using more computing power for the same fixed reward.Despite a less-than-promising report, miners continue to scale up, an action believed to be in preparation for the upcoming Bitcoin halving in April 2024.This article was originally published on Crypto.news More
