Bitcoin News and Price | Bitcoin.News

Bitcoin ATM Installations Plunge in May, CoinRadar Data Shows

by Blockchain NewsJune 5, 2022

The ongoing ‘crypto winter’ is now reflected in the number of Bitcoin Automated Teller Machine (ATM) installations across the globe.

While there has been a growing decline in these ATM installations in the year-to-date period, CoinATM Radar data shows that May saw the biggest plunge for the year with 202 Bitcoin ATM installations, the lowest figure since 2019.

The total Bitcoin ATM installations in May account for an 89.75% decline from 1971 recorded in December 2021. Bitcoin ATMs come off as one of the most visible yardsticks for measuring the growth of the digital currency ecosystem, and the overall embrace by regions across the board.

The highest-ever installation on a monthly basis was recorded back in August 2021 per CoinATM Radar’s data. The total installations at the time came in at 2037, and it preceded the months in which Bitcoin recorded its All-Time High (ATH) price record above $68,000.

Bitcoin ATM Installations Per Region

The CoinATM Radar data showed Bitcoin ATMs topped the charts in the United States which accounts for a total of 33,245, approximately 87.9% of all ATMs in the world. North America as a region accounts for a total of 35,961 ATMs or 95.1% of all ATMs in the world.

Europe came out second as the next region with more Bitcoin ATMs installed coming in at 3.8% for a total of 1,419 machines respectively. Asia, North America, Oceania, and Africa all account for less than 1% of the remaining total supply, a metric that we can use to judge that crypto usability is still at a low ebb in these regions.

The embrace of regulators in general remains amongst the primary impediments to Bitcoin ATM installations. In Nigeria for instance where the Central Bank prohibited banking transactions for crypto service providers, the emergence of Bitcoin ATMs has been at a very low ebb when compared with other nations with commensurate crypto interest among the populace.

Image source: Shutterstock

Source

Crypto Scams Have Swindled At Least $1B From Nearly 50,000 People Since 2021 – FTC

by Blockchain NewsJune 5, 2022

Despite crypto penetrating the masses from Bitcoin ATMs to Super Bowl ads, scams in this sector have been going through the roof because more than $1 billion has been lost since 2021, according to a study by the Federal Trade Commission (FTC).

Per the report:

“Since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method.”

Some of the top cryptocurrencies preferred by scammers include Bitcoin (BTC) at 70%, Tether (USDT) at 10%, and Ethereum (ETH) at 9%.

The report acknowledged that losses from crypto scams have increased by nearly 60 times from 2018 to 2021 based on factors like people being inconversant with how cryptocurrency works and crypto transfers not having a reversal option.

Source:FederalTradeCommission (FTC)

According to the study, people who shared their stories noted that the scams were a perfect storm because they were wooed with false promises of getting easy money.

Social media has been fueling scams in the cryptocurrency sector, the FTC acknowledged:

“Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform.”

The FTC added:

“The top platforms identified in these reports were Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%).”

Investment scams took the lion’s share at $575 million, followed by romance-related at $185 million. The FTC pointed out:

“These keyboard Casanovas reportedly dazzle people with their supposed wealth and sophistication. Before long, they casually offer tips on getting started with crypto investing and help with making investments.”

Source:FederalTradeCommission (FTC)

In July 2020, Silviu Catalin Balaci, a 35-year-old Romanian programmer, confessed to orchestrating the BitClub Network, a crypto mining Ponzi scheme that siphoned off investors’ funds worth $722 million.

Image source: Shutterstock

Source

Tagged : Bitcoin / Cryptocurrency / Ethereum / FEDERAL TRADE COMMISSION / Fraud / Research / Scams / Tether

Top 3 Biggest Gainers Amid Crypto Market Recovery

by Blockchain NewsJune 5, 2022

With a growth of 1.30%, the combined crypto market capitalization has grown remarkably over the past weekend, considering the consistent onslaught the market has been experiencing across the board.

With recovery currently underway, here are the top 3 altcoins charting a more bullish upside in the market as the new week comes into view.

Cardano (ADA)

Cardano is one of the most renowned blockchain protocols around today with a goal of becoming the dominant smart contracts platform. Spearheaded by Charles Hoskinson, the founder of IOHK, ADA is currently changing hands at $0.5765. While this price figure is 81.48% below the coin’s All-Time High (ATH) price of $3.10, it is notably up by 22.06% in the past week at the time of writing according to CoinMarketCap’s data.

The growth in Cardano might have been triggered by the positive sentiments gleaned from CoinShares data that shows institutional money is gradually moving from Bitcoin (BTC) and Ethereum (ETH), into Cardano.

Helium (HNT)

Helium (HNT) is designed as a decentralized blockchain-powered network for Internet of Things (IoT) devices. The Helium protocol operates via a bespoke consensus mechanism called proof-of-coverage (PoC) which rewards users for contributing to mining (validating transactions) and ensuring stability.

HNT is amongst the high fliers altcoins in the Week-to-Date period and is up 27.69% to $9.30 per CoinMarketCap’s data. With the positive sentiments around HNT growing in recent times, chances are that it can beat its major resistance level of around $15 in the near future.

Waves (WAVES)

Despite underperforming at the time of writing, the 2.45% loss in the past 24 hours comes off as a slight correction WAVES will be experiencing as it has been on a tear over the past week, rising 95.82% within that time frame.

Waves has carved a niche for itself as a multi-purpose blockchain platform that supports various use cases including decentralized applications (DApps) and smart contracts. At a current price of $8.49, WAVES can outpace its peers should the bulls keep up with the accumulation spree.

Image source: Shutterstock

Source

Tagged : Altcoins / Cardano / Crypto / Helium / Waves

Bored Ape Yacht Club NFT Discord Compromised Again with 200 ETH Carted Away

by Blockchain NewsJune 5, 2022

The Discord server of the iconic Non-Fungible Token (NFT) project, Bored Ape Yacht Club (BAYC) has been exploited again as criminals gain access to the manager’s profile to post fake mint links.

The breach was first identified by a Twitter user @NFTHerder, an on-chain analyst and security expert who noted that the criminals gain access to Yuga Labs’ social media manager, Boris Vagner’s account.

“Our Discord servers were briefly exploited today. The team caught and addressed it quickly. About 200 ETH worth of NFTs appear to have been impacted. We are still investigating, but if you were impacted, email us at discord@yugalabs.io,” Yuga Labs tweeted to confirm the news.

The NFT startup also warned its users that it does not conduct free mints or any of the surprise giveaways that are often portrayed on Discord, which has caused investors a lot of pain in recent times.

Discord has grown to become a very prominent hub for Web3.0 projects and particularly NFT collections. As much as the platform has a lot of features that make it an ideal place to show the sophistication in design by NFT projects, incessant hacks and exploits are generally making the platform highly unusable.

As NFTHerder pointed out, as many as 70 projects saw their Discord servers compromised in May with OpenSea, Blockworks, Cool Cats, Alpha Kongs Club, and Okay Bears amongst the most popular.

With the growing rate of exploitation of NFT and blockchain-related startups, a new level of security is highly sought after with many proponents already advocating for the emergence of a decentralized social media platform that will be powered by blockchain technology.

The race to get these decentralized social media platforms is already underway, and besides Bluesky which is being bankrolled by Twitter, many other innovators in the space are also reportedly working on a similar solution.

Image source: Shutterstock

Source

Tagged : Bayc / Cybercrime / Discord / NFT / Yuga Labs

Ethereum 2.0 Deposit Contract Hits ATH as Investments Heightens

by Blockchain NewsJune 5, 2022

More investments continue trickling into Ethereum 2.0 deposit contract, given that the number of staked ETH is scaling the heights.

Market insight provider Glassnode explained:

”Total value in the ETH 2.0 deposit contract just reached an ATH of 12,777,045 ETH.”

Source: Glassnode

Ethereum 2.0, or the Beacon Chain, which was recently renamed the consensus layer, was launched in December 2020 and was regarded as a game-changer that sought to transit the current Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) framework.

The transition from a POW to a PoS consensus mechanism called the merge is speculated to be the biggest software upgrade in the Ethereum ecosystem and the proof-of-stake algorithm will allow the confirmation of blocks in a more energy-efficient way.

Therefore, validators will stake Ether instead of solving a cryptographic puzzle.

The number of validators is also edging closer to the 400k mark. Glassnode acknowledged:

“Over 12.764M ETH has been staked by 398k unique validators. This is 10.73% of the circulating supply. Since 1-May, 19.8k additional validators have come online and staked.”

Ethereum researcher Justin Drake recently disclosed that the merge was expected in August because testing was in the final stages.

The merge is usually regarded as a game-changer that will give the Ethereum network a new face because it is expected to enhance scalability through upgrades like sharding.

Furthermore, it is anticipated to strengthen Ethereum’s quest as a deflationary asset because the second-largest cryptocurrency’s value is speculated to increase based on slashed supply.

Meanwhile, Arthur Hayes, the ex-CEO of crypto exchange BitMEX, commented that Ethereum is on its way to $10,000 by the end of the year because the merge will be the tipping point, putting the second-largest currency ahead of the game.

Hayes pointed out that the proof-of-stake consensus mechanism will make Ethereum a “currency bond” or commodity-based compared to Bitcoin.

Image source: Shutterstock

Source

Tagged : Beacon Chain / Ethereum / Ethereum 2.0 / Staking / The Merge

Al Jalila Foundation Sets the Ball as First Charity Organization in the UAE to Accept Crypto Donations

by Blockchain NewsJune 5, 2022

To bridge the gap between physical and digital currency regarding giving, Al Jalila Foundation has become the first healthcare charity in the United Arab Emirates (UAE) to accept crypto donations.

With crypto philanthropy becoming an emerging trend among Gen Z and millennial donors, the nonprofit healthcare organization has teamed up with a top cryptocurrency platform to make this a reality.

Abdulkareem Sultan Al Olama, the CEO of Al Jalila Foundation, pointed out:

“As an emerging source of fundraising, providing the opportunity to the growing number of crypto users around the world to donate to Al Jalila Foundation to causes that interest them is a win-win for us as a foundation and the donor community.”

By taking the crypto donation route, the foundation seeks to enhance its capabilities, network, and channels per Dubai’s intention of becoming a leading cryptocurrency hub. Al Olama added:

“As a philanthropic organization, we rely on charitable donations, and we are always seeking innovative ways to expand our donation channels for ease of convenience for donors from all around the world to support our programs.”

Al Jalila Foundation has been spearheading life-changing healthcare programs in different fields like research, education, and medical treatment since 2013.

Accounting for 7% of global trading volume, the Middle East has emerged as one of the fastest-growing crypto markets, according to blockchain analytic firm Chainalysis.

With crypto transactions worth nearly $25 billion annually, the UAE is the third-leading nation by volume in the region.

Women residing in Abu Dhabi were recently given the opportunity to expand their knowledge base and ultimately explore the Web3 world through free crypto domains, Blockchain.News reported.

This was made a reality after NFT domain name provider Unstoppable Domains joined hands with Access Abu Dhabi and Abu Dhabi Investment Office (ADIO).

Image source: Shutterstock

Source

Tagged : AL JALILA FOUNDATION / Charity / Crypto Donations / Cryptocurrencies / News

Despite Interest Rate Hike, Bitcoin is at an Inflection Point – Bloomberg Strategist

by Blockchain NewsJune 5, 2022

As Bitcoin continues ranging between the $29K and $30K zone, the leading cryptocurrency’s inflection point is now pegged at $30,000, according to Mike McGlone, the senior commodity strategist at Bloomberg Intelligence.

McGlone pointed out:

“Inflection Points: Bitcoin at $30,000 vs. Nasdaq at 13,000 – An emboldened Federal Reserve (Fed) fighting inflation, despite an almost 30% drawdown in the Nasdaq 100 Stock Index, is a primary headwind for Bitcoin and the crypto market at the start of June.”

Source: Bloomberg Intelligence

Given that Bitcoin is sitting at an inflection point, McGlone believes that the Federal Reserve’s continued interest rate hike is the primary stumbling block to BTC’s price surge.

On May 4, the Fed increased the interest rate by 0.5%, the highest in twenty-two years, to tame soaring inflation. Therefore, this trend might continue until the 2% inflation rate target is achieved.

Since Bitcoin has been hovering around the $30,000 mark for a couple of months, it has emerged as a significant level.

Raj Chowdhury, the CEO of crypto trading platform PayBito, recently commented that BTC was steadily holding the $30K zone despite the stablecoin crash and crypto meltdown because of its unique decentralized proof-of-work (PoW) mechanism. He noted:

“Despite its apparent flaws, Bitcoin’s architecture makes it a modern-day marvel immune to global financial policies. The benefits far outweigh the cons, evident from its increasing acceptance across multiple nations and global organizations.”

Is Bitcoin staring at a reversal?

Since Bitcoin has been consolidating for some time, crypto analyst Rekt Capital believes the maiden cryptocurrency might be edging closer to a reversal based on the relative strength index (RSI).

The analyst explained:

“BTC RSI is now entering a period that has historically preceded outsized Returns. On Investment for long-term investors. Previous reversals from this area include January 2015, December 2018, and March 2020 All Bear Market bottoms.”

Source:TradingView/RektCapital

Therefore, time will tell how Bitcoin plays out in the short term.

Image source: Shutterstock

Source

Tagged : #BTC / Bitcoin / Crypto / Cryptocurrencies / Industry Expert / Investment / Market Analysis / Mike Mcglone / PRICE ACTION

Leading Kitchen Equipment Provider CKitchen Embraces Cryptocurrencies

by Blockchain NewsJune 5, 2022

CKitchen, a leading US-based kitchen and restaurant equipment provider, has rolled out a crypto payment option to keep track of evolving market trends.

Through a strategic partnership with the crypto exchange Coinbase, the firm will permit payments in various cryptocurrencies, such as Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Dai (DAI), USD Coin (USDC), and Ethereum (ETH).

Having been in existence for 38 years, CKitchen believes the pandemic has accelerated the transition to digital payments. Per the announcement:

“By accepting cryptocurrency payments, the company will also hold the offered options on its balance sheets, signaling a major shift in the commercial kitchen equipment industry. The restaurant industry is likely to switch to decentralized payment methods now more than ever.”

The company also sees crypto payment as a stepping stone towards enhancing customer comfort and satisfaction based on the flexibility rendered. The report noted:

“Since the rise of alternative currencies and blockchain technology, adaptability has regained the center stage for businesses that intend to remain flexible. Taking into account the restaurants and the food entrepreneurs of the future, cryptocurrencies are an unmissable component of a rising tech-influenced economy.”

By laying primary emphasis on customer satisfaction and requirements, CKitchen believes this has been monumental in its existence for nearly four decades. Therefore, the crypto payment option enhances this objective.

According to a recent report by global payments solution provider Checkout.com, the appetite for cryptocurrencies in e-commerce was gaining steam as firms offered more convenient and safer payment methods.

As a result, nearly 70% of merchants acknowledged that the speed with which crypto payments were made and settled had the potential to revolutionize their business models.

Image source: Shutterstock

Source

Tagged : Bitcoin / CKITCHEN / Crypto Payment / Cryptocurrencies / News