Following a Bullish Breakout, Will Bitcoin Touch $25K Level?

After experiencing notable back and forth around the psychological price of $20,000, Bitcoin got a sigh of relief after pumping to mid-June levels of $22K.

Market analyst Ali Martinez noted that this breakout might cement Bitcoin’s quest of heading to the $25,000 zone if a popping sell signal does not materialize. He pointed out:

“Bitcoin had a bullish breakout from a symmetrical triangle on the four-hour chart and seems to be heading towards my target of $25,000. Notice there is a sell signal by the TD Sequential. If validated, expect a downswing to $20,900 before higher highs for BTC.”

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Source:TradingView/AliMartinez

Martinez had previously stated that $20,900 was a critical resistance, and whether this is flipped to support remains to be seen because Bitcoin was hovering around $21,800 during intraday trading, according to CoinMarketCap.

Is BTC edging closer to a higher high?

According to an on-chain analyst, Matthew Hyland, Bitcoin is getting closer to a higher high.

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Source: MatthewHyland

The formation of higher highs and higher lows signifies a bullish trend, whereas lower highs and lower lows depict a bearish one.

Therefore, whether the higher high will form remains to be seen because this could set the ball rolling for upward momentum. 

Meanwhile, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, believes that if BTC adoption continues to tick, the second half of this year might become the centre stage for a bullish run. He explained:

“Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. Or the crypto may be a failing experiment in the process of being made redundant, like crudeoil. Our bias is that Bitcoin adoption is more likely to continue rising.”

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Source: BloombergIntelligence

On the other hand, the Bitcoin Lightning Network continues to scale heights because it recently reached historic highs. The Lightning Network boosts Bitcoin’s capacity to undertake transactions more efficiently through micropayment channels, given that it’s a layer two scaling solution. 

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Crypto Miner EZ Blockchain Expands Mining Rigs to 16 MWs in Georgia State

Crypto mining company EZ Blockchain plans to expand its mining rigs to 16 megawatts by using Georgia’s underutilized power resources.

The new project focuses on four EZ blockchain mobile data centres launched in December 2021 in partnership with the City of West Point.

The company invested more than $1 million to fully utilize emission-free power capacity while adding an additional $500,000 to create additional local revenue and high-paying jobs.

To achieve environment-friendly objectives, more than 60% of the electricity at the EZ Blockchain Data Center Campus in West Point, Georgia comes from emission-free sources, primarily use nuclear power. 

EZ Blockchain has been committed to solving the global waste energy problem and using sustainable energy to connect the blockchain ecosystem.

In April, EZ Blockchain created an Immersive Liquid-Cooled Data Center, Simultaneously Unveils Newest Product for Cooling Crypto Mining Containers, SmartBox 1500i.

The impact of cryptocurrency mining on the energy environment still remains concern. In order to solve the problem of global waste of resources, many companies have turned their goals to some resources that can be reused.

Stronghold Digital Mining, based in western Pennsylvania, has found a new, environmentally friendly way to mine cryptocurrency,

Stronghold Digital Mining said it would harvest the byproducts of decades-old coal-fired power plants to power hundreds of supercomputers used to mine bitcoin.

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Crypto Miner EZ Blockchain to Expand Mining Rigs to 16 MWs in Georgia

Crypto mining company EZ Blockchain plans to expand its mining rigs to 16 megawatts by using Georgia’s underutilized power resources.

The new project focuses on four EZ blockchain mobile data centres launched in December 2021 in partnership with the City of West Point.

The company invested more than $1 million to fully utilize emission-free power capacity while adding an additional $500,000 to create additional local revenue and high-paying jobs.

To achieve environment-friendly objectives, more than 60% of the electricity at the EZ Blockchain Data Center Campus in West Point, Georgia comes from emission-free sources, primarily use nuclear power. 

EZ Blockchain has been committed to solving the global waste energy problem and using sustainable energy to connect the blockchain ecosystem.

In April, EZ Blockchain created an Immersive Liquid-Cooled Data Center, Simultaneously Unveils Newest Product for Cooling Crypto Mining Containers, SmartBox 1500i.

The impact of cryptocurrency mining on the energy environment still remains concern. In order to solve the problem of global waste of resources, many companies have turned their goals to some resources that can be reused.

Stronghold Digital Mining, based in western Pennsylvania, has found a new, environmentally friendly way to mine cryptocurrency,

Stronghold Digital Mining said it would harvest the byproducts of decades-old coal-fired power plants to power hundreds of supercomputers used to mine bitcoin.

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Bitcoin Pumps to Mid-June Levels following Boris Johnson’s Resignation

Bitcoin (BTC) hit the $22K level, a scenario last seen in mid-June after Boris Johnson resigned as the UK prime minister.

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Even though BTC had retraced to the $21,825 zone during intraday trading, the leading cryptocurrency was still up by 7.18% in the last 24 hours, according to CoinMarketCap.

Johnson resigned in a week marred by turmoil in British politics as various ministers quit based on a slew of scandals. Therefore, Johnson’s authority was eroded, which typically paralyzed the UK government.

Speaking to onlookers and supporters outside 10 Downing Street on Thursday, Johnson stated:

“It is clearly now the will of the parliamentary Conservative Party that there should be a new leader of that party and therefore a new prime minister.”

Nevertheless, he blamed the Conservative Party for his woes and said:

 “As we have seen at Westminster … when the herd moves, it moves. And my friends, in politics, no one is remotely indispensable.”

Therefore, news about Johnson’s resignation has triggered a bullish momentum in the Bitcoin market because the top cryptocurrency has been struggling to hold the psychological price of $20,000.

However, a market analyst under the pseudonym Tajo Crypto believes caution should not be thrown to the wind because BTC is still not out of the woods. The analyst stated:

“Bitcoin pumped after Boris Johnson’s resignation and it’s pumping now, but let’s not be too optimistic and blow things out of proportion. We are still in a bear market and there’s no guarantee of leaving yet, especially with the Fed’s quantitative tightening. But anything is possible.”

With Bitcoin being rejected at the 200-day exponential moving average (EMA) at around $22.5K, time will tell how the leading cryptocurrency will play out in the short term.

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Source: TradingView/LarkDavis

If the price goes back above the 200 EMA, a technical indicator, a reversal might have happened. 

Meanwhile, Jordan Belfort, a former Wall Street stockbroker, recently stated that BTC investment required a long-term strategy based on underlying fundamentals. 

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Lawsuit: Ex-Employee Accuses Celsius Network of Financial Fraud Involvement

A former investment manager at Celsius Network filed a lawsuit against the popular crypto lending firm on Thursday, claiming that the firm involved itself in market manipulation and failed to create basic accounting controls to safeguard customer deposits.

Jason Stone, the CEO and founder of KeyFi, who was employed by Celsius, filed the matter to the court and used Twitter social media to disclose the fallout between the parties.

Stone revealed that Celsius used clients’ deposits to manipulate (rig) the price of its crypto token to earn extra cash. Stone further said Celsius failed to properly hedge risk, an incident that caused Celsius to lose massive funds when the extreme market rout came in. Celsius was forced to freeze customer assets.

Stone stated:

“We discovered Celsius had lied to us. They had not been hedging our activities, nor had they been hedging the fluctuations in crypto asset prices. The entire company’s portfolio had naked exposure to the market.”

Stone said Celsius ran a fraudulent investing scam (Ponzi scheme) to benefit itself through “gross mismanagement of customer deposits.” The complaint further disclosed that Celsius defrauded KeyFi Inc into offering services worth millions of dollars and refusing to pay for them.

Stone further revealed that Celsius struggled to pay investors because of its failure to hedge investments, which resulted in massive losses to the firm as the values of different coins saw extreme fluctuations.

Stone also accused Celsius of logging some deposits onto its cash accounts in U.S. dollar base currency even if the firm paid customers with Bitcoin or other tokens, an incident that caused a $100 million to $200 million holes that the firm could not fully explain or account.

The complaint said he worked largely without a written agreement with Celsius. And further revealed that KeyFi helped Celsius generate $838 million of profit before costs and overhead from August 2020 to March 2021, out of which KeyFi was entitled to get a 20% of net profit.

Stone further said he exited his relationship with Celsius in March 2021 after it became clear that the hedging concerns could financially ruin both Celsius and KeyFi’s reputations, but Celsius refused to acknowledge his resignation.

The lawsuit, which was filed in New York State in Manhattan on Thursday, seeks unspecified compensatory and punitive damages.

A Tragic Market Turbulence

Stone’s move is part of a series of developments that have come after Celsius decided to suspend withdrawals and transfers for its 1.7 million customers due to extreme market conditions.

On 12th June, Celsius suspended all customer withdrawals, swaps, and transfers between accounts. The lender said it made the decision to put it in a better position to honour over time, its withdrawal obligation amid the recent market volatility.

Celsius stopped paying out customer balances, trading, and transfers. The crypto lender cited “extreme market conditions” and that sparked investor concerns regarding the firm’s potential insolvency.

Celsius is one of the major players in the emerging crypto lending landscape. As of May, the firm had lent over $8 billion to customers and managed almost $12 billion in assets. According to its website, Celsius pays customers annual interest rates of up to 18%. The lender was just like a bank and gained wide prominence.

Major problems started in the recent market turbulence triggered by the collapse of TerraUSD stablecoin. Celsius and several other institutions deposited amounts in the hundreds of millions in the Terra algorithmic stablecoin “UST” and withdrew during the collapse. Although the exact amount of Celsius’ deposits into Terra stablecoin was unknown, a lack of adequate hedging and risk management could have led to massive losses to the lender.

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Musk’s Boring Company to Accept Payment in Dogecoin

Elon Musk’s The Boring Company will accept payment in Dogecoin for rides in its Las Vegas Loop, a CNN report stated.

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Currently, rides on the new Las Vegas transit system are currently free. However, according to the Las Vegas Loop’s website, the company plans to charge $1.50 for single rides and $2.50 for a day pass, but specific timings have not been disclosed.

The payment plan was unveiled Friday as the company opened its first Loop station outside the Las Vegas Convention Center and it indicates another of Musk’s support for Dogecoin, whose value has fallen sharply.

Inside the underground Loop tunnel, passengers will be travelling in Tesla vehicles driven by humans at around 35 mph. Originally, Musk had announced that the high-occupancy vehicles would be travelling at 150 mph.

In the future, The Boring Company plans to automate driving and travelling at higher speeds.

According to CNN, The Boring Company hopes to eventually expand to more than 50 stations on the Vegas Strip, including casinos, resorts and Allegiant Stadium, home of the NFL’s Las Vegas Raiders.

To purchase a ticket, users can scan a QR code on a wall at the new Resorts World station, and those who do not wish to pay with Dogecoin can use a traditional credit card and US dollars.

Dogecoin, which began as a joke in 2013, was inspired by a popular internet meme. The coin rose to prominence following Musk’s support in recent years, including on Saturday Night Live.

Although Dogecoin had soared about 4000% to 68 cents in 2021, a single Dogecoin can currently be bought for about 7 cents. It has fallen 70% in the last year.

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Blockchain Game Developer Oasys Grants $20m Investment in Private Token Sale

Oasys, a Japan and Singapore-based company focused on developing blockchain games, has secured a $20 million investment from a cryptocurrency leader.

Compared to traditional financing methods in the past, this financing adopts a private token sale, led by Republic Capital, a blockchain financing and investment platform.

In this round of funding, these funds will be used to enhance partnerships with new and existing game developers, digital asset exchanges, and other companies in the gaming and crypto ecosystem.

 “Oasys is shaping the future of blockchain games and leading the charge by bringing legacy gaming IPs on-chain. We believe it was only a matter of time before the gaming giants like Bandai adopted blockchain technology and are impressed by the domain expertise of the Oasys founders,” said by the founder of Republic Capital, Brian Johnson.

In addition, the funds raised this time will also be used to expand its talented team and support future game marketing and business development.

Other investors included Jump Crypto, Crypto.com, Huobi, Kucoin, Gate.io, bitbank, and Mirana Ventures, participated in this round of funding.

Oasys is an eco-friendly blockchain built for the gaming community, providing users with fast transactions and zero gas fees.

In June, Oasys and Consensys formed a strategic partnership to create a better end-to-end blockchain gaming experience.

Oasys is actively listing its tokens on several of the most prominent cryptocurrency exchanges and is leading the way in blockchain gaming by bringing traditional gaming IPs on-chain.

Konvoy Ventures, a venture capital startup, has announced the launch of its Konvoy Ventures Fund III as it looks to deepen its feet in the Web3.0 gaming ecosystem.

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Reddit Launches New NFT Avatar Marketplace

Reddit, a major global social media platform headquartered in San Francisco, announced on Thursday that it has launched a new NFT-based avatar marketplace that allows users to buy blockchain-based profile pictures for a fixed rate.

According to the firm, users don’t need to have a crypto wallet to buy digital pictures. A credit or debit card is enough to make a purchase and consumers can use Reddit’s own wallet product to store their digital assets.

In a statement, the company said: “Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.”

Users can mix and match their avatar’s appearances using merch available in Reddit’s avatar builder. As a result, the avatar will have a “glow-like effect’ next to a user’s comments in communities.

Reddit said it has partnered with an Ethereum-compatibles blockchain, Polygon, to mint such avatars on-chain. Users can use Reddit’s blockchain wallet, Vault, available on the company’s native app to store and manage such NFTs. Currently, consumers use Vault to earn blockchain-based community points and spend them on special features such as badges and animated emojis.

The firm stated that the NFT avatars will be initially available to members of the r/CollectibleAvatars invite-only subreddit. According to Reddit, all NFTs have a fixed price and can be purchased through fiat currencies like US dollars. Listing prices for such NFT avatars are $9.99, $24.99, $49.99, $74.99 or $99.99.

For users who are not members of the above community, Reddit said such collectable avatars would be available for purchase on its avatar builder page for anyone within the next few weeks.  

Why Social Media Firms Are Embracing NFTs?

This is the first version of Reddit’s NFT endeavours. The development is part of Reddit’s effort that started late last year. In January, Reddit started testing a feature allowing users to set any Ethereum-based NFT as their profile picture. This followed a few days after Twitter launched a similar feature allowing users to set their NFTs as profit pictures, where the photos give information about the NFT when clicked and appear as hexagon-shaped images to differentiate them from the ordinary (standard) Twitter profile picture.

These social media firms know that such crypto-related features (NFT profile pictures) are in demand from users seeking to use them as a display of status – digital bling.

Many social media companies are also pursuing to enable NFTs on their platforms. Instagram and YouTube recently announced that they are exploring NFTs. Meta Inc (formerly Facebook) has plans to build an entire NFT marketplace.

While the sales of NFTs are mainly in bespoke marketplaces (like SuperRare, Decentraland, Opensea, among others), social media platforms (like Reddit, Twitter, Facebook, and others) are also rushing to launch their own NFTs sites. NFTs are mainly used for certifying digital arts. Users (mainly celebrities and digital collectors) use them to display their digital arts. This is where social media comes in, as the platforms together with their algorithms that are finely turned for virality are perfect for this.

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Compass Mining to Cut Salaries, Spending and 15% Staff

Compass Mining said that it is cutting salaries, spending and 15% of its team.

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The Bitcoin mining company also stated that pay cuts were up to 50% for senior employees and the executive team.

“While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers,” the statement from co-founders and interim CEOs Thomas Heller and Paul Gosker said.

Recently, Compass Mining also resigned its CEO and CFO. The Block reported that the company cited “multiple setbacks and disappointments,” while at that time, a conflict with one of its hosting providers over claims of missed payments became known to the public.

Compass Mining, however, also stated that the company has grown too quickly but its services are “not nearly where it needs to be.”

The changes in the company have been affected by the recent market downturn and have joined other crypto companies in making layoffs to tackle the massive market downturn.

According to The Block, Crypto companies such as Bullish.com has laid off less than 30 Bullish staff members. Bullish has employed around 390 people.

However, a company spokesperson confirmed that “Bullish continues to actively hire for products, engineering and other strategic roles as we continue to evolve our business strategy.”

Meanwhile crypto-backed loans provider CoinLoan has temporarily reduced the withdrawal limit for traders. The company explained that the move was made due to the current market turmoil.

Following the announcement, customers have been restricted to a maximum withdrawal limit of $5,000 every 24 hours.

“The interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some instances, the estimated date of a complete withdrawal of assets from the Interest Accounts comes before, not after, loan closure,” CoinLoan stated in the announcement.

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Hive Blockchain Says Produced 278.5 BTC and 2,542 ETH in June

Hive Blockchain stated that it currently holds 3,239 bitcoin (BTC) and 7,667 Ethereum (ETH) after producing 278.5 BTC and 2,542 ETH in June.

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The crypto mining firm also stated that it increased its bitcoin mining hash rate from 2.17 exahash per second (EH/s) to 2.24 EH/s, however, the capacity for Ethereum mining slightly dropped from 6.26 (TH/s) at the beginning of June to 6.0 TH/s, as some miners were taken offline temporarily for layout optimization due to higher summer temperatures.

Hive is confident in the face of market volatility, and CEO Frank Holmes said the company has weathered “crypto winters” before.

As per Holmes, the company has strived to “maintain a strong balance sheet of Bitcoin and Ethereum which is completely unlevered,” and the business remains cash flow positive with no “significant debt.”

“We are cautious, seeking out opportunities and remain firm in our belief that Bitcoin and Ethereum will survive to thrive again after all the over-leveraged players are forced out of business,” Holmes said.

Besides the June report, Hive Blockchain also stated plans to expand in the coming future by selling the current production of BTC and ETH.

“We are able to undertake this strategy and maintain coin inventory levels as a result of keeping a strong balance sheet position and never having entered into any agreements whereby our coin holdings have been staked, put up as collateral, or otherwise put at risk of being called by another party to cover a position due to the current decline in the price of cryptocurrency,” said Hive CFO Darcy Daubaras.

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Bitcoin (BTC) $ 26,799.18 2.27%
Ethereum (ETH) $ 1,646.61 3.07%
Litecoin (LTC) $ 64.57 2.08%
Bitcoin Cash (BCH) $ 237.14 5.13%