Another US City Aims to Become Bitcoin Hub — Exploring BTC Payroll, Mining, Holding Crypto in Balance Sheet

Another U.S. city, besides Miami, is looking to become a bitcoin hub. The mayor of the city of Jackson TN says that his city is exploring payroll conversions in crypto in addition to bitcoin mining to add the cryptocurrency to its balance sheet.

Jackson TN Looking to Become a Bitcoin Hub

Mayor Scott Conger of Jackson, Tennessee, has shared on Twitter his plans to make his city a bitcoin hub. “Jackson TN is in a prime position to lead the way in cryptocurrency adoption,” he said this week.

“Local government will lead the way in bitcoin adoption, and along with it, usher in a new industrial revolution with sustainable economies that will help close the wealth gap,” the mayor tweeted Wednesday. “Utilizing dollar-cost averaging in appreciating assets, like cryptocurrency, is one way we bridge the wealth gap and financially empower people.”

Using BTC, LTC, and ETH hashtags, Mayor Conger tweeted Tuesday:

We’re exploring payroll conversions for our employees. Even more exciting – we’re seriously exploring mining bitcoin to add to our balance sheet.

The mayor also changed his profile picture on Twitter to include laser eyes, the meme with the underlying meaning that anyone donning the eyes is laser-focused on bitcoin’s price rising to $100,000. Politicians, celebrities, and investors have partaken and put laser eyes on their profile images, including the pro-bitcoin U.S. Senator Cynthia Lummis.

Meanwhile, a similar effort is underway in the city of Miami, Florida, where Mayor Francis Suarez is pushing to make his city a bitcoin hub. The city commissioners have voted to support the mayor’s resolution to allow payments in BTC for salaries, taxes, and fees. The city also supports efforts to make bitcoin an acceptable currency for potentially investing in the state treasury.

What do you think about U.S. cities adopting bitcoin? Let us know in the comments section below.

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HSBC has reportedly changed its policy regarding cryptocurrency. The bank now prohibits customers from buying the stock of public companies that hold bitcoin, like Microstrategy. All of the companies with bitcoin treasuries could be on the chopping block at HSBC. … read more.

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Bitcoin isn’t the only cryptocurrency on a hot streak—plenty of alternative currencies have enjoyed rallies alongside the Epic Bitcoin Bull Run of 2017. One of the most intriguing examples is also among the most obscure in the cryptocurrency world. Called IOTA, it has jumped in total value from just over $4 billion to more than $10 billion in a little over two weeks. But that isn’t what makes it interesting. What makes it interesting is that it isn’t based on a blockchain at all; it’s something else entirely.

This piece first appeared in our new twice-weekly newsletter, Chain Letter, which covers the world of blockchain and cryptocurrencies. Sign up here – it’s free!

The rally began in late November, after the IOTA Foundation, the German nonprofit behind the novel cryptocurrency, announced that it was teaming up with several major technology firms to develop a “decentralized data marketplace.”

Though IOTA tokens can be used like any other cryptocurrency, the protocol was designed specifically for use on connected devices, says cofounder David Sønstebø. Organizations collect huge amounts of data from these gadgets, from weather tracking systems to sensors that monitor the performance of industrial machinery (a.k.a. the Internet of things). But nearly all of that information is wasted, sitting in siloed databases and not making money for its owners, says Sønstebø.

IOTA’s system can address this in two ways, he says. First, it can assure the integrity of this data by securing it in a tamper-proof decentralized ledger. Second, it enables fee-less transactions between the owners of the data and anyone who wants to buy it—and there are plenty of companies that want to get their hands on data.

Now, here’s where things get really interesting. Instead of a blockchain, IOTA uses a “tangle,” which is based on a mathematical concept called a directed acyclic graph. Sønstebø says his team pursued an alternative approach after deciding that blockchains are too costly—it has recently cost as much as $20 per Bitcoin transaction because of high demand—and inefficient to operate at the scale required for the Internet of things.

Part of Sønstebø’s issue with Bitcoin and other blockchain systems it that they rely on a distributed network of “miners” to verify transactions. (For more: “What Bitcoin Is, and Why It Matters”)

So IOTA has dispensed with the miners. Instead, when a user issues a transaction, that individual also validates two randomly selected previous transactions, each of which refer to two other previous transactions, and so on. As new transactions mount, a “tangled web of confirmation” grows, says Sønstebø.

Sounds great, but as Sønstebø notes, IOTA is still in “very early-stage beta.” And the high-profile names participating in its data market pilot—including Microsoft, Deutsche Telekom, and Fujitsu—suggest IOTA is onto something. In recent months, though, some prominent members of the cryptocurrency research community have expressed reservations about IOTA’s design and overall security. In August, researchers from MIT and Boston University reported that they discovered a “serious vulnerability” in a novel cryptographic technique IOTA was using.

IOTA has patched the vulnerability, and Sønstebø says that security measures in place would have prevented anyone from losing funds. The foundation has hired a third-party firm to help it continue to develop the technique, which Sønstebø says represents the kind of “lightweight cryptography” needed for low-power connected devices, like sensors.

Hear more about cryptocurrency from the experts at the Business of Blockchain on April 23, 2018 in Cambridge.

  • Ariel Davis
  • A Cryptocurrency Without a Blockchain Has Been Built to Outperform Bitcoin

    The controversial currency IOTA rests on a mathematical “tangle” that its creators say will make it much faster and more efficient to run.

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    Microstrategy Buys $1 Billion More Bitcoin — Company Now Holds Over 90,000 BTC

    Microstrategy has purchased an additional $1.026 billion worth of bitcoin, raising the total number of bitcoins it has accumulated to about 90,531. Its CEO explained that his company remains focused on its two corporate strategies of growing its enterprise analytics software business and “acquiring and holding bitcoin.”

    More Than $2 Billion Worth of Bitcoin Now in Microstrategy’s Treasury Reserves

    Microstrategy Inc. announced Wednesday that “it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.” The announcement continues:

    As of February 24, 2021, the company holds an aggregate of approximately 90,531 bitcoins, which were acquired at an aggregate purchase price of approximately $2.171 billion and an average purchase price of approximately $23,985 per bitcoin, inclusive of fees and expenses.

    The company used the proceeds from its $1.05 billion convertible note offering which it completed last week to purchase the additional bitcoins.

    The pro-bitcoin CEO Michael Saylor explained that his company “remains focused on our two corporate strategies of growing our enterprise analytics software business and acquiring and holding bitcoin.”

    The amount of bitcoin the company holds reaffirms its “belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value,” Microstrategy explained.

    What do you think about all the bitcoins Microstrategy has been buying? Let us know in the comments section below.

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    Bitcoin for Corporations- Michael Saylor Expects an ‘Avalanche’ of Firms to Own Bitcoin

    This week the firm Microstrategy held an event called “Bitcoin for Corporations” which looks at concepts like macro strategy, corporate playbooks, and legal considerations toward bitcoin. Prior to the event, Microstrategy CEO and bitcoin bull, Michael Saylor, said “professionals from more than 1,400 firms” would join the event. At the conference, Saylor was bullish on bitcoin as usual and said he expects “an avalanche of companies” to join the crypto economy.

    Microstrategy’s Bitcoin for Corporations Event

    On February 3 and 4, the firm Microstrategy (NASDAQ: MSTR) held an event called “Bitcoin for Corporations,” which aims to entice corporate entities to get into the leading crypto asset. In 2020 and into 2021, there’s been a major expansion of the M2 money supply as estimates believe 25-30% of all USD in existence was printed last year. This has led to a number of firms exchanging cash and bonds for bitcoin (BTC) in order to protect the company from devaluing fiat.

    Microstrategy executive, Michael Saylor, wholeheartedly believes in bitcoin, as the firm has sparked a trend of companies adding BTC to their treasuries. This week, news.Bitcoin.com reported on Saylor predicting a massive shift in investor interest from gold to bitcoin. That same day, Microstrategy announced that the firm had purchased another $10 million worth of BTC. The business intelligence (BI) company now holds an aggregate total of 71,079 BTC, worth $2.6 billion using today’s exchange rates.

    The day before Microstrategy’s corporate virtual conference, Saylor said that 1,400 firms would be joining the event. “If you are interested in the legal considerations firms face while integrating bitcoin into their corporate strategy, you are not alone,” Saylor tweeted. “We have professionals from more than 1,400 firms joining us tomorrow for this discussion. There is still time for your legal team to attend,” the executive added.

    Michael Saylor: ‘You’re Going to See an Avalanche of Companies in the Coming 12 Months’

    During the event on Wednesday, participants could learn about how preserving wealth is extremely difficult in 2020 and beyond. Moreover, capital costs have jumped significantly, and the virtual conference gave participants a great overview of bitcoin-based corporate strategies and operational considerations. While speaking at the event, Michael Saylor said he expects big things for bitcoin and expects a herd of firms to join the growing bitcoin treasuries list.

    “The reason we’re having this conference is to help everybody else figure out what they should do,” the executive said.

    The Microstrategy CEO also added:

    The simple solution is [to] convert some of that cash into bitcoin— We did it, Square did it. You’re going to see an avalanche of companies in the coming 12 months also converting their balance sheets into bitcoin because it’s a scarce digital safe-haven asset.

    During the day, Saylor’s avalanche quote was shared on forums and across the Twitter-sphere, as scores of community members want more institutional investors to join the bitcoin space.

    Microstrategy certainly started a trend in 2020, getting numerous publicly listed and private firms to add BTC to their balance sheets. According to bitcointreasuries.org, 1,233,038 BTC, or 5.87% of the entire supply is held by corporate entities. That’s approximately $46.5 billion worth of bitcoin held in treasuries, leveraging BTC exchange rates at 9:30 p.m. (EST) on February 3, 2021.

    What do you think about Saylor saying that he believes an avalanche of companies will add bitcoin to their balance sheets? Let us know what you think about this subject in the comments section below.

    Use Bitcoin and Bitcoin Cash to play online casino games here.

    Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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    Ukraine’s government-owned nuclear power plant picked a firm to build a massive data center in Rivne for cryptocurrency mining operations. After a bidding process, Energoatom chose Kyiv Energy Construction Company to handle the nuclear plant crypto mining project. Nuclear Power … read more.

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    The Turkish crypto exchange Thodex ceased operations and its chief executive officer has fled the nation amid allegations that hundreds of millions of dollars were stolen.

    A prosecutor in Istanbul has launched an investigation and police are searching the Thodex offices, the state-run Anadolu Agency reported. The trading platform is “unable” to continue operations with founder and CEO Faruk Fatih Ozer out of the country, the company said in a written statement earlier Thursday.

    While not the largest Turkish crypto exchange, the shuttering of the platform has left the remaining assets of about 390,000 active users “irretrievable,” according to Oguz Evren Kilic, who represents an unspecified number of Thodex users and has filed a legal complaint on their behalf.

    As authorities and customers try to work out the details of what happened, officials are calling for rapid regulation of the crypto market. A surge in the prices of digital tokens has been accompanied by convictions globally in scams tied to crypto platforms as well as speculation that authorities will seek tighter controls.

    The Turkish government should take action “as soon as possible,” Cemil Ertem, senior economic adviser to President Recep Tayyip Erdogan, told Bloomberg on Thursday. “Pyramid schemes are being established in this area. Turkey will undoubtedly carry out a regulation that’s in line with its economy but also by following global developments.”

    ‘Hacking Incident’

    Thodex was unable to continue commercial operations after Ozer failed to transfer his “shares to another investor,” the CEO said in a statement on the company’s website. He blamed the exchange’s financial woes on a “hacking incident” he said happened years ago. The number of people who have investments in the exchange is “about 30,000” the chief executive said.

    Ozer hasn’t responded to multiple calls to his mobile phone. Bedirhan Oguz Basibuyuk, the company’s lawyer, said he doesn’t know where Ozer is, but that he plans to return only after payments to all users have been made.

    The Demiroren News Agency said he fled to Albania on Tuesday, publishing what it said was a photo of Ozer at the airport.

    When Basibuyuk asked Ozer why he went abroad, the response was that he would have been “either arrested or committed suicide” if he stayed, the attorney told Bloomberg.

    “There was a decline in Thodex’s assets. When too many users demanded their money back, the company was unable to meet those,” the Thodex attorney said by phone, describing the situation as a “liquidity problem.”

    Dogecoin Campaign

    Thodex announced a campaign to boost users in mid-March, saying it would distribute millions of Dogecoins to new registrants. Its website says 4 million Dogecoins have been distributed, though many people have taken to social media to complain they never received them.

    “From today on, my sole aim is to repay my debt to you,” Ozer said in his statement, addressing exchange users. “The day I repay all my debt, I will return to my country and give myself in to justice.”

    (Updates with comments from company lawyer, CEO statement throughout.)

    This content was originally published here.

    Associate Professor, Geography, College of Social Sciences, University of Hawaii at Manoa. Credit: UH College of Social Sciences

    A new study published in the peer-reviewed journal Nature Climate Change finds that if Bitcoin is implemented at similar rates at which other technologies have been incorporated, it alone could produce enough emissions to raise global temperatures by 2°C as soon as 2033.

    “Bitcoin is a cryptocurrency with heavy hardware requirements, and this obviously translates into large electricity demands,” said Randi Rollins, a master’s student at the University of Hawaii at Manoa and coauthor of the paper.

    Purchasing with bitcoins and several other cryptocurrencies, which are forms of currency that exist digitally through encryption, requires large amounts of electricity. Bitcoin purchases create transactions that are recorded and processed by a group of individuals referred to as miners. Miners group every Bitcoin transaction made during a specific timeframe into a block. Blocks are then added to the chain, which is the public ledger. The verification process by miners, who compete to decipher a computationally demanding proof-of-work in exchange for bitcoins, requires large amounts of electricity.

    The electricity requirements of Bitcoin have created considerable difficulties, and extensive online discussion, about where to put the facilities or rings that compute the proof-of-work of Bitcoin. A somewhat less discussed issue is the environmental impacts of producing all that electricity.

    A team of UH Manoa researchers analyzed information such as the power efficiency of computers used by Bitcoin mining, the geographic location of the miners who likely computed the Bitcoin, and the CO2 emissions of producing electricity in those countries. Based on the data, the researchers estimated that the use of bitcoins in the year 2017 emitted 69 million metric tons of CO2.

    Researchers also studied how other technologies have been adopted by society, and created scenarios to estimate the cumulative emissions of Bitcoin should it grow at the rate that other technologies have been incorporated.

    The team found that if Bitcoin is incorporated, even at the slowest rate at which other technologies have been incorporated, its cumulative emissions will be enough to warm the planet above 2°C in just 22 years. If incorporated at the average rate of other technologies, it is closer to 16 years.

    “Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change. This research illustrates that Bitcoin should be added to this list,” said Katie Taladay, a UH Manoa master’s student and coauthor of the paper.

    “We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it,” said Camilo Mora, associate professor of Geography in the College of Social Sciences at UH Manoa and lead author of the study.

    “With the ever-growing devastation created by hazardous climate conditions, humanity is coming to terms with the fact that is as real and personal as it can be,” added Mora. “Clearly, any further development of cryptocurrencies should critically aim to reduce demand, if the potentially devastating consequences of 2°C of global warming are to be avoided.”

    Explore further:Q&A: What is bitcoin?

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    The price of one full Bitcoin (BTC), the original decentralized digital currency, officially hit 10,000 U.S. dollars early Tuesday morning, according to data from CoinMarketCap.

    The blockchain “coin” began its latest rally after Black Friday, hitting an all-time high of $9,000 on Saturday, November 25, only to surge past 10k only three days later.

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    Soon after, the price dipped down to around $9900. At the time of this writing, BTC has risen back to $10015.80.

    Why so high?

    There are several likely reasons for this massive price surge.

    First, a host of big financial players recently announced they will get in on the action. Most prominently, CME Group, the largest futures exchange in the United States, has signaled that it will allow BTC futures trading as early as mid-December. While it bodes well that many traditional investors may make the jump to digital currencies, a considerable number of them seem poised for a big short. The current price spike may indicate a buying frenzy to get in ahead of the short.

    Second, Bitcoin’s community has been energized by good old market competition, with a “fork” off of its network, Bitcoin Cash, trying to claim the Bitcoin brand.

    Long story short: All digital currencies, even BTC, are still essentially in beta. The current Bitcoin Core software — the program on which users run a Bitcoin “node” to ensure the integrity of transactions — is only at version 0.15.1.

    Bitcoin has recently struggled to handle all the transactions on its network, as the user base has grown dramatically while the speed of transaction validation remains static at around seven confirmations per second. As such, transaction fees have spiked. Bitcoin Cash has employed a fix that, at its current adoption rate, makes sending money much faster and cheaper right now, but Bitcoin fans say that the changes could set the network up for disaster in the future.

    Bitcoin Cash currently is the world’s third-largest decentralized digital currency with a market cap of $27 billion to BTC’s $166 billion. I suspect some of the recent bullish investment has been intended to keep that gap as wide as possible.

    Third, the Thanksgiving dinner table. I have very little doubt that millions of Bitcoin enthusiasts pitched their family members on the new technology over the holiday meal — and a flood of new buyers has been the result. Over the weekend, Coinbase, one of the oldest USD-to-Bitcoin conversion services, saw several hundred thousand new signups and became the #1 trending app in the Apple store. Additionally, the “Cash” app from Square (run by Twitter CEO and censorship enthusiast Jack Dorsey) implemented USD-to-BTC conversion just last week. The combination of more simple options to buy digital currency and zealous evangelism from early adopters likely helped push the price over $10,000.

    Fourth, Bitcoin is in high demand in Zimbabwe — which illustrates its real-world value as a deflationary currency operating with or without governments’ consent. After the African country ousted dictator Robert Mugabe, its already-hyperinflated “bond note” currency has become even more worthless, and Zimbabweans are turning to digital currencies like Bitcoin, Monero, and Dash to preserve their financial security. Bitcoin reached a price of almost 18,000 USD in Zimbabwe this week, even after the country’s central bank declared it illegal.

    Fifth, a new study claimed this week that close to four million bitcoins have been lost by their owners, which would decrease the existing supply (16.7 million) by almost a quarter and thus raise the scarcity/deflation of BTC.

    And sixth, I seriously suspect that some of the people pumping up Bitcoin over the past week wanted to win personal bets that it would reach $10,000 by the end of the year.

    What’s next?

    In the short term, it is very hard to predict what might happen with Bitcoin, as this technology is still in its infancy and is changing finance and the Internet almost as much as the Internet changed communication. There is nowhere near enough historical data to know what its “normal” is, and we have yet to see how the digital currency market will interact with the traditional stock market.

    I suspect there will be a very big dip once old-school investors who hate Bitcoin gain the ability to short it. However, I also suspect we will see a stock market crash in the next few years, as we are approaching the U.S. record for its longest bull market, 113 months. In that case, digital currencies could either be a refuge for investors to stem their losses, or they could see mass cashouts from people trying to buy stocks at their lows.

    In the long term, the technology behind Bitcoin will continue to grow in awareness and adoption, once people understand its advantages (no more Equifax-scale hacks, more incentives to save, no extra costs for international transactions, no censorship, etc.). Whether BTC rebounds from its next big crash or whether its userbase migrates to a competing coin with better privacy/fungibility, I have no clue.

    In Case You’re Lost… Bitcoin Explained in Two Paragraphs

    Bitcoin was created in 2009 by an anonymous person or persons using the name “Satoshi Nakamoto.” It is a decentralized currency, where many users network their computers (as “nodes”) to validate and confirm transactions rather than sending all their data to a small number of high-capacity servers. The “coin” is awarded through a process called “mining,” where users command their computers to produce cryptographic hashes that secure the network’s data. It is not governed by any individual company, though a group of programmers that go by the name “Bitcoin Core” do act as gatekeepers of sorts, as they are the developers of the software used to run a node.

    Anyone who wants to own or invest in Bitcoin can do so at various currency exchanges or through peer-to-peer transactions. One does not need to buy a “whole” Bitcoin — just as one USD is divisible up to 2 decimal places for a total of 100 cents, one BTC is divisible up to 8 decimal places for a total of 100 million “satoshis.” Thus, one can buy Bitcoin or similar currencies in small amounts. For example, 20 USD would exchange for 0.00199684 BTC at the current price.

    This article is not a recommendation to buy any blockchain currency and should not be considered financial advice.

    Ezra Dulis is Deputy Managing Editor of Breitbart News. Follow him on Twitter or on Steemit.

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    photon
    Credit: CC0 Public Domain

    Scientists have given a fascinating new insight into the next steps to develop fast, energy-efficient, future computing systems that use light instead of electrons to process and store information—incorporating hardware inspired directly by the functioning of the human brain.

    A team of scientists, including Professor C. David Wright from the University of Exeter, has explored the future potential for computer systems by using photonics in place of conventional electronics.

    The article is published today (January 29th 2021) in the prestigious journal Nature Photonics.

    The study focuses on potential solutions to one of the world’s most pressing computing problems—how to develop computing technologies to process this data in a fast and energy efficient way.

    Contemporary computers are based on the von Neumann architecture in which the fast Central Processing Unit (CPU) is physically separated from the much slower program and data memory.

    This means computing speed is limited and power is wasted by the need to continuously transfer data to and from the memory and processor over bandwidth-limited and energy-inefficient electrical interconnects—known as the von Neumann bottleneck.

    As a result, it has been estimated that more than 50 % of the power of modern computing systems is wasted simply in this moving around of data.

    Professor C David Wright, from the University of Exeter’s Department of Engineering, and one of the co-authors of the study explains “Clearly, a new approach is needed—one that can fuse together the core information processing tasks of computing and memory, one that can incorporate directly in hardware the ability to learn, adapt and evolve, and one that does away with energy-sapping and speed-limiting electrical interconnects.”

    Photonic neuromorphic computing is one such approach. Here, signals are communicated and processed using light rather than electrons, giving access to much higher bandwidths (processor speeds) and vastly reducing energy losses.

    Moreover, the researchers try to make the computing hardware itself isomorphic with biological processing system (brains), by developing devices to directly mimic the basic functions of brain neurons and synapses, then connecting these together in networks that can offer fast, parallelised, adaptive processing for artificial intelligence and machine learning applications.

    The state-of-the-art of such photonic ‘brain-like’ computing, and its likely future development, is the focus of an article entitled “Photonics for and neuromorphic computing” published in the prestigious journal Nature Photonics by a leading international team of researchers from the USA, Germany and UK.

    More information:
    B J Shastri et al. Photonics for artificial intelligence and neuromorphic computing. Nature Photonics (2021) DOI: 10.1038/s41566-020-00754-y

    Journal information:
    Nature Photonics


    Citation:
    New study investigates photonics for artificial intelligence and neuromorphic computing (2021, January 29)
    retrieved 29 January 2021
    from https://phys.org/news/2021-01-photonics-artificial-intelligence-neuromorphic.html
    This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
    part may be reproduced without the written permission. The content is provided for information purposes only.

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    Bitcoin (BTC) fell towards $30,000 on Jan. 26 after higher levels evaporated and fresh miner outflows appeared to suppress price action.

    BTC price rally turns sour

    Data from Cointelegraph Markets and Tradingview showed the largest cryptocurrency abruptly U-turn as it neared $35,000 in early week trading. 

    At the time of writing, BTC/USD was lingering closer to $31,000, marking 24-hour losses in excess of 5%.

    A combination of factors, all of which suggest a short-term profit-taking mission among market participants, entered the scene on Monday to keep bulls from taking prices higher. 

    Miners likely still selling

    Data shows that miner outflows — funds leaving mining pools — continued to spike this week. As Cointelegraph reported, last week’s price dive came as largest pool F2Pool saw several days of major outflows. This time, however, smaller miners were taking the lead.

    Outflows may not specifically indicate that miners are selling BTC, but show that mined coins are moving, possibly to venues where they will form part of a trade.

    According to on-chain analytics resource CryptoQuant, total outflows were down this week versus last, but still heightened compared with recent months.

    Exchange flows positive for Bitcoin

    Looking at exchanges, traders appeared to be nervous regarding market strength. Unlike behavior during Bitcoin’s vertical price growth at the turn of the year, net flows to exchanges were positive in recent days. 

    Compiled by on-chain monitoring resource Glassnode, data tracking major exchanges showed that around $108 million more was deposited than withdrawn on Monday.

    Conversely, supplies of largest altcoin Ether (ETH) on trading platforms fell by $47 million, while Tether (USDT) increased by $65 million.

    Removal of coins from exchanges implies that holders have no intention to trade or sell them, instead placing them back in hot or cold storage wallets.

    Coins are highly active

    There are more active Bitcoin addresses than ever, while BTC holdings kept moving in recent days.

    Bitcoin Days Destroyed, which measures the amount of each transaction on the Bitcoin network versus how long ago the coins involved last moved, hit three-month lows this week.

    Glassnode tracked a steep decline in the metric in January, coinciding with a trading frenzy on the back of Bitcoin hitting new all-time highs of $42,000.

    At the same time, wallet numbers themselves passed 1.24 million as of Jan. 8, the latest date for which data is available.

    Resistance is in…

    A glance at the spot market on Tuesday highlighted multiple resistance levels on BTC/USD, with sellers lined up at $1,000 increments beginning at $35,000.

    So far, bulls have failed to tackle any of these, with support likewise in place at each $1,000 level until $27,000.

    …And greed is out

    Finally, after hovering at record levels in Q4 2020, a classic measure of investor sentiment came back down to October levels in recent days only to then rebound to 71. 

    The Crypto Fear & Greed Index, which uses a basket of factors to determine whether investors themselves will cause Bitcoin to boom or bust, swapped “extreme greed” to comparatively normal “greed.”

    This content was originally published here.

    In what could potentially be another strong show of Latin American cryptocurrency adoption, billionaire businessman Ricardo Salinas Pliego, a staunch bitcoin bull heading up one of Mexico’s largest conglomerates, launched into a tweetstorm in support of the world’s largest cryptocurrency early Sunday morning and said he is working to make his Banco Azteca the nation’s first bank to accept bitcoin.

    Ricardo Salinas Pliego, chairman of Grupo Salinas, speaks during a television interview with the … [+] World Economic Forum.

    Key Facts

    “My bank [and I] are working to be the first bank in Mexico to accept #Bitcoin,” Salinas tweeted out early Sunday in response to billionaire Michael Saylor, the CEO of MicroStrategy who’s led the company through its purchases of more than 100,000 bitcoins.  

    Though he hasn’t yet publicly responded to Salinas, Saylor was commenting on a video in which the Mexican tycoon called government-backed paper money, or fiat, a “fraud” and instead suggested every investor should own bitcoin.

    Salinas, who is Mexico’s third-richest person, doubled-down on the sentiment early Sunday, calling bitcoin “the new gold” while touting its portability. 

    In the more than two dozen overnight tweets about bitcoin, the 65-year-old also railed against critics, telling one user, who was touting cryptocurrency dogecoin while criticizing the billionaire’s wealth: “You’ll stay poor. Good luck.”

    Banco Azteca did not immediately respond to a Forbes request for comment.

    Big Number

    $15.8 billion. That’s how much Salinas is worth, according to Forbes. He runs TV Azteca, Mexico’s number two television broadcaster, and Grupo Elektra, a retailer founded by Salinas’ grandfather in the 1950s that targets lower-middle class consumers, many of whom buy products using money borrowed from Banco Azteca.

    Surprising Fact

    In November, Salinas revealed on Twitter he had 10% of his liquid portfolio invested in bitcoin. At about $32,980, prices have skyrocketed nearly 81% since the disclosure, but they’re down nearly 50% from a mid-April high above $64,000.

    Key Background

    Soaring institutional adoption helped lift cryptocurrencies to new price highs during the pandemic, and this month, El Salvador sparked a wave of renewed optimism in the space after becoming the world’s first country to make bitcoin legal tender. Other Latin American countries signaled they may follow suit, but cryptocurrency prices are still struggling amid an intensifying regulatory crackdown in China. Worth about $1.3 trillion Sunday, the cryptocurrency market is down nearly 50% from a high above $2.5 trillion in early May.

    This content was originally published here.