To comply with Dutch regulations, Netherlands-based Bitstamp users can no longer make withdrawals without first providing photographic proof they own the recipient wallet.
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Load new posts 1/19/2021, 1:12:36 AM US hospitalisations fall for 6th straight day Alice Woodhouse in Hong Kong The number of people receiving hospital treatment for Covid-19 in the US fell to 123,848 on Monday, dropping for the sixth consecutive day. Figures from the Covid Tracking Project showed the number of hospitalisations for the disease had fallen from 124,387 a day earlier, while the seven-day average nudged lower to 127,468. The number of people receiving hospital treatment for the virus has fallen in recent days after climbing above 130,000 in early January. States reported a total of 1,393 deaths, down from 2,044 a day earlier. The daily tally of fatalities climbed above 4,000 in early January, but this has also slowed in recent days. The US is approaching 400,000 Covid-19 fatalities, with the Covid Tracking Project recording 390,262 total deaths in the country. But the number of new cases also fell on Monday, coming in at 150,385, compared with 185,518 a day earlier. Figures for weekends and public holidays tend to be lower than those during the week because of disruptions to record taking. Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) 1/19/2021, 12:30:06 AM Asia-Pacific equities rise after muted European session Alice Woodhouse in Hong Kong Asia-Pacific stocks rose on Tuesday ahead of Joe Biden’s presidential inauguration and bank earnings in the US. The Topix in Japan was up 0.4 per cent, the Kospi in South Korea added 0.8 per cent and Australia’s S&P/ASX 200 climbed 1 per cent. Bank of America and Goldman Sachs are set to report earnings for the three months to December on Tuesday, along with Netflix. Moves in European equities were muted on Monday and US markets were closed for Martin Luther King Jr. Day. Frankfurt’s Xetra Dax closed 0.4 per cent higher, while the FTSE 100 in London dipped 0.2 per cent following stronger than expected economic data from China. S&P 500 futures were up 0.4 per cent. Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) 1/19/2021, 12:19:49 AM Pandemic creates ‘unprecedented’ backlog for crown court Jane Croft The backlog of crown court cases is causing “grave concerns” amongst the government inspectors who monitor the justice system, a new report has found. The study which looked at the impact of the pandemic on the Criminal Justice System has concluded that the greatest risk to criminal justice in England and Wales comes from the “unprecedented and very serious” backlog in court cases which is having a ripple impact on all parts of the justice system. The case backlog predates the coronavirus pandemic but the situation has been exacerbated by Covid-19 after crown courts were closed and jury trials were temporarily suspended for two months last year. Since then numbers of hearings have fallen because two or three video-linked courtrooms are now needed for each trial due to social distancing measures. The number of outstanding cases in crown courts in England and Wales rose from 39,318 in early March to 53,318 in late November, according to HM Courts and Tribunals Service which has opened a number of new temporary “Nightingale” courts to help ease pressure on the system. The government’s four chief justice inspectors — who monitor the probation service, police, prison and the Crown Prosecution Service—- have united in the latest report to express “grave concerns” about the impact of Covid-19-related court backlogs across England and Wales. The chief inspectors, who will testify before lawmakers at the justice committee on Tuesday, point to difficulties and lengthy waits at all stages of the criminal justice process that “benefit no one and risk damage to many”. Justin Russell, chief inspector of probation, said: “Crown Courts deal with the most serious cases, so this backlog concerns us all. The Covid-19 pandemic has meant severe delays and numerous cancellations throughout 2020, and this has had a negative impact on everyone involved." David Lammy, Labour’s shadow justice secretary, called the report “damning” and said the government had “dithered” allowing the backlog to grow. The Crown Prosecution Service said: “Safely reducing the backlog of court cases is vital so we can ease pressure on prosecutors and continue to deliver justice. We are working urgently with partners to achieve this.” The Ministry of Justice said: “In recognition of the scale of the challenge we face, the government is investing £450m to boost recovery in the courts and deliver swifter justice, and this is already yielding results — the magistrates’ backlog continues to fall and Crown Courts cases reached pre-pandemic levels last month.” Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) 1/19/2021, 12:17:41 AM Pandemics and business interruption hit the top of risk list Oliver Ralph Pandemics and business interruption have shot to the top of an annual survey of business risks compiled by insurer Allianz, as companies around the world brace themselves for another difficult year. Covid-19 has pushed the risk of business interruption — such as threats to supply chains — into the top spot in the survey of 2792 business people in 92 countries for Allianz’s annual Risk Barometer. It was in second place last year. Pandemics came in at number two. The threat of a pandemic has not always figured highly on the list — over the past three years it was at number 16, number 17 and number 19 as businesses worried more about natural catastrophes, climate change and new technology. Cyber threats are down from the top spot to number three. Climate change, technology, and reputational risks also slipped down the rankings. “The Allianz Risk Barometer 2021 is clearly dominated by the Covid-19 trio of risks. Business interruption, pandemic and cyber are strongly interlinked, demonstrating the growing vulnerabilities of our highly globalized and connected world,” said Joachim Müller, CEO of Allianz’s Global Corporate and Specialty division, which put the survey together. “While the pandemic continues to have a firm grip on countries around the world, we also have to ready ourselves for more frequent extreme scenarios, such as a global-scale cloud outage or cyber-attack, natural disasters driven by climate change or even another disease outbreak,” he added. Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) 1/19/2021, 12:17:04 AM News you might have missed More than 4m people across the UK have received their first dose of the Covid-19 vaccine, health secretary Matt Hancock said on Monday. New York Governor Andrew Cuomo on Monday asked Pfizer if the state could purchase Covid-19 vaccines directly from the pharmaceutical giant. The head of the World Health Organization warned that “the world is on the brink of catastrophic moral failure” as poor countries fall behind richer ones in accessing vaccines to protect their populations. Ireland has reported a sharp rise in the number of jobless workers claiming special coronavirus benefits, after it shut most of the construction sector this month in its latest national lockdown. Spain has reported some of the highest coronavirus infection rates since the beginning of the pandemic, as the country continues to resist calls for a new lockdown. Norway became one of the first European countries to loosen coronavirus-induced restrictions from the second wave of Covid-19 as the Nordic country reaps the rewards of having one of the continent's lowest infection rates. Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window)
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The European Union (EU) is reportedly planning to reduce its reliance on the U.S. dollar-based financial system, after American sanctions on Iran exposed the vulnerabilities of the bloc’s financial infrastructure. According to officials, who are now determined to challenge the dollar’s supremacy, the renewed desire to boost the role of the euro currency is also […]
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CoinShares' CSO says the firm is “starting 2021 off with a bang” by launching a $200 million physically-backed Bitcoin ETP on Switzerland’s SIX exchange.
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Over the past 6 months, Binance Coin (BNB) has been quietly rallying higher, gaining 189% during this period and notching a new all-time high at $46.90 on Jan. 18. This price peak happened just one day before its quarterly token burn, leading investors to question whether or not BNB price will move higher once the event concludes.  A token burn is a permanent removal of coins from circulation and this deflationary technique is a common practice used by many projects in the crypto sector. As Cointelegraph reported, the process does not destroy the coins but rather renders them unusable. Aside from the supply change, Binance Chain recently launched smart contract capabilities which allow Decentralized Finance (DeFi) applications and cross-chain asset swaps to join. The exchange has also been wildly profitable since launch so al of these factors provide good reason for BNB’s appreciation. BNB/USDT price (Binance). Source: TradingView When Binance Futures rolled out, the exchange announced that futures platform revenue would be included in its BNB quarterly burn. These coins taken out of circulation will reflect a percentage of Binance’s earnings for the latest quarter of 2020. Despite being the absolute market leader on futures contracts, the ever-growing exchange launched this service fairly recently. Over the 16 months since inception, the platform has grown to a $4 billion open interest. This number surpasses more established derivatives exchanges like OKEx, Huobi and BitMEX. Initially, Binance stated that it would repurchase the coins slated for destruction, but this policy changed in February 2019. Thus, the actual token burn process involves reducing the potential supply until it reaches the 100 billion goal. The latest BNB burning round occurred on Oct. 16, 2020, and it involved a total of 2.25 million BNB. Although its reported supply stands at 142.41 million, Messari calculates a 108.35 million liquid supply. This difference comes from coins currently restricted or vested, meaning they are not actually being traded. Binance Chain’s evolution After launching staking and validation services in September 2020, Binance Smart Chain quickly started gaining traction. The network adds Ethereum compatible smart contracts capacity to the original Binance Chain. Shortly after launching, a host of decentralized applications started to emerge, totaling 60 projects and 600,000 unique smart chain addresses. Furthermore, 3 million BNB have been staked by network validators. To date, cross-chain assets to Binance Chain have surpassed $250 million, and a $100 million accelerator fund was created to attract decentralized finance applications. Binance Launchpad is also another positive factor that supports BNB’s value. The platform hosts Binance’s Initial Exchange Offering (IEO) and in 2020 six successful token sales occurred. BNB Twitter user activity vs. market capitalization (USD). Source: TheTie Data from TheTie, an alternative social analytics platform, shows that the recent price spike was accompanied by a sharp increase in Twitter user activity. Although this is not a fundamental factor, data shows that the more attention a token gets on social media, the easier it becomes to gather additional buying pressure. Many investors believe that token burns positively impact price as the supply is constricted and this supposedly incentivizes investors to hold their tokens rather than market sell them at each top. Interestingly, the latest burn had little to no impact on BNB price. This situation could indicate that the market is evolving to price in these events ahead of the announcement date. On the other hand, investors may have perceived a non-circulating token burn as a non-event. Therefore, those recently buying BNB with the expectation of a post-burn pump may be sorely disappointed. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Janet Yellen will lay out the case for President-elect Joe Biden’s proposed $1.9tn relief package at her confirmation hearing as Treasury secretary on Tuesday, arguing that “the smartest thing we can do is act big”. In prepared remarks obtained by the Financial Times ahead of her appearance before the Senate finance committee, Ms Yellen said the US risked “a longer, more painful recession” and “long-term scarring” if it did not move quickly to inject more government spending into the economy. The former Federal Reserve chair also argued that worries about adding to the US budget deficit should take a back seat during this period. “Neither the president-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,” Ms Yellen said. “But right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.” Ms Yellen’s comments will reinforce Mr Biden’s push for $1.9tn in relief measures, which he outlined last week and wants Congress to pass urgently after his inauguration on Wednesday. Mr Biden’s plan includes aid to states, direct cheques to individuals, an extension of jobless benefits, a boost to the child tax credit, and funding for the coronavirus response. The package would add to the fiscal stimulus already enacted during the pandemic by the outgoing president, Donald Trump, which included about $3tn in support at the start of the coronavirus crisis, and a further $900bn during the transition period. In her remarks before the Senate panel, Ms Yellen will also say that her goal will be to rebalance the US economy as it recovers from the pandemic, in an attempt to tackle some of the country’s deep-seated racial and income disparities. “People worry about a K-shaped recovery but well before Covid-19 infected a single American, we were living in a K-shaped economy, one where wealth (was) built on wealth while working families fell further and further behind. This is especially true for people of colour,” Ms Yellen said. “We have to rebuild our economy so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy,” she added. Although the $1.9tn relief package is the immediate priority, Mr Biden’s team is also preparing a second multibillion-dollar recovery plan that would plough government funds into infrastructure, green energy, healthcare and education, at least partially funded by higher taxes on the wealthy and corporations. Several senior Republicans have already criticised aspects of Mr Biden’s fiscal plan, but others have held their fire, suggesting there could be an opening for compromise. In her prepared testimony, the former Fed chair harked back to the economic strife she witnessed as a child near the Brooklyn docks and pledged to pursue the administration’s goals “in a bipartisan way”. She also made a light-hearted suggestion that her private life had prepared for her confirmation grilling. She quipped that her husband George Akerlof and son Robert Akerlof were “not only wonderful people; they are also wonderful — and opinionated — economists” so she was “used to debate about these issues” at home. “I’d welcome it in the Senate.”
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An Ecuadorian presidential candidate hinted at creating a cryptocurrency in the country as part of its government agenda. Giovanny Andrade said that the national crypto aims to “facilitate” transactions across the country. Crypto Could Be Backed by Gold During an interview with Primicias, Andrade, representing the Union Ecuatoriana party, believes its cryptocurrency idea is a crucial part of his country’s proposals. However, he doesn’t want to ride off from Ecuador’s dollarized economy: We are looking at ways to create an Ecuadorian cryptocurrency. This does not mean that we are going to escape from dollarization. We must support dollarization. The Ecuadorian-Chilean Mining Chamber also claimed that a series of investors want to allocate $320 million to finance a “Latin American gold refinery.” He also said that such cryptocurrency is backed by the yellow metal gold, like Venezuela’s petro with oil. Andrade continued to talk about the national crypto plans on his agenda in case he gets elected on February 7, 2021: “It is essential that we create the cryptocurrency for all the internal benefits within the country, such as internal transactions. This would work very well for Ecuador. Could the Hypothetical Ecuadorian Cryptocurrency Be Another Venezuelan Petro? Dollarization in Ecuador has been a sensitive topic in the public discussion. In 1999, the country adopted the dollar as its official currency. All of this happened within the context of a strong economic and inflationary crisis. Jamil Mahuad, the then-president of Ecuador, was dismissed from his duties in January 2000, since political parties blamed him for unleashing the economic crisis. However, no president has been able to remove dollarization’s policy. In terms of the crypto industry, the Latin American country is not a well-known player within the regional sphere. However, Ecuador has been showing some interest in blockchain adoption in the country’s banking and dairy sectors. What do you think about a possible Ecuadorian cryptocurrency backed by gold? Let us know in the comments section below. Tags in this story Image Credits: Shutterstock, Pixabay, Wiki Commons 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. Read disclaimer
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The UK has pulled ahead of other large advanced economies in the race to vaccinate against coronavirus, and had inoculated almost 6 per cent of its population by the end of last week. After performing poorly in controlling the spread of the virus, testing and tracing positive cases, preventing deaths and protecting the economy, Britain’s stronger effort in vaccinating its citizens is allowing ministers to dream that an end to Britain’s Covid-19 crisis might be in sight. The success is because of a combination of strong planning, a willingness to spend and the centralised structure of the NHS. With almost 1.8m first-dose jabs delivered last week and the pace of vaccination still increasing, Matt Hancock, health secretary, on Monday warned the nation to continue to adhere to lockdown restrictions. He said: “Don’t blow it now. We’re on the route out. We’re protecting the most vulnerable. We’re getting the virus under control.” Having vaccinated most of the over-80s in many regions, the country began inoculating the over-70s this week and is on track to meet its target of giving 15m first doses by February 15. While Israel, Bahrain and the United Arab Emirates lead the world on the proportion of population that has been vaccinated, the UK comes fourth, ahead of the US and significantly higher than all other European countries. Denmark had inoculated 2.8 per cent of its population by the end of last week, less than half the UK’s 5.9 per cent rate on the same date. Part of the reason for the UK’s relatively rapid progress is its willingness to loosen the purse strings to fight the pandemic. Having spent over £280bn, more than 14 per cent of national income, on all aspects of fighting the virus, the government has devoted £11.7bn to the purchase, manufacture and deployment of Covid-19 vaccines, and to support vaccine research, according to the UK’s National Audit Office. Although the pricing of contracts around the world is not transparent, the UK appears to be paying a similar amount per dose as other countries. The UK’s medicines regulator has approved three vaccines so far, with the government ordering 100m doses of the Oxford/AstraZeneca jab, developed and manufactured largely in Britain, which uses a harmless adenovirus as the carrier of coronavirus genes. It has also ordered 40m doses of BioNTech/Pfizer’s mRNA vaccine, which carries a very similar set of coronavirus genes in lipid nanoparticles — microscopic droplets of oil. The Moderna vaccine has been approved for emergency use, and the government has increased the number of doses on order to 17m — although they will not arrive until the spring. The centralised structure of the NHS has strengthened the rollout of the vaccination programme, with the supply of vaccines the limiting factor, according to ministers. “We have one consolidated system that functions under a command and control basis, and that’s the ideal way to implement an immunisation programme,” said David Salisbury, until 2013 the senior official in charge of immunisation for the UK government. “I don’t think anyone could go much faster than the UK is going unless they had a bigger supply,” he added. Prof Salisbury cautioned, however, that the system would be coming under fresh strain in two months, when the government started giving second doses as well as ramping up the numbers of people receiving their first jab. But one industry figure with knowledge of government procurement praised planning around the vaccine programme, saying that the UK had months ago ordered syringes in bulk, while some other nations were only now scrambling to secure the vital equipment amid tough global competition for scarce supplies. Not all aspects of the UK’s current strategy for Covid-19 are working smoothly, however. Positive case rates have been falling across the UK during the latest lockdown, which has seen schools closed for face-to-face lessons, but this has not yet spread to the most vulnerable adults over 80 years old. In these groups, case rates actually rose in the most recent weeks, suggesting that the vaccination policy was not yet working to bring down numbers and that infections had spread again into care homes. There are also worries that vaccines might be less effective against new strains of the virus, although this is not expected to be a significant problem for the B.1.1.7 strain that is becoming the dominant variant in the UK. For now, the UK is pushing forward with its plan to vaccinate as many people as quickly as possible. On the basis of a Scottish government vaccine deployment document which was hastily withdrawn last week to avoid revealing the UK’s likely supply of vaccines, the country hopes to be inoculating 500,000 people a day this week. That would put the country on track to have given a first dose of the vaccine to 80 per cent of all the over-50s and vulnerable adults by early May — or 41m vaccinations to 60 per cent of the population. If it meets this target, second doses would be given by early July. This would allow the government to start vaccinating lower-risk groups. While ministers hope the race to vaccinate will allow a rapid relaxation of the lockdown restrictions, some economists cautioned that the maths dictated that social distancing was more effective in bringing case numbers down quickly than a vaccination programme. David Mackie, chief European economist at JPMorgan, estimated that if the vaccine rollout went as planned, the number of people in hospital would drop from almost 40,000 now to a little over 10,000 by April. However, if the number of contacts each person had fell to the level of the first lockdown last year, it would drop to just under 600. Video: Coronavirus: the race between vaccines and new variants
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After the co-owner of the Atilis Gym in New Jersey appeared on TV and told the public the state confiscated over $173k from the gym owner’s bank account, Ian Smith revealed Atilis Gym has now set up a crypto wallet. Smith explained that a number of people didn’t want to donate using the Gofundme platform, […]
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A little-known altcoin known as Metacoin (MTC) surged to 486% gains in just 24 hours on Jan. 18, after Bittrex announced it would be listing the coin against Bitcoin (BTC). Metacoin is built on the Hyperledger network, an umbrella project of open-source technologies focused around building permissioned blockchain ecosystems for large cross-industry enterprises. Metacoin became the first cryptocurrency of Hyperledger’s to achieve mainnet status when it went live in 2018. Hyperledger was founded by the Linux Foundation, and is overseen by a host of “premium members”, comprising leading technology and finance companies, such as IBM, J.P. Morgan, Fujitsu, Hitachi, and more. On Jan. 15, the Bittrex Global cryptocurrency exchange announced that it had opened its Metacoin wallet for deposits of MTC, and that trading against Bitcoin would soon follow. Little over 48 hours after the announcement was made, the value of each MTC coin had more than quintupled. From a starting price of $0.026540 on Sunday night, the dollar value of the coin increased more than fivefold, climbing to a brief peak of $0.155600 by Monday afternoon - a 486% increase. Metacoin (MTC) gained 486% during a tumultuous day of trading. Source: CoinMarketCap.com Metacoin trade volume hit an all-time high of $482,000 on the day, all emanating from a single BTC trading pair on the Liquid exchange. This just exceeds the $444,000 volume recorded in August 2020, during the coin’s first two weeks on the open market. Notably, despite the surge following hot on the heels of the announcement by Bittrex Global, no trading data for Metacoin yet exists on the site, and the BTC/MTC pair was still signalled as being “offline”. Taking Hyperledger’s cross-industry modular toolkit as a starting point, Metacoin acts as a multi-function blockchain platform where tokens for businesses and commerce can be issued on-chain. The platform also plays host to a number of DApps, including ColdBank, a crypto custody service which utilizes IBM’s LinuxONE technology, as well as blockchain gaming apps.
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The price of bitcoin and a number of digital assets have been consolidating this week, after a number of crypto markets dropped over 25% the week prior. The entire crypto-economy is hovering just below the $1 trillion mark at $987 billion, gaining 1.3% during the last 24 hours. Crypto Asset Markets Consolidate A good number of crypto-asset markets have been meandering about in a state of consolidation, while a few tokens have seen significant gains in recent days. At the time of publication, bitcoin (BTC) has been exchanging hands for $36,400 per unit with an overall market valuation of around $677 billion. BTC’s market cap gives the crypto asset a 66% dominance rating in comparison to all the alternative digital currency valuations in existence. At the current price BTC is up 4% during the last seven days, 54% for the 30-day span, 209% during the last three months, and 324% over 12 months. BTC/USDT markets via exchange.Bitcoin.com. Ethereum (ETH) is trading for $1,236 per ether and holds a market valuation of around $141 billion today. ETH traders are still in the green with a gain of 15% during the week, 90% for the month, 239% for the 90-day span, and over 651% during the last year. The stablecoin tether (USDT) holds the third-largest market cap today, but below the tether market is the digital asset polkadot (DOT). ETH/USDT & BCH/USDT markets on January 18, 2021 via exchange.Bitcoin.com. Polkadot now holds the fourth largest market cap today as each token swaps for $17 per unit. Below the DOT market cap is XRP which is currently trading for $0.28 per coin. XRP is down less than a percentage for the week but also down over 50% during the 30-day span. ADA/USDT markets on January 18, 2021, via exchange.Bitcoin.com. ADA, DOT, and LINK have seen market prices pop northbound considerably in value during the last few days while other crypto assets have consolidated. Cardano (ADA) follows XRP, and each ADA token is trading for $0.37 per unit. ADA has performed considerably well in recent weeks gathering 36% this week. Over the month ADA prices have improved by 108% and 266% during the 90-day span. Litecoin (LTC) is currently trading for $148 per coin and the crypto asset is up over 9% during the seven-day span. Bitcoin cash (BCH) is swapping for $492 per unit at the time of publication jumping over 5% this week. BCH has an overall market cap of around $9.19 billion and has gained 58% in the last 30 days. ‘No Surprise to See Bitcoin Recover Relatively Easily Last Week,’ Accumulation Addresses Rise While the price of a great number of crypto assets dropped last week, mainstream pundits said that the crypto economy was headed for a bear market. However, crypto analysts disagree with the bear market assessment and BTC’s recovery last week highlighted that things are still very bullish. “Instead of a tumultuous week with talks of crashes and bubbles, last week was relatively steady for bitcoin for the most part,” Etoro’s Simon Peters explained in a note to investors. “Starting at just $30,000, bitcoin rose to $40,000 on Thursday, before dipping again over the weekend. It currently sits at $36,389,” the market analyst added. Peters continued: Whilst some commentators have pointed out that, from a technical standpoint, we are currently in a bear market, I don’t personally ascribe to that view. This level of volatility is no different from what we have seen in previous bull runs, but because bitcoin is at such a substantial price, the fluctuations in dollar terms appear much more significant. In percentage terms, they are not. The backdrop for bitcoin remains supportive and so, to myself and to many in the community, it was not a surprise to see bitcoin recover relatively easily last week from its setback. Glassnode stats show that BTC accumulation addresses have risen 17% in the past year. Meanwhile, one analyst said that BTC has a few days of consolidation and in the interim altcoins will probably see some action. “Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins,” Teddy Cleps said to his 51,000 Twitter followers on Saturday. The CTO at Glassnode explained to his Twitter followers that a large amount of BTC is being sent to “accumulation addresses.” “2.7 million BTC are held in accumulation addresses– that’s an increase of 17% in the past year,” the Glassnode CTO, Rafael Schultze-Kraft, recently tweeted. “These are addresses that have received at least 2 incoming transactions and have never spend funds. Miner and exchange addresses are excluded,” the researcher added. Want to check out all the crypto market action with prices in real-time? Check out our crypto market aggregator at markets.Bitcoin.com. What do you think about cryptocurrency market movements on Monday? Let us know what you think about this subject in the comments section below. Tags in this story BCH, Bitcoin, Bitcoin (BTC), bitcoin cash, BTC, crypto assets, Cryptocurrencies, Cryptocurrency, Ethereum, Etoro analyst, glassnode, Market Cap, Market Update, Markets, markets and prices, Price, Rafael Schultze-Kraft, Simon Peters, Teddy Cleps, Valuations, XRP Image Credits: Shutterstock, Pixabay, Wiki Commons, Exchange.Bitcoin.com USDT Markets, Glassnode, Twitter, 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. Read disclaimer
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PRESS RELEASE. On December 21st, 2020, the Nexus Protocol white paper was released. The new internet will be driven by a blockchain-based operating system (LX-OS) and communications protocol (Nexus Protocol), that will be connected by a distributed satellite-based mesh network. The white paper contains technical specifications and mathematical models that showcase and prove the viability, value proposition, and practicality of this novel architectural framework. Network Architecture Web 3.0 or Decentralized Web (DWeb), has been coined as the next evolution of the internet, with the promise of emancipating digital communication by reducing users’ reliance on a select few companies and technologies, to ultimately diminish the dominance of conglomerates. The Nexus Protocol takes this a step further, by decentralizing and democratizing the network infrastructure hardware and software. A network consisting of tokenized micro-satellites, ground stations, and phased array antennas form the backbone of the infrastructure, which will provide an alternative to centralized Internet Service Providers (ISPs). Tokenized Micro-satellite Constellations will provide the opportunity for individuals to own part of the internet’s physical infrastructure, build equity, and participate in decentralized governance. Micro-satellites will operate in many Low Earth Orbit (LEO) constellations to provide low latency and open access to the Nexus Protocol globally. The white paper indicates that future documentation will provide further specifications, including the minimum number of satellites required to form an initial network and constellation simulations. An additional satellite value proposition is the inclusion of the upcoming Nexus LLD filesystem that will allow individuals to negotiate hosting contracts between entities, and generate direct Return On Investment (ROI) from the available flash memory. Below is a summary of the design: Each constellation is represented by a unique set of fungible tokens created on Nexus. Ownership and optional voting rights are maintained by equity represented by these tokens. Revenue generated from the constellation is automatically dispersed to the owners by token rewards. Direct economic benefits are provided to entities that deploy satellites, similar to how mining incentivizes the building of a blockchain. Micro-satellites will provide reputation-based network services to supplement the routing system between ground stations and their aggregated clients. Ground Stations will operate in a cell-like topology, performing most of the heavy network processing and supplying localized content, edge computing, and routing services. Whilst phased array antennas will be utilized to maintain the link to the micro-satellites in LEO. This type of antenna is electrically steered and can realize high gains and mobility, thus it has been chosen for sustained two-way communication between the satellites and ground stations. In terms of end-user access, there are two standards currently being considered: Wi-Fi local hot-spots and cellular LTE technology. The ground infrastructure will provide content delivery services to local networks, creating the opportunity for ground station operators to generate ROI. Operators will be able to offer geo-spatial cache services, in order to supply a range of content delivery speeds to their local customers. Frequency allocation is crucial to ensuring the Nexus Protocol meets the goal of a free and open protocol, remaining unrestricted and unowned by any single party. To achieve this, it will use the 5.8 GHz Industrial, Scientific and Medical (ISM) band that does not require licensing or have limits on antenna gains. The white paper also contains a mathematical proof modelling link viability within the chosen ISM band’s restrictions. Operating System LX-OS, a Nexus Operating System (OS) specifically designed for the Nexus Protocol, is currently under development to fortify hardware abstractions, security requirements and reduce overall risk to embedded devices, micro-satellites, and consumer grade hardware. These security qualities are enforced by leveraging the Nexus blockchain for user authentication and information verification. The LX-OS will initially be marketed for micro-satellites and IoT devices, as each is widely known for vulnerabilities. These industries can benefit significantly from the enhanced protection and dynamic management capabilities. Game Theory The infrastructure components are elegantly woven together with an economic model designed to nurture the numerous revenue streams, in order to ultimately provide humanity with free access to internet services globally whilst creating universal economic opportunities. This is reinforced with mathematical models that resist monopolization by de-monetizing predatory behaviors, thus increasing incentives to cooperatives. A New Internet The Nexus Protocol integrates into the TAO framework, a seven layer software stack that enables the simplified implementation of smart contracts, DApps, tokens, and assets (NFT’s) through a set of Application Programming Interfaces (APIs). In keeping with true open source crypto values, to preserve the white paper as an open specification, it was time stamped and recorded on the Nexus blockchain under asset name US:NP-WP. It is publicly available through the Nexus API. Nexus.io is a community driven project with the common vision of a world inspired by innovation and responsible values, expansive technology, and the fundamental quality of connection being ubiquitous, free, and available to everyone. Media Contact: Ambassador@nexus.io This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release. Tags in this story Image Credits: Shutterstock, Pixabay, Wiki Commons
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The flagship cryptocurrency, Bitcoin has once again proven itself to be the most valuable asset as it continues to maintain a bullish trend after briefly breaching the $40,000 mark. The rising price of the digital asset combined with the need for alternative investments amid the current tumultuous market conditions has increased interest in Bitcoin among […]
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The anticipated flow of institutional capital into the crypto market has been a popular narrative over the last few years, but often with limited traction. Now, in the aftermath of the 2020 macro backdrop, it’s actually happening. Preparations for institutional involvement have been made, and enterprise-level solutions built for crypto custody, digital asset management, and […]
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