bitcoin

Friday, December 8, 2023

Markets rethink Fed rate cuts as Bitcoin circles $44K on US jobs data

Bitcoin traders are increasingly focusing on altcoins as BTC price action cools following the week’s vertical upside.

Bitcoin (BTC) tapped $44,000 after the Dec. 8 Wall Street open as United States employment data shrunk market bets on interest rate cuts.

Data from Cointelegraph Markets Pro and TradingView covered the latest BTC price action as risk assets reacted to the latest U.S. inflation cues.

Nonfarm payrolls came in above expectations at 199,000 versus 190,000, while unemployment was lower than forecast at 3.7% versus 3.9%, per an official release from the U.S. Bureau of Labor Statistics.

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Thursday, December 7, 2023

Jack Dorsey's Block Inc. launches self-custody Bitcoin wallet

Users who lose their Bitkey wallet don't need to input a seed phrase to recover funds, the company said.

Financial payment processor Block, co-founded by Jack Dorsey, has launched its self-custody Bitcoin (BTC) wallet.

Dubbed "Bitkey," developers said during the Dec. 7 announcement that the wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey will feature a two-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key, with a secure hardware device alongside recovery tools in the event of loss. It will require both the user's fingerprint and phone to approve transactions. The first global partners for Bitkey include Coinbase and Cash App.

"Bitkey uses three keys to secure Bitcoin, and any two keys working together are needed to move Bitcoin or approve other security-related actions like initiating recovery or modifying security settings," Block stated. "Because Bitkey only has access to one, not two or three keys in this 2-of-3 multi-signature wallet, Bitkey cannot access or move a customer's bitcoin without them."

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'Early bull market' — Bitcoin price preps 1st ever weekly golden cross

Bitcoin is lining up a never-before-seen bull signal which could print on the Bitcoin chart by the start of 2024.

Bitcoin (BTC) is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne drew attention to Bitcoin’s first ever weekly “golden cross.”

Recent BTC price upside has delivered considerable profits to various Bitcoin investor cohorts, but 165% year-to-date gains are now significant for another reason.

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Montenegrin official plans to extradite Do Kwon to the United States: Report

The Terraform Labs co-founder had been awaiting extradition to either the United States or South Korea after being arrested and charged in Montenegro.

Terraform Labs co-founder Do Kwon will reportedly be extradited to the United States rather than South Korea to face criminal charges.

According to a Dec. 7 Wall Street Journal report citing people familiar with the matter, Justice Minister Andrej Milovic in Montenegro plans to grant U.S. officials’ request for extradition. Kwon was arrested in Montenegro in March and sentenced to four months in prison for using falsified travel documents. He has also been charged in the U.S. and South Korea for his alleged role in the collapse of Terraform Labs.

Milovic reportedly said the announcement would be made public “in a timely manner.” If extradited to the United States, Kwon faces eight charges, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation related to his time at Terra. The U.S. Securities and Exchange Commission also charged Kwon with “defrauding investors in crypto schemes” in February.

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Phoenix seals $380M deal with WhatsMiner for green Bitcoin mining

Phoenix Group is acquiring hydro cooling mining equipment from WhatsMiner worth over $136 million, with the option of an additional $246 million purchase.

United Arab Emirates firm Phoenix Group has disclosed a new purchase of hardware equipment from WhatsMiner, aimed at expanding its portfolio of hydro cooling rigs. According to an announcement on Dec. 7, the $380 million deal represents WhatsMiner’s largest order in two years.

Under the agreement, Phoenix received mining equipment valued at $136 million, with an additional option worth $246 million available. WhatsMiner's line of hydro cooling equipment was released in 2022, with current prices ranging from $1,008 to $2,484, according to the company's website.

WhatsMiner's hydro cooling hardware uses a closed-loop water system, preserving the volume and quality of water inside pipes. According to the company, the system offers more efficient heat transfer since water is a more effective heat conductor than air or oil. The benefits of this system include a reduction in operational costs and a minimized environmental impact, the company claims.

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Wednesday, December 6, 2023

Game studios quietly integrate blockchain without the buzzword

Blockchain technology is facing backlash from players and gaming developers, forcing some studios to avoid "buzzwords" tied with Web3.

Cointelegraph was on the ground during the second edition of the Madeira Blockchain 2023, held between Nov. 30 and Dec. 1. The event featured regional Web3 developments, as well as how the Portuguese islands are looking for startups and tech talent to grow their economy in the digital age.

During a roundtable discussion at the conference, studios working on blockchain features discussed the challenges associated with integrating the technology into games, including acceptance from game developers, players and publishers.

Redcatpig is a Web3 studio engaged in developing blockchain features, but the firm ran into obstacles integrating the technology into its pipeline. "One of the toughest challenges I faced was communicating with my internal team to help them understand that this [blockchain] technology can greatly benefit gamers and enhance games," noted Marco Bettencourt, CEO of Redcatpig.

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Binance suspends euro stablecoin after 200% price surge

"We will assist the AEUR project team to provide reasonable compensation to affected users" within 72 hours, the exchange said.

Crypto exchange Binance is reimbursing users and delisting the Anchored Coins Euro stablecoin (AEUR) after the token surged more than 200% in value after listing.

According to the Dec. 6 announcement, Binance will compensate users who purchased AEUR at an inflated valuation and failed to sell it after trading was halted earlier in the day. Affected users will receive a portion of the premium amount above the peg of 1 AEUR = 1.08 Tether (USDT) as a refund. The exchange wrote:

The large price volatility also affected the pricing of various AEUR trading pairs, including Bitcoin (BTC), Ether (ETH) and the euro, which also falls within the scope of the exchange's compensation plan. "To avoid potential losses for other investors, the resumption time of the above AEUR spot trading pairs will be notified separately," Binance said. The coin is currently suspended for trading on the exchange.

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