The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central […]
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Bitcoin, the undisputed king of cryptocurrencies, is making headlines again with a recent price surge that has pushed it past the coveted $50,000 mark. This rally, coupled with an “extreme greed” reading on the Crypto Fear and Greed Index, paints a picture of a market brimming with optimism, but also raises concerns about potential overheating.
The Crypto Fear and Greed Index, a widely used indicator of investor sentiment, recently skyrocketed to 79, its highest level since November 2021, when Bitcoin peaked at a record-breaking $69,000. This “extreme greed” reading suggests that investors are feeling euphoric about the current rally, potentially leading to risky investment decisions.
Source: Alternative.me
Fueling this optimism is Bitcoin’s impressive performance year-to-date. Since January 1st, the cryptocurrency has climbed a staggering 15%, showcasing a sustained bullish trend. This surge comes on the heels of a volatile 2023, where Bitcoin saw both dramatic dips and exciting climbs.
Many analysts point to the recent launch of spot Bitcoin exchange-traded funds (ETFs) in the US as a key driver of the current rally. These ETFs offer investors a regulated way to access Bitcoin, potentially attracting new money to the market. While the initial launch saw a sell-off, analysts like Cathie Wood of ARK Invest believe it was short-lived, paving the way for long-term institutional participation.
Bitcoin currently trading at $49,667 on the daily chart: TradingView.com
Bitcoin’s current price of $50,000 is more than double what it was a year ago. This significant growth, coupled with the influx of new investors, leads some to believe that Bitcoin is entering a new era of stability and sustained growth. However, the cryptocurrency market is notoriously volatile, and past performance is not always indicative of future results.
Financial experts urge investors to exercise caution despite the current market enthusiasm. The “extreme greed” reading on the Fear and Greed Index serves as a warning sign of potential irrational exuberance. Investors should always conduct their own research, understand their risk tolerance, and not blindly follow market trends.
Bitcoin’s future remains uncertain, but one thing is clear: the crypto market is once again buzzing with excitement. Whether this translates into another $69,000 peak or a sudden correction remains to be seen. Only time will tell if the current “greed” translates into long-term prosperity or a fleeting blip on the radar.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
A partnership between privacy-focused projects Nym and Zcash was recently announced. The partnership aims to address some persisting issues in the sector to enhance user protection and data privacy in the Zcash ecosystem.
Electric Coin Company (ECC), the Zcash development organization, is collaborating with Nym, a privacy blockchain project focused on enhancing data confidentiality. The collaboration is possible through a Zcash Community Grants (ZCG) grant, as the project’s team announced on its X (former Twitter) account.
The partnership aims to address challenging user protection issues by integrating Nym’s mixnet into the Zcash ecosystem. Integrating with the Zcash light client libraries would allow the wallet developers to implement Nym mixnet’s privacy protection at their discretion.
1/6 🎉 Nym is happy to announce a grant from Zcash Community Grants to integrate the Nym mixnet with Zcash, and enhance privacy for Zcash users by protecting against metadata leaks.
— Nym (@nymproject) February 13, 2024
The goal, as the announcement explains, is for the integration process of Nym and Zcash to fill the gap in the network layer. This gap allows the metadata of user’s transactions to be traceable and leaves the data vulnerable, which then presents a privacy problem for users, as the post explains:
Powerful adversaries can analyze traffic patterns such as the stream of TCP/IP packets used to submit transactions, which can then be used to de-anonymize users. ISPs can snoop on traffic patterns to passively record Zcash activity. And the growing crypto surveillance industry can passively spy on peer-to-peer traffic, as well as conduct active attacks.
Nym will work with Zcash’s already existing privacy-preserving infrastructure to “help provide an end-to-end protected solution for users’ privacy. Zcash uses zero-knowledge proofs to secure transaction privacy, but “even advanced privacy protections like Zcash’s auto-shielding feature are vulnerable at the network later.”
The Nym mixnet is a technology that prevents government, corporate, and criminal surveillance adversaries from tracing metadata by encrypting user data into sphinx packets and dispersing them across global ‘mix nodes’, making metadata patterns untraceable and ensuring online privacy:
The mixnet achieves this by splitting data into identically sized encrypted Sphinx packets and dispersing these in three hops to ‘mix nodes’ worldwide at randomized intervals. Next, the mixnet shuffles in dummy ‘cover’ traffic, further complicating tracing. Together these features make tracking metadata patterns impossible even for powerful adversaries with a global view of the network.
Nym and Zcash are privacy-focused projects that protect users’ rights to their personal information and transaction data. “It is an alienable right to a dignified life free from gross intrusion and interference,” said Harry Halpin, cofounder and CEO at Nym Technologies.
Halpin also commented on the state of the digital realm regarding privacy matters. The CEO believes that although intrusion and interference are the “normal state of affairs,” a change is needed. “With this groundbreaking integration, Nym and Zcash are working to make real privacy online a reality,” he concluded.
Josh Swihart, CEO of ECC, expressed his positive outlook on the partnership, reaffirming that network-level privacy has been a “missing piece since Zcash’s inception.” He believes that privacy ecosystems coming together will only “deepen protections from everyday users to protect their financial privacy.”
Global regulators have scrutinized privacy-focused projects and accused them of enabling criminal activity. Last year, Zcash (ZEC), alongside other privacy coins like Monero (XMR), was announced to be delisted from Binance, the largest crypto exchange in the world, in four European countries. Similarly, Binance recently announced its plan to delist Moreno in the US amid regulatory pressure.
ZEC is trading at $20.71 in the hourly chart. Source: ZECUSDT on tradingview.com
Feature image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Microstrategy’s executive chairman, Michael Saylor, has explained why bitcoin has become “the world’s most popular investment asset.” He noted that following the rebalancing after the launch of spot bitcoin exchange-traded funds (ETFs), the crypto has “found its footing and now people are beginning to realize that there’s 10 times as much demand for bitcoin coming […]
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Solana (SOL), a leading cryptocurrency known for its fast transaction speed, is currently experiencing a surge in investor confidence. According to recent market data, the open interest in Solana has increased by over 108%, reaching a new high of $1.75 billion.
This surge indicates a significant rise in investor activity and market participation across major exchanges such as Binance, Bybit, and OKX. In addition, Solana’s price has risen by over 8% in a single day, reaching $114, accompanied by an 88% increase in trading volume, which has reached nearly $3 billion.
Source: Coingecko
Source: Coinglass
These indicators reflect heightened investor interest and increased liquidity for Solana. The positive momentum surrounding Solana is part of a broader trend in the cryptocurrency market, which was initially sparked by Bitcoin’s recent surge above $50,000.
As Bitcoin’s performance often influences sentiment towards alternative coins like Solana, the current bullish trend is further supported by some analysts’ projection of a potential price target of $140 for Solana, representing a further 25% increase from its current level.
SOL market cap currently at $49.4 billion. Chart: TradingView.com
However, it is important to recognize the inherent volatility of the cryptocurrency market. While the current indicators present a positive outlook for Solana, past performance does not guarantee future results.
External factors such as regulatory changes, broader economic conditions, and unforeseen news events can significantly impact the market. Therefore, conducting thorough research and considering risk tolerance is essential before making any investment decisions.
Despite the inherent volatility, the recent developments in Solana’s open interest, price, and trading volume paint a promising picture for the future. These metrics serve as valuable indicators of investor confidence and potential market trends.
Solana’s performance not only underscores its own strengths and appeal among investors but also highlights the interconnected nature of the cryptocurrency market, where positive sentiment in one sector can spill over to others.
The volatility of Solana is a point of consideration for investors. Solana has a volatility rank of 44, placing it in the bottom 40% of crypto assets on the market.
The cryptocurrency market is known for its sharp volatility, and Solana has experienced notable price fluctuations in the past. Therefore, while the current surge in investor confidence is evident, it is essential for investors to carefully assess the risks associated with the high volatility of Solana before making investment decisions.
Solana’s recent surge in investor confidence, as evidenced by the increase in open interest, price, and trading volume, reflects a positive outlook for the cryptocurrency.
Featured image from Pexels, chart from TradingView
Founders Fund, a venture capital (VC) firm founded by the billionaire Peter Thiel, is believed to have acquired bitcoin and ethereum worth $200 million sometime in the second half of 2023. The VC firm reportedly began purchasing bitcoin when its price was still under $30,000. Founders Fund’s Renewed Interest in Crypto In the latter half […]
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ENS Labs has shared a $300,000 settlement offer from Manifold Finance to resolve a contentious dispute over the eth.link domain name with the decentralized autonomous organization (DAO) governing the platform.
The settlement offer includes confidentiality and non-disparagement clauses, according to the Feb. 13 proposal.
The legal contention began in August 2022 after the domain, crucial for Ethereum network users to access ENS names via web browsers, was unexpectedly sold and subsequently auctioned.
The heart of the dispute traces back to the unexpected transfer and auction of the eth.link domain, a vital resource for the Ethereum community’s access to Ethereum Name Service (ENS) names via web browsers.
Originally under the stewardship of ENS Labs, the domain was inadvertently sold, leading to a complex legal challenge spearheaded by ENS Labs to reclaim control.
A preliminary injunction by a federal district court in Phoenix, Arizona, temporarily resolved the issue by ordering the return of the domain to ENS Labs. However, the broader legal battle has continued, with substantial financial and operational implications for all parties involved.
ENS Labs, which has shouldered legal expenses amounting to approximately $750,000, is now seeking guidance from its DAO — which fully took control two months ago — on how to proceed.
The options laid before the DAO include accepting the settlement offer, negotiating a compromise, continuing with the litigation, or dismissing the case altogether.
The DAO is considering whether to accept the settlement offer, engage in further negotiations for a potentially different outcome, continue the litigation, or dismiss the case, which would risk losing the eth.link domain.
The settlement proposal has sparked a discussion within the ENS community, with members expressing various viewpoints on the best course of action.
Some advocate accepting the settlement to avoid further legal expenses and secure the domain’s future. Meanwhile, others propose continued litigation, emphasizing the importance of the domain to the Ethereum community and seeking to set a precedent for similar disputes in the future.
Aside from deciding on the course of action regarding the settlement, the ENS community is also considering a vote to reimburse ENS Labs for the legal fees incurred during this dispute.
This aspect of the case illustrates the significant financial toll that legal battles can have on entities operating in the blockchain space, underscoring the importance of effective dispute resolution mechanisms and community support in navigating these challenges.
Enterprise Bitcoin mining pool company Titan Mining has announced Titan Lightning, intending to transform how Bitcoin miners receive rewards by empowering miners with near-instant access to their earnings.
Using the Lightning Network, Titan Lightning facilitates direct on-chain disbursement of rewards to miners’ non-custodial wallets after every new block discovery on the Bitcoin network. This departs significantly from delayed payouts associated with custodial mining pools.
Titan Mining CEO Ryan Condron explained, “At Titan, we believe in empowering miners worldwide. The Titan Lightning solution offers immediate access to mining rewards, enhancing liquidity and putting control back in the hands of miners.” The integration of the Lightning Network allows miners to receive block rewards every ten minutes with no minimum payout.
Further, Titan Lightning’s integration with the Lumerin Hashpower Marketplace aims to democratize access to Bitcoin mining. Founded by the same team as Titan Mining, Lumerin provides a peer-to-peer platform for trading mining capacity, meaning non-miners can also participate and experience the potential benefits of accelerated Bitcoin payouts. As Lumerin reported, this development positions Bitcoin mining hash power as a unique, real-world asset for global on-chain exchange.
The Titan Lightning mining pool and Lumerin integration present a novel application of Bitcoin hash power, which Titan describes as
“Bitcoin now” is more valuable than “Bitcoin later.”
Miners will now be able to receive payment “near-instantly as soon as a new block is recorded on the Bitcoin blockchain.” As the Bitcoin halving draws near, focus and interest in Bitcoin mining will likely increase as it does each cycle. While ASIC miners are still in short supply, the ability to participate in hash power marketplaces and use Lightning payments is a fascinating concept for new users to explore.
The post Bitcoin miners to get instant non-custodial rewards via Lightning Network appeared first on CryptoSlate.
Scheduled for Feb. 15, 2024, the upcoming Bitcoin difficulty retarget is poised to mark a notable upswing in the network. Current projections forecast an estimated difficulty surge ranging from 8.45% to 9.2%, setting the record for the steepest increase of 2024 thus far. Bitcoin Difficulty Poised for a Steep Increase This week, bitcoin (BTC) mining […]
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Coinbase has lifted the freeze on Debt Box’s assets after discovering discrepancies in the Securities and Exchange Commission’s (SEC) representation of its case against the firm.
In a Feb. 13 post on social media platform X (formerly Twitter), Paul Grewal, Coinbase chief legal officer, highlighted the SEC’s flawed actions, saying the temporary restraining order (TRO) against Debt Box was “tainted by SEC’s misinterpretations” and criticized the regulatory body’s lack of immediate rectification upon acknowledging its deceptive stance.
According to Grewal, Coinbase challenged the SEC’s order because the regulator “sat silently” instead of “immediately pulling its order after admitting that it deceived the Court.” The exchange attempts to get an explanation from the authorities proved futile as it was met with “more silence.”
Consequently, Coinbase opted to unfreeze the assets, correcting the error while awaiting clarity from the SEC, which has remained silent.
“We have now righted that wrong by unfreezing the assets,” Grewal said.
Grewal furthered that the SEC’s move to dismiss the case without prejudice and mandatory training was insufficient redress for its actions.
The SEC’s pursuit of Debt Box has ignited a firestorm of critique regarding its handling of the emerging crypto industry.
Controversy flared when revelations surfaced about the SEC’s attorneys presenting false and misleading evidence in their bid for a TRO against DEBT Box. US District Judge Robert Shelby demanded explanations from the lawyers on why they shouldn’t face sanctions for their actions.
Following scrutiny, the SEC acknowledged its error and pledged to prevent such lapses. They sought the court’s acceptance of a motion to dismiss the action without prejudice as their sole penalty.
Yet, criticism of the SEC’s handling of the Debt Box case didn’t relent. Several crypto stakeholders and US lawmakers, including JD Vance, Thom Tillis, Bill Hagerty, Cynthia Lummis, and Katie Boyd Britt, condemned the regulator’s conduct as “unethical and unprofessional.”
“Regardless of whether Commission staff deliberately misrepresented evidence or unknowingly presented false information, this case suggests other enforcement cases brought by the Commission may be deserving of scrutiny. It is difficult to maintain confidence that other cases are not predicated upon dubious evidence, obfuscations, or outright misrepresentations,” the lawmakers wrote.
