Bitcoin’s network difficulty climbed to an unprecedented peak on April 10, 2024, at block height 838,656, increasing by 3.92% to reach 86.39 trillion. This escalation in difficulty will make it increasingly challenging to mine blocks as the fourth halving event nears, with fewer than 1,250 blocks remaining until block 840,000 is mined. Block 838,656 Marks […]
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The industrial giant was praised as a “premium large-cap name” in commercial aerospace.
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According to data from CoinMarketCap, Ethereum (ETH) had dipped over 2% in the last 24 hours. This negative price movement comes after an initial price boost by the token which it gained by over 19% following news of the Bitcoin spot ETF approval in the US on Wednesday.
Interestingly, popular crypto analyst Ali Martinez has offered more insight into ETH’s developing downtrend, highlighting the next possible support zones for crypto’s largest altcoin.
In an X post on January 11, Martinez shared that the TD Sequential indicator presented a sell signal on the Ethereum 4-hour chart, which could possibly result in the altcoin’s price falling to a support level of $2,530.
For context, the Tom Demark Sequential indicator is a popular TA tool used to identify trend exhaustion and predict possible trend reversals.
According to Martinez, this analysis tool showed that ETH was due for a price correction following a price surge in which the asset traded above $2,700 in reaction to the US Securities and Exchange greenlighting the launch of Bitcoin spot ETFs on US securities markets.
If #Ethereum can’t hold above $2,530, the next stop will be $2,450!
— Ali (@ali_charts) January 12, 2024
Interestingly, in a second post on January 12, the renowned crypto analyst doubled down on this prediction stating that if the ETH bulls failed to keep the coin’s value above $2,530, there was a chance the token could trade as low as $2,450.
According to Martinez, ETH’s current negative price movement appears to be a mere correction which is likely true as the general investor sentiment around the altcoin remains bullish.
Earlier this week, NewsBTC reported that ETH investors are hyped with the expectation of an Ether spot ETF in the US following the SEC’s clearance of 11 Bitcoin spot ETF applications on Wednesday. Considering ETH’s rank as the second-largest cryptocurrency after Bitcoin, as well as the rising number of Ether spot ETF applications, investors believe the altcoin may be in line for the SEC’s favor.
At the time of writing, Ethereum was trading at $2,548 with a slight decline of 2.67% in the last day. However, the altcoin has shown an overall bullish performance in the last week, with a notable gain of 14.48%. Adding to this positive narrative, there is also an uptick in ETH’s daily volume by 22.25% which is currently now valued at $26.8 billion.
ETH trading at $2,553 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured image from Forbes, 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.
The Russian Ministry of Finance has proposed allowing crypto miners to export their crypto akin to other commodities, local media outlet RBC reported.
During a round table discussion titled “Cryptocurrency and the Future of Digital Finance,” Ivan Chebeskov, the Deputy Finance Minister, unveiled this proposal. He highlighted the intention to create legislation mirroring the export norms of natural gas for cryptocurrency exports.
Chebeskov stated that the ministry had devised a concept and a project to enable miners to export their mined product—cryptocurrency—as an export commodity. A translated version of his statement reads:
“We developed a concept, a project so that a miner could export the product of what he mined, that is, cryptocurrency as an export product. Such a legislative initiative is also being formed in our country.”
Russia produces the second-largest mining power in the world, indicating its strength in the sector. However, despite such advancements, the authorities are yet to legalize crypto-mining activities within their jurisdiction.
A bill addressing this lacuna was introduced to the State Duma last year. The proposed bill outlines procedures for selling mined crypto assets, including foreign platform sales. However, miners must disclose information to the Federal Tax Service under this legislation.
Meanwhile, the Central Bank of Russia permits the sale of mined cryptocurrencies exclusively on foreign platforms and to non-residents.
During the past year, Russia’s attitude toward crypto has shifted, with key stakeholders like the Bank of Russia acknowledging its potential for cross-border settlements. This interest stems from international sanctions limiting the country’s access to global payment systems.
Besides that, officials previously touted the country’s desire to establish a national crypto exchange. However, the idea was shelved after it was kicked against by several stakeholders in the industry. Instead, the authorities have been advised to formulate rules allowing private companies to establish such exchanges.
The Texas State Securities Board has accused a network of companies under the “GS” brand and operating from Germany of fraudulent activities “tied to digital assets, investments in a staking pool in a proprietary metaverse.” The network of companies is controlled by Josip Dortmund Heit.
As described by regulators on Nov. 16, respondents GS Partners, GS Smart Finance and GS Wealth allegedly held three rounds of metaverse property sales beginning September 2021. At the time, investors were informed that they could purchase XLT Vouchers, or BNB Chain tokens representing ownership of one square inch of a unit in the company’s G999 Tower metaverse, at 9.63 USDT (USDT) per voucher. However, the token rapidly lost its value, to less than 0.0000049 USDT apiece on decentralized exchange PancakeSwap, after the respondents failed to reach its $175 million raise target for the offering.
“Respondents have not been registered with the Securities Commissioner as dealers or agents at any time material hereto.”
Regulators allege that other investment products created by GSB — such as its Lydian World metaverse tokens, gold tokens, G999 coin and Elemental Certificates — also constituted unregistered security offerings. The Texas State Securities Board has filed an emergency enforcement action for the GSB group of companies to cease and desist from such activities in the state.
On Aug. 15, the Ontario Securities Commission issued a warning that GS Partners was not registered to do business in the Canadian province of Ontario. Previous warnings regarding the firm were also published by securities regulators in the Canadian provinces of Saskatchewan, British Columbia, Alberta and Quebec.
Related: Texas lawmaker introduces resolution to protect Bitcoin miners and HODLers
NIAMEY, Niger – July 30, 2023: Coup supporters take to the streets carrying Nigerien and Russian flags after the army seized power in Niger.
Balima Boureima/Anadolu Agency via Getty Images
LONDON — West African leaders on Sunday threatened military action against the junta that seized power last week in a coup in Niger, as protesters carrying Russian flags stormed the French embassy in capital city Niamey.
The military junta, now calling itself the National Council for the Safeguarding of the Fatherland, announced on Wednesday that it had captured democratically-elected President Mohamed Bazoum and removed his government from power, citing national security and corruption.
The coup is led by General Abdourahmane Tchiani, the commander of the presidential guard and a close ally of Bazoum’s predecessor, Mahamadou Issoufou.
The U.S. and France, which have troops stationed in Niger, called for calm, but strongly condemned the coup, along with much of the international community. Bazoum took office two years ago in the country’s first peaceful democratic transfer of power since gaining independence from France in 1960.
He has been able to speak with international leaders and on Monday met with Chad’s President Mahamat Idriss Déby Itno at the presidential palace as part of Déby’s mediation mission to the capital on behalf of ECOWAS, in which he also met with the coup leaders.
Thousands of Nigeriens took to the streets on Sunday in support of the coup, with many carrying Russian flags and chanting pro-Putin messages. Images purporting to be from the scene, which CNBC could not independently verify, showed fires outside the French embassy in Niamey, along with French flags being burned and projectiles thrown at the former colonial power’s mission.
Moscow has joined appeals for Bazoum’s immediate release, with Kremlin spokesperson Dmitry Peskov on Monday urging all sides to show restraint and return to order, according to Reuters.
On the other hand, Wagner Group mercenary boss Yevgeny Prigozhin, who took up arms against the Kremlin in June and whose private military organization has extensive interests in Africa, reportedly welcomed the coup in a recording posted to Telegram from a Wagner-affiliated group.
In the recording purporting to be of the Wagner leader, which has not been independently authenticated by CNBC, Prigozhin highlighted Wagner’s proficiency in quashing unrest in the region.
A screen grab captured from a video shows the soldiers who appeared on national TV to announce the ouster of President Mohamed Bazoum in Niger, on July 27, 2023. Calling themselves the National Council for the Safeguard of the Homeland (CLSP), they read a coup statement in a video they shot and broadcast on state television ORTN.
Anadolu Agency | Getty Images
“Although there is no evidence that Niger’s coup was plotted by Russia, the now infamous PMC Wagner Group will undoubtedly prioritise the country for its next deployment, given the highly strategic and symbolic position of Niger in the Sahel region,” said Robert Besseling, CEO of Pangea-Risk.
“For France and the U.S., Niger is a key security partner in fighting Islamist militancy in the Sahel and Gulf of Guinea. For Europe, Niger has been a bulwark to control African migration flows, as well as an important source of uranium.”
The West African regional body ECOWAS (Economic Community of West African States) imposed sanctions including border closures on Sunday. The 15-member coalition gave the military junta one week to return the elected government to power, vowing to take “all measures necessary to restore constitutional order” in Niger, including “the use of force.”
The military junta in Niamey has so far rebuffed international calls. One of its leaders, Colonel Amadou Abdramane, claimed on state TV on Monday according to Reuters that the deposed government had authorized France to conduct strikes on the capital in order to free Bazoum, who remains confined in the presidential palace.
Paris has not expressed any desire for military intervention and the junta offered no evidence to support its claims. The French foreign ministry on Monday said that the only authority it recognizes in Niger is that of Bazoum, according to Reuters, implying that Paris would not have authorized strikes at the request of other government officials.
The centering of former colonial power France in the crosshairs of military juntas is becoming a regular theme underpinning regional coups. Anti-French sentiment also formed the backdrop for governmental overthrows in neighboring Mali and Burkina Faso within the last two years.
French troops embarked on a decade-long deployment helping the respective governments repel Islamist insurgencies, but Paris faced resentment from large swathes of the countries’ populations for perceived meddling.
Pro-Russian sentiment has meanwhile grown, and Wagner Group mercenaries have established presences in Mali, the Central African Republic, Libya and other troubled states.
François Conradie, lead political economist at Oxford Economics Africa, said the coup has likely succeeded and will eventually result in a power handover or in Bazoum’s exile. This would make Niger the fourth ECOWAS country currently under military rule, alongside Guinea, Mali and Burkina Faso.
“This is a nightmare for the regional body and its civilian leaders, who will certainly impose sanctions. We further expect that, in the same way as its neighbouring military governments, the CNSP will rapidly take an anti-France turn, and call on the French troops present in Niger to withdraw,” Conradie said.
NIAMEY, Niger – July 30, 2023: A Nigerien policeman and army cadets look on as supporters rally in support of Niger’s military junta. Thousands of people demonstrated in front of the French embassy in Niamey on Sunday.
AFP via Getty Images
“There will be negative consequences for French business, including mining – which may have implications for French energy security, given its reliance on Nigerien uranium for nuclear power generation.”
Should French troops withdraw as they did in Mali and Guinea, Conradie said the Nigerien army’s ability to conduct counterinsurgency operations against jihadists on the Malian border will be depleted.
The coup has significant economic and commercial implications beyond France, since Niger is a major global uranium producer and accounts for around 25% of such deliveries to the European Union.
“This strategic importance could spell bad news for EU nuclear power if availability of uranium is suddenly reduced,” said David Omojomolo, Africa economist at Capital Economics.
“Secondly, the coup is likely to heighten concerns about the displacement of communities in the Sahel region and wider security. This is the region’s ninth coup in three years, and instability in the region has clear implications for West African neighbours.”
Some analysts believe the coup was borne out of domestic tensions between elite military units and the government over pay and salary status, after General Tchiani and Bazoum long failed to see eye to eye.
Cameron Evers, senior analyst for Sub-Saharan Africa at Emergent Risk International, highlighted in a blogpost on Friday that there are few signs of any post-coup foreign policy, despite the concerns about Russian influence.
A general view of billowing smoke as supporters of the Nigerien defence and security forces attack the headquarters of the Nigerien Party for Democracy and Socialism (PNDS), the party of overthrown President Mohamed Bazoum, in Niamey on July 27, 2023.
– | Afp | Getty Images
“Sensing that Russia has an opportunity to insert themselves here, the West may take a more gentle approach toward a post-coup regime, reminiscent of Cold War politics,” Evers noted.
Niger’s security situation vis-à-vis Islamist insurgencies is not as perilous as that in neighboring Mali and Burkina Faso, and Evers argued that it may not need to replace Western military support with Russian assistance.
Greg Oakford, a co-founder of NFT Fest Australia, guides you through the Web3 digital art world from a collector’s perspective.
Snoop Dogg’s recent announcement of the Snoop Passport — an evolving concert tour collectible — is a trend I believe we’ll see get more and more traction among musicians and entertainers.
They tap into those fan moments we’ve all had: whether it’s dusting off an old concert T-shirt, rustling through a shoe box full of ticket stubs from sporting events and concerts you’ve attended or putting your favorite musician/band poster on your bedroom walls as a kid.
All these examples create feelings of nostalgia; they take you back to a moment in time and act like the timestamps of your life. But they are fragile at best over time, and at least half of my cherished ticket stubs are dog-eared with fading ink.
So storing nostalgia on the blockchain in durable digital goods is just the base case for why we’re likely to see more artists after Snoop follow suit. But there are plenty of other reasons for artists and fans to get on board
What’s in it for the musician?
— Ability to token gate exclusive and dynamic content to fans.
— Open up a new line of digital merch (alongside physical merch).
— Deeper engagement between artists and fans with new experiences and access.
— Collaboration with Web3 and digital artists (hip hop is well known for its collaborations over many decades, so this natural extension into a Web3 context makes sense).
— Reward fan loyalty and the ability to add additional utility to the holder.
— New revenue stream from minting. Snoop opted for $42 (approx) or 0.025 ETH, which re you can pay via credit card or via crypto.
— Royalties on secondary sales.
What’s in it for the fan?
— Creates nostalgia through collectibles on the blockchain.
— Dynamic content and exclusive behind-the-scenes access.
— Exposure to artists and collaborations (i.e., Terrell Jones and Coldie).
— Access to drops, events and experiences.
— The new era of displaying fandom (many collect vinyl when they don’t even have a record player)
— Integration with social media, a continuation of social signaling in our digital lives.
— Ability to trade it on secondary NFT markets.
It’s hard to go past “The Goose” from artist Dmitri Cherniak’s Ringers generative art collection. This iconic piece sold as part of Sotheby’s recent Grails II event (an auction of NFT art seized from bankrupt crypto hedge fund Three Arrows Capital) for a whopping $6,215,1000 to Punk6529. Going into the auction, the sale price was estimated between $2 million to $3 million.
Originally minted in February 2021 for 0.1 ETH (the equivalent to $131 on the date of sale), The Goose’s price appreciation continues to ascend into the stratosphere.
The history of the piece includes a sale from TheCryptonite to Pixelpete for 1.26 WETH ($2,220) on 4 February 2021; a transfer from Pixelpete to 3AC for 1,800 ETH ($5,896,566) on 27 August 2021; and a new owner in Punk6529 via Sotheby’s auction after 3AC’s demise for 3,237 ETH ($5.4 million), plus a buyers premium in excess of $800,000.
Following the successful Grails II auction with 37 lots going under the hammer, Cointelegraph sat down with Michael Bouhanna, a Sotheby’s vice president and head of digital and NFTs, to discuss the pivotal auction and why the brand continues to lean in heavily to art on the blockchain.
“Grails II exceeded our expectations in every respect. The total of $11 million from the 37 lots is more than double the high estimate, which was $4.8 million. Every single lot sold in excess of the high estimate, and that data is very impressive,” says Bouhanna.
“There was tremendous excitement in the lead-up to the auction. We ended up having over 1,000 bids across the entire sale and had artists like Beeple and other members of the community take to Twitter to voice their excitement about the sale of The Goose. It was a very important movement, and I think that speaks to not only the importance of the work of The Goose but also to the collection and its significance to the market.”
Sotheby’s dates back to 1744 but only started its foray into NFTs in early 2021. Bouhanna believes the move is helping to usher in a new generation of collectors.
“Since early 2021, we’ve been committed to digital art and NFTs as an important part of our overall fine art strategy. We really see digital art and NFTs as a natural outgrowth for us,” he said.
He points out that 61% of the buyers in the Grails II auction were new to Sotheby’s, and most were under 40, well below the average age of its usual clientele.
“With so many new collectors coming through our digital art sales, I think that is definitely opening up the world to many people who would have otherwise felt intimidated by participating in a sale at Sotheby’s.”
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Sotheby’s is getting good at drawing attention to the NFT and crypto space via high-tension live streams. In November 2021, it was host to the sale of a first edition of the U.S. Constitution, with Constitution DAO drawing international headlines with its narrowly thwarted attempt to secure the highly sought-after artifact.
“When Constitution DAO attempted to purchase the first printing, that really demonstrated how excited the community was about live auctions. Even today, it remains one of the most viewed live streams of all time. It also shows how the crypto community, the NFT and digital art community is excited about how auctions are run and how very new they are to many people in this community,” says Bouhanna.
Sotheby’s applies the same traditional buyer’s premium revenue model to their digital art auctions as their physical art auctions. But Bouhanna points out the Sotheby’s brand helps artists attract premium prices too.
“We play the same role in the market in bringing carefully created selections of our art to sale,” he explains. “On Twitter, there was a poll following the auction asking the question if The Goose would have achieved the same price if sold elsewhere. A significant percentage of respondents agreed that it would never have achieved as much as that amount had it been auctioned off on OpenSea or another on-chain NFT marketplace.”
On 28 June, Sotheby’s announced its new generative art program, which will be fuelled by the ArtBlocks engine.
The program will be headlined and launched with generative and computer art pioneer Vera Molnár.
The 99-year-old Hungarian artist’s groundbreaking on-chain generative art project, titled “Themes and Variations,” will feature 500 unique artworks.
They will be sold in a Dutch auction, for the first time in Sotheby’s history.
Coldie dropped NFT Collector a link to his “Inspired whispers only you can hear” Spotify playlist:
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