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Countries Where Crypto is Restricted or Illegal

Bitcoin ban: These are the countries where crypto is restricted or illegal


Cryptocurrencies like Bitcoin are heavily regulated or restricted in a number of countries around the world.   –   Copyright   Canva

By Chloe Orji   •   Updated: 11/24/2021

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms.

But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage.

The legal status of Bitcoin and other altcoins (alternative coins to Bitcoin) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.

RELATED • Majority of Europeans want their countries to regulate crypto, not the EU – exclusive Euronews poll

Whereas the majority of countries don’t make using Bitcoin itself illegal, its status as a means of payment or as a commodity varies with differing regulatory implications.

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions.

These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.

Algeria

Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies.

Bolivia

There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by a country or economic zone.


A woman walks past an advertisement for the Bitcoin cryptocurrency in Hong Kong. – Vincent Yu/Associated Press

China

China has cracked down on cryptocurrencies with increasing intensity throughout 2021. Chinese officials have repeatedly issued warnings to its people to stay clear of the digital asset market and have clamped down hard on mining in the country as well as currency exchanges in China and overseas.

On August 27, Yin Youping, the Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), referred to cryptos as speculative assets and warned people to "protect their pockets".

Efforts to undermine Bitcoin – a decentralised currency outside the control of governments and institutions – are largely seen as an attempt by the Chinese authorities to float their own e-currency.

The PBoC is looking to be one of the first major central banks in the world to launch its own digital currency, and in doing so would be able to more closely monitor the transactions of its people.

On September 24, the PBoC went further and outright banned cryptocurrency transactions in the country.

Colombia

In Colombia, financial institutions are not allowed to facilitate Bitcoin transactions. The Superintendencia Financiera warned financial institutions in 2014 that they may not "protect, invest, broker, or manage virtual money operations".

Egypt

Egypt’s Dar al-Ifta, the country’s primary Islamic advisory body, issued a religious decree in 2018, classifying Bitcoin transactions as “haram,” something prohibited under Islamic law. While not binding, Egypt’s banking laws were tightened in September 2020 to prevent trading or promoting cryptos without a Central Bank licence.

Indonesia

Bank Indonesia, the country's central bank, issued new regulations banning the use of cryptocurrencies, including Bitcoin, as a means of payment from 1 January 2018.

RELATED • Bitcoin: Which countries could follow El Salvador in making cryptocurrency legal tender?

Iran

Bitcoin has a complex relationship with the Iranian regime. In order to evade the worst impact of crippling economic sanctions, Iran has instead turned to the lucrative practice of Bitcoin mining in order to finance imports.

While the Central Bank prohibits the trading of cryptocurrencies mined overseas, it has encouraged Bitcoin mining in the country with incentives.

Around 4.5 per cent of the world’s Bitcoin mining takes place in Iran, which, according to blockchain analytics firm Elliptic, could account for revenues of over $1 billion (€843 million).

In order for the crypto industry to flourish, Iran has offered licenced miners cheap energy but requires all mined cryptos to be sold to the Central Bank.

However, unlicensed mining drains more than 2GW from the national grid every day, causing power shortages.

To this end, Iranian authorities issued a four-month ban on Bitcoin mining until September 22.


Boxes of machinery used in Bitcoin mining operations that were confiscated by police in Nazarabad, Iran. – AP/AP

India

India is becoming increasingly hostile towards cryptocurrencies. On November 23, the government announced its intention to introduce a new bill to the Indian parliament which would establish a new central bank-backed digital currency as well as ban almost all cryptocurrencies.

Earlier this year, it had considered criminalising the possession, issuance, mining, trading, and transference of crypto assets. Prime minister Narendra Modi said he wanted to ensure crypto "does not end up in wrong hands, which can spoil our youth".

RELATED • India is planning to introduce a ban on almost all private cryptocurrencies in a new clampdown

Iraq

Despite sustained efforts by authorities to block their use, cryptocurrencies are becoming increasingly popular in Iraq. The Iraqi Central Bank has been particularly hostile, issuing a statement in 2017 prohibiting their use which is still in force to the present day. In early 2021, the Ministry of Interior of the Kurdistan regional government issued similar guidance to stop money brokerages and exchanges handling cryptos.

Nepal

The Nepal Rastra Bank declared Bitcoin illegal as of August 2017.

North Macedonia

North Macedonia is the only European country so far to have an official ban on cryptocurrencies, such as Bitcoin, Ethereum, and others, in place.

RELATED • Is Paraguay set to become the second country to make Bitcoin legal tender after El Salvador?

Russia

While cryptocurrency isn’t outlawed in Russia, there is an ongoing conflict being waged against its use.

Russia passed its first laws to regulate cryptos in July 2020, which for the first time designated cryptocurrency as property liable to taxation.

The law, which came into force in January this year, also bans Russian civil servants from owning any crypto assets.

Russian President Vladimir Putin has repeatedly linked cryptocurrency with criminal activity, calling for closer attention to cross-border crypto transactions in particular.

In July, the prosecutor general announced new proposed legislation which would allow police to confiscate cryptos deemed to be illegally obtained citing its use in bribery.

RELATED • Bitcoin's value is rallying again. But that's not what matters to most crypto traders

Turkey

Many in Turkey turned to cryptocurrency as the Turkish lira plummeted in value. With some of the highest levels of use anywhere in the world, the arrival of regulations was swift this year as inflation peaked in April.

On 16 April 2021, the Central Bank of the Republic of Turkey issued a regulation banning the use of cryptocurrencies including Bitcoin, directly or indirectly, to pay for goods and services. The following day, Turkish president Recep Tayyip Erdoğan went further and issued a decree that crypto exchanges to a list of firms subject to anti-money laundering and terrorism financing rules.

Vietnam

The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).

However, the government doesn't ban Bitcoin trading or holding them as assets.

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Original article posted on the EuroNews.com site, by Chloe Orji.

Article re-posted on Markethive by Jeffrey Sloe

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Cryptocurrency Called Omicron Is Up 137

A Cryptocurrency Called Omicron Is Up 137% Since WHO Named New COVID-19 Variant

Cryptocurrency 'Omicron' was named weeks before the new COVID strain.

By Andrew Hayward           3 min read • Nov 28, 2021

In brief

  • Omicron is up 137% in the last 24 hours.
  • The token is backed by a basket of assets, including USDC.
  • It's a fork of DeFi project OlympusDAO.

Markets may have crashed after Omicron, a new coronavirus “variant of concern”, emerged earlier this week and started spreading to a country near you.

But. Sigh. That didn’t, urgh, stop one coin, Omicron, from, 🙁 , spreading. Yup, one of the best ways to profit from human misery this week was to invest in a cryptocurrency project that’s most recognizable for bearing the name of the latest strain of Covid-19.

A single Omicron token is now worth $404, up 137% in the past 24 hours and 735% compared to its all-time low on November 17. Trading data for the coin on CoinGecko starts on November 8. A poll on CoinGecko says that 69% of users feel good about the coin.

The market for Omicron is very small. Omicron traded just $389,181 in the past 24 hours and its market cap is “?” on CoinGecko. The token trades solely on Arbitrum One via SushiSwap.

The Omicron token powers a decentralized reserve currency protocol on the Arbitrum Network. The token is backed by a basket of assets, including USDC and liquidity provider tokens tied to MIM. It’s a fork of OlympusDAO, a novel DeFi project that backs its token through primitive blockchain bonds.

The main way to keep pumping the price of the Omicron token and its yield farm is by ‘supply growth’, and the whole thing falls apart if people stop investing money. So far, $671,081 has been deposited within its protocols, which leads to breathless projected annual yields of 70,377% for stakers (unless the developers pull the plug or people stop investing money or if any of the countless reasons that commonly prompt the collapse of yield farms materialize).

So it’s just another bond-based yield farm, one which happens to have the same name as the new Covid-19 variant, which although timely is simply named after the fifteenth letter of the Greek alphabet.

The crypto project makes no mention of the virus in its documentation and its first Discord announcement was sent at the beginning of the month, several weeks before the latest variant was named Omicron by the World Health Organization. That said, virus talk is rife on the project’s 500-strong Discord chat and on Twitter.

It should be noted that this coin, whose ticker is OMIC, isn’t the first Omicron coin. That goes to another coin, which goes by the ticker name OMC on CoinMarketCap and doesn’t trade on any popular markets.

The original Omicron first surfaced on August 31, 2016 on the Bitcoin Talk forum as a “dividend-issuing currency.” The project claimed to have raised 121 Bitcoin, now worth $6.5 million (before the Omicron virus crashed the markets this week, its raise would have been worth a helluva lot more). After a handful of dividend payouts, the project petered out.

If only the project’s creators could have predicted how important the name ‘Omicron’ would be just five years later. At least they predicted that the whole crypto thing would blow up.

DISCLAIMER

THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.

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Original article posted on the Decrypt.co site, by Decrypt Staff.

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A Bleak Friday For Crypto

It’s A Bleak Friday For Crypto Markets Too

By RTTNews Staff Writer | Published: 11/26/2021 9:23 AM ET

Global markets across asset classes tumbled on Friday amidst reports of a new and possibly vaccine-resistant coronavirus strain. Stock market barometers fell across regions. Dollar, Crude Oil etc., also couldn’t survive the bloodbath. Bond yields too plunged reflecting widespread risk-off sentiment. Cryptocurrency markets dropped in sync with the global sentiment contagion. Gold however bucked the trend and attempted to live up to its safe-haven image.

Overall crypto market capitalization currently stands at $2.46 trillion. Only 10 of the top 100 cryptocurrencies (as per market capitalization) are still in overnight positive territory. Around 30 percent have lost more than 10 percent overnight.

Bitcoin (BTC) plunged to a low of $53,625.21, from the day’s high of $59,367.97. It is currently trading at $54,568.13, around 21 percent below its all-time high of $68,789.63 touched earlier in the month. Only 71 percent holders are in-the-money at current prices.

Ethereum (ETH) also dropped to a low of $3,933.51, from the day’s high of $4,550.84, to currently trade at $4,099.13. This is almost 16 percent below its all-time-high of $4,859.50 touched in mid-November. Only 85 percent holders are in-the-money at current prices.

Binance Coin (BNB) has fallen by more than 6 percent whereas Dogecoin (DOGE) and Solana (SOL) have dropped by 7 percent. SHIBA INU (SHIB) is down around 4 percent only. Terra (LUNA) has lost only less than 3 percent.

Cardano (ADA), XRP (XRP), Polkadot (DOT), Avalanche (AVAX), Crypto.com Coin (CRO) and Litecoin (LTC) have declined more than 9 percent.

Despite the sell-off, Metaverse category market capitalization has increased by 5 percent in the past 24 hours.

While the entire world waits for clarity on how much more transmissible and virulent the new variant can be, the financial markets would be more concerned of the impact on the nascent economic recovery and the impact on valuations.

Crypto enthusiasts on the other hand would need to avidly introspect Bitcoin’s response to the market turbulence and the gaps in Bitcoin’s aspirations to transcend to a safe-haven status.

Gold, with its overnight gain of more than a percent has reiterated its monopoly as the ultimate safe haven. Cryptocurrency markets have to mature more to reach that enviable position.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Puts El Salvador On The Map

Bitcoin Puts El Salvador On The Map As Tourism Sector Booms

By Aliyu Pokima – November 25, 2021

  • El Salvador’s tourism sector has seen a boom in recent weeks following the country’s adoption of Bitcoin as legal tender.
  • The country is considered a top pilgrimage destination for Bitcoiners around the world, given its significance in the ecosystem.
  • The country holds the record as the first country to elevate Bitcoin to the status of legal tender.

El Salvador has been considered a tourist hotspot but the industry suffered following the pandemic and a measure of social instability. Bitcoin is changing the narrative for the Tom Thumb of the Americas.

The New Pilgrimage Spot For Bitcoin Faithfuls

El Salvador’s adoption of Bitcoin is already paying dividends for the small country and the latest win is the increase in tourists flocking to the nation. Bitcoin maximalists are coming into San Salvador, the capital city to catch a glimpse of the future of a world where Bitcoin is the reserve currency.

Bitcoin tourists are pouring in from all over the world to see firsthand the impact of the decision to adopt the cryptocurrency. Several traveling bloggers are already documenting their experiences using Bitcoin as a means of exchange in the country on their blogs. A direct consequence of the influx is the stimulation it brings to the general economy of El Salvador.

The government is already leveraging the adoption and is seeking ways to capitalize on the newfound fame. The maiden edition of Bitcoin Week was organized, drawing thousands from the US and other neighboring countries. El Zonte, popularly referred to as Bitcoin beach, has grown from a small backwater town to a thriving town supported by Bitcoin.

Bitcoin may act as bait to tourists who are now attracted to the other tourist destinations that are scattered across the country. Popular tourist destinations like Lago Coatepeque, Cerro Verde National Park, the National Palace, and several volcanoes like Santa Ana and Izalco.

The Highs Of The Bitcoin Experiment

Since the decision to embrace Bitcoin, El Salvador has recorded economic stability to an extent according to a recent concluding statement. The IMF noted that the economy is expected to grow by 10% but still issued a warning on the dangers of full-scale bitcoin adoption.

El Salvador has successfully started mining bitcoin through the use of geothermal energy, setting a standard for the rest of the world. President Bukele has announced that the profits from Bitcoin will be channeled into building a veterinary hospital for dogs and the construction of schools. El Salvador currently has 1,200 BTC on its balance sheet that is valued at over $68 million, way less than the amount that was purchased.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aliyu Pokima and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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500 Billion Wiped Off Crypto Market

$500 Billion Wiped Off Crypto Market In A Week As Industry Digests China’s Latest Move

By David Kariuki – November 18, 2021

The entire crypto market went bleeding on Thursday after $60 billion was swept off in a flash crash that saw Bitcoin tumbling below $60,000 and Ethereum’s short-lived bull run nipped. The entire crypto market capitalization, which has been so far impressive having rallied to a record $3 trillion last week, has now shed over $500 billion since Sunday.

This comes as the markets faced a huge sell-side pressure emanating from China’s continued crackdown on the crypto market in what they now call a “full-scale” ban, rejection of Bitcoin spot ETF in the U.S., and news of impending dump of 150,000 Bitcoins by defunct Mt. Gox victims.

Bitcoin’s huge gains during the last few weeks have now been tamed to an 11% weekly loss. That’s about a 13% downslide since its glorious rise to $68k at the start of the week. Ethereum, which showed some signs of recovery earlier today, is down 15% on average in the last seven days.


BTCUSD Chart By TradingView (Click image for larger view)

The greatest losers during this week’s crash are the leverage traders who took out loans to multiply their trading positions.

Effects of China’s recent actions on the market are being felt after the National Development and Reform Commission (NDRC) announced a new wave of crackdown on the crypto industry in the country this week. Yesterday, the government shut down ChainNews, Odaily, Block123, and has threatened to raise electricity tariffs of any organization or company found mining crypto. After a massive crackdown on crypto mining companies back in June, China now plans to continue the hypocrisy by tampering with industrial-scale mines and any state-owned businesses that are still in the industry.

And although analysts say the Chinese-induced price tumbles may be short-lived as was in June when the country shut down crypto mining corporations, there might be more coming yet as the defunct Mt. Gox victims are expected to dump a whopping 150,000 Bitcoin to be awarded to them via a rehabilitation plan.

Already, the news of the impending dump is beginning to affect the price since it came out on Tuesday, although the date of repayment is yet to be announced. The dump is almost sure because all of that Bitcoin would be sold at a massive profit having been acquired in or before 2014 at a cost of below $500 when the crypto exchange crashed.

Meanwhile, VanEck’s Bitcoin Strategy exchange-traded fund which launched on Tuesday this week has not helped the market recover even as it continued to rally for the second day yesterday. It now has $54 million worth of assets under management and is the cheapest of the three Bitcoin ETFs launched in the US. However, with each ETF coming to the market, the positive effect on the entire crypto market will likely be dwarfed, Edward Moya, Senior Market Analyst with Oanda, told Yahoo Finance.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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The original article written by David Kariuki and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Are Cryptos Really Falling?

Hold On For Dear Life – Cryptos Are Falling!

By RTTNews Staff Writer | Published: 11/16/2021 8:04 AM ET

A sea of red has descended on the cryptocurrency market, with the overall market capitalization dropping by a whopping 8.5 percent in the past twenty-four hours. Of the top-100 digital assets by market capitalization, only 2 are in overnight positive territory, and of this, only 1 has gain of more than a percent. Only 16 cryptocurrencies have resisted the bloodbath and are still showing weekly gains.

The massive sell-off in the cryptocurrency market comes amidst the dollar index surging in a day from 95.14 to 95.5, a level last seen in July 2020. However other dollar denominated assets like Crude Oil and Gold have not been adversely impacted by the Dollar’s strength in the past few sessions. Crude Oil (Brent Futures) is trading at $82.81 per barrel, up 0.93 percent from Monday’s close. Gold is currently trading at $1,874.65 per troy ounce, up 0.43 percent from Monday’s close.

The bearishness in cryptocurrencies triggered by the dollar’s strength appears to have been exacerbated by developments elsewhere, especially comments from Chinese officials. Comments attributed to Chinese officials on cryptocurrency mining jeopardizing the country’s efforts to reduce carbon emissions, as well as a warning of an imminent clampdown on commercial mining also apparently dampened sentiment.

Reports citing a company official’s comments that Twitter would have to change its Investment Policy to hold more volatile assets on its balance sheet and that crypto investments did not make sense right now also ostensibly impacted crypto market sentiment.

Bitcoin has fallen to $60,546.47, more than 8 percent below the all-time high of $68,789.63 touched a week ago. Ethereum too has corrected to $4,260.83, almost 10 percent below the all-time high of $4,859.50 touched a week ago. Binance Coin (BNB) is down 9.9 percent, Solana (SOL) has shed 8.6 percent and Cardano (ADA) has lost 8.1 percent.

Investor profile has dramatically changed as only 83 percent of Bitcoin holders are making profits at current prices. In the case of Ethereum, at current prices, 92 percent of holders are in-the-money.

Market capitalization of Smart Contracts declined 9.84 percent to $777 billion. DeFi market cap dipped 10.3 percent to $170 billion. Stablecoins market cap was stable at $140 billion. Memes declined 9 percent to $60 billion. NFT related digital assets also shed 9 percent in market cap to touch $60 billion.

Among the top-15 crypto coins by market capitalization, Litecoin (LTC), Algorand (ALGO) and VeChain (VET) have declined most, by more than 14 percent. Among the top-15 tokens, The Graph (GRT) has also declined more than 14 percent overnight.

Shares of companies with cryptocurrency investments or having businesses tied to cryptocurrencies have also suffered in tandem with the drop in crypto prices. Business analytics platform Microstrategy (MSTR) shows a 4 percent drop in share price in pre-market trading.

Crypto mining outfit Riot Blockchain (RIOT) has dropped by more than 11 percent in pre-market trading. Crypto exchange Coinbase Global (COIN) also has suffered a more than 3 percent decline.

ProShares Bitcoin Strategy ETF (BITO) closed Monday’s trading at $40.89, down $0.23 or 0.56 percent from previous close. It is currently trading in pre-market at a 5.72 percent loss.

Valkyrie Bitcoin Strategy ETF (BTF) closed Monday’s trading at $25.20, down $0.14 or 0.55 percent from previous close. The ETF is currently trading more than 6 percent lower in pre-market.

Grayscale Bitcoin Trust (GBTC) closed Monday’s trade with a 0.56 percent cut.

Open interest or the total number of contracts in Chicago Mercantile Exchange’s Bitcoin Futures increased to 13795 contracts on Monday, from 13563, a day ago.

The amazing bull run that preceded the flash crash a week ago would have been a mirage without profit booking and crystallization of gains. Plunging into crypto exposure without bracing for the inherent volatility would be not just naivete but also gross negligence.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Cryptos Cautious

Cryptos Cautious As Dollar Surges

By RTTNews Staff Writer | Published: 11/12/2021 8:09 AM ET

Crypto currency market capitalization declined by 1.54 percent overnight to $2.79 trillion as inflation stoked a fierce combat between digital and fiat currencies, that intensified with the Dollar Index surging to a multi-month high. Dollar Index, that measures the U.S. Dollar against a basket of 6 currencies is currently at 95.12, a level last seen in July 2020, when Bitcoin was trading near $10,000.00.

Safe haven demand in the Dollar has exerted direct pressure not just on cryptocurrency prices denominated in Dollars, but also on Gold, the closest competitor in the race for reckoning as the best inflation hedge. The yellow-metal is currently trading at $1854.58 per troy ounce, a drop of 0.50 percent from the previous' day's levels.

Bitcoin is currently trading at $63,720.20, 7 percent lower than its all-time-high of $68,789.63.

Meanwhile reports suggest that Bitcoin is bracing for the Taproot upgrade, the first major upgrade since 2017. The upgrade is expected to improve Bitcoin's privacy, programmability and scripting capacity to bring it in line with competing blockchains that already have programmable smart contracts.

The Taproot upgrade is expected to introduce MAST and Schnorr signatures. MAST or Merkelized Abstract Syntax Tree would make it difficult to trace and analyze Bitcoin transactions by making complex transactions indistinguishable from basic transactions. Schnorr signatures, would create smaller transaction sizes through data aggregation and help save on fees. In short, developers can create more extensive Bitcoin applications, while end-users can gain from cheaper, more private transactions.

Ethereum is currently trading at $4,587.09, 5 percent away from the all-time-high of $4,859.50 recorded on November 10.

Market capitalization of Smart Contracts decreased by almost 2 percent in a day to $839 billion and that of DeFi by more than 3 percent to $183 billion. Stablecoins market capitalization increased marginally to $140 billion. Metaverse attracted investors and its market capitalization increased by 10 percent to $32 billion. NFT market cap surged 5 percent to $62 billion. Meme assets suffered 1 percent decline and market capitalization dropped to $65 billion.

Among the top-100 crypto currencies by market capitalization, only 11 are making overnight gains. 37th ranked metaverse token Decentraland (MANA) is the best performing crypto token with an overnight gain of 37 percent. 31st ranked Hedera (HBAR) is the best performing crypto coin with an overnight rally of 10 percent.

Crypto token Basic Attention Token (BAT) ranked 76th in terms of market capitalization is the lead gainer in the DeFi category with an overnight rally of 10 percent.

ProShares Bitcoin Strategy ETF (BITO) closed Thursday's trading at $41.62, down $0.69 or 1.63 percent from previous close. Valkyrie Bitcoin Strategy ETF (BTF) closed Thursday's trading at $25.66, down $0.40 or 1.53 percent from previous close. Grayscale Bitcoin Trust (GBTC) closed Thursday's trade with a 2.30 percent cut.

Open interest or the total number of contracts in Chicago Mercantile Exchange's Bitcoin Futures decreased to 13656 contracts on Thursday, from 13742, a day ago.

Will Saturday's long-awaited upgrade to the Bitcoin Network influence the cryptocurrency's prices? The count-down begins.

For comments and feedback contact: editorial@rttnews.com

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ProShares Bitcoin Futures Volume

ProShares Bitcoin futures fund in top 2% of all ETFs for volume

While BTIO is going from strength to strength with a total of $1.4 billion worth of inflows since late October, one expert thinks that VanEck’s Bitcoin spot ETF has a 200-to-1 chance of being approved by the SEC.


Image courtesy of CoinTelegraph

            NOVEMBER 10, 2021

Since its launch on Oct. 19, ProShares’ Bitcoin (BTC) futures exchange-traded fund (ETF) has been a popular choice with traders, rising to the top 2% of all ETFs in terms of total trading volume.

Bloomberg senior ETF analyst Eric Balchunas noted on Thursday that the ProShares Bitcoin Strategy ETF (BITO) had $400 million worth of shares traded on Wednesday, with its average volume consistently putting it in the top 2% of all ETFs.

BITO has seen roughly $112.79 million combined inflows over the past nine days. While the figure pales in comparison to the first two days of the fund’s listing that saw $567.16 million and $489.51 million worth of inflows, respectively, Balchunas noted that “this kind of consistent flow-age is highly rare” for a newly launched ETF.

BITO launched on the New York Stock Exchange on Oct. 19 and has since accumulated more than $1.4 billion worth of assets under management. Investor appetite for the fund remains high although the price of BITO has failed to surge and is currently sitting at $42.3, which is slightly below its initial listing price of around $43.2. Balchunas suggested that options volume may be the driving factor behind BITO at this stage.

There seems little hope of a Bitcoin ETF tracking the spot price being approved in the immediate future, with Balchunas suggesting that VanEck’s spot ETF would almost certainly be knocked back by the United States Securities and Exchange Commission on the Sunday, Nov. 14, deadline. The analyst put the odds at a “bleak” 200-to-1.

Related: BREAKING: BlockFi files for physically backed Bitcoin ETF

On Wednesday, ProShares investment strategist Leks Gerlak told U.S. News & World Report that BITO should have no issues with reflecting the value of Bitcoin as futures contracts play a key role in determining its spot value:

“There is no single reference price for Bitcoin, and the trading price of Bitcoin varies from one exchange to another, often between 1% to 2%, and sometimes by 4% to 5%. Expert research on this topic finds that the Bitcoin futures market dominates the price discovery process.”

“Over the past few years, Bitcoin futures and Bitcoin have historically provided very similar returns. Both correlation and beta have been very close to one to Bitcoin,” he added.

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Original article posted on the CoinTelegraph.com site, by Brian Quarmby.

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Bitcoin Hash Rate On Course

Bitcoin Hash Rate On Course To A New All-Time High As Bull Market Gets Heated

By Ponvang Bulus – November 7, 2021

BTC is currently up by 2.32% over the last 24 hours, trading at $62,998. Although this falls short of investors’ expectations, it has not changed their hopes for a new all-time high before the year ends.

The Bitcoin market over the last few weeks saw the asset break the $66k mark to record a new all-time high of $66,930 before steadily dropping below $62k. The price has managed to maintain this level on average, indicating the bull market may still be playing out.

One key metric, the hashrate is also witnessing heightened upsurges. Bitcoin hash rate continues to soar and is attempting to make a new all-time high before the end of the year.

The effect of the China miners’ exit has worn off and bitcoin miners based in the US seem to be leading the new wave. as the hash rate has steadily increased over the last 3 months. This has made many crypto proponents Bullish about the state of the bitcoin market in spite of Bitcoin’s flat performance in the last few days.


(Click image for larger view)

Will Price Follow Suit?

The price of the crypto asset has historically followed the hash rate, BTC has however been in a tight range between $60,000 and $63,000 in the last few days and seems unable to break the $64,000 barrier. As the hash rate continues to surge, the price of Bitcoin is expected to grasp if everything plays out as it usually does.

Analysts remain positive that Bitcoin is getting ready to retest the latest all-time high of nearly $67,000. When a new ATH comes to fruition, the asset is expected to enter price discovery mode which opens the door to new possibilities for Bitcoin.

Hash rate approaching a new all-time high should help to reinforce confidence that this will soon become a reality, but of course, no one knows for certain how soon it will be.

 

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The original article written by Ponvang Bulus and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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RSI Strength Suggests BTC At 98k

‘Absolutely Bullish’: Bitcoin RSI Strength Suggests BTC At $98k Is Closer Than Ever

By Adrian Klent – November 4, 2021

Key takeaways

  • The mammoth Bitcoin bull rally in October is expected to extend into November as well.
  • According to expert trader PlanB, Bitcoin has entered the second leg of the bull rally that began in 2020.
  • PlanB’s stock to flow model expects Bitcoin to reach $98,000 in November and $135,000 by December.

October was very bullish for Bitcoin, in the month, the pioneer cryptocurrency set a new all-time high of just under $67,000 and is set to close the year with an extra 30%+ upsurge.

The market is expected to become even more bullish in November. According to PlanB, the creator of Bitcoin’s stock-to-flow (S2F) valuation model, Bitcoin’s relative strength index (RSI) – which is a technical analysis indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset – is showing a very interesting trend.

PlanB noted that in normal markets, an RSI of less than 30 is a buy signal while an RSI greater than 70 is a sell signal. But in Bitcoin, the scale moves as the asset has a continuous upward trend, so the corresponding standards are between 45 and 95. Currently, the Bitcoin market is showing an RSI of around 72 which leaves a lot of room for further extension before the market gets into the overbought region.


(Click image for larger view)

This is one of the reasons why the quant asserted that Bitcoin has entered the second leg of the bull market. The first leg of the bull market according to analysts is the bull run leading up from December 2020 till Bitcoin reached an all-time high of just under $65,000 in April. Plan B is seeing this second leg extending into 2022 with the price of Bitcoin reaching as high as $288,000.

Bloomberg also had similarly bullish sentiments for Bitcoin. In their October Edition of the ‘Bloomberg Crypto Outlook’ published earlier last month when Bitcoin was trading in the $43,000 region, their analysis pointed out that Bitcoin was close to $70,000 as their data indicated that the market was showing similar signals that resulted in a 171% gain back in the 4th quarter of 2020.

Notably, PlanB’s market prediction based on the S2F model has been for the most part 85% accurate so far. Recall that the expert trader made multiple price predictions for the price of Bitcoin back in June. The S2F prediction has so far checked out for August and September having nailed the predicted prices of $47,000 and $43,000 respectively. The model also predicted that Bitcoin would reach $63,000 as a worst-case scenario price. The price of Bitcoin even crossed the prediction to hit a new all-time high of $66,936 but is currently trading at around $61,000, down 2% on the day.

If the market continues to track the S2F projection, then it should also touch the prognosticated values of $98,000 and $135,000 for November and December respectively, which is extremely bullish.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Visit MarketHive to learn more: http://markethive.com/jeffreysloe