Bitcoin News Thebittimes.Com

Cambridge researchers have revised the widely cited index in response to evidence indicating periodic overestimation of Bitcoin mining’s electricity consumption. Researchers behind the well-known Cambridge Bitcoin Electricity Consumption Index (CBECI) have officially revised its methodology to enhance the accuracy and reliability of the Index’s estimates for the first time since its inception in 2019. The CBECI was launched in July 2019 in an effort to provide reliable data-driven insights to questions about Bitcoin mining’s energy-intensive nature and associated environmental impact.  Speaking exclusively to Cointelegraph ahead of announcement of the revision, head researcher Alexander Neumueller unpacked the Index’s role in providing a relatively accurate estimate of the Bitcoin (BTC) network’s electricity consumption and contextualizing the data in a way that is digestible for the layman on the street. Key takeaways from the revised methodology included a focus on recent developme...

BTC trading volume at CME recently eclipsed Bybit, but what does this mean for Bitcoin's price? The Chicago Mercantile Exchange (CME) introduced its Bitcoin futures contract in December 2017. This was around the same time that Bitcoin (BTC) had reached an all-time high of $19,800, but by late 2018, the price had dropped to $3,100. Investors in cryptocurrencies quickly learned that CME derivative contracts allowed them to make bullish bets with leverage but also enabled them to bet against the price , a practice known as shorting. Historically, the Securities and Exchange Commission has rejected Bitcoin exchange-traded fund (ETF) proposals due to concerns about manipulation on unregulated exchanges. The growing significance of CME’s Bitcoin futures market might address this issue, and recently, Hashdex has even requested a Bitcoin ETF that relies on Bitcoin's physical trades within the CME market. Professional traders often use BTC derivatives to hedge risks. For instance, on...

Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say. Cryptocurrency exchanges in Australia have been increasingly communicating with their users as part of preventative measures against scams. According to local crypto firms, such communication is the key to preventing scams as it is able to “break trust” between victims and scammers. Executives at major Australian crypto firms such as Cointree, CoinSpot and Swyftx met at a panel of the fintech conference Intersekt 2023 in Melbourne on Aug. 31 to discuss the issue of scams and fraud in crypto. At the panel, the executives mentioned a variety of measures taken by the platforms in order to protect their users from fraud, including automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication. Cointree, CoinSpot, Swyftx and Chainalysis executives at Intersekt 2023. Source: Cointeleg...

Armed hostile conflicts between states or nations, in order to solve disputes are deeply ingrained in humanity. As we speak, Ukraine and Russia are involved in a tussle that entered its 498th day. Popularly termed as ‘War’, in pure literary context, it also reiterates different forms. The current situation brewing between the U.S. and China might be considered fairly similar, where blood isn’t shed but the power struggle is potentially more critical. ‘The Semi conduct or War’ between the two dominant corridors is palpable, and the consequences might permeate into other rising sectors. In this article, we will take a look into the current conundrum and how this may affect a geologically specific activity and a revolutionary technology: Crypto Mining and AI. Also Read: UAE Gearing Up to Become Bitcoin Mining Hub Firstly, How Did We Get Here? President Xi Jinping has major plans for China’s People’s Liberation Army (PLA). With an objective to o...

AI Meets Baby Doge Coin Marking September 4th as the date for the big reveal, the community is eagerly anticipating what could be a groundbreaking moment. “Get ready to witness the power of technology like never before!” one tweet excl AI med. While the specifics rem AI n shrouded in mystery, one hint has been dropped – an undisclosed secret Artificial Intelligence ( AI ) project. The mere mention of this fusion of AI and the cryptocurrency realm has captured attention and sparked discussions. advertisement As a direct result of the announcement, Baby Doge Coin experienced a notable uptick of more than 3% in the last hour, driving its trading value to $0.000000001152. This increase reflects investors’ excitement about the imminent announcement’s possibilities. The meeting of AI with blockch AI n technology has accelerated in recent months. The ability of AI to efficiently understand data is critical for speeding up blockch AI n ope...

An analyst opined that market participants should DCA into altcoins long before the Bitcoin halving. Bitcoin and Ethereum’s dominance remains flat, indicating a possible season for altcoins to thrive. Using the CMF, the LINK/USD chart showed that accumulation has begun. In the crypto market, timing plays a crucial role in determining investment outcomes and asset performance. For many cycles, the time factor has been instrumental in determining altcoins’ growth while identifying the season to accumulate these assets. With recent shifts in the cryptocurrency landscape and the ongoing volatility of major players like Bitcoin (BTC) and Ethereum (ETH), investors are naturally curious about whether the current juncture presents an opportunity to amass a portfolio of altcoins. Interestingly, crypto analyst Michaël van de Poppe weighed in on the matter while referring to the price performance of several altcoins. According to Poppe, a number of altcoins hav...

Patricia clarified that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users. The announcement of Patricia Token (PTK) by Nigerian crypto exchange Patricia was greeted by users with scepticism and some suspicion, as they took to social media to question the motives behind the move. Now, in a response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of the Patricia Token. According to the released white paper, the Patricia token is not a stable coin but a debt token , issued to customers to manage users' debt. Patricia said that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users, and promising to pay holders 1 USDT for each Patricia Token in the future. In April 2023, Nigerian crypto exchange Patricia halted withdrawals and deposits due to a breach. However, cu...

PlanB, a well-known quantitative researcher, says that Bitcoin (BTC) is likely to grow very quickly before the halving event next year. The pseudonymous quant expert predicts that Bitcoin will follow the stock-to-flow (S2F) model and rise more than 588% from its present value of $29,069 to $200,000. PlanB says that the halving of Bitcoin in April 2024, which will cut the prize for BTC miners in half, will be the spark that sends the king cryptocurrency to new all-time highs. “2024 halving cycle is going to be very interesting. Or 2022 was an outlier and 2023+ will revert to S2F model line. Or there is a non-linear relationship between S2F/halving and price, diminishing return. IMO (in my opinion) 2022 was an outlier and exponential growth will continue until ~50% adoption. Time will tell.” Traders have used the S2F model for a long time to predict how the prices of things like gold and silver will move. The model predicts how an asset will do based on the...

El Salvador has time and again been credited with ushering in a new wave of Bitcoin adoption. The Central American nation declared Bitcoin to be legal tender in 2021, mandating that all businesses accept the largest crypto asset. Parallelly, in economies where local currencies are suffering, like Argentina, Turkey, and Egypt, Bitcoin has been creating records. In a recent investor note, Ark Invest Research Associate David Puell pointed out that Bitcoin adoption in Argentina is outpacing that in El Salvador . Despite the legal tag, Salvador’s numbers depict mixed sentiment. An OpEd by CoinDesk pointed out that there is interest in Bitcoin among bankers. However, they fear the repercussions with their international partners if they adopt the digital currency. In fact, several international bodies, like the IMF, expressed their disapproval in the recent past. For Bitcoin to succeed in the region, local banks need to be able to integrate the network into the existing services that ...

Indian crypto exchanges CoinSwitch and CoinDCX have been struggling to maintain headcount amid bear market and TDS. The CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28. The crypto exchange reportedly laid off 44 employees from its customer support division in August, citing redundancy in roles amid the bear market-triggered lack of customer queries. “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform,” CoinSwitch said. The firm added that this impacted the roles of 44 members of its support team, who “voluntarily resigned from their roles after a detailed discussion with their managers.” 44 employees account for a significant share — or roughly 8% — o...

Jacobi FT Wilshire Bitcoin ETF has been defined as an Article 8 fund by its issuer firm. The first-ever spot Bitcoin exchange-traded fund (ETF) launched on the European market has been classed as an Article 8 fund by its issuer firm, London-based Jacobi Asset Management. Funds included under Article 8 of the European Sustainable Finance Disclosure Regulation (SDFR) are those that “promote environmental and/or social characteristics.”  On Aug. 29, Bloomberg reported that Jacobi Asset Management had classified its Jacobi FT Wilshire Bitcoin ETF as an Article 8 fund. The fund, launched on the Amsterdam stock exchange on Aug. 15, becomes the first Bitcoin ETF traded in Europe, and the first to have the European Union’s environmental , social and governance investing rules applied. Related: Hashdex joins race for spot Bitcoin ETF with unique strategy The report cites Martin Bednall, the CEO of Jacobi, who is calling the ETF “fully decarbonized” for its partial investments in renewabl...

Standard Chartered Bank predicted at the end of 2022 that Bitcoin could fall to $5,000 in 2023. However, newer predictions said the price could rise to $50,000 by the end of 2023. Moreover, the price by the end of 2024 is predicted to reach $120,000. Addressing the polarity between Bitcoin price predictions in 2022 and 2023, Colin Wu, a Chinese reporter, tweeted about the recent research by Standard Chartered Bank. The research predicted a rise in the price of Bitcoin to $50,000 by the end of 2023, which is different from their early predictions of its fall to $5,000. In a research note on Monday, Standard Chartered Bank predicted that the price of bitcoin could rise to $50,000 by the end of 2023 and $120,000 by the end of 2024. It is worth noting that Standard Chartered Bank predicted at the end of 2022 that Bitcoin may fall to $5,000 in… — Wu Blockchain (@WuBlockchain) July 11, 2023 The price of Bitcoin has changed dramatically within the last fe...

The popular analyst Michael van de Poppe shed some light on the current state of the market in his latest tweet. According to the analyst, the current market cycle is reminiscent of the 2015 market which recorded prolonged sideways movement. Van de Poppe noted that recent bullish developments in the market are overshadowed by overwhelming bearish sentiment. Michael van de Poppe, a renowned cryptocurrency trader and analyst, recently took to Twitter to address investors’ concerns and shed light on the current quiet state of the cryptocurrency market. In his insightful tweet, he delved into the historical context of Bitcoin’s cycles and provided his perspective on the current bear market. The longest bear market in history for #Bitcoin It might feel like a ghost town in crypto. It might feel like there's not even going to be a bull cycle anymore and I understand why these thoughts are there. But why? Well, people base their decisions on history. … pic...

The U.S. Securities and Exchange Commission recently missed the second deadline for 21Shares and ARK Investment’s Bitcoin (BTC) ETF (Exchange Traded Fund) application. The agency missed the first deadline on June 29, and the second on Aug. 13. The SEC has not given any reason for delaying the decision. Moreover, under its guidelines, the agency has the authority to delay an ETF application by up to 240 days. However, what’s even more concerning is that in the coming week, seven different applications will be approaching their first deadline. BlackRock, the world’s largest asset manager, is one of those seven. The SEC’s first deadline for BlackRock’s application is Sept. 2, less than a week away. Given that the agency has consecutively missed two deadlines for ARK Invest and 21Shares’ Bitcoin ETF applications, there is no guarantee that they won’t do the same for the others. Also Read: Bitcoin Remains a ‘Store of Value’ During Inflation Con...