Month: December 2021

December 1, 2021 Cycling On-Chain is a monthly column that uses on-chain and price-related data to better understand recent bitcoin market movements and estimate where we are in the cycle. This seventh edition first addresses several on-chain and derivatives-related metrics to gauge the current bitcoin market structure. Then, it discusses two developing narratives that are introducing some fear into the market: the Mt. Gox rehab plan and the emergence of the omicron COVID-19 variant. Finally, we’ll conclude with the results Read more …

Bitcoin is an “off-the-grid” alternative to the traditional financial system, SEC Chairman Gary Gensler said. Gensler joined former SEC chairman Jay Clayton on Wednesday to talk about Bitcoin, cryptocurrency, and ETFs. Issuers should “come within the investor protection remit” to launch a spot BTC ETF in the U.S., Gensler said. Bitcoin is a competitor to the U.S. banking system and its worldwide consensus, the Securities and Exchange Commission (SEC) Chairman Gary Gensler said on Wednesday. “We layered over our digital Read more …

While non-fungible token (NFT) assets have been extremely popular in 2021, there’s been a slew of issues tied to the ecosystem as well. A recent report indicates that roughly a dozen artists are considering taking legal action against an NFT collection called “Art Wars” because their original artwork was sold as NFTs without their consent. NFT Collection Targeted Over Using Artwork Without Permission From the Original Artists Non-fungible token (NFT) assets have seen billions of dollars in sales this year, Read more …

What incentives does Bitcoin offer? Money accumulation, or is there any greater purpose and incentive for miners securing the network? Mining is a most important process of the Bitcoin network, yet relatively few actually understand it. I recently had the pleasure of speaking with Marty Bent, the laid-back Philadelphian with a penchant for Bitcoin mining and founder of Tales From The Crypt podcast. We talked about my journey and how I came about writing my book “From Bars To Bitcoin,” Read more …

1inch Network, the decentralized exchange (dex) aggregation project, has announced the company has raised $175 million in a Series B financing round. According to the announcement, the fresh new capital will be leveraged to scale the team, foster additional 1inch token utilities, and build new protocols. 1inch Raises $175 Million From Strategic Investors Over the last year, decentralized finance (defi) has propelled itself into the spotlight as a great number of dex platforms now provide users with the ability to Read more …

Croatia’s largest food retailer has enabled bitcoin payments in its online shop. Konzum said it plans on deploying the payment option in its physical stores soon. “We are proud to be leaders in another area that is rapidly developing and dictating the future,” Konzum board member Uroš Kalinić said. Croatia’s largest food retailer has enabled bitcoin as a payment option in its online shop, the company said in a statement Wednesday. Konzum has become the first local retail chain to Read more …

Marathon has expanded its May agreement with Compute North to accommodate more miners in different regions of the U.S. The infrastructure provider will now host and manage over 100,000 of Marathon’s bitcoin miners. Upon full deployment, Marathon’s operations are expected to be 77% carbon neutral. Publicly traded bitcoin miner Marathon Digital Holdings has expanded its hosting deal with infrastructure company Compute North to accommodate over 100,000 of its bitcoin mining rigs, the company said in a statement Wednesday. The agreement, Read more …

Bitcoin’s potential is immense — an independent global reserve asset, the foundation of a more ethical financial system, uncorrupted by centralized financial overlords. But what is the risk that bitcoin could become co-opted and corrupted by those centralized financial overlords? What if bitcoin loses its independence? What if bitcoin merely becomes another speculative Wall Street plaything? TLDR: Wall Street’s growing importance is unavoidable as bitcoin goes mainstream, but correlations will not rise indefinitely and bitcoin’s independence remains in the hands Read more …

India’s finance minister, Nirmala Sitharaman, has revealed that the previous version of the cryptocurrency bill the government is pushing needed to be reworked. “This bill, once the Cabinet clears, will come into the House,” the finance minister told Rajya Sabha, the upper house of India’s parliament. Indian Government Pushing New Crypto Bill Finance Minister Nirmala Sitharaman answered some questions in Rajya Sabha Tuesday regarding the government’s cryptocurrency plans and the crypto bill that has been listed to be taken up Read more …

The second-largest cryptocurrency in terms of market capitalization, ethereum, has come awfully close to reaching the digital asset’s all-time high ($4,878) it reached 21 days ago on November 10. While bitcoin dominance has slid below the 40% zone, ethereum’s market dominance, or $557 billion market valuation, represents close to 20% of the crypto economy. Ethereum’s Price Trajectory Nears All-Time High — Ether Market Dominance Increases During the last two weeks, ethereum (ETH) has increased 10.8% in fiat value and year-to-date Read more …

Pressure is mounting for SEC approval of Bitcoin Spot ETF in the U.S. following a new pending spot ETF approval in Canada spearheaded by none other than Fidelity Investments. Fidelity’s Bitcoin Spot ETF product listing is titled “Fidelity Advantage Bitcoin” and pending approval to launch in Canada this week. According to Eric Balchunas, Bloomberg senior ETF analyst, the launch of Fidelity’s listing would immediately make them the largest asset manager offering a Bitcoin ETF. Image Source: Eric Balchunas, Bloomberg Eric Read more …

Libertarians should prioritize the Bitcoin strategy above all others. Libertarians generally believe in the non-aggression principle (NAP), meaning that it is wrong to initiate aggression against someone else’s person or justly-acquired private property. What does Bitcoin have to do with the non-aggression principle? The chief violator of the NAP principle is the state. And the chief reason the state is so large and so powerful is that it has access to cheap debt. Bitcoin fixes this. Let’s explore: Why The Read more …