2023-10-22 11:49

Copyrighted Image by: Reuters George Mason University economics professor Lawrence White expressed concerns about the changing miner reward model for Bitcoin during a discussion with David Lin published on Sunday. He suggested that as Bitcoin production slows down, miners' rewards will increasingly depend on transaction fees, potentially leading to security risks caused by insufficient incentives. At present, miners are primarily incentivized by the generation of new Bitcoins. However, in a future scenario where Bitcoin production ceases, the rewards would solely consist of these transaction fees. This shift could pose significant challenges to the security of Bitcoin transactions, according to White. Despite these potential risks, White underscored Bitcoin's robust security history. He emphasized that the cryptocurrency has proven to be hack-proof so far. While expressing skepticism about Bitcoin's role as a future currency, White indicated that other cryptocurrencies might be better positioned to fulfill this role. At the time of their conversation on Sunday, Bitcoin was trading at $29,906. https://www.investing.com/news/cryptocurrency-news/bitcoins-miner-reward-model-raises-concerns-says-economist-93CH-3204971

2023-10-22 11:11

Crypto whale 0xe8f, a major holder of Bluzelle (BLZ), has recently increased their holdings by securing an additional 11.1 million BLZ ($2.06 million) from Binance at an average price of $0.185 per token. This follows a prior procurement of 52.82 million BLZ ($4.72 million) two months ago at an average price of $0.08938 each, before a significant price increase. The total holdings of this crypto whale now stand at 63.92 million BLZ ($11.82 million), which constitutes 12.8% of the total BLZ supply. This investor has not accumulated any other tokens, leading to an unrealized gain of $5.25 million (77.4%). Whale 0xbf2, another significant holder in the BLZ market, owns 56,959,910 BLZ ($6.74 million), representing 11.4% of the total supply. These tokens were deposited from Binance on August 16, 2023. This investment has resulted in an unrealized profit of $5.77 million (+116%). The recent activities of these major holders indicate a strong interest in Bluzelle, contributing to its market dynamics and potentially influencing its price movement in the crypto market. https://www.investing.com/news/cryptocurrency-news/crypto-whale-0xe8f-increases-bluzelle-holdings-realizing-significant-gains-93CH-3204964

2023-10-22 10:13

Copyrighted Image by: Reuters. MicroStrategy Incorporated, led by CEO Michael Saylor, has once again reinforced its bullish stance on Bitcoin by investing an additional $147.3 million in the digital currency. This latest investment brings the firm's total Bitcoin holdings to 158,245 BTC, acquired for approximately $4.68 billion. The company's decision comes amidst Bitcoin's strong performance, which has been outpacing traditional assets and other major indexes. A recent chart comparison reveals a remarkable 147% growth in Bitcoin value since it was adopted as a treasury reserve asset (TRA) by MicroStrategy in August 2020. Compared to this robust growth, the S&P 500 and the Nasdaq Composite have shown increases of only 26% and 18% respectively over the same period. Simultaneously, traditional assets have been experiencing a decline. Gold, often considered a safe-haven asset, has dropped by 3%. Similarly, silver and bonds have seen significant slumps of 19% and 24% respectively. Despite these trends and the current lack of profitability due to Bitcoin's average price, Saylor remains optimistic about the digital currency. He stated confidently that "Bitcoin is stronger." His statement underscores his belief in Bitcoin as a valuable inflation hedge, often referred to as "digital gold." MicroStrategy's continued investment in Bitcoin underscores its commitment to the digital currency as a core part of its treasury strategy and its belief in its potential long-term growth. https://www.investing.com/news/cryptocurrency-news/microstrategy-bolsters-bitcoin-holdings-amid-rising-performance-93CH-3204958

2023-10-22 10:08

The cryptocurrency XRP, currently trading at $0.5167, is predicted to significantly rally following the Elliott Wave pattern, according to analyst Dark Defender. Despite no correlation with Ripple's fortunes, even after Ripple's three SEC lawsuit wins, XRP's price fluctuations pivot around the Elliott Wave. The digital currency is currently in Wave 2, with a price range between $0.46 and $0.5286. It is expected to rise to $0.66 shortly, marking an increase from its current value. The median target for Wave 3 is set at $5.8563, with potential extensions reaching as high as $18.22 or $13. These targets represent a 3,426% increase and a 2,415% rally respectively. Dark Defender's predictions are not financial advice but rather speculative projections based on the Elliott Wave pattern. Investors are advised to conduct proper research before making any investment decisions. Despite these optimistic forecasts, XRP experienced a minor dip recently with a 0.12% decrease in its trading value. However, this decline has not deterred the projected rally based on the Elliott Wave pattern. It's important to note that these projections are independent of Ripple's legal victories against the SEC. The cryptocurrency's price movements seem to be more influenced by market trends and patterns than by the company's legal outcomes. In conclusion, while XRP's future performance is not guaranteed and remains speculative, current projections suggest a significant increase in value following the Elliott Wave pattern. As always, potential investors should conduct thorough research before making any investment decisions. https://www.investing.com/news/cryptocurrency-news/xrp-forecast-to-rally-following-elliott-wave-pattern-93CH-3204956

2023-10-22 08:19

Copyrighted Image by: Reuters. On Saturday, Bitcoin encountered resistance around the $30,000 mark while its dominance index reached a two-year high. The BTC.D chart from Tradingview, which represents Bitcoin's portion of the total cryptocurrency market value, currently stands above 52%. This dominance rate peaked at 52.72% on October 21, marking a record not witnessed since April 2021. The BTC.D has seen a substantial rise from an early-year figure of 38%, in line with an 81% increase in Bitcoin's price since January. Crypto analyst Rebecca Steven attributes this surge in BTC.D to Bitcoin's resilience and consistent top-tier performance in the current market. According to Steven, high inflation rates, geopolitical unrest, and a fragmented US government are motivating investors to adopt risk mitigation strategies. Steven also underscored the impending approval of a spot Bitcoin ETF as a factor enhancing Bitcoin's attractiveness. She suggests that Bitcoin is acting as an ideological shield against global instability, thereby boosting its growing dominance in the cryptocurrency market. This rise in dominance reflects Bitcoin's stake in the total cryptocurrency market value and indicates its supremacy over altcoins. However, it doesn't entirely represent all cryptocurrency market dynamics. For example, a decrease in Bitcoin dominance could signify investors diversifying their portfolios with altcoins. On the other hand, an increase in Bitcoin dominance could point to investors' growing confidence and resource allocation towards Bitcoin. Therefore, investors and analysts utilize various market indicators to understand comprehensively the health and trends of the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoin-struggles-at-30000-dominance-index-hits-twoyear-high-93CH-3204942

2023-10-22 07:58

Copyrighted Image by: Reuters The Central Bank of Russia has indicated that the upcoming launch of its central bank digital currency (CBDC), the digital ruble, is not expected to eclipse other non-cash and cash payment methods. Alla Bakina, director of the bank's national payment system department, shared this perspective during a webinar reported by Interfax news agency. Bakina revealed that non-cash transactions currently account for more than 80% of all payments in Russia. The introduction of the digital ruble is aimed at broadening consumer payment options, stimulating competition among various payment methods including cash, cards, bank accounts, digital accounts, mobile apps, and pay services. In addition to this, Bakina confirmed that there would be no limits set on payments made with the digital ruble. She also recognized the continued relevance of cash in certain situations. This stance aligns with the views of the Bank of Russia's governor, Elvira Nabiullina, who had previously asserted last month that cash remains an essential payment method. Nabiullina also disclosed ongoing plans to develop a 1,000-ruble bill. The digital ruble project began its pilot trial in August with 13 banks participating. An update on the project's progress was recently shared by Nabiullina, who conveyed plans for expanding the trial next year. The expansion aims to include more participants and test additional use cases for the digital currency in 2024. https://www.investing.com/news/forex-news/digital-ruble-launch-not-expected-to-overshadow-other-payment-methods-says-central-bank-of-russia-93CH-3204934