BTC

Ethereum Skyrockets Past $4K Tapping a New ATH, Ether Dominance Jumps to 20%

10/05/2021 by Idelto Editor

The price of ethereum, the second-largest crypto asset in terms of market valuation, touched an all-time high (ATH) on Monday, capturing $4,246 per unit. Ethereum has been on a tear during the last year against the U.S. dollar, gaining a whopping 2,129% in 12 months.

Ethereum Captures Fresh Price Highs, ‘Flippening’ Begins to Trend

Ethereum (ETH) reached a new ATH this Monday, tapping $4,246 per ether. ETH is up over 6% during the last 24 hours and 21.9% over the course of the week. Against bitcoin (BTC), ETH is up 19% during the course of the last seven days. 30-day stats shows ETH is up 96% and 90-day data shows ether is up 136%.

Ethereum’s price rise has been dragging bitcoin’s (BTC) leading dominance down a great deal, as BTC only commands 43% today. ETH dominance is 19.6% and it’s been rising higher as each day passes. Data shows that reported volume for ETH is around $54.7 billion, while “real volume” stats from Messari indicates volume could be around $12.2 billion.

Since ETH dominance has risen significantly, crypto enthusiasts believe the crypto-asset could possibly flip BTC. The term “flippening” is trending on Twitter and a number of people are assessing the possibility of ETH dominating BTC.

“Maxis catching up on reality,” one person tweeted on Monday. “We are now just a little over 2x away. The flippening might indeed take a lot less than 5 years,” he added.

Ethereum Onchain Data Continues to Outpace Bitcoin, $85 Billion Locked in Defi

Data also shows that ETH is processing more transactions and settling more money than BTC in recent months. Holders making money at the current price is 100%, according to Into the Block data. Concentration of large ETH holders is 41% and correlation with BTC is only 0.09% on Monday afternoon. Transaction demographics between the east and west is 50/50 for Ethereum today, and 1-year holders composition by time held is 57%.

The total-locked value (TVL) in decentralized finance (defi) right now is more than $85 billion and a great majority of defi money leverages the ETH chain. Further, large sums of funds are frequently moving on the Ethereum network, as the past seven days of $100k transactions saw a massive $303 billion settled last week.

What do you think about ethereum reaching an all-time high on Monday? Let us know what you think about this subject in the comments section below.

Bitcoin’s Smallest Unit: Billionaire Mike Novogratz Wants Crypto Exchanges to Quote Satoshis

10/05/2021 by Idelto Editor

Mike Novogratz, the CEO of Galaxy Digital, wants exchanges to start listing in the smallest unit of bitcoin otherwise known as “satoshis”. On May 8, Novogratz tweeted out to a number of crypto exchange executives and asked “which exchange will be first to quote in SATS?”

Novogratz Asks Top Exchange Execs to List Satoshis

Bitcoin bull and investor Mike Novogratz is interested in seeing crypto trading platforms list the smallest unit of bitcoin (BTC) called “satoshis” or “SATS.” One can think of satoshis as the “cents” from dollars; they represent the fractional term of a portion of bitcoin. A satoshi is approximately 0.00000001 BTC. With BTC above the $57k handle at the time of writing, a single satoshi is worth $0.0005711 USD.

On Saturday, Novogratz tweeted:

It is time to switch to Satoshis. Too many people telling me at $58,000 BTC too expensive. Which exchange will be first to quote in SATS?

His tweet further tagged the crypto exchange CEOs from Binance, Coinbase, Gemini, and FTX Exchange. Following the tweet, Kraken’s Dan Held asked the Kraken CEO Jesse Powell what he thought about the idea. The crypto exchange executive from Kraken responded to the thread, and said the exchange would have to think about the decision.

“Have to think through the UX, discoverability,” the Kraken CEO remarked. “99% of new users coming in will be looking for bitcoin/BTC and have no idea what a satoshi/sat is. Don’t want to confuse them,” Powell added.

Some People Are Ready to Price Goods With Bitcoin’s Smallest Unit

The statement about satoshis was a popular tweet for Novogratz, gathering close to 10,000 likes and over 1,100 retweets. Moreover, the popular crypto market aggregator coinmarketcap.com has created a space for satoshis, showing the current value against the U.S. dollar. Satoshis tapped an all-time price high on April 14, 2021, at $0.000642 per satoshi.

The Bitcoin community has been a fan of calling the cryptocurrency’s smallest unit a satoshi for quite some time. Many have advocated for pricing goods in satoshis, which could be easier than BTC’s 5-digit territories value. Some believe, however, that it is too early to price things in satoshis right now. Others have also clamored for the use of the terminology “sbtc” to price things in satoshis.

It remains to be seen if crypto exchanges will decide to list the smallest fraction of bitcoin, but it is becoming a topical conversation again thanks to Novogratz.

What do you think about the suggestion from Novogratz? Do you think exchanges should list satoshis? Let us know what you think about this subject in the comments section below.

Bitcoin Mining Operation Bitfarms to be Listed on Nasdaq Following DTC Eligibility

09/05/2021 by Idelto Editor

Bitcoin Mining Operation Bitfarms to be Listed on Nasdaq Following DTC Eligibilty

The Toronto-based Bitcoin mining operation Bitfarms announced the company has been approved for a common stock listing on Nasdaq Global Market tier. The company is already listed on the Toronto Stock Exchange (TSX) and the firm’s Nasdaq listing will be listed under the ticker symbol “BITF.”

Bitcoin Mining Operation Bitfarms to be Listed on Nasdaq Global Market Tier

Bitfarms has announced that it will be a publicly-traded Bitcoin miner listed on Nasdaq Global Market tier. The tier platform by Nasdaq is reserved for companies who have sustainable finances and pass requirements that go above and beyond Nasdaq’s lower tiers.

The company Bitfarms, which was invoked in 2017, says the Nasdaq Global Market tier acceptance “represents a powerful validation.”

“The approval for listing on The Nasdaq Global Market is an incredible achievement for Bitfarms and is the fruition of multiple years of work and dedication,” Emiliano Grodzki, Bitfarms’ chief executive officer said. “Over the last four years, we have managed to build and operate one of the largest Bitcoin mining operations worldwide. It is fitting that we will be listing on one of the most prestigious exchanges in the world and significantly expand the market reach of our company.”

Mining Firm Must First Pass Confirmation of Eligibility for the Electronic Clearing and Settlement Through the DTC

The Bitfarms Nasdaq listing follows the company’s recent partnership with Foundry and the fleet’s expansion of 2,465 bitcoin miners. Bitfarms also plans to launch a mining facility in Argentina in order to obtain electricity rates at $0.02 per kilowatts per hour (kWh).

Two days ago, the firm announced the purchase of 6,600 S19j Antminers from Bitmain. The miners will give Bitfarms around 2.5 exahash per second (EH/s) this fall.

“The additional 660 PH that will be added to their mining operations will solidify their presence in the mining space, further establishing Bitfarms as one of the leading mining companies in North America,” remarked Irene Gao, Antminer sales director of NCSA region, Bitmain.

The last requirement the mining operation must pass is the confirmation of eligibility for the electronic clearing and settlement through the Depository Trust Company (DTC). If the approval is granted then Bitfarms will be able to list “BITF” on Nasdaq Global Market tier.

What do you think about Bitfarms approval to be listed on Nasdaq? Let us know what you think about this subject in the comments section below.

Asian Auction House Phillips Will Accept Crypto at Auction for a Physical Piece of Banksy Art

08/05/2021 by Idelto Editor

The well-known Phillips Auction House has announced the company plans to accept cryptocurrency for the first time in a physical art auction set for June 7-8. Phillips will be auctioning a world-famous piece of artwork called the “Laugh Now Panel” created by the anonymous street artist Banksy.

‘Laugh Now’- Phillips to Accept Cryptocurrency at a Banksy Auction in June

Whether Banksy likes it or not, his artwork has been tied to blockchain technology and sold for crypto assets in recent times. Additionally, the infamous street artist’s work was even burned after it was transferred into a non-fungible token asset. The NFT sold for more money in an auction than the physical piece itself. Phillips Auction House has decided to accept cryptocurrency for the first time during a Banksy auction on May 7-8.

Phillips’ entry into the crypto space is a bit behind, in comparison to world-renowned auction houses Christie’s and Sotheby’s. In fact, Sotheby’s announced last week it was auctioning a physical piece of artwork created by the notorious Banksy.

Sotheby’s detailed on Tuesday that it would leverage the exchange Coinbase in order to sell Banksy’s “Love is in the Air” image. The “Love is in the Air” print has an estimated worth of around $3-5 million. The Banksy possessed by Phillips is the street artist’s famous print called the “Laugh Now Panel.”

Banksy’s art “Laugh Now” contains a picture of a monkey in the artist’s signature monochrome stenciled style. The monkey is wearing a sandwich board around his neck and it says: “Laugh now, but one day we’ll be in charge.”

According to Phillips, the “Laugh Now Panel” created by Banksy has an estimated worth of around $2.8 to $4.1 million. The art panel is also on tour right now in Beijing, Shanghai, Shenzhen, Taipei, Taichung, and Hong Kong ahead of the June auction.

The First Major Auction House in Asia Accepting Bitcoin and Ether

“This marks the first time a major auction house in Asia will accept Bitcoin or Ether as a payment option for a physical work of art,” Phillips announcement says. Banksy has been a disruptor in the art world with his distinctive oeuvre characterized by dark humor, satire, and political commentary,” the company’s announcement stresses.

Phillips further says:

Many of Banksy’s iconic original murals were transformed into canvas and editioned prints by the artist, allowing for the dissemination of his mischievous and satirical messages to wider audiences. By offering participants this new payment option to acquire Laugh Now Panel A, Phillips connects Banksy’s bold creations with tech-savvy collectors eager to quickly adapt to new technological advances.

The Banksy auction follows Phillips getting into the non-fungible token art space when it sold Mad Dog Jones’ multi-generational NFT, REPLICATOR for over $4 million. Like Sotheby’s, the Asian auction house Phillips will leverage Coinbase as well to conduct the crypto transaction settlement.

The auction of “Laugh Now” will be conducted in Hong Kong dollars and then the buyer will have the option to choose to pay via the crypto exchange’s payment service.

What do you think about Phillips accepting cryptocurrency for the Banksy art auction this June? Let us know what you think about this subject in the comments section below.

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

07/05/2021 by Idelto Editor

The Federal Bureau of Investigation (FBI) is putting up warning signs on bitcoin ATMs in Cuyahoga County of the U.S. state of Ohio to warn residents not to fall for scams asking victims to send money to scammers via bitcoin ATMs.

FBI Putting Warning Signs on Bitcoin ATMs

The Cuyahoga County Scam Squad in Cleveland and the FBI are collaborating to alert the public about scams involving bitcoin, News 5 Cleveland reported this week. Old scams ranging from grandparent’s scam, explained Sheryl Harris, Director of the Cuyahoga County Department of Consumer Affairs.

FBI Special Agent Vicki Anderson warned that once the victims sent bitcoin, “it’s almost impossible to get it back so the best we can do is prevention and that’s why we’re trying to get the word out.”

The news outlet described that “Signs will soon be put up on bitcoin ATMs across the county,” noting that “The signs are intended to make people think twice before going through with a transaction because they could be caught in a scam.”

Harris elaborated:

The point of the signs is to just give people a chance to pause, like wait a minute … The government isn’t going to ask you for bitcoin, they just won’t, the jail won’t ask you to pay in bitcoin and your utility company doesn’t accept bitcoin payments.

The FBI and the Cuyahoga County Department of Consumer Affairs issued last week an alert to local businesses to be on the lookout for bitcoin ATM scams. The authorities are asking for businesses to display these warning signs in a “noticeable place or near the ATM.”

A man who almost became a victim of a scam asking for bitcoin told the news outlet that he got a call from someone who sounded just like his son, who said he was hurt in a car accident, got thrown in jail, and needed bond money.

The man and his wife were instructed to withdraw $9,000 in cash, go to a bitcoin ATM, then use the QR code the scammer provided to deposit the cash. The man said that the shopkeeper where the ATM resided came up and said “can I help you?” When he explained that he needed to send money to an attorney with the bitcoin ATM, the shopkeeper told him that he was getting scammed. The couple then called their son and confirmed it was a scam.

Bryan P. Smith, the FBI’s assistant special agent in charge, cautioned: “Education and prevention are the best tools to avoid being a victim of a financial scam … It is imperative for consumers to verify financial transactions prior to sending money in any form, including virtual currency. Be financially safe, learn more before sending.”

What do you think about the FBI putting warning notices on Bitcoin ATMs? Let us know in the comments section below.