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Bitcoin Tests $12k Again: Is This the Beginning of a Bigger Bull Run?

What’s driving the price of Bitcoin up this time around?

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Bitcoin has surpassed the $12,000-mark for the second time in recent weeks.

In some ways, this second recent pass over $12,000 makes it seem as though Bitcoin may be establishing itself over the $12k line. However, it’s still unclear whether or not BTC can sustain levels above $12k for more than a few days–or a few hours–at a time.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

For instance, at press time, BTC was at $11,989, just below the prized $12k level, but not yet low enough to truly cause concern.

What’s pushing Bitcoin up?

It seems that many voices within the crypto space believe that Bitcoin will be able to establish itself at or above $12k in the coming weeks.

There are a number of reasons for this.

For example, last week Marie Tatibouet, chief marketing officer at cryptocurrency exchange Gate.io, commented to Finance Magnates that the price of Bitcoin may currently be growing because of “the current situation of the world.”

This includes “the instability caused by the pandemic, the stock market falling, the US and China market wrestling ‘dollar vs. yuan’, or a big fear of inflation on a global scale, just to highlight some,” she said.

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Marie Tatibouet of Gate.io
Marie Tatibouet, Chief Marketing Officer at Gate.io.

Additionally, Evan Bayless, the operator of WhatIsMoney.info, also pointed out to Finance Magnates that the ongoing impact of quantitative easing could be positively affecting Bitcoin’s price. In other words, a growing number of individuals may have lost some of their faith in fiat currencies.

“The incredibly fast and drastic response of the Fed and other central banks to the COVID-induced lockdowns (and the subsequent economic fallout) has caused the idea that fiat currencies may not be a consistent yardstick for measuring value to begin to enter the public consciousness,” he said.

There are other, more immediate factors as well: Jason Yanowitz, co-founder at Blox Work Group, also pointed out on Twitter that there could be some increased visibility on BTC this week

“Grayscale is running Bitcoin ads this week on CNBC, MSNBC, Fox, and Fox Business,” he said on August 9th. “Get ready for a massive week for Bitcoin.”

Altcoins are also getting a boost

This latest movement over $12k follows a week of strong movement in a number of altcoins: for example, Chainlink (LINK) and Band Protocol (BAND) have both recently made headlines for their price performance. LINK, for example, soared from $8.31 last Monday to $13.58 at press time; BAND has nearly quadrupled in price with a rise from $4.13 to $16.30.

The price increases across the board have caused the total market cap of all cryptocurrencies to have reached its highest point in more than a year.

Blockchain

NFT Sales Heat Up as Rarible Marketplace Passes $5M in Volume

While decentralized finance (DeFi) has grabbed most of the recent headlines, the non-fungible token (NFT) market has quietly picked up steam over the summer.  According to a Sept. 16 report from crypto asset data website Messari, Rarible, an NFT marketplace, has passed $5 million in sales so far this month—more than quadrupling sales numbers from August. […]

The post NFT Sales Heat Up as Rarible Marketplace Passes $5M in Volume appeared first on BeInCrypto.

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While decentralized finance (DeFi) has grabbed most of the recent headlines, the non-fungible token (NFT) market has quietly picked up steam over the summer.

According to a Sept. 16 report from crypto asset data website Messari, Rarible, an NFT marketplace, has passed $5 million in sales so far this month—more than quadrupling sales numbers from August. The report also noted that $1.5 million of this new volume came on a single day, on Sept. 14.

Rarible is a place where you can create, buy, and sell digital collectibles and, as such, is the beneficiary of surging NFT popularity, driven mostly by digital art. On Sept. 21, the news of a record-breaking digital art NFT sale was announced, with a piece called “Right Place & Right Time” selling for more than $100,000.

art NFTart NFT
Source: PR Newswire

Rarible’s numbers, and the general buzz surrounding digital art, have caught the attention of a few big names in crypto. Morgan Creek Digital co-founders Anthony Pompliano and Jason Williams have reportedly made a “big bet” on digital art.

As outlined in Pompliano’s daily newsletter, the bet is based on the idea that digital art will become bigger than traditional art, a market that has had a cap of “$65 billion for the last few years.” By comparison, digital art’s current market cap is around $10 million.

Never one to shy away from a controversial stance, Pompliano went on to state, “my confidence level that we see a future 6,000x increase in the digital art market cap is fairly high.” Because of this, “we [Pompliano and Williams] plan to invest heavily in the space over the coming months and years” he said.

Others, however, were slightly less bullish. The CEO of crypto derivatives exchange FTX and Alameda Research, Sam Bankman-Fried, tweeted a more skeptical take.

The tweet prompted a debate over the value of art, the ease with which “unique” digital art can be copied, and the future NFTs may or may not have.

Adam Back, the well-known cryptographer and founder of Hashcash, chimed in, encouraging Bankman-Fried to consider buying digital art NFTs as art patronage, “you could photocopy it, but then you’re not a patron.”

Digital art is, of course, just one piece of the NFT pie. The fantasy soccer game Sorare, which allows players to collect “limited edition digital collectibles” while also managing a team, has also seen an increase—recording sales of around $750,000 this month, almost half its all-time total.

Source: https://beincrypto.com/nft-sales-heat-up-as-rarible-marketplace-passes-5m-in-volume/

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Iran to Provide Crypto Miners With More Electricity Subsidies

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The Iranian government has continued its crusade to support the country’s fledging crypto mining space. In its latest show of help, Tehran has announced a program that will allow miners to access a significant surplus of energy.

A Great Time to be an Iranian Crypto Miner

According to reports from local news media, the Iranian Thermal Power Plant Holding Company (TPPH) has announced a plan to provide three power plants’ electricity output to miners in the country. The program, which will be conducted after a tender, improves miners’ access to one of their most fundamental resources, thus improving their overhead efficiency.

Mohsen Tarztalab, the agency’s head noted that the country’s struggling economy had been a concern for the government. It now seeks to create an enabling work environment that will benefit companies and provide employment opportunities. The country’s electricity has also seen a significant gap between revenues and expenses, and the government sees crypto mining as a means to improve revenues and provide income for the state.

However, the initiative comes with a condition, as miners will only be able to get the output from expansion turbines in plants. According to Tarztalab, this process won’t include any consumption of liquid fuels. By using just natural gas, the government is hoping to make the process as green as possible.

Tarztalab noted that the expansion turbines are independent and don’t participate in the national grid’s electricity production process. So, the government will be able to conduct this electricity transfer without necessarily affecting the country’s electricity production capacity.

A Structured Mining Industry Yields Results

So far, Iran has done a laudable job of legitimizing the crypto mining industry and providing an enabling environment for players. So far, the process has yielded some positive results. In July, local media house Mehr News Agency reported that the Ministry of Industry, Mine, and Trade had issued 14 mining licenses to foreign companies, as investments in the country continued to surge.

Iran’s mining license requirement began earlier this year, as Vice President Es’haq Jahangiri issued a directive to that effect. To get a license, miners would need to disclose information on their officials, the mining equipment they use, and the size of their operations. A report from the country’s Banking and Economic System Reference Media (IBENA) back in January confirmed that over a thousand companies already got their licenses.

Another incentive for registered miners is a reduced power rate, with Mehr News Agency reporting that miners are now getting charged as low as $0.11per kilowatt-hour (kWh). For peak summer season (June to September), however, they will have to pay $0.46 per kWh.

The government has also set up a process that rewards citizens for blowing the lid on illegal mining facilities. Last month, Tavanir, the state power company, announced that it had shut down 1,100 of such criminal outfits already. Per reports, every whistleblower gets a 100 million rial ($480) reward for their help.

Source: https://insidebitcoins.com/news/iran-to-provide-crypto-miners-with-more-electricity-subsidies

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IoT Startup Helium Floats New Hardware Device for Mining Its HNT Crypto Tokens

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Helium’s plan to create a decentralized wireless network may be about to gain altitude.

The company, which aims to create a token-powered wireless network for Internet of Things (IoT) devices, announced Tuesday it’s no longer the sole manufacturer of Helium hotspots, which create the Helium network by mining the project’s HNT cryptocurrency. 

RAK Wireless, a China-based manufacturer of IoT hardware will begin selling a new, cheaper version of the hotspot, potentially giving the whole enterprise a lift.

Quick refresher: Helium aims to create a new kind of wireless network, one that’s suited for data from low-power applications like tracking location, but also is completely separate and independent from existing telecom networks. While Helium maintains the network, it’s peer-to-peer, meaning it’s created by individuals owning and operating their own nodes.

Enter the Helium hotspot. For over a year, individuals have been able to buy and deploy one of the bologna-sandwich-sized hotspots, which both acts as a node in the network (via low-bandwidth wireless tech called LongFi) and rewards the owner by mining HNT crypto tokens.

Read more: Crypto-Powered IoT Networks Are on Their Way to Over 250 US Cities

Until now, the only way to get a hotspot was to buy one from Helium for $495 apiece. The RAK Hotspot Miner, available today in North America and coming “soon” to Europe and Asia, costs $249, or roughly half. It’ll be sold exclusively through Cal-Chip, an online vendor of IoT devices. The components are nearly identical to Helium’s model, according to the company, but RAK can offer a lower price since it can take advantage of economies of scale that Helium can’t.

rak-hotspot
The RAK Hotspot Miner
Source: Helium

“This is the first of what we hope will be many third parties building compatible hardware,” Helium CEO Amir Haleem said in an interview. “It’s an enormous step for us because up until now, we’ve been the only manufacturer and we’ve been the bottleneck. We can’t be the only entity contributing to [the network], both from a price point of view but also it doesn’t speak well to the decentralization story.”

Helium hardware

The buyers of Helium’s hotspots have typically been enthusiasts who see the value in a low-power network or companies that want to leverage the technology itself. 

A company that wants to use the network to, say, track the location of its rental scooters can exchange HNT for data credits, which Helium also manages, and have a fixed price in dollars. The more hotspots in an area, the better the tracking – which also would likely fuel demand for HNT, which was trading at $1.75 as of press time, according to Messari.

You can see where this is going. With the RAK Hotspot lowering the bar to entry, more Helium owners may start to purchase them just to mine the cryptocurrency. If that happens, and those people are spread out in enough different places, Helium’s dream of decentralized wireless (which it calls, with a straight face, “DeWi”) might start to solidify, turning all those hotspots into valuable investments.

“Building wireless infrastructure this way and having access to the internet be decentralized and not controlled by one entity is a must-have step in the evolution of the internet,” said Haleem. The existing universe of low-power access points and gateways is, quite frankly, a clusterf**k. So it’s great to have a third party start to get involved in the foundational infrastructure.”

Read more: IoT App Nodle Moves From Stellar Blockchain to Polkadot

Helium’s technology is promising, but far from ubiquitous. The company says it’s sold about 12,000 hotspots, although public network stats say only 8,641 are active. And while that still sounds like a lot, it takes between 100-200 hotspots to bring a single city “online.” 

A few well-known companies, including Lime and Salesforce, have used Helium’s tech, but it’s early days.

In short, Helium needs to rise a lot further to reach its decentralized wireless utopia in the clouds, and its bubble could pop anytime. But at least with RAK Wireless coming on board, the weight of that journey is a little lighter.

Disclosure

Source: https://www.coindesk.com/helium-iot-hnt-cryptocurrency-miner

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