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Bitcoin climbs above $59,000, nears record high

Bitcoin Climbs Above $59,000, Nears Record High

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Bitcoin made a staggering surge on Wednesday, breaching the $60,000 mark and edging tantalisingly close to its all-time high. The enthusiasm for the world’s largest cryptocurrency soared to levels reminiscent of the 2021 boom, as Bitcoin climbed to as high as $63,900. However, the excitement was tempered by reports of users experiencing account balance discrepancies on the popular cryptocurrency exchange Coinbase.

Coinbase Glitch Tempers Bitcoin's Ascent

Bitcoin climbs above $59,000, nears record high

Image Source: decrypt.co

Amid Bitcoin’s meteoric rise, some users of Coinbase encountered a worrying scenario as their account balances displayed $0. Coinbase swiftly acknowledged the issue, attributing it to a surge in traffic. Despite initial concerns, Coinbase assured users that their assets remained safe. CEO Brian Armstrong took to social media to address the situation, emphasizing the team’s efforts to rectify the technical glitches.

Before the Coinbase hiccup, Bitcoin was steadily approaching its all-time high of $68,789, set in November 2021. Ryan Rasmussen, a senior crypto research analyst for Bitwise Asset Management, noted the resurgence of crypto following the tumultuous market events of 2022, indicating a renewed investor interest in digital assets.

Riding the Wave of Excitement

Bitcoin’s ascent coincides with the introduction of spot bitcoin exchange-traded funds (ETFs) in January, which have provided mainstream investors with broader exposure to the digital asset. Optimistic forecasts predict Bitcoin reaching $125,000 by the end of 2025, reflecting a growing confidence in its long-term potential, as remarked by Benchmark’s Mark Palmer.

The cryptocurrency market has seen robust growth, with Ethereum (ETH) outperforming Bitcoin by over 4% year-to-date. The total market capitalization for all crypto assets has surged to $2.22 trillion, showcasing the expanding influence of digital currencies. The launch of bitcoin ETFs in January has seen remarkable trading activity, with net flows surpassing $6.7 billion, indicating a strong investor appetite for crypto exposure.

Expanding Market Opportunities

The surge in Bitcoin trading volume has bolstered major crypto trading platforms like Coinbase and Robinhood, despite occasional technical challenges. Moreover, Bitcoin-related stocks such as Marathon Digital (MARA) and MicroStrategy (MSTR) have experienced substantial gains, driven by strategic investments and growing institutional interest.

Also Read: Risk of Losing Netflix Access for Subscribers Paying Through Apple

Derivatives traders have also joined the Bitcoin rally, with open contracts in the bitcoin futures market reaching a record high of $25 billion. This surge in derivatives activity underscores the bullish sentiment prevailing in the options market, as investors capitalize on Bitcoin’s upward momentum.

In summary, Bitcoin’s surge to top $59,000, coupled with the impending approach towards its all-time high, signals a resurgence in investor confidence and highlights the growing mainstream acceptance of cryptocurrencies. Despite intermittent challenges, the crypto market continues to expand, offering diverse opportunities for investors seeking exposure to digital assets.

Bitcoin brings $40,000 onto the scene after more than doubling in a chaotic year

Bitcoin brings $40,000 onto the scene after more than doubling in a chaotic year

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since the year draws to a close, cryptocurrency experts are focused on the possibility that Bitcoin may reach forty thousand dollars, since the greatest digital asset has risen by over double in value.

After the 2022 crypto meltdown, the token has recovered more than 130 percent over the last 11 months, outperforming gold and stock investments. Anticipations that the United States would approve the initial spot Bitcoin exchange-traded money and the belief that the Federal Reserve will decrease interest rates in 2019 combined to produce a powerful potion.

Bitcoin brings $40,000 onto the scene after more than doubling in a chaotic year

Image Source: bnnbloomberg.ca

The rally withstood a United States operation that resulted in the imprisonment of Sam Bankman-Fried for the FTX scam and the rap charges and heavy penalties meted out to Changpeng Zhao, the founder of Binance, the leading cryptocurrency exchange.

The current surge in ETF applications and the movement to stop dubious practices encourage believers that the cryptocurrency market is developing and may eventually see broader usage.

Fiona Cincotta, a senior financial industry expert at City Index Ltd., stated that they simply require the green light for the spot Bitcoin ETF to acquire $40,000. According to her, the coin has recently lost some of its appeal since significant fluctuations in currencies and stocks drew in investors.

A Group of US Spot Bitcoin ETFs are Anticipated, says Bloomberg Intelligence

A group of American spot Bitcoin ETFs are anticipated by Bloomberg Intelligence to receive Securities & Exchange Commission (SEC) clearance in January. Although unanticipated scowls for the ETFs or a change in rate bets might topple Bitcoin, for the time being, the mood is positive.

The biggest publicly listed legal Bitcoin owner, MicroStrategy Inc., increased its holdings of the cryptocurrency by the amount of $593 million in the past month, bringing its total to almost 6.5 billion dollars. The owner of Galaxy Digital Holdings Ltd., Michael Novogratz, stated on Wednesday that Bitcoin could reach an all-time high of around sixty-nine thousand in 2021 in a year.

Also Read: Apple Unveils App Store Award Winners, The Best Apps, and Games of 2023

Before reversing course on Friday, the price of Bitcoin hit a nearly 19-month peak of $38,834. Ether and other smaller coins gained as well. The three charts that follow show important Bitcoin developments.

The previous week, the leading indicator for Bitcoin, the weekly relative-strength index, ended above 75. Although values over 70 are thought to indicate “overbought” situations, the situation is more complicated than that. After publishing a weekly RSI of greater than 75, the token increased by an average of fifteen percent in the previous ten years, a move that would have taken it far above forty thousand dollars.

Web 5

Jack Dorsey Announces ‘Web 5’, A New Platform Built On Bitcoin-Based Technology.

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Bitcoin supporter Jack Dorsey has announced the launch of Web 5, a new online platform that is a combination of the centralized Web 2 and the decentralized Web 3. Square’s TBD subsidiary is developing a suite of BTC-based technologies to help modernize the financial system. The new platform, which is built on Blockchain, is described as a hybrid of Web3 and Web2.0. According to the report, the platform ensures that the security of individual data is a top concern and that no breaches occur. The Block Head or TBD – the Bitcoin-focused subsidiary of Dorsey’s Block (previously SQ) – presented its new concept for a decentralized internet layer on Friday at CoinDesk’s Consensus Festival in Austin, Texas. Let’s take a look at the Web5 platform announced by Jack Dorsey.

What
is Web 5?

To
put it in a way, the Internet of Things (IoT) means that everything
in your life, and I mean everything, may talk to each other about
you, in front of your face, behind your back, and without regard for
your feelings. It was amusing to wake up to a robot in the guise of a
kitty cat, but Web 5.0 would go even further. The Intelligent Web
foreshadows what is to come with the emergence of smart devices that
estimate your wants based on your patterns without including many
clues. Symbiotic web algorithms will be able to analyze data on a
more complicated emotional and cognitive level. This is the Web,
which coexists with daily life in perfect harmony, operating without
thought and spontaneously engaging with our actions. Computers can be
turned into robotic assistants via digital realities. IoT can connect
all household equipment to the internet, and it predicts that
extremely intelligent interactions between machines and humans could
be possible via chip implantation in human brains.

Web 5
Image source: twimg.com

While
the monetary layer of Web 5 will be based on Bitcoin, the other
technologies that support it are drawn from a variety of cryptography
and computer science fields.

“Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individuals’ applications. It lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals.” TBD said in a statement published with CoinDesk

source: economictimes.indiatimes.com

Group of Bitcoin Entrepreneurs the Block Head who reports to Jack Dorsey is in charge of Web5 development. To refresh your memory, Web5 is a platform that empowers people to manage their data and identities.

Although
TBD’s new project was unveiled on Friday, it is currently under
open-source development and has no set release date. Users will be
able to engage with one another without the assistance of
intermediaries on Web 5, just as they did on Web 3. In
theory, this means that there will be no government censorship or
centralized service outages, among other claimed benefits. Web 5 will
also strive to provide users with a “decentralized identity,”
allowing them to fluidly go from app to app without having to log in
each time.

Web5
wants people to have the ability to “own
their data,” according
to TBH. Consider Riya’s digital wallet, which protects her identity,
data, and authorizations for external apps and connections. Riya logs
onto a new decentralized social media platform with her wallet. Riya,
on the other hand, does not need to establish a profile because she
has connected to the app with her decentralized identity, and all of
the connections, relationships, and postings she makes through the
app are saved in her decentralized web node. Riya can switch apps
whenever she wishes using Web5, and her social profile follows her.

Another
example is Arjun, a music fan who despises having his data tied to a
single vendor. It forces him to
re-create his playlists and tunes across many music apps on a regular
basis. Fortunately, there is a way out of this maze of vendor-locked
silos: Arjun can store this information in his decentralized web
node. Arjun may give any music app access to his settings and
preferences in this way, allowing him to take his tailored music
experience with him everywhere he goes. As a result, Web5 will
provide people w control over their data. Meanwhile, Mike Brock,
TBD’s Product Lead, stated that “with web5, there are no tokens
to invest in.”

Coinstore

‘Coinstore’ Cryptocurrency Exchange Enters India Despite Fear Of Ban On Virtual Cryptocurrency.

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Singapore’s digital currency market is booming. Coinstore started operating in India when the Indian government was drafting a bill that would effectively ban the use of most private cryptocurrencies. In addition to developing an app and web platform, Coinstore plans to open offices in Bangalore, New Delhi, and Mumbai, a platform that will serve as a foundation for further expansion in India.

“With India accounting for nearly a quarter of our total active users, it made sense for us to expand into the market,” Charles Tan, Coinstore’s head of advertising and marketing, told Reuters.

Source: https://gadgets.ndtv.com/
Coinstore
Image source: todaynews24.top

“There have been policy reversals,” Tan said when asked why Coinstore is launching in India despite the looming cryptocurrency crackdown. “But we hope things will be positive, and we are optimistic that the Indian government will come up with a healthy framework for cryptocurrencies.”
The New Delhi government intends to discourage cryptocurrency trading by imposing high capital gains and other taxes, according to two sources. On its legislative agenda for the upcoming winter session, the House has stated that only certain cryptocurrencies will be permitted to promote the technology and applications they entail.
Coinstore plans to hire about 100 people in India and spend $20 million (around Rs. 150 crores) on marketing, hiring, and developing cryptocurrency-related products and services for the Indian market, according to Tan.
Coinstore is the second global exchange to open a local unit in India in the last few months after CrossTower did so in September. Since the beginning of this year, the price of Bitcoin, the world’s largest cryptocurrency, has more than doubled, attracting hordes of Indian investors. As of 10 a.m. IST on November 29, the price of bitcoin in India was Rs. 43.13 lakh.

Industry estimates put the number of crypto investors in India at 15 million to 20 million, with a total market capitalization of around Rs. 40,000 crore. Coinstore intends to expand into Japan, Korea, Indonesia, and Vietnam, according to Tan.
There has been a drop in new cryptocurrency exchange sign-ups, as potential investors appear to be hedging their bets until regulatory clarity on the asset class emerges. A matrix is used to value crypto companies based on new user sign-ups.
The bill aims to outlaw all private cryptocurrencies in India, but makes “certain exceptions to promote the underlying technology and its applications.” So far in November, crypto exchanges have seen a 15-50 percent drop in new sign-ups.
They’ve also seen a drop in monthly transactions as some investors hedged their bets and went into “wait and see” mode.

“On a week-to-week basis, we’ve seen a 20% drop in new sign-ups.” During the recent bull cycle, we had an average daily sign-up rate of 8,000-10,000 people. “Right now, we’re getting 5,000-6,000 new users per day,” BuyUcoin CEO Shivam Thakral said.
“We haven’t seen any significant changes in these numbers on our platform because we primarily cater to retail investors who are looking to invest for the long term,” said Ashish Singhal, CEO of CoinSwitch Kuber.
“People who have already held crypto assets through mining or payments are selling them, which has resulted in an increase in the number of sign-ups. As a result, we’re seeing some of the new members depositing cryptos, selling them, withdrawing money, and depositing it in their bank accounts,” said Sathvik Vishwanath, co-founder, and CEO of Unocoin, a cryptocurrency exchange.

Source: https://economictimes.indiatimes.com/

Despite price fluctuations last Tuesday after the government moved to regulate the sector, smaller exchanges reported steady sign-ups as people continued to be curious about the new asset class.

Bitcoin Image

Nakamoto Mystery Worth Billions of Dollars: How Bitcoin founder Nakamoto left with no trace.

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Bitcoin has emerged as a game-changer in world-economics attracting millions of users and buyers. An international digital currency that took the world by a storm at the start of the decade still continues its run. Rewarding investors handsomely, and turning them into millionaires has made this commodity very valuable. However, one of the most fascinating aspects of Bitcoin is its founder, Satoshi Nakamoto. This mystery remains unsolved as people know little about him. After releasing this commodity which forever changed the dynamics of international economics, he disappeared. Here’s a look behind the scenes at the mystery and the success of the Bitcoin.

What is Bitcoin?

Bitcoin is a type of decentralized digital currency or cryptocurrency, having no banks or administrators. This currency goes from one person to another, without relying on middle-men, via a network. The system works on the principle of block-chain technology through which transactions are verified and recorded in a public ledger. The idea started taking shape in 2008 by a person or group who used the pseudonym Satoshi Nakamoto. The platform went open source in 2009 and quickly gained popularity. People started trying to learn more about, and ‘mine’ these bitcoins to exchange them for other currencies and products. By 2017, over 4.8 million unique users had their own cryptocurrency wallets.

Bitcoin Image

Nakamoto Creation of the Bitcoin

In August 2008 the domain name “bitcoin.org” was registered and within a couple of months, Satoshi Nakamoto authored a paper titled “Bitcoin: A Electronic Cash System”. It came out as open-source software in January 2009 with Nakamoto’s identity remaining unknown. The author himself mined the first block, called the genesis block two days after launching. Hal Finney became the first receiver when Nakamoto sent him 10 bitcoins, and soon enough other people joined the chain. The first commercial exchange occurred in 2010 when 10,000 coins gave Laszlo Hanyecz two Papa John’s pizzas. Since then, the coin has become an international phenomenon and currently, one single Bitcoin costs around 5.5 lakhs!

Disappearance and Mystery

Nakamoto mined around a million bitcoins and disappeared in 2010, leaving everyone in shock. Before leaving, he handed over the network key to Gavin Andresen, who became the lead developer at the Bitcoin Foundation. Silk Road was a major investor early on, carrying out transactions worth more than $214 million. The coin started 2011 at $0.30 and grew to $5.27 by the end of the year, having hit $31.50 in June. Alternate coins soon came out with the first one being Litecoin, which came out in 2011. A year later, Bitcoin rose to $13.30 and in the same year, investors and developers found the Bitcoin Foundation.

Explosion and Growth

In 2013, the industry really exploded and the Bitcoin grew exponentially, starting the year at $13.30 and ending it at $770. The same year, FinCEN built some regulatory guidelines for the bitcoin, making it a legal entity. A huge hit came in late 2013 when the People’s Bank of China banned Chinese institutions from utilizing bitcoins. After two years of constantly rising and falling prices, in 2016, the prices steadily rose to $998. In 2017, the prices sky-rocketed, hitting their highest value of $19,783.06 on 17th December 2017. In 2018, the prices fluctuated, mostly staying above $5000, being negatively affected by hacks and thefts. Also read

Who is Nakamoto?

As the Bitcoin grew, Nakamoto’s importance grew with it, with him being a figurehead to the entire institution of digital currency. Most discussions regarding the future development of the bitcoin constantly feature his name. Also, the founder also holds cryptocurrency worth around $5.8 billion, making him an important investor. While people made numerous efforts over the years, the search for Nakamoto’s identity has proved difficult and elusive. Here’s a look at the three most probable candidates.

Satoshi Nakamoto
Image Source: Google Images

In 2014, Newsweek stated that Dorian Nakamoto is Satoshi Nakamoto via an article, creating a storm within the crypto-environment. The article claimed several similarities between the two, including a Japanese connection and similar philosophies. However, Dorian denied these claims, but still profited from it as people gifted him 67 bitcoins worth $273,000.

Australian scientist, Craig Wright announced in 2015 that he had been involved with bitcoin for a while. This led to large-scale investigations with people claiming he was Nakamoto. However, over time, the proof came out which unraveled Wright’s claim to being Nakamoto. Even Ethereum cofounder Vitalik Buterin, who is in most cases silent came out against him. Conspiracy theorists have even stated that the founder could be a group of companies. For example, Samsung + Toshiba= Satoshi and Nakamichi +Motorola=Nakamoto! Like “Finding Nemo”, the quest for finding Satoshi Nakamoto is on, and let us hope we get a name soon enough! However, in spite of this mystery, the industry continues to grow, being already worth billions of dollars.

Bitpagos

Bitpagos INC – Setting The Era Of Revolutionizing Financial Solution of Bitcoin In Latin America

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The year of 2009, it was the first time when Blockchain technology emerged with a cryptocurrency called Bitcoin. The world witnessed the strength of it. In fact, many saw the destiny of financial sectors in cryptocurrency. However, when Bitcoin boomed in Argentina it got more exposure. Because it was the years when the country was midmost of one more financial crisis.

At that time, many Bitcoin-based start-ups were rises all over the world, especially in Latin America. Perhaps, only a couple of start-ups could stand in the business. BitPagos Inc. is one of such a milestone of blockchain-based company, which is founded in 2013. But in a very short duration, it changed the scenario of the financial situation in Latin America. Today, BitPagos is helping numerous users and traders in Argentina. Also, it brags over 3 lakhs users in Latin America.

What is BitPagos Inc?

BitPagos is the Bitcoin and electronics payments-based start-up in Buenos Aires, Argentina. It was co-founded by Sebastian Serrano in 2013. Presently, it is one of the oldest blockchain-based company in the world. BitPagos was at the battlefield final at TechCrunch Disrupt New York in 2016. That time, the company marked the new beginning of the Cryptocurrency age.

The company starts the new chapter of Blockchain technology in 2017, with a new name Ripio Credit Network. As a matter of fact, Ripio is the Spanish word for gravel. Which literally means, the raw material to build roads. Apparently, the company is building the roads for the digital economy in Latin America.

How BitPagos stand different from other Bitcoin Start-ups?

We know that credit card is the best option for online purchasing. But bank accounts are must to have credit cards. However, it is very difficult in the Latin American region, where very few persons have credit cards. Also, one-half of the adults in Argentina, and other parts of Latin America don’t have bank accounts yet.

For the first time in a world, BitPagos enables the non-banking credits using blockchain technology. It’s a big step to promote financial inclusion in the sphere, which was tolerating the series of financial crises over the decades.

Sebastian Serrano- Mastermind of BitPagos

Sebastian Serrano
Image Source – Google Images

Sebastian Serrano is a software developer. He is also famous as a serial entrepreneur in Argentina. Currently, he is the CEO and co-founder of BitPagos, which is today known as the Ripio Credit Network.

Early Life

He grew up in Choele Choel, Rio negro, Argentina. Since the teenage, Sebastian was fascinated by programming and start-ups. In fact, he started programming at the age of 7. Sebastian was an intelligent kid. During the high school day, he helped to build the first Internet Service Provider of his hometown in Patagonia.

Earlier Achievements

Before redefining the cryptocurrency age, he was a software developing entrepreneur. He founded a software development consulting firm, familiar as devsAr.com. Also, he worked for the Ministry of Finance, Argentina. Later, he founded the company BitPagos, which is one of the successful bitcoin start-ups.

Inspiration for founding BitPagos

Sebastian witnessed the three economic collapses in Argentina. During that period, he saw the struggle of his parents to feed the family. He lived among those people, who are still apart from conventional banking. Also, he was intimate with the difficulties people have to face for trade and to keep their savings.

Thus, his objective has always been to promote financial inclusion all over Latin America. Exclusively, covering the region historically left away by the traditional banking system.

Triumph of BitPagos (Ripio)

BitPagos launched the Bitcoin processor in 2013. It was the time when blockchain technology just came out of the eggshell. Afterward, the company launched the crypto wallet, which first time enabled online credit services. Ripio wallet is the main product of the company which offers many services. Like utility payments, mobile phone top-ups, cryptocurrency brokerages, and other traditional wallet services. In addition, provides credit services using digital currency.

Later Successes

Currently, the company is working to run real-world fiat on-ramps in Argentina. Also, to encourage convenience stores to sell small amounts of bitcoin. As for now, around 8000 stores are active across the country. Today, Ripio has more than 250,000 users. Furthermore, it aims to expand the services into Mexico, Brazil, and other regions of the world.

Ripio, formerly BitPagos is the best example of an innovative start-up, which has marked the beginning of a new digital economy.