Typically there are macroeconomic factors that a country is looking to manage through the adoption of a currency as legal tender. In order to make Bitcoin legal tender, these factors should coincide with visionary leadership.

Despite that, central banks are getting into digital currencies. There are countries with more fundamental problems that just a digital version of a fiat currency may not solve. For instance, countries like Argentina and Venezuela have suffered from hyperinflation for years and can do with a form of currency that derives value from much beyond their own economies. There are also countries like El Salvador, Panama, Guatemala and Honduras, where a big percentage of the GDP is contributed by remittances. This paves the way for a form of value exchange that is not restricted by national borders. For instance, 24.07% of El Salvador’s GDP in 2020 came from remittances. 

One more consideration for countries is the extent of financial inclusion in their economies. While the customer journey around cryptocurrencies is by no means user-friendly, it must be said that hyperlocal experiments in creating an ecosystem on bitcoin in countries like El Salvador have seen some success. With remittances contributing to the economy in a big way, digital currencies can not only help financial inclusion but also achieve cost savings on remittance fees.

It should also be noted that regimes that roll out Bitcoin as legal tender have claimed to be bringing financial inclusion to its population. Yet, financial inclusion often must be preceded by mobile and internet penetration. Without the digital infrastructure, a digital currency will not be able to solve the problem of financial inclusion all by itself.

So, which countries have adopted Bitcoin as legal tender and how have they done it? El Salvador is the first country to adopt Bitcoin as legal tender. Apart from macroeconomic factors described above, the country had a leader who was willing to experiment with bitcoin. He has since been a loyal ambassador of the cryptocurrency. 

The second country to adopt Bitcoin as legal tender is the Central African Republic (CAR). The CAR is rich in natural resources like gold and diamond and has a $2.3 billion sized economy. Yet, financial inclusion is pretty low and they rely on remittances. Apart from embracing Bitcoin, the country also revealed that 20% of their treasury will hold Sango Coin (SANGO), a digital currency that will reflect the health of natural resources in the country.


Cointelegraph By Arunkumar Krishnakumar

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Bitcoin (BTC) is still due to return to near $20,000, fresh analysis warns as BTC/USD attempts to retest multi-month highs. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuy-the-dip set for invalidation at $20,700

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staging a second run-up to near $25,000 on Aug. 13, so far seeing rejection.

The pair had gained over $1,300 overnight, but as bulls again ran out of momentum near crucial resistance, few were optimistic over Bitcoin avoiding a deeper comedown.

“One last high to rekt early shorts,” popular trading account Il Capo of Crypto told Twitter followers.

Similarly cautious was fellow trader Jibon, who said that he would even prefer to wait and “buy higher” than spot price to rule out any trend reversals.

More bullish was trading account Credible Crypto, who argued that any corrections would still be bullish unless $20,700 was broken.

“Relief went a big higher than expected but looks like a liq grab of local highs and still think a move down to green before continuation to 28k+ makes most sense,” he commented on an accompanying chart.

“Cleaned up the chart a bit to make things more clear. Invalidation at 20.7k until then bullish af on any dips.”

BTC/USD annotated chart. Source: Credible Crypto/ Twitter

“Targeting high 20s of $27,000 – $28,000 as long as we remain above the range high,” Crypto Tony added, continuing a strategy from earlier in the week with $24,500 a key support level.

Ethereum returns to $2,000 after 11-week hiatus

On altcoins, meanwhile, it was Ether (ETH) in the driving seat after an overnight surge took ETH/USD above $2,000 for the first time since May.

Related: Crypto markets bounced and sentiment improved, but retail has yet to FOMO

At $2,020 so far, the pair achieved its best performance since May 23, seeking to consolidate near the highs at the time of writing. 

ETH/USD 1-day candle chart (Binance). Source: TradingView

While on-chain analyst Material Scientist alluded to the worst being yet to come for ETH bulls, Ethereum’s crypto market cap share nonetheless crossed 20%, while Bitcoin’s fell under 40%, according to data from CoinMarketCap.

Bitcoin dominance 1-week candle chart. Source: TradingView

As Cointelegraph reported, a dedicated indicator already called the start of “alt season” with a stronger signal than at any time since June 2021 this month.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.




Cointelegraph By William Suberg

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The Bitcoin (BTC) mining industry endured immense financial stress throughout the year 2022 as a prolonged bear market directly impacted their earnings when translated to the U.S. dollar. However, miners resilient to the year’s lowest mining revenue day, June 13, witnessed a 68.63% increase in mining revenue within a month.

Over the year, revenue from Bitcoin mining dropped due to a multitude of factors centered around investor sentiment — driven by tensions arising from market crashes, ecosystem collapses and loss-making investments. Cutting through the noise, the Bitcoin ecosystem recovered across numerous determinants, including miners’ revenue in dollars, network difficulty and hash rate.

Total miners revenue over time. Source: blockchain.com

Data from blockchain.com confirms that BTC mining revenue jumped nearly 69% in one month — from $13.928 million on July 13 to $23.488 million on Aug. 12. The significant increase in mining revenue reassures Bitcoin mining as a viable business despite high operational costs. In addition, lower mining equipment (GPU) prices have allowed BTC miners to expand their existing infrastructure as they pursue mining the last 2 million BTC.

Alongside mining revenue, Bitcoin’s hash rate grew over 10% over the last month, adding to the network’s resilience against double-spending attacks. However, as a result, network difficulty — a measure of how difficult it is to mine a new BTC block — increased for the first time since June.

Related: BTC mining stocks double in a month as production ramps

Mirroring the positive outcomes across the Bitcoin network, crypto mining companies reported increased stock prices over the last month.

Crypto mining companies, including Hut8 Mining Corp., Marathon Digital Holdings and Core Scientific, revealed skyrocketing stock prices, each performing at least 95% better than June 2022.

All three companies, however, posted widened losses, driven by impairment losses on their crypto holdings.


Cointelegraph By Arijit Sarkar

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Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a “favorable” Consumer Price Index print and news that BlackRock — the world’s largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. 

In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or 16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation.

Daily cryptocurrency market performance. Source: Coin360

However, analysts remain divided about the prospects of the current recovery. While some believe that Bitcoin’s rally could rise above $28,000, others are not so bullish and they expect the price to turn down and resume the downtrend.

Could buyers clear the overhead hurdle in Bitcoin and select altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin nudged above the overhead resistance at $24,668 on Aug. 11 but the bulls could not sustain the higher levels. This indicates that bears have not yet given up and are selling on rallies.

BTC/USDT daily chart. Source: TradingView

The price remains squeezed between the 20-day exponential moving average (EMA) ($23,151) and $24,668. Usually, a tight range trading is followed by a range expansion but it is difficult to predict the direction of the breakout with certainty.

In this case, the 20-day EMA is gradually sloping up and the relative strength index (RSI) is in the positive territory, indicating the path of least resistance is to the upside.

If buyers thrust and sustain the price above $25,000, the bullish momentum could pick up and the pair could rally to $28,000 and then to $32,000.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then decline to the 50-day simple moving average (SMA) ($21,845).

ETH/USDT

Ether attempted to rise above $2,000 on Aug. 11 but the long wick on the day’s candlestick suggests that bears are defending the level with vigor.

ETH/USDT daily chart. Source: TradingView

However, a positive sign is that the bulls have not ceded ground to the bears. This suggests that traders are not hurrying to book profits as they anticipate the up-move to continue.

The upsloping moving averages and the RSI near the overbought territory indicate advantage to buyers. If bulls drive the price above $2,000, the ETH/USDT pair could rally to the downtrend line.

Alternatively, if the price turns down sharply from the current level, the bears will try to sink the pair to the breakout level of $1,700. The bulls are expected to buy the dip to this support.

BNB/USDT

BNB has been facing stiff resistance at the overhead resistance zone between $338 to $350. Although bears have repeatedly thwarted attempts by the bulls to clear this hurdle, the buyers have not given up much ground. This indicates that the bulls are not rushing to the exit as they expect a move higher.

BNB/USDT daily chart. Source: TradingView

A tight consolidation near the overhead resistance increases the likelihood of a break above it. If that happens, the BNB/USDT pair could attempt a rally to $380 and then to $414.

The important support to watch out for on the downside is the 20-day EMA ($300). If bears sink the price below this level, the pair could decline to $275 and then to the 50-day SMA ($261). A break below this support could tilt the advantage in favor of the bears.

XRP/USDT

Ripple (XRP) remains stuck between the overhead resistance at $0.39 and the 20-day EMA ($0.37). The bears attempted to resolve this uncertainty in their favor on Aug. 9 and 10 but the bulls purchased the dip and pushed the price back above the 20-day EMA.

XRP/USDT daily chart. Source: TradingView

The buyers tried to push the price above $0.39 on Aug. 11 but the bears held their ground. This indicates that $0.39 and the 50-day SMA ($0.35) are the critical levels to watch out for in the short term.

If buyers clear the overhead hurdle, the XRP/USDT pair could rally to $0.48 and later to $0.54. On the contrary, if the price slips below the 50-day SMA, the pair could slide toward the crucial support at $0.30.

ADA/USDT

Buyers attempted to push Cardano (ADA) above the overhead resistance at $0.55 on Aug. 11 but the bears held the level successfully. The price could now drop to the 20-day EMA ($0.51).

ADA/USDT daily chart. Source: TradingView

The tight range trading between the 20-day EMA and $0.55 is unlikely to continue for long. If buyers drive the price above $0.55, the ADA/USDT pair could rally to $0.63 and then to the stiff overhead resistance at $0.70.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the bears will attempt to challenge the support at $0.45. If the support holds, the pair may extend the consolidation between $0.45 and $0.55 for some more time.

SOL/USDT

Solana (SOL) bounced off the 50-day SMA ($39) on Aug. 10, indicating that bulls continue to buy at lower levels. The bulls attempted to push the price to the overhead resistance at $48 but the bears stalled the recovery at $45.32 on Aug. 11.

SOL/USDT daily chart. Source: TradingView

The SOL/USDT pair could continue to trade inside the ascending triangle formation for some more time. The bears will have to sink the price below the support line to invalidate this bullish setup.

Alternatively, the bulls will have to push and sustain the price above $48 to complete the bullish pattern. If that happens, the pair could rally to $60 and then make a move to the pattern target at $71.

DOGE/USDT

Dogecoin (DOGE) once again turned down from the overhead resistance at $0.08 on Aug. 11, indicating that bears continue to defend the level aggressively.

DOGE/USDT daily chart. Source: TradingView

The bears will attempt to sink the price below the moving averages and challenge the trendline of the ascending triangle pattern. A break and close below this support will invalidate the bullish setup, opening the doors for a possible retest of $0.06.

Contrary to this assumption, if the price rebounds off the moving averages, it will suggest that bulls continue to buy at lower levels. The bulls will have to push the price above $0.08 to complete the ascending triangle pattern. If that happens, the DOGE/USDT pair may rally to $0.10.

Related: 3 cryptocurrencies that stand to outperform ETH price thanks to Ethereum’s Merge

DOT/USDT

Polkadot (DOT) has been witnessing a close battle between the bulls and the bears near the breakout level of $9. The bears are attempting to pull the price back below $9 while the bulls are trying to flip the level into support.

DOT/USDT daily chart. Source: TradingView

The rising 20-day EMA ($8.47) and the RSI in the positive territory, indicating advantage to buyers. If the price rises from the current level and breaks above $9.65, the DOT/USDT pair could rally to $10.80 and later to $12.

Alternatively, if the price breaks below the strong support zone of $9 and the 20-day EMA, it will suggest that the recent breakout may have been a bull trap. The pair could then decline to the 50-day SMA ($7.62).

MATIC/USDT

Polygon (MATIC) has been trading in a tight range between the 20-day EMA ($0.88) and $0.96 for the past few days, indicating indecision among buyers and sellers.

MATIC/USDT daily chart. Source: TradingView

If this uncertainty resolves to the upside, the MATIC/USDT pair could rally to the stiff overhead resistance at $1.02. The bulls will have to overcome this barrier to signal the start of the next leg of the up-move to $1.26 and later to $1.50.

Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the short-term advantage could tilt in favor of the bears. The pair could then decline to the strong support at $0.75.

AVAX/USDT

Avalanche (AVAX) has been trading above the breakout level of $26.38 for the past few days which suggests that bulls are in no hurry to surrender their advantage.

AVAX/USDT daily chart. Source: TradingView

The gradually rising 20-day EMA ($25.6) and the RSI near the overbought zone indicate advantage to buyers. If bulls propel the price above $31, the AVAX/USDT pair could pick up momentum and rally to $33 and later to the pattern target of $39.05.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. If that happens, the pair could decline to the 50-day SMA ($21.91) and then to the support line.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.


Cointelegraph By Rakesh Upadhyay

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An ascending triangle formation has driven the total crypto market capitalization toward the $1.2 trillion level. The issue with this seven-week-long setup is the diminishing volatility, which could last until late August. From there, the pattern can break either way, but Tether and futures markets data show bulls lacking enough conviction to catalyze an upside break.

Total crypto market cap, USD billion. Source: TradingView

Investors cautiously await further macroeconomic data on the state of the economy as the United States Federal Reserve (FED) raises interest rates and places its asset purchase program on hold. On Aug. 12, the United Kingdom posted a gross domestic product (GDP) contraction of 0.1% year-over-year. Meanwhile, inflation in the U.K. reached 9.4% in July, the highest figure seen in 40 years.

The Chinese property market has caused the Fitch Ratings credit agency to issue a “special report” on Aug. 7 to quantify the impact of prolonged distress on a potentially weaker economy in China. Analysts expect asset management and smaller construction and steel-producing companies to suffer the most.

In short, risk asset investors are anxiously waiting for the Federal Reserve and Central Banks across the world to signal that the policy of tightening is coming to an end. On the other hand, expansionary policies are more favorable for scarce assets, including cryptocurrencies.

Sentiment improves to neutral after 4 months

The risk-off attitude caused by increased interest rates has instilled a bearish sentiment into cryptocurrency investors since mid-April. As a result, traders have been unwilling to allocate to volatile assets and sought shelter in U.S. Treasuries, even though their returns do not compensate for inflation.

Crypto Fear & Greed Index. Source: alternative.me

The Fear and Greed Index hit 6/100 on June 19, near the lowest ever reading for this data-driven sentiment gauge. However, investors moved away from the “extreme fear” reading during August as the indicator held a 30/100 level. On Aug. 11, the metric finally entered a “neutral” area after a fou-month-long bearish trend.

Below are the winners and losers from the past seven days as the total crypto capitalization increased 2.8% to $1.13 trillion. While Bitcoin (BTC) presented a mere 2% gain, a handful of mid-capitalization altcoins jumped 13% or more in the period.

Weekly winners and losers among the top-80 coins. Source: Nomics

Celsius (CEL) jumped 97.6% after Reuters reported that Ripple Labs displayed interest in acquiring Celsius Network and its assets which are currently under bankruptcy.

Chainlink (LINK) rallied 17% after announcing on Aug. 8 that it would no longer support the upcoming Ethereum proof-of-work (PoW) forks that occur during the Merge.

Avalanche (AVAX) gained 14.6% after being listed for trading on Robinhood on Aug. 8.

Curve DAO (CRV) lost 6% after the nameserver for the Curve.Fi website was compromised on Aug 9. The team quickly addressed the problem, but the front-end hack caused some of its users’ losses.

Market may have rallied, but retail traders are neutral

The OKX Tether (USDT) premium is a good gauge of China-based retail crypto trader demand. It measures the difference between China-based peer-to-peer (P2P) trades and the United States dollar.

Excessive buying demand tends to pressure the indicator above fair value at 100% and during bearish markets Tether’s market offer is flooded and causes a 4% or higher discount.

Tether (USDT) peer-to-peer vs. USD/CNY. Source: OKX

On Aug. 8, the Tether price in Asia-based peer-to-peer markets entered a 2% discount, signaling moderate retail selling pressure. More importantly, the metric has failed to improve while the total crypto capitalization gained 9% in 10 days, indicating weak demand from retail investors.

To exclude externalities specific to the Tether instrument, traders must also analyze futures markets. Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

Accumulated perpetual futures funding rate on Aug. 12. Source: Coinglass

Perpetual contracts reflected a neutral sentiment after Bitcoin and Ether held a slightly positive (bullish) funding rate. The current fees imposed on bulls are not concerning and resulted in a balanced situation between leveraged longs and shorts.

Further recovery depends on the Federal Reserve

According to derivatives and trading indicators, investors are less inclined to increase their positions at current levels, as shown by the Tether discount in Asia and the absence of a positive funding rate in futures markets.

These neutral-to-bearish market indicators are worrisome, given that total crypto capitalization has been in a seven-week uptrend. Investors’ distress over Chinese property markets and further FED tightening movements is the most likely explanation.

For now, the odds of the ascending triangle breaking above the projected $1.25 trillion mark seem low, but further macroeconomic data is needed to estimate the direction central banks might take.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.




Cointelegraph By Marcel Pechman

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The blockchain industry showed some surprising resilience in July, which may point to a period of greater fundamental support for the crypto space overall in the short term. In looking at a wide variety of indicators, including Bitcoin’s (BTC) price action, open interest on Ether (ETH) and activity in GameFi, there are some strong signals to suggest that a bullish sentiment is returning to this space.

Smooth sailing from now on is not a given, though. Cointelegraph Research’s latest Investor Insights analyzes key indicators from different sectors of the blockchain industry to navigate those potentially treacherous crypto waters. In the latest edition, Cointelegraph Research’s bearish-to-bullish index was a level C indicating a short-term cautionary time. While there are still mixed signals, the overall sentiment was leaning toward the bulls for July.

Download and purchase this report on the Cointelegraph Research Terminal.

Bitcoin and Ether show signs of strength

Bitcoin closed July up 16.6% since the start of the month, a gain not seen since October 2021. BTC continues to range with a level of resistance around $24,000; however, the repeated approach and rejection are likely to break at some point if factors change, such as positive economic growth reports from the United States and elsewhere. At the same time, Ethereum saw an all-time high of unique active wallet addresses, 48% higher than previous records. Both indicators are bullish for the blockchain space.

GameFi shows signs of life

The GameFi sector has been on a decline since the large market crash in the first half of 2022. However, July saw a 4.7% jump in new users across all of GameFi compared to June. Some highlights from this sector include the sale of digital real estate and the sale of a Genesis Land plot, which went for 550 Wrapped Ether (wETH). Nonfungible tokens (NFTs) that were part of the GameFi sector made up more than 36% of the $976 million of total NFTs value sold in July. This helps to paint the picture of activity and strength returning to some segments of the market.

Venture capital investment decline

The venture capital investment totals have been on a decline for the past few months; however, July saw capital inflows down 43% from June, to around $1.9 billion. This suggests that what can be perceived as a bearish sentiment at first glance may warrant a pulled-back wider view.

The reason is that these are levels of capital investment in the blockchain industry that have not been seen since the start of the 2021 bull run. This is also likely to subside moving through the second half of 2022 and into 2023, as the crypto contagion of failing blockchain companies seems to have fully played out.

The Cointelegraph Research team

Cointelegraph’s Research department comprises some of the best talents in the blockchain industry. Bringing together academic rigor and filtered through practical, hard-won experience, the researchers on the team are committed to bringing the most accurate, insightful content available on the market.

Demelza Hays, Ph.D., is the director of research at Cointelegraph. Hays has compiled a team of subject matter experts from across the fields of finance, economics and technology to bring to the market the premier source for industry reports and insightful analysis. The team utilizes APIs from a variety of sources in order to provide accurate, useful information and analysis.

With decades of combined experience in traditional finance, business, engineering, technology and research, the Cointelegraph Research team is perfectly positioned to put its combined talents to proper use with the Investor Insights Report.

Disclaimer: The opinions expressed in the article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.


Cointelegraph By Cointelegraph Research

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Bitcoin (BTC) headed lower on Aug. 12 as a broadly expected comedown from two-month highs began to take shape.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView200-week moving average becomes pivot

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $23,615 on Bitstamp prior to the day’s Wall Street open, marking 24-hour losses of around 5.2%.

The pair had seen its highest levels since June 13 as enthusiasm over declining United States inflation combined with news that the world’s largest asset manager, BlackRock, was launching a Bitcoin private fund.

While some commentators hoped for Bitcoin to tackle resistance closer to $30,000 as a result, others remained cautious, with suspicions that a fresh downtrend could ensue remaining.

“Volume is dying. Channels are not impulses but corrections,” popular trading account Il Capo of Crypto wrote in its latest update on the day.

“Most people expecting 28k or higher, but the big level is 25000-25500.”

A further post reinforced the idea that the recent gains were part of a “bear market rally.”

Fellow trader Jibon meanwhile drew fresh attention to Bitcoin’s 200-week moving average (MA), currently near $23,000.

After reclaiming it during the run-up, the important bear market support level was now fast approaching as spot price weakened. 

“If 200 MA Reject, Ready for Some Drop,” he warned in part of a fresh post on the day.

Ethereum remains “very strong”

Striking a more positive tone, meanwhile, Crypto Ed stuck by predictions of further gains for both Bitcoin and largest altcoin Ethereum (ETH).

Related: Coming sooner: ETH devs move up the date for Merge

Having called the trip to $1,900 for ETH/USD, a breakout to $29,000 was still on the cards for BTC/USD, he said on the day.

In an accompanying YouTube update, Crypto Ed added that should a retracement enter next, a suitable long position for BTC would be $23,400.

“Is there anything bearish for me? I think only if we go below $22,000 and we have a bearish retest of that level,” he continued.

Regarding Ethereum, fellow trader TechDev described price action as “very strong,” noting that ETH/USD had reclaimed its 20-week exponential moving average while BTC/USD was “still fighting” the 10-week equivalent.

ETH/USD 1-hour candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.




Cointelegraph By William Suberg

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Major Brazilian payment application PicPay is moving into cryptocurrencies by integrating a crypto exchange service allowing users to buy Bitcoin (BTC) and Ether (ETH).

The firm officially announced on Wednesday that PicPay clients can now buy, sell and store two major cryptocurrencies, BTC or ETH, directly on its app. PicPay pointed out that its choice was due to the real use cases provided by these digital assets, including security and many other benefits. The firm stated:

“Blockchain technology, which is behind coins like Bitcoin and Ethereum, is already used in the real estate sector, the insurance industry and even the art market, through non-fungible tokens.”

The new crypto feature is enabled through a partnership with the major crypto company Paxos and allows customers to use Paxos-issued United States dollar-backed stablecoin USDP. Acting as a broker and custodian, Paxos is known for cooperating with some of the world’s biggest traditional financial firms like PayPal and Venmo.

The integration marks the first move for PicPay to introduce its 30 million customers with digital assets and help them understand how people can benefit from the potential of the growing asset class. The Brazilian fintech app is working on a feature to allow their clients to pay with crypto as well.

“PicPay is one of the most disruptive players in payments in Brazil, and our goal is to lead the growth of the crypto market,” PicPay’s head of crypto Bruno Gregory said. One of the major challenges associated with crypto adoption is eliminating its complexity by expanding information about the technology so that everyone can take advantage of the new asset class, he added.

Related: Brazil beams Bitcoin from space: A case for BTC satellite nodes

Cryptocurrency adoption in Brazil has been taking off recently, with major local crypto companies like Mercado Bitcoin actively expanding operations. Local lawmakers have been working to introduce crypto-friendly regulation, initiating a bill to legalize crypto payments in June 2022.


Cointelegraph By Helen Partz

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Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”

Speaking during a Q2 earnings call on Tuesday, chief financial officer Alesia Haas noted that she didn’t expect their new exclusive institutional staking service, rolled out in Q2, to be a “near-term phenomenon” until a “truly liquid staking option” is available:

“This is the first time we had the products available. Previously, the way that institutions could have access to staking is via Coinbase Cloud […] But offering it as the delegated staking service similar to what we have for retail customers.”

However, Haas said it was still “early days” for their new staking service, adding they’ll likely only see a “real material impact” when they have created a liquid staking option for post-Merge Ethereum, also known as Eth2.

Liquid staking is the process of locking up funds to earn staking rewards, while still having access to the funds. 

Haas explained that many financial institutions “don’t want their assets held indefinitely:”

“So when you stake ETH2 you are locking in your assets into Ethereum until the Merge and then some period after. For some institutions, that liquidity lock-up is not palatable to them. And so, while they may be interested in staking, they want to have staking on a liquid asset.”

Haas reaffirmed this issue is “something we are looking to solve,” and added that once this liquid staking is available for financial institutions that can pool in funds at higher proportions, “we’ll see the real material impact of institutional revenue.”

Related: Coinbase partners with BlackRock to create new access points for institutional crypto investing

Investors and institutions have been able to access Coinbase’s delegated staking service through Coinbase Prime, which was first launched in Sep. 2021. The platform also offers other integrated services, such as access to a custody wallet with enhanced security, real-time crypto market data and analytics, and other crypto-native features like decentralized governance.


Cointelegraph By Brayden Lindrea

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Crypto mining companies have seen their stock prices increase as much as 120% over the last month, amid rebounding crypto asset prices, higher mining profitability, and sharp increases in BTC production.

Crypto mining companies Marathon Digital Holdings (124.12%), Core Scientific (110.39%), Hut 8 (98.95%), and Riot Blockchain (96.69%) have seen their stock prices rocketing upwards over the last 30-days, according to data from Yahoo Finance — significantly outperforming Bitcoin (BTC) (18.0%) and Ether (ETH) (67.8%) asset prices.

In a Q2 results filing on Aug. 11, Core Scientific reported a staggering 1601% increase in self-mined Bitcoin year-to-date, reaching 6,567 Bitcoin. Q2 revenue rose 118% year-on-year to $164 million, driven by increases in digital mining revenue and hosting revenue.

Hut 8 Mining Corp. also saw its mined Bitcoin increase in the quarter, up 71% compared to the prior-year period to a total of 946 mined Bitcoin due to “an increase in hash rate from additional highly efficient miners” and ramping of activities at its Ontario mining site. Its revenue also increased in Q2, rising 30.7% year-on-year to $43.8 million.

Marathon Digital, which shared its Q2 results earlier this week, also said it had increased its Bitcoin production year-on-year, producing 707 Bitcoin in the quarter despite a “challenging macro environment,” with an 8% increase in Bitcoin production activity.

All three companies, however, posted widened losses, driven by impairment losses on their crypto holdings. 

The stock price surge has also coincided with climbing crypto prices since the June and July slump, with key crypto assets including that Bitcoin (BTC) and Ethereum (ETH) gaining 18.0% and 67.8% respectively.

Bitcoin mining profitability has also rebounded from year-lows on June 19, according to Bitinfocharts.

BTC Mining Profitability Over Last 3 months. Source: Bitinfocharts.com

Bitcoin mining companies have had to deal with a number of factors in recent months that have impacted BTC production and profitability, including lower asset prices and higher energy costs, which have been partially attributed to the heat wave in Texas and the Russia-Ukraine conflict. 


Cointelegraph By Brayden Lindrea

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