Bitcoin bulls look to push price above $45K to validate bullish trend reversal

The mood across the cryptocurrency ecosystem has shifted to cautious optimism on Feb. 7, as Bitcoin (BTC) bulls managed to bid its price back above support at $44,000 with the help of several positive developments, including the announcement that “Big Four” auditor KPMG has added BTC and Ether (ETH) to its corporate treasury. Data from Cointelegraph Markets Pro and TradingView shows that, after hovering around $42,500 during the early morning on Feb. 7, a midday wave of buying lifted the BTC price to a high of $44,500 as short traders scrambled to close their positions. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about Feb. 7’s move from Bitcoin and what could possibly come next as traders look to capitalize on the sudden spike in price and momentum. “Good spot to close longs out”The sudden move up in BTC has led to a plethora of up-only bullish proclamations by crypto holders, while more seasoned traders, including pseudonymous Twitter user Pentoshi, are using this opportunity to secure some profits and reposition themselves for what comes next. BTC/USD 4-hour chart. Source: TwitterPentoshi said:“Taking the last highs now. Looking for one last spike up but $44,000–$46,300. In my opinion, good spot to close longs out and re-evaluate.”Traders remain bearish on BTCInsight into how active traders are perceiving this latest BTC price move was provided by Bitcoin analyst and Twitter user Allen Au, who posted the following graphic outlining how the futures markets were impacted by Feb. 7’s price action.Total liquidations and perpetual futures funding rates. Source: TwitterAs shown in the graphic, $71 million in Bitcoin shorts were liquidated in the move to go along with a decrease in open interest, which Au suggested is a “short squeeze” that “could continue to fuel a price rise.” He further explained:“Perpetual futures funding rates are negative despite BTC breaking above $44K. Traders are still bearish about BTC.” Au highlighted the next major resistance levels for Bitcon at $44,500, $46,500 and $47,500. Related: Global crypto adoption could ‘soon hit a hyper-inflection point’: Wells Fargo report$45,000 signals a possible trend reversalA look at the long-term price action for Bitcoin was provided by crypto analyst and pseudonymous Twitter user Sheldon the Sniper, who posted the following chart showing that BTC has climbed back into the upward trend it’s been on since late 2020. BTC/USDT 1-day chart. Source: TwitterSheldon said:“$45,000 will give us the first major higher high and will be a great indication of possible trend reversal.”A slightly different perspective of the long-term BTC price action was offered by crypto analyst and pseudonymous Twitter user TechDev, who posted the following chart and suggested that “Bitcoin has been correcting/consolidating for nearly a year.”BTC/USD 1-month chart. Source: TwitterTechDev explained:“Likely in a running flat, which could turn into a running triangle. The next impulse is poised to be a big one.”The overall cryptocurrency market cap now stands at $2.024 trillion and Bitcoin’s dominance rate is 41.5%, according to CoinMarketCap.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.

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Stop listening to celebrities for financial advice, says Binance Super Bowl campaign

From NFL players accepting their salaries in cryptocurrency and Tom Brady founding his own nonfungible token (NFT) marketplace to the NFL providing Super Bowl attendees with customized NFTs, the National Football League and the blockchain community seem to have embraced each other. As Super Bowl LVI approaches this Sunday, there is one thing fans can be sure to expect: crypto ads. One marketing campaign led by Binance, the largest global exchange by trading volume, warns fans about taking these anticipated crypto commercials to heart, and uses celebrities to make its point. Last week, Binance released its first video featuring Miami Heat forward Jimmy Butler who said that “I can give you advice on a lot of things. Your money isn’t one of them.” He warns viewers that they will be told “to get into crypto” by a lot of people, but should heed that call by doing their own research. The campaign’s slogan is “trust yourself” instead of trusting the celebrities on screen.Trust yourself. 02.13.22 Here’s a message from all-star basketball forward @JimmyButler ⤵️ pic.twitter.com/WS9XCQrlhO— Binance (@binance) February 2, 2022This series of ads are calling upon game spectators to sound Binance’s #CryptoCelebAlert at CryptoCelebAlert.com for every commercial aired during the game with a celebrity talking about crypto. An incentive to do so includes the ability to claim one of 2,222 POAP NFTs featuring Jimmy Butler. The latest celebrity to join the campaign is reggaeton star J Balvin. In his video released Monday, he said, “Don’t ask me” about crypto because he is learning too. He even admits to feeling “dumb” about being looked to for crypto advice. Superstars ≠ crypto experts.Music artist @JBALVIN says “do your own research”.On 2.13 when big names try to give you crypto advice — sound #CryptoCelebAlert and grab 1/2222 NFTs of basketball star @JimmyButler!Learn more ⬇️https://t.co/3rC7r0uJ8M pic.twitter.com/Hml8AN2aEs— Binance (@binance) February 7, 2022

Via a VIP-filled partnership, Binance’s ultimate aim appears to be to direct new users to its own platform, as well as to the educational crypto primer tools on its website. According to the company, the campaign’s next protagonist will be mixed martial arts fighter Valentina Shevchenko.

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Google Cloud to detect crypto-mining malware on virtual machines

It’s a shot in the arm for Google Cloud users at risk of cryptocurrency mining attacks. The Google Cybersecurity Action Team (GCAT) has created a threat detection service to shield “poorly configured” accounts that attackers use to mine cryptocurrency. In a blog post, Google Cloud announced the Virtual Machine Threat Detection (VMTD) release in its Security Command Center (SCC) area. A means of scanning compute engines in Google Cloud, the VMTD successfully detects threats, including crypto-mining malware used inside virtual machines. Crypto-mining malware attacks, sometimes called “cryptojacking,” are an ongoing nuisance in the industry. While browser-based cryptojacking activity spiked in the 2019 bear market, cloud-based crypto mining continues to beleaguer the space. Cointelegraph reported in November last year that of the 50 analyzed incidents relating to compromised Google Cloud protocols, 86% were related to crypto mining. The Google “Threat Horizons” report highlighted thathackers may seek to hijack GPU space to mine crypto as it is a “cloud resource-intensive for-profit activity.” Upon receiving the data, the Google Cybersecurity Action Team sought to remedy the situation, building better protections for its Virtual Machine users. The result is VMTD, a program that provides agentless memory scanning to help detect threats like crypto-mining malware. As well as delivering protections from coin mining, the VMTD also secures users from data exfiltration and ransomware. Ransomware attacks flourished in 2021, reaching highs in April 2021. Some commentators suggest that the rise in ransomware attacks went hand in hand with crypto’s meteoric rise; regulators and industry players have made efforts to blunt the malpractice.Related: Crypto miner in Texas shuts down 99% of operations as winter storm approachesRegarding crypto-mining malware attacks, Google has made a concerted effort to stem the onslaught of malicious actors taking advantage of unknowing internet users’ CPU power and electricity to mine cryptocurrencies. In 2018, over 55% of businesses were reportedly affected worldwide, including Google’s Youtube.The VMTD will steadily integrate with other parts of Google Cloud over the coming months, benefitting further Google Cloud users.

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Privacy-focused applications platform Aleo raises $200M

Zero-knowledge applications platform Aleo has raised $200 million in a solid investment round, pushing the company forward and supporting its goals to develop products and services that encourage and assist developers in building applications on top of its decentralized network.The Series B investment round was led by Kora Management LP and SoftBank Vision Fund 2, which invest in fintech projects within emerging digital economies. Samsung Next also participated in the raise along with Tiger Global, Sea Capital, Slow Ventures and Andreessen Horowitz (a16z).Aleo is building a network that integrates zero-knowledge proofs, a cryptography technique that lets the platform become scalable, private and interoperable.Aaron Wong, an investor at SoftBank Investment Advisers says that Aleo is creating a foundation that ensures that Web3 is scalable, safe and secure. Wong added that this will enhance financial transactions and gaming applications as well.“As the blockchain industry continues to evolve, it is proving its potential to support a digital ecosystem defined by accessibility, efficiency, and interoperability.Daniel Jacobs, Founder at Kora Management LP says that the biggest challenges in the industry are privacy and scalability. According to Jacobs, Aleo “will have profound impacts on a large and growing number of applications in the blockchain space and beyond.”Related: a16z-backed TrueFi launches DeFi lending market for asset managersJacobs explained that the project could protect user and application identity without giving up on performance that’s required to support many users. He also further noted that Aleo will become a catalyst that spurs the next generation of gaming, decentralized finance, and other use cases within the blockchain industry.As Cointelegraph reported in April, Aleo secured $28 million in a private investment round to bring its platform for zero-knowledge applications to a wider audience. Venture capital firm a16z led the effort followed by investments from Coinbase Ventures, Galaxy Digital, and others.

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Swiss BSV to establish blockchain academy in the Middle East

The first blockchain school in the Middle East will open in Riyadh, Saudi Arabia, according to an announcement by the BSV Blockchain Association. The new institution will reportedly provide training and development tools for government organizations and enterprises interested in adopting or experimenting with blockchain technology.Per the announcement, the Saudi Blockchain Academy (SDA) will work with the Swiss-based Bitcoin SV (BSV) Blockchain industry association to educate experts about new technologies, assisting in implementing Saudi Vision 2030.The Ministry of Communications and Information Technology (MCIT) of the Kingdom of Saudi Arabia established the SDA as a major national project to develop both human capital and digital skills for the future and prepare its youth for employment in communications and information technology sector.The BSV association and SDA will collaborate through Riyadh’s new blockchain academy to provide learning and development resources for various audiences, including developers, students, startup entrepreneurs, business executives, and government agency officials.Blockchain technology has seen a wide range of potential applications in many areas such as financial services, healthcare, and telecommunications, among others. Many big tech companies, including Google and IBM, are actively participating in developing blockchain-based applications.Per the announcement, the school will focus on the BSV blockchain and is part of a growing number of sector-specific educational programs launched by the SDA. Eng. Faris AlSaqabi, Deputy Minister for Future Jobs & Capabilities at MCIT said:”Since the initial academies announced at our launch event in October 2021, we continually look to add new fields of learning. Given the high interest in blockchain technology, we are proud to work with BSV’s team to bring world-class blockchain training to Saudi Arabia in this landmark initiative for the Middle East.”Related: Crypto firms ignore Africa at their peril as continent set for major adoptionSeveral nations have embraced blockchain technology and digital assets in the Middle East with a more progressive perspective. Several regulators have pushed for a slew of crypto-friendly laws in various countries in the region.In Sept. 2021, the UAE’s local authorities unveiled a new regulatory framework that encourages cryptocurrency trading and related activities in Dubai’s economic free zone, potentially laying the groundwork for wider adoption and innovation throughout the country. As reported by Cointelegraph, the Emirates Postal Group, or EPG for short, announced that it was the first postal organization in the Middle East and North Africa to issue digital-collectible stamps.

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Venezuelans reportedly hit by new Bitcoin tax of up to 20%

The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports.Venezuela’s National Assembly held a second discussion session on Thursday for a new draft bill targeting taxes on “large financial transactions” in cryptocurrencies like Bitcoin (BTC).The Venezuelan government reportedly approved the draft bill last Thursday, requiring local firms and individuals to pay up to 20% for operations carried out in cryptocurrencies as well as foreign currencies such as the United States dollar.Filed on Jan. 20, the draft law aims to collect 2%–20% from transactions in any currencies other than those issued by the Bolivarian Republic of Venezuela, or the Venezuelan bolivar and the country’s oil-backed cryptocurrency, El Petro.The initiative aims to incentivize the use of the national currency, which reportedly lost over 70% in value last year alone and shed nearly all its value over the past decade.“It is necessary to guarantee treatment at least equal to, or more favorable, to payments and transactions made in the national currency or in cryptocurrencies or crypto assets issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency,” the bill reads.Related: India to introduce 30% crypto tax, digital rupee CBDC by 2022–23As previously reported by Cointelegraph, Bitcoin adoption has been skyrocketing in Venezuela in recent years, with many thousands of local businesses starting to move into cryptocurrency to survive hyperinflation. In October 2021, a major international airport in Venezuela was preparing to start accepting cryptocurrencies like BTC as payment for tickets and other services.

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RSS3 aims to be the decentralized information processor of Web3

Really Simple Syndication (RSS), the first information distribution protocol that saw massive adoption across the internet is all set to take on Web3 with a decentralized information processing protocol called RSS3.In a technical whitepaper released on Monday, RSS3 laid out plans for taking its popular internet feed update to Web3. RSS3 would offer every entity an RSS3 file that will act as source data and be updated continuously. The source data file then can be used as an aggregation of all the cyber activities, which can then be used to build out social media, content networks, games and other data-driven applications. The source data would have control on which information to broadcast and which to keep private.RSS is a feed file containing a summary of a website’s updates, usually in a list of articles with hyperlinks. These feed files were meant to be decentralized and played a key role in exchanging information across the internet. However, the monopoly of centralized web hosting services providers has led to the creation of the decentralized RSS3.Related: Decentralized technology will end the Web3 privacy conundrumThe official paper noted that building a decentralized information processing protocol from scratch was quite a complex task and might take another six to eight months for building RSS3 nodes. The developers are in the process of building a DAO system as well, but believe a true decentralization would take time.The development team has partnered with Ethereum, Arweave, Polygon, BSC, Arbitrum, Avalanche, Flow, and xDAI to roll out the protocol across various decentralized networks.The team behind the decentralized protocol has closed two funding rounds until now that saw participation from the likes of Coinbase Ventures, Dapper Labs, Dragonfly Capital, Fabric Ventures, and several others.

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