Despite USD bringing an onslaught to stocks, commodities and its rival currencies, Bitcoin (BTC) holds steady at the $19,000 to $20,000 mark, leaving mainstream media no choice but to put BTC into the headlines. American daily newspaper The New York Times highlighted BTC’s 6.5% increase in the last seven days and noted that this had caught the attention of crypto bulls and bears. Meanwhile, Fortune Magazine’s crypto outlet has also compared Bitcoin’s standout performance to other assets like the Japanese yen, Chinese yuan and gold, apart from the euro and pound. With fiat currencies like the euro and the Great British pound sterling failing to hold their ground against the United States dollar (USD), mainstream media outlets have started to put Bitcoin (BTC) into the spotlight for its steady performance. Source: moneymorning.com.auOn the other hand, the media outlet Proactive mentioned in their headline that it may be “time to put everything on Bitcoin.” Despite brushing the headline as sarcasm within the content of the article, the author highlighted that a majority of institutional investors are looking to put an end to the current crypto winter. Meanwhile, the Australian news website news.com.au has highlighted experts speaking positively on Bitcoin and blockchain’s use cases. Some experts even predicted that the BTC price might eventually hit a new all-time high of $100,000. Related: Crypto baffles mainstream media, but should blockchain advocates care?Meanwhile, as the British pound hit a new all-time low against the US dollar, Bitcoin’s limited supply could potentially give it an advantage against the pound. According to the finance site Porkopolis Economics, the issuance rate of the pound has been 11.2% annually since 1970 while BTC has a rate of 1.7%. This gives BTC a significantly lower supply issuance and this could potentially widen the gap between the two currencies. Bitcoin’s price is not the only crypto scoop that made it to the mainstream media spotlight recently. Earlier in September, mainstream media outlets also put their sights on Ethereum and its recent transition to a proof-of-stake (PoS) consensus mechanism.Continue Reading
Impact ratings and analysis provider Impak Ratings announced today that it has raised €4.5 million in a Series A funding round, with investors including Societe Generale’s venture capital arm, Societe Generale Ventures, and impact-focused venture investor Altalurra Ventures. Impak is also partnering with the new investors. Societe Generale’s Global Banking and Advisory division selected Impak […]Continue Reading
Bitcoin (BTC) miners remain under stress at current price levels as data shows large outflows from miner wallets returning.As per on-chain analytics firm Glassnode, monthly miner sales totaled up to around 8,000 BTC in September.Bitcoin miners see heavy salesIn contrast to the June lows, when BTC/USD hit its current multi-year floor of $17,600, miners are currently selling considerable amounts of BTC.According to Glassnode, which tracks the 30-day change in miner balances, at the start of the month, miners were down a maximum 8,650 BTC over the month prior.Bitcoin miner net position change chart. Source: GlassnodeWhile this subsequently reduced, taking into account changes in the BTC price, miners are still selling more than they earn on a rolling monthly basis.As of Sep. 29, the latest date for which complete data is available, miners were down a combined 3,455 BTC over 30 days — nonetheless capping a 1-month low in exchange transactions, Glassnode noted.Bitcoin miners to exchange flow chart. Source: Glassnode/ TwitterThe miner squeeze even caught the attention of mainstream media this week, with Reuters describing the sector as “stuck in a bear pit.”“Bitcoin miners have continued to watch margins compress — the price of bitcoin has fallen, mining difficulty has risen, and energy prices have soared,” the publication quoted Joe Burnett, head analyst at mining firm Blockware, as saying.With BTC/USD forecast to potentially drop even more in line with global macroeconomic strife, miners could face additional hurdles to come.This would further stress an essential component of the Bitcoin ecosystem which just in August ended a “capitulation” phase to claw back some profitability.Difficulty comes off record highsSigns of change are evident in current network fundamentals numbers.At the latest automated adjustment on Sep. 28, Bitcoin mining difficulty decreased by 2.14% — its first decline since July.Related: More ancient Bitcoin leaves its wallet after 10-year hibernationThe metric, which provides multiple insights into network operation and miner buoyancy, was previously at all-time highs.In two weeks’ time, however, the uptrend is estimated to resume, with the ultimate result dependent on price action in the meantime.Similarly, the Bitcoin network hash rate is currently circling slightly lower levels than recent peaks, nonetheless still near all-time highs of its own, according to combined data from BTC.com and MiningPoolStats.Bitcoin network fundamentals overview (screenshot). Source: BTC.comThe 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.Continue Reading
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Bitcoin’s (BTC) long-term profitability has declined to levels last seen during the previous bear market in December 2018. According to data shared by crypto analytic firm Glassnode, BTC holders are selling their tokens at an average loss of 42%.Bitcoin long term holders. Source: GlassnodeThe Glassnode data indicate that long-term holders of the top cryptocurrency selling their tokens have a cost basis of $32,000, meaning the average buying price for these holders selling their stack is above $30,000.The current market downturn added to the declining profitability can be attributed to several macroeconomic factors. The BTC market still has a heavy correlation with the stock market, especially tech stocks, which are currently seeing an even bigger downtrend than crypto.The rising inflation added to central banks’ failure to control it has also added to the pain of BTC investors. With much less to invest at their hands, traders and long-term holders are shifting to short-term profitability and less risky assets.This was evident from the BTC miner sell-offs as well, BTC miners have historically been long-term holders in anticipation of a higher profit. However, the rise in energy costs, added to growing mining difficulty, has narrowed the profit margins of these miners, forcing them to settle for short-term profits.Related: US Treasury yields are soaring, but what does it mean for markets and crypto?Bitcoin miner balance has seen large outflows since prices were rejected from the local high of $24.5 thousand, suggesting aggregate miner profitability is still under a degree of stress. While the miner outflow has ranged between 3,000-8,000 BTC, however, market data indicate that a price decline to $18,000 could lead to a monthly outflow of 8,000 BTC. Bitcoin, the top cryptocurrency, is currently trading in the $19,000-$20,000 range, struggling to conquer the $20,000 resistance despite multiple breakouts above it in the month of September.Bitcoin miner’s net position change Source: GlassnodeThe long-term holder profitability added with miner profitability has reached a multi-year low. However, the levels are quite similar to when the crypto market bottomed out during previous cycles.Bitcoin is currently trading in the $19,000-$20,000 range, struggling to conquer the $20,000 resistance despite multiple breakouts above it in the month of September. The top cryptocurrency is currently trading at a 70% discount from its market top of $68,789 posted in November last year.Continue Reading
The U.S. Federal Reserve Board announced Thursday that it will launch a pilot climate scenario analysis with six large banks, aimed at assessing the resilience of the financial institutions to various climate scenarios, and enhancing the ability of supervisors and firms to measure and manage climate-related financial risks. The banks participating in the climate risk […]Continue Reading
Bitcoin (BTC) returned to intraday resistance on Sep. 30 as analysis predicted that $20,000 could break before a new comedown.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCrunch time for $20,000Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled $19,600 at the time of writing.The pair had seen a bout of more volatile behavior the day prior, briefly losing $19,000 before bid support took the market higher.The day looked to be an important one for bulls, with the monthly close combining with European Consumer Price Index (CPI) data. Geopolitical events involving Russia’s official annexation of Ukrainian territory and associated implications were also on traders’ radar. Russian president Vladimir Putin was expected to speak at a ceremony during which he would formally ratify four Ukrainian regions joining Russia.“Today is the day,” Il Capo of Crypto declared, referencing Bitcoin’s next squeeze higher which should turn to losses thereafter.He continued that the price action would likely take the form of a “pump to 20000-20500 before Putin’s speech. Then big dump.”In a potentially more optimistic take, market analysis outfit IncomeSharks argued that bears had recently become less confident shorting BTC.“Bitcoin selling pressure has slowed a lot,” it told Twitter followers on Sep. 29. “It’s amazing how quickly we can see moves up now. It use to feel like it was weighted down. Now it feels like the wind blows and it moves. Bears seem a little more cautious shorting, a shift from the euohoria they were experiencing.”On the day, meanwhile, IncomeSharks noted that United States equities futures were gathering upside momentum, allowing for price relief across correlated crypto markets.“$SPX futures pushing up. Markets have flip flopped almost every other day this week. Bulls holding support with strength,” it summarized.S&P 500 futures 1-hour candle chart. Source: TradingViewGrim day for European economic dataIn Europe, the picture was less enticing, as CPI readings for Eurozone member states made for eye-watering reading.Related: Bitcoin ‘great detox’ could trigger a BTC price drop to $12K: ResearchGerman CPI came out at the highest ever recorded at 10%, reaching double figures for the first time since World War II, markets commentator Holger Zschaepitz noted.Eurozone combined inflation data for September was due for release on the day but still expected at the time of writing. The figures will cap a tumultuous week for Europe, which saw the Bank of England return to quantitative easing (QE) by buying bonds to avert a meltdown in the United Kingdom.For Bitcoiners responding, it was only a matter of time before other central banks followed suit. “A virus starts in one host and moves on quickly to the next,” Arthur Hayes, ex-CEO of derivatives trading platform BitMEX, wrote at the time. “YCC coming to a local pub near you. All central bankers think and act alike. If it’s happening in the UK, your banana republic is next. $BTC is Lord Satoshi’s cure.”Hayes referenced the yield curve control, or YCC, policy tool used by central banks, something he believes will also become inevitable in the future.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.Continue Reading
According to the CEO of blockchain development agency Labrys, Lachan Feeney, approximately 45% of all Ethereum blocks currently being validated run MEV-boost relay flashbots and comply with United States sanctions.Speaking to Cointelegraph in an interview on Sept. 30, Feeney noted that while reports have stated that 25% of all blocks validated since the Merge complies with United States sanctions, this is a lagging indicator and the current number is likely to be closer to one out of every two blocks.Feeney pointed out that MEV-Boost relays are regulated businesses, often U.S.-based, and are “censoring certain transactions in the blocks that they build, particularly transactions from Tornado Cash.” The CEO also pointed out validators have a financial incentive to use MEV-Boost relays, which would drive an uptick in their usage, noting:“The issue, is that from the validators perspective, these guys are paying them to sort of do this. So if you want to make more money, you just turn this feature on and as a validator, you sort of boost your yield.”MEV-Boost relays are centralized entities dedicated to efficient Maximal Extractable Value (MEV) extraction. With Flashbots being the most popular, MEV-Boost relays effectively allow validators to outsource block production and sell the right to build a block to the highest bidder.Labrys released an MEV Watch tool on Sept. 28, which can inform validators about which MEV-Boost relays comply with Office of Foreign Assets Control (OFAC) sanctions. Referring to the motivation behind the tool, Feeney said:“We’re just trying to raise some awareness for those who are unaware that by running this software, they are potentially contributing to censorship of the network.”Feeney noted a worst-case situation often referred to as hard censorship, where “nodes would be forced by regulation to basically discard any blocks with any of these transactions in them.”“That would mean no matter how long you waited, no matter how much you paid, you would never get to a point where those sanctioned transactions would get included in the blockchain,” he explained.He also pointed out that even in the event of soft censorship, where sanctioned transactions would eventually be validated, it could take hours and require a high priority fee, resulting in a sub-par user experience.Related: MEV bot earns $1M but loses everything to a hacker an hour laterThese findings are reinforced by Ethereum researcher Toni Wahrstätter, who published research on Sept. 28 suggesting that of the 19,436 blocks verified by the Flashbots Mev-Boost Relay, none included a Tornado cash transaction.How many blocks from different MEV Boost Relays contain Tornado Cash transactions. Source: Toni Wahrstätter.Censorship fears were prevalent before The Merge. Speaking to Cointelegraph, the lead investigator for crypto compliance and forensic firm Merkle Science, Coby Moran, suggested the prohibitive cost of becoming a validator could result in the consolidation of validator nodes to the bigger crypto firms — who are much more susceptible to being influenced by government sanctions.Continue Reading
The Bitcoin (BTC) bashing has continued unabated even in the depths of a bear market with more research questioning its energy usage and impact on the environment.The latest paper by researchers at the department of economics at the University of New Mexico, published on Sept. 29, alleges that from a climate-damage perspective, Bitcoin operates more like “digital crude” than “digital gold.”The research attempts to estimate the energy-related climate damage caused by proof-of-work Bitcoin mining and make comparisons to other industries. It alleges that between 2016 and 2021, on average each $1 in BTC market value created was responsible for $0.35 in global “climate damages,” adding:“Which as a share of market value is in the range between beef production and crude oil burned as gasoline, and an order-of-magnitude higher than wind and solar power.”The researchers conclude that the findings represent “a set of red flags for any consideration as a sustainable sector,” adding that it is very unlikely that the Bitcoin network will become sustainable by switching to proof-of-stake.“If the industry doesn’t shift its production path away from POW, or move towards POS, then this class of digitally scarce goods may need to be regulated, and delay will likely lead to increasing global climate damages.”Recently, Lachlan Feeney, the founder, and CEO of Australian-based blockchain development agency Labrys told Cointelegraph after the Merge that “the pressure is on” Bitcoin to justify the PoW system over the long term.There are always counter comparisons and arguments, however. The University of Cambridge currently reports that the Bitcoin network currently consumes 94 terawatt hours (TWh) per year. To put this into context, all of the refrigerators in the United States alone consume more than the entire BTC network at 104 TWh per year.Furthermore, transmission and distribution electricity losses in the U.S. alone are 206 TWh per year which could power the Bitcoin network 2.2 times over. Cambridge also reports that the Bitcoin network power demand has decreased by 28% since mid-June. This is likely due to miner capitulations during the bear market and more efficient mining hardware being adopted.Related: Nic Carter takes aim at claims Bitcoin is an environmental disasterThere is also the argument that more mining is now carried out with renewable energy, especially in the U.S. which has seen an influx of mining firms since China’s ban.Earlier this month, former MicroStrategy CEO Michael Saylor slammed ‘misinformation and propaganda’ regarding the energy usage of the Bitcoin network. He pointed out that metrics show almost 60% of energy for BTC mining comes from sustainable sources and energy efficiency improved by 46% year on year.Texas, which has become a mining mecca in recent years, is one example where renewables reign — it is the largest producer of wind power in the United States. Several mining operations have also been set up to use excess or otherwise wasted energy such as gas flaring. In August, Cointelegraph also reported that sustainable energy usage for BTC mining has grown nearly 60% in a year so it is not all doom and gloom.Continue Reading
Traders who jumped headfirst into the biggest cross-asset rally since April 2020 on Wednesday are being dealt a quick lesson in market-timing. A combined $6.7 billion flooded into the biggest exchange-traded funds tracking US stocks, investment-grade bonds and high-yield credit on Wednesday after the Bank of England’s intervention in bond markets stoked a fierce relief rally. The […]Continue Reading
Highlighting the perils of do-it-yourself succession planning, the Securities and Exchange Commission this week brought civil charges against a former advisor who sold his practice to an alleged fraudster in Jacksonville, Florida. In what lawyers characterized as an unusual and portentous step, it charged now-barred advisor James Blake Daughtry, 50, of Dothan, Alabama, for breaching […]Continue Reading
The Canadian federal government recently sent word to hockey teams traveling in Russia and Belarus to leave as soon as possible, according to the Toronto Sun. Forty-eight Canadian hockey athletes are on the roster for the Kontinental Hockey League, and 44 of them are playing in Russia and Belarus (the other four are in Kazakhstan).
Russia invaded Ukraine on Feb. 24, and Canada was an early supporter of Ukraine since the war began. The Canadian government has given $626 million in military aid, and $320 in humanitarian relief. “Our government has been very clear. Canadians should avoid all travel to Russia and Belarus,” Global Affairs Canada said in a statement to The Canadian Press. “If they are in Russia or in Belarus, they should leave now. Our ability to provide consular services may become extremely limited.”
There could be a possibility that a situation similar to the imprisonment of U.S. WNBA athlete Brittney Griner could occur due to the ongoing conflict. According to Maria Popova, Associate Professor of Political Science at McGill University in Quebec, there is a real threat to players. “Anybody who is in Russia is always in danger of being framed, incarcerated, used as a pawn in whatever the local government, central government et cetera decides to do,” Popova said. “I think something like what happened to Brittney Griner is possible. The same playbook can be repeated in a case against a Canadian player for sure.”
Griner was detained in Russia on Feb. 17, just before Russia invaded Ukraine. Popova did add, however, that while there’s a risk for players playing abroad, she doesn’t see a clear reason why Russia would choose to detain more athletes. “I don’t see why Russia would try to use these people as a pawn because Canada is not Russia’s main problem in this war,” Popova said. “There isn’t really any hope that Russia could change Canadian policy in Ukraine. They know Canada is firmly in NATO, clearly backing Ukraine.”
Adrien Blanchard, press secretary for Canadian Foreign Affairs Minister Melanie Joly, told CBC.ca that players should explain why they are choosing to stay in Russia and Belarus. “President [Vladimir] Putin’s war in Ukraine is a war on freedom, on democracy and on the rights of Ukrainians, and all people, to determine their own future,” Blanchard said. “Athletes who decide to play and associate with Russia and Belarus should explain their decisions to the public.”
Player-agent Ritchie Winter, based in Alberta, manages three players currently involved in the Kontinental Hockey League. In his opinion, players have every right to continue making a living.Continue Reading
The great tech selloff of 2022 is far from over as investors brace for earnings misses that may spur a more than 10% plunge in the Nasdaq 100. More than two-thirds of 914 respondents in the MLIV Pulse survey think profits of the technology companies will disappoint the market throughout 2022. Firms including Alphabet Inc.’s Google are at risk of advertisers cutting spending as the global economy struggles, […]Continue Reading
Absurdity, balderdash, and fuckery in general unfolded on the often biased cable news circuit this week. Don’t joke about or mention weed because of the doubling of “overdose deaths,” former White House advisor Kellyanne Conway said in so many words on Fox News Monday.
Democratic Pennsylvania Lt. Gov. John Fetterman faces off against Republican celebrity doctor Mehmet Oz in Pennsylvania’s hot-button U.S. Senate race this fall. Fetterman, from the beginning, has been outspoken about his pro-marijuana stance.
Dr. Oz, on the other hand, is more difficult to tell, both slamming adult-use legalization in Pennsylvania and admitting that marijuana is safer than some prescription drugs. The current stance doesn’t exactly align with previous episodes on The Dr. Oz Show, when he was called a medical marijuana “advocate” a few years ago. Dr. Oz now falsely says that legalization leads to higher unemployment rates.
So Fox News tapped Conway for commentary on the race on September 26, and Conway did not disappoint her base.
“He put the marijuana flag up. He thought that was funny. He’s trolling his opponent. He thinks that’s funny,” Conway said of Fetterman’s recent comments. “Here’s what’s not funny: that there’s been a doubling of overdose deaths in Pennsylvania while he’s been in office from 2015 to 2021. Fentanyl is rankling every corner of this state.”
What fentanyl has to do with marijuana is anyone’s best guess. The conflation of marijuana with overdoses has been debunked by several government agencies.Continue Reading
Canada-based financial institution CIBC announced today the latest in a series of targets to reduce carbon intensity of financed emissions high-emitting sectors, with a new goal to reduce emissions intensity in its power generation portfolio by 32% by 2030, compared to 2020. The announcement follows the introduction last year by CIBC of a series of sustainability-related goals, […]Continue Reading
Healthcare and life sciences-focused solutions provider Thermo Fisher Scientific announced today that it has signed an eight-year virtual Power Purchasing Agreement (VPPA) with power provider Enel North America for the delivery of renewable energy equal to half of the company’s U.S. electricity consumption. Under the terms of the VPPA, Thermo Fisher will purchase approximately 400,000 […]Continue Reading
The Financial Industry Regulatory Authority is updating its sanction guidelines used by its enforcement officials to determine the appropriate fines or penalties to levy on firms and individual brokers, according to an announcement. The changes are mostly symbolic as the guidelines are merely a rough outline of potential fines and had not been closely followed, […]Continue Reading
Registration has already opened for the Cannabis Law and Business certificate of study, which will officially commence in January 2023. Those accepted will spend six months learning the ins and outs of the New Jersey weed sector, with an emphasis on the stringent and often complicated regulations which prospective business owners need to be familiar with.
“This is the first program that Rutgers Law School has developed to support participants who are not [law] students or legal professionals,” a press release from the university said. “The curriculum has been developed specifically for New Jersey’s legal cannabis industry, making it highly specific to the needs of the local community.”
The program will be mostly online with two in-person sessions and has two certificate options for cultivators and retailers respectively. The entire course can be taken for $2,695 or individual topics of study can be purchased for between $600-$850. A limited number of scholarships may also be available to anyone applying for a cannabis-related social equity business license in New Jersey.
Rutgers Co-Deans Kimberly Mutcherson and Rose Cuison-Villazor said in a joint statement that “This new certificate is exactly the kind of work that we want to be doing as New Jersey’s state law school. Now that the state legislature has legalized the cannabis industry here, we want to ensure that we can provide crucial information to the citizens of New Jersey who want to enter this business, especially those from communities that traditionally bore the brunt of punitive outcomes before legalization.”
The six available class modules are as follows:
Fundamentals of cannabis regulation in New Jersey – The history of legal marijuana in New Jersey with an emphasis on the CREAMM ActRegulatory compliance – Protecting your license by running a compliant cannabis businessCannabis business operations – Banking, branding, licensing, and moreLocations and local government – A big challenge in New Jersey specifically where 70% of local municipalities initially opted out of allowing recreational marijuanaRetail or Cultivation – Students choose one or the other depending on what kind of business they want to openCapstone project – A final project such as a business plan or an investor pitch with feedback from expert faculty
The announcement from Rutgers comes on the heels of New Jersey’s recreational cannabis market opening its doors in April, amid heavy speculation and concern surrounding the availability of product. However, other than some long lines, no one has reported running out of cannabis yet. That said, many in New Jersey have said that between licensing holdups, high property costs, and stringent zoning laws, New Jersey is not an easy place to open a cannabis business to say the least.Continue Reading
Brookfield Asset Management’s flagship listed renewable power company Brookfield Renewable announced today an agreement, alongside institutional partners, to acquire renewable energy developer Scout Clean Energy for $1 billion in cash, as well as the closing of its $540 million acquisition of commercial and distributed solar company Standard Solar. The transactions will be invested through the […]Continue Reading
BNP Paribas Asset Management (BNPP AM) announced today the launch the BNP Paribas Easy ESG Eurozone Biodiversity Leaders PAB UCITS ETF, a new fund aimed at providing investors with reduced potential impact on biodiversity. The ETF tracks the Euronext Biodiversity Leaders PAB index, which consists of approximately 60 stocks from the Euronext Eurozone 300 Index, […]Continue Reading