Bitcoin bounces even as ETF outflows mount – Blockworks

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Bitcoin moved back into the $42,000 range Friday after a disappointing week of trading. Meanwhile, stocks slipped even as the latest economic data bolstered expectations that the Federal Reserve can achieve a soft landing after all.

Bitcoin (BTC), which struggled to break out above $40,000 this week, posted a recovery Friday, gaining more than 8% since its Tuesdays low. Ether (ETH) was also on the recovery path, trading around 2% higher Friday.

Analysts are cautiously optimistic that bitcoins ETF-driven selloff could be easing, even as outflows mount. The new spot products end their third week of trading Friday, and outflows are increasing. Spot bitcoin ETF net outflows hit a high of $158 million Thursday.

Read more: Bitcoin ETFs see net outflows for 4 straight days

This doesnt necessarily mean that the GBTC outflows are over, Noelle Acheson, author of the Crypto is Macro Now newsletter, said. Yesterday, they were $394 million, which sounds like a lot but is the lowest outflow since launch dayrather, it reminds us that flows matter but are not the main driver of the BTC price.

Personal consumer expenditures price (PCE) index data released Friday was in line with analysts expectations, showing a 0.2% increase in December and 2.9% high year-over-year. The numbers are a sign that while inflation is still elevated, it is trending lower.

Spending last month increased 0.7%, comfortably exceeding the 0.5% that was expected, Criag Erlam, senior market analyst at Oanda, said. It also came on top of the upward revision to the November reading, which increased to 0.4% from 0.2% previously. All things considered, its another sign that the US consumer and economy are in very healthy shape going into the new year.

Read more: Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading

Still, traders seemed skeptical. The S&P 500 traded sideways and the Nasdaq Composite lost around 0.4% toward the end of Fridays session. Both indexes remain modestly higher over the week ahead of the Feds Open Markets Committee Tuesday.

Minimal yield moves Thursday and Friday, thanks to the expected economic data releases, are a positive sign for traders, Tom Essaye, founder of Sevens Report Research, said Friday.

In order for economic data to move yields, it must be so good or so bad it alters the markets outlook for rate cuts and either pushes it back more (yields higher) or pulls it forward (yields lower), Essaye said.

Going forward, the calmer yields are like yesterday the more theyll support these gains in stocks.

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Bitcoin bounces even as ETF outflows mount - Blockworks

Bitcoin and ether fall as investors weigh persistent inflation and rising interest rates – CNBC

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Bitcoin has been closely correlated with stock indexes, in particular the Nasdaq, which rose on Wednesday after the U.S. Federal Reserve hiked interest rates by 0.75 percentage point. That's one reason why bitcoin rose slightly on Thursday.

STR | NurPhoto via Getty Images

Bitcoin slid toward $29,000 on Wednesday as traders mulled over the likelihood that Federal Reserve rate cuts may be further away than they thought.

The price of bitcoin was last lower by 3.22% and trading at $29,227.24, while ether fell 4.82% to $1,980.68, according to Coin Metrics.

The drop comes after ether rallied 12% over the course of last week and pushed above the $2,000 for the first time since August. That helped drive bitcoin higher by 8% to above the $30,000 mark.

"We believe the pullback we're seeing is more a function of an overdue correction following some impressive moves and possible profit taking on broader risk-off flow in global markets than anything crypto specific," said Joel Kruger, market strategist at LMAX Group.

See Chart...

Bitcoin falls following U.K. inflation data

Investors Wednesday morning were taking in new U.K. inflation data, which showed consumer prices unexpectedly held above 10% in March. That fueled expectations that the Bank of England could hike rates by 25 basis points at its May meeting.

Meanwhile in the U.S., Atlanta Federal Reserve President Raphael Bostic said Tuesday that he anticipates one more 25 basis point interest rate increase and then a hold "for quite some time." Bostic spoke to CNBC's "Squawk on the Street."

"There have been some signs the Fed could be more aggressive towards higher interest rate policy than what the market is pricing, which has been driving yield differentials in the U.S. dollar's favor, while weighing on sentiment," Kruger said.

Market participants had expected a pullback in crypto prices this week as investors moved attention away from Ethereum's latest technical upgrade and toward the potential that the Fed could push the economy into a recession with its rate hikes which would give bitcoin a new proving ground at a time when investors are just warming to the diversity of the crypto asset's potential.

Clara Medalie, head of research at crypto data provider Kaiko, noted that liquidity in the crypto market remains low after the U.S. lost two of its biggest fiat-to-crypto on-ramps in the banking crisis earlier this year the networks provided by Silvergate and Signature Bank.

"Overall, volatility can be expected both towards the upside and downside due to a prolonged bout of thin liquidity in crypto markets, which has hit bitcoin and ether particularly hard," she said. "It is hard to trust any crypto rally with the state of market liquidity, so a sharp drop towards the downside is hardly a surprise."

Traders were also digesting Tuesday's contentious congressional hearing with Securities and Exchange Commission Chair Gary Gensler, who defended his agency's crackdown on cryptocurrency trading platforms and failed to provide a clear answer on whether ether is a security. Gensler has long maintained that all crypto assets other than bitcoin should be deemed securities.

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Bitcoin and ether fall as investors weigh persistent inflation and rising interest rates - CNBC

Over $250 Million in Liquidations as Bitcoin, Ethereum Slip – Decrypt

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Bitcoins price dropped by over 4.5% Wednesday morning in the space of a few hours, reaching new weekly lows of $29,158, per data from CoinGecko. At present, Bitcoin is trading at around $29,275, down over 2% on the day.

The total market capitalization of all cryptocurrencies fell at a similar pace with Bitcoin, dropping by 3.7% over the last 24 hours to $1.27 trillion. Ethereum (ETH) also broke below its $2,000 psychological level, and is currently down 6% in the last 24 hours, trading at $1,975.

While there were no immediate catalysts to explain the price crash, gold also experienced a 1.57% drop around the same period, suggesting that the declines can be correlated.

BTC/USD (top) and Gold hourly price chart. Source: Trading View

On April 14, the U.S. Federal Reserve leaned toward another 25 basis point hike in its upcoming May policy rate meeting, strengthening the dollar and putting pressure on gold and Bitcoin.

The news restricted a crypto market uptrend during the weekend, as Bitcoins price dropped to lows of $29,380 on Monday. While there was a brief recovery above $30,000 the following day, a simultaneous drop in gold and Bitcoin suggests that the market may still be attempting to price the interest rate hike.

The price drop caused a total of $250 million in liquidations across the entire crypto market over the past 24 hours, with the majority of the orders being long, according to Coinglass data. Bitcoin, Ethereum, Dogecoin, and XRP accounted for over 40% of the liquidated amount, with the rest of the liquidations distributed across the entire market.

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Over $250 Million in Liquidations as Bitcoin, Ethereum Slip - Decrypt

Newton grandmother scammed out of $20,000, used Bitcoin ATMs to send money – CBS Boston

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NEWTON - It's a phone call that a Newton grandmother would give anything to go back and not answer. It happened last week; the caller said he was a federal law enforcement official, and he feared she was the victim of identity theft.

"He said, 'Alright, are you ready to go to the bank?' I said yes," the woman who did not want to be identified said. "He spelled his name for me and he actually had me put his phone number into Google. It took me directly to the US Marshals Service website."

Elsewhere on the actual US Marshals Service website, there is a warning for this exact scam.

Distracted on the phone call, the Newton victim didn't go digging. And unlike other popular schemes, there was no urgency, and no threatening tone. The caller calmly offered options for moving her money temporarily until a new Social Security number could be issued.

She told WBZ she began to let her guard down, as the man pretended to help her. "Then you're going to go and use that money to buy Bitcoin. It'll go into a wallet that is strictly yours. Your name is on it; it's your money," she recalled him advising her, so that her savings wouldn't be inaccessible in a frozen account.

Over the next 24 hours, the woman visited four local Citizens Bank branches and withdrew $30,000 in cash. She said no one ever questioned her.

"The teller said, 'We don't carry that kind of money. The best we can do is give you $9000 and small bills. He called over and found out the branch in Needham could give me $10,000," the woman recalled.

She spent hours on the phone with the man, as she drove to banks in Newton Centre, Needham, Chestnut Hill, and Newtonville. She used Bitcoin ATMs in Waltham and Newton, and after sending the first $20,000 she drove to her attorney's office. "I wasn't two sentences into the story when he said that's a scam," she recalled.

Citizens Bank wrote in a statement: "We are sorry to hear that one of our customers may have been the victim of a scam...we do work closely with law enforcement when incidents occur and provide training for our colleagues in order to help detect such incidents."

Back in February WBZ reported on a thwarted scheme in Norwood; an alert teller at Rockland Trust called police, concerned for a senior customer trying to take out $9000. That victim kept their money, but personal finance experts say it's a slippery slope.

"Do we really want bank tellers screening us and asking, how much money? What are you going to use this money for? Is this a legitimate purpose? I think we're invading privacy at this point," said Professor Jay Zagorsky of Boston University's Questrom School of Business.

Newton Police are investigating, but this victim's $20,000 is long gone.

"I'm just pulling myself together now. It was just a terrible ordeal. This can happen to you. It doesn't matter how smart you are. It doesn't matter how skeptical you are. You can be had. They're very good at what they do," the victim said.

Juli McDonald is a general assignment reporter for WBZ-TV.

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Newton grandmother scammed out of $20,000, used Bitcoin ATMs to send money - CBS Boston

Legislation or lawsuits? The spot bitcoin ETF debate forges ahead – CNBC

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The ongoing court battle to bring a spot bitcoin ETF to market in the U.S. comes at a potential turning point for the token itself, which recently surpassed $30,000 and prompted speculation of a new crypto boom this year.

After Grayscale's proposal to bring its bitcoin-holding exchange-traded fund to market in the U.S. was rejected last June, the firm sued the U.S. Securities and Exchange Commission. Oral arguments kicked off last month in the District of Columbia Court of Appeals.

"I think the chances are more than 50-50 that [Grayscale] will win in this lawsuit," Dave Nadig, financial futurist at VettaFi, told Bob Pisani on CNBC's "ETF Edge" on Monday.

"However, I don't think that means that we all of a sudden get a bitcoin ETF," he added. "I think there's actually a higher likelihood it means that they shut down some of the futures-based products."

SEC Chair Gary Gensler has argued that bitcoin futures are a regulated product while spot based is not, but Grayscale claims that the proposed fund is closely linked to the futures fund, which already meets anti-fraud standards.

"I suspect that even if Grayscale wins, Gensler is going to back even further away from crypto," Nadig said. "Put some constraints around the futures-based products while we wait for comprehensive crypto regulation and legislation someday."

Following the collapse of FTX, Gensler and the SEC have ramped up enforcement of crypto-related offerings and companies. Critics say the "regulation by enforcement" is overreaching.

After a turbulent 2022 for cryptocurrencies and their trading platforms, Bitcoin has rallied back more than 77% this year, and the ProShares Bitcoin Strategy ETF (BITO)is up 67% as of Wednesday. But with no clear understanding of whether to classify the tokens as commodities or securities, crypto products remain at a crossroads.

"The point is, we need legislation," Nadig said. "This isn't going to get solved by the stroke of a pen at the SEC desk, we need Congress to work."

Nadig noted that Congress has drafted a bill to provide a regulatory framework for stablecoins, which are cryptocurrency tokens that aim to mirror the value of more traditional assets.

"Stablecoins are basically money market funds that you use for payment on crypto rails," he said. "A good set of legislation is on the table to basically bring them under the umbrella [and] have them regulated by the Fed."

Nadig is optimistic that congressional attention will help shift the regulation debate toward establishing a framework that more poignantly classifies cryptocurrencies and the ETFs that track them.

"Having two regulators argue about it is the wrong way to solve this problem," he said. "I think we have to have legislation that realizes digital assets are different and need different sets of rules."

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Legislation or lawsuits? The spot bitcoin ETF debate forges ahead - CNBC

What the Next Level of Bitcoin Mining Difficulty Will Bring – Decrypt

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Bitcoins mining difficulty is set to jump tomorrow as the work part of proof of work shifts into yet another tier.

The price of the biggest cryptocurrency by market cap (despite dropping today) has been on a roll this yearits up over 75% since the start of 2023. Another metric that keeps rising is the assets mining difficulty, which is expected to increase from 47.89 trillion hashes to 48.53 hashes tomorrow, according to CoinWarz data.

Bitcoin mining is the process of using powerful computers to verify transactions on the blockchain. Minerswhich today are usually large operations using server farms and a lot of energyreceive newly minted Bitcoins for their work.

As mining gets more difficult, it calls for more advanced tech and overall power to produce the same amount of Bitcoin.

This can hit miners hard, especially during a bear market: with the price of Bitcoin down from its $69,044 November 2021 all-time high, some mining operations have struggled to make profit and instead have had to sell their crypto reserves or shut down completely.

But the price of Bitcoin is on the up this year, and is outpacing the increases in difficulty. This should give miners an easier path forward, according to Charles Chong, Senior Management Business Development at American Bitcoin mining giant Foundry.

In 2023, Bitcoin price growth has dramatically outpaced difficulty increase as there are still constraints on the availability of energy sites, especially in the United States, relieving miners from the trough of mining economics in Q4 2022, he told Decrypt.

The increase in difficulty, and thus likely power consumption, adds fuel to the longstanding criticism of Bitcoin mining as environmentally damaging. Therefore, more miners are turning to renewable energy sources to keep the network secure. One of them, Las Vegas-based CleanSpark, said that the upward trajectory of mining difficulty likely means industry consolidation.

Unless there is a major price run, I see the smaller mining firms being bought out by larger companies or shutting their doors, said Taylor Monnig, CleanSpark VP of Technology, claiming that it will be extremely hard to maintain profitability without a massive price run if an operation uses more than 30-35 watts per terahash (w/th).

He added that mining difficulty increases would continue to trend upwards by 3-7% per month but may increase more if major energy companies decide to get involved.

Tim Rainey, treasurer at New York-based cryptocurrency datacenter and power generation company Greenidge Generation Holdings, told Decrypt that no major change is expected with tomorrows difficulty increase because most mining companies will still be able to reach the haspricea term that measures Bitcoins mining revenue potential.

He added that this was more related to "Bitcoin's recent price appreciation" due to various changes in the industry following last year's bear market.

So, while Bitcoins price and difficulty are set to keep increasing, it wont have a major impact on the mining industry just yet.

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What the Next Level of Bitcoin Mining Difficulty Will Bring - Decrypt

Bitcoin Store Launches Innovative Walk-in Exchanges – GlobeNewswire

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SPLIT, CROATIA, April 19, 2023 (GLOBE NEWSWIRE) -- Bitcoin Store disrupts the cryptocurrency landscape with innovative walk-in exchanges for easy and secure trading. In the picturesque city of Split, Croatia, The Bitcoin Store is leading the charge in transforming the cryptocurrency landscape with their groundbreaking in-person trading platform. Established by cryptocurrency pioneers, the platform aims to bridge the gap between the physical and digital worlds of cryptocurrency, democratizing the industry and making it accessible to everyone - regardless of their background or experience. With their game-changing approach, The Bitcoin Store is set to revolutionize personal finance and create a trustworthy space for secure transactions.

The Birth of a Vision: A World Where Crypto Is Accessible to All

In 2013, a pair of long-time friends Tomislav V. and Sime B. identified the enormous promise of cryptocurrencies. Observing the challenges many individuals faced when it came to handling or liquidating their digital assets, they established Bitkonan.com, one of the earliest European cryptocurrency exchanges.

Later in 2018 after the bull run, when crypto became more "mainstream," they were surprised that the space still appeared daunting and out of reach for many potential users, especially non-tech individuals.

In response, they started working on a new idea called "Bitcoin Store" - a unique concept that merges the convenience of online exchanges with the accessibility of walk-in stores.

"Our goal was to create an environment where even the least tech-savvy individuals could manage cryptocurrencies with just a few clicks," says Tomislav, CEO of Bitcoin Store.

"By introducing a chain of walk-in cryptocurency exchanges in major cities alongside an online platform, we make it possible for anyone to buy, sell, and top up their accounts with cash or crypto instantly. Most importantly, we wanted to become a trustworthy crypto companion for non-tech users in a space that still lacks constructive customer support."

A Platform Built on Accessibility, Convenience, and Education

The Bitcoin Store is more than just a trading platform. It's a movement designed to empower individuals to easily navigate the complex world of digital currencies.

By developing an approachable and friendly brand personality, the company seeks to foster a strong community and establish trust among its users. Ultimately, The Bitcoin Store aims to make the world of cryptocurrency and fintech accessible to all.

Brick and mortar cryptocurrency exchange: A Safe Haven in a Landscape Seeking Enhanced Customer Experiences

A non-tech user who is unfamiliar with cryptocurrencies may have experienced a sense of confusion or overwhelm, not knowing where to begin when entering the world of crypto.

Even with advancements in user experience and abundant knowledge resources, blockchain technology's technical and economic aspects can still be overwhelming.

Furthermore, despite all these improvements, majority of users report cases of bad customer support with cold or non-existing communication efforts from exchanges.

Physical cryptocurrency exchanges serve as an ideal starting point for those new to blockchain technology. These exchanges not only facilitate trading but also function as educational centers.

Rather than navigating the complexities of an online exchange, a user can receive guidance from an exchange agent who can help set up a digital wallet and explain the various types of cryptocurrency storage and their differences.

Regular users can also benefit from the convenience of visiting a nearby branch for direct support and prompt resolution of potential issues, which is a rarity in the online realm.

For instance, when encountering a problem on an online exchange, the only available option is usually contacting customer service and potentially waiting hours for a response.

Furthermore, Bitcoin Store walk-in cryptocurrency exchanges instill trust and security in their users. Before committing to any transactions, a simple internet search can confirm that the exchange is a regulated company adhering to the highest security standards.

The Future of Personal Finance: Expanding Services and the Store Finance (SEF) Token

The Bitcoin Store plans to introduce new features such as unique IBAN accounts, physical/virtual credit cards, staking, lending, and loans to further its mission.

At the heart of this evolving ecosystem will be their new project - Store Finance (SEF), a new feature designed to be the dedicated utility token within the Bitcoin Store network.

By holding and using SEF tokens, users will enjoy numerous benefits, including:

Join the Revolution: The Store Finance (SEF) Presale

Don't miss out on the opportunity to join this groundbreaking ecosystem and help shape the future of personal finance.

About The Bitcoin Store

Founded in 2018 in Split, Croatia, The Bitcoin Store is a pioneering brand that connects the physical and online worlds of cryptocurrency trading. With five walk-in stores in major Croatian cities and plans to expand the network across Europe, the company is focused on making the world of cryptocurrency and fintech accessible to users of all backgrounds and experience levels. To learn more, visit https://www.bitcoin-store.net/.

Social Links

Twitter: https://twitter.com/storebitcoin

Linkedin: https://www.linkedin.com/company/digital-assets-hr

Instagram: https://www.instagram.com/bitcoinstore.hr/

Media contact

Brand: Bitcoin Store

Email: mario@bitcoin-store.hr

Website: https://www.bitcoin-store.net/

SOURCE: Bitcoin Store

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Bitcoin Store Launches Innovative Walk-in Exchanges - GlobeNewswire

Ethereum vs. Bitcoin: Which One Has the Edge in Crypto Trading? – BeInCrypto

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As cryptocurrencies continue to gain momentum in the global economy, Bitcoins long-standing dominance faces a growing challenge from Ethereum. This second most valuable cryptocurrency boasts innovative features that have sparked discussions about a possible shift in primacy.Ethereum vs. Bitcoin. Is there a clear winner?

In this article, we delve into the strengths and weaknesses of both Ethereum and Bitcoin, while examining the potential for Ethereum to dethrone Bitcoin in the not-so-distant future.

Undeniably, Bitcoin has long reigned as the king of cryptocurrencies. However, Ethereums rapid advances and unique features have ignited debates about a potential upstaging. Here well analyze the strengths of both and the likelihood of Ethereum surpassing Bitcoin in the near future.

Ethereums platform enjoys the ability to support decentralized applications (dApps) and smart contracts. These innovations have enabled a myriad of use cases, such as decentralized governance, prediction markets, and supply-chain management. In contrast, Bitcoins architecture focuses primarily on secure and decentralized transactions, limiting its potential applications.

One example of Ethereums versatile platform is Uniswap, a decentralized exchange (DEX) allowing users to trade tokens without a centralized intermediary. Uniswaps success demonstrates the potential of dApps built on Ethereums network.

The Ethereum 2.0 upgrade and the Shanghai hard fork addressed two pressing concerns: scalability and environmental sustainability. By adopting a Proof of Stake (PoS) consensus mechanism, Ethereum significantly reduced its energy consumption, positioning itself as a greener alternative to Bitcoins energy-intensive Proof of Work (PoW) system.

The Ethereum upgrade also introduced sharding, a technique that increases transaction throughput by splitting the network into smaller, interconnected units called shards. This alleviates congestion and enhances the networks overall performance, making it more attractive for large-scale projects.

Ethereums prominence in DeFi and NFT markets enhances its potential to overtake Bitcoin in market cap and real-world applications. With DeFi enabling lending, borrowing, and asset management, and NFTs ensuring unique digital asset ownership, Ethereum becomes vital.

Examples include Aave, an Ethereum-based DeFi lending platform, and Ethereums booming NFT market, featuring projects like CryptoPunks and Bored Ape Yacht Club.

Bitcoins pioneering status and established network have secured its position as the leading digital asset. The network effect it enjoys makes it difficult for competitors to match it for recognition and adoption. Even as they introduce new features and technological advances.

One notable example of Bitcoins network effect is the Lightning Network, a second-layer solution that enables faster and cheaper transactions. By leveraging Bitcoins established infrastructure, the Lightning Network has gained traction, further solidifying Bitcoins dominance.

Bitcoins limited supply and deflationary nature have earned it the moniker digital gold, establishing it as a reliable store of value. As other cryptocurrencies advance technologically, Bitcoins scarcity and stability continue to lure investors seeking a hedge against inflation.

Institutional investors like MicroStrategy have invested billions of dollars in Bitcoin, exemplifying its appeal as a store of value. Moreover, countries like El Salvador have adopted Bitcoin as legal tender, further validating its role in the global financial landscape.

Bitcoins PoW consensus mechanism has withstood the test of time, offering unparalleled security and decentralization. Despite Ethereums innovations, Bitcoin remains the gold standard in terms of robustness, keeping it at the forefront.

Bitcoins network, powered by numerous miners across the globe, contributes to its security and decentralization. The immense computational power required to attack the network deters potential adversaries, ensuring that transactions remain secure and trustworthy.

Ethereums advancements and DeFi/NFT prominence suggest it could surpass Bitcoin. But Bitcoins first mover advantage, store of value status, and strong security ensure it remains formidable.

In the end, the contest may focus on the distinct roles of Ethereum and Bitcoin in the blockchain ecosystem. As the landscape evolves, both will likely exert influence and foster industry growth in complementary ways.

In the end, it is likely that Ethereum and Bitcoin will coexist, catering to different niches in the crypto space.

Ethereum, with its versatile platform and innovative technology, could become the backbone of decentralized applications and digital asset markets.

Bitcoin, as a secure digital gold standard, may persist as a hedge against economic uncertainty.

Whichever cryptocurrency leads, the evolving blockchain landscape will reshape finance, governance, and various industries. Both Ethereum and Bitcoin will be vital in shaping the digital economys future.

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content.

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Ethereum vs. Bitcoin: Which One Has the Edge in Crypto Trading? - BeInCrypto

One Metric That Shows Bitcoin Is Becoming a Store of Value – The Motley Fool

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It might come as a surprise, but Bitcoin(BTC 0.36%) could finally be fulfilling its potential as a store of value. Since its creation, many have struggled to categorize exactly what Bitcoin is and what purpose it serves. The digital currency has been viewed by some as a viable method of payment, a hedge against inflation, an alternative to fiat currencies, and even digital gold.

While it might actually be an amalgam of all these, now more so than ever, it looks like Bitcoin is acting like a traditional safe-haven asset.

Although gold is touted as the premier safe haven asset in the face of economic uncertainty, the prices of Bitcoin and gold are actually at some of their highest levels of correlation today and could be a sign that the narrative around Bitcoin might be changing.

Image source: Getty Images.

Although Bitcoin's main purpose remains slightly ambiguous, it has performed surprisingly well in the last month as turmoil swept through the banking industry in the U.S. and Europe. Since banks such as Silicon Valley Bank and Credit Suisse (CS -0.45%) toppled in early March, Bitcoin is up more than 25%.

In similar fashion, when news broke of the banking failures the price of gold skyrocketed as well. Gold has risen nearly 10% since March, and is at an all-time high of more than $2,000 an ounce.

Yet, while Bitcoin's price isn't near the all-time highs that gold is, both have traded in a surprisingly similar fashion. Today, the correlation coefficient between the two is about 0.94. Consider that the scale ranges from 1 (perfect correlation and moving in lockstep) to -1 (negative correlation and moving in opposition). There has only been one other time in history that the two have traded at such high levels, and that was back in 2020.

With Bitcoin having long been criticized for its volatility and lack of intrinsic value, this high level of correlation is a significant milestone for the cryptocurrency. During much of the past year, it moved more in line with the stock market, and specifically tech stocks. But now that seems to be changing.

It might be a stretch, but perhaps this could mark the beginning of Bitcoin's legitimization as a viable safe haven in the face of economic turbulence.

One of the key reasons Bitcoin is proving to be a legitimate store of value is its scarcity. Unlike traditional currencies, which can be printed at will by central banks, the supply of bitcoins is strictly limited. There will only ever be 21 million tokens in circulation, which means that its value is unlikely to be eroded by inflation in the same way that fiat currencies can.

Furthermore, its decentralized nature means that it is not subject to the same kind of political or economic pressures that can affect traditional currencies. Although central banks can be subject to political pressures, Bitcoin operates outside of this system entirely. This gives it an independence and security that traditional currencies simply cannot match.

More people will likely come to this realization, although it might only come if additional economic pressures cause other institutions to fall. Should this be the case, it would provide a compelling argument to have some exposure to Bitcoin.

With its price still well off its all-time high, buying today seems as alluring. Simply put, Bitcoin's potentially lucrative future seems to outweigh the risk that is often associated with cryptocurrencies.

RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

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One Metric That Shows Bitcoin Is Becoming a Store of Value - The Motley Fool

Satoshi-Era Bitcoin Mystery: Massive BTC Whale Address Activated – U.Today

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Alex Dovbnya

The activation of this dormant address has generated significant buzz in the cryptocurrency communityas it is rather rare to witness such large, Satoshi-era Bitcoin wallets coming back to life

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A dormant Bitcoin wallet holding 6,071 BTC, valued at $178 million, has suddenly been activated after a 9.3-year hiatus.

The wallet, originating from the Satoshi-era, had previously held only $3.3 millionworth of BTC in 2013.

The sudden activation of the wallet has left the cryptocurrency community intrigued, with many speculating about the identity of the wallet owner and the reason behind the activation.

The wallet's transaction history reveals that the first transaction took place on Dec. 19, 2013, and the most recent transaction occurred on Apr. 19.

Of the total 6,071 BTC, 2,071 BTC were moved.Ki Young Ju, a prominent cryptocurrency analyst behind the CryptoQuant firm, suggests that the transfer was likely executed as an over-the-counter (OTC) tradesince the funds did not land in any known exchange wallets.

Bitcoin is currently trading at $29,269.23, according to data from CoinGecko, reflecting the significant appreciation in value since the wallet's inception.

Market participants will be keeping a close eye on any further movements from this whale address and any potential implications for the wider cryptocurrency market.

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Satoshi-Era Bitcoin Mystery: Massive BTC Whale Address Activated - U.Today

Bitcoin mega whales send BTC price to $30K as volatility hits crypto – Cointelegraph

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Bitcoin (BTC) returned above $30,000 on April 18 as volatility preceded the days Wall Street open.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as the pair suddenly added $500, delivering daily gains of more than 3%.

The pair had previously worried traders, who watched as the $30,000 support looked set to remain as longer-term resistance.

Before crossing the $30,000 mark, Binance order book activity was a focus for monitoring resource Material Indicators, which identified bid liquidity moving closer to spot price.

Some has already started moving closer to the active trading zone. Watching to see if more of it follows or if price drops back into the $28s to fill, part of the accompanying commentary read.

A subsequent update indicated that the largest class of high-volume traders, so-called mega whales, was responsible for the upward momentum.

Reacting to the latest BTC price action, Michal van de Poppe, founder and CEO of trading firm Eight, was optimistic.

There we go for Bitcoin. Breaks through $30K, which means that we're back in the range, he tweeted alongside a chart showing key levels.

Further volatility was meanwhile a possibility on lower timeframes ahead of the Wall Street open.

Those banking on further downside were already feeling the pressure, with data from Coinglass showing $16 million of BTC short liquidations on the day.

Altcoins also felt the benefit of the sudden Bitcoin turnaround, with Ether (ETH) up 2% on the day.

Related:BTC price heading under $30K? 5 things to know in Bitcoin this week

The largest altcoin by market cap headed back toward the top of its intraday trading range, having successfully preserved $2,000 as support.

The bulls target to break remained at $2,140 from April 16, which represents ETHs highest level since May 2022.

Ether's 15% gains versus Bitcoin since the Shapella upgrade have also not gone unnoticed.

Magazine: Why join a blockchain gaming guild? Fun, profit and create better games

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitcoin mega whales send BTC price to $30K as volatility hits crypto - Cointelegraph

Is the alt season in jeopardy as Bitcoin slides below $30,000? – FXStreet

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With Bitcoin price sliding below a key psychological level, market participants have started to rethink their bullish views. A close look at the dominance chart reveals that things have stayed the same for altcoins.

Read More:Here are top threealtcoin categories that are likely to pump the hardest in the 2023altseason

Simply put, alt season is when the profits from Bitcoin, Ethereum and/or new capital, flow into altcoins. As a result of this redirection, the dominance of Bitcoin, aka its market share, suffers a decline. Likewise, the altcoin market share increases, giving rise to a phase known as alt season.

Comparing Bitcoin and altcoin dominance helps in forecasting alt season. The chart attached below shows that BTC dominance is facing a hurdle while altcoin dominance is at a support floor.

A bounce off this level seems likely, giving rise to an alt season.

BTC vs. Altcoin dominance chart

Also read:After Arbitrums 50% rally, is Optimism (OP) next Layer 2altcoin to explode?

The long-term outlook for Bitcoin price is already facing resistance and selling pressure as it enters the weekly bearish breaker. This breaker setup extends from $29,247 to $41,273, with an inefficiency at roughly the midpoint, stretching from $34,277 to $37,406.

Although BTC has shown incredible performance since the start of 2023, it could continue heading higher, considering the macroeconomic outlook. However, if investors continue to book profits, a retracement to key support levels is likely. If the downtrend does continue, the $25,205 and $24,300 levels are critical for absorbing the selling pressure.

These levels also serve as an accumulation zone.

BTC/USDT 1-week chart

Should this move to $24,000 occur quickly and with a massive surge in volatility, the alt season could pause. In such a case, altcoins will try to fight the bearish momentum but could eventually slide lower. Only the strong altcoins could survive and even fewer tokens might rally.

Also read:Bitcoin Price Forecast: Can BTC bears manifest a 30% crash?

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Is the alt season in jeopardy as Bitcoin slides below $30,000? - FXStreet

The Price of Bitcoin Mining and More: The Week in Reporter Reads – The New York Times

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This weekend, listen to a collection of articles from around The New York Times, read aloud by the reporters who wrote them.

Written and narrated by Gabriel J.X. Dance

Winter Storm Uri had knocked out power plants across Texas, leaving tens of thousands of homes in icy darkness. Meanwhile, in the husk of a onetime aluminum smelting plant an hour outside of Austin, row upon row of computers were using enough electricity to power about 6,500 homes as they raced to earn Bitcoin, the worlds largest cryptocurrency.

The New York Times has identified 34 such large-scale operations, known as Bitcoin mines, in the United States, all putting immense pressure on the power grid and most finding novel ways to profit from doing so. Their operations can create costs including higher electricity bills and enormous carbon pollution for everyone around them, most of whom have nothing to do with Bitcoin.

Until June 2021, most Bitcoin mining was in China. Then it drove out Bitcoin operations, at least for a time, citing their power use among other reasons. The United States quickly became the industrys global leader.

Written and narrated by James Poniewozik

Im so sick of smiling, Danny Cho (Steven Yeun) says in the first episode of Netflixs Beef. You may have noticed that hes not alone in this. Blame it on the pandemic, the culture, the economy, but people are mad right now, on planes and on trains and like Danny and his car-crossed antagonist, Amy Lau (Ali Wong) in automobiles.

Beef, a dark comedy about a road-rage incident that careers disastrously off-road, has good timing, but thats not enough to make a great TV series. What makes this one of the most invigorating, surprising and insightful debuts of the past year is how personally and culturally specific its study of anger is. Every unhappy person in it is unhappy in a different and fascinating way.

Written by Nico Grant and Karen Weise | Narrated by Nico Grant

In March, two Google employees, whose jobs are to review the companys artificial intelligence products, tried to stop Google from introducing an A.I. chatbot. They believed it generated inaccurate and dangerous statements.

Ten months earlier, similar concerns were raised at Microsoft by ethicists and other employees. They wrote in several documents that the A.I. technology behind a planned chatbot could flood Facebook groups with disinformation, degrade critical thinking and erode the factual foundation of modern society.

The companies released their chatbots anyway. The aggressive moves by the normally risk-averse companies were driven by a race to control what could be the tech industrys next big thing generative A.I., the powerful new technology that fuels those chatbots.

Written and narrated by Erika Solomon

Russian and Danish naval vessels that disappear in the Baltic Sea, days before an underwater pipeline blast. A German charter yacht with traces of explosives, and a crew with forged passports. Blurry photographs of a mysterious object found near a single surviving pipeline strand.

These are the latest clues in the hunt to reveal who, last Sept. 26, blew up most of the Kremlin-backed Nord Stream pipelines, some 260 feet below the Baltic Sea, that were once the largest supplier of Europes natural gas. A flurry of new findings and competing narratives has sown distrust among Western allies and presented an opening for Russian diplomatic pressure that has raised the geopolitical stakes in Europes Baltic region.

Nowhere is the tension felt more strongly than among the 98 residents of Denmarks Christianso an island so tiny, you can walk across it in 10 minutes. Living just 12 nautical miles away from the blast site, everyone from the herring pickler to the inn chef sees skies and waters filled with foreboding.

Mornike Giwa Onaiwu was shocked when day care providers flagged some concerning behaviors in her daughter, Legacy. The toddler was not responding to her name. She avoided eye contact, didnt talk much and liked playing on her own.

But none of this seemed unusual to Dr. Onaiwu, a consultant and writer in Houston.

I didnt recognize anything was amiss, she said. My daughter was just like me.

Legacy was diagnosed with autism in 2011, just before she turned 3. Months later, at the age of 31, Dr. Onaiwu was diagnosed as well.

Autism, a neurodevelopmental disorder characterized by social and communication difficulties as well as repetitive behaviors, has long been associated with boys. But over the past decade, as more doctors, teachers and parents have been on the lookout for early signs of the condition, the proportion of girls diagnosed with it has grown.

The Timess narrated articles are made by Tally Abecassis, Parin Behrooz, Anna Diamond, Sarah Diamond, Jack DIsidoro, Aaron Esposito, Dan Farrell, Elena Hecht, Adrienne Hurst, Emma Kehlbeck, Tanya Prez, Krish Seenivasan, Kate Winslett, John Woo and Tiana Young. Special thanks to Sam Dolnick, Ryan Wegner, Julia Simon and Desiree Ibekwe.

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The Price of Bitcoin Mining and More: The Week in Reporter Reads - The New York Times

LSEG teams with digital trading platform to offer bitcoin futures and … – Reuters

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LONDON, April 13 (Reuters) - London Stock Exchange Group (LSEG.L) has teamed up with Global Futures and Options (GFO-X) to offer Britain's first regulated trading and clearing in bitcoin index futures and options derivatives, the companies said on Thursday.

Britain, which aims to become a global hub for crypto technology, launched a public consultation earlier this year on future rules for cryptoassets, which are currently unregulated.

GFO-X, which is licensed by the UK's Financial Conduct Authority, is a start-up platform aimed at global institutional investors who want to trade digital asset derivatives.

LSEG's Paris-based LCH SA clearing unit will introduce a new, segregated clearing service, DigitalAssetClear, for cash-settled dollar-denominated digital assets traded on GFO-X.

The new service is anticipated to start in the fourth quarter of this year, pending approval from French and European Union regulators.

"GFO-X is taking the first steps to extracting efficiencies from new technologies within a traditional market structure, with the goal over time of delivering 24/7 trading to global regulated digital asset markets," GFO-X said in a statement.

Rival CME Group (CME.O) already offers bitcoin futures and options, while CBOE (CBOE.Z) acquired a digital asset exchange, ErisX.

Deutsche Boerse's (DB1Gn.DE)Eurex is due to launch dollar and euro denominated futures on the FTSE bitcoin index next Monday.

GFO-X's inclusion of a long-established mainstream clearing house is aimed at reassuring investors after collapses in the crypto sector, including FTX exchange.

"Recent market events in the trading of digital assets have highlighted the need for a safe, regulated venue where large financial institutions can trade at scale, while keeping their clients assets protected," said Arnab Sen, chief executive and co-founder of GFO-X.

Frank Soussan, head of LCH DigitalAssetClear, said bitcoin index futures and options are a rapidly growing asset class, with growing interest among institutional investors.

"We look forward to working with GFO-X and market participants alike to build a liquid, regulated marketplace for these products, and contributing to its safe growth and development," Soussan said.

LSEG owns data and analytics business Refinitiv, formerly a division of Thomson Reuters. Thomson Reuters holds a minority stake in LSEG, and LSEG pays Reuters for news.

Reporting by Huw Jones; Editing by Mike Harrison and Susan Fenton

Our Standards: The Thomson Reuters Trust Principles.

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LSEG teams with digital trading platform to offer bitcoin futures and ... - Reuters

Bitcoin’s chart has some eerie parallels to gold in the 1970s – CNBC

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Many investors have dismissed the notion that bitcoin could be a type of digital gold since the cryptocurrency has been trading like a speculative risk asset for much of the past two years. But about 50 years ago, gold did the same thing, Morgan Stanley said in a recent note. If bitcoin's current moves continue to follow those of gold in the 1970s, the cryptocurrency could be in for some tough times ahead. In 1971, individuals could no longer convert U.S. dollars to a specified amount of gold. Since 2008, governments have become more reliant on central banks creating new fiat currency money that isn't backed by a commodity to provide support in times of crisis, according to Morgan Stanley's note. That's different from bitcoin, which has a limited supply. In the '70s, "gold was tracking the rising rate of consumer price inflation (CPI), which was largely a result of the recent explosion of fiat money supply," said Sheena Shah, a strategist at Morgan Stanley and a coauthor of the note. "Bitcoin, on a logarithmic scale, has so far followed a similar path to the price speculation of gold in the 1970s, which also seemed to follow a four year cycle." Starting in 1971, gold prices quadrupled within four years as the U.S. dollar money supply grew rapidly, the strategist said. "That wasn't the height of the speculation, however: from August 1976 to January 1980, the price of gold rose eightfold from $102 to $850." "As the gold price was still managed for the first few years, the similarities may be a statistical coincidence more likely, in our view, is that both were driven by similar speculation cycles," she added. Bitcoin fans have long highlighted its potential to act as a "digital gold" because it's divisible, scarce and doesn't rely on a central issuer. They also once argued that bitcoin offered a hedge against equities, but last year's market havoc threw cold water on that idea as the cryptocurrency's correlation with stocks hit an all-time high . At the end of March, that correlation fell to its lowest since 2021 , while bitcoin's correlation with gold has been climbing. After the Federal Reserve loosened monetary policy to support the economy at the start of the Covid pandemic, bitcoin outperformed gold 2.9x over the three-and-a-half-year period, Bernstein recently noted. This year, banking crisis fears in the U.S. helped push bitcoin to even greater gains. CNBC's Michael Bloom and Gabriel Cortes contributed reporting

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Bitcoin's chart has some eerie parallels to gold in the 1970s - CNBC

What’s the Difference Between a Litecoin Halving and a Bitcoin … – MUO – MakeUseOf

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Often dubbed "the silver to Bitcoin's gold," Litecoin shares many properties with the world's oldest and most famous cryptocurrency. Both assets have a fixed scarcity, a proof-of-work (PoW) mining system, and, crucially, both have pre-programmed halving events.

However, many crucial differences exist between Litecoin and Bitcoin halving. But before we explore them, let's take a deeper look at what a halving event is and its impact on the broader crypto market.

In the world of cryptocurrency, halving events protect a coin from inflation. While fiat currencies can suffer from inflation due to an abundance of cash in circulation, cryptocurrencies like Bitcoin and Litecoin have regular halving events to prevent their devaluation.

Traditional currencies rely on a central body imposing higher interest rates and other measures to calm inflation. However, a crypto's decentralized nature means no governing body will help prevent issues like this. That's why halving events are an excellent means of protecting a crypto's scarcity.

For instance, the total capped supply of Litecoin is set at 84,000,000 LTC, and once this limit has been reached, there will be no fresh supply of LTC to be mined. You should check out our primer on Litecoin halving if you want to know more about this event in the context of this coin.

Halving events work by literally halving the blocks produced on a cryptocurrency's network, which slows the rate of new assets created in reaching this number. At present, Litecoin's circulating supply stands at just over 72.5 million, meaning fewer than 12 million coins can still be minted.

Although Bitcoin operates a similar halving setup, both halving events have many critical differences. So let's take a deeper look at the differences to keep in mind:

Bitcoin's four-yearly halving events may operate in a similar timeframe to Litecoin, but the dominance of BTC means it carries a different impact on the market.

As CoinMarketCap data shows, Bitcoin's market dominance has rarely been challenged within the cryptocurrency landscape, so the impact of Bitcoin halvings has always carried more weight than that of Litecoin.

While Bitcoin's 2016 halving saw many coins reach new all-time highs in 2017 and early 2018, and Bitcoin's subsequent 2020 halving event led to a widespread market rally in 2021, Litecoin's halving events, which have thus far occurred in 2015 and 2019 have failed to produce the same significant movements.

In fact, looking at CoinGeck's Litecoin price chart, we can see that Litecoin's biggest rallies have come in the wake of Bitcoin halving events rather than on its own.

With no significant correlations between Litecoin's halving events and the asset's performance, it can be more difficult for investors to discover purchasing opportunities for LTC.

Although Litecoin is set to undergo its halving event in 2023, with Bitcoin's next halving occurring in 2024, Litecoin actually trails its older counterpart by three years. This means that LTC will simply replicate Bitcoin's 2020 halving event in real terms.

This is because the LTC awarded to miners this year will fall to 6.25, the same rate as Bitcoin today. When Bitcoin's next halving event occurs in 2024, its reward for miners will drop to 3.125. To know more about Litecoin's halving rate and more, check out our quick guide to mining Litecoin.

While Litecoin's fixed supply amounts to 84,000,000 coins produced, Bitcoin's is limited to just 21,000,000. Because of this, miners have to deal with a severely limited supply of Bitcoin as opposed to LTC.

This has caused cryptocurrency commentators to acknowledge Litecoin as the silver to Bitcoin's gold. As such, more miners are likely to turn their attention to the considerably more scarce BTC than opting to tap into the far more widespread supply of LTC.

On the flip side, this also means that the volume of LTC available to miners is considerably higher than that of BTC. With CoinGecko data suggesting that there are now fewer than 1.7 million BTC left to mine, and with future halving events limiting the volume of BTC to be mined further, it's likely to take more than 100 years for the final Bitcoin to be mined.

If you're asking, "How many Litecoins are there? How many are left to be mined?" The answer is 11.5 million LTC as of the time of writing, more than six times greater than Bitcoin's remaining supply.

Although it may be fanciful for investors to expect Litecoin's upcoming halving event to lead to significant price movements, it will undoubtedly play an important role in galvanizing a cryptocurrency market still seeking a change in fortunes following 2022's crypto winter.

Litecoin's halving event will represent one of the cryptocurrency market's most significant moments of the year and drive more market sentiment toward the asset. The event itself will be pivotal in highlighting the scarcity of LTC, of which 87% of coins have already been mined, so this can be significant should market demand follow.

It may be that Litecoin's halving event will be a catalyst in driving demand back to one of the cryptocurrency marketplace's oldest assets. Should sentiment revert to Litecoin, we may see an impressive price rally from one of the ecosystem's old favorites.

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What's the Difference Between a Litecoin Halving and a Bitcoin ... - MUO - MakeUseOf

Bitcoin Is the ‘Boring, Old Grandpa’ Right Now Compared to Ether: Dexterity Capital Manager Partner – CoinDesk

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Bitcoin (BTC), the largest cryptocurrency by market capitalization, is steadfast and mundane, said Michael Safai, managing partner at financial services firm Dexterity Capital. But that's a good thing.

Bitcoins going to be the boring old grandpa right now in the room, Safai told CoinDesk TVs First Mover on Friday referring to why, during these uncertain economic times, bitcoins rally may be due to its simple, more familiar story.

Certainly a lot of the excitement in the crypto market is happening in ether, the second-largest cryptocurrency by market capitalization, he noted.

While the upgrade allows users to withdraw the ETH theyve staked (as well as reducing fees and opening space on the blockchain for more transactions), Safai pointed out that a lot of things are happening with ether, including allegations from U.S. government officials who say it is a security and should be regulated as such.

Bitcoin, on the other hand, is sidestepping the chaos of all the investigations, he said. For now, at least, it appears the U.S. Securities and Exchange Commission is comfortable with treating bitcoin as a commodity, unlike its view of ether.

With Ethereums upgrade, the rules of the game have just changed, Safai said. It may also be the reason there is excitement in the markets from users.

Were seeing more activity on the options side and I expect that to continue, he said.

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Bitcoin Is the 'Boring, Old Grandpa' Right Now Compared to Ether: Dexterity Capital Manager Partner - CoinDesk

Singularity and Sync Partner to Launch Global Impact Challenge Addressing Misinformation, Cyberbullying, and Social … – Morningstar

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Singularity and Sync Partner to Launch Global Impact Challenge Addressing Misinformation, Cyberbullying, and Social Disconnection with $250K Prize

PR Newswire

MOUNTAIN VIEW, Calif., May 21, 2024

MOUNTAIN VIEW, Calif., May 21, 2024 /PRNewswire/ -- Singularity is thrilled to announce its partnership with Sync to launch a Global Impact Challenge (GIC) aimed at tackling the pressing issues of misinformation, cyberbullying, and social disconnection. This initiative underscores Singularity's commitment to fostering innovative solutions for global challenges through collaborative efforts.

Singularity has conducted 119 Global Impact Challenges worldwide since 2010, spanning over 50 countries and recognizing countless winners. These challenges aim to catalyze breakthrough innovations using technology to tackle pressing global issues.

The Singularity x Sync Global Impact Challenge welcomes applicants from across the globe. The winner, to be announced on Nov. 7, 2024, will receive a $250,000 cash prize and a scholarship opportunity to attend the Singularity Executive Program. The cash prize will be disbursed in installments, with the schedule to be determined later. The Executive Program offers a transformative five-day immersive experience, featuring workshops, group activities, and deep dives into cutting-edge technologies. It equips leaders with the mindset and tools to harness exponential change for personal, organizational, and societal advancement.

The jury tasked with selecting the Challenge winner will include representatives from Singularity, Sync, and distinguished leaders from the entrepreneurship, business, or innovation sectors.

Wadha AlNafjan, Sync lead, emphasizes the urgency of addressing key digital well-being challenges and the importance of such collaboration: "There are many digital well-being challenges that require our urgent focus. Our research indicates that misinformation, social disconnections, and cyberbullying are among the most pressing issues today. In response, Sync is joining forces with Singularity in its mission to educate, inspire, and empower leaders to imagine and create breakthroughs powered by exponential technologies. Together, we are launching the Global Impact Challenge to inspire innovators and entrepreneurs to address these critical concerns."

Neil Sogard, vice president of strategy and special projects at Singularity, highlights the importance of leveraging technology to improve lives globally: "At Singularity, we're confident that technology will continue to improve the lives of billions of people around the world. But with that level of impact, it's important we leverage our network of world-class experts and innovators to partner with organizations like Sync to strengthen the relationship between technology usage and sustained well-being for all global citizens."

Singularity is the leader in educating, inspiring, and empowering leaders to imagine and create breakthroughs powered by exponential technologies.

Through immersive learning programs and experiences focused on the convergence and application of exponential technologies, Singularity teaches leaders from around the globe to shift their mindset, drive innovation, and transform their organization exponentially.

Founded in Silicon Valley in 2008, Singularity has inspired over 200,000 leaders in over 100 countries from industry, academia, and government to join us on our mission of creating a future of abundance.

For more information:

About Sync

Sync is a digital well-being initiative that aims to raise awareness through translating research-based understanding of the amplification of technology in our lives into audience-friendly materials and tools, with a vision to create a world where we are all in control of our digital lives.

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Singularity and Sync Partner to Launch Global Impact Challenge Addressing Misinformation, Cyberbullying, and Social ... - Morningstar

Black hole singularities defy physics. New research could finally do away with them. – Livescience.com

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Black holes are some of the most enigmatic objects in the universe, capable of deforming the fabric of space around them so violently that not even light can escape their gravitational grip. But it turns out, much of what scientists know about these mysterious objects could be wrong.

According to new research, published in April in the journal Physical Review D, black holes could actually be entirely different celestial entities known as gravastars.

"Gravastars are hypothetical astronomical objects that were introduced [in 2001] as alternatives to black holes," study co-author Joo Lus Rosa, a professor of physics at the University of Gdask in Poland, told Live Science in an email. "They can be interpreted as stars made of vacuum energy or dark energy: the same type of energy that propels the accelerated expansion of the universe."

Karl Schwarzschild, a German physicist and astronomer, first predicted black holes in 1915, based on calculations using Albert Einstein's general theory of relativity.

Over the years, astronomical observations have seemingly confirmed the existence of objects resembling black holes. However, Schwarzschild's description of these space bodies has some shortcomings.

In particular, the center of a black hole is predicted to be a point of infinitely high density, called a singularity, where all the mass of the black hole is concentrated, but fundamental physics teaches us that infinities do not exist, and their appearance in any theory signals its inaccuracy or incompleteness.

"These problems indicate that something is either wrong or incomplete in the black hole model, and that the development of alternative models is necessary," Rosa said. "The gravastar is one of many alternative models proposed. The main advantage of gravastars is that they do not have singularities."

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Related: Newfound 'glitch' in Einstein's relativity could rewrite the rules of the universe, study suggests

Like ordinary black holes, gravastars should arise at the final stage of the evolution of massive stars, when the energy released during thermonuclear combustion of the matter inside them is no longer enough to overcome the force of gravity, and the star collapses into a much denser object. But in contrast to black holes, gravastars are not expected to have any singularities and are thought to be thin spheres of matter whose stability is maintained by the dark energy contained within them.

To find out if gravastars are viable alternatives to singular black holes, Rosa and his colleagues examined the interaction of particles and radiation with these hypothetical objects.

Using Einstein's theory, the authors examined how the huge masses of hot matter that surround supermassive black holes would appear if these black holes were actually gravastars. They also scrutinized the properties of "hot spots" gigantic gas bubbles orbiting black holes at near-light speeds.

Their findings revealed striking similarities between the matter emissions of gravastars and black holes, suggesting that gravastars don't contradict scientists' experimental observations of the universe. Moreover, the team discovered that a gravastar itself should appear almost like a singular black hole, creating a visible shadow.

"This shadow is not caused by the trapping of light in the event horizon, but by a slightly different phenomenon called the 'gravitational redshift,' causing light to lose energy when it moves through a region with a strong gravitational field," Rosa said. "Indeed, when the light emitted from regions close to these alternative objects reach[es] our telescopes, most of its energy would have been lost to the gravitational field, causing the appearance of this shadow."

The striking resemblances between Schwarzschild's black hole model and gravastars highlight the latter's potential as a realistic alternative, free from the theoretical pitfalls of singularities.

However, this theory needs to be backed up with experiments and observations, which the study authors believe may soon be carried out. While gravastars and singular black holes might behave similarly in many respects, subtle differences in emitted light could potentially distinguish them.

"To test our results experimentally, we are counting on the next generation of observational experiments in gravitational physics," Rosa said, referring to the black hole-hunting Event Horizon Telescope and the GRAVITY+ instrument being added to the Very Large Telescope in Chile. "These two experiments aim to observe closely what happens near the center of galaxies, in particular, our own Milky Way."

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Black hole singularities defy physics. New research could finally do away with them. - Livescience.com

This Week’s Awesome Tech Stories From Around the Web (Through May 18) – Singularity Hub

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Its Time to Believe the AI Hype Steven Levy | Wired Theres universal agreement in the tech world that AI is the biggest thing since the internet, and maybe bigger. Skeptics might try to claim that this is an industry-wide delusion, fueled by the prospect of massive profits. But the demos arent lying. We will eventually become acclimated to the AI marvels unveiled this week. The smartphone once seemed exotic; now its an appendage no less critical to our daily life than an arm or a leg. At a certain point AIs feats, too, may not seem magical any more.

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How to Put a Datacenter in a Shoebox Anna Herr and Quentin Herr | IEEE Spectrum At Imec, we have spent the past two years developing superconducting processing units that can be manufactured using standard CMOS tools. A processor based on this work would be one hundred times as energy efficient as themost efficient chips today, and it would lead to a computer that fits a data-centers worth of computing resources into a system the size of a shoebox.

IndieBios SF Incubator Lineup Is Making Some Wild Biotech Promises Devin Coldewey | TechCrunch We took special note of a few, which were making some major, bordering on ludicrous, claims that could pay off in a big way. Biotech has been creeping out in recent years to touch adjacent industries, as companies find how much they rely on outdated processes or even organisms to get things done. So it may not surprise you that theres a microbiome company in the latest batchbut you might be surprised when you hear its the microbiome of copper ore.

Its the End of Google Search as We Know It Lauren Goode | Wired Its as though Google took the index cards for the screenplay its been writing for the past 25 years and tossed them into the air to see where the cards might fall. Also: The screenplay was written by AI. These changes to Google Search have been long in the making. Last year the company carved out a section of its Search Labs, which lets users try experimental new features, for something calledSearch Generative Experience. The big question since has been whether, or when, those features would become a permanent part of Google Search. The answer is, well, now.

Waymo Says Its Robotaxis Are Now Making 50,000 Paid Trips Every Week Mariella Moon | Engadget If youve been seeing more Waymo robotaxis recently in Phoenix, San Francisco, and Los Angeles, thats because more and more people are hailing one for a ride. The Alphabet-owned company has announced on Twitter/X that its now serving more than 50,000 paid trips every week across three cities. Waymo One operates 24/7 in parts of those cities. If the company is getting 50,000 rides a week, that means it receives an average of 300 bookings every hour or five bookings every minute.

Technology Is Probably Changing Us for the Worseor So We Always Think Timothy Maher | MIT Technology Review Weve always greeted new technologies with a mixture of fascination and fear, saysMargaret OMara, a historian at the University of Washington who focuses on the intersection of technology and American politics. People think: Wow, this is going to change everything affirmatively, positively, she says. And at the same time: Its scarythis is going to corrupt us or change us in some negative way. And then something interesting happens: We get used to it, she says. The novelty wears off and the new thing becomes a habit.'

This Is the Next Smartphone Evolution Matteo Wong | The Atlantic Earlier [this week], OpenAI announced its newest product: GPT-4o, a faster, cheaper, more powerful version of its most advanced large language model, and one that the company has deliberately positioned as the next step in natural human-computer interaction. Watching the presentation, I felt that I was witnessing the murder of Siri, along with that entire generation of smartphone voice assistants, at the hands of a company most people had not heard of just two years ago.

In the Race for Space Metals, Companies Hope to Cash In Sarah Scoles | Undark Previous companies have rocketed toward similar goals before but went bust about a half decade ago. In the years since that first cohort left the stage, though, the field has exploded in interest, said Angel Abbud-Madrid, director of the Center for Space Resources at the Colorado School of Mines. The economic picture has improved with the cost of rocket launches decreasing, as has the regulatory environment, with countries creating laws specifically allowing space mining. But only time will tell if this decades prospectors will cash in where others have drilled into the red or be buried by their business plans.

What I Got Wrong in a Decade of Predicting the Future of Tech Christopher Mims | The Wall Street Journal Anniversaries are typically a time for people to get misty-eyed and recount their successes. But after almost 500 articles in The Wall Street Journal, one thing Ive learned from covering the tech industry is that failures are far more instructive. Especially when theyre the kind of errors made by many people. Heres what Ive learned from a decade of embarrassing myself in publicand having the privilege of getting an earful about it from readers.

Lab-Grown Meat Is on Shelves Now. But Theres a Catch Matt Reynolds | Wired Now cultivated meat is available in one store in Singapore. There is a catch, however: The chicken on sale at Hubers Butchery contains just 3 percent animal cells. The rest will be made of plant proteinthe same kind of ingredients youd find in plant-based meats that are already on supermarket shelves worldwide. This might feel like a bit of a bait and switch. Didnt cultivated meat firms promise us real chicken? And now were getting plant-based products with a sprinkling of animal cells? That criticism wouldnt be entirely fair, though.

Image Credit:Pawel Czerwinski / Unsplash

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This Week's Awesome Tech Stories From Around the Web (Through May 18) - Singularity Hub