Category Archives: Bitcoin

American cryptocurrency exchange platform Coinbase Global Inc's COIN chief blamed India's central bank for putting "informal pressure" weeks after it halted trading service in the country.

What Happened: The crypto exchange's CEOBrian Armstrong on the company's quarterly earnings call, on Tuesday, said, "So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there."

See Also:India Not Done: Another 28% Tax On Bitcoin, Ethereum, Dogecoin Could Be Coming

He further added that the exchange desk, which enables the trading of cryptos likeBitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD is now working with the central bank and would shortly return to India with new payment systems in place.

"India is a unique market in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at the Reserve Bank of India, who don't seem to be as positive on it. And so it's been called a 'shadow ban.' Basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI," Armstrong added.

This came after the US-based exchange forayed with its operations in the Indian market on April 7 through a mega launch event in Bengaluru. The company said it would allow users to deposit money using the Unified Payments Interface (UPI), which has become the most preferred payment mode in India in recent times. However, it did not go well with the National Payments Corporation of India (NPCI) the central bank's unit for all retail payment systems in India. Later that evening, NPCI issued a statement saying it is 'not aware of any crypto exchange using UPI;' thereby,forcing Coinbase to withdraw its services in India.

Price Action: According to data from Benzinga Pro, Coinbase shares closed 12.60% lower at $72.99 on Tuesday.

Photo: Courtesy of Marco Verch on Flickr

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RBI Intimidated Coinbase To Halt Trading Of Bitcoin, Dogecoin - Benzinga - Benzinga

As the bearish streak for the entire cryptocurrency market along with its major assets, such as Bitcoin (BTC) and Ethereum (ETH) continues, a lot of the market participants are starting to wonder about its strength and viability in the long run.

Author of the personal finance book Rich Dad, Poor Dad Robert Kiyosaki, discussed these important issues with Jeff Wang, a contributor to the Rich Dad crypto newsletter, on his YouTube channel on May 11.

During the discussion, Kiyosaki noted that everybody says crypto is in a bear market or Bitcoin is in a bear market. However, he also pointed out that so is the stock market and so is the bond market.

Likewise, Wang touched upon the correlation between crypto and the stock market, as well as cryptos advantage over the other, explaining that:

Crypto over the years has gotten closer and closer to being extremely correlated with the stock market and particularly growth stocks. If you look at NASDAQ, its down 21% year-to-date. Bitcoins actually outperformed that its only down 17% year-to-date.

He concluded that even though stock markets and crypto are in a bear market, you can see crypto is very tightly correlated with the tech stocks.

Asked whether he expected the dot-com crash would happen to all the new crypto coins and projects popping out every day, Wang said crypto would probably continue to remain correlated with growth stocks, but that 98.9% of the coins will probably be worthless.

Wang asserted that there were very few coins that are actually building real value, but that all the other coins are just cash grabs theyre just copies and clones of each other, so its very important to know which coins are trying to do something for the world and what are the projects that are there just to make money.

The topic of the discussion then switched to the central bank digital currencies (CBDCs) and the issue of governments potentially using them to exercise control over the crypto market, or even trying to stop crypto and Bitcoin altogether.

Wang believes that CBDCs have their pros, including instant settlements and cutting out the middlemen, but also their cons, which is greater government oversight of everyones transactions.

Finally, Kiyosaki asked Wang whether the government will ever be able to stop Bitcoin, to which Wang asserted his position that the government will never be able to stop Bitcoin because they can only control the conversions to USD.

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R. Kiyosaki asserts 'Bitcoin is in a bear market' but so are stocks and bonds - Finbold - Finance in Bold

Galaxy Digital CEO and billionaire Mike Novogratz says he doesnt think the crypto markets will bounce back any time soon.

In the 2022 Galaxy Digital Q1 investor call, the CEO of the investment management firm says even though increased adoption from traditional finance firms has kept him optimistic about the crypto space overall, hes not bullish on the next few quarters.

Crypto probably trades correlated to the NASDAQ until we hit a new equilibrium My instinct is theres some more damage to be done, and that will trade in a very choppy, volatile and difficult market for at least the next few quarters before people getting some sense that were at an equilibrium. At that point Im actually quite optimistic.

This week, Galaxy Digital announced a net comprehensive loss of $111.7 million in Q1 due to the large digital asset price declines. The firm gained $858.2 million in the prior year period.

Novogratz says that Galaxy Digital is holding strong despite the turbulence.

Galaxy demonstrated yet another strong quarter against the backdrop of digital asset price declines, and I am proud to see the durability and sustained profitability of our operational business lines, including record contributions from our Investment Banking and Mining segments.

Novogratz predicts top crypto asset by market cap Bitcoin (BTC) will hold around $30,000 while leading smart contract platform Ethereum (ETH) will hold the $2,000 mark. Bitcoin is trading at $30,888.27 at time of writing and Ethereumis currently priced at $2,348.21.

Featured Image: Amelia Murphy/Shutterstock/Natalia Siiatovskaia

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Billionaire Mike Novogratz Warns Bitcoin and Crypto Carnage Far From Over - The Daily Hodl

On May 5, 2022, at block height 735,000, the bitcoin mining pool Poolin mined the 105,000th block reward since the last halving. The mined block also represents the halfway point to the next halving that is estimated to take place on or around April 27, 2024. Block 735,000 follows the network issuing over 19 million bitcoin and the hashrate reaching an all-time high three days ago on May 2.

The Bitcoin network is getting closer to the next halving which is estimated to happen on or around April 27, 2024, or 723 days from now. At block height 735,000, the 105,000th block was mined and theres now 105,000 left to go until the next halving. At the time of writing, data shows that theres 104,928 block subsidy rewards left to mine.

Presently, bitcoin miners get 6.25 BTC for a block reward and the fees associated with the confirmed transactions. Poolin earned the 6.25 BTC and 0.16215354 BTC worth of network fees associated with the block rewards 1,487 transactions. The halfway point to the halving follows Bitcoins hashrate all-time high (ATH) recorded on May 2, 2022, at block height 734,577.

On that day, BTCs hashrate reached an ATH at 275.01 exahash per second (EH/s). At the time of writing, the network has 767 blocks left until the next difficulty retarget which is expected to happen on or around May 10, 2022. A difficulty increase of around 5.29% is estimated to happen after the last difficulty change of around 5.56%.

When the next halving occurs, bitcoin miners will see their revenues shaved in half as the block subsidy reward will change from the current 6.25 BTC reward to 3.125 BTC. The current Bitcoin network issuance has an inflation rate of around 1.74% per annum. So far, throughout Bitcoins entire lifetime, only three halvings have occurred.

The first Bitcoin block reward halving took place on November 28, 2012, at block height 210,000. The second halving occurred on July 9, 2016, at block height 420,000, and the third halving event took place on May 11, 2020, at block height 630,000. The next halving thats expected to happen on or around April 27, 2024, will occur at block height 840,000.

The U.S. Federal Reserve and other central banks worldwide like to target a 2% inflation rate per annum, but that has changed a great deal since the Covid-19 pandemic and the monetary supply expansions that took place globally. Bitcoins current inflation rate of 1.74% per annum is much better than the central banks long lost target rate.

When the next halving occurs 105,000 blocks from now, Bitcoins inflation rate will be an estimated 1.1% per annum. Because Bitcoin has a predictable monetary supply, we can also estimate that by the 2028 block subsidy halving, Bitcoins inflation rate will be an estimated 0.5% per annum.

What do you think about reaching the halfway point until the next Bitcoin network halving? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Miners Reach the Halfway Point to the Next Block Reward Halving Bitcoin News - Bitcoin News

It's getting ugly out there.

Bitcoin is down over 8% this week and has fallen nearly 50% from last year's all-time-high. The situation isn't much better for Ethereum, down 5% over the week, while newer best-of-breed coins like Solana (SOL), Terra (LUNA), and Avalanche (AVAX) fell over 10% this week. Things haven't looked this bad in a while, and it's going to get worse before it gets better.

But don't be alarmed. Like the meme of the dog in a bowler hat sitting in a house on fire: This is fine.

Before getting into why things will be (mostly) fine, let's take a look at what's causing crypto to melt down in the first place.

The primary culprit is the global macroeconomy. Governments around the world are being walloped by inflation levels not seen in 40 years, and central banks are finally taking measureslike jacking interest rates and shrinking their balance sheetsto fix this. Unfortunately, this has meant taking away the cheap money punchbowl that has powered decades of surging stock and real estate prices.

The result has been a wipeout in both stocks and crypto (Bitcoin is more closely correlated with the Nasdaq than it's been in ages) and fear among investors. Meanwhile, other global eventsfrom the war in Ukraine to new Covid lockdowns in Chinaare fueling further sell-offs and adding to the sense of unease. In these circumstances, is it any surprise people are flushing their Shiba Inu tokens? Many crypto enthusiasts, and Bitcoiners in particular, like to believe blockchains will supply an alternative financial reality when the world goes to hell, but it's clear that's not (yet) the case. Crypto is as prone to macroeconomic shocks as everything else.

Meanwhile, the crypto industry itself has become a bubble waiting to pop. Pick your examplefrom the glut of worthless Layer 1 chains to fly-by-night NFTs to Floyd Mayweather's latest pump-and-dump. There's a lot money being squandered in stupid ways. That's fine as long as there are enough "greater fools" out there to buy that garbage, but when the music stops, it's going to look a lot like the ICO fallout of 2018.

We might be at that stage again now. Paradoxically, though, the current carnage we're seeing should be cause for optimism.

Since the birth of Bitcoin, the crypto industry has been marked by spectacular booms followed by painful crashes.If history repeats itselfand I'm betting it willthe impending downturn will serve as a healthy cleanse and reboot for the industry.

That's what happened in 2013 when the price of Bitcoin brushed the once jaw-dropping figure of $1,200, only to plummet afterward. It took years to reach that level again, but in the interim, something remarkable happened: dedicated teams put their heads down and built a series of innovations that transformed the industry. By the time the next boom rolled around in 2016, crypto had gone from being just Bitcoin and a handful of altcoins like Litecoin and XRP to encompass smart contracts, utility tokens, and a multi-chain future.

A similar thing happened after the bust of 2018. When crypto came roaring back in 2021, the technology had changed profoundly. A series of stylish NFT platforms had eclipsed the primitive CryptoKitties of the previous boom, DAOs took off for real, and the entire plumbing of the industry had become far more sophisticated.

It's going to happen again. Just as in the past, the dilettantes and hustlers will move to some other shiny thing, while the real crypto believers will stick around to lay the groundwork for the next era of Web3.

It's hard to predict exactly what this next era will look like, but a good bet is that it will feature low gas fees, easy-to-use Layer 2 options, and NFTs moving to the core of the music and entertainment industries. It's a fun future to imagineprovided you have the stomach to get through another Crypto Winter.

This isRoberts on Crypto, a weekend column from Decrypt Editor-in-ChiefDaniel Robertsand Decrypt Executive EditorJeff John Roberts. Sign up for theDecrypt Debrief email newsletter to receive it in your inbox every Saturday. And read last weekend's column: Sam Bankman-Fried's Bahamian Honeymoon Phase.

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The Bitcoin Bloodbath Will Get Worse. This Is Fine. - Decrypt

People walk through the North American Bitcoin Conference held at the James L Knight Center on January 18, 2022 in Miami, Florida.

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The Luna Foundation Guard has acquired $1.5 billion in bitcoin to bolster the reserves of its most popular stablecoin, known as U.S. Terra.

Stablecoins are cryptocurrencies that aim to peg their market value to a more stable asset. This latest transaction by the Luna Foundation Guard brings it closer to its goal of accumulating $10 billion of bitcoin to back the U.S. Terra stablecoin or UST.

Do Kwon, cofounder and CEO of Terraform Labs, the group that launched the Terra blockchain, said he expects to reach the $10 billion goal by the end of the third quarter.

The reserve now holds about $3.5 billion in bitcoin, which puts the UST Forex Reserve in the top 10 bitcoin holders in the world. It also holds north of $100 million in avalanche, another cryptocurrency.

In its latest bitcoin acquisition this week, the Luna Foundation Guard closed a $1 billion OTC swap with crypto prime broker Genesis for $1 billion worth of UST. It also bought $500 million of bitcoin from crypto hedge fund Three Arrows Capital.

U.S. Terra also joined the top 10 cryptocurrencies by market cap, according to CoinGecko.

"For the first time, you're starting to see a pegged currency that is attempting to observe the bitcoin standard," Kwon said. "It's making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe."

"The jury's still out on the effectiveness on the subject, but I think it is symbolic in the sense now that we live in a time where there's excess money printing across the board and when monetary policies highly politicized that there are citizens that are self-organizing to try to bring systems back to a sounder paradigm of money," Kwon added.

On Thursday, the price of bitcoin declined 9.1%. Luna, the governance token of the Terra blockchain, slid 7.3%. The moves occurred alongside a broad and sharp decline for stocks.

The last time the Luna Foundation Guard bought $1 billion in bitcoin, bitcoin topped $48,000 for the first time since Dec. 31 and luna hit an all-time high.

"The corporate buying of bitcoin can greatly influence the value of the currency and the space itself," said Joel Kruger, market strategist for LMAX Group. "With more demand from institutions comes added liquidity and longer-term interest, while validating the asset class at the same time."

In addition to padding its reserves, the parties in this latest deal are on a mission to bridge a gap between traditional finance and crypto native platforms and protocols.

"There's traditionally been this gulf between where crypto native market participants are participating and Terra is on the far end of that, it's designed by crypto-native people for crypto-native people," said Josh Lim, head of derivatives at Genesis Global Trading.

"There's another corner of the market that's mostly institutional," he added. "They're still waiting on things like buying bitcoin, inserting it in cold storage, or doing CME futures on bitcoin. They're very disjointed parts of the market and Genesis is trying to bridge that gap and allow more institutional capital to come into the competitive world."

Genesis has one of the largest wholesale lending businesses in crypto. By participating in this transaction with the Luna Foundation Guard, the company is building its reserves in luna and UST and using them to interact with their borrowing counterparties, who may be looking to get access to the crypto ecosystem in a risk-neutral way.

It also enables Genesis to distribute some of the Terra assets to counterparties that may have difficulty accepting those assets on an exchange.

"Because we're more of an institutional counterparty that they're familiar with trading with more on the spot, OTC side of things we're able to source this in large size and then parcel it out to people," Lim said.

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Luna Foundation Guard further bolsters stablecoin reserve by raising $1.5 billion in bitcoin - CNBC

Our lead story this week is a Friday ruling from the US Securities and Exchange Commission that ordered Nvidia to pay a $5.5 million fine for what the SEC characterized as inadequately disclosing how much of the company's sales of graphics chips stemmed from cryptocurrency mining.

We'll also cover an NFT sale that rocked the ethereum network, the expansion of the SEC's crypto enforcement unit, Wikipedia ending cryptocurrency donations, and Square Enix selling the Tomb Raider franchise to invest in blockchain and other technologies.

A cryptocurrency mining operation.

The SEC said Friday that Nvidia didn't adequately disclose how cryptocurrency mining impacted its sales of graphics chips. According to an SEC release, "during consecutive quarters in NVIDIA's fiscal year 2018, the company failed to disclose that cryptomining was a significant element of its material revenue growth from the sale of its graphics processing units (GPUs) designed and marketed for gaming."

As part of the settlement with the SEC, Nvidia didn't admit to or deny the findings.

Cryptocurrency mining often relies on higher-end graphics cards, like those used for video games, which some publications, like theBBC, PCMag and Tech Radar, have reported may be partly responsible for a graphics card shortage.

Read CNET's full story on Nvidia's $5.5M fine over cryptocurrency mining disclosure here.

A physical mockup of a digital ether coin.

Bored Ape Yacht Club, owned by parent company Yuga Labs, is one of the better-known NFT collections. The BAYC brand is expanding into an online video game, and on Saturday, Yuga Labs released a collection of digital land grant NFTs to be used inside this game. Each NFT land grant sold for a little under $6,000.

Like most nonfungible tokens, Borred Ape Yacht Club NFTs are built on the ethereum blockchain. Transactions on ethereum come with fees, called gas fees. Gas fees increase as growth occurs in the number of people engaging in transactions at any given time. The NFT land grants turned out to be so popular that gas fees skyrocketed and transactions became incredibly expensive. One person paid $44,000 in gas fees aloneto buy two NFT land plots. In about three hours, Yuga Labs made around $320 million and sold 55,000 digital land plots.

Read CNET's full story on how Bored Ape Yacht Club broke the ethereum network here.

The Securities and Exchange Commission said Tuesday that it's adding 20 new positions to its Crypto Assets and Cyber Unit, which protects crypto investors and safeguards against cyberthreats. "As more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them," said SEC Chair Gary Gensler. "By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity."

Read CNET's full story on the Crypto Assets and Cyber Unit expansion here.

The world's seventh largest website is set to stop accepting cryptocurrency donations. The Wikimedia Foundation, which runs Wikipedia, voted on the decision last month, citing environmental and ethical concerns. "We began our direct acceptance of cryptocurrency in 2014 based on requests from our volunteers and donor communities," the foundation said on May 1. "We are making this decision based on recent feedback from those same communities." The website plans to close its Bitpay account, eliminating its ability to accept crypto donations going forward. The foundation further noted they'd continue to monitor the situation.

Bitcoin, the most popular of all cryptocurrencies, is an energy hog that is estimated to use as much energy every year as some countries, such as Norway and Sweden. And some critics say cryptocurrencies raise ethical questions related to money laundering, tax evasion and ransomware, among other things.

Read CNET's full story on The Wikimedia Foundation's decision to end cryptocurrency donations here.

Video game giant Square Enix, the same company that makes the popular Final Fantasy series, sold the Tomb Raider franchise to free up cash for investments in fields including blockchain, AI and the cloud. Square Enix has previously expressed interest in NFTs. The company's president, Yosuke Matsuda, said in a Jan. 1 letter that "the advent of NFTs using blockchain technology significantly increased the liquidity of digital goods, enabling the trading of a variety of such goods at high prices and sparking conversations the world over." In the letter, Matsuda also noted that NFT trading seems overheated with "somewhat speculative overtones."

Read CNET's full story on Square Enix selling the Tomb Raider franchise here.

Thanks for reading. We'll be back with plenty more next week. In the meantime, check out this story by Scott Stein about how the metaverse is trying to figure out your comfort zone.

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Nvidia Fined Over Cryptomining Disclosures. This Week's Bitcoin and Crypto News - CNET

At first, I was equal parts irritated and confused. My Instagram posts swarmed with cryptocurrency traders marketing themselves. They made claims of astronomical bitcoin profits. Im the first to admit that as much as I like to play on social media, I am very much an analog Generation Xer. So I decided to do a bit of digging into the decentralized digital currency that is bitcoin. I didnt get it.

Now Im starting to understand. These traders claim that they are particularly skilled at making decisions on a daily basis about the market value of digital assets, and they promise high profits. I also noticed that there seems to be a Black-targeted crypto arena on Instagram and that Black people are investing in cryptocurrency at a higher rate than others. In addition to the barrage of messages underneath my posts, there are people I know in the flesh who have implored me through Instagram messaging to sign up with their traders. I believe they are well intentioned, but I havent ever heard them talk about how high-risk and speculative crypto is, or how volatile, which means it is easier to become ruined than rich through it.

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Stop Telling Me to Buy Bitcoin - The Atlantic

It doesn't look like legendary investor Warren Buffett will be adding bitcoin to his portfolio any time soon.

Asked Saturday at the annual Berkshire Hathaway shareholders meeting if he had changed his famously negative views on bitcoin or crypto, the 91-year-old investor didn't mince his words.

Buffett began his answer by saying that if all the attendees in the room owned "all the farmland in the United States" or "all the apartments in the country" and they offered him a 1% stake for $25 billion, he would write them a check on the spot. But he wouldn't do the same for bitcoin and its over-$700 billion market cap.

"If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn't take it," Buffett said. "Because what would I do with it? I'll have to sell it back to you one way or another. It isn't going to do anything."

He described his views on farmland and rental properties versus bitcoin as "the difference between productive assets and something that depends on the next guy paying you more than the last guy got."

"The apartments are going to produce rent and the farms are going to produce food," he said. "If I've got all the bitcoin, I'm back wherever [anonymous bitcoin founder Satoshi] was."

He attributed the allure of bitcoin to a type of "magic" that draws investors.

"Whether it goes up or down in the next year or five years or 10 years, I don't know. But one thing I'm sure of is that it doesn't multiply, it doesn't produce anything," he said. "It's got a magic to it, and people have attached magic to lots of things."

Buffett has long been against cryptocurrencies. He told CNBC in 2018 that "they will come to a bad ending" and said that Berkshire Hathaway will "never have a position in them."

"I get into enough trouble with the things I think I know something about," he said at the time. "Why in the world should I take a long or short position in something I don't know about?"

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Don't miss: Warren Buffett says you can protect against inflation by being 'exceptionally good at something'

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Warren Buffett wouldn't buy 'all of the bitcoin in the world' for $25: 'It doesn't produce anything' - CNBC

Key Takeaways

Editors note: A completely unrelated article to this was published on Crypto Briefing as an April Fools Day joke article last month. It referenced a blockchain project whose founding company requested its removal and threatened legal action over the piece. You can read the letter their law firm, K&L Gates LLP, sent to our Editor-in-Chief here. We would like to clarify that the previous and below pieces are satires. This article is not based on any facts, and is completely unrelated to any real blockchain project.

Con reportedly said that if DUST fails, the broader crypto market should fail with it.

Terrorfarm Labs CEO Dough Con is planning on dumping his bags to zero, sources have said.

According to multiple sources, the hypersensitive billionaire decided he wants to crash Bitcoin and the broader crypto market on the realization that the Terror blockchains Ponzinomics model is unsustainable. He kept going on about how the failure of DUST is equivalent to the failure of crypto itself and that no one would be able to stop him from crashing Bitcoin because their size is not his size, a source familiar with the matter told Crypto Briefing. Then he posted a bunch of tweets about how anyone who wasnt a MOONboy was coping on the left side of the curve.

The revelation comes after Con, whos been living overseas his whole life to avoid U.S. regulations, was praised for reviving cryptos biggest bull market in history in Q1 2022. Con took the market out of Goblintown by accumulating whale-sized stacks of Bitcoin via the Let it Go Foundation, an organization established to stop Terrors DUST from meeting the same fate as every other algorithmic stablecoin. His conviction in Terror and the broader markets strength was so high that he bet an eight-figure sum with two veteran traders that MOON would hold above $8,888 by March 2023.

The Let it Go Foundation recently became the worlds second-largest Bitcoin holder, which isnt enough to crash the market alone. However, Con has reportedly enlisted a group of hackers who stole more than 500 Bored Ape Yacht Club NFTs to get access to Satoshi Nakamotos Bitcoin wallet, which contains 1 million coinsaround 5% of the supply. The hackers say that they and 0xSifu found Satoshi Nakamoto on the Wonderland Discord server and convinced him to give his seed phrase away. Con believes that dumping the lot will be enough to cause major ripples in the market, one source said.

A group of ardent Bitcoin bulls has established a plan to stop Con from tanking the market. According to documents seen by Crypto Briefing, Nayib Bukele, Adam Back, Cathie Wood, and Michael Saylor have created a group called the Bitcoin Maximal Bid Trust to front-run Cons selling. Saylors MicroStrategy has supposedly collateralized more than 100,000 Bitcoin, as well as his multi-million dollar property portfolio and two superyachts, via Silvergate Bank to borrow money to buy a swarm of cyber hornets, which is likely a reference to the top crypto asset (Saylor, known for his lack of interest in anything other than accumulating Bitcoin, has somewhat bizarrely likened Bitcoin to a swarm of cyber hornets on multiple occasions in the past).

Bukele, meanwhile, has reportedly allocated more than $1 billion dedicated initially to El Salvadors first Bitcoin bond. Sources said that he plans on using the 10-figure sum to buy the latest dip via his iPhone. Anthony Pompliano has also reportedly put The Best Business Show on hiatus to restart the Bitcoin pizza venture he launched last year; the funds raised will apparently go toward buying spot Bitcoin.

Various other networks have been hard-hit by the news. Ethereum, which this week postponed its Proof-of-Stake upgrade until 2028 so that the Ethereum Foundation can dump another multi-million dollar bag of ETH at the next market top, has suffered due to widespread uncertainty over cryptos future as an asset class. 0xSassal, a pseudonymous Ethereum devotee best known for hosting The Daily Wei podcast, told Crypto Briefing that he was considering following through on his promise to perform a dance to save ETH from the downturn (he memorably committed to a dance when ETH surged to a new all-time high in early 2021, but then backed out with no explanation as to why). Its looking bleak out there, so I was thinking of just posting it as a Twitter video, he said in a Telegram message. On the plus side, although ETH is tanking, I have a pretty decent collection of figurines Ill be able to dump if I need any spare cash. And as there are so few people using Ethereum now, gas fees have dropped below $200 again.

Solana, touted as the worlds most performant blockchain, was hit by another clog early Friday as users began to panic. Sources say the Solana team has developed a plan for the blockchain to turn itself off and on again to get it working. Cardano has been spared because no one uses it, while Cosmos, cryptos self-described Internet of blockchains, continues to trade in a year-long sideways channel.

While the dip has shaken most crypto holders, some more bearish market participants say they anticipated that this moment would arrive. One of the multiple identities tied to Degen Spartans Twitter account told Crypto Briefing that hes pleased to see the market panicking because he derisked years ago. Ive been sitting in stables since Bitcoin dumped from $19,000 in 2017, he said. Its difficult for me to have sympathy for anyone because it was obvious that everything was going to zero when Su Zhu hinted that he was long the other day.

Interestingly, one section of the crypto market appears to be trading largely uncorrelated with Bitcoin. Despite the looming threat of a crypto nuclear winter, several NFTs have hit all-time high floor prices this week. One source told Crypto Briefing that the hackers Con has enlisted have opted to hold onto their apes to keep the red hot market afloat. It benefits them if apes keep soaring, and they insist that theyre in it for the culture. One of them told me we like the JPEGs when I asked why they hacked so many users, the source said. The NFT market may not sustain its highs for long, though. Analysts told Crypto Briefing that the only reason many so-called blue chipsBored Ape Yacht Club and Azuki among themare rallying is that insiders scooped them up to get in on their recent airdrops. Now that token distributions have commenced, theyll soon dump them on the same people they front-ran, the analysts explained.

Disclosure: At the time of writing, the author of this piece owned ETH, ATOM, and several other cryptocurrencies.

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Terror's Dough Con Planning to Dump Bitcoin to Zero: Sources - Crypto Briefing