Lưu trữ cho từ khóa: Bitcoin

Bitcoin (ký hiệu: BTC, ) là một loại tiền mã hóa, được phát minh bởi một cá nhân hoặc tổ chức vô danh dùng tên Satoshi Nakamoto dưới dạng phần mềm mã nguồn mở từ năm 2009. Có thể được trao đổi trực tiếp bằng thiết bị kết nối Internet mà không cần thông qua một tổ chức tài chính trung gian nào.

Bitcoin ra đời đầu tiên, được sử dụng rộng rãi nhất trong thanh toán điện tử và là vua của thị trường tiền mã hóa trong hàng chục nghìn đồng tiền khác nhau. Các doanh nghiệp có xu hướng muốn thanh toán bằng Bitcoin để giảm thiểu chi phí.

Bitcoin

Bitcoin-focused protocol Surge nabs $1.8m to bring Move-based rollups

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Bitcoin-focused protocol Surge nabs $1.8m to bring Move-based rollups

Bitcoin protocol Surge has raised $1.8 million in pre-seed funding to solve the network’s scalability issues.

As the Bitcoin (BTC) ecosystem keeps facing unresolved scalability challenges, startups keep searching for a solution that would open doors for billions worth of dollars in liquidity from the decentralized finance space.

Surge, a Bitcoin-centric protocol developed to unlock the BTCfi economy, has bagged $1.8 million in pre-seed funding to unlock the cryptocurrency’s “full potential as a global currency and a base layer for innovation,” per a press release shared with crypto.news.

Supported by firms like Autonomy, Gerstenbrot Capital, and Double Peak Group, as well as angel investors including CoinGecko co-founders Bobby Ong and TM Lee, Surge wants to address the limitations of previous scalability solutions like SegWit and Taproot.

The startup’s approach, called the MetaLayer, utilizes Bitcoin’s security model “without requiring soft or hard forks,” incorporating cryptographic techniques such as zero-knowledge proofs and Inter-Blockchain Communication, the press release reads.

Surge to bring Move-based rollups to Bitcoin

To achieve its goal, Surge has teamed up with Movement Labs so that it could bring liquidity to Move-based decentralized finance, enabling developers to interoperate between the Bitcoin and Move ecosystems. Surge co-founder Yash Belavadi says the funding would help the startup provide “scaling infrastructure so teams can focus on specific use-cases like defi, micropayments, gaming, or non-financial applications.”

With the funding, Surge is set to launch its testnet soon, although specific timelines remain undisclosed.

The push for defi on the Bitcoin network has surged following a research report from Pantera Capital, a crypto venture capital firm, which projected that the Bitcoin-based defi ecosystem could draw in hundreds of billions of dollars in liquidity via web3 protocols, indicating that its sector might achieve a market share similar to that of Ethereum.

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Theo Crypto News

Bitcoin

FBI arrests ‘AGiantSchnauzer’, the Alabama man behind SEC Bitcoin hack

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Eric Council Jr., a 25-year-old from Athens, Alabama, was arrested in connection with the January 2024 hack of the U.S. Securities and Exchange Commission’s X account.

Council’s hack resulted in the false pretense that the SEC had approved Bitcoin exchange-traded funds, leading to a sharp spike in the value of Bitcoin (BTC). 

Council has been charged with conspiracy to commit aggravated identity theft and access device fraud. He is set to make his first court appearance in the Northern District of Alabama.

From SIM swap to market manipulation

According to the indictment, Council and his conspirators orchestrated a “SIM swap” attack to take unauthorized control of the SEC’s X account.

On January 9, 2024, they posted a fraudulent message from the SEC Chair, falsely stating that Bitcoin ETFs had been approved for listing on national securities exchanges. This announcement caused Bitcoin’s value to rise by $1,000. 

After the SEC regained control of the account and clarified that the message was fake, Bitcoin’s value dropped by $2,000.

SIM swapping is a cybercrime in which attackers trick mobile phone carriers into transferring a victim’s phone number to a SIM card they control, allowing them to bypass security measures like two-step verification.

In this case, Council allegedly used a fake ID to obtain a SIM card linked to the victim’s phone and then used this access to hijack the SEC’s X account.

Is the FBI investigating me?  

According to the indictment, Council used usernames like “Ronin,” “Easymunny,” and “AGiantSchnauzer” online, and obtained personal identifying information and a victim’s photo and name from co-conspirators.

Using this information, Council created a fake ID with an ID card printer. He then used the fake ID to obtain a SIM card linked to the victim’s phone line at a cell phone store in Huntsville, Alabama.

With the SIM card and a new iPhone purchased with cash, Council accessed codes for the @SECGov X account and shared them with co-conspirators.

They used the codes to issue a fraudulent tweet on the @SECGov X account in the name of the SEC Chairman, falsely announcing the SEC’s approval of BTC ETFs. 

Council received Bitcoin payment for the successful SIM swap and later returned the iPhone for cash in Birmingham, Alabama, according to the FBI.

After all this, Council searched the internet for terms such as “SECGOV hack,” “telegram sim swap,” “how can I know for sure if I am being investigated by the FBI,” and “What are the signs that you are under investigation by law enforcement or the FBI even if they have not contacted you.”

FBI warns of SIM swapping 

U.S. Attorney Graves emphasized the serious implications of SIM swapping schemes, which can lead to significant financial losses. “Here, the conspirators allegedly used their illegal access to a phone to manipulate financial markets,” he said.

Principal Deputy Assistant Attorney General Argentieri highlighted how Council and his accomplices exploited this access to falsely boost Bitcoin’s price, underscoring the Justice Department’s commitment to prosecuting cybercrimes that threaten market integrity.

FBI Acting Special Agent in Charge Geist also noted that SIM swapping continues to be used by cybercriminals to exploit financial systems. “The FBI will continue to work tirelessly with law enforcement to hold accountable those who break U.S. laws,” he said.

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Theo Crypto News

Altcoin

Red alert as Ethereum price forms several dangerous patterns

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Ethereum, the second-biggest cryptocurrency, has lagged behind Bitcoin this year amid slow growth of its exchange-traded funds and competition from other layer-1 and layer-2 blockchains.

Ethereum (ETH) has rallied by less than 20% in 2024, while Bitcoin (BTC) has risen by over 50%. 

Technicals point to more Ether weakness in the coming months. On the weekly chart, the coin formed a double-top chart pattern around $4,000. It dropped below the neckline of this pattern at $2,824 in July, confirming the bearish breakout.

Ethereum has also formed a death cross pattern as the 200-day and 50-day Hull Moving Averages made a bearish crossover. The HMA reduces lag by using weighted moving averages to smooth out price data.

The last time Ethereum formed a death cross on the weekly chart was in March 2022, and the coin dropped by over 70% after that.

Ether has also formed a bearish pennant chart pattern, which is characterized by a long vertical line followed by a symmetrical triangle. Typically, an asset experiences a bearish breakout when the two lines of the triangle converge.

Additionally, this consolidation is happening at the 50% Fibonacci Retracement level. Therefore, there are increasing chances that the coin will have a strong bearish breakout in the near term, with the next target to watch being $2,111, its lowest point on Aug. 5.

Ethereum price chart | Source: TradingView

Ethereum’s weak fundamentals

In addition to weak technicals, Ethereum is also battling significant fundamental challenges. First, Ether ETFs have not seen strong inflows a few months after launch.

According to SoSoValue, these funds have had cumulative outflows of over $530 million, primarily due to the Grayscale Ethereum Fund. In contrast, Bitcoin ETFs have crossed the $20 billion inflow level, pointing to higher demand from institutional investors.

Ethereum is also seeing intense competition in areas it used to dominate like DeFi and NFTs. Data by DeFi Llama shows that Solana has crossed Ethereum in terms of DEX volume in the last seven days. It handled $10.87 billion compared to Ethereum’s $9.69 billion. 

If the trend continues, Solana may surpass Ethereum this month. Solana has handled $23.9 billion so far, compared to Ethereum’s $24 billion.

This performance is largely driven by the popularity of Solana (SOL) meme coins like Dogwifhat, Bonk, and Popcat have become popular among traders. All Solana meme coins have gained over $10 billion in market cap.

Additionally, some high-profile Ethereum whales, including Vitalik Buterin and the Ethereum Foundation, have sold thousands of coins recently.

Therefore, a combination of weak fundamentals and technicals could push Ether lower in the coming weeks.

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Theo Crypto News

Bitcoin

Italy mulls raising Bitcoin capital gains tax above 40% as crypto gaining momentum: report

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Italy is considering raising its capital gains tax on crypto to 42% as part of efforts to reduce the fiscal deficit.

Bitcoin (BTC) holders could soon face nearly two-fold tax increase in Italy, as the government plans to raise the capital gains tax on crypto from 26% to 42%, Bloomberg reports.

During a conference call on Wednesday, Italy’s deputy finance minister Maurizio Leo noted that the government is responding to the rapid growth of crypto usage, stating that the phenomenon is “spreading” quickly. The report did not provide a timeline though for when the new tax might be implemented though.

Italy is not alone in its approach to crypto taxation. Other nations, like India, have also grappled with similar issues, resulting in declines in local trading volumes as investors shift to offshore markets.

Italy treading well-established track

As crypto.news reported earlier, crypto trading and mining profits in India are subject to a flat 30% tax. Staking income is also taxed, though based on the individual’s income tax slab, potentially offering a lower rate.

The potential tax increase coincides with Italy’s preparations to adopt the European Union’s Markets in Crypto-Assets regulations, scheduled to take effect by the end of 2024.

The proposed changes could potentially reshape Italy’s crypto landscape. Earlier in July, Bank of Italy Governor Fabio Panetta suggested that MiCA, which includes provisions for electronic money tokens and asset-referenced tokens, may conflict with existing Italian law, hinting at a selective implementation of these guidelines.

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Theo Crypto News

Phân tích

Crypto market enters ‘greed’ zone as Bitcoin hikes further

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The crypto market sentiment is seeing a major shift as leading digital assets continue their bullish momentum.

According to data provided by CoinMarketCap, the crypto fear and greed index entered the 60 zone today, signaling slightly greedy market conditions.

BTC price and crypto fear and greed index – Oct . 17 | Source: CoinMarketCap

This is the first time the crypto market has hit the greed zone in six weeks—last seen on July 31. The major drop happened in early August as the Bitcoin (BTC) price plunged below the $54,000 mark.

The recent market-wide rebound came on the back of Bitcoin’s bullish momentum. The BTC price has constantly risen since Oct. 10, recording a 12% surge over the past week—Bitcoin briefly touched a two-month high of $68,375 on Oct. 16.

Despite a slight correction, Bitcoin is still up 0.3% in the past 24 hours and is trading at $67,350 at the time of writing.

According to data from IntoTheBlock, 95% of the Bitcoin holders are currently in profit, 3% are close to their initial investment and 2% are seeing losses. 

At this point, short-term profit-taking would be normal, due to the increased number of holders in profit.

On the other hand, the number of daily active addresses in profit declined from 112,780 to 91,160 unique wallets between Oct. 15 and 16. The downshift shows that some investors might be aiming at a further price hike instead of taking profits right away.

DAA in profit – Oct. 17 | Source: IntoTheBlock

One of the main reasons behind Bitcoin’s bullish momentum is the increased demand for the spot BTC exchange-traded funds in the U.S. Per a crypto.news report, these investment products recorded a net inflow of over $1.6 billion over the past four days—seeing $458.5 million in inflows on Oct. 16 alone.

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Theo Crypto News

Bitcoin

Bitcoin-backed Hermetica secures $1.7m to expand stablecoin USDh

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Hermetica, the company behind the Bitcoin-backed stablecoin USDh, has raised $1.7 million in seed funding. 

The funding will support the growth of USDh, a stablecoin designed to be backed by Bitcoin (BTC). A stablecoin is a type of cryptocurrency that aims to keep its value tied to a stable asset, like the U.S. dollar, instead of fluctuating like Bitcoin.

USDh allows Bitcoin holders to transact with a digital asset pegged to the value of the U.S. dollar without leaving the Bitcoin ecosystem. For example, 1 USDh equals 1 USD worth of Bitcoin.

According to a company press release, UTXO Management led the funding round, which included several major investors such as CMS Holdings, Ethos Fund, and Trust Machines SPV. Strategic backers like Tycho Onnasch of Zest Protocol and Robin Obermaier of Liquidium also contributed.

What is USDh? 

USDh is issued on Bitcoin’s main blockchain, Layer 1, and on Layer 2 networks, allowing faster and cheaper transactions. The stablecoin is available for purchase on decentralized exchanges

Last month, Hermetica launched USDh on the Stacks Layer 2 network. The move offered users the potential to earn yields of up to 25%.

As the stablecoin market grows, USDh targets a share of the estimated $1 trillion in untapped Bitcoin value that could be unlocked in DeFi. Its goal is to enable Bitcoin market participants to securely hold dollars without exiting the Bitcoin ecosystem or converting to fiat.

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Theo Crypto News

Phân tích

Bitcoin forms a golden cross, analysts predict parabolic moves ahead

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Bitcoin price continued its strong rebound as it rose for three consecutive days, reaching its highest level since July 29.

Bitcoin (BTC), the original cryptocurrency and largest crypto by market cap, retested the psychological level of $68,000, meaning it has jumped by almost 40% from its lowest level in August.

There are rising odds that Bitcoin will continue climbing. For one, the crypto fear and greed index moved from the greed zone of 37 last week to 58. BTC and other cryptocurrencies often rally when there is a sense of greed in the market.

Bitcoin price has also formed a golden cross pattern as the 50-day and 200-day Weighted Moving Averages have made a bullish crossover.

The last time this crossover happened was on Oct. 23 last year, and the coin surged by 120% to its all-time high of $73,800 in March.

The WMA is seen as a better type of moving average than the simple and exponential moving averages because it smooths data by giving more weight to recent movements.

Bitcoin has also formed an inverse head and shoulders pattern and flipped the important resistance point at $66,561, its highest swing on Sept. 27. It also crossed the descending trendline that connects the highest swings since March.

Bitcoin price chart | Source: TradingView

Why Bitcoin price is rising

Bitcoin is rallying for two main reasons. First, the odds of Donald Trump winning the election have risen, with Polymarket placing his probability at 60%. 

Trump is seen as a favorable candidate for the crypto industry because of his strong endorsement of the sector. He is a crypto owner with a portfolio worth over $6 million, according to Arkham. He has also launched World Liberty Financial, a crypto project.

At the same time, studies show that his policies of tax cuts, defense spending, and tariffs could lead to a $7.5 trillion deficit in a decade. This is notable since the U.S. public debt has jumped to over $35.5 trillion. Investors see Bitcoin as a better alternative to the U.S. dollar because it has a supply cap of 21 million coins.

Polymarket odds of Bitcoin reaching a record high rose to 70%.

Bitcoin odds of reaching all-time high | Source: Polymarket

Meanwhile, analysts are optimistic about Bitcoin. Peter Brandt, a popular trader with over 740,000 followers, predicted that the coin has more upside, with his initial target being $73,800, its all-time high.

Other analysts have also delivered positive Bitcoin forecasts. Miles Deutscher, predicted that the next Bitcoin breakout will be much bigger than most expect, followed by fear of missing out. Michael van de Poppe sees more upside in the long term as the Federal Reserve cuts interest rates.

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Theo Crypto News

Bitcoin

Metaplanet rolls up 223 contracts of Bitcoin put options, adds 5.90 BTC to their revenue

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Japanese investment firm Metaplanet completed a roll-up transaction involving 223 contracts of Bitcoin put options, raising the strike price from $62,000 to $66,000 in the wake of Bitcoin’s bullish run.

According to an Oct. 16 company notice, Metaplanet has bought back 223 contracts of $62,000 put options from Singapore-based digital asset trading firm QCP Capital from a previous put options sale. The firm has proceeded to sell 223 new contracts with a strike price of $66,000.

This transaction has generated Metaplanet an additional ¥57.9 million or equal to $387,640 in premium put options, which the company recognizes as revenue.

In the notice, Metaplanet stated that the reason behind its decision to repurchase 223 put options contracts from QCP Capital is to capitalize on Bitcoin’s volatile nature by adjusting the strike price to $66,000. At the time of writing, the price of Bitcoin(BTC) has gone over $67,000 following its recent rally.

“By increasing the strike price, this approach allows for a higher yield potential while keeping in line with the company’s objectives to enhance Bitcoin holdings and support its path towards profitability,” stated the company.

The firm also highlighted underneath the notice’s risk section that by adjusting the strike price, Metaplanet could be forced to buy Bitcoin at $66,000 if it settles below the price at maturity.

Combined with Metaplanet’s latest Bitcoin purchase on Oct. 15 worth $6.9 million, Metaplanet’s total Bitcoin holdings have amounted to 861.39 BTC or equal to $57.6 million based on current market prices.

CEO of Metaplanet, Simon Gerovich, remarked in an X post that the put options have added to their nominal yield on put options sales, granting Metaplanet an additional ¥57.9 million in premium, bringing the company’s total premium earnings to ¥272.5 million that will be booked as revenue this year.

On Oct. 3, Metaplanet entered a put options deal with QCP Capital. Metaplanet sold 223 contracts to QCP Capital worth $62,000 which expires on Dec. 27, 2024. This sale generated a profit of 23.97 BTC in option premium for Metaplanet.

Metaplanet has been dubbed “Asia’s MicroStrategy” due to its frequent Bitcoin purchases, further diversifying its holdings. Metaplanet made the decision to invest more in Bitcoin reserves back in May 2024 as a strategy to combat the economic challenges plaguing Japan’s yen.

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Theo Crypto News

Phân tích

Bitcoin holding strong at $67k amid solid ETF inflows

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Bitcoin’s surge above the $67,000 mark came along with solid spot exchange-traded fund inflows and increased short liquidations.

Bitcoin (BTC) is up 2% in the past 24 hours and is trading around $67,000 at the time of writing. Yesterday, Oct. 15, the flagship crypto asset surpassed $67,500 and even got close to the $68,000 zone, marking a two-month-high.

BTC price – Oct. 16 | Source: crypto.news

BTC’s market cap is currently hovering at $1.32 trillion with a daily trading volume of almost $50 billion. It’s rising trading volume shows increased interest from short-term holders and traders, potentially increasing Bitcoin’s price volatility.

The market-wide surge came as the U.S.-based spot BTC ETFs registered three consecutive trading days of inflows. These investment products closed last week with $253.6 million and started this week with $555.9 million in net inflows, respectively.

According to data provided by Farside Investors, spot BTC ETFs saw $371 million in net inflows, led by BlackRock’s IBIT ETF’s $288.8 million inflow, on Tuesday, Oct. 15.

Fidelity’s FBTC, Ark Invest’s ARKB and Grayscale’s mini BTC Trust assisted with $35 million, $14.7 million and $13.4 million in inflows, respectively. 

Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW and Bitwise’s BITB also joined the list with $8 million, $7.6 million, $2.8 million and $0.7 million in inflows, per Farside Investors’ data.

At this point, spot BTC ETFs have recorded $19.8 billion in net inflows since their launch in January.

The U.S.-based spot Ethereum (ETH) ETFs, on the other hand, witnessed $12.7 million in net outflows amid mixed demand signals from investors. Grayscale’s ETHE fund saw $15.3 million in outflows while Fidelity’s FETH recorded $2.6 million in inflows. 

The remaining ETH investment products stayed neutral.

It’s important to note that Bitcoin and altcoin prices are experiencing high volatility due to increased liquidations and short-term profit-taking.

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Theo Crypto News