Crypto

Stablecoins are vulnerable and can increase financial risks, says Fed

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The Federal Reserve places stablecoins in the category of high-risk investments. The central bank is concerned about the lack of transparency over the assets backing stablecoins. The United States Federal Reserve (Fed) once again expresses its concerns about the risks posed by stablecoins. This time the central bank has added a warning that the risk of sudden and desperate redemptions … Read more

What is the hash rate and how does it influence bitcoin mining

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Bitcoin hash rate

Bitcoin hash rate

The hash rate is one of the most important concepts in bitcoin mining, surely this has been one of the first definitions that you have come across when you have investigated a little more about the mining process.

What is the hash rate and how does it influence bitcoin mining? The hash rate is the mining power that is available to process data and find the solution to the mathematical problems that keep cryptocurrencies encrypted. Thus, the hash rate refers to the speed or time it takes a miner to do the mathematical calculations to solve blocks within the blockchain.

The hash rate is essential, as it has a great influence on the security and sustainability of the Bitcoin network. Likewise, the miners’ earnings depend on the hash rate, since the higher the power, the more blocks are mined.

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Citibank creates special unit to offer bitcoin and cryptocurrency services

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Bitcoin and gold forecast
  • Although no details were given yet, NFTs, stablecoins and CBDC would also be included.
  • Bank executives say there is increasing interest from customers

Citibank announced that it will launch a cryptocurrency and digital asset service for some of its clients. It will be called the Digital Assets Group and will operate under the Wealth Management Division.

This new service will include, in addition to the main cryptocurrencies, non-fungible tokens (NFT), stablecoins and central bank digital currencies (CBDC). The criteria for choosing the customers who can access this service have not yet been reported.

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Gold is losing its reign as a store of value against bitcoin

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Gold price vs BTC price
  • So far this year BTC has advanced 81% while gold has fallen 7.7%.
  • Large investors are shifting their positions in gold to investments in bitcoin.

As bitcoin continues in an upward cycle, which has intensified in this year 2021, its position against gold as a store of value asset strengthens. The precious metal has fallen 14% since it reached its historical maximum of USD 2,071 an ounce, at the beginning of August 2020, as this Monday, February 22, it registered a price of USD 1,798 an ounce.

In the same period of six and a half months, since the historical high of gold on August 7, a fact reported by ForexDominion, the price of BTC has appreciated 360%, going from USD 11,564 to USD 53,429.

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Investors ask court to declare that XRP is not a security

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Lawsuit of SEC against Ripple
Lawsuit of SEC against Ripple
Source: Reuters
  • Investors request amendment in SEC case against Ripple.
  • They say that US exchanges are set to suspend XRP trading, which is going to hurt them economically.

A group of investors in the cryptocurrency XRP filed a petition in the Rhode Island District Court, requesting a mandamus order or injunction against the acting president of the United States Securities and Exchange Commission (SEC), Eliad Roisman, to modify the lawsuit against Ripple Labs, INC.

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Although rising against the dollar, altcoins lose value against bitcoin

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Altcoins performance against Bitcoin
  • Binance coin (BNB) fell over 13% compared to bitcoin.
  • Only Chainlink (LINK) performed close to that of bitcoin last week.

The upward momentum that the bitcoin (BTC) price has experienced recently has spread, as it usually happens, to the rest of the cryptocurrencies in the market. However, while the major altcoins have risen in value against the dollar, the story has been different when compared to BTC.

In its most recent weekly report, published this Monday, the firm Glassnode highlights how the bull market has given a greater boost to bitcoin than to other major cryptocurrencies, including ether (ETH) from Ethereum, bitcoin cash (BCH), chainlink (LINK ), polkadot (DOT), ripple (XRP) and binance coin (BNB).

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This is what you can (or cannot) do with bitcoin and cryptocurrencies in PayPal

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  • PayPal users will not be able to withdraw their bitcoin funds to an external wallet.
  • Bitcoins cannot be sent to other Paypal accounts.

PayPal announced this Wednesday that its users will be able to buy, sell and pay with bitcoin and cryptocurrencies from its platform. However, some of the details about the service raise doubts about the handling of funds in bitcoin and the possibilities of use that users will have.

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Almost 200,000 bitcoins have been withdrawn from major exchanges

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Bitcoin exchange wallets

The BitMEX platform saw its reserves reduced by 49.55% in the penultimate quarter of the year. Data suggests that the number of users preferring non-custodial storage increased. Bitcoin reserves on exchanges such as Coinbase, OKEx, and BitMEX have dropped considerably in the penultimate quarter of the year. This is recorded by the BitUniverse platform, which calculates a decrease of more … Read more

SEC is willing to promote tokenized shares on blockchain, says its chairman

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Tokenized shares according SEC

Clayton views tokenization as positive as long as it is registered with the SEC. Blockchains will be “the internet of finance,” according to Brian Brooks, Comptroller of the Currency The Securities and Exchange Commission of the United States (SEC) would have the disposition to promote the tokenization of shares through blockchains. This was stated by the president of the SEC … Read more

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