Americans in trouble after installing Bitcoin miners in a government building
0 (0)

Bitcoin Miner USA

A man in the United States has caused a sensation in a remarkable way. He had illegally installed a number of Bitcoin (BTC) and other crypto mining machines in a government building and was subsequently caught.

IT specialist finds the software

He is 42-year-old Christopher Naples. He is an IT inspector at a local government in the state of New York. He had worked here for more than 20 years, but that seems to have come to an abrupt end. He is accused of corruption, theft and trespassing:

The reason for this is that he had installed 46 crypto mining machines at the local government headquarters without permission. In this way, he was able to mine large amounts of crypto currencies without having to pay the horrendous electricity bill. This bill would amount to up to $60,000.

He had hidden the machines in six rooms under floors and behind walls. According to the authorities, these machines had been in the property since February and have been continuously mining cryptocurrencies ever since.

An official there, Timothy Sini, commented on this particular situation as follows:

“Cryptocurrency mining requires an enormous amount of resources, and miners need to think about how to pay for these costs. Naples had found a solution, which unfortunately was carried out on the backs of the taxpayers.”
Sini also pointed out that Naples had installed so many miners in the building that the entire infrastructure was overloaded. Employees had complained for months about the slow internet, and when the miners were finally pulled out, the temperature in one of the rooms dropped drastically.

It looks as if Naples can expect quite a penalty for this. He had found a way to get out of the energy bill, but in the end it will cost him dearly.

User Rating

Bitcoin (BTC) to $200,000? Price breaks out, but volume “not big”
0 (0)

Bitcoin 200000 Dollars

Yesterday, at the beginning of the evening, Bitcoin (BTC) finally moved more clearly above the $50,000 mark. Although this was not accompanied by an explosion in the volume of trade, the development is nevertheless positive. In this article, you will find some interesting tweets from well-known analysts and others.

Bitcoin exchange flows stabilize

On-chain data analytics firm Glassnode just shared a tweet showing stock market flows. This data shows whether bitcoins are actually being withdrawn from the exchanges or whether investors are sending their bitcoins back to the exchanges. While we’ve seen a lot of recently that people are actually taking bitcoins off the exchanges (bullish), this has stabilized over the past 24 hours.

It doesn’t have to be bearish. The Bitcoin price has fallen this weekend with low volume, but in the longer term we are still in an upward trend. Perhaps after today’s price breakout, more people will withdraw Bitcoins from the exchanges again. With Ethereum (ETH), the trend continues: Almost 92 million dollars of ETH have flowed into external wallets.

Bitcoin Price Forecast

Then an interesting tweet from Feras Crypto. He shared a Bitcoin price forecast last night based on Fibonnacci retracements and the analystools of Immediate Advantage and Bitcoin Trader. In his opinion, Bitcoin can reach a peak of $200,000 on this basis, but for that BTC would have to be above $59,000 as early as the third quarter. A word of caution at this point: this is an analysis, not a prediction.

“The volume was not large, but bullish”
Finally, a tweet from Lark Davis,Bitcoin and crypto investor. He notes that the volume during yesterday’s breakout was “not great,” but that it was still a bullish breakout. “The highest closing price on the daily chart since mid-May,” according to the investor:

User Rating

Visa Buys NFT, El Salvador Prepares to Launch Bitcoin (BTC) and More News This Week
0 (0)

Visa buys NFT

It’s Sunday and so we can look back on a week with a lot of crypto news! Non-fungible tokens (NFT) were again frequently seen, and there were also some interesting developments in Bitcoin (BTC). In this article, you will find an overview of the most important newspublished on Crypto Insiders.

Visa joins the NFT craze

The NFT craze is in full swing and with it the new prices for these digital collectibles are skyrocketing. We see more and more often that big names either sell or buy NFTs. Earlier this week, the big payment giant Visa was in the news in this regard. This company has bought a CryptoPunk NFT.

This was CryptoPunk #7610, one of the 10,000 unique CryptoPunks (and one of 3,840 female ones). CryptoPunks are so-called non-fungible tokens (NFTs) in the Ethereum (ETH) network. Read more about this message in this Twitter post:

El Salvador prepares for a big Bitcoin move, Cuba is switching to Bitcoin

El Salvador made big headlines when it decided to accept Bitcoin as legal tender. On September 7, the law comes into force, and the country is preparing for this moment. Among other things, Bukele, the country’s president, announced that the government is currently setting up 200 Bitcoin ATMs, also known as “BATMs.” Bukele calls these BATMs the “Cajeros Chivo”. The President also made some other interesting statements.

Cuba also seems to be warming up to cryptocurrencies. The central bank and government of Cuba have announced that they want to recognize and regulate cryptocurrencies. This could be an important support for the country, as Cubans abroad can more easily send money into the country.

Big money continues to buy Bitcoin

Meanwhile, major investors continue to buy crypto currencies. MicroStrategy, for example, has invested another $177 million in Bitcoin:

This company has been buying Bitcoin regularly for a long time, so it’s no longer any particular news. Meanwhile, about 4% of the total Bitcoin stock is in the hands of companies and asset managers. Among other things, an investment in Immediate Advantage as a still very new technology is to be in the room.

User Rating

Google removes fake crypto mining apps from Google Play Store, how to detect fake apps?
0 (0)

Google Mining Apps

Some time ago, it became known that many people fall for certain rogue apps for Android phones. Cybersecurity firm Lookout revealed that it has tracked down at least 172 apps that deceive users. Although measures have already been taken to remove these apps from the Play Store, Google is still battling the consequences.

Eight more apps will be banned

This time, Google has banned eight more apps from the Google Play Store. Again, these are crypto mining apps that don’t keep their promises to users. Many of these fake crypto mining apps require users to pay for the service, but the apps simply don’t mine cryptocurrencies. So for users, this is a complete waste of money.

The promise of a cloud mining service is not kept. For this reason, Google has removed and banned the apps. These are the following applications: Bitfunds, Bitcoin Miner, Bitcoin (BTC),Crypto Holic, Daily Bitcoin Rewards, Bitcoin 2021, MineBitPro and Ethereum (ETH).

These applications were identified by cybersecurity company Trend Micro. While removing these rogue apps is a good move, Trend Micro notes that there are still at least 120 similar apps available on the Google Play Store. So there is still a lot to do for Google.

In addition, Trend Micro states that at least 4,500 users have fallen victim to these fake applications. Often they paid for a service, but ultimately received no consideration.

How to avoid fake apps?

Trend Micro gives some tips on how to avoid becoming a victim of such applications. First of all, it is important to read the reviews in the Google Play Store. Even though many 5-star reviews may be fake, there is always something to learn from these reviews. If there are many 1-star reviews, these often come from legitimate users with bad experiences.

Another way to checkif an app has bad intentions is to enter a wrong wallet address. If it is a legitimate app, the wrong address will not be accepted. However, it turns out that the fake applications simply go along with this.

The fact is that there are still a large number of fake apps in the Google Play Store. So be very careful when choosing an app that promises to mine crypto on an Android phone.

User Rating

Bitcoin (BTC) and cryptocurrencies the future? The majority of executives say yes, according to a Deloitte study
0 (0)

Deloitte Bitcoin

According to a Deloitte survey, the future of the cryptocurrency world looks bright. According to the study, an overwhelming majority of executives of large companies believe that digital assets will become an important part of the global financial system.

End of physical money in sight?

In the study, Deloitte surveyed the executives of around 1,000 companies about cryptocurrencies. 80% of respondents believe that digital assets will be an integral part of the financial world within two years. After all, 73% believe that blockchain technology will be essential for future competitiveness.

Even more remarkably, 76% of respondents believe that fiat currencies need to make way for digital currencies within five to ten years. Some even say they wouldn’t be surprised if the era of physical money came to an end.

Shift in the financial ecosystem

According to Linda Pawczuk, an expert on blockchain and digital blockchain and digital currencies at Deloitte, this is typical of the change that has been underway for several years.

“Over the past year, we have seen a significant shift in the way the financial ecosystem is thinking about new business practices driven by digital assets and how they will play an important role in financial infrastructure.
Executives of financial institutions such as banks were also surveyed. Around 76% of financial institution executives fear that their business will fall behind if they don’t quickly adopt blockchain technology and digital currencies.

Finally, 43% believe that their companies should create the opportunity to pay with cryptocurrencies as soon as possible. Trading venues or software systems such as Bitcoin Era or Immediate Edge are also still seen as growth drivers.

Despite this positive attitude of the top executives towards blockchain and crypto, there are also some areas where improvements are possible. For example, 71% believe that safety in this new innovative sector still leaves much to be desired. In addition, restrictive regulations give many people a slight headache.

User Rating

US Treasury Department wants to make new controversial law “bitcoin-friendly”
0 (0)

A few days ago, a new gigantic law was passed by the US Senate. The Infrastructure Act. This bill frees up $1 trillion to tackle major infrastructure projects.

The bill also includes additional regulations for cryptocurrencies. It is precisely these additional rules that are causing a lot of criticism of the law in the crypto community. According to some, this could limit innovation in the country, and compliance with certain regulations would simply be impossible.

Despite opposition and criticism, the law was passed by an overwhelming majority.

The Ministry of Finance reassures

According to Bloomberg, the U.S. Treasury Department is working hard to clarify certain unclear parts of the law regarding cryptocurrencies. This is intended to reassure crypto investors and the country’s tech sector.

One of the biggest ambiguities in the law is the term “broker”. Due to the vague wording of the law, it was not possible to say with certainty who or what is considered a broker. This also refers to brokers of the platforms Bitcoin Era and Immediate Edge.

The Ministry will soon officially announce that this classification only applies to companies or individuals that regularly provide services related to the transfer of digital assets on behalf of another person.

This means that miners, developers and investors don’t have to worry about regulations that are impossible to comply with. Next week, the ministry is due to issue an official announcement on the matter, according to Bloomberg.

Of course, the law will not come into force for the time being. The bill must first pass the U.S. House of Representatives. Adjustments to the law can still be made there. According to some members of Congress, many of them support some changes to the crypto part of the law.

User Rating

BofA outlines potential benefits of bitcoin adoption in El Salvador
0 (0)

Bank of America Bitcoin

Bitcoin democratizes access to electronic payments, which could benefit 70% of El Salvador’s unbanked adult population

A report from Bank of America (BofA) has highlighted some of the potential benefits El Salvador will experience following this Central American nation’s historic acceptance of Bitcoin as legal tender. The financial institution’s report, released last week, highlights key areas where the use of Bitcoin could have a major impact:

According to BofA analysts, the recognition of BTC will streamline the country’s money transfer industry, which contributes nearly 25% to El Salvador’s GDP. Using Bitcoin reduces the amount of transaction fees that are incurred when using traditional channels.

In this case, Bitcoin becomes an “intermediary for cross-border transfers” where El Salvadorans save money even if they exchange the BTC they receive into dollars. It is believed that such an increase in remittances and reduction in fees will significantly increase the disposable income of the people there.

Another advantage is the financial freedom that should be granted to about 70% of the country’s population who do not have a bank account. The digitization of finance is considered one of the main benefits of cryptocurrency, which is an advantage for those who cannot open a bank account, according to the report.

The ability to use Bitcoin also gives people more choices as consumers, the bank adds. “We disagree with the idea that it is mandatory for businesses to accept Bitcoin as a form of payment,” the bank wrote, adding that businesses and consumers have the freedom to choose the cryptocurrency or use dollars from their ‘Chivo’ wallets.

Bank of America also believes El Salvador will benefit from becoming a bitcoin hub. This, analysts say, will be especially the case when it begins to attract foreign direct investment, given developments related to bitcoin mining.

The report comes as a surprise given BofA’s“icy” attack on BTC in its March report, in which it stated that Bitcoin had “dirty little secrets” and was only suitable for speculative trading. This came on top of recent criticism from the IMF and the UN Economic Commission for Latin America and the Caribbean.

User Rating

Bitcoin at $1 million by 2025 if China bans it completely, says former CEO BTC China
0 (0)

Bitcoin (BTC) bull Bobby Lee, former CEO of BTC China, recently discussed the impact of the crypto mining ban in China in an interview with Bloomberg:

BTC China was one of the largest cryptocurrency exchanges in the world before Lee sold the exchange in 2017 after China began cracking down on the industry. Lee, now CEO of Ballet, entered the crypto world early on through his brother Charlie Lee, the founder of Litecoin (LTC).

In recent months, China has once again cracked down on industry, especially mining. However, according to Lee, this has nothing to do with concerns about carbon emissions:

“China has not bothered to distinguish green, renewable energy Bitcoin mining facilities from dirty coal-fired facilities. For me, this is a sign that it was not about the beauty of mining, but about a kind of perspective for the financial stability of the country.”

However, according to Lee, China could continue to crack down on cryptocurrencies and even impose a complete ban on Bitcoin in the end:

“The last straw would be something like a complete ban on cryptocurrencies. We’ve heard over the years that China has banned Bitcoin, technically that’s not true. Already today, in July 2021, the possession of Bitcoin is legal. You can buy it and sell it to your friends or strangers. It’s just that you can’t do that through one platform or one company because all of these companies and all these platforms have been shut down.”

According to Lee, the Bitcoin price could rise to $250,000 this year. Next year, a bear market cycle would begin, which would bring the price back down by 50% to 80%. By 2025, bitcoin could then reach $1 million and that could be the time when China completely bans ownership. He estimates the probability at 50%.

By the way, crypto assets can also be easily automated. With trading bots such as Bitcoin Era or Bitcoin Evolution, this is no longer an issue.

According to Lee, China has no interest in crypto at all beyond its own central bank digital currency (CBDC), the digital yuan or renminbi. Still, Lee doesn’t believe the digital yuan is the reason for the crackdown on cryptocurrencies, nor does a complete ban in China have a big impact on the market.

User Rating

Bitcoin (BTC) price rises +13% in 4 hours – is this the cause?
0 (0)

Bitcoin (BTC) price rises +13% in 4 hours – is this the cause?

The Bitcoin (BTC) price has been rising for a few days. Last night it suddenly went very fast. Within 4 hours, the value of bitcoin increased by more than 13%. What is the cause of this sudden acceleration? For this we have to look into the corner of the short sellers.

When an investor opens a short position, he borrows bitcoins and then immediately res sells them on. The investor pays back the borrowed bitcoins at a later date to the person from whom he borrowed them, in the expectation that the price will fall. In this way, a short position can be profitable.

But when the price starts to rise, the short seller gets into trouble. Its position is then underwater and a short squeeze can follow. Such a squeeze is caused by short sellers closing their positions if the price continues to rise. This means that it is becoming increasingly unlikely that a short position will be profitable. A short seller liquidates his position, i.e. the investor buys back the Bitcoin at market value.

By the way, crypto assets can also be easily automated. With trading bots such as Bitcoin Era or Bitcoin Evolution, this is no longer an issue.

In short, a short seller closes his position by buying back Bitcoin from the market. This causes buying pressure. This can trigger a chain reaction as more and more short positions are closed. And that seemed to have happened last night, according to data from this morning’s market update.

It was on-chain analyst Willy Woo who saw the short squeeze coming. Three days ago, he shared a tweet with his findings. He saw the Relative Strength Index (RSI) erupting on the daily chart, a reliable signal that a trend reversal is possible. In addition, foreign exchange reserves continued to fall, “a short squeeze setup,” according to the analyst.

User Rating