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Should Bitcoin be afraid of Kim Jong-un’s death?

Against the background of the latest rumors about the possible death of the leader of North Korea, the participants of the crypto community recalled that the DPRK owns cryptocurrency reserves worth about $670 million. As is commonly believed in the crypto community, the reserves of bitcoin and other cryptocurrencies in North Korea amount to about $670 million, […]

The post Should Bitcoin be afraid of Kim Jong-un’s death? appeared first on BitcoinerX.

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Against the background of the latest rumors about the possible death of the leader of North Korea, the participants of the crypto community recalled that the DPRK owns cryptocurrency reserves worth about $670 million.

As is commonly believed in the crypto community, the reserves of bitcoin and other cryptocurrencies in North Korea amount to about $670 million, and possibly more. Now, representatives of the crypto space involuntarily thought about the further fate of these assets. The reason for this was the rumors about the death of DPRK leader Kim Jong-un that was actively exaggerated in the world media.

According to this Bitcoin Era review, the technology that most crypto companies use is always very similar, especially when it comes down to incorporating AI into these frameworks. Should the cybercrime stop from the DPRK is Kim Jong Un’s death is confirmed, many crypto companies are expecting a large burden of accusations to be removed from their names.

We can remember that the first fears on this topic began to appear after April 15, when the Korean leader missed the most important state holiday – Day of the Sun celebrated in honor of the birthday of Kim Il Sung, the “eternal President of the Republic” and grandfather of Kim Jong-un. Subsequently, rumors only multiplied, and, according to the latest conspiracy theories, the head of the DPRK died or was in a coma as a result of an unsuccessful heart operation.

DPRK and cryptocurrencies

If these rumors still turn out to be true, serious geopolitical upheavals may await North Korea. Due to the country’s loss of current stability, the queue may reach the cryptocurrency reserves of the DPRK. First of all, the crypto community fears potential aggressive sales by Korea of these assets.

The history of the relationship between Pyongyang and digital assets has always attracted public attention because of the DPRK’s love of cybercrime. The United States has long accused Pyongyang of creating special hacker groups to attract funding to the country, bypassing international sanctions.

In December last year, the FBI announced the arrest of one of the Ethereum developers, Virgil Griffith, who allegedly conducted an educational program in the DPRK to help Korean authorities better use blockchain technology to circumvent sanctions.

According to UN Security Council estimates, as of August 2019, the number of cryptocurrency funds stolen by North Korea since 2015 amounted to about $2 billion. It is difficult to say what reserves the country owns now, but a number of experts believe that Pyongyang may be one of the cryptocurrency whales. If all these assets are set in motion (of course, in the case of the confirmation of the death of Kim Jong-un), the consequences may be felt by the entire crypto community, such commentators fear.

Why is that?

However, many refuse to consider this idea seriously. Most of the answers to this alarmed Twitter post came down to the fact that such a scenario of aggressive cryptocurrency sales by Pyongyang is absurd and will never be realized.

So, the popular crypto community trader Alex Krüger replied that the DPRK also owns a large stock of uranium mines. Does this mean that the death of Kim Jong-un will also provoke uranium sales, he asks a counter-question. Other pranksters joined him, also predicting sales of fish and even beautiful women.

However, in fairness, it should be noted that comparing bitcoin with uranium ore is incorrect, since the first is a digital one, and the second is a physical asset that needs transportation.

Be that as it may, it is unlikely that the DPRK, even in the case of a change of leader, will suddenly decide on such a radical step as getting rid of all its cryptocurrency reserves – unless it is brought to a state of extreme despair and will be in dire need of cash. And, finally, most likely, all these arguments are purely hypothetical, and leader Kim Jong-un is still alive today of all living things.

Source: https://bitcoinerx.com/opinion/should-bitcoin-be-afraid-of-kim-jong-uns-death/

Blockchain

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

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Bitcoin and Ethereum are down from their recent 2021 highs, but compared to their traditional market counterparts, have shown more resilience during the recent “royal macro beating.”

Here’s why one top economist and investor says this is incredibly bullish for the two titan cryptocurrency assets.

Royal Macro Beating Can’t Take Down Bullish Bitcoin And Ethereum

This week, the stock market plunged, and precious metals saw a sharp selloff as the macro environment remains uneasy globally. Yet somehow, amidst a “royal macro beating”, Ethereum and Bitcoin have held up comparably well.

Economist and trader Alex Kruger says the resiliency is “bullish” for Bitcoin and Ethereum. The two top crypto assets have been in an uptrend for a full year now, and the recent macro jitters have been the first major bump in the road since.

Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum 

Bitcoin exploded from lows around $4,000 to $58,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin at the high, while Ethereum fell to under $100 and has risen to $2,000 since. The more than 10x rise, however, might be nowhere near the finish line, and holding up so well here could be the catalyst that sends the cryptocurrencies higher through the resistance level.

bitcoin and Ethereum macro beating

Ethereum and Bitcoin have held up extremely well compared to the S&P 500 and gold. | ETHUSD on TradingView.com

The Changing Of The Guard To Crypto Is Underway

The stock market is on thin ice, and precious metals cannot be upgraded or updated, and have limited use in the future as a store of value compared to cryptocurrencies.

The digital gold narrative has been working, and the steepness of the gold selloff above shows how effective the narrative has been. Crypto prices holding up so well while gold plummets, could send even more capital flowing out of metals and into the scarce digital asset.

Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

Profit-taking in the currency overheated stock market will want to follow the money, wherever the grass is greener and profits are consistent. If that place is the crypto market, the flood gates of capital could finally be coming that helps to push Bitcoin to prices of hundreds of thousands of dollars per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, and tens of thousands of dollars per Ether.

The nascent technologies are only now coming into their own as financial assets, and institutional investors have begun to recognize the shift from traditional assets, to digital ones, and the ones who have been early thus far have been the most profitable.

Will Bitcoin and Ethereum continue to hold up this well, or will they ultimately succumb to the continuing macro beating going on across markets right now?

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/news/bitcoin/ethereum-bitcoin-macro-beating-gold/

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Blockchain

3 million active users help lift Audius (AUDIO) to a new all-time high

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As blockchain technology increasingly becomes part of the mainstream conversation, its integration with today’s most used technologies is bound to increase. This means that it’s only a matter of time before video streaming, digital music and social media see gradual blockchain integrations take place. 

Audius (AUDIO) is one project that is chasing the first-mover advantage in the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it relatively effortless for users to distribute and monetize audio content. 

The project has received increasing attention for its approach to decentralizing the music industry and on March 2 the team celebrated reaching 3 million monthly active users. 

Data from Cointelegraph Markets and TradingView shows that the price of AUDIO surged 108% since the start of March from a low of $0.38 to a new all-time high of $0.79 on March 4 as the altcoin’s trading volume spiked from $3 million to a record $55 million.

AUDIO/USDT 4-hour chart. Source: TradingView

Staking incentives drive user adoption

The first major increase in users followed the project’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that were staked on the network while they listening to music and interacted with the protocol.

By the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens staked on the network. These figures have since increased to 3 million users and a total of 182.5 million staked AUDIO as the platform continues to integrate new features that incentivize community involvement.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on Feb. 28, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AUDIO hit a peak of 69 on Feb. 28, just before the start of a prolonged uptrend in price which was further identified by a VORTECS™ score of 80 on March 1. After pulling back over the next 3 days the score again spiked to 70, just hours before a significant rise in the price of AUDIO.

On March 5, the project revealed its plans to integrate non-fungible tokens (NFT) into the protocol as part of its effort to offer a full-service decentralized platform and expand its user base.

NFTs have become a hot topic in the cryptocurrency sector in recent months, and their integration into the AUDIO platform is likely to bring a renewed wave of interaction from users.

As blockchain technology continues to become more prominent in mainstream society, Audius appears well-positioned to become a leader in the streaming music space thanks to a rapidly expanding user base and a growing list of incentives that entice users to stay active on the platform.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/3-million-active-users-help-lift-audius-audio-to-a-new-all-time-high

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Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading

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The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom. 

  • Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported user base of over one million registered clients. However, the firm will seize offering its services to UK-based customers, according to a recent press release
  • The statement informed that all UK users have to close all of their opened positions and withdraw all account balances by 8 AM UTC, March 31st, 2021. Following that date, UK citizens will be “restricted from accessing or performing any trading activities on Bybit.” 
  • Furthermore, the exchange will immediately restrict all new registrations using UK mobile numbers and/or IP addresses. 
  • Bybit’s decision is a direct consequence of a ban on crypto derivatives trading in the UK instituted by the country’s regulator – the Financial Conduct Authority (FCA). 
  • CryptoPotato reported last year that the watchdog planned to prohibit the sale, marketing, and distribution to all retail customers of crypto derivatives and exchange-traded notes (ETNs).  
  • At the time, the FCA described such products as “ill-suited for retail customers due to the harm they pose.” It also outlined that traders are unable to determine a reliable value because of the extreme volatility in the market and inadequate understanding. 
  • Interestingly, though, even the UK population couldn’t stop the FCA from implementing the ban as a survey compiled by the watchdog suggested that over 97% disagreed with the decision. 
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Source: https://cryptopotato.com/bybit-to-cease-services-for-uk-citizens-following-the-fca-ban-on-crypto-derivatives-trading/

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