- BTC Ultimatum (BTCU) has been created for the development of innovative blockchain solutions – Prof-it Blockchain Ltd.
- BTCU is led by globally recognised experts in blockchain and crypto, featuring founder Nikolai Udianskyi, top ten crypto industry leaders at the World level; and CEO Eric Ma, a former core member of CoinMarketCap
- Key members of the executive team include COO Bohdan Prilepa,
- Dinis Guarda, a leading blockchain and digital assets personality joins as Team Advisor Strategy and Development;
- Juliet Su founder of Digital Week Online joins as Business Development Officer;
- CTO Andriy Saranenko and CMO Vadim Yarmak
- They set the task to create a unique blockchain protocol and implement a solution that would meet all the requirements of the modern crypto community.
Built as a next-gen blockchain based on Bitcoin fork, the BTCU team aims to create a new mining algorithm – UPoS (Ultimatum PoS)-, provision of smart contract, implementation of atomic swaps, and integration of Ethereum virtual machine (EVM). As blockchain developers, they believe insufficient development and integration of key aspects of blockchain technologies is the missing piece on the issue of mass adoption.
The leadership team is formed by industry leaders with extensive experience in the blockchain and crypto space. The BTCU project is led by CEO Eric Ma and Nikolai Udianskiy. Eric Ma is a former core member of CoinMarketCap. He is an exceptional leader with strong experience in building groundwork as well as in the expansion of a company. He understands the importance of community as the foundational layer of a successful project and looks to position BTCU as an industry leader.
“As the CEO of BTCU, I see technological innovation as the key driver. With the demand for blockchain technology continuing to grow, together with our talented team, I will help lead BTCU to become one of the top cryptocurrencies in the world!”, says Eric.
On the other hand, CEO Nikolai Udianskiy has 7+ years of experience in creating, developing, and investing in crypto projects. Nikolay is one of the top ten crypto experts at the world level. He took part in the creation and launch of five of the 50 leading crypto exchanges including Coinsbit, which has entered the list of top 10 exchanges of the world in just two years. The company recently reported a million users and continues to grow. He is also the founder of the EVO country club project — the Silicon Valley for companies and blockchain development projects. Nikolai Udianskiy is also the founder and CEO of a marketing agency specializing in promoting crypto projects – PRMR.com; Founder of ASSUR, a cybersecurity company. The company is a leader in its industry and offers the most reliable solutions.
The rest of the leadership team are:
Bohdan Prilepa – Chief Operating Officer
Bohdan Prilepa has 7+ years of experience in Internet marketing, IT and web development. He is an expert in business development, financial model creation, and monetization models. Likewise, Bohdan has experience in launching business start-ups, attracting investments and forming investment portfolios. He is also the Co-founder, CMO in MLCI Inc. — a crowd-investment platform to attract investment into innovative projects and startups. Since 2016, he is the Co-founder, CMO of Prof-it — working with the design and development of web and mobile apps.
Juliet Su – Business Development Officer
Сo-founder of Digital Week Online. She is the Co-founder and CEO of Eurasian Center of Innovation and Digital Economy – under the initiative “One Belt One Road” and strategic advisor to the World Blockchain Invest Alliance
Andriy Saranenko – Chief Technology Officer
Andriy Saranenko has 3+ years of experience with the project. He is the top manager with extensive experience Blockchain and IT development industry including product launch and technical support. Andriy is experienced in the planning and managing of software development.
Vadim Yarmak – Chief Marketing Officer
Vadim Yarmak has 7+ years of experience in digital marketing, brand strategies and tactical plans, market research & analysis. He is also the СOO at PRMR.
Dinis Guarda – Global Advisor for Strategic Development
Dinis Guarda is currently the chairman and co-founder of ztudium, techabc and open business platform. He created the platforms openbusinesscouncil.org, citiesabc.com and fashionabc.org along with multiple blockchain and AI tech like idna. Dinis is an author, speaker, entrepreneur, advisor, and CEO. Dinis authored, “4IR – How to Reinvent a Nation”, ‘How Businesses and Governments can prosper with Fintech, Blockchain, and AI’ and ‘Blockchain, AI, and Crypto Economics – The Next Tsunami’, among others. Dinis runs a fast-growing Youtube Podcast series where he surpassed 4 million views in the first 6 months and has interviewed 100+ personalities so far including leading AI personalities, a Minister from Japan, Leading CEOs, Fintech, AI, Smart cities, Crypto, Blockchain personalities and Bollywood stars. Dinis is a globally renowned thought leader listed continuously as number 1, 5 and 10 positions as a global influencer in fintech, blockchain, AI, and social media industries.
The team is working to make sure every Bitcoin holder can claim their BTCU coins.
In order to protect users who store their BTC on exchanges that will not support the AirDrop from losing their BTCU during the launch of the network, the accrual will only occur on wallets of exchanges that publicly announce their support for the fork and confirm participation in the AirDrop for further distribution of the received coins among their users.
This measure is being taken because of the large number of centralized exchanges that can ignore the AirDrop, which will lead to the inability of users of these exchanges to receive BTCU and lead to the loss of coins, as a result of users storing their BTC in the wallets of these exchanges!
The BTCU team will credit these coins to a special wallet for storing, which will be publicly published on the official website of the project. Users of any exchanges that did not support the AirDrop, will be able to reclaim it by providing proof of BTC balance in their account at the time of the fork. An exchange that wants to participate and distribute BTCU coins it did not receive at the time of the fork will be able to claim them by filling out an application and contacting the BTCU team.
Bitcoin is forecast to become the future of finance. However, Bitcoin carries over legacy issues that might endanger that stellar progression. The BTC Ultimatum (BTCU) leadership team spotted those and have set out to solve what was dragging Bitcoin behind: the excessive energy consumption associated with mining, scalability, and transaction anonymity, all these while maintaining Bitcoin’s useful characteristics.
BTCU next-gen blockchain, based on Bitcoin fork has the potential to cover millions of hours of paperwork every year, hold public officials accountable through smart contracts, and provide transparency by recording public records of all activities. Blockchain-based voting could improve civic commitment by providing high levels of security and incorruptibility that can allow voting to be done on mobile devices.
Déjà vu: Ethereum’s First Month of CME Futures Overwhelmingly Bearish
Futures contracts allow institutional investors to hedge against future price movements of an asset with the possibility of shorting them. Just like with Bitcoin, the Chicago Mercantile Exchange launched its products when Ethereum was trading on its way to an all-time high.
It is unsurprising then that the first month of trading futures has been bearish as the asset’s price has retraced heavily and those shorting it on CME would have been correct to do so.
— frxresearch (@frxresearch) February 28, 2021
Déjà vu For Crypto Futures
CME launched its Ether futures on Feb. 8, and at the time the asset was trading at around $1,600. As reported by CryptoPotato at the time, a bearish reaction was expected.
Ethereum prices hit an all-time high of $2,050 on Feb. 21, but have corrected by 30% since then to today’s prices of around $1,450 – 10% lower than when the futures were launched.
ETH has underperformed BTC since the CME futures launch but a similar situation occurred with BTC, which underperformed ETH after its CME futures launch.
For #CME notes:
8 hours before CME’s first ETH 26 February 2021 expiration at 1600 UTC,
– Exchanges’ Feb futures expired at 0800 UTC
– Notable options expiry
– CME front month hit a -10% price limit, price reversed instantly and dumped at CME expiry
CME Feb closed -14.23%
— NeoButane (@NeoButane) February 26, 2021
When Bitcoin futures were first launched in December 2017, the asset hit an all-time high a week or so later then pulled back heavily resulting in a similar effect on futures markets. Exactly the same has happened with Ethereum a little over three years later.
Of course, BTC has recovered and entered a new bull market and the same will happen with Ethereum regardless of how deep this correction goes.
In terms of volumes, the CME is reporting its highest ever day as Feb. 23 with 2,092 contracts traded. That volume has slumped to around 749 contracts on Feb. 26.
Longer-term contracts are likely to be bullish as the rollout of ETH 2.0 and the growth of staking opportunities is likely to push ETH prices to new highs whilst alleviating those epic transaction cost issues.
Ethereum Price Outlook
Currently, Ethereum has gained 4% on the day but has declined almost 30% since its peak last weekend. The asset fell to a monthly low of $1,300 on Feb. 28 but has since recovered a little to trade back over $1,400 again at the time of press.
There is strong support at current levels so ETH needs to remain above it to maintain the current momentum. A fall below could see ETH settle at just over $1,200 but a sustained move higher would need to see resistance at $1,600 broken again.
Kraken Daily Market Report for February 28 2021
- Total spot trading volume at $1.82 billion, down from the 30-day average of $2.06 billion.
- Total futures notional at $594.6 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Cardano, Tether, and Polkadot.
- Most coins had losses, but Storj ended +1.9% over USD.
|February 28, 2021
$1.82B traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 28 2021)
Figure 2: Mid-size trading assets: (measured in USD) (February 28 2021)
Figure 3: Smallest trading assets: (measured in USD) (February 28 2021)
#####################. Spread %. ##########################################
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (February 28 2021)
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (February 28 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 28 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 28 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It
What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.
Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.
Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.
To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many users claim to have received messages to this effect.
It remains unclear how the legal proceedings will play for PDAX, with users rightly pointing out that traders’ actions are within the agreed terms and conditions.
A #Cryptocurrency exchange glitch at PDAX in Southeast Asia allowed crypto traders to buy Bitcoin for $6,100 & were able to withdraw the discounted BTC. They may face legal action unless they return it. But PDAX’s terms and conditions say orders are “final and irreversible.”
— Luke D. (@lukedalu) February 25, 2021
Bitcoin Whale Responsible For Glitch?
Large volume transactions have become the order of the day as bitcoin whales step up activity. Their mass transactions often indicate strong bullish signals unless they get hooked while at it.
Reports surfacing on social media led to strong suggestions that the entire fiasco occurred due to an error by a bitcoin whale. who allegedly sold 316,000 BTC for PHP 300k (about $6100) instead of the actual price of PHP 2.3 million ($47,000). This prompted PDAX to cease trading activity and temporarily shut out users.
Users Outraged By Inability To Access Accounts
PDAX’s attempt to control the situation turned out to be counterproductive as it sparked outrage from many users on social media. The downtime, which lasted for 36 hours, left customers furious as they could not access their accounts.
They expressed frustration due to missed trading opportunities and accrued losses from not being able to close positions.
Dear Pdax, until now accounts cannot be accessed. Multiple promised broken. Aside from the bitcoin issue, our money is trapped in your platform. @ANCALERTS @pdaxph @BangkoSentral https://t.co/b5aJemxDIS
— Caldero y Realonda vda de Dolomite (@mikel_pangan) February 22, 2021
PDAX Clears The Air
PDAX eventually released a comprehensive report addressing the issue. It claimed that an “isolated unfunded order” infiltrated its system and affected the account of its users. It explained further that it had tracked and rectified the glitch and was in the process of fully restoring users’ accounts.
Speaking in a press conference, PDAX CEO Nichel Gaba said:
“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”
The BSP-licensed exchanged assured users that it will continue addressing their concerns and rendering support where necessary.
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