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Bitcoin's Price Regains Some Losses, Signals Still Show Indecisive Crypto Markets

Digital currency market prices have been dropping during the last few days as the crypto economy now rests at $1.53 trillion in value. Crypto trade volumes have increased a hair on Sunday, and a few crypto assets have seen decent percentage gains over the course of the last seven days.

Crypto Market Prices Consolidate While Traders Wait to See if Bears or the Bulls Grab the Reigns

Last week, crypto proponents witnessed billions of dollars shaved off the entire crypto-economy and many are curious as to where things are headed next. Bitcoin (BTC) jumped back above the $40k handle a few days ago but then plummeted below the $34k zone on Saturday.
At the time of publication, BTC is exchanging hands for $36,098 per unit and is up over 3% this week against the U.S. dollar. Despite the 4% gain last week, 30-day percentages show bitcoin prices are still down 35%.

The top five trading pairs with bitcoin (BTC) on Sunday, May 30, 2021, includes tether (USDT) with 57% of all trades, USD with 14%, BUSD 5.7%, JPY 4.85%, and the EUR at 4.82%.
The second-largest market, ethereum (ETH), is swapping for $2,439 per unit on Sunday. ETH is still down 10% during the last 30 days, but weekly stats show ETH has gained 16%.
Out of the top ten crypto assets in terms of market capitalization, cardano (ADA) has seen the biggest 24 hour gain today. ADA is swapping for $1.68 per unit and is up over 13% on Sunday morning (ET).
Akash Girimath, an Fxstreet analyst, says that the price of bitcoin (BTC) currently “hangs between whale accumulation and miners’ woes. Girimath’s outlook is quite grim and bearish, but BTC still has a chance to overcome the losses Girimath says.
“As grim as it may sound,” Girimath said. “Bitcoin’s price still has room to head higher, at least until $42,000. The bearish thesis put forth by the head-and-shoulders technical pattern will face invalidation if BTC generates a decisive daily candlestick close above the resistance level at $42,000.”

Meanwhile, bitcoin (BTC) has regained some market dominance this week despite the losses. At the time of publication, BTC dominance stands at 43.1% while ETH holds around 18% on Sunday.
Sunday’s biggest gainer is kicktoken (KICK) up 132% today, and stakenet (XSN) which is up 91% during the last 24 hours.
The biggest losers this weekend include cube (AUTO) token which is down 60% today, and agrello (DLT) down 60% this morning as well.
Bitcoin Miners Thrive Amid ‘Ridiculous’ Energy Subsidies in Argentina
Cheap subsidized electricity and massive inflation have made crypto mining quite attractive for Argentinians.

More and more residents of Argentina are turning to Bitcoin mining amid economic uncertainty and generous electricity subsidies provided by the government, Bloomberg reported today.

“Even after Bitcoin’s price correction, the cost of electricity for anyone mining from their house is still a fraction of the total revenue generated,” Nicolas Bourbon, who has experience in crypto mining, told the outlet.

This became possible thanks to a longstanding policy that allows Argentinians to receive substantial electricity subsidies from the government. So much so that a consumer power bill reportedly amounts to only 2-3% of an average monthly income.

By comparison, electricity costs at least twice as much in other Latin American countries like Brazil, Colombia, or Chile.

Meanwhile, Argentinians are desperately looking for alternative assets that can serve as a hedge in the face of the rampant 50% annual inflation. To make matters worse, the government only allows residents to swap their pesos for up to $200 per month, further catalyzing the depreciation of Argentine pesos.

“The crypto that miners generate is typically sold at the parallel exchange rate, but the energy is paid for at a subsidized rate. At the moment, revenues are very high,” Bourbon explained.

Big players eye Argentina

Large international mining firms have also noted the boom. Bitfarms, one of the largest Bitcoin mining companies globally, revealed that it plans to use a local power plant in Argentina to draw up to 210 megawatts of electricity.

“We were looking for places that have overbuilt their electrical generation systems. Economic activity in Argentina is down, and power is not being fully utilized. So it was a win-win situation,” Bitfarms president Geoffrey Morphy told Bloomberg.

While subsidies won’t fully cover the company’s operations, Argentina still offers an attractive rate of $0.022 per kilowatt-hour—which is far more lucrative than the industry’s average of $0.06. “Miners know the subsidies are ridiculous,” said Bourbon. “They simply take advantage of it.”
BitMEX and Human Rights Foundation Grant $150,000 to Researcher Scaling Bitcoin

Cryptocurrency exchange BitMEX has renewed a grant for developer Calvin Kim worth $100,000. The Human Rights Foundation whacked in another $50,000.

Crypto exchange BitMEX has renewed a $100,000 grant for Bitcoin researcher Calvin Kim for another year. Kim also received additional funding worth $50,000 from the Human Rights Foundation.

Kim is working on MIT’s Utreexo Project, which aims to help Bitcoin scale for years to come.

Bitcoin’s state size—a database that details who owns what—generally increases in size over time, creating additional burdens for the decentralized network of hard drives that host the network.

Utreexo’s algorithm promises to significantly reduce Bitcoin’s state size from several gigabytes to less than a kilobyte.

And now, with a year’s extra funding behind him, Kim can continue collaborating on the project since BitMEX started funding him last year. “Being financially stable has allowed me to focus more attention to furthering research and development of the Utreexo Project,” said Kim in a statement.

OKEx has also provided grants in the past, including to Bitcoin Core maintainer Marco Falke. The award was equivalent to the annual salary for a developer, although Falke reportedly requested that the exact figure not be disclosed.

Exchanges pitch in to build Bitcoin

This is not the first time a crypto exchange has issued a grant to develop the Bitcoin blockchain. Last December, Coinbase announced the first set of Bitcoin developer grants from its Crypto Community Fund.

The exchange awarded grants to Bitcoin developers oxB1oC and Joao Barbosa. oxB1oc is building and improving existing open-source tools for Bitcoin, while Barbosa is focusing on improving Bitcoin Core’s user interface on Android and iOS.
Ethereum Mining Revenue Topped Bitcoin in May With $2.35 Billion

Over $1 billion in Ethereum mining revenue came from transaction fees.

Ethereum miners took in record revenues in May, allowing them to earn more than Bitcoin miners for just the second time in the last year.

Monthly mining revenue on the Ethereum blockchain reached $2.35 billion in May, according to statistics from Coin Metrics, compared to $1.45 billion for Bitcoin. In February, Ethereum mining revenue narrowly pipped Bitcoin, $1.37 billion to $1.36 billion. Otherwise, Bitcoin mining tends to dominate for gross revenue, if not always profitability.

Proof-of-work mining asks people to dedicate their computing power to helping secure the network. It is the process by which new transactions are processed on the network and new tokens are created.

Mining revenue consists of two elements: block rewards and transaction fees. Every time someone mines a block of transactions and adds it to the blockchain, they receive a set number of newly created tokens. In Bitcoin's case, that's 6.25 BTC ($227,000) every 10 minutes; for Ethereum, it's two ETH ($5,100) every 13 or so seconds.

They also receive the transaction fees within that block.

Ethereum's May dominance is a byproduct of the price of ETH itself—it hit a record high of $4,164 on May 10—as well as high transaction fees on the congested network. The busier the network gets—and it's gotten very busy thanks to the boom in decentralized finance (DeFi) applications and NFTs—the more competitive it becomes to get a transaction through; fees adjust in line with supply and demand. Just over $1 billion of ETH miners' revenue last month came from fees, compared to $130 million for BTC. Ethereum's transaction fees consistently outstrip Bitcoin's.

Two looming events are set to alter Ethereum's mining landscape, however: the inclusion of EIP-1559 in a July network upgrade known as the "London hard fork" and the eventual move to proof-of-stake consensus.

EIP-1559 is an Ethereum improvement proposal that will burn the ETH transaction fees rather than give them to miners. By decreasing the amount of ETH in circulation, the move could make demand for the asset go up, thereby increasing the value of the block rewards in US dollars.

Proof of stake, however, will kill mining altogether, replacing it with "staking." Essentially, the network will be secured through the process of people depositing ETH. They'll claim fresh rewards if they correctly validate blocks of transactions, while losing portions of their stake if they don't.

Ethereum miners, then, shouldn't get too used to the record revenue.
Notorious 'Tiger King' Joe Exotic Launches ETH-Based Token to Help Legal Fund


The infamous Joseph Maldonado, aka “Joe Exotic,” from the docuseries “Tiger King: Murder, Mayhem and Madness,” has launched his own Ethereum-based token. According to the website tiger-king, the project will also feature non-fungible tokens (NFTs) and the proceeds from NFT sales will go toward helping Joe Exotic’s legal defense team and tiger rescue funding.

‘Tiger King’ Joe Exotic Launches an ERC20 Token

The costar of the docuseries “Tiger King” has announced the launch of a new crypto asset called “TKING,” according to the reality series star’s official Twitter account. News reported on the popular docuseries last year when it was discovered that Joe Exotic’s costar Carole Baskin accepted bitcoin donations for Big Cat Rescue. Now Exotic “is back,” according to the website tiger-king and whoever developed an ERC20 token for him has minted a trillion TKING tokens.

“The legend of Joe Exotic has launched on the Ethereum blockchain! The man the world learned to call Tiger King from the hit Netflix documentary is back, this time as a digital currency,” the website notes. “The developers are thrilled to present Joe’s official cryptocurrency to the global public, endorsed by the man himself.”

Out of the trillion tokens, developers claim to have burnt 35% of the token supply. The development team also details that TKING tokens are “deflationary” by design as there’s a “2% burn rate on every transaction.” The website states:

Joe will always be the Tiger King, but his colorful career has landed him with a hefty legal bill in a bid to fight a corrupt legal system. Now he also faces the expense of cancer treatment.

Tiger King Received a Percentage of the Token’s Stealth Launch, Exotic’s Arch-Nemesis Carole Baskin Launches CAT Token First

According to the announcement Joe owns a percentage of TKING tokens and received them during the “stealth launch of the coin.” The website insists that “every buy will increase the value of his bag.”

Interestingly, Exotic’s costar Carole Baskin launched a cryptocurrency first and announced the project during the first week of May. Fox 13 News asked Baskin that because she is so well known that maybe a “major exchange” might list her CAT token.

“I’m being told by people in the industry that it could with its name recognition, and the fact that people love cats so much, and there’s so much buzz, but that’s not what it is right now,” Baskin explained during her interview.

Of course, the website tiger-king also mentions Exotic’s arch-nemesis Baskin.

“We will never let Carole win,” the TKING team insists. “Find your inner Tiger as Joe, $TKING, and his legal team stage the comeback of the century. We will land the first tiger on the moon to free Joe. Team Joe for the win!”
Analyst says Bitcoin could see ‘a smaller drawdown and a quicker bottom'

Bitcoin bulls fell short of flipping the $38,000 level to support, and one analyst said on-chain data signals that BTC could see “a smaller drawdown.”

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin rallied 7.3% from a low of $35,645 on June 1 to an intraday high at $38,250 on June 2, and Ether saw a similar-sized gain of 7.7% to briefly regain the $2,800 support level.

While the uptick in prices has many calling for a continuation of the 2021 bull market, some analysts have highlighted a possible bearish pennant formation on the Bitcoin chart, which could result in a price breakdown to as low as $16,000.

Market top or bull market breather?

Bitcoin’s volatile price action over the past month has led many to speculate on whether the top is in for BTC or the current correction is just a mid-cycle breather that will prepare the asset for continuation once the rally resumes. 

Deeper insight into the matter was provided in a recent Delphi Digital report that discussed the MVRV ratio, an on-chain metric that measures Bitcoin’s market value (MV) against its realised value (RV) as an indicator that can help traders determine market tops and bottoms.

While it is possible that the top may be in for the current cycle, Delphi Digital also noted that there is the potential for the market to “see an outcome that resembles 2013’s 'double bubble' where BTC made an ATH [all-time high], price fell hard, and then recovered well past the ATH in the same year.”
Miami Mayor Confident Crypto Regulatory Issues Will Be Resolved — Says 'Buy the Dip'

The mayor of the U.S. city of Miami, Francis Suarez, explains how he plans to make his city the capital of bitcoin. He believes that issues surrounding cryptocurrency “will work themselves out,” adding that “in the end, there is only one thing to do: buy the dip.”

Miami Strives to Become the Capital of Bitcoin

Miami Mayor Francis Suarez gave a speech at the Bitcoin 2021 conference in his city on Friday. He highlighted various efforts to make Miami the bitcoin capital.

Firstly, he said that Miami was the first to host the Satoshi white paper on a government website. “We were first in the country. We were first because you want to be first in promoting and building this generation’s technology. We were first because we understand that in an experiential world, people are looking for the best in terms of quality of life. We were first because we understood the transformational advantage of being the first mover in an ever-increasing tech world, and we were first because in this city, we truly understand what it means to be the capital of capital – it means to be the capital of bitcoin,” he described.
Chinese Government Agency Issues Blockchain Development Roadmap


China’s “blockchain, not crypto” stance continues as one government agency publishes guidelines to accelerate the adoption of tokenless blockchain solutions.
China’s Office of the Central Cyberspace Affairs Commission and the Ministry of Industry and Information Technology (MIIT) have identified four essential application areas for blockchain adoption.
The MIIT’s five-point agenda for blockchain adoption is part of a document issued on Monday detailing guiding opinions to accelerate the promotion of the emerging technology for industrial development.
Presenting its argument for blockchain adoption, the MIIT document describes the novel technology as “an important part of the new generation of information technology.” According to the IT ministry, blockchain is among a raft of new innovations like big data and artificial intelligence that are critical to China’s continued progress.
The MIIT document lists the economy, finance, industrialization and public services as the main focus for blockchain development in the country.
Bitcoin price targets $35K bounce level on El Salvador legal tender milestone

Bitcoin is now officially legal tender in a sovereign state for the first time, but can it exit its bearish price phase?

Bitcoin (BTC) headed towards $35,000 on June 9, boosted by historic news that El Salvador had made it legal tender. 

In an early Wednesday vote, a supermajority of the nation’s legislature voted in favor of President Nayib Bukele’s proposal for the Latin American nation to adopt bitcoin. The president intends to sign later tonight or early in the morning.

Sixty-two members of the legislature voted in favor of the bill, with 19 opposed and three abstentions.

Bukele provided further details about his vision, pitched as an effort to boost financial inclusion in a country where a scant 30% of citizens have access to financial services, in a Twitter Space conversation early Wednesday morning hosted by Nic Carter of Castle Island Ventures and Coin Metrics. Users won’t necessarily have to use a government wallet, he said.

Bukele also said in the same Twitter Space conversation that the country was designing a new law that would grant permanent residency to any individual who invests 3 BTC into El Salvador’s economy.
Twitter CEO Jack Dorsey hails Bitcoin, says it changes everything for the better

Twitter CEO Jack Dorsey has reiterated his interest in Bitcoin. Through a tweet, the tech billionaire hailed the cryptocurrency, saying it changes everything for the better and that he will work forever towards improving it.

Dorsey's tweet is the latest in line to mark a stand on the use of Bitcoin and cryptocurrency in general. His other company, Square, was another recent one. Earlier this week, Amrita Ahuja - CFO of Square, stated that the payments company had no plans to buy any more bitcoin in interaction with Financial News.

The statement came after the company has invested a total of $220 million since October last year. As per the company's latest earnings report, Square has lost $20m on its Bitcoin investment in the previous quarter.

Ahuja later clarified through a tweet that the company's bitcoin strategy hasn't changed and that it is working to better the cryptocurrency through its initiatives like Bitcoin Clean Energy Initiative. She stated that the company would continue to assess its Bitcoin investment on an ongoing basis.

Dorsey's tweet comes as an affirmation to the cause, stating that the cryptocurrency changes "everything" for the better and that the team will "forever work to make Bitcoin better." In a follow-up tweet, he states his belief that no single person (or institution) will be able to change or stop Bitcoin's development.
Banks Edge Closer to Ethereum 2.0 Staking

Switzerland-based Sygnum Bank is helping institutional clients get staking rewards from the new Ethereum network. And they’re not alone.

Banks could one day be key participants in Ethereum 2.0.

It’s a trend that will soon garner as much attention as institutional interest in bitcoin, say firms like Blockdaemon and Bison Trails, which provide the infrastructure to make running a staking node on Ethereum 2.0 low risk and easy to deploy. 

These hand-holding intermediaries in the staking arena have been surprised by the pipeline of large companies looking to get involved in Ethereum’s next-generation network.

The network’s proof-of-stake (PoS) overhaul provides rewards akin to interest, denominated in ether (ETH), at a time when yields in traditional savings vehicles remain paltry.