Category Archives: Cryptocurrency
Brave New Coin to Develop Cryptocurrency Indices that Toronto Futures Options Swaps Exchange will Use for Cash-Settled Options Trading – Crowdfund…
Brave New Coin, a crypto-asset trading, research, and data firm, has agreed to a multi-year partnership with Toronto Futures Options Swaps Exchange or tFOSE, a derivatives exchange and clearinghouse thats in the process of obtaining regulatory approval in Canada.
Brave New Coin will be designing, calculating, and administering several different cryptocurrency indices that will be used to power cash-settled options trading on tFOSE.
An options contract is an agreement between two consenting parties to carry out a potential transaction with a particular asset at a predetermined price and date. Purchasing an options contract provides the right (and not the obligation) to buy or sell the underlying asset.
As mentioned in a release shared with CI:
Canada has not yet made significant progress in bringing institutional-grade cryptocurrency products to the market. Brave New Coins indices will enable tFOSEs clients both in Canada and globally to trade crypto derivatives on a fully-regulated Canadian exchange. This allows traders to diversify their portfolios and exposure, hedge risk, and access an emerging asset class without having to directly hold the underlying cryptocurrency as they are cash-settled products.
James Beattie, President and CEO at tFOSE, stated that after conducting relevant research and performing due diligence, tFOSE chose Brave New Coin for generating cryptocurrency market data and indices.
Beattie added that Brave New Coin meets all of his companys requirements, which include a unique approach to designing indices that should help tFOSe satisfy the needs of its retail and institutional investors.
Fran Strajnar, CEO and Founder of Brave New Coin, remarked:
The crypto ecosystem is maturing and demand for regulated investment products from institutional markets is growing. Weve dedicated our company to building products that bring institutional-grade services to this emerging asset class.
Brave New Coin offers various data and index solutions to its partners which include NASDAQ, Amazon Alexa, BTSE.com, TPICAP and Dow Jones Factiva. When people ask Amazons Alexa for the price of any digital currency, her answer reportedly comes from Brave New Coins data engine.
Revolut launches cryptocurrency trading in US – ThePaypers – The Paypers
Revolut has brought cryptocurrency trading to the US through a partnership with Paxos.
Users in the US can now buy, hold, and sell Bitcoin and Ethereum from the Revolut app. The feature is going to be available in 49 states, except Tennessee. Therefore, customers who have USD or other currencies in their Revolut account can exchange manually whenever they want. They can also set up alerts in case there are some important price changes happening. Optionally, users can also round up card payments to the nearest whole dollar and convert spare change into crypto assets.
When it comes to fees, users with a free Revolut account will pay 2.5% in conversion fees. Users with a Premium and Metal subscription will pay 1.5% in fees. Revolut is waving fees for the first 30 days. Revolut also has some monthly limits on currency exchange in general for free users as well, so they have to pay a 0.5% fee above that limit or pay for a subscription.
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Revolut launches cryptocurrency trading in US - ThePaypers - The Paypers
Binance Pool Partners with BitRiver – Finance Magnates
Binance Pool, an inclusive cryptocurrency mining platform, today announced its partnership with BitRiver, a provider for mining in the Commonwealth of Independent States (CIS). BitRiver has added a node of Binance Pool to its full-service cryptocurrency mining datacenter in the city of Bratsk, Russia, according to the announcement.
The collaboration is aimed at creating a comprehensive infrastructure for the entire crypto and mining industry in Russia and CIS. Binance Pools node will enable BitRivers customers to have a more reliable and higher quality connection between their mining devices at BitRivers data center and Binance Pools platform.
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Binance Pool offers a highly competitive fee structure to institutional-scale miners, who are the customers of our data center. By having Binance Pools node in our data center, our customers from across the globe can now enjoy a more reliable and higher quality connection from Binance Pool, said Igor Runets, CEO at BitRiver. This would not only reduce network latency and potential downtimes but also lower the rejection rate of blocks, directly translating into better gains for Binance Pool users from our data center.
Evolving Risk Management Tools in Online TradingGo to article >>
Bitriver is one of the largest data centers in Russia and CIS and we highly appreciate that the ompany tested and evaluated our range of services for cryptocurrency miners. Binance and BitRivers collaboration allows strengthening the level of services and expanding access to our customers, Gleb Kostaev, Binances director in Russia and CIS, noted.
Binance, a global blockchain, cryptocurrency infrastructure provider, announced the launch of Binance Pool last April. Binance Pool provides more opportunities and financial tools for miners and the mining industry. It is integrated into the Binance ecosystem, allowing users access to its suite of derivatives products including Binance Futures, Spot and Margin trading, Binance Savings, Binance Staking, and OTC services.
Founded by Igor Runets in 2017 and headquartered in Moscow, BitRiver LLC provides hosting services and turnkey solutions for large-scale cryptocurrency mining operations to institutional investors around the world. The firm employs over 50 full-time staff in three offices across Russia and full-time sales representatives in China, Japan, UAE, and the USA. BitRiver currently utilizes only surplus hydroelectric power to operate the largest data center that offers co-location services for cryptocurrency mining in Russia and the CIS region.
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Binance Pool Partners with BitRiver - Finance Magnates
ESET Discovers Trojanized Mac Cryptocurrency App Collecting Wallets and Screenshots – IT News Online
IT News Online Staff2020-07-17
ESET researchers have recently discovered websites distributing trojanized cryptocurrency trading applications for Mac computers. These were legitimate apps wrapped with GMERA malware, whose operators used them to steal information, such as browser cookies, cryptocurrency wallets and screen captures.
"As in previous campaigns, the malware reports to a Command & Control server over HTTP and connects remote terminal sessions to another C&C server using a hardcoded IP address," said ESET Researcher Marc-Etienne M.Lveill, who led the investigation into GMERA.
ESET said its researchers have not yet been able to find exactly where these trojanized applications are promoted. However, in March 2020, legitimate Kattana site posted a warning suggesting that victims are approached individually to lure them to download a trojanized app, thus pointing to social engineering. Copycat websites are set up to make the bogus application download look legitimate. The download button on the bogus sites is a link to a ZIP archive containing the trojanized application bundle.
In addition to the analysis of the malware code, ESET researchers have also set up honeypots (research computers) and lured GMERA malware operators to remotely control the honeypots. The researchers' aim was to reveal the motivations behind this group of criminals.
"Based on the activity we have witnessed, we can confirm that the attackers have been collecting browser information, such as cookies and browsing history, cryptocurrency wallets and screen captures," said M.Lveill.
For more technical details on the latest GMERA malicious campaign, read the full blogpost, "Mac cryptocurrency trading application rebranded, bundled with malware," on WeLiveSecurity.
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ESET Discovers Trojanized Mac Cryptocurrency App Collecting Wallets and Screenshots - IT News Online
New York Appellate Court Confirms Attorney Generals Broad Investigative Powers into the Cryptocurrency Industry – JD Supra
On July 9, the Appellate Division of the Supreme Court of New York, First Department (First Department) issued a significant decision in James v. iFinex that confirmed the broad authority of the New York State Attorney General (NYAG) to investigate potential fraud. The decision is significant because it is the first appellate decision to apply the Martin Acts expansive powers to an NYAG investigation of foreign entities in the cryptocurrency industry. Given this decision, the NYAG now may be emboldened to use these powers to more actively police the emerging industry by seeking asset freezes and other preliminary injunctive relief against potential bad actors outside of the Empire State.
Background
The appeal stems from an NYAG investigation of whether respondents BFXNA Inc., BFXWW Inc., iFinex Inc. (collectively iFinex), Tether Holdings Limited, Tether Limited, Tether Operations Limited and Tether International Limited (collectively Tether Holdings) made untrue claims about their virtual currency, tether, which is issued by Tether Holdings and traded on the iFinex-operated trading platform, Bitfinex. Tether is a stablecoin that, according to Tether Holdings, is backed by U.S. dollar reserves. According to the First Departments decision, up until about March 4, 2019, Tether Holdings had represented that every tether is backed by one U.S. dollar, and any holder of tether may redeem it for one U.S. dollar at any time. After March 4, 2019, Tether Holdings changed its representation on its website to state that, while every tether is still valued at one U.S. dollar, tether is backed by Tether Holdings reserves, which include unspecified currency, cash equivalents, and other assets and receivables from loans made by Tether Holdings to third parties, including to affiliated entities.[1] Notably, each respondent is: (i) incorporated outside of the United States; (ii) neither headquartered nor registered for service of process in New York; (iii) majority owned by nonparty Digfinex Inc.; and (iv) operated by a small group of executives and employees, some of whom are or have been located in New York.[2]
The NYAG initiated the investigation in November 2018 due to a concern that respondents lacked sufficient liquidity to permit customers to redeem tether at the represented value.[3] During the course of the investigation, the NYAG learned certain concerning facts, including that: (i) a third-party foreign entity, which processed customer deposits and withdrawals for iFinex, had refused to provide iFinex with nearly $1 billion of their commingled client and corporate funds; (ii) Tether Holdings had transferred $625 million to iFinex; and (iii) iFinex took a $900 million line of credit from Tether Holdings (despite the NYAGs expressed concerns).[4]
Based on these revelations, the NYAG sought and obtained an ex parte order pursuant to the Martin Act on April 24, 2019, compelling respondents to produce certain documents and staying them from (i) making any claims on the U.S. dollar reserve held by Tether Holdings, (ii) making any payments to any individual associated with respondents from the Tether Holdings reserve, and (iii) altering or destroying any documents related to the investigation.[5] The motion court thereafter granted respondents motion to modify the ex parte order but rejected their attempt to vacate it.[6] The respondents then moved to dismiss for, among other things, lack of subject matter jurisdiction and lack of specific personal jurisdiction, which the motion court rejected, and the respondents appealed this decision.[7]
Decision
On appeal, the First Department rejected respondents arguments and affirmed the motion courts order as follows.
The Martin Act Broadly Empowers the NYAG. From the outset, the First Department recognized the NYAGs broad powers under the Martin Act to seek an ex parte order pursuant to General Business Law 354 compelling documentary and testimonial evidence and enjoining respondents as appropriate.[8] Upon the NYAG making an application for the order, it is the duty of the justice of the supreme court to whom such application for the order is made to grant such application.[9] In the application for such an order, the NYAG may merely show, upon information and belief, that the testimony of such person or persons is material and necessary. The First Department concluded that once a court has issued such an order, its authority is limited to only considering a partys motion to modify or vacate the order.[10] Given this, the respondents motion to dismiss the order was without precedent.[11]
Tether Is a Commodity Under the Martin Act. The First Department noted that respondents did not appeal the motion courts order rejecting vacatur, which found subject matter jurisdiction, so the issue of subject matter jurisdiction was not before it. Even if it were to consider their argument, the First Department held that the Martin Acts definition of commodities as including any foreign currency, any other good, article, or material is broad enough to encompass tether.[12] The First Department explained that federal courts and the Commodities Futures Trading Commission have found that virtual currencies are commodities under the Commodities Exchange Act, which defines the term more narrowly than does the Martin Act.[13]
Respondents Had Sufficient Minimum Contacts with New York. The First Department found that respondents had sufficient minimum contacts with New York for the purpose of a Martin Act investigation. The First Department reasoned that (i) New York-based customers used the Bitfinex platform to trade tether, (ii) one of respondents executives resided and conducted business in New York, (iii) respondents had active bank accounts in New York, and (iv) respondents retained New York professional firms to review tether cash reserves and to make public statements on respondents behalf about the Bitfinex platform and tether cash reserves.[14]
Takeaways
Regardless of how the investigation concludes (no charges have been brought yet, and it still is possible that none will be), this decision illustrates the wide range of activity and persons that are subject to the NYAGs investigative powers pursuant to the Martin Act. Given this, foreign persons operating in the blockchain industry should be aware of the following implications from the iFinex decision.
Lower Personal Jurisdiction Standard for Investigations. As noted by the First Department, the standard for establishing personal jurisdiction for an investigation is far lighter than for a lawsuit.[15] The First Department held that the NYAG may properly investigate a foreign entity if she has a reasonable basis for believing that [it] has violated a New York statute.[16] Because investigative subpoenas may then be used to obtain information to further support jurisdiction for lawsuits,[17] the Martin Act is a powerful tool that the NYAG may use to pursue civil and criminal charges against persons within and outside of the states borders.
Multiple Personal Jurisdictional Triggers. As the iFinex decision illustrates, personal jurisdiction is a factual determination and there are many facts and circumstances that may justify the use of the Martin Act even on foreign persons. The threat of personal jurisdiction being found in New York is particularly acute for the blockchain industry, in which so many operations may touch on the statethrough marketing, transactions, financing or other triggers. The online nature of the industry, which allows it to reach New York residents whether or not they are directly solicited, is a further challenge for many foreign persons who do not otherwise believe they are subject to the states jurisdiction.
The Martin Act Applies to Virtual Currencies. The First Department unequivocally held that the Martin Act applies to virtual currencies because they fit squarely within its broad definition of commodities. Although the First Department did not decide whether tether is also a security,[18] the fact that the Martin Act applies to both commodities and securities suggests that it may be difficult to persuade a court that blockchain-based cryptographic assets are not governed by the Act. While there may be situations in which a cryptographic asset is neither a security nor a commodity for purposes of the Martin Act, the iFinex decision indicates that products with features similar to tether may likely be considered commodities.
* * *
[1] James v. iFinex Inc., 2020 NY Slip Op. 03880 at 2-3 (July 9, 2020) (internal alteration removed).
[2] Id. at 3.
[3] Id.
[4] Id. at 4-5.
[5] Id. at 5.
[6] Id. at 6.
[7] Id.
[8] Id.
[9] New York Consolidated Laws, General Business Laws 354.
[10] James, at 6.
[11] Id. at 6-7.
[12] Id. at 8 (emphasis and internal citation omitted).
[13] Id.
[14] Id. at 10-11 (emphasis omitted).
[15] Id. at 12-13.
[16] Id. at 13 (quoting Matter of La Belle Creole Intl., S. A. v. Attorney General of the State of N.Y., 10 N.Y.2d 192, 198 (1961)).
[17] Id. at 12-13.
[18] Id. at 8 n.2.
Cryptocurrency Mining Hardware Market (COVID 19 Updated) Climbs on Positive Outlook of Excellent Growth by 2027- Advanced Micro Devices, Baikal…
Global Cryptocurrency Mining Hardware Market statistical report provides a wide-ranging research on the key players and in-depth insights which includes the competitiveness of the trending players. This Market research report that evaluates its current value, size, performance and statistics. The report is an important dynamic of the market and gives an idea of the types, the process, and value chain that has been included in the report.
The geographical sector of the global Cryptocurrency Mining Hardware Market comprises the leading regions in the market during the forecast tenure. The competitive landscape section of the statistical report presents information on major key players in the global market. On the basis of product profile, introductions, SWOT analysis and contact information, these key players are selected.
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Top Companies:
Advanced Micro Devices, Inc, Baikal Miner, Bitfury Group Limited, BitMain Technologies Holding Company, and Canaan Creative CO., LTD.
Key questions answered in this report:
Geographically, regions such as North America, Europe, Asia-Pacific (APAC), Middle East & Africa and Latin America can be segmented on the basis of the global Cryptocurrency Mining Hardware Market. Market drivers, restraints, and opportunities have been evaluated to explain the anticipated nature of investments and its impact on the global market in terms of future prospects. The report provides qualitative as well as quantitative researched data of the global Market.
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In the last sections of the report, the recent innovations along with its impact on innovative growth that is expected to be introduced by the significant players form a core part of the report. This study is done by considering the demographics, regional trends, product demand evaluation in a forward-looking perspective on different factors driving or restraining market growth.
Table of Contents
Global Cryptocurrency Mining Hardware Market Research Report
Chapter 1: Cryptocurrency Mining Hardware Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Global Market Competition by Manufacturers
Chapter 4: Global Production, Revenue (Value) by Region
Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Global Production, Revenue (Value), Price Trend by Type
Chapter 7: Global Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Continue TOC
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Cryptocurrency Market with COVID 19 Impact-Global Industry Report, Size, Demand, Revenue, Top Manufacturers, and Forecast to 2026 – Cole of Duty
Cryptocurrency Market 2020 Industry Research Report provides an analysis on the vital trends, size, share, growth with higher growth rate expected to impact the market outlook from 2020-2026 . This report has analyses research on supply consumption, export, import, revenue, specification and costs analysis, sourcing strategy, technology, and market effect factor.
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According to orian research, the Global Cryptocurrency Market is estimated to reach xxx million USD in 2020 and projected to grow at the CAGR of xx% during the 2021-2026. The report analyses the global Cryptocurrency market, the market size and growth, as well as the major market participants.
Key Company Coverage(Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):
ZEB IT Service
Coinsecure
Coinbase
Bitstamp
Litecoin
No. of Pages: 50
Development policies and plans are discussed as well as manufacturing processes and industry chain structure is analyzed. This report also states import/export, supply and consumption figures as well as manufacturing cost, global revenue and presents gross margin by regions like North America, Europe, Japan, China and other countries (India, Southeast Asia, Central & South America, Middle East & Africa etc.)
Product Type Coverage (Market Size & Forecast, Major Company of Product Type etc.):
Bitcoin (BTC)
Ether (ETH)
Application Coverage (Market Size & Forecast, Different Demand Market by Region, Main Consumer Profile etc.):
Transaction
Investment
Key Regions
Asia Pacific
North America
Europe
South America
Middle East & Africa
The report focuses on Cryptocurrency Market major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials, equipment and downstream consumers analysis is also carried out. Whats more, the Cryptocurrency industry development Trends and marketing channels are analyzed. Finally, the feasibility of new investment projects is assessed, and overall research conclusions are offered. In a word, the report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
Major Points Covered in Table of Contents:
1 Industrial Chain Overview
2 Global Production & Consumption by Geography
3 Major Manufacturers Introduction
4 Market Competition Pattern
5 Product Type Segment
6 End-Use Segment
7 Market Forecast & Trend
8.1 Price and Cost
8.1.1 Price
8.1.2 Cost
Figure Cost Component Ratio
8.2 Channel Segment
9 Market Drivers & Investment Environment
9.1 Market Drivers
9.2 Investment Environment
9.3 Impact of Coronavirus on the Cryptocurrency Industry
9.3.1 Impact on Industry Upstream
9.3.2 Impact on Industry Downstream
9.3.3 Impact on Industry Channels
9.3.4 Impact on Industry Competition
9.3.5 Impact on Industry Employment
10 Research Conclusion
Main Aspects covered in the Report
Overview of the Cryptocurrency market including production, consumption, status & forecast and market growth
2016-2020 historical data and 2021-2026 market forecast
Geographical analysis including major countries
Overview the product type market including development
Overview the end-user market including development
Impact of Coronavirus on the Industry
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Global Cryptocurrency Mining Software Market Projected to Reach USD XX.XX billion by 2024 : Genesis Mining, NiceHash, Awesome Miner, MinerGate,…
This coherent research report is an amalgamation of all relevant data pertaining to historic and current market specific information that systematically decide the future growth prospects of the Global Cryptocurrency Mining Software market. This section of the report further aims to enlighten report readers about the decisive developments and catastrophic implications caused by an unprecedented incident such as the global pandemic that has visibly rendered unparalleled implications across the Cryptocurrency Mining Software market.
This report is well documented to present crucial analytical review affecting the Cryptocurrency Mining Software market amidst COVID-19 outrage. The report is so designed to lend versatile understanding about various market influencers encompassing a thorough barrier analysis as well as an opportunity mapping that together decide the upcoming growth trajectory of the Cryptocurrency Mining Software market. In the light of the lingering C OVID-19 pandemic , this mindfully drafted research offering is in complete sync with the current ongoing market developments as well as challenges that together render tangible influence upon the holistic growth trajectory of the Cryptocurrency Mining Software market.
The study encompasses profiles of major companies operating in the Cryptocurrency Mining Software Market. Key players profiled in the report includes:Genesis MiningNiceHashAwesome MinerMinerGateWinMinerElectroneumBTCMinerHashFlareAIOMinerDroidMinerCudo MinerBitminterCoinImp
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By the product type, the market is primarily split into Desktop-WindowsDesktop-MAC OSMobile-iOSMobile-Android
By the end-users/application, this report covers the following segments Personal UseLarge EnterprisesSMEsOther
Besides presenting a discerning overview of the historical and current market specific developments, inclined to aid a future-ready business decision, this well-compiled research report on the Cryptocurrency Mining Software market also presents vital details on various industry best practices comprising SWOT and PESTEL analysis to adequately locate and maneuver profit scope. Therefore, to enable and influence a flawless market-specific business decision, aligning with the best industry practices, this specific research report on the Cryptocurrency Mining Software market also lends a systematic rundown on vital growth triggering elements comprising market opportunities, persistent market obstacles and challenges, also featuring a comprehensive outlook of various drivers and threats that eventually influence the growth trajectory in the Cryptocurrency Mining Software market.
Global Cryptocurrency Mining Software Geographical Segmentation Includes: North America (U.S., Canada, Mexico) Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS) Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific) Latin America (Brazil, Rest of L.A.) Middle East and Africa (Turkey, GCC, Rest of Middle East)
Some Major TOC Points: Chapter 1. Report Overview Chapter 2. Global Growth Trends Chapter 3. Market Share by Key Players Chapter 4. Breakdown Data by Type and Application Chapter 5. Market by End Users/Application Chapter 6. COVID-19 Outbreak: Cryptocurrency Mining Software Industry Impact Chapter 7. Opportunity Analysis in Covid-19 Crisis Chapter 9. Market Driving ForceAnd Many More
Continued
Global Cryptocurrency Mining Software Market Report: Research Methodology
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Global Cryptocurrency Mining Software Market Projected to Reach USD XX.XX billion by 2024 : Genesis Mining, NiceHash, Awesome Miner, MinerGate,...
Chainlink (LINK) Becomes the Tesla of Cryptocurrency Whats Next? – Cointelegraph
As Bitcoin's (BTC) price continues to trade in a tightening range, the altcoin market has been pushing higher each week, and the most recent surge has come from Chainlink (LINK).
After breaking above the $5 level, LINK's price surged nearly 100% in a matter of days and ended by making a new all-time high at $8.40. Through this massive push, LINK surpassed EOSand Crypto.com (CRO) to claim a spot among the top ten cryptocurrencies listed on CoinMarketCap.
Investors are now curious to see if Tezos (XTZ) will continue to follow LINK, and there are expectations that other altcoins will also follow LINKs upward trajectory.
Crypto market daily performance. Source: Coin360
LINK has proven to be one of the strongest movers in the cryptocurrency markets of recent years. This was proved once again as the cryptocurrency broke above the previous all-time high of $5 and surged with 85% toward$8.50.
LINK/USDT one-day chart. Source: TradingView
In a previous article, a target of $7.00$7.25 was established using the Fibonacci extension tool. However, LINK overshot that target by a mile.
As the chart shows, the rally might be temporarily over, as sellers are stepping in, but this will only be confirmed if the daily candle closes as shown on the chart above. Currently, the candle shows a giant wick on the upside, indicating that theres more sell than buy pressure.
Aside from the candle, such a giant move is due for a corrective move, so it is good to review the levels to watch for potential support.
LINK/USDT one-day chart. Source: TradingView
The 1-day chart is showing clear support levels. One of them is found between $6 and $6.50. The previous resistance at $6.57 can be confirmed as support, which would suit a renewed test of the $8.50 resistance level.
However, a clearer signal would be a corrective move towardthe $5 level, as that used to be a significant resistance zone before the massive breakout occurred.
LINK/USDT four-hour chart. Source: TradingView
The four-hour chart shows a bright support/resistance flip of the $5.70 level, which caused continuation and the price to accelerate toward$8.50.
The most likely scenario is a test of the previous high for support;in this case, the $6.50$6.60 level. A potential wick towardthe $6.20 level is an area to watch for.
If this zone holds, a renewed test of the highs at $8.50 is likely to occur. If the $6.50 level is lost, further downward pressure is likely to occur on the markets with a potential retest of the $5 level.
LINK/BTC one-day chart. Source: TradingView
The LINK/BTC pair shows a massive breakout as well. The resistance zone at 0.00055000 sats was tested several times before the breakout occurred.
This price action is actually quite similar to the resistance zone of Bitcoin that is encountering at $10,000 to $10,500. As the saying goes, the more often a resistance gets tested, the weaker it becomes.
In the case of Bitcoin, the resistance zone at $10,000 to $10,500 has been a tough area to surmount for a year already, and for LINK, the 0.00055000 sats barrier has been a resistance zone for seven months.
As the breakthrough of the resistance zone occurred, massive acceleration took place, but the chart is showing signs of overextension on the upside. For this reason, a corrective motion is likely to occur.
In that case, the potential levels of interest should be the previous resistance at 0.00055000 sats and the area between 0.000650000.00066500 sats.
XTZ/USDT one-day chart. Source: TradingView
Once Chainlink moves, Tezos tends to follow. However, in the previous months, Tezos has been lagging heavily, but the price finally made a strong move over the weekend.
XTZ/USDT has been showing strength in the previous days and currently faces the final hurdle before a new all-time high.
The pair secured support at the $2.40 level before continuation and acceleration toward$3 occurred. The next step to watch for is a test of the $2.70$2.77 level for support.
If that level sustains support, its likely that XTZ/USDT will break through the $3 barrier and test the all-time high.
The $3 resistance area has been tested three times now, and its possible that another test of the resistance zone will see the price finally push through it.
If XTZ/USDT breaks above $3, its assumed well start accelerating and get a similar move to Chainlink. And that similar move means a new all-time high.
XTZ/BTC one-day chart. Source: TradingView
The XTZ/BTC pair is also showing strength, as it recently broke above the 100-day MA. This is also the case with the XTZ/USDT pair. If the previous resistance area at 0.000029000.00002950 sats continues to hold for support, a support/resistance flip will be achieved.
Once this support/resistance flip is confirmed, continuation to the upside is likely to occur, and traders will set their targets around the all-time high zone around 0.000037000.00003800 sats.
If Tezos manages to break through the all-time high levels, the sky's the limit and savvy traders can look to the Fibonacci extensions in order to determine new targets.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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Chainlink (LINK) Becomes the Tesla of Cryptocurrency Whats Next? - Cointelegraph
As Bitcoin Struggles, This Minor Cryptocurrency Has Soared 1,000% In Just Over 12 Months – Forbes
Bitcoin and cryptocurrencies have seen a surge in popularity in recent months due to unprecedented economic stimulus measures, with some smaller cryptocurrencies seeing massive gains.
The bitcoin price, after quickly rebounding from a coronavirus-induced crash in March, has been treading water at just under $10,000 per bitcoin since May and has been on a slight downward trend over the last year.
However, other cryptocurrencies have soared, including chainlink's link tokennow up a staggering 1,000% on May last year.
The bitcoin price has struggled over the last year, even as some smaller cryptocurrencies have made ... [+] massive gains.
Chainlink, an ethereum-powered cryptocurrency that trades under the name link, has been boosted by a surge of interest in decentralized finance (DeFi)the idea that blockchain entrepreneurs can use bitcoin and crypto technology to recreate traditional financial instruments such as loans and insurance.
The chainlink price this week hit an all-time high of $6.49 per link token, according to data from bitcoin and crypto exchange Coinbase, adding 60% over the last month and taking it to touching distance of the top ten most valuable cryptocurrencies. Chainlink, designed to bridge payment services and blockchains such as bitcoin and ethereum, was created in 2015 and offered its link tokens to investors in a 2017 initial coin offering (ICO) at $0.11 per token, raising $32 million.
"We're seeing this spike as the chainlink network is getting scaled usage powering DeFi, connecting on-chain DeFi smart contracts to off-chain data feeds like commodities and crypto price data," Vance Spencer, co-founder of chainlink investor Framework Ventures, said via email.
"Firms outside of crypto are also starting to realize the power of enterprise smart contracts powered by robust oracle networks and the decision of the Chinese government to integrate chainlink oracles into their national blockchain services network is a legitimately huge deal."
Chinas Blockchain Service Network was launched on July 5 by Chinas State Information Center, China Mobile, China Unionpay, and Red Date Technologies with the aim of making blockchain development easier and uses chainlink's "oracles" to transfer data from blockchains to real-world data or a non-blockchain databases.
"Chainlinks adoption has created incredible community momentum," Spencer said, pointing to the likes of technology and banking giants Google, SWIFT, and Oracle creating partnerships and pilot programs with chainlink.
"The link rally is being driven by a multitude of factors, the most important of which is its sheer potential to unlock all the promise that smart contract platforms have so far failed to deliver on," Spencer said, adding chainlink's technology could mean "were essentially witnessing the 'Uberization' of data," referring to ride-hailing app Uber's disruption of the traditional taxi market.
"Holders of the link token will eventually have the ability to participate in the crowdsourcing process, and will earn money for doing so. For a certain class of investors, the right to provide data for smart contracts is a potentially incredible opportunity to develop steady passive income streams based on the data economy."
As the link price has climbed over recent months, other bitcoin and cryptocurrency investors have bought in, somewhat driven by fear of missing out.
"Very real possibility that chainlink will be bigger than bitcoin one day," crypto analyst Timothy Peterson of Cane Island Alternative Advisors said via Twitter this week. "The applications are enormous. I moved all my excess dollars out of Chase and into link."
The chainlink price has risen 60% over the last month, hitting a fresh all-time high and pushing it ... [+] toward the top ten most valuable cryptocurrencies. The bitcoin price has lost 2% over the same period.
Vance is confident the link price will continue to climb and has predicted link, currently worth a total of $2.2 billion, will eventually eclipse ethereum's $26 billion market capitalization.
"We believe that the winner of the smart contract platform war will eventually be worth several factors greater than ethereums current market cap," Vance said.
"If that is the case, then it is only natural that the security layer of that winner, chainlink, will also grow significantly in value. We also expect interest in chainlink to further increase once staking is introduced, as people will scramble to essentially buy the right to become a data provider for the smart contract universe."
Some other cryptocurrencies that use so-called proof-of-stake instead of bitcoin's proof-of-work model have seen their price rocket in recent months.
Tezos, which styles itself as a "self-amending cryptographic ledger" and uses the proof-of-stake consensus model, has seen the price of its XTZ token double since the beginning of 2020.
Tezos holders, if their funds are stored in certain wallets, can "stake" their XTZ and receive additional tokens as a reward for creating and verifying new blocks in the chain.
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As Bitcoin Struggles, This Minor Cryptocurrency Has Soared 1,000% In Just Over 12 Months - Forbes