COIN NERDS Bitcoin Exchange
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Another Exchange Delists Monero Amid Ongoing Sex Scandal Cryptocurrency exchange #Bithumb officially announced that they will be delisting #Monero (XMR) from their trading platform as of June 1. According to local media outlet Newsway, Bithumb’s delisting auditory board decided to permanently remove the coin after it was provisionally delisted in April.... Recently, Monero has been in the spotlight due to reports of Telegram users using XMR to purchase illegal pornographic material much of which involved minors. Monero reportedly the Nth room’s favorite crypto Due to the security infrastructure that protects the identities behind #XMR transactions, Monero was allegedly the preferred crypto used by the sexual video ring. This has added layers of complexity to investigations made by South Korean police. Bithumb also cited the fact that XMR trading volumes have shrunk significantly in recent months. Commenting on ways the exchange will combat illegal transactions through its platform: We are conducting a technical review related to securing traceability through ongoing discussions with each foundation on virtual assets with similar characteristics other than Monero. The company added that they adhere to policies on providing a safe and legal environment for #crypto transactions. Decision made after Huobi Korea delisted Monero reported on April 12 that Huobi announced they would be ending support for Monero amid the scandal. However, they did not quote the Nth room case explicitly as one of the reasons behind the delisting. On March 25, reports appeared that four local crypto exchanges were assisting local law enforcement authorities in their investigations related to the case.

Bitcoin Price Chart Fractal Seen in 2019 Hints at $14K Within Months #Bitcoin (BTC) price is portraying a similar trend seen in April 2019, when BTC surged from $5,000s to $14,000 within two months. Based on the similarity of the price action, there is a possibility that the top-ranked cryptocurrency by market capitalization could gear towards a new local peak in the second half of 2020. After a price drop right before the halving to $8,200 on May 11, #BTC recovered swiftly... to over $9,100 within a 48-hour span. It indicates the strength of the current momentum of BTC. Fractals are typically accurate, especially when matched with strong narratives A Bitcoin halving occurs once every four years. In the past 11 years, the block reward of the Bitcoin blockchain network halved three times. Each time a halving happened, it triggered a gain of over 2,500% in the following months. A halving has a long-term effect on the price of Bitcoin because it is the only event or mechanism that can affect the new supply of BTC. Bitcoin replicating a price trend last seen in mid-2019 during the week of halving can be considered a positive short-term projection because it comes after a steep sell-the-news drop. In early May 2019, the price of Bitcoin started to recover from its drop to the low-$3,000s. Coincidentally, BTC dropped to as low as $3,600 in March 2020, merely two months ago. By May 30, the price of Bitcoin reclaimed $9,100, and after a brief pullback to $7,500, it started to rally. By June 26, 2019, BTC peaked at $13,920 on BitMEX, marking a local high point. The time period of the recovery and the price levels match the current price movement of Bitcoin. In March 2020, BTC/USD started to recover from $3,600, primarily boosted by real retail demand coming from Coinbase. The exchange said at the time: But beyond just a rush, two things are clear: customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite. See more

17,000 Creditors Hope to Recover Assets Lost to Defunct Exchange QuadrigaCX Close to 17,000 creditors of the now-shuttered Canadian crypto exchange #QuadrigaCX have filed to reclaim their lost assets. Details of the claims were revealed in an interim status report published on May 12 by Ernst & Young (EY), the trustee for QuadrigaCX’s ongoing bankruptcy proceedings. Details of submitted claims so far The report reveals that as of May 6, EY had received 16,959 proofs of cla...im denominated in various fiat and #cryptocurrencies, many of which included multiple currency components. The currencies span United States dollars and Canadian dollars, as well as #Bitcoin (BTC), Bitcoin SV (BSV), Bitcoin Cash (BCH), Bitcoin Gold (BTG), #Litecoin (LTC) and #Ether (ETH). The report indicates that the trustee anticipates that all claims will be converted to Canadian dollars, although respective currency conversion rates have not yet been decided upon. Neither has EY yet finalized its review of all proofs of claim. The firm has, however, already found a number of proofs that contain technical deficiencies, such as being unsigned. In other cases, it is following up with certain claimants whose submitted proofs diverge from the amounts recorded in QuadrigaCX’s records. EY has overridden a previous deadline of August 31, 2019 for claimants to submit their proofs and continues to process new submissions, although the report notes that the volume of new claim submissions has slowed considerably. QuadrigaCX’s corporate tax liabilities EY lastly notes that QuadrigaCX failed to file its tax returns in the ordinary course of business prior to the onset of bankruptcy proceedings and that, therefore, the outstanding amount of its corporate tax liabilities is currently unknown. Crypto users doubt the official story of QuadrigaCX’s demise

Bitcoin Price Hits $9K as Data Shows Miner Revenues Fell 47% in 1 Day #Bitcoin (BTC) returned to $9,000 on May 13 as new data revealed just how much money miners are losing after the third halving. BTC price stable despite big halving changes... Data from CoinMarketCap tracked #BTC/USD as it rose to just take the $9,000 level once again on Wednesday after a two-day absence. Support above the $8,000 range has yet to appear following the halving, itself preceded by a flash drop in the Bitcoin price which momentarily hit the 200-day moving average around $8,200. Volatility draining down on $BTC, which suits altcoins as some are showing strength, analyst Michael van de Poppe summarized. The road to fee-driven financial security Meanwhile, the impact of the event on miners became clearer as data confirmed that on May 12, revenue dropped by around 47%. From $17.16 million of block subsidies and transaction fees the day previously, Tuesday’s total was $8.95 million, figures from monitoring resource Blockchain reveal. Commenting on the changes, Mario Gibney, customer support lead at Blockstream, wrote on Twitter: The first mining reward of bitcoin’s 4th epoch is 7.16 BTC (6.25 block subsidy + 0.91 in fees). That means 12.7% is made up of transaction fees. An indication of the brave new world of fee-based security we’re venturing toward? Consensus suggests that as time goes on, Bitcoin fees will have to rise to accommodate increased demand and the premium of verifiable secure financial transactions. At present, fees as a percentage of payouts to miners are still far from the levels seen even at last year’s price highs of $13,800, as the overall number of transactions is lower.

Bitcoin Eyes $9K as Billionaire VC Sees Dollar ‘Deflationary Spiral’ #Bitcoin (BTC) was fighting for $9,000 support on May 12 as more public praise surfaced amid continued dismal conditions for the world economy. BTC price unmoved by halving Data from CoinMarketCap showed #BTC/USD closing in on the $9,000 mark on Tuesday, having briefly clipped it the day before. After its third block subsidy halving completed, excitement has grown over the next price move for Bitcoin, whi...ch lost $1,200 in the run-up to the event at the weekend. Palihapitiya warns on massive deflationary spiral Earlier on Tuesday, the chairman of Virgin Galactic called Bitcoin the most uncorrelated asset to fiat markets as the U.S. dollar faces a massive deflationary spiral. Speaking to CNBC’s Squawk Box, Chamath Palihapitiya did not mince his words when it came to the biggest cryptocurrency’s superiority. When we started to believe in the long-term value of Bitcoin, it was as a store of value and it was that schmuck insurance that you kept under the mattress, he told the network. CNBC referenced Monday’s interview with investment giant Paul Tudor Jones, who revealed on air that he now kept between 1% and 2% of his total assets in BTC. The reason is because now we are in this massive deflationary spiral, and you have to figure out how you’re going to protect yourself, Palihapitiya continued. And so however you think about it from classic economic theory or the schmuck insurance or you’re somewhat skeptical of the established government masses it is important that we have a hedge, a non-correlated hedge. And I still struggle to find anything that is as uncorrelated to anything else and to everything else than Bitcoin. See more

Bitcoin Advocates Cry Foul as US Fed Buying ETFs for the First Time #Bitcoin (BTC) has only just completed its hardening but fiat currency is already getting even easier as money after a historic move by the United States central bank. As the Federal Reserve confirmed in a press release on May 11, the bank is about to finally launch its corporate debt exchange-traded fund (ETF) buying programs. ETF buys to start imminently Known as the Secondary Market Corporate Cred...it Facility (SMCCF) and Primary Market Corporate Credit Facility (PMCCF), the two vehicles will start work in the near future. Announced in March as markets tumbled over coronavirus, the programs mean that the Fed, for the first time in its history, will buy ETFs to artificially maintain a semblance of normality in the market. More information on SMCCF and PMCCF eligible corporate bond purchases is forthcoming, including specific start dates, issuer certification requirements and more detailed instructions, more details on pricing, among other operational details, the press release said. The Department of the Treasury has made $37.5 billion of the $75 billion equity investment it will make in the special purpose vehicle established by the Federal Reserve for SMCCF and PMCCF. Asset manager: Fed is admitting it has failed The scale of the intervention saw pointed criticism almost as soon as it was unveiled. Notably, Jeffery Gundlach, CEO of asset manager DoubleLine, publicly questioned its legality. Last month, Gundlach wrote on Twitter: The Federal Reserve is presently acting in blatant non-compliance with the Federal Reserve Act of 1913. An institution violating the rules of its own charter is de facto admitting that said institution has failed and is fundamentally broken. See more

It Happened: Bitcoin Just Experienced Third Halving in Its History The most anticipated cryptocurrency event of 2020, #Bitcoin’s (BTC) third halving, has just taken effect. Occurring only once every four years, the latest Bitcoin mining block reward #halving just reduced the Bitcoin block reward from 12.5 BTC to 6.25 BTC. Bitcoin’s third halving event took place at 3:23 p.m. EST on Monday, according to data from Tradeblock.com. Having overcome the halving, Bitcoin is tradin...g at $8,500, with market dominance of 67% as of press time, according to Coin360. Bitcoin block reward path from 50 BTC to 0.00000001 #BTC Since the first Bitcoin block was generated back in 2009, there have been three halving events. Taking place once every 210,000 blocks mined, or approximately once every four years, a Bitcoin halving cuts the current miner block reward by 50%. The first Bitcoin halving event took place in 2012, cutting the original block reward from 50 BTC to 25 BTC. The second halving took place in 2016, with the reward dropping from 25 BTC to 12.5 BTC. As Bitcoin’s supply is limited to 21 million coins, Bitcoin halving events should continue to take place until the year 2140, or until the 21-millionth BTC. By that time, the block reward should reach 1 satoshi, or the smallest unit of Bitcoin at 0.00000001 BTC. At the time of publication, the number of Bitcoin in circulation amounts to 18.37 million, according to Blockchain.com. The Bitcoin halving’s impact As the two previous Bitcoin halvings eventually impacted Bitcoin’s price in positive ways, Bitcoin halvings have become the subject of diverse price predictions and speculation. While some #crypto players have predicted that the third Bitcoin halving will have no effect on Bitcoin’s price, others are confident that the halving will definitely affect the price of the cryptocurrency due to a cut in new Bitcoin supply. See more