Increased Bitcoin mining will speed up reduction in mining profits, review by our Crypto-Upvotes experts

Bitcoin halving could happen a few months earlier than anticipated review by our Crypto-Upvotes experts

Due to the increase in Bitcoin mining volumes, next halving (planned reduction of miners’ rewards) may occur several months earlier than predicted. According to analyst portal The TIE – it may happen as early as Q4 2023.

BTC Halving is reducing twice rewards for a mined block. This was originally built into rules of BTC network. At first, miners received 50 BTC per mined block. Then on November 28, 2012, rewards were reduced to 25 BTC. And on July 9, 2016, to 12.5 BTC, and on May 11, 2020, to 6.25 BTC. Next halving is to take place on block 840,000. Presumably, production of which was announced as May 3, 2024.

Usually, for calculating halving dates, average Bitcoin block mining time of 10 minutes is used. But analytics platforms use constantly updated blockchain statistics to calculate. And to estimate current average Bitcoin block mining time, and then use that number for calculations. According to analysts, this makes the countdown more accurate. A similar method is used by CoinMarketCap platform. Which predicts halving also earlier than planned – in February 2024.

Analysts say that the reason why hashrate is approaching is that there is an increase in BTC mining. Now hashrate network has reached historical highs of more than 284 EH/s.

 

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Crypto scammers fake Apple presentations on YouTube, Crypto-Upvotes review

Tens of thousands of viewers watched fake Apple streams with interviews of Tim Cook and Elon Musk promoting cryptocurrencies

Crypto Scammers took advantage of the fact that Apple was holding a presentation of a new phone on September 7. And launched parallel streams on YouTube promoting cryptocurrencies, allegedly on behalf of their company. Tens of thousands of viewers watched live spoofed old interviews with Tim Cook and Tesla CEO Elon Musk. Currently, these videos have been deleted.

Scammers on YouTube was live streaming an old interview with Tim Cook. That was seemingly being used to attract attention to a crypto scam. And when it was live, tens of thousands of viewers were tuning.

If you’ve seen crypto scams on YouTube before. You would have recognized a lot of hallmarks of what was going on. The fake live stream was getting attention by filling its description with an array of Apple keywords in both the title and description. But when you actually opened it up, it was filled with odd messages linking to a shady-looking crypto site.

One video titled “Apple Event Live. Ceo of Appl Tim Cook: Apple & Metaverse in 2022” aired an old interview from 2018. Bitcoin and Ethereum logos were added to this video. The number of viewers was up to 70,000.

Our experts have noticed that at the same time, more than 10 thousand people watched another stream on a channel called “Apple Inc”. Allegedly, it was supposed to contain an interview with Tim Cook and Elon Musk about Apple and the metaverse. But in fact it was a faked interview about bitcoins with CEO of Tesla and ex-Chief Twitter Jack Dorsey.

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Cryptoinvestor withdrew $96 million worth of Bitcoin, which has risen 29-fold in 9 years, Crypto-Upvotes expert review

In 2013, an Cryptoinvestor bought 5,000 BTC at about $660 per coin. Now he withdrew Bitcoin, which is currently trading at $19000+

On September 5, an Cryptoinvestor withdrew 5,000 BTC ($96 million at exchange rate at time of transaction) from address, which had been inactive for last 9 years. In 2013, a crypto investor bought Bitcoin at a price of about $660 per coin. During this period, investments increased in value 29 times.

Recently, more and more old holders have begun to withdraw Bitcoin from their wallets. On night of March 10, сryptoinvestor withdrew 489 BTC ($20 million at the time of transaction). His wallet had been inactive for at least 11 years. Unknown bought 489 BTC for $50 at end of 2010. On March 10, he withdrew the cryptocurrency, which went up 400,000 times in price.

Our experts point out that it is useful to be a long-term holder. You just need to buy a promising cryptocurrency and not touch that wallet for a few years. Not a single bank in the world can bring such % of profit. So buy coins from famous projects and forget about this wallet for 3-5 years at least and then maybe you will become a millionaire.

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Leading Korean crypto exchanges will support Ethereum 2.0 after update, Crypto-Upvotes expert review

Five of Korean largest crypto exchanges, united in DAXA alliance. Decided to support Merger of Ethereum and airdrop new tokens

DAXA alliance, which includes leading Korean cryptocurrency exchanges. Announced support for PoW version of Ethereum after blockchain update, decenter.kr reported. Platforms are considering listing and delisting the new asset, as well as its airdrop.

DAXA alliance, created in June this year, united 5 largest South Korean exchanges: Upbit, Gopax, Bithumb, Coineone and Korbit. So far, apart from a statement of support, no action has been taken. But our sources confirmed that the exchanges will try to avoid loss of assets by their customers.

Updating Ethereum blockchain will consist of two phases. The first will be an update called Bellatrix, which began on September 6. If it is successful, “Paris” update will be launched. As a result of this update, a split (hardfork) of network is possible. ETH could split into PoS-version (new) and PoW-version (old). If this happens, two Ethereum tokens will arise, for each version of their network.

Earlier, other crypto exchanges have already supported trading in such tokens. Poloniex and MEXC announced launching ETHS and ETHW trading. And BitMEX has launched a futures product based on ETHPoW tokens. Binance also announced that it will consider supporting new Ethereum tokens.

Currently, Ethereum network is facing a problem after a Bellatrix update. Blockchain has seen a noticeable spike in the “number of missed blocks” – the rate at which network does not process blocks of transactions assigned for verification. That rate has increased by about 1,700%. Before this update, this rate was about 0.5%. And after Bellatrix, it jumped to 9%.

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Investors fear recession. What will happen to Bitcoin in September opinions of our Crypto-Upvotes experts

Our Crypto-Upvotes experts have analyzed situation with Bitcoin on crypto market and told how it can change in next month.

Situation on cryptocurrency market completely depends on dynamics of American stock indices. Which collapsed after the speech of head of the Federal Reserve J. Powell at a conference in Jackson Hole. Over last 30 days, the correlation between Bitcoin and the S&P500 index is 0.77. Accordingly, if the U.S. stock market crashes. Then all risky assets, including cryptocurrency, will also collapse.

Fed is set to take control of inflation and is ready to aggressively raise rates to the detriment of the economy. Fed interest rate futures are pointing to a 75 basis point hike with a probability above 70%.

Since the Jackson Hole symposium, the technical picture for bitcoin has deteriorated. Sellers have broken down trend line from the low of $17,600 (June 18, 2022). They are restrained by support of $18-19 ths. below it the nearest target is near $12.5 ths.

Bitcoin technical analysis shows that situation has worsened

Investors’ attention is now riveted on US non-farm payrolls (NFP) data for August. According to the forecast, they are expected to show an increase in the number of employed people by 300 ths. compared to growth of 528 ths. in July. A strong jobs report will bolster expectations for the Fed to continue its aggressive 75 basis point rate hike. A sharp rate hike is a rally in the dollar and a decline in Bitcoin.

There was also another negative factor which had a negative impact on all risky assets in Asia. Chinese authorities imposed quarantine in Chengdu because of the COVID-19 outbreak. In the past two weeks in Chengdu about 600 patients with COVID-19 and about 300 asymptomatic carriers of coronavirus were identified. 21 million residents will remain in their homes. Businesses will close. Asian markets were followed by declines in European markets. As a result, futures on the S&P500 went down and pulled the pair BTC/USDt.

Also US dollar draws strength from the weakening of the single currency. Because of the energy crisis in Europe, gas prices are rising in Asia and the U.S.. This in turn leads to unwinding inflation in the world. Gas prices in the U.S. and Asia are rising after those in Europe. And the U.S. Fed is fighting inflation by raising rates. Since the euro accounts for about 57% of the dollar index.

Key event in September will be the U.S. Federal Reserve’s meeting. Investors fear a recession from a tightening of monetary policy by the U.S. Federal Reserve. A collapse in indices will trigger a fall in cryptocurrencies. Because buyers failed to pass the $25,500 level in mid-August, sellers continue to control market. The more the indexes fall, the more bitcoin will fall.

In next year, cryptocurrency market will be turbulent

So far, the situation for the technology sector and cryptocurrencies, which are strongly correlated with IT stocks, is alarming. Jerome Powell recent statements about the possible next key rate hike. And remaining inflation risks gave a signal to investors that the market will be turbulent in the next year. It is worth to be patient or to exit from high-risk assets in order to keep capital.

In our view, Bitcoin will continue to trade between $18K and $21K in September. We believe BTC will not even make it to $25K during September.

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Hackers steal $446 million from crypto platforms in 3 months of summer

The biggest losses this summer were the hackers attacks on Nomad Bridge and the Elrond blockchain network. These two projects together lost more than $300 million. Ctypro-Upvotes expert review.

Hackers have stolen more than $446 million worth of cryptocurrency in 3 summer months as a result of hacks. According to Peckshield, in August alone, the loss from 18 attacks on crypto projects was $208.5 million. In July there were 12 hacks worth $10.2 million. And in June 21 attacks resulted in $227.76 million stolen.

The largest loss was to Nomad Bridge blockchain in early August – $190 million. Elrond blockchain was hacked in June for $113 million. Also, Horizon Bridge was hacked in June, with hackers taking $100 million out of that project.

Some of the platforms announced rewards for hackers in case of return of stolen funds. So, a contract was signed with hacker who hacked the Crema Finance protocol in July. According to this agreement, he kept 45,500 SOL ($1.65 million) and returned the rest of stolen funds of $7.9 million.

Blockchain bridge Nomad offered hackers to keep 10% of total stolen funds. About $36 million in various cryptocurrencies were returned to Nomad Bridge official address, out of $190 million stolen on August 1.

 

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Binance and Coinbase will suspend ETH withdrawals during the Merger

Binance announces measures to protect customer funds in case of ETH network hardfork

Cryptocurrency exchange Binance will suspend withdrawals and deposits of ETH and ERC-20 tokens during the “Merger” (blockchain’s migration to Proof-of-Work protocol). In an official announcement, platform team announced measures. Which will be taken to minimize trading risks. And to protect customer funds in case of a split network and the emergence of a second Ethereum token.

Deposit and token withdrawal transactions will be suspended on the platform on September 6 during the Bellatrix update. And also on September 15 during the Paris update. The exchange will suspend Binance Crypto Loans. As well as ETH margin borrowings between September 14 and 16.

Spot trading of ETH and ERC-20 will not be affected during Ethereum update. However, Binance has drawn attention to the risk of increased volatility in the event of a hardfork. And reserved the right to suspend margin trading.

In the case of network splitting and new ETH token emergence. Binance will use ETH ticker for PoS Ethereum chain. Withdrawals for another version of token will be supported. But distribution details will be covered in a separate announcement.

Coinbase will suspend Ethereum operations during the “Merger” of network

Cryptocurrency exchange Coinbase announced in its blog. That new deposit and withdrawal transactions in ETH and ERC-20 tokens will be temporarily suspended on Coinbase during Ethereum Merge (blockchain update). Transactions launched before the suspension will also be temporarily delayed.

Coinbase team stated that this will be done as a precautionary measure. To ensure that customer funds are protected. Once the update is complete, processing of suspended transactions will be restarted.

“Merger” is tentatively scheduled for September 15. Customers of Coinbase Prime and Coinbase Exchange services may encounter delays in withdrawals. That’s why Exchange recommends customers to withdraw funds in advance, if necessary.

Users of Coinbase Wallet with ETH and ERC-20 tokens. As well as NFT or DeFi products of Ethereum network, this update should not affect them.

Our experts recommend withdrawing the necessary funds from CEX exchanges in advance. Or convert them to other cryptocurrencies at the time of ETH network update.

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More than half of BTC transactions are fake,review by Crypto-Upvotes

Forbes conducted a study of Bitcoin transactions. It showed that estimates of platforms that are considered reputable do not reflect real picture of BTC trading volume.

More than half of the trades on exchanges with BTC are fake. According to a study conducted by Forbes. The reasons are so-called “wash trading” and poor monitoring of exchanges.

Wash trading is when a trader repeatedly buys and sells the same asset over a short period of time. Thus trying to mislead other market participants about price or liquidity of asset. The purpose of these operations is to inflate trading volume and create the appearance of growing popularity of the asset. The Forbes article notes that wash trading also benefits exchanges.

The study found that BTC trading volumes calculated by platforms considered reputable do not reflect the real picture. Resources such as CoinMarketCap, CoinGecko, Nomics and Messari give completely different estimates of daily Bitcoin trading. Forbes estimated the total daily trading volume of bitcoin on June 14 at $128 billion. This is half as much as the $262 billion volume reported by these platforms.

The most problematic in terms of counterfeit volumes are platforms. Which report big numbers but operate with little or no regulatory oversight. These are the likes of Binance, MEXC Global and Bybit. In total, less-regulated exchanges account for about $89 billion in real trading volume, according to the study. Whereas according to these platforms, the index was at $217 billion.

Opinion

Our experts are not surprised that volumes of BTC and other popular cryptocurrencies can be fake. Because we see large volumes on many non-popular exchanges. But in fact many of them don’t have big amount of users for those volumes which they show. So it’s not surprising that even big platforms like Binance use fake volumes.

But we believe that in the near future many exchanges will no longer be able to do this. Because many countries are restricting and starting to strictly regulate all major CEX exchanges.

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Snoop Dogg and Eminem will perform an NFT track at MTV Video Music Awards

For the first time in 2022, organizers of awards have added a category “Best Performance in Metaverse”. Snoop Dogg, Justin Bieber, Ariana Grande and Twenty One Pilots are also nominated. NFT becomes part of music.

Eminem and Snoop Dogg will perform the track “From The D 2 The LBC” at the MTV Music Awards. It was created in collaboration with the NFT collection Bored Ape Yacht Club (BAYC).

The music video for “From the D 2 the LBC” was released along with a single. Directed by James Larez, the video alternates between footage of the rappers and animation in which they are presented as NFT avatars.

Our experts found out on the day of the single’s release, Eminem and Snoop Dogg performed the song at ApeFest. Which was held in New York City for  holders from the BAYC collection.

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First billion-dollar deal in cryptocurrency world failed apart due to financial statements, review by our Crypto-Upvotes experts

Cryptocurrency storage platform BitGo failed to provide audited financial statements by a certain deadline. It violated terms of deal with Galaxy Digital. Review by our Crypto-Upvotes experts.

Galaxy Digital withdrew its offer to buy cryptocurrency service BitGo for $1.2 billion. The cryptocurrency storage platform violated the terms of the agreement. It failed to provide audited financial statements for 2021 by July 31.

Galaxy Digital said there was no liquidated damages due to the termination of the agreement. The company first became aware of its plans to buy BitGo in May 2021. The deal was scheduled to close in the fourth quarter of 2021. The deal between Galaxy Digital and BitGo could be the first “billion-dollar” deal in a cryptocurrency world.

At end of the second quarter of 2022, the total loss of Galaxy Digital reached $554.7 million. Company continues to consider a listing on the Nasdaq.

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